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

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

Abbisko IPO: Some Products Show Good Potential but Too Early to Assess Their Success

Novotech Health IPO: Structural Tailwinds in the APAC Biotech CRO Market Offers LT Growth

Broncus Holdings IPO: Say No to Lung Diseases

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/broncus-holding-corporation" target="_blank" data-smartkarma-citation="entities:33315:1" rel="noopener">Broncus (2216 HK)</a> is a medical device company focused on the development of interventional pulmonology products. The company offers five interventional therapeutic products and product candidates for lung diseases (including its core products InterVapor and RF-II) and offers six interventional diagnostic medical consumable products including LungPoint. The company was ranked first in China’s interventional pulmonology navigation device market with a market share of 43.2% based on sales volume and ranked second with a market share of 37.5% measured by sales revenue from 2018-2020.The company has priced its IPO at HK$18.70 per share, at the upper end of the IPO price range of HK$17.2-18.7 per share. At the above price, Broncus raised net proceeds of HK$1,552.4m at a market capitalisation of HK$9.9bn and a post-money enterprise value of HK$8.0bn. According to the company, its Hong Kong offering was oversubscribed by about 11.1x while the international offering was oversubscribed by about 4.1x.In our previous two insights on the company’s IPO, we discussed the company’s core products and product portfolio, market potential for its products and the company’s valuation.

Broncus (2216 HK) is a medical device company focused on the development of interventional pulmonology products. The company offers five interventional therapeutic products and product candidates for lung diseases (including its core products InterVapor and RF-II) and offers six interventional diagnostic medical consumable products including LungPoint. The company was ranked first in China’s interventional pulmonology navigation device market with a market share of 43.2% based on sales volume and ranked second with a market share of 37.5% measured by sales revenue from 2018-2020.The company has priced its IPO at HK$18.70 per share, at the upper end of the IPO price range of HK$17.2-18.7 per share. At the above price, Broncus raised net proceeds of HK$1,552.4m at a market capitalisation of HK$9.9bn and a post-money enterprise value of HK$8.0bn. According to the company, its Hong Kong offering was oversubscribed by about 11.1x while the international offering was oversubscribed by about 4.1x.In our previous two insights on the company’s IPO, we discussed the company’s core products and product portfolio, market potential for its products and the company’s valuation.

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