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

Ximalaya IPO (Part II): Unlikely for Margins to Improve in the Medium-Term (Quantamental)

Bilibili 1Q2021 Results: Value-Added Services and Advertising Drive Revenue Beat

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

Tencent: Regulators Probe TME’s Previous Deals; The Battering Has Just Begun

GSX TechEdu: Grizzly’s Allegations Look Difficult to Refute

Meituan Becomes Target for China Antitrust Probe; More Downside Risks than Upside Going Forward

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 Bottom-Up

<p>It was reported by several news media outlets today that the China’s State Administration for Market Regulation (SAMR) has imposed fines of RMB2.5m each (US$389,000) on online tutoring apps Yuanfudao and Zuoyebang for making misleading claims about their businesses. These claims include falsifying the qualifications of teaching staff to faking user reviews. The two online education start-ups have accepted the penalties and have agreed to rectify the relevant problems.</p><p>Last month, the market regulator of Beijing fined four online education companies including <a href="https://www.smartkarma.com/entities/gsx-techedu-inc" target="_blank" data-smartkarma-citation="entities:28069:1" rel="noopener">GSX Techedu (GSX US)</a> and <a href="https://www.smartkarma.com/entities/tal-education-group" target="_blank" data-smartkarma-citation="entities:1124:1" rel="noopener">TAL Education (TAL US)</a>  for violating pricing laws. The SAMR has vowed to intensify regulatory supervision of after-school education companies and crackdown on their illegal activities.</p>

It was reported by several news media outlets today that the China’s State Administration for Market Regulation (SAMR) has imposed fines of RMB2.5m each (US$389,000) on online tutoring apps Yuanfudao and Zuoyebang for making misleading claims about their businesses. These claims include falsifying the qualifications of teaching staff to faking user reviews. The two online education start-ups have accepted the penalties and have agreed to rectify the relevant problems.Last month, the market regulator of Beijing fined four online education companies including GSX Techedu (GSX US) and TAL Education (TAL US)  for violating pricing laws. The SAMR has vowed to intensify regulatory supervision of after-school education companies and crackdown on their illegal activities.

GSX TechEdu: China Fines Online Tutoring Apps for Making Misleading Claims; Is GSX Next?

Gaotu Techedu

GSX TechEdu: China Fines Online Tutoring Apps for Making Misleading Claims; Is GSX Next?