Small Cap Growth: Money Forward (3994) - Be Audit You Can Be

Small Cap Growth: Freee (4478) - Counting Clouds

Money Forward: Recent Price Rally Is Not Backed by Improving Profitability – Unlike Freee

Money Forward’s New Pricing Plan Could Be Its First Step in the Path to Profitability

Money Forward: The New Price Plan Might Not Be As Successful As It Seems

Money Forward: Upside Is Capped in the Short-Run

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

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/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a> (MF) reported its 2Q FY11/20 financial results last week. MF’s 2Q FY11/20 revenue beat consensus by 6.1% and the operating loss was also lower than the consensus. However, despite this, we believe MF’s 2Q FY11/20 financial results should be interpreted with caution. We go through MF’s 2Q FY11/20 financial results in detail below.</p>

Money Forward (3994 JP) (MF) reported its 2Q FY11/20 financial results last week. MF’s 2Q FY11/20 revenue beat consensus by 6.1% and the operating loss was also lower than the consensus. However, despite this, we believe MF’s 2Q FY11/20 financial results should be interpreted with caution. We go through MF’s 2Q FY11/20 financial results in detail below.

Money Forward: 2Q Results Are a Mixed Bag; We Remain Cautious