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TENCENT HOLDINGS LIMITED

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Rakuten shares jump 24% on Japan Post, Tencent backing

03/14/2021 | 10:30pm EDT
The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo

TOKYO (Reuters) - Rakuten Inc's shares jumped as much as 24% on Monday after the Japanese e-commerce firm said it would raise $2.2 billion through a stake sale to companies including Japan Post and Tencent as it takes on Amazon.

Rakuten shares were trading up 18% at 1,471 yen at 02:28 GMT - the biggest rise in 17 years - after earlier hitting a daily limit high of 1,545 yen. That brings Rakuten's share gain from Friday to almost 30% and lifts its market cap to 2.1 trillion yen ($19.4 billion).

The deal is a funding injection for Rakuten's investments in logistics, where it is competing with Amazon and SoftBank's newly bulked-up internet business, and in mobile, where it is taking on the three incumbent carriers.

"Rakuten could receive significant help from the expert in logistics services," Jefferies analyst Hiroko Sato wrote in a note, referring to Japan Post, which operates 24,000 post offices nationwide.

The mobile business "has been a huge drag on its valuations and earnings for a while now but one which will see costs peak this term," wrote Asymmetric Advisors analyst Amir Anvarzadeh in a note.

Investors also warmed to potential partnerships with backers Tencent, the world's largest gaming company, and Walmart, the world's largest retailer, which is also a buyer in Rakuten's share sale and is leading a digital fightback against Amazon in the United States.

(Reporting by Sam Nussey and Junko Fujita; Editing by Tom Hogue and Muralikumar Anantharaman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -7.56% 3327.59 Delayed Quote.2.17%
JAPAN POST HOLDINGS CO., LTD. -0.63% 929.1 End-of-day quote.15.73%
RAKUTEN GROUP, INC. -2.59% 1203 End-of-day quote.21.03%
SOFTBANK GROUP CORP. -2.61% 6837 End-of-day quote.-15.15%
TENCENT HOLDINGS LIMITED -2.64% 479 End-of-day quote.-15.07%
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Financials
Sales 2021 588 B 91 060 M 91 060 M
Net income 2021 148 B 22 884 M 22 884 M
Net cash 2021 117 B 18 075 M 18 075 M
P/E ratio 2021 26,1x
Yield 2021 0,40%
Capitalization 3 790 B 587 B 587 B
EV / Sales 2021 6,24x
EV / Sales 2022 5,06x
Nbr of Employees 89 228
Free-Float 62,4%
Chart TENCENT HOLDINGS LIMITED
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
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Mean consensus BUY
Number of Analysts 52
Last Close Price 398,20 CNY
Average target price 606,46 CNY
Spread / Average Target 52,3%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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