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

Freee 1Q: Turns Profitable Sooner Than We Expected

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

High Conviction 2024 – CyberAgent: Strong Recovery in Gaming While Media Biz Reports Profits

High Conviction 2024 – CyberAgent: All Three Segments on a Road to Recovery

High Conviction 2024 – CyberAgent: Strong Recovery Across All Three Business Segments

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/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>  reported 4Q and full-year FY09/2024 results yesterday. 4Q revenues beat guidance but reported OP fell below consensus due to a one-time loss of Winticket.</li>
<li>All three business segments have seen strong improvement but guidance for FY09/2025E is weak which we think was too conservative.</li>
<li>The newly launched Abema Premium with Ads plan and newly launched game IPs should drive growth and we expect CA to upgrade its guidance going forward.</li>
</ul>



CyberAgent Inc (4751 JP)  reported 4Q and full-year FY09/2024 results yesterday. 4Q revenues beat guidance but reported OP fell below consensus due to a one-time loss of Winticket.
All three business segments have seen strong improvement but guidance for FY09/2025E is weak which we think was too conservative.
The newly launched Abema Premium with Ads plan and newly launched game IPs should drive growth and we expect CA to upgrade its guidance going forward.


High Conviction - CyberAgent: Market Overreacts to Conservative Guidance