By the way, I think many of the insights you share on Timee apply to The Trade Desk. TTD and Timee are in an almost identical situation. Except TTD has walled gardens who are scaling liquidity with eyeballs of their subscriber base rather than with trust, and relevance. Clearly walled gardens are a different proposition to Mercari - they aren't about to walk away from advertising. It is the advertising customer who will have to walk away from discounts used by walled gardens to lure them into a high liquidity (huge subscriber base) but low trust and relevance advertising platform. Hard but you can always count on the customer to act in his best interest over time. Time is the operating word here. Again, thanks for educating me.
Good article, but what worries me more than their position in their niche is the capital allocation. There are a lot of stock options at the moment, and it’s difficult to assess the future impact of these options since I haven’t found a clear policy for evaluating this dilution.
How can I get Jun Kato's report?
I don’t think it is publicly available.
Just saw your reply. Cool.
By the way, I think many of the insights you share on Timee apply to The Trade Desk. TTD and Timee are in an almost identical situation. Except TTD has walled gardens who are scaling liquidity with eyeballs of their subscriber base rather than with trust, and relevance. Clearly walled gardens are a different proposition to Mercari - they aren't about to walk away from advertising. It is the advertising customer who will have to walk away from discounts used by walled gardens to lure them into a high liquidity (huge subscriber base) but low trust and relevance advertising platform. Hard but you can always count on the customer to act in his best interest over time. Time is the operating word here. Again, thanks for educating me.
This is outstanding research Rene. Outstanding. Well done!!!
Thank you! 🙏🏻
Good article, but what worries me more than their position in their niche is the capital allocation. There are a lot of stock options at the moment, and it’s difficult to assess the future impact of these options since I haven’t found a clear policy for evaluating this dilution.
My platform in Malaysia does not trade Japanese market.
It trades only Malaysia, Singapore, China, Hong Kong and US stocks.