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

2023 High Conviction: Shift’s Growth Strategy Starting to Deliver Results

Alibaba Health 1H: Cost Enhancements Support Margins but Sustainabaility Remains to Be Seen

2023 High Conviction Shift: Margins Begin to Recover as Unprofitable Projects Coming to an End

Shift Inc: Key Beneficiary of Shift in Software Testing Towards Outsourcing in Japan

Recruit Buyback – A Temporary Support to Falling Share Price

Shift 2Q Results: Earnings Beat with Further Upgrade to Full-Year Guidance

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/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> reported 4Q and full-year FY08/2022 results last week. Revenue increased 36.2% YoY to JPY17.9bn while OP increased 17.7% YoY to JPY 1.6bn during 4Q.</li>
<li>Full-Year revenue and OP grew 41% YoY (JPY64.9bn) and 73% YoY (JPY6.9bn) beating its own guidance while both revenue and OP fell slightly below consensus estimates.</li>
<li>Shift’s shares are down 14% YTD as the market excessively reacted to decline in margins which we think is unwarranted.</li>
</ul>



Shift Inc (3697 JP) reported 4Q and full-year FY08/2022 results last week. Revenue increased 36.2% YoY to JPY17.9bn while OP increased 17.7% YoY to JPY 1.6bn during 4Q.
Full-Year revenue and OP grew 41% YoY (JPY64.9bn) and 73% YoY (JPY6.9bn) beating its own guidance while both revenue and OP fell slightly below consensus estimates.
Shift’s shares are down 14% YTD as the market excessively reacted to decline in margins which we think is unwarranted.


Shift: Strong Earnings with Compelling Valuation