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

Xiaomi 3Q2021: Chip Shortage Hits Smartphone Shipments; Apple Reclaims No.2 Position

Kuaishou 3Q2021: ARPPU and User Growth Point to Recovery in Live Streaming Earnings

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Tencent: Earnings Weakness Beginning to Show Up

Bilibili: Mobile Games Decline and Losses Expand but Other Verticals Continue to Grow

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 Bottom-Up

<ul>
<li>
<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 3Q2021 results which saw revenues increase 61.4% YoY to RMB5.2bn while operating losses for the quarter increased to 36.1% of revenues vs 33.6% in 3Q2020. </li>
<li>Mobile games revenue declined YoY for the first time in 2Q2021, however, the segment has resumed growth with a 9.1% YoY increase in third quarter.</li>
<li>Except for mobile games, the other three segments saw strong growth in top line with advertising revenues growing more than 100% during the quarter</li>
</ul>



Bilibili Inc (BILI US) reported 3Q2021 results which saw revenues increase 61.4% YoY to RMB5.2bn while operating losses for the quarter increased to 36.1% of revenues vs 33.6% in 3Q2020. 
Mobile games revenue declined YoY for the first time in 2Q2021, however, the segment has resumed growth with a 9.1% YoY increase in third quarter.
Except for mobile games, the other three segments saw strong growth in top line with advertising revenues growing more than 100% during the quarter


Bilibili: Mobile Games Resumes Growth; Losses Widening in 3Q Is in Line with Peers