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

Yatsen IPO: Revenue Growth Comes at the Expense of Margins

Yatsen Holding IPO: Expensive Valuation Does Not Reflect the Fundamentals

JD Health IPO: PHIP Data Re-Affirms Our Positive View on the Company

Sony: Crunchyroll Acquisition to Strengthen Anime Content and Take on Rivals Netflix and Hulu

Jinke Smart Services IPO: Maintenance Secured

JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic

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

JD Health International  / Equity Capital Markets

<p>JD Health International, 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 and plans to raise around US$3bn through the IPO. In our previous insight on the company’s IPO, we examined the company’s business model, segments, financials and outlook. Refer the following extract from our previous insight:</p><div class="content-highlight"><p>Having analysed the company’s business model and its financials, we remain positive on the company’s future growth prospects. The online retail pharmaceutical and healthcare market is undergoing structural changes in China where the market is increasingly shifting towards digitisation. The Covid-19 outbreak has further accelerated this transition towards online channels, and we believe the company’s business is sustainable beyond Covid-19. JD Health launched its telehealth platform in December 2017, and we expect the telehealth business to drive part of the company’s future growth as people have become increasingly reluctant to visit hospitals and out-patient clinics with the outburst of the pandemic.</p></div><p>In this insight, we would be comparing JD Health against its peers Alibaba Health Information Technology and Ping An Healthcare Technology.</p>

JD Health International, 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 and plans to raise around US$3bn through the IPO. In our previous insight on the company’s IPO, we examined the company’s business model, segments, financials and outlook. Refer the following extract from our previous insight:Having analysed the company’s business model and its financials, we remain positive on the company’s future growth prospects. The online retail pharmaceutical and healthcare market is undergoing structural changes in China where the market is increasingly shifting towards digitisation. The Covid-19 outbreak has further accelerated this transition towards online channels, and we believe the company’s business is sustainable beyond Covid-19. JD Health launched its telehealth platform in December 2017, and we expect the telehealth business to drive part of the company’s future growth as people have become increasingly reluctant to visit hospitals and out-patient clinics with the outburst of the pandemic.In this insight, we would be comparing JD Health against its peers Alibaba Health Information Technology and Ping An Healthcare Technology.

JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition