Initiating Coverage of Rakuten With Narrow Moat, Stable Trend, and FVE of JPY 1,370
We are initiating coverage of Rakuten with narrow moat and stable moat trend ratings, given its network effect, supported by its comprehensive ecosystem in Japan of combining e-commerce and financial technology, or FinTech. We believe the worst is over and Rakuten’s domestic e-commerce business will bottom out this year with a stabilized operating margin in the second half, and we expect the losses from unprofitable overseas business to decrease. However, we think the company’s 2020 target for i...Rakuten is mainly engaged in the Internet-related business. Along with its affiliates, Co. operates in two business segments. The Internet Services segment is engaged in the operation of electronic commerce sites, including an Internet shopping mall "Rakuten Ichiba," an online cash back site, a travel booking site, portal sites and digital contents sites; the sale of advertising on Co.'s sites; the provision of messaging and communication services; and the management of a professional baseball team "Tohoku Rakuten Golden Eagles." FinTech segment is engaged in the provision of Internet banking services and online securities trading services, and the credit card and life insurance businesses.
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