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

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

Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

Timee 2Q Results: Revenue Decline Is Only Temporary

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

Shift 1Q: Earnings Beat with Further Upside

Timee: Recent Setback in Share Price Offers an Attractive Entry Point

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>Shift’s share price has been up by more than 35% YTD driven by improved margins which saw a temporary decline due to Shift’s investment on HR and system reinforcement.</li>
<li>The company’s GPM reached an all-time high in 2QFY08/2025 while OPM has shown significant improvement driven by the company’s changes to recruitment policy that is aligned to utilisation rates.</li>
<li>Though Shift’s top line growth has slowed down, it's not something to worry too much about as its new businesses and large-scale project wins should help revive top line growth.</li>
</ul>


Shift’s share price has been up by more than 35% YTD driven by improved margins which saw a temporary decline due to Shift’s investment on HR and system reinforcement.
The company’s GPM reached an all-time high in 2QFY08/2025 while OPM has shown significant improvement driven by the company’s changes to recruitment policy that is aligned to utilisation rates.
Though Shift’s top line growth has slowed down, it's not something to worry too much about as its new businesses and large-scale project wins should help revive top line growth.


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

Shift Inc

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