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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>  has announced a secondary offering of 21.5m shares (around 7.2% of the total shares outstanding). The offer allows thirteen of its current shareholders to reduce their holdings in the company. The offer will be priced between 10th-12th of September at a 0%-10% discount.</p><p>In this note, we take closer look at Recruit’s fundamentals ahead of its proposed secondary offer.</p>

Recruit Holdings (6098 JP)  has announced a secondary offering of 21.5m shares (around 7.2% of the total shares outstanding). The offer allows thirteen of its current shareholders to reduce their holdings in the company. The offer will be priced between 10th-12th of September at a 0%-10% discount.In this note, we take closer look at Recruit’s fundamentals ahead of its proposed secondary offer.

Recruit Holdings: A Closer Look at Fundamentals Ahead of the Secondary Offer