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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>We have put together the historical financial data for Rakuten Bank going back to FY14 as reported by parent Rakuten Group, which uses IFRS and is on a December year-end</li>
<li>As a separate company, Bank looks more local using J-GAAP accounting and a March year-end. So when the IPO filing comes our data will need to be updated/converted</li>
<li>As we discussed last week, the IPO of Rakuten Bank could help surface the value of fintech assets although heavy losses for the mobile business keep us on the sideline</li>
</ul>


We have put together the historical financial data for Rakuten Bank going back to FY14 as reported by parent Rakuten Group, which uses IFRS and is on a December year-end
As a separate company, Bank looks more local using J-GAAP accounting and a March year-end. So when the IPO filing comes our data will need to be updated/converted
As we discussed last week, the IPO of Rakuten Bank could help surface the value of fintech assets although heavy losses for the mobile business keep us on the sideline


Rakuten Bank

Rakuten Bank Financial Highlights