🇯🇵 JAPAN • Results & Revisions 27th May - Recruit, DNP & Dentsu

🇯🇵 JAPAN • Results & Revisions 28th May - Nissan, Nikon & Toray

🇯🇵 JAPAN • Results & Revisions 26th June

Recruit Holdings [Alternative Data]: Indeed Is Flat Even Before COVID-19 Hits

Recruit Holdings: Likely to Reach Full-Year Guidance but Bad News Could Be on the Way

Recruit Holdings: Worker Compensations Could Worsen Recruit’s Woes

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/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a>’s share price has increased by around 53% since the first week of April, following the initial COVID-19 jitters. However, we do not believe that the outlook for the next few quarters justifies this recovery. Recruit’s 4Q FY03/20 financial results could pass as decent, however, things could go south for Recruit from this point. We remain bearish as we expect to hear more bad news from Recruit over the next few quarters.</p>

Recruit Holdings (6098 JP)’s share price has increased by around 53% since the first week of April, following the initial COVID-19 jitters. However, we do not believe that the outlook for the next few quarters justifies this recovery. Recruit’s 4Q FY03/20 financial results could pass as decent, however, things could go south for Recruit from this point. We remain bearish as we expect to hear more bad news from Recruit over the next few quarters.

Recruit Holdings: 4Q Results Could Pass as Decent but Things Could Go South From This Point