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: At a New Forward EV/EBITDA Bottom

Rakuten Internet Services: Getting Back to Growth

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 Bottom-Up

<ul>
<li>Rakuten Cards has increased its market share by 5.0 percentage points over the last 18 months to reach 21.4%.</li>
<li>Although new customers are not as attractive as Rakuten Cards’ old customers, they still offer significant GTV growth potential.</li>
<li>The segment will likely hit the medium term target for cards issued before 3Q23. However, it might take an additional year or two to reach the GTV target.</li>
</ul>


Rakuten Cards has increased its market share by 5.0 percentage points over the last 18 months to reach 21.4%.
Although new customers are not as attractive as Rakuten Cards’ old customers, they still offer significant GTV growth potential.
The segment will likely hit the medium term target for cards issued before 3Q23. However, it might take an additional year or two to reach the GTV target.


Rakuten Cards: Chipping Away Market Share From Rivals