PSA Internet / eCommerce: Mercari (4385 JT) – Earnings Expansion Despite Ongoing Investments
Despite FY21 exceeding market expectations, Mercari share price has hardly moved since its earnings release on 12 Aug as investors took the company’s decision to not give FY22 guidance due to strategic investments negatively. We think that the existing three businesses should continue to do well to support the company’s earnings expansion despite the ongoing investments.
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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