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.

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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

JD Health International  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> , the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. Reuters reported today that according to a term sheet obtained by them, JD Health is seeking to raise up to US$3.5bn by selling 381.9m shares at an indicative price range of HK$62.8-70.58 per share.The greenshoe option includes the sale of further 15% of the company’s shares which would raise the total IPO proceeds to about US$4bn. The initial size of the deal represents 12.2% of JD Health’s enlarged share capital and at the midpoint of the IPO price of HK$66.69 per share, the company will have a valuation of US$25.6bn.<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 240.0pt;">JD Health International IPO Details</td></tr>
<tr>
<td style="width: 180.0pt;">No. of Shares Issued (m)</td>
<td style="width: 60.0pt;">381.9</td>
</tr>
<tr>
<td style="width: 180.0pt;">IPO Price (HK$)</td>
<td style="width: 60.0pt;">62.8-70.58</td>
</tr>
<tr>
<td style="width: 180.0pt;">Offer as a % Total Outstanding Shares</td>
<td style="width: 60.0pt;">12.20%</td>
</tr>
<tr>
<td style="width: 180.0pt;">Total Shares Outstanding (m)</td>
<td style="text-align: right; width: 60pt;">         3,130.3</td>
</tr>
<tr>
<td style="width: 180.0pt;">Gross Proceeds (HK$m)</td>
<td style="text-align: right; width: 60pt;">      25,468.9</td>
</tr>
<tr>
<td style="width: 180.0pt;">Gross Proceeds (US$m)</td>
<td style="text-align: right; width: 60pt;">         3,280.8</td>
</tr>
<tr>
<td style="width: 180.0pt;">Market Capitalisation (HK$m)</td>
<td style="text-align: right; width: 60pt;">    208,761.6</td>
</tr>
<tr>
<td style="width: 180.0pt;">Market Capitalisation (US$m)</td>
<td style="text-align: right; width: 60pt;">      26,891.6</td>
</tr>
<tr>
<td style="width: 180.0pt;">Enterprise Value (HK$m)</td>
<td style="text-align: right; width: 60pt;">    199,039.3</td>
</tr>
<tr>
<td style="width: 180.0pt;">Enterprise Value (US$m)</td>
<td style="text-align: right; width: 60pt;">      25,639.2</td>
</tr>
</tbody></table><div class="content-caption">Source: Company Disclosures, Reuters, LSR (gross proceeds, market cap and EV are based on the midpoint of the IPO price of HK$66.69 per share, EV is after adjusting for net cash as of Sep 2020)</div>Read our previous insights on the company's IPO:<a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-poised-to-benefit-from-structural-changes-in-healthcare-in-china-and-the-pandemic" target="_blank" data-smartkarma-citation="insights:44220" rel="noopener">JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic</a> <a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-peer-comparison-reveals-jd-health-s-financials-are-stronger-than-competition" target="_blank" data-smartkarma-citation="insights:44876" rel="noopener">JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition</a> <a href="https://www.smartkarma.com/insights/jd-health-ipo-phip-data-re-affirms-our-positive-view-on-the-company" target="_blank" data-smartkarma-citation="insights:45425" rel="noopener">JD Health IPO: PHIP Data Re-Affirms Our Positive View on the Company</a>

JD Health (6618 HK) , the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. Reuters reported today that according to a term sheet obtained by them, JD Health is seeking to raise up to US$3.5bn by selling 381.9m shares at an indicative price range of HK$62.8-70.58 per share.The greenshoe option includes the sale of further 15% of the company’s shares which would raise the total IPO proceeds to about US$4bn. The initial size of the deal represents 12.2% of JD Health’s enlarged share capital and at the midpoint of the IPO price of HK$66.69 per share, the company will have a valuation of US$25.6bn.
JD Health International IPO Details

No. of Shares Issued (m)
381.9


IPO Price (HK$)
62.8-70.58


Offer as a % Total Outstanding Shares
12.20%


Total Shares Outstanding (m)
         3,130.3


Gross Proceeds (HK$m)
      25,468.9


Gross Proceeds (US$m)
         3,280.8


Market Capitalisation (HK$m)
    208,761.6


Market Capitalisation (US$m)
      26,891.6


Enterprise Value (HK$m)
    199,039.3


Enterprise Value (US$m)
      25,639.2

Source: Company Disclosures, Reuters, LSR (gross proceeds, market cap and EV are based on the midpoint of the IPO price of HK$66.69 per share, EV is after adjusting for net cash as of Sep 2020)Read our previous insights on the company's IPO:JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition JD Health IPO: PHIP Data Re-Affirms Our Positive View on the Company 

Ping An Healthcare and Technology (1833 HK)

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