Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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 Capital Markets

Kitazato Corporation manufactures and distributes medical equipment. The Company produces infertility treatment equipment. Kitazato also sells reagent products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.</li>
<li>Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.</li>
<li>With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.</li>
</ul>



Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.


Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Equity Bottom-Up

Taimee, Inc. develops software products. The Company produces internet media softwares, application programs, and other products. Taimee also provides marketing, brand promotion, and other services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. </li>
<li>Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. </li>
<li>Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.</li>
</ul>



Timee Inc (215A JP) ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. 
Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. 
Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.


Timee: Recent Setback in Share Price Offers an Attractive Entry Point

Oshadhi Kumarasiri

Primo Global Holdings Co., Ltd. conducts jewelry stores. The Company provides bridal jewelry planning and sales services. Primo Global Holdings offers its services throughout Japan.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/primo-global" target="_blank" data-smartkarma-citation="entities:45246:1" rel="noopener">Primo Global (367A JP)</a> will debut on the Tokyo Stock Exchange’s Standard Market on June 24, offering 6.5m shares, with pricing set after the June 9–13 book-building period.</li>
<li>Despite decades in operation, Primo has shown slow domestic growth and limited international traction, raising doubts about its ability to scale meaningfully in the bridal jewelry market.</li>
<li>With net debt at 50% of assets and over half its balance sheet in goodwill and intangibles, Primo faces material financial risk, especially in a rising interest rate environment.</li>
</ul>



Primo Global (367A JP) will debut on the Tokyo Stock Exchange’s Standard Market on June 24, offering 6.5m shares, with pricing set after the June 9–13 book-building period.
Despite decades in operation, Primo has shown slow domestic growth and limited international traction, raising doubts about its ability to scale meaningfully in the bridal jewelry market.
With net debt at 50% of assets and over half its balance sheet in goodwill and intangibles, Primo faces material financial risk, especially in a rising interest rate environment.


Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

Lens Technology   / Equity Capital Markets

Lens Technology Co., Ltd. manufactures optical products. The Company produces optical lenses and other products. Lens Technology also produces electronic components, metal parts, and other products.

<ul>
<li>Shenzhen-Listed iPhone glass supplier <a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a> has filed for a listing on HKEx and plans to raise proceeds of around US$1-1.5bn.</li>
<li>The company is heavily reliant on smartphones (mainly iPhones) however has diversified into other verticals. While this has helped grow revenues, margins have continued to decline.</li>
<li>Though some exemptions have been given, the potential for further US reciprocal tariffs could increase costs and disrupt supply chains impacting Lens.</li>
</ul>


Shenzhen-Listed iPhone glass supplier Lens Technology (300433 CH) has filed for a listing on HKEx and plans to raise proceeds of around US$1-1.5bn.
The company is heavily reliant on smartphones (mainly iPhones) however has diversified into other verticals. While this has helped grow revenues, margins have continued to decline.
Though some exemptions have been given, the potential for further US reciprocal tariffs could increase costs and disrupt supply chains impacting Lens.


Lens Technology H-Share Listing: First Look

SHIFT Inc. offers information technology outsourcing services. The Company provides outsourcing software testing services to corporations and individual clients. SHIFT also provides software solutions and consulting services, as well as educational classes and programs.

<ul>
<li>Shift’s share price has been up by more than 35% YTD driven by improved margins which saw a temporary decline due to Shift’s investment on HR and system reinforcement.</li>
<li>The company’s GPM reached an all-time high in 2QFY08/2025 while OPM has shown significant improvement driven by the company’s changes to recruitment policy that is aligned to utilisation rates.</li>
<li>Though Shift’s top line growth has slowed down, it's not something to worry too much about as its new businesses and large-scale project wins should help revive top line growth.</li>
</ul>


Shift’s share price has been up by more than 35% YTD driven by improved margins which saw a temporary decline due to Shift’s investment on HR and system reinforcement.
The company’s GPM reached an all-time high in 2QFY08/2025 while OPM has shown significant improvement driven by the company’s changes to recruitment policy that is aligned to utilisation rates.
Though Shift’s top line growth has slowed down, it's not something to worry too much about as its new businesses and large-scale project wins should help revive top line growth.


Shift: Shift in Recruitment Policy Supports Margin Recovery; Further Upside

LightStream Research
Long-Short Analysis on Japan, Asia and the World

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Kitazato's domestic operation is challenged by structural changes in Japan with falling birth rates and an ageing population. Kitazato's overseas...

Shifara Samsudeen, FCMA, CGMA

Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

Primo Global to debut on Tokyo Stock Exchange, but faces challenges with shrinking domestic market, limited international traction, and interest...

Oshadhi Kumarasiri

Shift: Shift in Recruitment Policy Supports Margin Recovery; Further Upside

Shift's share price up 35% YTD due to improved margins after a temporary decline due to HR and system investments. The company has aligned its...

Shifara Samsudeen, FCMA, CGMA

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

​Kitazato's domestic operation is challenged by structural changes in Japan with falling birth rates and an ageing population. Kitazato's overseas...

Shifara Samsudeen, FCMA, CGMA

Timee: Recent Setback in Share Price Offers an Attractive Entry Point

Timee will report 2Q earnings on 12th June and this insight offers a glimpse into the company's 1Q earnings and our view on the stock

Shifara Samsudeen, FCMA, CGMA

Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

​Primo Global to debut on Tokyo Stock Exchange, but faces challenges with shrinking domestic market, limited international traction, and interest...

Oshadhi Kumarasiri

Lens Technology H-Share Listing: First Look

​Shenzhen-listed iPhone glass supplier Lens Technology has filed for a listing on HKEx, and plans to raise $1-1.5bn, the company is facing...

Shifara Samsudeen, FCMA, CGMA

Shift: Shift in Recruitment Policy Supports Margin Recovery; Further Upside

​Shift's share price up 35% YTD due to improved margins after a temporary decline due to HR and system investments. The company has aligned its...

Shifara Samsudeen, FCMA, CGMA

Kitazato's domestic operation is challenged by structural changes in Japan with falling birth rates and an ageing population. Kitazato's overseas...

Primo Global to debut on Tokyo Stock Exchange, but faces challenges with shrinking domestic market, limited international traction, and interest...

Shenzhen-listed iPhone glass supplier Lens Technology has filed for a listing on HKEx, and plans to raise $1-1.5bn, the company is facing...

Shift's share price up 35% YTD due to improved margins after a temporary decline due to HR and system investments. The company has aligned its...