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

2025 High Conviction: Freee KK – Becoming Free From Losses; Significant Upside

High Conviction - CyberAgent: Market Overreacts to Conservative Guidance

Freee 4Q: Significant Decline in Losses; Soon to Turn Profitable

Recruit Holdings: Another Quarter of Strong Earnings Despite Labour Markets Trending Downwards

M3: Earnings Trend Downward, ELAN Acquisition to Further Dilute Margins

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/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee KK (4478 JP)</a> reported 1QFY06/2025 results which saw the company generating its first-ever Adj. operating profit, earlier than we expected.</li>
<li>The company has begun capitalising its software assets (decline in R&amp;D costs as % of revenue) and this coupled with fall in S&amp;M costs have contributed to profits.</li>
<li>The corporate paying customers surpassed more than 200k for the first time and we expect freee’s earnings to continue to improve going forward.</li>
</ul>



Freee KK (4478 JP) reported 1QFY06/2025 results which saw the company generating its first-ever Adj. operating profit, earlier than we expected.
The company has begun capitalising its software assets (decline in R&amp;D costs as % of revenue) and this coupled with fall in S&amp;M costs have contributed to profits.
The corporate paying customers surpassed more than 200k for the first time and we expect freee’s earnings to continue to improve going forward.


Freee 1Q: Turns Profitable Sooner Than We Expected