Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, 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: Adverse Weather and Resurgence of Covid to Impact 2H; Margins to Remain Under Pressure

Clover Biopharmaceuticals IPO: Thoughts on First Day Trading

MicroTech Medical IPO: Forecasts and Valuation

MicroPort MedBot IPO: Forecasts, Peer Comparison and Valuation

Beijing Airdoc IPO: First Mover in Retina-Based Early Detection and Diagnosis

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

Beijing Airdoc Technology / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (2251 HK)</a> is a leading company providing AI-empowered retina-based early detection, diagnosis and health risk-assessment solutions. Of the company’s core products, only AIFUNDUS 1.0 has currently received the NMPA approval (in August 2020) and has generated limited revenue so far from this product. The company also has two other versions of AIFUNDUS that are AIFUNDUS 2.0 and 3.0 and once these products are commercialised, they would become strong revenue generators for the company.The company has announced the terms for its IPO and plans to issue 22.26m shares (21.5% of the total shares outstanding post-IPO) at an indicative IPO price range of HK$75.1-81.3 per share. At the midpoint of the IPO price range of HK$78.20 per share, Airdoc will raise net proceeds of HK$1.6bn (US$210m) at a market capitalisation of HK$8.1bn and a post-money enterprise value of HK$5.8bn.The company plans to use approx. 50.0% of the net IPO proceeds on further developing and commercialising the core product Airdoc-AIFUNDUS. Airdoc plans to allocate another 19.0% of the net proceeds on funding the R&amp;D and manufacturing of hardware devices and another 10% for health risk assessment solutions.Airdoc has entered into cornerstone investment agreements with a number of investors for an aggregate of US$69.5m (approx. HK$540.6m/representing 31.0% of the offer shares) at the midpoint of the IPO price range of HK$78.20 per share. These cornerstone investors include CloudAlpha (US$15m), GF Fund (US$10m), IvyRock (US$7m), Lake Bleu Prime (US$5m), LAV (US$10m), LMR (US$7.5m), OrbiMed (US$5m) and WT (10m).

Beijing Airdoc Technology (2251 HK) is a leading company providing AI-empowered retina-based early detection, diagnosis and health risk-assessment solutions. Of the company’s core products, only AIFUNDUS 1.0 has currently received the NMPA approval (in August 2020) and has generated limited revenue so far from this product. The company also has two other versions of AIFUNDUS that are AIFUNDUS 2.0 and 3.0 and once these products are commercialised, they would become strong revenue generators for the company.The company has announced the terms for its IPO and plans to issue 22.26m shares (21.5% of the total shares outstanding post-IPO) at an indicative IPO price range of HK$75.1-81.3 per share. At the midpoint of the IPO price range of HK$78.20 per share, Airdoc will raise net proceeds of HK$1.6bn (US$210m) at a market capitalisation of HK$8.1bn and a post-money enterprise value of HK$5.8bn.The company plans to use approx. 50.0% of the net IPO proceeds on further developing and commercialising the core product Airdoc-AIFUNDUS. Airdoc plans to allocate another 19.0% of the net proceeds on funding the R&amp;D and manufacturing of hardware devices and another 10% for health risk assessment solutions.Airdoc has entered into cornerstone investment agreements with a number of investors for an aggregate of US$69.5m (approx. HK$540.6m/representing 31.0% of the offer shares) at the midpoint of the IPO price range of HK$78.20 per share. These cornerstone investors include CloudAlpha (US$15m), GF Fund (US$10m), IvyRock (US$7m), Lake Bleu Prime (US$5m), LAV (US$10m), LMR (US$7.5m), OrbiMed (US$5m) and WT (10m).

Beijing Airdoc Technology IPO: Forecasts and Valuation