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

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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

Clover Biopharmaceuticals / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> is a global clinical-stage biotechnology company that is focused on the research, development and the commercialisation (if approved) of novel vaccines and biologic therapeutic candidates. Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022.The company has announced the terms for its IPO and plans to issue 150m shares (approx. 13.0% of the total outstanding shares post-IPO) at an indicative IPO price range of HK$12.80-13.50 per share. At the midpoint of the IPO price range of HK$13.15 per share, Clover will raise net proceeds of HK$1.8bn (US$236.4m) at a market capitalisation of HK$15.2bn and a post-money enterprise value of HK$11.2bn.Clover plans to use about 65.0% of the net IPO proceeds for the development, manufacturing and commercialisation of its core products and related products (35% for SCB-2019), 25% for 2nd Gen Covid-19 vaccine candidate and 5.0% for SCB-808) and another 22.5% on other products in the pipeline. The company plans to use the remainder of the net IPO proceeds on other general corporate purposes.The company also has entered into cornerstone investment agreements with a number of investors for an aggregate of US$138.5m that will account for 54.6% of the offer shares at the midpoint of the IPO price. These cornerstone investors include Orbimed Funds (US$25m), HHLR (US$22m), Temasek (US$20m), Rock Springs Capital (US$19m), Oceanpine Capital (US$15m), Athos Capital (US$15m), Springhill Fund (US$10m), Superstring (US$7.5m) and Toroa (US$5m).

Clover Biopharmaceuticals (2197 HK) is a global clinical-stage biotechnology company that is focused on the research, development and the commercialisation (if approved) of novel vaccines and biologic therapeutic candidates. Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022.The company has announced the terms for its IPO and plans to issue 150m shares (approx. 13.0% of the total outstanding shares post-IPO) at an indicative IPO price range of HK$12.80-13.50 per share. At the midpoint of the IPO price range of HK$13.15 per share, Clover will raise net proceeds of HK$1.8bn (US$236.4m) at a market capitalisation of HK$15.2bn and a post-money enterprise value of HK$11.2bn.Clover plans to use about 65.0% of the net IPO proceeds for the development, manufacturing and commercialisation of its core products and related products (35% for SCB-2019), 25% for 2nd Gen Covid-19 vaccine candidate and 5.0% for SCB-808) and another 22.5% on other products in the pipeline. The company plans to use the remainder of the net IPO proceeds on other general corporate purposes.The company also has entered into cornerstone investment agreements with a number of investors for an aggregate of US$138.5m that will account for 54.6% of the offer shares at the midpoint of the IPO price. These cornerstone investors include Orbimed Funds (US$25m), HHLR (US$22m), Temasek (US$20m), Rock Springs Capital (US$19m), Oceanpine Capital (US$15m), Athos Capital (US$15m), Springhill Fund (US$10m), Superstring (US$7.5m) and Toroa (US$5m).

Clover Biopharmaceuticals IPO: Forecasts and Valuation