Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

In This Issue:Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo, Putin's Grey Cardinal see a Western Tsar rising, nonlinear finance, and Timber's come back.<div class="content-highlight">1.  Disclosure issues for <a href="https://www.smartkarma.com/entities/21716" target="_blank" data-smartkarma-citation="entities:21716:1">Steinhoff International Holdin (SNH GR)</a> continue to get worse.  The company potentially failed to disclose a USD810m loan to a company where they had a minority stake.  The accusation is that this loan should have been disclosed under…</div>

In This Issue:Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo, Putin's Grey Cardinal see a Western Tsar rising, nonlinear finance, and Timber's come back.1.  Disclosure issues for Steinhoff International Holdin (SNH GR) continue to get worse.  The company potentially failed to disclose a USD810m loan to a company where they had a minority stake.  The accusation is that this loan should have been disclosed under…

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

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. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

At first glance, <a href="https://www.smartkarma.com/entities/22213" target="_blank" data-smartkarma-citation="entities:22213:1">WPP's (WPP LN)</a> second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative which sees UK corporate earnings, having benefited initially from sterling’s weakness, now struggle, as consumption and capex decisions are delayed, pending clarity on the Brexit settlement. However, since WPP is a global company and generates just 13% of sales in the UK, this isn’t a very good explanation for its problems.First up, WPP’s problems…

At first glance, WPP's (WPP LN) second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative which sees UK corporate earnings, having benefited initially from sterling’s weakness, now struggle, as consumption and capex decisions are delayed, pending clarity on the Brexit settlement. However, since WPP is a global company and generates just 13% of sales in the UK, this isn’t a very good explanation for its problems.First up, WPP’s problems…

Negative Readthrough from WPP's Outlook Warning for Japanese Advertisers, Global Consumer Tech

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Snap Inc.'s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges.</li><li>Positively, the company's engagement metrics continue to demonstrate strong growth, with Monthly Active Users (MAUs) reaching 932 million, an increase of 7% year-over-year.</li><li>This growth signifies Snap's appeal, particularly among Gen Z and Millennial demographics.</li></ul>

Snap Inc.'s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges.Positively, the company's engagement metrics continue to demonstrate strong growth, with Monthly Active Users (MAUs) reaching 932 million, an increase of 7% year-over-year.This growth signifies Snap's appeal, particularly among Gen Z and Millennial demographics.

Snap Inc Is Focusing On SMBs — Could Smarter Ads Unlock Revenue Growth?

<ul><li>Snap Inc.'s Q1 2025 financial performance demonstrated both strengths and challenges that investors should carefully consider when evaluating the company's future prospects.</li><li>During the quarter, Snap recorded a 14% year-over-year increase in revenue, reaching $1.36 billion.</li><li>This growth was largely attributed to advancements in direct response advertising and the increasing popularity of Snapchat+ subscriptions, which saw a 75% increase in revenue year-over-year.</li></ul>

Snap Inc.'s Q1 2025 financial performance demonstrated both strengths and challenges that investors should carefully consider when evaluating the company's future prospects.During the quarter, Snap recorded a 14% year-over-year increase in revenue, reaching $1.36 billion.This growth was largely attributed to advancements in direct response advertising and the increasing popularity of Snapchat+ subscriptions, which saw a 75% increase in revenue year-over-year.

Snap Inc. Pushes Hard On SMB Advertising—60% Growth Proves the Strategy Is Working!

<ul><li>Snap Inc.’s fourth-quarter 2024 earnings present a mixed bag for investors, showcasing both resilient growth and areas of concern.</li><li>On the positive side, the company reported an increase in daily active users (DAUs), reaching 453 million globally, an increase of 39 million year-over-year.</li><li>This user growth implies an expanding reach which could benefit long-term engagement and monetization strategies.</li></ul>

Snap Inc.’s fourth-quarter 2024 earnings present a mixed bag for investors, showcasing both resilient growth and areas of concern.On the positive side, the company reported an increase in daily active users (DAUs), reaching 453 million globally, an increase of 39 million year-over-year.This user growth implies an expanding reach which could benefit long-term engagement and monetization strategies.

Snap Inc.: Can Its Subscription Business Expansion Strategy Supercharge Growth?

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

21 Things Worth Knowing (#11)

In This Issue:Tencent Snaps up another stake, China launches its super-regulator, Latin America's election bonanza, is big oil regaining its mojo,...

Mark Artherton

Negative Readthrough from WPP's Outlook Warning for Japanese Advertisers, Global Consumer Tech

At first glance, WPP's (WPP LN) second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative...

Pelham Smithers Associates

Snap Inc Is Focusing On SMBs — Could Smarter Ads Unlock Revenue Growth?

Snap Inc.'s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges. Positively, the company's...

Baptista Research

Snap Inc. Pushes Hard On SMB Advertising—60% Growth Proves the Strategy Is Working!

Snap Inc.'s Q1 2025 financial performance demonstrated both strengths and challenges that investors should carefully consider when evaluating the...

Baptista Research

Snap Inc.: Can Its Subscription Business Expansion Strategy Supercharge Growth?

Snap Inc.’s fourth-quarter 2024 earnings present a mixed bag for investors, showcasing both resilient growth and areas of concern. On the positive...

Baptista Research

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