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

Shift Inc: Key Beneficiary of Shift in Software Testing Towards Outsourcing in Japan

Baycurrent Consulting: Strong Fundamentals; Up Almost 200% and Further Upside Likely

Shift 4Q: Growth Story Is Getting Stronger

Money Forward Follow-On: Burning Cash to Grow Users to Reach Profits; Limited Upside

Freee Secondary Offering: Recent Drop in Multiples Offer a Good Entry

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

<p><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 4Q FY06/2021 and full-year FY06/2021 results on Friday (13<sup>th</sup> August) which saw full-year revenues growing 48.8% YoY to JPY10.3bn vs JPY6.9bn in FY06/2020 and the operating losses for the year dropped to 22.4% of revenues compared to 37.5% in FY06/2020. The reported revenues were a touch higher than its own guidance while operating losses for the year was slightly higher than what the company forecasted for.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/756/original/image_24845961721629011427546.png?1629011428" class="editor-image img-responsive" data-smartkarma-image-id="223756"></figure><div style="text-align: left;" class="content-caption"><em>Source: Company disclosures</em></div><p>The fourth quarter FY06/2021 revenue increased 47.0% YoY while operating losses for the quarter was 32.5% of revenue vs 39.6% of revenue in the same quarter a year ago.</p>

freee (4478 JP)  reported its 4Q FY06/2021 and full-year FY06/2021 results on Friday (13th August) which saw full-year revenues growing 48.8% YoY to JPY10.3bn vs JPY6.9bn in FY06/2020 and the operating losses for the year dropped to 22.4% of revenues compared to 37.5% in FY06/2020. The reported revenues were a touch higher than its own guidance while operating losses for the year was slightly higher than what the company forecasted for.Source: Company disclosuresThe fourth quarter FY06/2021 revenue increased 47.0% YoY while operating losses for the quarter was 32.5% of revenue vs 39.6% of revenue in the same quarter a year ago.

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

Freee KK

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