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 Capital Markets

The big data and AI solutions provider for healthcare sector in China, <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a>  has set the terms for its IPO. The company was ranked no. 1 in terms of revenue among all healthcare big data solution providers in China in 2019.China is the world’s second largest healthcare market, and the country has been increasingly informatizing the healthcare system in order to improve the efficiency as well as close the huge healthcare resource gap to meet emerging demands for high quality holistic health management.The company plans to issue 156.5m shares at an indicative IPO price range of HK$23.5-26.5 per share, and at the midpoint of the IPO price range of HK$24.90 per share, Yidu Tech will raise gross proceeds of US$503m (HK$3.9bn).In our previous insights on the company’s IPO, we examined the company’s business model, segments, revenues and profitability. In this insight, we examine the company’s valuation.

The big data and AI solutions provider for healthcare sector in China, Yidu Tech Inc (2158 HK)  has set the terms for its IPO. The company was ranked no. 1 in terms of revenue among all healthcare big data solution providers in China in 2019.China is the world’s second largest healthcare market, and the country has been increasingly informatizing the healthcare system in order to improve the efficiency as well as close the huge healthcare resource gap to meet emerging demands for high quality holistic health management.The company plans to issue 156.5m shares at an indicative IPO price range of HK$23.5-26.5 per share, and at the midpoint of the IPO price range of HK$24.90 per share, Yidu Tech will raise gross proceeds of US$503m (HK$3.9bn).In our previous insights on the company’s IPO, we examined the company’s business model, segments, revenues and profitability. In this insight, we examine the company’s valuation.

Yidu Tech IPO Valuation: Attractive at the Low-End but Superior Growth Profile Justifies the Premium

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a> is a software company that offers healthcare solutions built on big data and artificial intelligence (AI) technologies. Yidu ranked No.1 in terms of revenue among all healthcare big data solution providers in China in 2019 with a market share of 5.0% in the healthcare big data solutions market in China, according to EY. At the proposed IPO price range of HK$23.50-26.30 per share, Yidu will have a market cap of HK$21,191.4-23,716.3 million ($2.7-3.1 billion). At the mid-point of the IPO price range, the total net proceeds are HK$3,691.7 million ($476 million). </div><div>Eight cornerstone investors will subscribe for $210 million of the offer shares (41.78% of the offer shares at the mid-point of the price range). The cornerstone investors are OrbiMed, Canada Pension Plan Investment Board, Brunei Investment Agency, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, Kerry Holdings, Matthews Funds, 3W Fund Management and China Orient Asset Management.</div><div><div><div class="content-highlight">In <a href="https://www.smartkarma.com/insights/yidu-tech-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:46392" rel="noopener">Yidu Tech IPO Initiation: Patient Revolution</a>, we stated that Yidu is an attractive play on China’s healthcare industry rising spend on IT and data services. Overall, we would participate in the IPO due to an attractive IPO price range.</div></div></div>

Yidu Tech Inc (2158 HK) is a software company that offers healthcare solutions built on big data and artificial intelligence (AI) technologies. Yidu ranked No.1 in terms of revenue among all healthcare big data solution providers in China in 2019 with a market share of 5.0% in the healthcare big data solutions market in China, according to EY. At the proposed IPO price range of HK$23.50-26.30 per share, Yidu will have a market cap of HK$21,191.4-23,716.3 million ($2.7-3.1 billion). At the mid-point of the IPO price range, the total net proceeds are HK$3,691.7 million ($476 million). Eight cornerstone investors will subscribe for $210 million of the offer shares (41.78% of the offer shares at the mid-point of the price range). The cornerstone investors are OrbiMed, Canada Pension Plan Investment Board, Brunei Investment Agency, Tencent Holdings (700 HK), Kerry Holdings, Matthews Funds, 3W Fund Management and China Orient Asset Management.In Yidu Tech IPO Initiation: Patient Revolution, we stated that Yidu is an attractive play on China’s healthcare industry rising spend on IT and data services. Overall, we would participate in the IPO due to an attractive IPO price range.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) Alibaba: Antitrust Concerns2) Tencent Under Pressure From Antitrust Push3) POTUS Executive Order: New OFAC Clarification 4) China Logistics: Major Shareholders Seek to Exit 5) Kuaishou Technology IPO6) Yidu Tech IPO7) TOPIX Inclusion: ODK Solutions 8) New Horizon IPO9) Goldwin Bullish for Future Growth10) Yaoko: A Difficult 2021 Coming11) IQIYI Valuation12) Digital Currency: Still Remember Facebook Libra/​Diem?13) China Dental Care Industry14) ZTO Express &amp; BEST Inc15) Infrastructure Asset-Backed Securities: New Asset Class for Asia16) Japan Airport Terminal17) Will Biden Get Officially Inaugurated on 20 January?

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) Alibaba: Antitrust Concerns2) Tencent Under Pressure From Antitrust Push3) POTUS Executive Order: New OFAC Clarification 4) China Logistics: Major Shareholders Seek to Exit 5) Kuaishou Technology IPO6) Yidu Tech IPO7) TOPIX Inclusion: ODK Solutions 8) New Horizon IPO9) Goldwin Bullish for Future Growth10) Yaoko: A Difficult 2021 Coming11) IQIYI Valuation12) Digital Currency: Still Remember Facebook Libra/​Diem?13) China Dental Care Industry14) ZTO Express &amp; BEST Inc15) Infrastructure Asset-Backed Securities: New Asset Class for Asia16) Japan Airport Terminal17) Will Biden Get Officially Inaugurated on 20 January? 

Smartkarma North Asia Weekly: Alibaba Antitrust, OFAC Clarification, China Logistics, & Kuaishou IPO

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<div><a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a> is looking to raise up to US$529m in its Hong Kong IPO. </div><div>
Yidu is a healthcare data solution provider. It leverages big data and artificial intelligence (AI) technologies and provides solutions to key healthcare participants that include mainly hospitals, pharmaceutical, biotech and medical device companies, regulators and policy makers. 
Our previous coverage of the IPO:
<ul>
<li>
<a href="https://www.smartkarma.com/insights/yidu-tech-pre-ipo-big-buzzwords" target="_blank" data-smartkarma-citation="insights:46381" rel="noopener">Yidu Tech (医渡云) Pre-IPO - Big Buzzwords</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/yidu-tech-pre-ipo-forecast-and-peer-valuation" target="_blank" data-smartkarma-citation="insights:46462" rel="noopener">Yidu Tech (医渡云) Pre-IPO - Forecast and Peer Valuation</a> </li>
</ul>
</div>

Yidu Tech Inc (2158 HK) is looking to raise up to US$529m in its Hong Kong IPO. 
Yidu is a healthcare data solution provider. It leverages big data and artificial intelligence (AI) technologies and provides solutions to key healthcare participants that include mainly hospitals, pharmaceutical, biotech and medical device companies, regulators and policy makers. 
Our previous coverage of the IPO:


Yidu Tech (医渡云) Pre-IPO - Big Buzzwords 

Yidu Tech (医渡云) Pre-IPO - Forecast and Peer Valuation 



Yidu Tech (医渡云) IPO - Expensive but It's Still Justifiable

Kuaishou Technology / Equity Capital Markets

The Chinese short-video and livestreaming platform <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Beijing Kuaishou Technology Co Ltd (1496219D CH)</a>  has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company aims to raise up to US$5bn at a rumoured valuation of over US$50bn.In our previous insights on the company’s IPO, we examined Kuaishou’s business model, industry, segments and its revenues. Refer the extract below from our previous insight on the company’s revenue analysis:<div class="content-highlight">Given the livestreaming and video-based social platforms offer large monetisation opportunities for video content sharing platforms such as Kuaishou, we expect the company’s top line to continue benefit from the positive trend in the industry. The company has already ventured into several other areas to bring in revenues such as online games, e-commerce, creation of learning content, etc. We believe Kuaishou will continue to find new avenues to expand its revenue base and we expect online marketing services, e-commerce and other new businesses to drive Kuaishou’s future revenues.</div>In this insight, we take a look at the company’s cost structure and margins.

The Chinese short-video and livestreaming platform Beijing Kuaishou Technology Co Ltd (1496219D CH)  has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company aims to raise up to US$5bn at a rumoured valuation of over US$50bn.In our previous insights on the company’s IPO, we examined Kuaishou’s business model, industry, segments and its revenues. Refer the extract below from our previous insight on the company’s revenue analysis:Given the livestreaming and video-based social platforms offer large monetisation opportunities for video content sharing platforms such as Kuaishou, we expect the company’s top line to continue benefit from the positive trend in the industry. The company has already ventured into several other areas to bring in revenues such as online games, e-commerce, creation of learning content, etc. We believe Kuaishou will continue to find new avenues to expand its revenue base and we expect online marketing services, e-commerce and other new businesses to drive Kuaishou’s future revenues.In this insight, we take a look at the company’s cost structure and margins.

Kuaishou IPO: Stable Profits Seem Possible with Cost Discipline and Expanding Revenues

China

Chinese big data and AI-powered healthcare solutions provider.

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Yidu Tech Inc (2158 HK)

Yidu Tech IPO Valuation: Attractive at the Low-End but Superior Growth Profile Justifies the Premium

The big data and AI solutions provider for healthcare sector in China, Yidu Tech has set the terms for its IPO and in this insight, we examine Yidu...

Shifara Samsudeen, ACMA, CGMA

Yidu Tech IPO: Valuation Insights

At the mid-point of the IPO price range, the total net proceeds are HK$3,691.7 million ($476 million). Overall, we would participate in the IPO due...

Arun George

Smartkarma North Asia Weekly: Alibaba Antitrust, OFAC Clarification, China Logistics, & Kuaishou IPO

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK...

Douglas Kim

Yidu Tech (医渡云) IPO - Expensive but It's Still Justifiable

Yidu's valuation is not cheap but it’s still justifiable. Even though we have concerns, the strong revenue growth, reputable cornerstone lineup and...

Zhen Zhou, Toh

Kuaishou IPO: Stable Profits Seem Possible with Cost Discipline and Expanding Revenues

In this insight, we take a look at the Chinese short-video and livestreaming platform Kuaishou's cost structure and margins.

Shifara Samsudeen, ACMA, CGMA

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