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

M3: Growth Slowing Down Despite Long List of M&As Continuing

J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability

Mobvoi IPO: Right Decision at the Right Time

NTT: Developing Industry-Specific AI Offerings as AI Becomes One of Government's Key Focus Areas

Recruit: Further Drop in US Job Openings Adds Strain on HRTech Earnings

Recruit 4Q: Earnings Growth to Decline as Labour Markets Begin to Slowdown

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>Recruit’s share price been up +13% YTD and gained more than 22% over the last 30-days with the US Dept of Labour releasing job data for April 2023.</li>
<li>Job openings were 10.1m in April 2023 vs estimates of c. 9.4m which created positive sentiment over labour market's resilience to economic turmoil. However, April numbers were 13.5% down YoY.</li>
<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> is currently trading at a lofty FY+2 EV/EBIT multiple of 17.9x despite earnings expectations deteriorating, we are set to benefit nicely on the short side.</li>
</ul>


Recruit’s share price been up +13% YTD and gained more than 22% over the last 30-days with the US Dept of Labour releasing job data for April 2023.
Job openings were 10.1m in April 2023 vs estimates of c. 9.4m which created positive sentiment over labour market's resilience to economic turmoil. However, April numbers were 13.5% down YoY.

Recruit Holdings (6098 JP) is currently trading at a lofty FY+2 EV/EBIT multiple of 17.9x despite earnings expectations deteriorating, we are set to benefit nicely on the short side.


Recruit Holdings: Recent Rally in Share Price Is Unwarranted