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

JOINN Laboratories IPO: Attractive Valuation; Overseas Expansion Should Open Up Room for LT Growth

oRo: Another Stock Capable of Making PM Suga’s Digitalisation Dream a Real

Freee: Our 2021 Conviction Pick Grew 50% in 2QFY06/21 and That Should Continue

ORo: Earnings Growth Hasn’t Resumed Yet but We Are Looking for Entry Points

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

Joinn Laboratories IPO: Pioneer of Commercial GLP Laboratories in China Shows Promise

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

<div>
<a href="https://www.smartkarma.com/entities/oro-co-ltd" target="_blank" data-smartkarma-citation="entities:26941:1" rel="noopener">oRo Co Ltd (3983 JP)</a> reported its 4Q2020 and full-year 2020 results on Monday (15th February), which saw 28% YoY increase in revenues, while operating profit more than doubled to JPY704m from JPY325m in 4Q2019. Due to the Covid-19 outbreak, oRo’s revenue growth slowed down to mid-single digits during the first two quarters of 2020, while revenues declined YoY during 3Q2020. The 4Q2020 results show that the company’s earnings have recovered and in fact have had a strong rebound which marked record 4Q earnings for the company.</div><div></div><div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/801/original/image_95029282521613415391696.png?1613415392" class="editor-image img-responsive" data-smartkarma-image-id="188801"></figure></div><div class="content-caption">Source: Company Disclosures</div><div>The full-year 2020 revenue grew 4.3% YoY while operating profit increased 28% YoY during the year. Full-year revenue and OP both beat consensus estimates by 3.1% and 10.9% YoY respectively. </div><div></div><div>We discuss the details below.</div>


oRo Co Ltd (3983 JP) reported its 4Q2020 and full-year 2020 results on Monday (15th February), which saw 28% YoY increase in revenues, while operating profit more than doubled to JPY704m from JPY325m in 4Q2019. Due to the Covid-19 outbreak, oRo’s revenue growth slowed down to mid-single digits during the first two quarters of 2020, while revenues declined YoY during 3Q2020. The 4Q2020 results show that the company’s earnings have recovered and in fact have had a strong rebound which marked record 4Q earnings for the company.Source: Company DisclosuresThe full-year 2020 revenue grew 4.3% YoY while operating profit increased 28% YoY during the year. Full-year revenue and OP both beat consensus estimates by 3.1% and 10.9% YoY respectively. We discuss the details below.

ORo 4Q2020 Results: Strong Finish to the Year and There Is a Buyback