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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>The core eCommerce and Fintech segments posted good results for the quarter but that will certainly get lost in the discussion on mobile</li>
<li>Mobile operating losses exceeded $1bn in Q4 and whilst management is guiding to losses bottoming out in Q1 22, the magnitude of improvements remains undefined</li>
<li>Rakuten Mobile capex is on par with incumbents and will remain unchanged in FY22</li>
</ul>


The core eCommerce and Fintech segments posted good results for the quarter but that will certainly get lost in the discussion on mobile
Mobile operating losses exceeded $1bn in Q4 and whilst management is guiding to losses bottoming out in Q1 22, the magnitude of improvements remains undefined
Rakuten Mobile capex is on par with incumbents and will remain unchanged in FY22


NTT (Nippon Telegraph & Telephone) (9432 JP)

Rakuten (Neutral) - Q4 21 Results Reaction: Hard to Look past Mobile Losses