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

2022 High Conviction – Recruit: Post Covid Recovery May Be Short-Lived

2022 High Conviction – Medlive: Key Beneficiary of Digital Healthcare Marketing in China

Lepu Biopharma IPO: No Monetisation Timeline in Sight

Recruit: Strong Performance of HR Tech Drives Earnings Beat; Shares Are Overvalued

Freee: Ninja Sign Helps Strong Growth in Paying Users; Current Multiples Offer Good Entry

Recruit Holdings: Recovery in HR Tech but Other Segments Still Struggling

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/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> reported its 2QFY03/22 results on 15th November and recorded a revenue growth of 23.2% YoY with a more than 2.4x growth in operating profit to ¥118.2bn.</li>
<li>Adjusted EBITDA grew by 101% to ¥140.7bn compared to ¥69.9bn for the 2nd quarter last year. Revenue and OP beat consensus by 1.7% and 27% respectively.</li>
<li>Recruit’s share price is currently at an all-time high with the positive sentiment regarding the company’s earnings and improving job market conditions.</li>
</ul>



Recruit Holdings (6098 JP) reported its 2QFY03/22 results on 15th November and recorded a revenue growth of 23.2% YoY with a more than 2.4x growth in operating profit to ¥118.2bn.
Adjusted EBITDA grew by 101% to ¥140.7bn compared to ¥69.9bn for the 2nd quarter last year. Revenue and OP beat consensus by 1.7% and 27% respectively.
Recruit’s share price is currently at an all-time high with the positive sentiment regarding the company’s earnings and improving job market conditions.


Recruit: Auction Pricing Helps Surge in Profits; Significant Downside Once Demand for Jobs Recover