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

Hoya: Long-Term Prospects Seem Attractive Though Some Short-Term Weaknesses Exist

Hoya – MiyoSmart Extends Industry Leading Premium Product Strategy to Life Care

Freee: Ninja Sign Helps Strong Growth in Paying Users; Current Multiples Offer Good Entry

M3: Strong 2Q Results but Earnings Growth Starts Decelerating

CyberAgent: Strong 2Q Results Driven by Gaming; Upward Revisions to Full-Year Forecasts

CyberAgent 3Q: Recurring Strong Results Ease Concerns over Gaming Revenues; Guidance Revised Upwards

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

<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" rel="noopener">Cyberagent Inc (4751 JP)</a> reported its 4Q FY09/21 financial results after the market closed on 27th. The company’s revenue for 4Q increased 48.7% YoY to ¥179.7bn and OP for the quarter grew 14.9% YoY to ¥26.9bn.Revenue missed consensus by 1.2% while OP was 12% lower than consensus. However, CyberAgent has been constantly revising its guidance upward and in FY09/2021, the company beat revenue and OP guidance by 2.5% and 4.4% respectively. CyberAgent’s OP margins were at an all-time high in the fiscal year compared to previous years with strong performance in the last three quarters (including 4Q FY09/21). The company’s 4Q FY09/21 revenue dropped 6.5% compared to the previous quarter due to a slight decline in Game revenues on a QoQ basis. CyberAgent’s 3Q game revenues hit an all-time high due to the strong performance of UMA MUSUME Pretty Derby.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/238/102/original/image_33453888171635403605677.png?1635403606" class="editor-image img-responsive" data-smartkarma-image-id="238102"></figure>Source: Company disclosures, LSR

Cyberagent Inc (4751 JP) reported its 4Q FY09/21 financial results after the market closed on 27th. The company’s revenue for 4Q increased 48.7% YoY to ¥179.7bn and OP for the quarter grew 14.9% YoY to ¥26.9bn.Revenue missed consensus by 1.2% while OP was 12% lower than consensus. However, CyberAgent has been constantly revising its guidance upward and in FY09/2021, the company beat revenue and OP guidance by 2.5% and 4.4% respectively. CyberAgent’s OP margins were at an all-time high in the fiscal year compared to previous years with strong performance in the last three quarters (including 4Q FY09/21). The company’s 4Q FY09/21 revenue dropped 6.5% compared to the previous quarter due to a slight decline in Game revenues on a QoQ basis. CyberAgent’s 3Q game revenues hit an all-time high due to the strong performance of UMA MUSUME Pretty Derby.Source: Company disclosures, LSR

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

CyberAgent Inc

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