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.

Private Capital Markets

Globe Fintech Innovations  / Private Capital Markets

<ul>
<li>Fintech adoption in ASEAN shows significant potential driven by increased smartphone adoption, internet penetration and a growing middle-class population.</li>
<li>More than 70% of population in the region is either unbanked/underbanked, creating a favourable landscape for FinTech enterprises to create solutions and establish market presence.</li>
<li>In this Original, we have deep dived into three key fintech players in the region including Coda Payments, Akulaku and GCash operating across some of largest markets in the region.</li>
</ul>


Fintech adoption in ASEAN shows significant potential driven by increased smartphone adoption, internet penetration and a growing middle-class population.
More than 70% of population in the region is either unbanked/underbanked, creating a favourable landscape for FinTech enterprises to create solutions and establish market presence.
In this Original, we have deep dived into three key fintech players in the region including Coda Payments, Akulaku and GCash operating across some of largest markets in the region.


ASEAN Fintech Unicorns: Serving the Unbanked and the Underbanked

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> released another set of positive results but this time the balance between profitability and growth was well-struck, as it reduced incentives yet increased its market share. </li>
<li>Grab saw GMV growth in both deliveries more notably in mobility, with revenues growing at a faster pace and adjusted EBITDA surprising on the upside, bringing forward breakeven to 3Q2023. </li>
<li>Prospects for 2H2023 look even better with Grab's affordability initiatives gaining traction and improving retention and profitability.</li>
</ul>



Grab Holdings (GRAB US) released another set of positive results but this time the balance between profitability and growth was well-struck, as it reduced incentives yet increased its market share. 
Grab saw GMV growth in both deliveries more notably in mobility, with revenues growing at a faster pace and adjusted EBITDA surprising on the upside, bringing forward breakeven to 3Q2023. 
Prospects for 2H2023 look even better with Grab's affordability initiatives gaining traction and improving retention and profitability.


Grab Holdings (GRAB US) - Growth with Scale from a Stable Platform

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raise around US$8-10bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>’ US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we compare its recent performance versus its performance prior to its privatisation and discuss the changes since then.</li>
</ul>



Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we compare its recent performance versus its performance prior to its privatisation and discuss the changes since then.


ARM Holdings Pre-IPO - Pre-Privatisation to Pre-Listing Changes - Slower Growth, Lower Margins

Indonesia

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.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

ASEAN Fintech Unicorns: Serving the Unbanked and the Underbanked

Fintech in ASEAN has potential with over 70% of the population unbanked/underbanked. We have explored ASEAN Fintech landscape and three key...

Shifara Samsudeen, ACMA, CGMA

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Grab Holdings (GRAB US) - Growth with Scale from a Stable Platform

Grab Holdings (GRAB US) released another set of positive results but this time the balance between profitability and growth was well-struck, as it...

Angus Mackintosh

ARM Holdings Pre-IPO - Pre-Privatisation to Pre-Listing Changes - Slower Growth, Lower Margins

Softbank Group aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO. In this note, we compare its recent...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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ASEAN Fintech Unicorns: Serving the Unbanked and the Underbanked

​Fintech in ASEAN has potential with over 70% of the population unbanked/underbanked. We have explored ASEAN Fintech landscape and three key...

Shifara Samsudeen, ACMA, CGMA

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Grab Holdings (GRAB US) - Growth with Scale from a Stable Platform

Grab Holdings (GRAB US) released another set of positive results but this time the balance between profitability and growth was well-struck, as it...

Angus Mackintosh

ARM Holdings Pre-IPO - Pre-Privatisation to Pre-Listing Changes - Slower Growth, Lower Margins

Softbank Group aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO. In this note, we compare its recent...

Sumeet Singh

Fintech in ASEAN has potential with over 70% of the population unbanked/underbanked. We have explored ASEAN Fintech landscape and three key...