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

2024 High Conviction – CyberAgent: Worst Seems to Be Over

High Conviction 2024 – CyberAgent: All Three Segments on a Road to Recovery

High Conviction 2024 – CyberAgent: Strong Recovery in Gaming While Media Biz Reports Profits

CyberAgent 3Q: Gaming Collapses and Spurs Downward Revision

M3: Margins Continue to Dip and Likely to Miss Full Year Guidance

CyberAgent: Growth Avenues Seem Limited and Further Downside to Consensus

Nihon M&A: Not Many Catalysts to Move the Stock Price Up

Recruit Holdings: Weakening Job Markets and New Pricing Model to Impact HR Tech Further

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>CA reported 4Q and full-year FY09/2023 results today. 4Q revenue increased 5% YoY while OP dropped more than 50% during the quarter. Revenues beat consensus while OP fell behind.</li>
<li>Games revenues further decreased YoY during the quarter (improved QoQ) while it managed to report an OP which was possible due to UMA MUSUME’s game anniversary.</li>
<li>Though CA released a new game in September and few lined-up for release, until the company releases a hit title like UMA MUSUME, we expect the recovery to be slow.</li>
</ul>


CA reported 4Q and full-year FY09/2023 results today. 4Q revenue increased 5% YoY while OP dropped more than 50% during the quarter. Revenues beat consensus while OP fell behind.
Games revenues further decreased YoY during the quarter (improved QoQ) while it managed to report an OP which was possible due to UMA MUSUME’s game anniversary.
Though CA released a new game in September and few lined-up for release, until the company releases a hit title like UMA MUSUME, we expect the recovery to be slow.


サイバーエージェント：ゲーム市場は回復傾向にあるものの、新作リリースによるゲーム市場の勢い回復はまだ見られない

CyberAgent Inc

サイバーエージェント：ゲーム市場は回復傾向にあるものの、新作リリースによるゲーム市場の勢い回復はまだ見られない