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

IFast’s Acquisition of BFC Bank: Improved AUA at the Cost of Short-Term Profitability

Ping An Health (Part II): Health Mall Growth to Slow Down with Growing Competition

Wanda Commercial IPO: Favourable Business Model but Highly Leveraged Parent Is a Concern

IFast 2Q: Strong Earnings; Winning Malaysian Digital Banking License Could Be a Near-Term Catalyst

Shift 4Q: Growth Story Is Getting Stronger

IFast 1Q21 Results: Strong Earnings Momentum Continues

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

<a href="https://www.smartkarma.com/entities/ifast-corp-ltd" target="_blank" data-smartkarma-citation="entities:17798:1" rel="noopener">iFAST (IFAST SP)</a> reported its 3Q2021 results on Friday (22nd October) which saw revenues growing 23.4% YoY (net revenues increased 32.4% YoY) while operating profit increased 13.9% YoY during the quarter. The asset under administration (AUA) for the quarter increased to S$18.38 vs S$17.54 and S$12.59bn respectively in 2Q2021 and 3Q2021. The B2B segment showed strong growth where revenues increased 27.5% YoY while revenue from B2C segment increased 7.4% during the third quarter.The company has started generating income from the Hong Kong e-Pension platform project and expects earnings from HK business to accelerate in 2024/2025 driven by new ePension division.

iFAST (IFAST SP) reported its 3Q2021 results on Friday (22nd October) which saw revenues growing 23.4% YoY (net revenues increased 32.4% YoY) while operating profit increased 13.9% YoY during the quarter. The asset under administration (AUA) for the quarter increased to S$18.38 vs S$17.54 and S$12.59bn respectively in 2Q2021 and 3Q2021. The B2B segment showed strong growth where revenues increased 27.5% YoY while revenue from B2C segment increased 7.4% during the third quarter.The company has started generating income from the Hong Kong e-Pension platform project and expects earnings from HK business to accelerate in 2024/2025 driven by new ePension division.

IFast 3Q: EPension Project Starts Generating Income; 5-Year Plan to Further Drive Growth