Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, 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

2025 High Conviction – Freee: Earnings Recovery Is Underway

CyberAgent: Overblown Market Response to Overly Conservative Guidance

CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance

High Conviction 2025 - Freee: Robust Business Model Supports Stable Margins; Further Upside Ahead

Money Forward: Business Model Begins to Breakdown

Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead

Shift 3Q: OP Beat with Upgrade to Guidance; Share Price on a Recovery

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/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee KK (4478 JP)</a>  reported 4Q and full-year FY06/2025 results last week which disappointed the market leading to a sell-off.</li>
<li>After reporting 3-consecutive quarters of Adj. OP, profitability dipped in 4Q due to higher advertising and D&amp;A costs. However, freee expects to return to profits in the current fiscal year. </li>
<li>Following 4Q results, premium over Money Forward has disappeared and Freee is currently trading at a huge discount to MF which seems unwarranted</li>
</ul>



Freee KK (4478 JP)  reported 4Q and full-year FY06/2025 results last week which disappointed the market leading to a sell-off.
After reporting 3-consecutive quarters of Adj. OP, profitability dipped in 4Q due to higher advertising and D&amp;A costs. However, freee expects to return to profits in the current fiscal year. 
Following 4Q results, premium over Money Forward has disappeared and Freee is currently trading at a huge discount to MF which seems unwarranted


2025 High Conviction - Freee: 4Q Setback Is Only Temporary