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

JD Logistics IPO: Margin Improvement Likely with Expanding External Revenues and Falling Costs

Tuya IPO: Software Platform for the IoT Era

TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth

New Horizon Health IPO Trading Update: A Blockbuster IPO but It’s Time You Plan an Exit Strategy

Cheerwin Group IPO: Doing Its Best to Innovate, Diversify and Grow in a Mature Market

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

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

SciClone Pharmaceuticals IPO Valuation: Not Pleasing

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

<p><a href="https://www.smartkarma.com/entities/cheerwin" target="_blank" data-smartkarma-citation="entities:31314:1" rel="noopener">Cheerwin (6601 HK)</a>  is a leading one-stop multi category household care and personal care platform in China. The company has set the terms for its IPO where it plans to raise HK$2.0-2.4bn (approx. US$265-313m) at an indicative IPO price range of HK$7.8-9.2 per share.</p><p>In our previous insight, we discussed Cheerwin’s business model, segments and financials. Refer the extract below from our previous insight:</p><div class="content-highlight"><p><em>The household care market in China is forecasted to grow steadily over the next few years driven by increased urbanisation, growing per capita disposable income, segmentation of product categories and growing innovation. In addition, the Covid-19 outbreak also has accelerated the demand for household care products, especially disinfectants, hand sanitizers and other personal hygiene products. Though the company’s revenues have been growing at lower single digits, we believe strong growth prospects attached to the Chinese household care market alongside diversifying into other verticals such as pet care and personal care markets should help Cheerwin generate stable revenues</em></p></div>

Cheerwin (6601 HK)  is a leading one-stop multi category household care and personal care platform in China. The company has set the terms for its IPO where it plans to raise HK$2.0-2.4bn (approx. US$265-313m) at an indicative IPO price range of HK$7.8-9.2 per share.In our previous insight, we discussed Cheerwin’s business model, segments and financials. Refer the extract below from our previous insight:The household care market in China is forecasted to grow steadily over the next few years driven by increased urbanisation, growing per capita disposable income, segmentation of product categories and growing innovation. In addition, the Covid-19 outbreak also has accelerated the demand for household care products, especially disinfectants, hand sanitizers and other personal hygiene products. Though the company’s revenues have been growing at lower single digits, we believe strong growth prospects attached to the Chinese household care market alongside diversifying into other verticals such as pet care and personal care markets should help Cheerwin generate stable revenues

Cheerwin IPO: Fairly Valued Compared to Recent IPOs in the Household, Personal and Pet Care Markets