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

New Horizon Health IPO: Aiming to Become Pioneer in Cancer Screening

Cloopen Group IPO: Growing Demand for Cloud Communications and IoT in China to Drive Growth

Yidu Tech IPO Valuation: Attractive at the Low-End but Superior Growth Profile Justifies the Premium

Gracell Biotechnologies IPO: Promising Early Trial Results but Nowhere Close to Commercialisation

WhatsApp, PayPal Funding To Fortify Go-Jek's Go-Pay Business

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.

Private Capital Markets

GoTo Gojek Tokopedia Tbk PT / Private Capital Markets

Throughout 2020, there have been rumours circulating about a merger between <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> and <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (0967655D SP)</a> . Towards the latter part of 2020, several news reports had stated that Grab and Gojek have agreed in principal to merge their operations and Grab has offered Gojek a 30% stake in the merged entity. Gojek and its shareholders were however pushing for a larger stake on account of the company’s extensive presence in Indonesia (which is Southeast Asia’s largest market), whereby the deal is yet on hold.On the other hand, on December 17th 2020, several news media outlets reported that <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a> has appointed US banks Morgan Stanley and Citibank as advisors for its IPO as it seeks to carry out plans to go public. Tokopedia had also been approached by Bridgetown Holdings (a special purpose acquisition company (Spac) backed by the Hong Kong businessman Richard Li and the Silicon Valley investor Peter Thiel). However, on 5th January 2021, Bloomberg reported that Gojek is now in talks with Tokopedia for a merger which would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.

Throughout 2020, there have been rumours circulating about a merger between Gojek (1379371D IJ) and Grab (0967655D SP) . Towards the latter part of 2020, several news reports had stated that Grab and Gojek have agreed in principal to merge their operations and Grab has offered Gojek a 30% stake in the merged entity. Gojek and its shareholders were however pushing for a larger stake on account of the company’s extensive presence in Indonesia (which is Southeast Asia’s largest market), whereby the deal is yet on hold.On the other hand, on December 17th 2020, several news media outlets reported that Tokopedia PT (1087142D IJ) has appointed US banks Morgan Stanley and Citibank as advisors for its IPO as it seeks to carry out plans to go public. Tokopedia had also been approached by Bridgetown Holdings (a special purpose acquisition company (Spac) backed by the Hong Kong businessman Richard Li and the Silicon Valley investor Peter Thiel). However, on 5th January 2021, Bloomberg reported that Gojek is now in talks with Tokopedia for a merger which would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.

Gojek-Tokopedia Merger: A Blockbuster Deal and Potentially Better than a Gojek-Grab Ride