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

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Nikon: A Reality Check on Nikon’s Medium-Term Management Plan

M3: Growth Slowing Down Despite Long List of M&As Continuing

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

J&T Global Express  / Equity Capital Markets

<ul>
<li>Global logistics and express delivery service provider <a href="https://www.smartkarma.com/entities/j-t-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Express (1936374D CH)</a> has filed for an IPO on the HKEx to raise about US$500m-1bn.</li>
<li>J&amp;T’s SEA operation is the only gross margin making business, however, the segment’s gross margin has been on a declining trend.</li>
<li>Though the gross losses of China biz has reduced during 2020-2022, J&amp;T continues to invest in China to capture market share which we think would delay profits.</li>
</ul>


Global logistics and express delivery service provider J&amp;T Express (1936374D CH) has filed for an IPO on the HKEx to raise about US$500m-1bn.
J&amp;T’s SEA operation is the only gross margin making business, however, the segment’s gross margin has been on a declining trend.
Though the gross losses of China biz has reduced during 2020-2022, J&amp;T continues to invest in China to capture market share which we think would delay profits.


J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability