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

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

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

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

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

Hoya: Strengthening Life Care Business and Underperformance Vs. Lasertec Suggests Catch-Up Potential

Freee: Our 2021 Conviction Pick Grew 50% in 2QFY06/21 and That Should Continue

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.

Event-Driven

The Japanese cloud-based SaaS provider <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>  has announced an international offering of 5m shares on 02nd July 2021. The new share issue will account for approx. 9.4% of the extended share capital (post follow-on offering) of Money Forward (MF) and the company’s shares closed at JPY6,370 per share on the day of the announcement (from JPY6,370 per share at the end of Friday’s close). At the above price, Money Forward will raise about JPY31.85bn (US$291.5m). The offer price will be determined between 05th August to 10th August at a 0-10% discount.

The Japanese cloud-based SaaS provider Money Forward (3994 JP)  has announced an international offering of 5m shares on 02nd July 2021. The new share issue will account for approx. 9.4% of the extended share capital (post follow-on offering) of Money Forward (MF) and the company’s shares closed at JPY6,370 per share on the day of the announcement (from JPY6,370 per share at the end of Friday’s close). At the above price, Money Forward will raise about JPY31.85bn (US$291.5m). The offer price will be determined between 05th August to 10th August at a 0-10% discount. 

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