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.

Event-Driven

<ul>
<li>Reuters and several other news media outlets reported that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is looking to raise its stake in French game publisher Ubisoft as it seeks to expand overseas.</li>
<li>Tencent owns approx. 5.0% of Ubisoft which was acquired in 2018 and is said to have reached out to the founding family Guillemot to buy a stake from their ownership.</li>
<li>As we mentioned in our previous insight, Tencent has been excluded for the fourth time from new game approvals which had impacted its online games biz.</li>
</ul>


Reuters and several other news media outlets reported that Tencent (700 HK) is looking to raise its stake in French game publisher Ubisoft as it seeks to expand overseas.
Tencent owns approx. 5.0% of Ubisoft which was acquired in 2018 and is said to have reached out to the founding family Guillemot to buy a stake from their ownership.
As we mentioned in our previous insight, Tencent has been excluded for the fourth time from new game approvals which had impacted its online games biz.


Tencent Looking to Raise Its Stake in Ubisoft at a Huge Premium

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in Investor AB, Roche and Volkswagen.</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB.
</li>
<li>Recommendations long prefs / short ords: Sixt, VW, MFE, Ericsson, Schroders.</li>
</ul>


There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in Investor AB, Roche and Volkswagen.
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB.

Recommendations long prefs / short ords: Sixt, VW, MFE, Ericsson, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: July ‘22 Report

<ul>
<li>Discounts have generally widened across our liquid universe, in line with the recent market losses. </li>
<li>Recommendations long ords / short prefs: BMW, Fuchs Petrolub, Investor AB, SSAB.</li>
<li>Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.</li>
</ul>


Discounts have generally widened across our liquid universe, in line with the recent market losses. 
Recommendations long ords / short prefs: BMW, Fuchs Petrolub, Investor AB, SSAB.
Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

<ul>
<li>Spreads have generally tightened across our liquid universe, in line with the recent market gains.</li>
<li>Recommendations long ords / short prefs: Fuchs Petrolub, Investor AB, SSAB.</li>
<li>Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.</li>
</ul>


Spreads have generally tightened across our liquid universe, in line with the recent market gains.
Recommendations long ords / short prefs: Fuchs Petrolub, Investor AB, SSAB.
Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

Danieli & C. Officine Meccaniche / Event-Driven

<ul>
<li>Spreads have generally tightened across our liquid universe, in line with the recent market gains.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Svenska Handelsbanken, Ericsson.</li>
<li>Recommendations Long prefs / short ords: Danieli, Sixt, Atlas Copco, Grifols, Telecom Italia, Volvo AB, Volkswagen, Schroders.</li>
</ul>


Spreads have generally tightened across our liquid universe, in line with the recent market gains.
Recommendations Long ords / short prefs: Fuchs Petrolub, Svenska Handelsbanken, Ericsson.
Recommendations Long prefs / short ords: Danieli, Sixt, Atlas Copco, Grifols, Telecom Italia, Volvo AB, Volkswagen, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: April ‘22 Report

France

Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications.  The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price Gauge
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Vivendi SA (VIV FP)

Tencent Looking to Raise Its Stake in Ubisoft at a Huge Premium

Tencent is looking to raise its stake in Ubisoft as it seeks to expand overseas. Stake increase would help Tencent expand into console gaming,...

Shifara Samsudeen, ACMA, CGMA

Liquid Universe of European Ordinary and Preferred Shares: July ‘22 Report

There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

For the most part since mid-May, spreads were compressing, but inflation fears and rate rises have hit hard the stock markets in the last trading...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

Spreads have generally tightened across our liquid universe, in line with the recent market gains. Schroders announced a share class unification.

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April ‘22 Report

Spreads have generally tightened across our liquid universe in line with the recent market gains. Danieli, Media for Europe, Schroders and Sixt...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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