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

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

GoTo: Cost Cutting Measures Pay Off but What About Growth?

Tencent: Earnings Miss, Cost Controls Help Margins; Slowdown in Domestic Gaming Is Concerning

Takeda: The Impact of Voluntary Withdrawal of Dengue Vaccine Application in the US Seems Minimal

Freee: User Acquisition Strategy Paying Off

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

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/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a> reported 2QFY11/2023 results yesterday. Revenue increased 43.5% YoY to ¥7.3bn (vs consensus ¥7.18bn) while operating losses dropped to ¥1.58bn vs ¥2.15bn in 2QFY11/22 (vs consensus ¥1.65bn).</li>
<li>2Q revenues were within its guidance of ¥7.1-7.4bn and MF has revised its FY11/23E guidance upward based on the progress made during the first half of the year.</li>
<li>MF’s non-BO business margins continue to decline, and the plan to revise price plans for sole proprietors in December should result in attrition and further increase in advertising spend.</li>
</ul>



Money Forward (3994 JP) reported 2QFY11/2023 results yesterday. Revenue increased 43.5% YoY to ¥7.3bn (vs consensus ¥7.18bn) while operating losses dropped to ¥1.58bn vs ¥2.15bn in 2QFY11/22 (vs consensus ¥1.65bn).
2Q revenues were within its guidance of ¥7.1-7.4bn and MF has revised its FY11/23E guidance upward based on the progress made during the first half of the year.
MF’s non-BO business margins continue to decline, and the plan to revise price plans for sole proprietors in December should result in attrition and further increase in advertising spend.


Money Forward: Non-BO Margin on a Decline and Upcoming Fee Revision to Have Negative Impact