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

Bilibili: Diversified Revenue Streams and Impressive Top Line Growth Justify Current Multiples

Zhihu IPO: Searching for One-Hit Wonder Amidst Diversified Monetisation Channels

Change Follow-On Offering: Worth Subscribing For

Kuaishou IPO Trading Update: Further Upside Seems Limited; We Are Looking for Exit Points

Bilibili Secondary Listing: Diversifying Revenue Mix Should Make Profits Possible in the Medium Term

Bilibili Vs Huya:Strong Top Line Growth; Outspending Huya on Marketing-Reason for Absence of Profits

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

New Horizon Health IPO Valuation: Healthy Valuation

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 Bottom-Up

<a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a> reported its 4Q2020 results on Wednesday (24th February) after market, which saw revenues almost doubling to US$3.8bn in 4Q2020 from US$2.0bn a year ago. The operating losses of the company declined to 23.5% of revenues during the quarter, a significant decline compared 33.6% in 3Q2020. The reported 4Q revenues beat consensus estimates by 4.2% while Bilibili’s operating losses for the quarter were slightly higher than the consensus estimates.All four business segments reported strong growth in revenues, and the value-added services segment’s revenues surpassed mobile games to become the largest revenue generator for Bilibili. At the same time, the e-commerce and other segment clocked in the highest YoY growth in revenues among the four segments, pushing advertising to the smallest segment for Bilibili.

Bilibili Inc (BILI US) reported its 4Q2020 results on Wednesday (24th February) after market, which saw revenues almost doubling to US$3.8bn in 4Q2020 from US$2.0bn a year ago. The operating losses of the company declined to 23.5% of revenues during the quarter, a significant decline compared 33.6% in 3Q2020. The reported 4Q revenues beat consensus estimates by 4.2% while Bilibili’s operating losses for the quarter were slightly higher than the consensus estimates.All four business segments reported strong growth in revenues, and the value-added services segment’s revenues surpassed mobile games to become the largest revenue generator for Bilibili. At the same time, the e-commerce and other segment clocked in the highest YoY growth in revenues among the four segments, pushing advertising to the smallest segment for Bilibili.

Bilibili 4Q Earnings: Value-Added Services Surpass Mobile Games; E-Commerce Gains Momentum