Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

17 Edu & Tech IPO Valuation: Fairly Valued at the Lower End of the IPO Pricing

Pop Mart IPO Valuation: Rich Multiples but Superior Growth Profile Justifies the Premium

Kuaishou Pre-IPO: Strengthening Top Line and Ample Monetisation Opportunities

Freee KK: 1QFY21 Results Show Profits Are Possible Over the Next 12-18 Months

ORo: Earnings Growth Hasn’t Resumed Yet but We Are Looking for Entry Points

Freee KK: Quantamental Reveals the Company May Break-Even Over the Next 2-Years

M3 Inc: Strong Earnings Momentum Continues

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>Freee offers cloud-based online accounting and HR/Payroll software to small and medium businesses (SMBs) in Japan. The company operates a subscription-based revenue model, and the adoption of cloud-based accounting and HR software among SMBs is still at a nascent stage compared to other Western markets.</p><p>The company’s shares have gained 177% YTD outperforming both Nikkei 225 Index and Topix.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/174/972/original/image_65217007521606637862376.png?1606637863" class="editor-image img-responsive" data-smartkarma-image-id="174972"></figure><div class="content-caption"><em>Source: Cap IQ</em></div><p>Our “2021 High Conviction” calls for an upside potential of at least 50%. Given the company is a few quarters away from reporting OP, we believe it is likely that the company’s share price will rally more than 50% over the next 12-months.</p>

Freee offers cloud-based online accounting and HR/Payroll software to small and medium businesses (SMBs) in Japan. The company operates a subscription-based revenue model, and the adoption of cloud-based accounting and HR software among SMBs is still at a nascent stage compared to other Western markets.The company’s shares have gained 177% YTD outperforming both Nikkei 225 Index and Topix.Source: Cap IQOur “2021 High Conviction” calls for an upside potential of at least 50%. Given the company is a few quarters away from reporting OP, we believe it is likely that the company’s share price will rally more than 50% over the next 12-months.

2021 High Conviction - Rapid User Growth Will Set You Freee From Losses