New Street Research - Mercari Inc. (4385) New Street: Mercari (Buy, TP: ¥9,000, +307%) Q3FY22 Quick Take: Poor quarter and guidance cut

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New Street Research

Chris Hoare

EUR 9209.00 For Business Accounts Only

New Street: Mercari (Buy, TP: ¥9,000, +307%) Q3FY22 Quick Take: Poor quarter and guidance cut

Mercari has reported a poor set of Q3 results. The company has cut its GMV growth and profit margins targets for this year and also given revenue, operating profit and net profit guidance for FY22 which implies that trends will continue to deteriorate in Q4.

28/04/2022 1 EN

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Mercari Inc.

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JP3921290007 Japan

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Chris Hoare

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New Street: Mercari (Buy, TP: ¥9,000, +307%) Q3FY22 Quick Take: Poor quarter and guidance cut

Japanese Telcos At a MAJOR inflection as Fintech integration drives ARPU; lift forecasts and Price Targets

Japanese e-Commerce GMV slowing, revenue accelerating; CY 3Q23 review

PSA e-Commerce: Japan’s Cashless Penetration Rate Tops 36%

EM Telcos EM Enterprise Revenues Continue to Grow Strongly

Alphabet (GOOGL, Buy, $200 target) Previewing Google Marketing Live & read throughs from MSFT Build keynote tomorrow

Chinese AI ramp, Nvidia preview, WFE recovery, Cisco stabilization, Arm XPU initiative, and more. The Tech Weekly Wrap-up

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