Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

ANE IPO: Limited Room for Margin Expansion

Paytm IPO: Red Herring Updates Reveal Improved Financials in 1Q but Concerns Remain

ANE IPO: Adverse Weather and Resurgence of Covid to Impact 2H; Margins to Remain Under Pressure

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

<a href="https://www.smartkarma.com/entities/ane-logistics" target="_blank" data-smartkarma-citation="entities:34119:1" rel="noopener">ANE Logistics (1292621D CH)</a> has announced the terms for its IPO where it plans to sell 80.2m shares (6.9% of the total outstanding shares) at an indicative IPO price range of HK$13.88-16.88 per share. At the midpoint of the IPO price range of HK$15.38 per share, ANE will raise net proceeds of HK$1,124.1m (US$114.5m) at a market capitalisation of HK$17.9bn and a post-money enterprise value of HK$16.3bn. Bloomberg previously reported that the company plans to raise net proceeds of US$500m through the IPO, however, the offer was significantly downsized.The company plans to use approx. 40.0% of the net IPO proceeds on building, upgrading and potential acquisitions of 5-10 key transit hubs in strategic locations over the next 24-36 months. ANE plans to allocate 30.0% of the net IPO proceeds for investing in its line-haul truck fleet and another 20% for technology innovations.The company has entered into cornerstone investment agreement with Harvest International Premium Value Fund SPC for an aggregate of US$12.5m (approx. HK$97.23m) which represents about 7.88% of the offer shares at the midpoint of the IPO price range.

ANE Logistics (1292621D CH) has announced the terms for its IPO where it plans to sell 80.2m shares (6.9% of the total outstanding shares) at an indicative IPO price range of HK$13.88-16.88 per share. At the midpoint of the IPO price range of HK$15.38 per share, ANE will raise net proceeds of HK$1,124.1m (US$114.5m) at a market capitalisation of HK$17.9bn and a post-money enterprise value of HK$16.3bn. Bloomberg previously reported that the company plans to raise net proceeds of US$500m through the IPO, however, the offer was significantly downsized.The company plans to use approx. 40.0% of the net IPO proceeds on building, upgrading and potential acquisitions of 5-10 key transit hubs in strategic locations over the next 24-36 months. ANE plans to allocate 30.0% of the net IPO proceeds for investing in its line-haul truck fleet and another 20% for technology innovations.The company has entered into cornerstone investment agreement with Harvest International Premium Value Fund SPC for an aggregate of US$12.5m (approx. HK$97.23m) which represents about 7.88% of the offer shares at the midpoint of the IPO price range.

ANE Logistics

ANE IPO: Forecasts and Valuation