RAKUS: Mar Q Focus Point: Earnings Solid; Watch for Quantitative Gen AI Targets in New MTP

研报英文原文证据摘录

RAKUS: Mar Q Focus Point: Earnings Solid; Watch for Quantitative Gen AI Targets in New MTP

IdeaM

MSe And Consensus; Market View Vs. Our View, Key

Questions To Management

Market View vs. Our View Key Question to Management

Market View : • Growth strategy for existing products: In particular, what is

the growth strategy in the expense management field

• Rakus is a leading Japanese expense management SaaS where the system penetration rate is high, and how will

company where growth is shifting from the top line to the firm outcompete rivals in the invoicing market?

profit. • Competitive landscape: As a company with strength in

• Monthly sales data releases: Confirmation of growth rate standalone products, how will the firm win out over

for each cloud business. integrated cloud services amid fierce competition in the

• Concerns over generative AI are unlikely to be easily back office SaaS market?

dispelled • Contributions from new services: What level of sales

contribution does Rakus expect from new services like

Our View : invoice receipt and HR SaaS?

• New growth areas: Does Rakus have any other products in

• Back office SaaS has strong growth potential as a solution

the pipeline besides its invoice receipt service?

to labor shortages and the need to improve business

• Strategy for prevailing in the generative AI era

efficiency.

• Rakus has the leading share of the expense management

SaaS market (no. of corporate users), and while the

business has matured, we expect Rakus to achieve both

profitability and sales growth through expansion of the

client base and a rise in average fees from improving

product value.

• In the invoicing SaaS market, growth has been quick to

bounce back after the dropping out of the benefit from