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

M3: Share Price Heading into a Correction and Further 20-25% Downside Likely

Ping An Health (Part 1): A Deep Dive into Online Medical Services Business

Takeda: Excessive Reaction to Recent Setback in Trials; Drop in Share Price Offer Attractive Entry

Freee: Strong Finish to the Year; Top Line to Expand but Monetisation of New Services Delays Profits

Freee 3Q Results: Strong Earnings Momentum Continues; Recent Drop in Multiples Offer a Good Entry

Freee: Ninja Sign Helps Strong Growth in Paying Users; Current Multiples Offer Good Entry

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Freee’s shares have lost about 38.2% over the last 12-months. The company is trading at FY+2 EV/Revenue of 15.23x at a slight premium to historical low of 11.27x.</li>
<li>Freee’s acquisition of Sight Visit has dragged down the market sentiment as the upside from the acquisition is lower. We expect the monetisation of Ninja Sign to be faster and successful.</li>
<li>We think Freee’s current multiples are a lot cheaper and offers a good opportunity to buy the stock.</li>
</ul>


Freee’s shares have lost about 38.2% over the last 12-months. The company is trading at FY+2 EV/Revenue of 15.23x at a slight premium to historical low of 11.27x.
Freee’s acquisition of Sight Visit has dragged down the market sentiment as the upside from the acquisition is lower. We expect the monetisation of Ninja Sign to be faster and successful.
We think Freee’s current multiples are a lot cheaper and offers a good opportunity to buy the stock.


Freee: Current Drop in Multiples Offer a Good Entry

Freee KK

Freee: Current Drop in Multiples Offer a Good Entry