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

Recruit 2Q: Earnings Further Slows Down; 2H To Be Even More Challenging

Tencent: Domestic Gaming Returns to Growth

J&T Global Express IPO: Peer Comparison and Valuation

Money Forward: Weakening Top Line Growth and Huge Convertible Bond Issuance to Support Growth

Recruit Holdings: Weakening Job Markets and New Pricing Model to Impact HR Tech Further

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

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 is down more than 10% over the last 30-days despite there being a significant improvement in job openings in the US for the month of August.</li>
<li>The web traffic on both Glassdoor and Indeed also have declined in September compared to August where there was a MoM improvement in August 2023.</li>
<li>Though Recruit has guided for a decline in earnings, we think there is further downside to the company’s guidance.</li>
</ul>


Recruit’s share price is down more than 10% over the last 30-days despite there being a significant improvement in job openings in the US for the month of August.
The web traffic on both Glassdoor and Indeed also have declined in September compared to August where there was a MoM improvement in August 2023.
Though Recruit has guided for a decline in earnings, we think there is further downside to the company’s guidance.


Recruit: Share Price Continues to Fall with Labor Markets Further Slow Down