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: Medium-Term Plan Seems Attainable but Profits to Delay

Money Forward: Top Line Beats Consensus but Losses Widen Further

Freee: Earnings Beat and Losses Widen as Freee Focuses on Mid-To-Long Term Plan

Freee: Strong User Growth and Improvement in Profitability; Shares Are a Lot Cheaper

Tencent – Excluded Again from New Game Approvals

Money Forward: SAAS Model Begins to Take-Off but Interpret 1Q Results with Caution

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/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a> reported 2QFY11/2022 results yesterday. Revenue grew 27.2% YoY to JPY5.08bn (vs consensus JPY5.13bn). Operating losses for the quarter was JPY2.2bn (vs consensus JPY1.9bn).</li>
<li>MF’s top line growth has been slowing down, and the company continues to spend heavily on advertising to acquire users for its SaaS business.</li>
<li>Though MF continues to grow its user base, it comes at the cost of profits.</li>
</ul>



Money Forward (3994 JP) reported 2QFY11/2022 results yesterday. Revenue grew 27.2% YoY to JPY5.08bn (vs consensus JPY5.13bn). Operating losses for the quarter was JPY2.2bn (vs consensus JPY1.9bn).
MF’s top line growth has been slowing down, and the company continues to spend heavily on advertising to acquire users for its SaaS business.
Though MF continues to grow its user base, it comes at the cost of profits.


Money Forward: Growth at the Cost of Profits