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

Suzhou Basecare Medical IPO Valuation: Attractive Even at the Upper End of the IPO Pricing

Joinn Laboratories IPO: Pioneer of Commercial GLP Laboratories in China Shows Promise

ORo 4Q2020 Results: Strong Finish to the Year and There Is a Buyback

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Freee: Our 2021 Conviction Pick Grew 50% in 2QFY06/21 and That Should Continue

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

Joinn Laboratories China  Lt / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> , the pioneer of commercial GLP laboratories in China has filed for a secondary listing to list its shares on the Hong Kong Stock Exchange. The company plans to issue 43.3m shares at an indicative IPO price range of HK$133-151 per share. At the above indicative price range, the company will raise net proceeds of HK$4.8-5.5bn (approx. US$625-710m). Joinn Laboratories shares are currently trading at RMB161.35 per share on the Shenzhen Stock Exchange (approx. HK$137 per share at an exchange rate of 0.83RMB/HK$).The company intends to use the above proceeds on expanding the service capacity of its Suzhou facilities, strengthen its operations in the US (Biomere), further strengthening and expanding its facility network and service capabilities and broaden and deepen the company’s integrated CRO service offerings.In our previous insight on the company’s IPO, we discussed Joinn Laboratories’ business model, segments and financials. Refer the extract below from our previous insight:<div class="content-highlight">China’s CRO market is expanding rapidly and Joinn Laboratories stands to benefit from being the market leader in China’s non-clinical drug safety assessment services industry. The company’s revenues have seen strong growth over the past 2-3 years and the company has taken several initiatives to expand its revenue base through the launch of new services and also expanding into overseas markets. Although the company’s gross margin has declined slightly, due to expanding revenues from non-drug safety assessment services, we expect the company’s GPM to improve in the medium-term with clinical trials and related services achieving more scale. We will discuss the company’s valuation and risks in a follow-up insight</div>

Joinn Laboratories China Co-A (603127 CH) , the pioneer of commercial GLP laboratories in China has filed for a secondary listing to list its shares on the Hong Kong Stock Exchange. The company plans to issue 43.3m shares at an indicative IPO price range of HK$133-151 per share. At the above indicative price range, the company will raise net proceeds of HK$4.8-5.5bn (approx. US$625-710m). Joinn Laboratories shares are currently trading at RMB161.35 per share on the Shenzhen Stock Exchange (approx. HK$137 per share at an exchange rate of 0.83RMB/HK$).The company intends to use the above proceeds on expanding the service capacity of its Suzhou facilities, strengthen its operations in the US (Biomere), further strengthening and expanding its facility network and service capabilities and broaden and deepen the company’s integrated CRO service offerings.In our previous insight on the company’s IPO, we discussed Joinn Laboratories’ business model, segments and financials. Refer the extract below from our previous insight:China’s CRO market is expanding rapidly and Joinn Laboratories stands to benefit from being the market leader in China’s non-clinical drug safety assessment services industry. The company’s revenues have seen strong growth over the past 2-3 years and the company has taken several initiatives to expand its revenue base through the launch of new services and also expanding into overseas markets. Although the company’s gross margin has declined slightly, due to expanding revenues from non-drug safety assessment services, we expect the company’s GPM to improve in the medium-term with clinical trials and related services achieving more scale. We will discuss the company’s valuation and risks in a follow-up insight

JOINN Laboratories IPO: Attractive Valuation; Overseas Expansion Should Open Up Room for LT Growth