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

Iqiyi (IQ US): Compelling Asymmetrical Payoff

IQiyi(IQ.US) 4Q22 Preview: Strong Content Only Secures Temporal Performance

Kuaishou: Profitability to Improve Further with Monetisation of Overseas Business

IQiyi – Generates Profits for the First Time; Can It Maintain Its Profitability?

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">IQIYI Inc (IQ US)</a> reported 2Q2022 earnings last week. Revenue decreased 12.5% YoY to RMB6.66bn (vs consensus RMB6.67bn) and reported an OP of RMB125.8m (vs consensus RMB30.4m).</li>
<li>The company also announced a US$500m private placement of convertible notes with <a href="https://www.smartkarma.com/entities/pag" target="_blank" data-smartkarma-citation="entities:35940:1" rel="noopener">PAG (PAG HK)</a>  and the transaction is expected to close in 4Q2022.</li>
<li>The company also has entered into a content licensing agreement with Douyin which will likely bring in high-margin business for content distribution segment.</li>
</ul>



IQIYI Inc (IQ US) reported 2Q2022 earnings last week. Revenue decreased 12.5% YoY to RMB6.66bn (vs consensus RMB6.67bn) and reported an OP of RMB125.8m (vs consensus RMB30.4m).
The company also announced a US$500m private placement of convertible notes with PAG (PAG HK)  and the transaction is expected to close in 4Q2022.
The company also has entered into a content licensing agreement with Douyin which will likely bring in high-margin business for content distribution segment.


IQiyi: Improving Profitability but Headwinds Continue

iQIYI Inc

IQiyi: Improving Profitability but Headwinds Continue