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

Sipai Health Technology / Equity Bottom-Up

<ul>
<li>Sipai Health Tech’s shares have been up more than 35% since its HKEx IPO in December 2022. Shares were priced at HK$18.6 a piece and are trading close to HK$33.55.</li>
<li>The company’s largest business segment commands very lower margins while high-margin insurance business is facing stiff competition with negligible contribution to consolidated earnings.</li>
<li>Closest peer Beijing Yuanxin Tech has applied for an IPO and Yuanxin’s deteriorating performance could have partly driven the current rally in Sipai’s share price since its IPO.</li>
</ul>


Sipai Health Tech’s shares have been up more than 35% since its HKEx IPO in December 2022. Shares were priced at HK$18.6 a piece and are trading close to HK$33.55.
The company’s largest business segment commands very lower margins while high-margin insurance business is facing stiff competition with negligible contribution to consolidated earnings.
Closest peer Beijing Yuanxin Tech has applied for an IPO and Yuanxin’s deteriorating performance could have partly driven the current rally in Sipai’s share price since its IPO.


Sipai Health Tech: Market Overreacts to a Mediocre Business

China

Shanghai NO. 1 Pharmacy Co., Ltd. trades and markets medical products on a retail basis, chain drug store basis, and a wholesale basis.  The Company, through its subsidiaries, produces drugs, as well as develops, leases, and manages commercial real estate properties.

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Shanghai No.1 Pharmacy Co A (600833 CH)

Sipai Health Tech: Market Overreacts to a Mediocre Business

Sipai's shares have rallied more than 35% since its IPO. Largest biz segment commands very lower GPM and high-margin insurance biz's contribution...

Shifara Samsudeen, ACMA, CGMA

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