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

GoTo: Large Job Cuts to Improve Financials?

Grab: Almost No Price Reaction to a So-Called Strong Set of Results as There Is Much to Prove

GoTo: Long-Term Profitability Is Worrying

Grab: Earnings Beat Estimates but No Meaningful Improvement Yet

GoTo: Growth in Top Line Doesn't Mean Improvement in Profitability

GoTo: Profitability Is a Tall Order and in Need of More Cash to Fuel Growth

Gravity Works As WeWork Doesn't; Now Plan B

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 Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo on Monday confirmed that it's currently working with pre-IPO shareholders to explore a coordinated secondary offering of shares held by these shareholders when their lock-up expires on 30 November.</li>
<li>Following IPO, most shareholders agreed to hold onto their shares for a period of 8-months, and the lock-up period for around 90% of outstanding shares will expire next month.</li>
<li>As we continue to highlight in our previous insights, growth in top line does not necessarily mean profits for GoTo, and the company continues to burn cash to fuel growth.</li>
</ul>


GoTo on Monday confirmed that it's currently working with pre-IPO shareholders to explore a coordinated secondary offering of shares held by these shareholders when their lock-up expires on 30 November.
Following IPO, most shareholders agreed to hold onto their shares for a period of 8-months, and the lock-up period for around 90% of outstanding shares will expire next month.
As we continue to highlight in our previous insights, growth in top line does not necessarily mean profits for GoTo, and the company continues to burn cash to fuel growth.


GoTo: Lock-Up Expiry and a Coordinated Secondary Offering – Further Downside to Share Price Likely