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

Black Sesame Pre-IPO: Earnings Show Strong Potential

Tencent: Online Games Continue to Recover in 2Q2023E

Recruit Holdings: Recent Rally in Share Price Is Unwarranted

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

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 Capital Markets

<ul>
<li>TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.</li>
<li>Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.</li>
<li>We think <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.</li>
</ul>


TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.
Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.
We think Tryt Inc (9164 JP) ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.


TRYT

TRYT IPO: Peer Comparison and Valuation