Equity Analyst, LightStream Research

Aqila Ali

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 Capital Markets

<p>The recent addition to the list of EV IPOs appears to be the Chinese EV charging player, <a href="https://www.smartkarma.com/entities/starcharge" target="_blank" data-smartkarma-citation="entities:29708:1" rel="noopener">StarCharge (SCHRG CH)</a>. The company is a leading EV charging player in China and now wants to make use of the ongoing EV momentum. We have taken a quick look at the company, its business, and its growth prospects. We like the company for the following reasons:</p><ul>
<li>The EV charging industry in China is dominated by a few leading players. In terms of charging stations, Star Charge, despite being a start-up, has captured the second position, closely competing with TELD (who is supported by its listed parent). We believe Star Charge has marked a good start and could possibly grow in line with the industry.</li>
<li>The company operates a platform with a wide variety of services to capture the entire industry chain (public charging, private charging, and the charging of logistic cars and buses) alongside a client list that includes 59 auto OEMs (domestic and international). These factors differentiate Star Charge from its close competitor TELD (mostly EV car-focused solutions).</li>
<li>Supported by the expected double-digit growth in the NEV market in China, the EV charging market is also poised for stronger growth. Given Star Charge’s leading position, expansion plans, and partnerships with Auto OEMs, we believe that the company is well-positioned to capture a sizeable share of this growth.</li>
<li>The company claims to be generating sustainable profits. Though we are unable to verify this with numbers, we note that it is crucial for companies in this industry to increase their scale in order to achieve profitability. Star Charge's ability to provide a wide variety of services via its platform hints at the company’s ability to capture a maximum portion of the EV charging demand pie, thus suggesting likely profits. We are more inclined to believe that the company's assertions about profits are true.</li>
</ul>

The recent addition to the list of EV IPOs appears to be the Chinese EV charging player, StarCharge (SCHRG CH). The company is a leading EV charging player in China and now wants to make use of the ongoing EV momentum. We have taken a quick look at the company, its business, and its growth prospects. We like the company for the following reasons:
The EV charging industry in China is dominated by a few leading players. In terms of charging stations, Star Charge, despite being a start-up, has captured the second position, closely competing with TELD (who is supported by its listed parent). We believe Star Charge has marked a good start and could possibly grow in line with the industry.
The company operates a platform with a wide variety of services to capture the entire industry chain (public charging, private charging, and the charging of logistic cars and buses) alongside a client list that includes 59 auto OEMs (domestic and international). These factors differentiate Star Charge from its close competitor TELD (mostly EV car-focused solutions).
Supported by the expected double-digit growth in the NEV market in China, the EV charging market is also poised for stronger growth. Given Star Charge’s leading position, expansion plans, and partnerships with Auto OEMs, we believe that the company is well-positioned to capture a sizeable share of this growth.
The company claims to be generating sustainable profits. Though we are unable to verify this with numbers, we note that it is crucial for companies in this industry to increase their scale in order to achieve profitability. Star Charge's ability to provide a wide variety of services via its platform hints at the company’s ability to capture a maximum portion of the EV charging demand pie, thus suggesting likely profits. We are more inclined to believe that the company's assertions about profits are true.


China’s EV Charging Player Star Charge Wants an IPO: Looks Interesting

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China’s EV Charging Player Star Charge Wants an IPO: Looks Interesting

The recent addition to the list of EV IPOs appears to be the Chinese EV charging player, Star Charge. This Insight takes a quick look at the...

Aqila Ali