Michael Causton

Japan Retail and Consumer Specialist

JapanConsuming

Real Insight on Japanese Consumer Markets

Equity Bottom-Up

<ul>
<li>Rakuten sold its 20% stake in Seiyu to KKR at the end of May, divesting from direct ownership in physical supermarkets. </li>
<li>This provides a much needed injection of cash for Rakuten’s digital projects and should also help the online platform build trust with other supermarket chains interested in joining its platform.</li>
<li>Both companies reaffirmed their commitment to build the largest online food retail platform within the next two years.</li>
</ul>

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
Australian tax-loss selling is a thing. Retail investors will take gains on things that run up in price, or get taken over, then look for losses.</li>
<li>The <a href="https://www.smartkarma.com/entities/china-conch-venture-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19943:1" rel="noopener">China Conch Venture Holdings (586 HK)</a> / <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd-094855ab-abec-4b71-956b-5bfc85e22fdd" target="_blank" data-smartkarma-citation="entities:389:1" rel="noopener">Anhui Conch Cement (600585 CH)</a> ratio is at an all-time low. The implied stub is re-testing its all-time low.</li>
<li>Historically, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a>'s buybacks are aggressive. It may pay to observe market data to see when they are done. It may also pay to look at peer outperformance cycles. </li>
</ul>

Victor Galliano

Financials & FinTech, EM & Southern Europe

Galliano's Latin Notes

<ul>
<li>Rakuten Bank’s imminent TOPIX index inclusion is a further share price support, to a neobank with a fundamentally attractive outlook</li>
<li>Rakuten Bank trades on a LTM PE multiple of 10.9x, LTM PBV ratio of 1.5x and an ROE of 13.8%, the best ROE to PBV ratio of its neobank peers</li>
<li>Aside from its premium long-run growth prospects and low prospective PEG ratio, Rakuten Bank is also the lowest cost to serve Japanese neobank</li>
</ul>

Travis Lundy

<ul>
<li>The index announcements regarding the the changes to indices following the <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> offering have been a bit weird. </li>
<li>Some of that may have to do with timing. Some is just weird</li>
<li>The result is that there is less to buy this week than I previously expected, and the buying gets dragged out longer.</li>
</ul>

Arun George

IPOs and Catalysts/Events

Global Equity Research Ltd

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> prices its offer, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, <a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a>, <a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>.     </li>
</ul>

Japan

Rakuten Inc provides Internet Services including "Rakuten Ichiba", its core marketplace e-commerce site in Japan. The company also provides Internet Finance services, which include "Rakuten Card" and "Rakuten Bank". Their Digital Content services include e-book services. The Company also invests in seed-stage technology start-ups.

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Rakuten (4755 JP)

Rakuten’s Seiyu Sell off Will Boost Netsuper Business

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Rakuten Bank (5838 JP) - Attractive Versus Domestic Neobank Peers, with Added Technical Support

Fundamentally attractive Rakuten Bank also benefits from imminent TOPIX index inclusion; aside from premium growth prospects and low PEG, it is the...

Victor Galliano

Rakuten (4755) - TSE Neglects Its Ad Hoc Powers - Less Bigly Index But Biglier Non-Index

The TSE decided not to change the Free Float Weight for Rakuten large primary offering because... they didn't. Again. Also, the treatment by others...

Travis Lundy

Weekly Deals Digest (28 May) - Rakuten, Growatt, JD Industrials, Toyo, Silk Laser, Penguin

Last week, notable developments occurred in Event-Driven (Toyo, Penguin, Healius, Penguin, Lian Beng) and ECM (Tata Tech, Adicon, Growatt, JD...

Arun George

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