Rakuten wesentlich besser als Rocket

Pop and K-Drama Stars Share Rakuten Viki's Appeal

November 06, 2026

Rakuten Viki celebrated its fourth annual K-Drama Day, which this time gave fans the chance to vote on their favorite K-drama on Viki's platform, with the winner being featured on billboards internationally. What's more, following K-Drama Day, a brand campaign starring K-pop group LE SSERAFIM was launched, and a new Viki co-produced animated series, "The Painted Soul," was released, rounding off an exciting month for Asian entertainment's leading destination.

https://www.youtube.com/watch?v=0H2U_LrIDw8&t=5s

Overall, Wall Street has a Moderate Buy consensus rating on AST SpaceMobile stock based on six Buys and five Holds. The average ASTS stock price target of $80.71 indicates 167.26% upside potential.

Burger King Puts Movies on the Menu with Rakuten TV

For Burger King in Spain, delivery represents more than convenience, it is a chance to add value to the moments people spend at home. Partnering with Rakuten TV Enterprise, Burger King launched a campaign that combined food and entertainment to encourage online orders and deepen consumer engagement.

This activation demonstrates how Rakuten TV Enterprise’s Vouchers solution can transform a simple transaction into a more compelling consumer proposition, linking purchase with premium entertainment to drive both engagement and online sales.

www.enterprise.rakuten.tv/wp-content/...UDY-Burger-King-1.pdf

Rakuten Mobile Campaign Roundup (November 2026): 10,000 Points for Switching Continues, and the 20x Points Deal Is Now at Drugstores

sim-hacks.com/en/blog/rakuten-mobile-campaign-roundup-2026-11/

Rakuten Symphony India Family Day Celebrates "The Heart of the Symphony"

November 05, 2026

Rakuten Symphony India celebrated its annual Family Day in all four locations throughout September, beginning with Indore, then Pune, Gurgaon and finally Bengaluru. Over 5,000 people registered to celebrate together under the theme and firm belief that supportive family and friends are "The Heart of the Symphony". Watch the report and see why Rakutenians in India say "Every year we wait for this day!"

https://www.youtube.com/watch?v=65J0v9JcpAg

Continuing the strong momentum of gourmet food, Rakuten Market has observed that consumers often take advantage of the biggest Double 11 sales period to prepare for high-end home appliances in advance. Recognizing the need for new upgrades, Rakuten Ichiba is launching the "Quality Lifestyle Relay" from November 4 to November 6, with Panasonic offering exclusive discounts starting at 10% off, 11% cashback on app shopping, and new product pre-orders. The highlight of this round is Panasonic's latest portable pet heating and cooling mat, featuring a slim integrated body and high shock-resistant design, making it more flexible for pets to use when going out. Exclusive Rakuten Market pre-order coupons get an instant 600 NTD discount, plus an extra "Thermos Multifunctional Cooler Bag" for in-store pickup. Another popular autumn and winter product, the nanocare nano water ion hair dryer, features smart temperature control and high-penetration nano water ion technology, delivering efficient quick-drying while balancing moisture and daily care for autumn and winter hair. The nano water ion straightening curler features five temperature levels, allowing you to flexibly switch the temperature according to your hair type and styling needs, making it easy to create high-quality autumn and winter hairstyles. In addition, large appliances such as washing machines, refrigerators, dehumidifiers, and dishwashers are also being discounted, allowing consumers to upgrade their hair and home lifestyle equipment in one stop during the Double 11 shopping festival.

Unlimited stacking of great deals: up to 11% cashback on the app, up to 43% cashback with credit card purchases. The Rakuten Ichiba Double 11 Shopping Festival continues until November 12, during which app orders can earn up to 11% points cashback, and with coupons, you can get up to 300 NTD off instantly; Free shipping for single orders over 199 NTD at FamilyMart, with a chance to win a NT$2,000 travel voucher. Apply for the E.SUN U Bear credit card and complete designated tasks to enjoy up to 43% cashback. From daily health and wellness to year-end appliance upgrades, Rakuten Ichiba aims to provide consumers with the ultimate smart shopping experience.

www.rakuten.com.tw/info/release/2026/1104/

Dimensions of the IP Moat (Intellectual Property)

AST SpaceMobile has a massive and steadily growing portfolio of intellectual property:

• Size of the portfolio: ASTS holds around 3,900 patented and pending claims worldwide. More than 1,800 of these patents have already been officially granted.

• Core technology areas: The patents cover the absolute core architecture, including the huge phased-array antennas (like those on the BlueBird satellites), the thermal management of these high-performance arrays in orbit, AI-driven spectrum management, and the proprietary AST5000 ASIC chip.

• Legal protection: A special factor for investors is that the patents are insured through Lloyd’s of London. This means that well-funded litigants are ready to pursue patent infringements worldwide, which could potentially generate an additional revenue stream.

The official key performance indicators for Rakuten Securities impressively reflect the company’s strong growth as of late October / early November 2026:

Specific Figures & Milestones (as of October / November 2026)

• Total number of securities accounts: 15,000,000 (a milestone officially announced on November 2, 2026). This represents an increase of approximately one million new accounts in just seven months since April 2026 (when the total stood at 14 million).

• NISA (Nippon Individual Savings Account) accounts: Over 7,000,000. Rakuten Securities holds the largest market share in Japan for these tax-advantaged investment accounts.

• Assets under Custody/Trust: Total assets under management recently reached approximately 57.4 trillion yen (approx. 350 billion euros). Assets held specifically within the new NISA accounts have already surpassed the 10 trillion yen mark.

• Fintech ecosystem synergies: The number of accounts linked to Rakuten Bank (via the "Money Bridge" interface) exceeds 6,000,000, with a linked deposit volume of more than 6 trillion yen.

"Rakuten Edy" expresses gratitude with the "Rakuten Edy 25th Anniversary Thanksgiving Festival! Share 2.5 million points!" Campaign Implementation

Rakuten Payment Inc. (hereafter "Rakuten Payment") and Rakuten Edy Inc. (hereafter "Rakuten Edy") have commemorated the 25th anniversary of the launch of "Rakuten Edy" by holding the "Rakuten Edy 25th Anniversary Thanksgiving Festival! Split 2.5 million points!" We would like to inform you that the campaign (hereinafter referred to as "this campaign") will be held from Monday, November 2, 2026 to Monday, November 30, 2026. Furthermore, this campaign will be held by lottery to win "Rakuten Edy" 25th Anniversary merchandise.

[About Rakuten Payment Inc.] payment.rakuten.co.jp/
Rakuten Payment Inc. was established in April 2019 as a company within the Rakuten Group that focuses on payment and marketing services. They operate physical store payment services such as "Rakuten Pay," "Rakuten Point Card," "Rakuten Check," and "Rakuten Pay." Additionally, Rakuten Edy Inc., a subsidiary of Rakuten Payment Inc., operates "Rakuten Edy" and "Rakuten Cash." We offer users a friendly, convenient, and secure payment service, while merchants receive a wide range of payment services tailored to industry and business type, along with business support through data-driven marketing programs.

[About Rakuten Edy Inc.] edy.rakuten.co.jp/company/
Rakuten Edy Inc. is an electronic money operator that operates the IC-type electronic money "Rakuten Edy" and the online electronic money "Rakuten Cash." As a pioneer in cashless payments, we provide safe and secure payment services, focusing on developing franchise stores in supermarkets nationwide and promoting cashless payments in collaboration with local governments. Going forward, we will continue to provide better services by collaborating with various Rakuten Group services to further improve convenience and satisfaction for electronic money users and merchants.

payment.rakuten.co.jp/news/2026110201/

The Ministry of Internal Affairs and Communications (MIC) selected the joint proposal from Rakuten’s preparatory company and Rakuten Mobile, Inc. for the publicly solicited "J-LEO: Japan Low Earth Orbit Satellite Communications Project"*2. Rakuten AST is expected to receive up to 148 billion yen (approx. 1 billion USD) in support over approximately three years under J-LEO, through the Communications and Information Network Association of Japan (CIAJ), the organization established to manage the fund. Through this joint venture, Rakuten AST will collaborate with AST SpaceMobile to deploy and manage satellites compatible with mid-band spectrum, in order to establish a satellite communications network and commence domestic operations by the end of March 2029.

The J-LEO Project will leverage the largest communication satellites ever deployed in LEO to build domestic communications infrastructure that enables direct satellite-to-smartphone connectivity and strengthens economic security. In addition to extending cellular broadband connectivity to areas with limited or no terrestrial coverage, the project aims to ensure cellular broadband connectivity during emergencies, such as natural disasters, by establishing a framework for emergency inter-carrier roaming among mobile network operators.

Through Rakuten AST, Rakuten and Rakuten Mobile aim to establish a non-terrestrial network (NTN) managed and operated in Japan. The companies will deploy and operate a resilient, stable communications infrastructure capable of maintaining priority and stable connectivity, independent of external conditions – even in times of emergency.

The satellite communications service to be deployed by Rakuten AST will leverage AST SpaceMobile's large-scale satellites to enable high-speed internet connectivity — such as video streaming and social media — on off-the-shelf smartphones without the need for specialized equipment*5. Because the base station equipment is installed on ground-based infrastructure, Japanese telecommunications operators can flexibly and autonomously manage and operate the network.

AST SpaceMobile will supply the satellites to power Japan's sovereign D2D constellation. Beyond priority Japanese domestic market usage, Rakuten AST also plans to work with AST SpaceMobile to provide these services through AST SpaceMobile to its customers worldwide, subject to regulatory approval.

Rakuten Mobile will also work with AST SpaceMobile to advance the use of AI edge computing and plans to develop AI-driven spectrum management technology, exploring their application for higher-speed data communications and industry-specific solutions such as IoT. The company aims to expand its solution offerings beyond telecommunications carriers to include connectivity-reliant industries, such as logistics, infrastructure monitoring, construction and agriculture.

global.rakuten.com/corp/news/press/2026/1109_01.html

Before short sellers try to stir the pot by complaining about one-off effects...

Strategic and financial core objectives

Why did Rakuten undertake this radical restructuring? Three main reasons drive the reorganization:

1. Shifting to internal financing ("Intra-Group Financing"):
Previously, Rakuten Card and Rakuten Securities had to borrow capital for their growth independently on the open market. By being integrated under Rakuten Bank, they can now benefit directly from the bank’s massive, low-cost customer deposits. Expensive external debt is thus replaced by more efficient intra-group loans.

2. Capitalizing on the new interest rate environment in Japan:
Following the Bank of Japan’s decision to end its long-standing negative interest rate policy, lending margins in the country are rising. By bringing together payment services (Card), investment services (Securities), and deposits (Bank), Rakuten can manage interest rate advantages much more dynamically within its own ecosystem.

3. Maximizing synergies:
The level of integration is already extremely high: at the time of the restructuring, approximately 55% of the bank’s customers also held a Rakuten credit card, and 36% used the "Money Bridge" service to link their accounts to their brokerage portfolios. The goal is now to maximize these cross-sales across the entire platform in an automated fashion.

One-off effects on the balance sheet (Q3 2026)

For investors, the restructuring brought with it an important short-term detail:

• Tax burden: The transfer of assets—such as the shares in Rakuten Payment, moved from the credit card division to the corporate parent—resulted in internal accounting gains.

• This will result in a tax burden of approximately 23 billion JPY in the third quarter of 2026, which will have a one-off negative impact on the parent company’s quarterly earnings. However, analysts consider the long-term benefits—derived from interest-related advantages—to be significantly greater.

Rakuten holds 51% of the venture's voting rights and an AST subsidiary the other 49%. Backed by up to 148 billion yen (about $1 billion) from Japan's communications ministry, it's targeting service by the end of March 2029.

Mickey Mikitani, Rakuten Group's chairman and CEO, called it "a key pillar of Rakuten Mobile's network strategy."

That's a big win, since KDDI, NTT Docomo and SoftBank, Japan's three biggest carriers, all sell Starlink's direct-to-phone service.

Analysts expect AST's revenue to climb from $70.9 million in 2025 to $1.73 billion in 2028.

finance.yahoo.com/markets/stocks/articles/...n-163658493.html

Rakuten Viber has officially entered into a memorandum of understanding (MoU) with the Philippine Department of Tourism (DOT). The shared objective is to make the travel experience for both international and domestic visitors safer and more digital.

Key details of the partnership include:

• Fraud protection through verification: Micro, small, and medium-sized enterprises (MSMEs) accredited by the Department—such as local tour operators and hotels—will be provided with official Viber Business accounts. Visitors can use these to communicate directly and make payments or bookings without the risk of fraudulent transactions.

• An all-in-one travel experience: The app serves as a "super-app" for travelers, featuring monthly tourism campaigns. It also includes an integrated ChatGPT function to assist visitors with their travel planning.

• Economic context: This initiative supports the growing Philippine tourism sector, which recently recorded over 6.5 million international arrivals annually.

Cantor reiterated its Buy rating and $140 price target

According to Investing.com, Cantor reiterated its 'Buy' rating and $140 price target on ASTS, implying a potential upside of roughly 140% from current levels.

Wall Street expects third quarter (Q3) revenue to more than triple to about $46 million from $14.7 million a year earlier, according to Fiscal.ai. However, the loss per share is expected to widen slightly to $0.49 from $0.45 a year earlier. The space firm is scheduled to report its third-quarter print after market hours on Monday.

Cantor Fitzgerald said it remains "cautiously optimistic" ahead of AST SpaceMobile's (ASTS) third-quarter earnings, citing growing interest from U.S. government agencies and stronger telecom partnerships, despite concerns that rising satellite deployment costs could pressure the company's finances.

finance.yahoo.com/markets/stocks/articles/...t-180027355.html

Results okay and outlook excellent

AST SpaceMobile Provides Business Update and Third Quarter 2026 Results

feeds.issuerdirect.com/...id=7492534759712978&symbol=ASTS

Shortquezze will start at once.

Reading for All: How Rakuten Kobo Builds Accessible Products

November 10, 2026

Accessibility is an essential part of how Rakuten Kobo builds its devices, from placement of page-turning buttons to maximizing screen display options. The launch of an eReader remote control also proved to be hit, selling out for nine straight months. With a growing number of "silver consumers" aged 55-plus, which also represents the largest proportion of Kobo's customer base, CEO Michael Tamblyn says that by managing accessibility issues "we get a stronger business."

https://www.youtube.com/watch?v=79gmQkVrE9k&t=5s

Boosting Regional "Earning Power" with Data and Cross-Use: Ehime Prefecture and Rakuten

November 10, 2026

Rakuten is partnering with local governments across Japan to revitalize communities by leveraging its data and services. For example, to combat challenges such as population decline, Ehime Prefecture is boosting its "earning power" through data utilization and cross-use strategies spanning Rakuten Ichiba, Rakuten Travel, and Rakuten Hometown Tax. Why do prefectural officials call Rakuten a "true ally"? We go behind the scenes of this partnership that transcends the boundaries between local government and the private sector.

https://www.youtube.com/watch?v=m2uEllWuTxI&t=6s

Rakuten Symphony on the journey from cloud native to AI native

November 09, 2026

Devesh Gautam, global head of solution and presales at Rakuten Symphony, discusses what separates operators that make the jump from cloud native to AI native from those that stall, how Rakuten Symphony engages with brownfield, multivendor operators through a horizontal Kubernetes platform, what its telecom-specific language model and ontology bring to the AI layer, the first TM Forum Level 4 validation for RAN energy efficiency, how it builds trust for AI to act on live networks, and much more.

https://www.youtube.com/watch?v=lc7l6IUp0tI

Strong income growth of Rakuten Bank in the last half year as standaone

The first half reflects Rakuten Bank's standalone banking perimeter prior to the October 1 reorganization.

• Income and Profit Growth: For the first half of FY2026 (Q2/26 and lQ3/26), ordinary profit reached ¥63,069 million (+30.6% YoY), while basic EPS rose to ¥247.41 (+26.9% YoY). Consolidated interest income jumped 47.6% YoY to ¥133,117 million, aided by larger asset balances and Bank of Japan rate hikes in mid-2026.

• Expenses and Customer Scale: Ordinary expenses increased 43.9% YoY to ¥100,802 million, driven by deposit interest expenses doubling to ¥33,687 million after rate adjustments. Fee and commission income grew 11.1% YoY to ¥26,541 million, with non-consolidated customer accounts expanding to 18.81 million.

During the reorganization on October 1, 2026, a disproportionately large number of new shares were issued for Rakuten Card and Rakuten Securities Holdings relative to their respective profit contributions. This resulted in a lower theoretical EPS for the integrated units compared to that of the legacy Rakuten Bank, leading to significant EPS dilution.

While this observation touches on the core of the transaction, it also implies a higher P/E multiple—and, consequently, a lower implicit EPS for the Card and Securities divisions. Nevertheless, the valuation remains "in line with standard benchmarks."

Regarding growth and platform multiples (P/E ratios): digital brokerages (such as Rakuten Securities) and high-growth credit card/payment service providers (such as Rakuten Card) typically command higher P/E multiples in the stock market than traditional deposit-taking and lending banks. By definition, a higher P/E multiple corresponds to a lower earnings yield (E/P)—meaning less profit per allocated share.

In my view, the decline in the share price today is due to the fact that a significant number of market participants have failed to grasp the underlying valuation logic. Once these participants have been shaken out, the share price will recover to its previous level—and, driven by earnings growth, climb even higher.

As part of the FinTech reorganization (effective October 1, 2026), Rakuten Bank acquired a 100% stake in both Rakuten Card and Rakuten Securities Holdings. In exchange, it issued a total of 230,890,116 new non-voting Class A shares (which carry full dividend rights and are convertible on a 1:1 basis):

• Original Rakuten Bank (prior to reorganization): approximately 174.52 million common shares.

• Allocation for Rakuten Card: 157,066,976 new Class A shares (equivalent to approximately 38.7% of the new total share count of roughly 405.41 million shares).

• Allocation for Rakuten Securities HD: 73,823,140 new Class A shares (equivalent to approximately 18.2% of the new total share count).

Theoretical EPS Comparison (Stand-alone vs. Allocation)

For the implicit EPS of Rakuten Card and Rakuten Securities to have been equal/higher than that of the legacy Rakuten Bank (FY2025: JPY 418.76 per share based on a net profit of JPY 73.1 billion), both subsidiaries would have needed to generate the following minimum net profits:

Entity Number of Allocated Shares Required Net Profit for EPS > JPY 418.76 Actual Earnings Situation & Forecast Effect

Legacy Rakuten Bank 174.52 million JPY 73.10 billion (Actual for FY2025) Base EPS: JPY 418.76 (FY2025) or JPY 505.10 (August forecast for FY2026).

Rakuten Card   157.07 million > JPY 65.78 billion Significantly lower; a large portion of the FinTech segment's profit was already derived from the bank.

Rakuten Securities   73.82 million > 30.91 billion JPY In the first nine months of 2026, Rakuten Securities generated a net profit of 28.58 billion JPY; however, the holding company only owns a 51% stake (with the remaining 49% held by Mizuho Securities).


Since the combined entities failed to reach a sustainable annual net profit exceeding 96.7 billion JPY, the projected total earnings per share (EPS) for Rakuten Bank for the fiscal year ending March 2027—despite a 30.4% increase in profit (to 115.0 billion JPY)—fell from an initial 505.10 JPY to 397.08 JPY. Based on the previous year’s figures (using a pro-forma approach as of the announcement in May 2026), the EPS dropped from 418.76 JPY to approximately 296 JPY (a dilution of nearly 30%).

Launch investment and economics

AST SpaceMobile President Scott Wisniewski said the company expects several hundred million dollars of additional capital spending next year to advance toward Blacklift's first launch. He said owning the launch capability could ultimately reduce costs by 75% compared with what the company might pay in the market today.

Record high for a Q3 : 697.1B JPY revenues = 10.9% growth YoY
FinTech and Mobile drove revenue growth with double-digit gains
Internet Services held flat YoY despite a pullback from prior year’s hometown tax rush demand

Q3/26 Consolidated EBITDA = 123. 5B JPY Record high = growth of 4% YoY
FinTech grew strongly; Mobile also grew Internet Services fell on minority investments but grew steadily excluding this factor (Minority investments: -17.5 B JPY)

Q3/26 Consolidated Non-GAAP Operating Income =  + 25.9% YoY
Record high since MNO service launch = 48.6B JPY
FinTech profit growth outpaced revenue growth
Mobile losses improved by 10.0 B JPY YoY
Internet Services profit grew excluding minority investments (Minority investments: -17.5 B JPY)

The Rakuten Group released its results for the third quarter of 2026 today, November 13, 2026, posting record third-quarter figures for both revenue (¥697.1 billion) and EBITDA (¥123.5 billion). The group’s operational performance has shown significant improvement, though the bottom line was impacted by one-off effects and revaluations.

Key Financial Metrics (Q3 2026)

Metric  Q3 2026  Change (YoY)  Context

Group Revenue  ¥697.1 billion (~$4.37 billion) +10.9% All-time Q3 record; exceeded analyst expectations.

    EBITDA§ ¥123.5 billion (~$774 million)  +4.0%  Highest level for a third quarter.

Non-GAAP Operating Profit ¥48.6 billion (~$305 million) +25.9% Strong operational recovery in the core business.

IFRS Operating Profit ¥39.5 billion (~$248 million) +396.3% Significant jump compared to the previous year.

Earnings Per Share (EPS) -¥28.80 Loss widened (Prior year: -¥12.37) Impacted by one-time write-downs and valuation losses.

Business Segment Performance

• FinTech serves as a growth driver. Revenue in the FinTech segment rose by 22.1% to 306.0 billion yen, driven by a growing customer base at Rakuten Card, Rakuten Bank, and Rakuten Securities, as well as partnerships such as the one with Uber Eats.

• Mobile continues to reduce losses. Revenue in the mobile business climbed 18.3% to 140.4 billion yen, while the non-GAAP operating loss narrowed by 10 billion yen to -28.7 billion yen. The number of customers reached 11.05 million by the end of September (an increase of 1.72 million year-on-year), although net new customer growth has slowed slightly of late.

• Internet Services remain stable. Revenue in the core e-commerce business stood at 347.3 billion yen (-0.7%), remaining nearly on par with the previous year—a result attributed to the "pull-forward" effect seen in the prior year regarding Japan’s "hometown tax" (Furusato Nozei) program. Adjusted for revaluation losses on minority investments, the non-GAAP operating profit in this segment increased by 20.1% to 33.9 billion yen.

Assessment of Financials & Stock  

• Operational turnaround confirmed. The Rakuten Group’s Q3 FY2026 financial results highlights, along with coverage from Investing.com, emphasize the company’s structural progress. Its ecosystem—comprising e-commerce and FinTech—generates reliable cash flows, while the previously troubled Rakuten Mobile division has reached positive EBITDA (12.1 billion yen) and is consistently narrowing its losses.

• Balance sheet and refinancing risks mitigated. High debt levels have been a major drag in recent years. With the issuance of 400 billion yen in domestic bonds in October 2026, Rakuten has fully secured the refinancing for its senior notes maturing in 2027.

• Downside in net earnings. Despite strong operational performance, the net loss per share has widened, as impairment charges and the revaluation of equity investments have weighed on the IFRS bottom line. Nevertheless, management remains committed to its goal of achieving a positive net profit for the full fiscal year 2026.

• Stock valuation (multiples & quality). According to a GuruFocus analysis, Rakuten stock appears attractively valued based on historical revenue and book value multiples (valuation score: 8/10). However, due to its debt burden and currently negative net profitability, the company scores below average in terms of balance sheet strength (4/10). The stock thus remains a classic turnaround investment; its future share-price performance will depend significantly on whether Rakuten Mobile reaches the break-even point on an EBIT basis as planned, and on whether the earnings strength of the fintech division is better reflected in the valuation—given that, in my view, the 72% stake in the fintech business is worth more than the entire market capitalization of the Rakuten Group.