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

High Conviction 2025 – Freee: Earnings Beat with Upward Revision to Profit Guidance

JX Advance Metals IPO: Business Transformation Underway

M3: ELAN Acquisition Drives Top Line Growth; Earnings Growth to Remain Weak

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

CyberAgent 1Q: Media Business Continues to Show Solid Growth

Shift 1Q: Earnings Beat with Further Upside

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/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> reported 3QFY03/2025 results today which were in line with estimates. Despite labour markets cooling off, Recruit managed to report a strong set of results.</li>
<li>The company also has provided revised guidance for full-year FY03/2025 with an upward revision to revenues while Adj. EBITDA is forecast to be above the midpoint of the previous range.</li>
<li>Despite the slowdown in labour markets, Recruit’s monetisation efforts have paid off, however, we would not rush to make an entry.</li>
</ul>



Recruit Holdings (6098 JP) reported 3QFY03/2025 results today which were in line with estimates. Despite labour markets cooling off, Recruit managed to report a strong set of results.
The company also has provided revised guidance for full-year FY03/2025 with an upward revision to revenues while Adj. EBITDA is forecast to be above the midpoint of the previous range.
Despite the slowdown in labour markets, Recruit’s monetisation efforts have paid off, however, we would not rush to make an entry.


Recruit 3Q: Strong Set of Results Despite Slowdown in Labour Markets