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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Rakuten is reportedly selling a stake in its Securities unit for ¥80bn, which probably means a near-term IPO of that business is off the table</li>
<li>It may also give Rakuten greater flexibility on the timing of a Rakuten Bank IPO should pricing for that be problematic</li>
<li>In terms of surfacing the value of Rakuten's fintech assets this is good news but it is mobile losses that have held the shares back. We remain at Neutral.</li>
</ul>


Rakuten is reportedly selling a stake in its Securities unit for ¥80bn, which probably means a near-term IPO of that business is off the table
It may also give Rakuten greater flexibility on the timing of a Rakuten Bank IPO should pricing for that be problematic
In terms of surfacing the value of Rakuten's fintech assets this is good news but it is mobile losses that have held the shares back. We remain at Neutral.


Rakuten - Sale of Stake in Securities Business Eases Funding Pressure