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

2022 High Conviction – Medlive: Key Beneficiary of Digital Healthcare Marketing in China

Lepu Biopharma IPO: No Monetisation Timeline in Sight

Ping An Health (Part 1): A Deep Dive into Online Medical Services Business

CyberAgent 4Q: A Strong Fiscal Year; Indicative of a Business Turnaround?

Recruit: Strong Performance of HR Tech Drives Earnings Beat; Shares Are Overvalued

Recruit: Auction Pricing Helps Surge in Profits; Significant Downside Once Demand for Jobs Recover

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>Recruit’s share price has increased 56.8% over the last 12-months with recovery in recruitment markets both domestic and globally.</li>
<li>HR Tech saw a spike in EBITDA margin due to auction-based pricing, however, we expect the current imbalance in recruitment market to ease which should normalise margins going forward.</li>
<li>We expect Recruit’s post-Covid recovery to be short-lived with the emergence of Omicron which is likely to impact staffing activities and marketing services (dine and travel) due to emergency measures.</li>
</ul>


Recruit’s share price has increased 56.8% over the last 12-months with recovery in recruitment markets both domestic and globally.
HR Tech saw a spike in EBITDA margin due to auction-based pricing, however, we expect the current imbalance in recruitment market to ease which should normalise margins going forward.
We expect Recruit’s post-Covid recovery to be short-lived with the emergence of Omicron which is likely to impact staffing activities and marketing services (dine and travel) due to emergency measures.


2022 High Conviction – Recruit: Post Covid Recovery May Be Short-Lived

Recruit Holdings

2022 High Conviction – Recruit: Post Covid Recovery May Be Short-Lived