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

CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance

2025 High Conviction - Freee: 4Q Setback Is Only Temporary

2025 High Conviction – Freee: Earnings Recovery Is Underway

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

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

Money Forward: Business Model Begins to Breakdown

Recruit: Weakening Labour Markets and More Downside Ahead

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/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> reported 3QFY08/2025 results last week, with solid top-line and earnings growth. 3Q revenue fell below consensus while OP beat consensus by a huge margin.</li>
<li>The margin drop in 3Q was only due to seasonality and not due to operational inefficiencies. Shift also raised its full-year OP guidance which seems too conservative.</li>
<li>The market overreacted to Shift’s 3Q earnings with a 10% drop; however, the share price has begun to move up as there is no reason to panic.</li>
</ul>



Shift Inc (3697 JP) reported 3QFY08/2025 results last week, with solid top-line and earnings growth. 3Q revenue fell below consensus while OP beat consensus by a huge margin.
The margin drop in 3Q was only due to seasonality and not due to operational inefficiencies. Shift also raised its full-year OP guidance which seems too conservative.
The market overreacted to Shift’s 3Q earnings with a 10% drop; however, the share price has begun to move up as there is no reason to panic.


Shift 3Q: OP Beat with Upgrade to Guidance; Share Price on a Recovery