Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Rakuten Bank IPO Valuation: A Deep Value Play in Japanese Banking

Rakuten Bank (5838 JP) – A Keenly Priced Quality Addition to the Global Neobanks Universe

Rakuten Bank (5838 JP): Premium Growth Neobank Still Trading at Attractive Valuations

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> has an advantage over competitors due to its connection with the Rakuten ecosystem, which has 39+ million monthly active users.</li>
<li>It's NIM has decreased, but the cost-to-income ratio is the lowest among digital banks, and its net-fee and commission-income has grown significantly, thanks to its association with the Rakuten ecosystem.</li>
<li>The IPO price range is reasonable given its advantageous position. Therefore we intend to subscribe to the IPO when it opens.</li>
</ul>



Rakuten Bank (5838 JP) has an advantage over competitors due to its connection with the Rakuten ecosystem, which has 39+ million monthly active users.
It's NIM has decreased, but the cost-to-income ratio is the lowest among digital banks, and its net-fee and commission-income has grown significantly, thanks to its association with the Rakuten ecosystem.
The IPO price range is reasonable given its advantageous position. Therefore we intend to subscribe to the IPO when it opens.


Rakuten Bank IPO: Leveraging the Power of the Rakuten Ecosystem to Lead Japan's Digital Banking