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

Angelalign IPO Valuation: Limited Upside from the Top End

Full Truck Alliance IPO: In Early Stage of Monetisation

JD Logistics: Margins Sink as JDL Prioritises Market Share but Peer Margins Shrink Too in 1Q21

CARSgen Therapeutics IPO: Catalyzing Cancer Therapies

JD Logistics IPO: Thoughts on First Day Trading

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

<p><a href="https://www.smartkarma.com/entities/foru-worldwide-inc" target="_blank" data-smartkarma-citation="entities:33314:1" rel="noopener">ForU Worldwide (FOYO US)</a> is the largest technology-driven road freight transportation platform in China based on revenues in 2020 (Source: CIC). The company offers its freight services in China and its client base includes <a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a>  and Jiangsu JD (represents around 23% of its transportation revenue in FY20), and the company is also backed by JD Logistics (2618 HK) who owns 6.3% of the company’s outstanding shares.</p>
<p>The company has filed for an IPO to list its shares in the US and has set a placeholder indication to raise about US$100m. According to news media outlets, the company is looking to raise about US$500m through the IPO.</p>

ForU Worldwide (FOYO US) is the largest technology-driven road freight transportation platform in China based on revenues in 2020 (Source: CIC). The company offers its freight services in China and its client base includes JD Logistics (2618 HK)  and Jiangsu JD (represents around 23% of its transportation revenue in FY20), and the company is also backed by JD Logistics (2618 HK) who owns 6.3% of the company’s outstanding shares.
The company has filed for an IPO to list its shares in the US and has set a placeholder indication to raise about US$100m. According to news media outlets, the company is looking to raise about US$500m through the IPO.

ForU Worldwide

ForU Worldwide IPO: Excuse Yourself