Rakuten (Reduce, TP: ¥400, -51%) Q1 24 Quick Take: Mobile still lacking traction. Stay Reduce, pt ¥400
Rakuten Mobile continues to lack traction, driving an overall disappointing set of figures. The company continues to guide towards breakeven in Mobile by year end, but has introduced a new way of looking at Mobile profitability, by focusing on losses excluding acquisition costs and including the impact on EC which we think paves the way for dropping this guidance later in the year.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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