Roblox – Updated Charts

I update the slide with 4Q20 data in latest S1. Direct listing of Roblox will be interesting because market appetite has shifted in last two weeks and the underlying business of Roblox seems to be normalizing this year based on company's expectation (conservative?). Roblox has strong cash flow and just raised a private round so … Continue reading Roblox – Updated Charts


Sea’s Garena Snapshot

Some Sea's Digital Entertainment charts for housekeeping purpose. User Base Monetization Margin Profile Talking Points in DE Fully self-developed game, Free Fire, launched on iOS App Store & Google Play Store on December 4, 2017. Free Fire is a battle royale type of mobile game developed in-house by Garena. Daily active user (DAU) from over … Continue reading Sea’s Garena Snapshot

Wendy’s – Breakfast Relaunch Modeling

Wendy's (WEN.US) [October 29, 2019] * Breakfast Relaunch Modeling * Download the spreadsheet here to play around. The reason why I add this page which increases the friction and might affect "conversion" is that I'd like to know where the audience comes from. On September 9th, 2019, Wendy’s announced plans to launch breakfast across the … Continue reading Wendy’s – Breakfast Relaunch Modeling

Partnership between Tencent & Nintendo to launch Nintendo Switch platform in Mainland China

Re: Partnership between Tencent & Nintendo to launch Nintendo Switch platform in Mainland China Note to: Public Distribution:  Direct | @yuinausicaa | Futu Niu Niu | Slideshare * The Console Business * Two-sided platform Gaming console is a two-sided platform with specific hardware specs and operating system that connects user and game software. Users first … Continue reading Partnership between Tencent & Nintendo to launch Nintendo Switch platform in Mainland China

Mercari (4385.JP) – Initial Analysis

Mercari (4385.JP) [November 25, 2018] * Initial Analysis * Business Model The primary product level business model of Mercari is mobile app-based C2C marketplaces. Mercari's C2C marketplace app portfolio has dominant market position in Japan. Mercari is trying to penetrate overseas markets with operations in US & UK. The US operation is still in early … Continue reading Mercari (4385.JP) – Initial Analysis

PDD.US – 3Q18 Results Quick Look

Projection vs Actual Source of Difference ~ Operation Metrics ~ [1] Conversion rate defined as LTM Active Buyer / Avg. MAU decreased (an improvement for me) significantly by around 10 percentage points. [2] Actual LTM average rate per active buyer is higher then projected [3] Overestimation of adoption rate based on Wechat MAU [4] Underestimation … Continue reading PDD.US – 3Q18 Results Quick Look

PDD.US – Initial Analysis

PDD.US [November 17, 2018] * Initial Analysis * Business Model PDD is platform-on-a-platform marketplace which leverage established social network of foundation platform to aggregate consumer demand at large volume for merchants enabling deep volume discount for consumers. Current Monetization / Revenue Stream Currently, PDD monetizes the marketplace by providing online marketing services to merchants and … Continue reading PDD.US – Initial Analysis