Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, 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.

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<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 4QFY09/2025 results last week. Full-year and 4QFY09/2025 revenue and OP beat consensus as well as guidance by a huge margin.</li>
<li>Despite reporting a set of strong results, CA’s share price has been down 15% which we think was driven by the company’s cautious guidance for FY09/2026.</li>
<li>With a strong pipeline of gaming titles coupled with global expansion of English versions of newly released titles, we think CA’s FY09/2026 guidance is overly conservative.</li>
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CyberAgent Inc (4751 JP) reported 4QFY09/2025 results last week. Full-year and 4QFY09/2025 revenue and OP beat consensus as well as guidance by a huge margin.
Despite reporting a set of strong results, CA’s share price has been down 15% which we think was driven by the company’s cautious guidance for FY09/2026.
With a strong pipeline of gaming titles coupled with global expansion of English versions of newly released titles, we think CA’s FY09/2026 guidance is overly conservative.


CyberAgent: Overblown Market Response to Overly Conservative Guidance

freee K.K. develops software products. The Company produces cloud based accounting softwares, automatic online accounting systems, and other products. freee provides its services throughout Japan.

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<li>Freee reported 1QFY06/2026 results today. 1Q revenues increased 32.1% YoY to ¥9.7bn with an Adj. OPM of ¥690m (vs ¥480m in 1QFY0/2025). Both revenue and GAAP OP beat consensus.</li>
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<a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee KK (4478 JP)</a> ’s shares had a sell-off following its 4QFY06/2025 earnings announcement which saw the company breaking away from its recent trend of consecutive quarterly operating profits.</li>
<li>As we highlighted in our previous insight, 4Q decline was only a temporary setback as the company’s profitability has bounced back and we expect earnings momentum to continue.</li>
</ul>


Freee reported 1QFY06/2026 results today. 1Q revenues increased 32.1% YoY to ¥9.7bn with an Adj. OPM of ¥690m (vs ¥480m in 1QFY0/2025). Both revenue and GAAP OP beat consensus.

Freee KK (4478 JP) ’s shares had a sell-off following its 4QFY06/2025 earnings announcement which saw the company breaking away from its recent trend of consecutive quarterly operating profits.
As we highlighted in our previous insight, 4Q decline was only a temporary setback as the company’s profitability has bounced back and we expect earnings momentum to continue.


2025 High Conviction – Freee: Earnings Recovery Is Underway

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

Tekscend Photomask Corp. manufactures semiconductor products. The Company produces semiconductor photomasks and other products. Tekscend Photomask conducts businesses in Japan.

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<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> has set the IPO pricing at JPY2,900–3,000 per share, and will offer 39.6m shares raising around ¥115-118bn (US$800m) at a valuation of ¥240-250bn.</li>
<li>The company is a leading global photomask manufacturer with strength in advanced EUV masks, and generates most of its revenue from overseas markets.</li>
<li>We have compared the company against its closest pure-play peer <a href="https://www.smartkarma.com/entities/photronics-inc" target="_blank" data-smartkarma-citation="entities:6203:1" rel="noopener">Photronics Inc (PLAB US)</a>  and believe the IPO is valued attractively given its expansion plans and technological edge.</li>
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Tekscend Photomask (429A JP) has set the IPO pricing at JPY2,900–3,000 per share, and will offer 39.6m shares raising around ¥115-118bn (US$800m) at a valuation of ¥240-250bn.
The company is a leading global photomask manufacturer with strength in advanced EUV masks, and generates most of its revenue from overseas markets.
We have compared the company against its closest pure-play peer Photronics Inc (PLAB US)  and believe the IPO is valued attractively given its expansion plans and technological edge.


Tekscend Photomask IPO: Forecast and Valuation

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<li>Established in 2022, <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>  (previously Toppan Photomask) is the world’s leading semiconductor photomask supplier, holding a global market share of 38.9%.</li>
<li>Tekscend provides a diverse portfolio of high-precision photomasks for semiconductors, displays, MEMS, and R&amp;D, including cutting-edge EUV masks, leveraging its expertise in microfabrication.</li>
<li>The company is planning for a listing on TSE on 16th October and plans to raise proceeds of around US$800m through a combination of existing and new share issues.</li>
</ul>


Established in 2022, Tekscend Photomask (429A JP)  (previously Toppan Photomask) is the world’s leading semiconductor photomask supplier, holding a global market share of 38.9%.
Tekscend provides a diverse portfolio of high-precision photomasks for semiconductors, displays, MEMS, and R&amp;D, including cutting-edge EUV masks, leveraging its expertise in microfabrication.
The company is planning for a listing on TSE on 16th October and plans to raise proceeds of around US$800m through a combination of existing and new share issues.


Tekscend Photomask IPO: Market Leader with Strong Prospects Ahead

Timee, Inc. develops part-time job service application. The Company operates "Timee", the leading on-demand job platform that matches workers with part-time jobs posted by employers under its mission of "building infrastructure for expanding life's possibilities through work. Timee conducts businesses in Japan.

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<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee (215A JP)</a> ’s share price has dropped more than 30% since its 3QFY10/2025 earnings announcement on  11th September which saw further slowdown in top line growth.</li>
<li>The company’s revenue growth has been slowing down due to cost containment in the food and retail industries, and Timee revised downwards the revenue forecast for FY10/2025.</li>
<li>Timee has taken several measures to revive its growth. With depressed valuation coupled with earnings recovery potential, we see strong upside.</li>
</ul>



Timee (215A JP) ’s share price has dropped more than 30% since its 3QFY10/2025 earnings announcement on  11th September which saw further slowdown in top line growth.
The company’s revenue growth has been slowing down due to cost containment in the food and retail industries, and Timee revised downwards the revenue forecast for FY10/2025.
Timee has taken several measures to revive its growth. With depressed valuation coupled with earnings recovery potential, we see strong upside.


Timee: Slowdown in Topline Growth Concerns Market

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.