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

CyberAgent 3Q: Revenue and OP Miss Consensus as Game Titles Struggle

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

Takeda 1Q: Top Line Beat Consensus – Development Pipeline Continues to Progress

CyberAgent: Earnings Miss Consensus and No Guidance; Games Growth Is Worrying

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

M3 4Q Results: Underwhelming Earnings and More Room to Fall

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/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> reported its 2QFY09/22 financial results after the market closed on 26th. Revenue for the quarter increased 16.9% YoY to JPY 191.1bn vs consensus revenue of JPY 185.5bn.</li>
<li>However, OP declined 11.6% YoY to JPY 25.7bn vs consensus JPY 28.5bn (miss of 9.8%) due to decline in profits from gaming. OPM worsened by 240bp to 13.5% in 2QFY09/22.</li>
<li>CyberAgent’s valuation multiples have been declining largely but WINTICKET seems to be coming up as a ticket for growth and the internet advertising business is in a path of recovery.   </li>
</ul>



CyberAgent Inc (4751 JP) reported its 2QFY09/22 financial results after the market closed on 26th. Revenue for the quarter increased 16.9% YoY to JPY 191.1bn vs consensus revenue of JPY 185.5bn.
However, OP declined 11.6% YoY to JPY 25.7bn vs consensus JPY 28.5bn (miss of 9.8%) due to decline in profits from gaming. OPM worsened by 240bp to 13.5% in 2QFY09/22.
CyberAgent’s valuation multiples have been declining largely but WINTICKET seems to be coming up as a ticket for growth and the internet advertising business is in a path of recovery.   


CyberAgent 2Q: OP Miss Is No Big Concern as Revenue Continues to Show Potential