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

2024 High Conviction – CyberAgent: Worst Seems to Be Over

High Conviction 2024 – CyberAgent: All Three Segments on a Road to Recovery

Freee: New Invoicing System Helps Onboard Corporate Clients Though Losses Widen

M3: Margins Continue to Dip and Likely to Miss Full Year Guidance

Money Forward: Weakening Top Line Growth and Huge Convertible Bond Issuance to Support Growth

Freee: Earnings in Line With Guidance; Medium-Term Plan Seems Attainable

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> ’s 1QFY06/2024 results beat consensus estimates. Introduction of qualified invoicing system in October has resulted in strong corporate user growth for the company.</li>
<li>Upfront investment in selling and marketing has helped freee onboard a large no. of corporate clients prior to the introduction of the new invoice system.</li>
<li>Freee expects selling and advertising spending to decline going forward which should help the company reach break-even in FY06/2025E.</li>
</ul>



Freee KK (4478 JP) ’s 1QFY06/2024 results beat consensus estimates. Introduction of qualified invoicing system in October has resulted in strong corporate user growth for the company.
Upfront investment in selling and marketing has helped freee onboard a large no. of corporate clients prior to the introduction of the new invoice system.
Freee expects selling and advertising spending to decline going forward which should help the company reach break-even in FY06/2025E.


Freee 1Q: Earnings Beat; Qualified Invoice System to Further Drive Earnings