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

High Conviction 2025 - Freee: Robust Business Model Supports Stable Margins; Further Upside Ahead

Shift: Shift in Recruitment Policy Supports Margin Recovery; Further Upside

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Recruit 3Q: Strong Set of Results Despite Slowdown in Labour Markets

Recruit Holdings: Another Quarter of Strong Earnings Despite Labour Markets Trending Downwards

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

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

CyberAgent 1Q: Media Business Continues to Show Solid Growth

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

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<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>  reported 4Q and Full-year FY03/2025 results on Friday which fell below consensus estimates. However, earnings were in line with the company’s guidance.</li>
<li>Labour markets have begun to cool off with concerns over potential impact of trade wars and economic uncertainty, and the company expects top line to decline in FY03/2026E.</li>
<li>Though the company’s monetisation efforts have paid off, we expect Recruit’s earnings to remain under pressure and think there’s opportunity to gain on the Short side.</li>
</ul>



Recruit Holdings (6098 JP)  reported 4Q and Full-year FY03/2025 results on Friday which fell below consensus estimates. However, earnings were in line with the company’s guidance.
Labour markets have begun to cool off with concerns over potential impact of trade wars and economic uncertainty, and the company expects top line to decline in FY03/2026E.
Though the company’s monetisation efforts have paid off, we expect Recruit’s earnings to remain under pressure and think there’s opportunity to gain on the Short side.


Recruit: Weakening Labour Markets and More Downside Ahead