WPP held a Webinar on its operations in Brazil and India WPP''s Brazil and India country managers presented i) their markets'' dynamics (demographics, ad market) and ii) the key areas of strategic developments (including Centers of Excellence, integration within the larger WPP network of brands). Brazil - a digital first-mover advantage Brazil (c2.3% of WPP revenues) employs 7k talents and has been presented as a first mover in digital, evidenced by digital net sales accounting for 60% total net sales and margins above group levels. With 60% net sales generated from Experience, Commerce and Technology (sizeably higher than group level), WPP''s differential advantage in the country lies with its partnerships with platforms (VTEX, Google, Meta, Salesforce) and the number of employees that are ''certified''. India - focus on the Centers of Excellence WPP''s 5th largest country, India, accounts for 2.8% of net sales and has 10.5k employees on 2 campuses. A key aspect of WPP''s capabilities in India is the development of Centers of Excellence, with c64% of India''s employees dedicated to Martech/CX, Production, Media, Commerce and Health for global clients. We remain Neutral on WPP WPP is the advertising agency with the largest exposure to emerging markets. In terms of WPP in Brazil and India, we like its leading competitive position in communications services and its healthy development on the digital and technology front. However, both countries combined only account for c5% of group net sales: the investment case on the company remains the same. While we have a constructive approach on the ad agency sub-segment, an increasing portion of concerns on WPP are now related to margin delivery and the 2023 outlook. At c9x PE 23, we argue that a lot of the risks are reflected in the share price. We remain Neutral on the name.