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

Recruit Holdings: 4QFY2023 Earnings Preview

Tata Technologies IPO: Negatives Outweigh the Positives

Recruit Holdings: Recent Rally in Share Price Is Unwarranted

Recruit: HRTech Margins Falling Back to Pre-Covid

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

Recruit: Share Price Continues to Fall as Labour Markets Facing Challenges

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>US job openings in February fell to 9.9m, lowest since May 2021 and 0.5m below market expectations. The job openings are forecast to drop further in March 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> 's 3QFY03/2023 profits declined significantly with labour markets returning to normalcy and we expect further drop in margins going forward.</li>
<li>HR Tech drives most of Recruit’s profits and we expect the company’s earnings to decline going forward with weakening of labour markets globally.</li>
</ul>


US job openings in February fell to 9.9m, lowest since May 2021 and 0.5m below market expectations. The job openings are forecast to drop further in March 2023.

Recruit Holdings (6098 JP) 's 3QFY03/2023 profits declined significantly with labour markets returning to normalcy and we expect further drop in margins going forward.
HR Tech drives most of Recruit’s profits and we expect the company’s earnings to decline going forward with weakening of labour markets globally.


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