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

First High-School Education IPO: High-Flyer

Bilibili Vs Huya:Strong Top Line Growth; Outspending Huya on Marketing-Reason for Absence of Profits

Kuaishou IPO Valuation: Attractive Valuation

Kuaishou (PHIP): Monetisation of Online Marketing and Others Help Offset Decline in Live Streaming

Kuaishou Pre-IPO: Strengthening Top Line and Ample Monetisation Opportunities

Kuaishou IPO: Stable Profits Seem Possible with Cost Discipline and Expanding Revenues

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

Yidu Tech IPO Valuation: Attractive at the Low-End but Superior Growth Profile Justifies the Premium

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

Kuaishou Technology / Equity Capital Markets

The Chinese short video and live streaming platform, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Beijing Kuaishou Technology Co Ltd (1496219D CH)</a>  has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company aims to raise up to US$5bn at a rumoured valuation of around US$50-60bn.In our previous insights on the company’s IPO, we examined the company’s business model, segments, financials and outlook. Refer the following extract from our previous insight:<div class="content-highlight">As we discussed in our previous insights, we remain positive on the company’s growth prospects. Though the company’s live streaming revenues show a slight decline in 3Q2020 compared to the same quarter last year, as the company stated we believe it was due to changes in the customer spending habits. As we highlighted in our previous insights, it seems that the company’s monetisation strategy has worked in favour where revenues from online marketing services and other services have grown rapidly during the period. The huge increase in the e-commerce GMV in fact proves that the company’s e-commerce business is rapidly expanding thereby contributing to the growth in the company’s top line. Our cost and margin analysis also shows that Kuaishou should start generating stable profits over the next few quarters</div>Kuaishou’s closest peer is ByteDance-owned Douyin, however, given Douyin’s financial statements are not publicly available and the company is not listed, we would be comparing the company against its peer <a href="https://www.smartkarma.com/entities/momo-inc" target="_blank" data-smartkarma-citation="entities:26075:1" rel="noopener">Momo Inc (MOMO US)</a> . (Only the financials of Momo platform).

The Chinese short video and live streaming platform, Beijing Kuaishou Technology Co Ltd (1496219D CH)  has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company aims to raise up to US$5bn at a rumoured valuation of around US$50-60bn.In our previous insights on the company’s IPO, we examined the company’s business model, segments, financials and outlook. Refer the following extract from our previous insight:As we discussed in our previous insights, we remain positive on the company’s growth prospects. Though the company’s live streaming revenues show a slight decline in 3Q2020 compared to the same quarter last year, as the company stated we believe it was due to changes in the customer spending habits. As we highlighted in our previous insights, it seems that the company’s monetisation strategy has worked in favour where revenues from online marketing services and other services have grown rapidly during the period. The huge increase in the e-commerce GMV in fact proves that the company’s e-commerce business is rapidly expanding thereby contributing to the growth in the company’s top line. Our cost and margin analysis also shows that Kuaishou should start generating stable profits over the next few quartersKuaishou’s closest peer is ByteDance-owned Douyin, however, given Douyin’s financial statements are not publicly available and the company is not listed, we would be comparing the company against its peer Momo Inc (MOMO US) . (Only the financials of Momo platform).

Kuaishou IPO: Broadly Outperforming Peers; Profits Should Materialise as Sales and Marketing Falls