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

Money Forward: Lower S&M Spending in 1Q Drives Losses Down

Recruit: Further Drop in US Job Openings Adds Strain on HRTech Earnings

M3: Guidance Points to Further Slowdown in Growth

Recruit: HRTech Margins Falling Back to Pre-Covid

Money Forward: Top Line Expands, Yet to See Meaningful Turnaround in Profitability

Freee: Earnings Beat and Losses Widen as Freee Focuses on Mid-To-Long Term Plan

Gravity Works As WeWork Doesn't; Now Plan B

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 (4478 JP)</a> reported 2QFY06/2023 results today. Revenue increased 35.3% YoY to JPY4,479m (vs consensus JPY4,469.5m) while operating losses for the quarter widened to JPY1,281m (vs consensus JPY1,574.5m).</li>
<li>Both ARPU and no. of paying customers continue to increase and the company’s strategy of onboarding large corporates seems to pay off.</li>
<li>Widening operating loss is no major concern as it is a matter of time before freee cuts down advertising and other costs given the expanding revenue base and excessive GPM.</li>
</ul>



freee (4478 JP) reported 2QFY06/2023 results today. Revenue increased 35.3% YoY to JPY4,479m (vs consensus JPY4,469.5m) while operating losses for the quarter widened to JPY1,281m (vs consensus JPY1,574.5m).
Both ARPU and no. of paying customers continue to increase and the company’s strategy of onboarding large corporates seems to pay off.
Widening operating loss is no major concern as it is a matter of time before freee cuts down advertising and other costs given the expanding revenue base and excessive GPM.


Freee: Widened Losses No Major Concern as Freee Advances Towards Medium/Long Term Growth Strategy

Freee KK

Freee: Widened Losses No Major Concern as Freee Advances Towards Medium/Long Term Growth Strategy