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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Rakuten announced today it would both prepare for a potential listing of Rakuten Bank and the incorporation of Symphony, the mobile network system integrator.  This could represent the next funding step for Rakuten as its mobile network investment accelerates although the news today is preliminary enough to be considered a trial balloon. A Bank listing could surface hidden value as we think fintech represents a majority of Rakuten’s overall value even as mobile and eCommerce grab the headlines. Unfortunately, until mobile turns the corner on operating losses we are unlikely to see a meaningful change in sentiment. We remain at Neutral.</p>

Rakuten announced today it would both prepare for a potential listing of Rakuten Bank and the incorporation of Symphony, the mobile network system integrator.  This could represent the next funding step for Rakuten as its mobile network investment accelerates although the news today is preliminary enough to be considered a trial balloon. A Bank listing could surface hidden value as we think fintech represents a majority of Rakuten’s overall value even as mobile and eCommerce grab the headlines. Unfortunately, until mobile turns the corner on operating losses we are unlikely to see a meaningful change in sentiment. We remain at Neutral.

Rakuten Group (Neutral) - Testing the Waters on Further Funding