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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ysb-inc" target="_blank" data-smartkarma-citation="entities:35982:1" rel="noopener">YSB Inc (YSB HK)</a> is a digital pharmaceutical platform serving businesses outside of hospitals in China. The company operates a self-operating business as well as an online marketplace.</li>
<li>The company’s application for a HKEx IPO has been approved and according to news media outlets, the company plans to raise proceeds of around US$300-500m.</li>
<li>The company’s core business; Self-operations accounts for around 95% of revenues, however, it is a low-margin business and the other businesses help absorb most of the costs.</li>
</ul>



YSB Inc (YSB HK) is a digital pharmaceutical platform serving businesses outside of hospitals in China. The company operates a self-operating business as well as an online marketplace.
The company’s application for a HKEx IPO has been approved and according to news media outlets, the company plans to raise proceeds of around US$300-500m.
The company’s core business; Self-operations accounts for around 95% of revenues, however, it is a low-margin business and the other businesses help absorb most of the costs.


YSB IPO: Core Business Lacks Profitability

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The margins of pharmaceutical circulation B2B business is low. If there’s not enough incremental space of terminal customers, the simple B2B trading model is difficult to form a leapfrog growth.</li>
<li>Based on YSB’s business model, if terminal customers choose to use other platforms like JD Health/Alibaba Health, etc., YSB would face the risk of losing upstream and downstream users.</li>
<li>So far, we haven’t seen that YSB has established core competitiveness or moat to secure the terminal customers pool, casting doubts on its business model, investment logic and outlook.</li>
</ul>


The margins of pharmaceutical circulation B2B business is low. If there’s not enough incremental space of terminal customers, the simple B2B trading model is difficult to form a leapfrog growth.
Based on YSB’s business model, if terminal customers choose to use other platforms like JD Health/Alibaba Health, etc., YSB would face the risk of losing upstream and downstream users.
So far, we haven’t seen that YSB has established core competitiveness or moat to secure the terminal customers pool, casting doubts on its business model, investment logic and outlook.


Pre-IPO YSB Inc (YSB.HK) - The Business Model Is Facing Challenges

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.</li>
</ul>



Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.


Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs are lining up to launch soon.</li>
<li>Placements picked up this week in Japan and India with most being secondary deals.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs are lining up to launch soon.
Placements picked up this week in Japan and India with most being secondary deals.


ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

China

YSB Inc. operates as a digital pharmaceutical platform outside of hospitals in China.. The Company provides outside of hospital pharmaceutical circulation services. YSB mainly offers services to pharmaceutical companies, distributors, vendors, pharmacies, primary healthcare institutions, and others.

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YSB (9885 HK)

YSB IPO: Core Business Lacks Profitability

YSB's core business; Self-operations is a low-margin business while other businesses help absorb the costs. Our regression model reveals there is...

Shifara Samsudeen, ACMA, CGMA

Pre-IPO YSB Inc (YSB.HK) - The Business Model Is Facing Challenges

Terminal customers are key resources for YSB’s all businesses, but YSB hasn't built core competitiveness/moat to secure terminal customer pool....

Xinyao (Criss) Wang

Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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