Rakuten (Reduce, TP: ¥400 from ¥440, -29%) Pivot to almost zero capex
Rakuten has indicated a pivot to a much lower capex model. The implication is likely to be lower growth; positive for incumbents as the market moves into 3+1 player mode.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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