Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>  reported 3QFY09/24 results yesterday. Both revenue and OP grew YoY, while revenue beat consensus marginally, OP beat consensus by a huge margin.</li>
<li>All three business segments showed strong recovery with notable improvement in gaming business as newly released titles perform well including the newly released UMA MUSUME: Pretty Derby movie.</li>
<li>Media business reported OP for the second consecutive quarter and the company has plans to further strengthen monetisation around AbemaTV.</li>
</ul>



CyberAgent Inc (4751 JP)  reported 3QFY09/24 results yesterday. Both revenue and OP grew YoY, while revenue beat consensus marginally, OP beat consensus by a huge margin.
All three business segments showed strong recovery with notable improvement in gaming business as newly released titles perform well including the newly released UMA MUSUME: Pretty Derby movie.
Media business reported OP for the second consecutive quarter and the company has plans to further strengthen monetisation around AbemaTV.


High Conviction 2024 – CyberAgent: Strong Recovery Across All Three Business Segments

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> (CA) is a Japan-based media and entertainment company offering media, internet advertising, smart games and investment development businesses in Japan.</li>
<li>The gaming business of the company has collapsed with the slowdown of hit title UMA MUSUME while titles released after UMA MUSUME have failed to perform satisfactorily.</li>
<li>Profitability of Internet advertising and media are expected recover and seems that worst is over for the games business as several titles are slated for release in the near future.</li>
</ul>



CyberAgent Inc (4751 JP) (CA) is a Japan-based media and entertainment company offering media, internet advertising, smart games and investment development businesses in Japan.
The gaming business of the company has collapsed with the slowdown of hit title UMA MUSUME while titles released after UMA MUSUME have failed to perform satisfactorily.
Profitability of Internet advertising and media are expected recover and seems that worst is over for the games business as several titles are slated for release in the near future.


2024 High Conviction – CyberAgent: Worst Seems to Be Over

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> reported 2QFY09/2024 results yesterday which shows further improvement across all three segments. Both 2Q revenue and OP beat consensus estimates, with OP by a huge margin.</li>
<li>Newly released game titles have helped further recovery in Gaming business while Media segment reported its first-ever OP since the company began investing on AbemaTV.</li>
<li>As we continue to reiterate, the worst is over for CyberAgent (CA) and we remain positive over the company’s growth prospects.</li>
</ul>



CyberAgent Inc (4751 JP) reported 2QFY09/2024 results yesterday which shows further improvement across all three segments. Both 2Q revenue and OP beat consensus estimates, with OP by a huge margin.
Newly released game titles have helped further recovery in Gaming business while Media segment reported its first-ever OP since the company began investing on AbemaTV.
As we continue to reiterate, the worst is over for CyberAgent (CA) and we remain positive over the company’s growth prospects.


High Conviction 2024 – CyberAgent: Strong Recovery in Gaming While Media Biz Reports Profits

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> reported 1QFY09/2024 results yesterday. Revenue increased 15.2% YoY with OP increasing 12.4% QoQ, and beat consensus estimates by a huge margin.</li>
<li>All three business segments have shown strong improvement, with newly released gaming title  "Jujutsu Kaisen Phantom Parade" driving growth for Games business.</li>
<li>CyberAgent's (CA’s) share price moved up by about 4% following earnings announcement and seems that the worst is over for the company.</li>
</ul>



CyberAgent Inc (4751 JP) reported 1QFY09/2024 results yesterday. Revenue increased 15.2% YoY with OP increasing 12.4% QoQ, and beat consensus estimates by a huge margin.
All three business segments have shown strong improvement, with newly released gaming title  "Jujutsu Kaisen Phantom Parade" driving growth for Games business.
CyberAgent's (CA’s) share price moved up by about 4% following earnings announcement and seems that the worst is over for the company.


High Conviction 2024 – CyberAgent: All Three Segments on a Road to Recovery

<ul>
<li>CA reported 4Q and full-year FY09/2023 results today. 4Q revenue increased 5% YoY while OP dropped more than 50% during the quarter. Revenues beat consensus while OP fell behind.</li>
<li>Games revenues further decreased YoY during the quarter (improved QoQ) while it managed to report an OP which was possible due to UMA MUSUME’s game anniversary.</li>
<li>Though CA released a new game in September and few lined-up for release, until the company releases a hit title like UMA MUSUME, we expect the recovery to be slow.</li>
</ul>


CA reported 4Q and full-year FY09/2023 results today. 4Q revenue increased 5% YoY while OP dropped more than 50% during the quarter. Revenues beat consensus while OP fell behind.
Games revenues further decreased YoY during the quarter (improved QoQ) while it managed to report an OP which was possible due to UMA MUSUME’s game anniversary.
Though CA released a new game in September and few lined-up for release, until the company releases a hit title like UMA MUSUME, we expect the recovery to be slow.


CyberAgent: Gaming Shows Some Recovery but New Releases Yet to Shift Momentum for Games

Japan

CyberAgent, Inc. operates blog media website, Ameba.  The Company also operates internet advertising agency, foreign exchange trading website, and creates PC and mobile contents such as advertisements and games. CyberAgent invests in companies with internet related business.

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CyberAgent Inc (4751 JP)

High Conviction 2024 – CyberAgent: Strong Recovery Across All Three Business Segments

CyberAgent Inc reported strong 3QFY09/24 results with revenue and OP beating consensus. New game titles continue to perform well while Media...

Shifara Samsudeen, ACMA, CGMA

2024 High Conviction – CyberAgent: Worst Seems to Be Over

We expect Internet Ad's profitability to improve and Media to start making profits in FY2024E. Games can't go down further as new releases should...

Shifara Samsudeen, ACMA, CGMA

High Conviction 2024 – CyberAgent: Strong Recovery in Gaming While Media Biz Reports Profits

CyberAgent's 2Q results were strong with an earnings beat. Newly released games have helped further recovery in Gaming biz while Media reported...

Shifara Samsudeen, ACMA, CGMA

High Conviction 2024 – CyberAgent: All Three Segments on a Road to Recovery

CyberAgent's 1Q earnings beat consensus estimates by a huge margin. All three business segments have seen strong growth with newly released...

Shifara Samsudeen, ACMA, CGMA

CyberAgent: Gaming Shows Some Recovery but New Releases Yet to Shift Momentum for Games

CA's games business showed some recovery in 4Q which was possible due to UMA MUSUME's game anniversary. ne new title was released but we expect...

Shifara Samsudeen, ACMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

High Conviction 2024 – CyberAgent: Strong Recovery Across All Three Business Segments

​CyberAgent Inc reported strong 3QFY09/24 results with revenue and OP beating consensus. New game titles continue to perform well while Media...

Shifara Samsudeen, ACMA, CGMA

2024 High Conviction – CyberAgent: Worst Seems to Be Over

We expect Internet Ad's profitability to improve and Media to start making profits in FY2024E. Games can't go down further as new releases should...

Shifara Samsudeen, ACMA, CGMA

High Conviction 2024 – CyberAgent: Strong Recovery in Gaming While Media Biz Reports Profits

​CyberAgent's 2Q results were strong with an earnings beat. Newly released games have helped further recovery in Gaming biz while Media reported...

Shifara Samsudeen, ACMA, CGMA

High Conviction 2024 – CyberAgent: All Three Segments on a Road to Recovery

​CyberAgent's 1Q earnings beat consensus estimates by a huge margin. All three business segments have seen strong growth with newly released...

Shifara Samsudeen, ACMA, CGMA

CyberAgent: Gaming Shows Some Recovery but New Releases Yet to Shift Momentum for Games

CA's games business showed some recovery in 4Q which was possible due to UMA MUSUME's game anniversary. ne new title was released but we expect...

Shifara Samsudeen, ACMA, CGMA

CyberAgent Inc reported strong 3QFY09/24 results with revenue and OP beating consensus. New game titles continue to perform well while Media...

CyberAgent's 2Q results were strong with an earnings beat. Newly released games have helped further recovery in Gaming biz while Media reported...

CyberAgent's 1Q earnings beat consensus estimates by a huge margin. All three business segments have seen strong growth with newly released...