Recent Reports

Rakuten (Neutral) – Sale of stake in securities business eases funding pressure

Surfacing fintech value is positive and a direct sale eliminates exposure to fickle public markets but proceeds are likely for the mobile losses that have held shares back

Z Holdings / PayPay – A focus on margin improvement as ZHD moves to consolidate

Z Holdings confirmed it is PayPay’s majority owner now. An update on the business included a stronger message improving the cost structure.

Japan telecoms/Internet – A quick look at public equity portfolios

Public equity investment portfolios in our coverage universe represent 3% of total market cap, driven by capital alliances tied to business collaboration. We thought it would be nice to have all the data in one place.

NTT (Buy) – Investor day highlights global data center business

NTT’s data center business is growing 20%+/year before currency tailwinds as the NTT Data integration kicks off. We have updated our model and SOTP and remain at Buy.

Japan telecoms – There are hurdles to the introduction of mobile spectrum auctions

The regulator has taken up the issue of mobile spectrum auctions again but we think a focus on ICT export and concerns on competition stand in the way

Softbank Group – Vision Fund losses accelerate into quarter end

Softbank shares are down 8% since it announced the early settlement of Alibaba derivative contracts but a strong dollar has helped as declines in the value of underlying assets have been steeper.

Japan Telecoms – Agreement on telecom patent fees also good for DoCoMo, KDDI

Japanese car makers have agreed to pay patent fees for mobile technology in connected cars. That is good for equipment vendors but also DoCoMo, a global leader in network R&D, and KDDI, a leading provider of telematics.

For more information on subscribing to our product, drop us a line:

For more information on subscribing to our product, drop us a line: