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: Recovery in HR Tech but Other Segments Still Struggling

TME: Strong 1Q Driven by Record Online Music User Adds; Shares Fall Amidst Regulatory Scrutiny

Baidu 1Q21: Post-Pandemic Recovery in Online Marketing and New Initiatives Drive Earnings Beat

Grab: SOTP Suggests Steep Discount to Proposed SPAC Valuation

Hoya 3Q Results: Earnings Beat Consensus and Point to Recovery Ahead

Tencent: Regulators Probe TME’s Previous Deals; The Battering Has Just Begun

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Meituan Becomes Target for China Antitrust Probe; More Downside Risks than Upside Going Forward

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

<a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya Corp (7741 JP)</a>  reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for the fourth quarter grew 12% YoY while operating profit grew 33% YoY during the period. The growth in revenue and OP was driven by strong demand for EUV blanks and 3.5-inch HDD substrates for data centers.Hoya’s revenues for FY03/2021 declined 5% YoY due to the adverse impact from Covid-19, however, operating profit for the year grew 13.2% YoY compared to FY03/2020. Both revenue and OP for FY03/2021 beat consensus estimates as well as the company’s own guidance.Hoya’s 4QFY03/2020 earnings were affected by the Covid-19 outbreak and a fine related to a settlement with the US Department of Justice. Following the Covid-19 outbreak, Hoya’s earnings declined YoY during the first two quarters of FY03/2021 and earnings started recovering since the December quarter.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/203/901/original/image_3366779231619997303299.png?1619997303" class="editor-image img-responsive" data-smartkarma-image-id="203901"></figure>

Hoya Corp (7741 JP)  reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for the fourth quarter grew 12% YoY while operating profit grew 33% YoY during the period. The growth in revenue and OP was driven by strong demand for EUV blanks and 3.5-inch HDD substrates for data centers.Hoya’s revenues for FY03/2021 declined 5% YoY due to the adverse impact from Covid-19, however, operating profit for the year grew 13.2% YoY compared to FY03/2020. Both revenue and OP for FY03/2021 beat consensus estimates as well as the company’s own guidance.Hoya’s 4QFY03/2020 earnings were affected by the Covid-19 outbreak and a fine related to a settlement with the US Department of Justice. Following the Covid-19 outbreak, Hoya’s earnings declined YoY during the first two quarters of FY03/2021 and earnings started recovering since the December quarter.

Hoya: Strong Demand for EUV Blanks/HDD Drives Better Than Expected 4QFY21 Results