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

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

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

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

Freee: Strong Finish to the Year; Top Line to Expand but Monetisation of New Services Delays Profits

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

Freee 3Q Results: Strong Earnings Momentum Continues; Recent Drop in Multiples Offer a Good Entry

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/Freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">freee (4478 JP)</a> reported its 1QFY06/2022 results on Friday (12th November) which saw total revenue grow 52.5% YoY to JPY3.39bn (vs JPY3.5bn consensus).</li>
<li>The adjusted operating losses for the quarter dropped to 12.6% of revenues (reported operating losses of JPY501.2m vs JPY438.9m consensus) during the period.</li>
<li>The adjusted operating losses for the quarter dropped to 12.6% of revenues (reported operating losses of JPY501.2m vs JPY438.9m consensus) during the period.</li>
</ul>



freee (4478 JP) reported its 1QFY06/2022 results on Friday (12th November) which saw total revenue grow 52.5% YoY to JPY3.39bn (vs JPY3.5bn consensus).
The adjusted operating losses for the quarter dropped to 12.6% of revenues (reported operating losses of JPY501.2m vs JPY438.9m consensus) during the period.
The adjusted operating losses for the quarter dropped to 12.6% of revenues (reported operating losses of JPY501.2m vs JPY438.9m consensus) during the period.


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

Freee KK

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