Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

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

CyberAgent, Inc. operates blog media website, Ameba.  The Company also operates internet advertising agency, foreign exchange trading website, and creates PC and mobile contents such as advertisements and games. CyberAgent invests in companies with internet related business.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> reported 2QFY09/2024 results yesterday which shows further improvement across all three segments. Both 2Q revenue and OP beat consensus estimates, with OP by a huge margin.</li>
<li>Newly released game titles have helped further recovery in Gaming business while Media segment reported its first-ever OP since the company began investing on AbemaTV.</li>
<li>As we continue to reiterate, the worst is over for CyberAgent (CA) and we remain positive over the company’s growth prospects.</li>
</ul>



CyberAgent Inc (4751 JP) reported 2QFY09/2024 results yesterday which shows further improvement across all three segments. Both 2Q revenue and OP beat consensus estimates, with OP by a huge margin.
Newly released game titles have helped further recovery in Gaming business while Media segment reported its first-ever OP since the company began investing on AbemaTV.
As we continue to reiterate, the worst is over for CyberAgent (CA) and we remain positive over the company’s growth prospects.


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

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Lalatech has refiled for HKEx IPO and the company plans to raise around US$1bn through the IPO. This insight focuses on latest data points from the company's new filing.</li>
<li>The company has disclosed results for 1H2023 which point to notable improvement in the company's financials including an operating profit margin of around 21% for 1H2023.</li>
<li>There has been significant reduction in the company’s operating costs, merchant discounts and carrier incentives in particular, which have helped significant improve the company's margins.</li>
</ul>


Lalatech has refiled for HKEx IPO and the company plans to raise around US$1bn through the IPO. This insight focuses on latest data points from the company's new filing.
The company has disclosed results for 1H2023 which point to notable improvement in the company's financials including an operating profit margin of around 21% for 1H2023.
There has been significant reduction in the company’s operating costs, merchant discounts and carrier incentives in particular, which have helped significant improve the company's margins.


Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

SHIFT Inc. offers information technology outsourcing services. The Company provides outsourcing software testing services to corporations and individual clients. SHIFT also provides software solutions and consulting services, as well as educational classes and programs.

<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> ’s share price has been down more than 50% YTD with the release of 1QFY08/2024 results in January 2024 which saw a drop in margins.</li>
<li>The company’s aggressive investment in HR and system reinforcement led to a decline in margins, however, margins saw a QoQ improvement in 2QFY08/2024.</li>
<li>Despite there being an improvement in 2Q and the company expecting the margins to bounce back in 4Q, Shift’s share price has continued to fall.</li>
</ul>



Shift Inc (3697 JP) ’s share price has been down more than 50% YTD with the release of 1QFY08/2024 results in January 2024 which saw a drop in margins.
The company’s aggressive investment in HR and system reinforcement led to a decline in margins, however, margins saw a QoQ improvement in 2QFY08/2024.
Despite there being an improvement in 2Q and the company expecting the margins to bounce back in 4Q, Shift’s share price has continued to fall.


Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported 4Q results today. Both revenues and OP increased 7.1% and 42.0% YoY, however, both revenue and OP fell below consensus estimates.</li>
<li>The company also announced an increase to 2023 dividends and more than doublethe size of the company's share buyback in 2024 compared to 2023.</li>
<li>We expect Internet VAS to grow at single-digits in 2024, however, high-margin new products to help boost margins in 2024.</li>
</ul>



Tencent (700 HK) reported 4Q results today. Both revenues and OP increased 7.1% and 42.0% YoY, however, both revenue and OP fell below consensus estimates.
The company also announced an increase to 2023 dividends and more than doublethe size of the company's share buyback in 2024 compared to 2023.
We expect Internet VAS to grow at single-digits in 2024, however, high-margin new products to help boost margins in 2024.


Tencent 4Q2023: Gaming Declines Yet Again, Margins Have Further Upside

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia Tbk PT (GOTO IJ)</a> reported 4Q2023 results yesterday which shows that the company’s profitability has significantly improved.</li>
<li>The improvement in profitability has come at the cost of growth which has continued to decline suggesting profits may not be sustained.</li>
<li>GoTo announced that it has completed the Tokopedia partnership deal with TikTok and also a plan to buyback shares, subject to regulatory/shareholder approval.</li>
</ul>



GoTo Gojek Tokopedia Tbk PT (GOTO IJ) reported 4Q2023 results yesterday which shows that the company’s profitability has significantly improved.
The improvement in profitability has come at the cost of growth which has continued to decline suggesting profits may not be sustained.
GoTo announced that it has completed the Tokopedia partnership deal with TikTok and also a plan to buyback shares, subject to regulatory/shareholder approval.


GoTo 4Q2023: Improved Profitability and a Plan to Buyback Shares to Rescue Falling Share Price

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.

Shifara Samsudeen, ACMA, CGMA
Equity Analyst
• LightStream Research

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

CyberAgent's 2Q results were strong with an earnings beat. Newly released games have helped further recovery in Gaming biz while Media reported...

Shifara Samsudeen, ACMA, CGMA

Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

Lalatech has refiled for an IPO on the Hong Kong Stock Exchange and this insight will offer readers a glimpse into the company's last IPO filing....

Shifara Samsudeen, ACMA, CGMA

Shift: On a Road to Recovery

Shift's share price has been down more than 50% YTD due to a drop in the company's margins in 1QFY08/2024. There has been a notable improvement in...

Shifara Samsudeen, ACMA, CGMA

Tencent 4Q2023: Gaming Declines Yet Again, Margins Have Further Upside

Tencent's 4Q revenue and OP grew YoY, but below consensus estimates. Games biz declined again after seeing growth in the last 3-quarters. New high...

Shifara Samsudeen, ACMA, CGMA

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

​CyberAgent's 2Q results were strong with an earnings beat. Newly released games have helped further recovery in Gaming biz while Media reported...

Shifara Samsudeen, ACMA, CGMA

Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

Lalatech has refiled for an IPO on the Hong Kong Stock Exchange and this insight will offer readers a glimpse into the company's last IPO filing....

Shifara Samsudeen, ACMA, CGMA

Shift: On a Road to Recovery

​Shift's share price has been down more than 50% YTD due to a drop in the company's margins in 1QFY08/2024. There has been a notable improvement in...

Shifara Samsudeen, ACMA, CGMA

Tencent 4Q2023: Gaming Declines Yet Again, Margins Have Further Upside

​Tencent's 4Q revenue and OP grew YoY, but below consensus estimates. Games biz declined again after seeing growth in the last 3-quarters. New high...

Shifara Samsudeen, ACMA, CGMA

GoTo 4Q2023: Improved Profitability and a Plan to Buyback Shares to Rescue Falling Share Price

​GoTo reported improved profitability in 4Q2023, but declining growth raises concerns about sustainability. Despite improved profitability and a...

Shifara Samsudeen, ACMA, CGMA

CyberAgent's 2Q results were strong with an earnings beat. Newly released games have helped further recovery in Gaming biz while Media reported...

Shift's share price has been down more than 50% YTD due to a drop in the company's margins in 1QFY08/2024. There has been a notable improvement in...

Tencent's 4Q revenue and OP grew YoY, but below consensus estimates. Games biz declined again after seeing growth in the last 3-quarters. New high...

GoTo reported improved profitability in 4Q2023, but declining growth raises concerns about sustainability. Despite improved profitability and a...