Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>Both PayPay Mall and PayPay Flea Market are still in their early days of operations. However, falling app download rankings and sluggish web traffic growth in the first two months of this quarter suggests that both PayPay Mall and PayPay Flea Market are struggling to get new users onboard – which makes us question <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a>’s strategy of aggressively trying to expand its user growth in a maturing Japanese e-commerce market again and again.</p>

Both PayPay Mall and PayPay Flea Market are still in their early days of operations. However, falling app download rankings and sluggish web traffic growth in the first two months of this quarter suggests that both PayPay Mall and PayPay Flea Market are struggling to get new users onboard – which makes us question Z Holdings (4689 JP)’s strategy of aggressively trying to expand its user growth in a maturing Japanese e-commerce market again and again.

Z Holdings: PayPay Mall and PayPay Flea Market Make Weak Progress in January and February

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Z Holdings: PayPay Mall and PayPay Flea Market Make Weak Progress in January and February