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: Limited Room for Margin Expansion

Broncus IPO: Thoughts on First Day Trading

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

TDCX IPO: Not a Typical Unprofitable Tech Services Company

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 has announced the terms for its IPO, where it plans to raise net proceeds of HK$1,488.1m (US$191.3m) at the midpoint of the IPO price range of HK$17.95 per share through the issuance of 89.36m (17.0% of the total outstanding shares) shares. At the midpoint of the IPO price of HK$17.95 per share, Broncus will have a market capitalisation of US$9.5bn and post-money enterprise value of HK$7.7bn.The company plans to use approx. 50.0% of the net IPO proceeds on funding its ongoing R&amp;D and planned commercial launches of its core products including InterVapor and RF-II. Broncus plans to use about 28.0% of the IPO proceeds on other products and product candidates, 13.2% of the net IPO proceeds on potential acquisitions and the remainder will be used for working capital and other general corporate purposes.Broncus also has entered into cornerstone investment agreements for an aggregate amount of US$91m (approx. HK$707m) that represents approx. 46% of the offer shares with a number of investors including UBS AM Singapore (US$25m), Lake Bleu Prime (US$20m), Snow Lake Capital (US$10m), CEPHEI (US$10m), Summer Healthcare Fund (US$10m), etc.

Broncus (2216 HK) is a medical device company focused on the development of interventional pulmonology products. The company has announced the terms for its IPO, where it plans to raise net proceeds of HK$1,488.1m (US$191.3m) at the midpoint of the IPO price range of HK$17.95 per share through the issuance of 89.36m (17.0% of the total outstanding shares) shares. At the midpoint of the IPO price of HK$17.95 per share, Broncus will have a market capitalisation of US$9.5bn and post-money enterprise value of HK$7.7bn.The company plans to use approx. 50.0% of the net IPO proceeds on funding its ongoing R&amp;D and planned commercial launches of its core products including InterVapor and RF-II. Broncus plans to use about 28.0% of the IPO proceeds on other products and product candidates, 13.2% of the net IPO proceeds on potential acquisitions and the remainder will be used for working capital and other general corporate purposes.Broncus also has entered into cornerstone investment agreements for an aggregate amount of US$91m (approx. HK$707m) that represents approx. 46% of the offer shares with a number of investors including UBS AM Singapore (US$25m), Lake Bleu Prime (US$20m), Snow Lake Capital (US$10m), CEPHEI (US$10m), Summer Healthcare Fund (US$10m), etc.

Broncus

Broncus IPO Valuation: Overly Ambitious