Japan's E-Commerce Wars: Rakuten Fighting Hard as Amazon Japan Becomes No. 2 Retailer

Rakuten (4755 JP) - A Big Deal With Very Interesting Characteristics - Index Matters

Rakuten - Sale of Stake in Securities Business Eases Funding Pressure

Rakuten (Neutral) - Follow up After Results: Mobile Issues Far from Over

Rakuten (Neutral) - Q3 22 Results Reaction: Mobile Subscriber Losses as Free Users Flee

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Q4 results largely met our expectations with modest improvements QoQ for mobile operating losses and decent growth for eCommerce and fintech</li>
<li>A meaningful rebound for the mobile segment is more likely to fall in H2 as cost reductions take time to kick in </li>
<li>Results for eCommerce and fintech were more encouraging but less relevant as long as the mobile segment struggles.  We remain at Neutral</li>
</ul>


Q4 results largely met our expectations with modest improvements QoQ for mobile operating losses and decent growth for eCommerce and fintech
A meaningful rebound for the mobile segment is more likely to fall in H2 as cost reductions take time to kick in 
Results for eCommerce and fintech were more encouraging but less relevant as long as the mobile segment struggles.  We remain at Neutral


Rakuten (Neutral) - Q4 22 Results Reaction: Modest Mobile Improvements but Uncertainty Remains