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

Zhihu Secondary: There Is Upside Potential but Be Cautious

Meituan Aligns Itself with Common Prosperity Measures but What Will Happen to Profitability?

Didi – A Quick Look at Latest Results Before Delisting

Bilibili: All Things Point to Slowdown in Earnings Growth

TME 4Q Results: Earnings Continue to Weaken

Kuaishou: Livestreaming E-Commerce Expands and Losses to Narrow; Further Upside Seems Likely

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>Kuaishou reported 4Q2021 results yesterday. Revenue grew 35.0% YoY to RMB24.4bn (vs consensus RMB23.1bn) while operating losses for the quarter dropped to 23.7% of revenues to RMB5.8bn (vs consensus RMB5.72bn).</li>
<li>The company’s operating losses widened to 36.1% of revenues in 3Q2021 while revenue from livestreaming further declined during the last quarter.</li>
<li>In our previous insight, we highlighted Kuaishou’s cost cutting measures to help improve operating efficiency and forecasted operating losses to be in the range of 22-25% of revenues in 4Q2021</li>
</ul>


Kuaishou reported 4Q2021 results yesterday. Revenue grew 35.0% YoY to RMB24.4bn (vs consensus RMB23.1bn) while operating losses for the quarter dropped to 23.7% of revenues to RMB5.8bn (vs consensus RMB5.72bn).
The company’s operating losses widened to 36.1% of revenues in 3Q2021 while revenue from livestreaming further declined during the last quarter.
In our previous insight, we highlighted Kuaishou’s cost cutting measures to help improve operating efficiency and forecasted operating losses to be in the range of 22-25% of revenues in 4Q2021


Kuaishou 4Q2021: Strong Quarter with Recovery in Livestreaming and Improvement in Profitability

Kuaishou Technology

Kuaishou 4Q2021: Strong Quarter with Recovery in Livestreaming and Improvement in Profitability