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

CTG Duty Free H-Share Listing: Not Even Attractive at the Lower End

CTG Duty-Free H-Share Listing: Thoughts on First Day Trading

Recruit (6098) Launches ANOTHER Big Buyback

Conviction Call Recruit: All Good Things Must Come to an End

M3: Revenue and OP Beat Consensus but Don’t Rush to Make an Entry

HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

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>
<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>  reported 1QFY03/2023 results on Friday. Revenue grew 26.8% YoY to JPY843.2bn (vs consensus JPY784bn) while OP increased 14.0% YoY to JPY119.3bn (vs consensus JPY106.1bn).</li>
<li>HR Tech segment’s earnings growth has started decelerating with recruitment markets normalising while matching &amp; solutions’ earnings have not yet recovered to pre-pandemic levels.</li>
<li>We think there is further downside as global recruitment markets face more challenges with slowdown in economic growth and uncertain outlook.</li>
</ul>



Recruit Holdings (6098 JP)  reported 1QFY03/2023 results on Friday. Revenue grew 26.8% YoY to JPY843.2bn (vs consensus JPY784bn) while OP increased 14.0% YoY to JPY119.3bn (vs consensus JPY106.1bn).
HR Tech segment’s earnings growth has started decelerating with recruitment markets normalising while matching &amp; solutions’ earnings have not yet recovered to pre-pandemic levels.
We think there is further downside as global recruitment markets face more challenges with slowdown in economic growth and uncertain outlook.


Conviction Call Recruit: More Downside Ahead