Lecture on Taimee's Earnings Announcement

Introduction

• First earnings announcement of the spot work company "Taimee".
• Gaining attention as a competing service to Mercari.
• Share price has fallen by 15%.

Analysis of the Earnings Details

• Revenue and Profit Growth Rate

  • Revenue increased by 72% compared to the same period last year.
  • Operating profit increased by 60%.
  • While the growth rate is good, it does not meet market expectations with a P/E ratio over 80 times.

• Challenges with Gross Merchandise Volume (GMV)

  • Achieved a record-high growth of 65.2%.
  • Growth has slowed when compared to the most recent quarter.
  • The impact of seasonality is being questioned.

• Trends in Active Account Numbers

  • Active accounts increased by 98%.
  • However, the GMV per account has decreased.
  • Low contribution from new clients and high reliance on existing clients.

Worker Experience on the Ground

• Mercari Haroo vs Taimee

  • Based on feedback after trying both services, Mercari Haroo is superior in terms of payment speed.
  • Taimee can also facilitate early payment upon request.

• Reality of Working Styles

  • Generally smoother on Mercari Haroo.
  • Taimee is not perceived as immediately effective.
  • There is an increase in short-duration work.

Market Competition and Future Outlook

• Intensifying Competition

  • Competition is increasing with the entry of Mercari Haroo and other rivals into the market.
  • Over-supply of labour is a concern.

• Investor Perspective

  • Investment at the current stage should be approached with caution. There is a risk of share prices falling.
  • In the long term, further strengthening of competitiveness is necessary.

Conclusion

• Taimee faces challenges in its future growth.
• There are many areas in the earnings results that do not meet market expectations.
• Investment decisions should be made cautiously.