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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee (215A JP)</a> ’s share price has dropped more than 30% since its 3QFY10/2025 earnings announcement on  11th September which saw further slowdown in top line growth.</li>
<li>The company’s revenue growth has been slowing down due to cost containment in the food and retail industries, and Timee revised downwards the revenue forecast for FY10/2025.</li>
<li>Timee has taken several measures to revive its growth. With depressed valuation coupled with earnings recovery potential, we see strong upside.</li>
</ul>



Timee (215A JP) ’s share price has dropped more than 30% since its 3QFY10/2025 earnings announcement on  11th September which saw further slowdown in top line growth.
The company’s revenue growth has been slowing down due to cost containment in the food and retail industries, and Timee revised downwards the revenue forecast for FY10/2025.
Timee has taken several measures to revive its growth. With depressed valuation coupled with earnings recovery potential, we see strong upside.


Timee: Slowdown in Topline Growth Concerns Market

<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>  reported 2QFY10/2025 results on Thursday, 12th June. Revenues fell below consensus while OP beat consensus by a huge margin despite 2Q being a seasonally weak quarter.</li>
<li>Top line was hit by unauthorized use of services which forced Timee to strengthen counter measures. End of client fiscal year in food industry also contributed to the decline.</li>
<li>There are signs of recovery and the company’s share price moved up 7% on Friday on the back of strengthening profitability.</li>
</ul>



Timee Inc (215A JP)  reported 2QFY10/2025 results on Thursday, 12th June. Revenues fell below consensus while OP beat consensus by a huge margin despite 2Q being a seasonally weak quarter.
Top line was hit by unauthorized use of services which forced Timee to strengthen counter measures. End of client fiscal year in food industry also contributed to the decline.
There are signs of recovery and the company’s share price moved up 7% on Friday on the back of strengthening profitability.


Timee 2Q Results: Revenue Decline Is Only Temporary

<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

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<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> listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Japan

Timee, Inc. develops part-time job service application. The Company operates "Timee", the leading on-demand job platform that matches workers with part-time jobs posted by employers under its mission of "building infrastructure for expanding life's possibilities through work. Timee conducts businesses in Japan.

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Timee (215A JP)

Timee: Slowdown in Topline Growth Concerns Market

Timee's share price down more than 30% post earnings announcement as slowdown in topline growth concerned market. There is potential for earnings...

Shifara Samsudeen, FCMA, CGMA

Timee 2Q Results: Revenue Decline Is Only Temporary

Timee's 2Q revenues were hit by unauthorized use of services, however, OP beat consensus by a huge margin. Timee has implemented countermeasures...

Shifara Samsudeen, FCMA, CGMA

Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.

Clarence Chu

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Timee: Slowdown in Topline Growth Concerns Market

​Timee's share price down more than 30% post earnings announcement as slowdown in topline growth concerned market. There is potential for earnings...

Shifara Samsudeen, FCMA, CGMA

Timee 2Q Results: Revenue Decline Is Only Temporary

​Timee's 2Q revenues were hit by unauthorized use of services, however, OP beat consensus by a huge margin. Timee has implemented countermeasures...

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

Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.

Clarence Chu

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Timee's share price down more than 30% post earnings announcement as slowdown in topline growth concerned market. There is potential for earnings...

Timee's 2Q revenues were hit by unauthorized use of services, however, OP beat consensus by a huge margin. Timee has implemented countermeasures...