In today’s briefing:
- First News of Toshiba “Studying a Privatisation Plan”
- Rakuten Bank Financial Highlights
- JTower Inc – DoCoMo Tower Agreement Is a Milestone
First News of Toshiba “Studying a Privatisation Plan”
- A Nikkei article overnight displays the first buds of “spring” around Toshiba management’s tilt towards trying to get shareholders what they want after the Separation Plan failed at the EGM.
- The article doesn’t say much, but it is a sign the Toshiba Board are not “lying flat.”
- However it doesn’t mean a deal is coming much less anywhere near doable. This is a long road. But it encourages more proactive portfolio resconstruction.
Rakuten Bank Financial Highlights
- We have put together the historical financial data for Rakuten Bank going back to FY14 as reported by parent Rakuten Group, which uses IFRS and is on a December year-end
- As a separate company, Bank looks more local using J-GAAP accounting and a March year-end. So when the IPO filing comes our data will need to be updated/converted
- As we discussed last week, the IPO of Rakuten Bank could help surface the value of fintech assets although heavy losses for the mobile business keep us on the sideline
JTower Inc – DoCoMo Tower Agreement Is a Milestone
- JTower (4485 JP) has signed a deal to buy 6,002 DoCoMo towers for ¥106bn validating its long term growth potential and its central position as Japan’s infrastructure-sharing company
- The headline numbers are maximums and could take years to realize as JTower grows to the scale required
- Conversely it is not a large deal for DoCoMo but the first mobile tower sale/leaseback transaction in Japan highlights an industry shift towards more efficient capital deployment
Before it’s here, it’s on Smartkarma
