PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Market Competition
BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently see any significant positive catalysts.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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