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

Xiaomi: Massive Layoffs to Rescue Falling Margins

Kingsoft Cloud HK Listing: Significant Upside in the Medium Term

HRTech Sector Series: Hybrid Work Models and Metaverse to See More Prominence in 2023

HRTech Sector Series: Emerging Trends in HRTech to Drive Growth

Recruit Buyback – A Temporary Support to Falling Share Price

Recruit 2Q: Outlook for HR Tech Business Becomes Challenging

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>It is time we review our 2022 high conviction call. Our conviction short Recruit has fallen 41.5% since we made our call on the stock on 01st December 2022.</li>
<li>Though Staffing and Matching &amp; Solutions businesses have bounced back post-Covid, HR Tech biz’s earnings have started to fall with weakening of labour markets.</li>
<li>With global recruitment markets facing challenges with weakening of global economies, we think <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> 's shares have further room to fall in 2023E.</li>
</ul>


It is time we review our 2022 high conviction call. Our conviction short Recruit has fallen 41.5% since we made our call on the stock on 01st December 2022.
Though Staffing and Matching &amp; Solutions businesses have bounced back post-Covid, HR Tech biz’s earnings have started to fall with weakening of labour markets.
With global recruitment markets facing challenges with weakening of global economies, we think Recruit Holdings (6098 JP) 's shares have further room to fall in 2023E.


2022 High Conviction Recruit: More Room for Shares to Fall