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

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M3: Earnings Trend Downward, ELAN Acquisition to Further Dilute Margins

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/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> reported 3QFY03/2025 earnings today. Both revenue and OP grew YoY as well as beat consensus estimates. Most of revenue growth came from the ELAN acquisition.</li>
<li>Medical Platform’s earnings have continued to decline as a result of spending cuts by pharmaceutical companies while there has been a slight improvement in Overseas earnings during the quarter.</li>
<li>Though the overall declining trend in m3’s earnings has eased, we expect the earnings growth to remain weak. ELAN’s margins have continued to deteriorate.</li>
</ul>



M3 Inc (2413 JP) reported 3QFY03/2025 earnings today. Both revenue and OP grew YoY as well as beat consensus estimates. Most of revenue growth came from the ELAN acquisition.
Medical Platform’s earnings have continued to decline as a result of spending cuts by pharmaceutical companies while there has been a slight improvement in Overseas earnings during the quarter.
Though the overall declining trend in m3’s earnings has eased, we expect the earnings growth to remain weak. ELAN’s margins have continued to deteriorate.


M3: ELAN Acquisition Drives Top Line Growth; Earnings Growth to Remain Weak