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

GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

Tencent: 4Q2021 Earnings to Soften with Decelerating Games Growth and Weak Ad Revenue

Recruit Buyback: An Attempt to Rescue Falling Share Price; Seems Like a Good Short

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Kuaishou 3Q2021: ARPPU and User Growth Point to Recovery in Live Streaming Earnings

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’s share price has climbed more than 20.0% YTD as the company has increased its focus on e-commerce while also narrowing down its costs.</li>
<li>The company opened its e-commerce store to local merchants in China including food delivery, healthcare, hospitality and entertainment ticketing.</li>
<li>According to news media outlets, the e-commerce GMV hit RMB650bn (US$102bn) in 2021 from RMB381bn in 2020. This figure is expected to go up to RMB900bn in 2022E.</li>
</ul>


Kuaishou’s share price has climbed more than 20.0% YTD as the company has increased its focus on e-commerce while also narrowing down its costs.
The company opened its e-commerce store to local merchants in China including food delivery, healthcare, hospitality and entertainment ticketing.
According to news media outlets, the e-commerce GMV hit RMB650bn (US$102bn) in 2021 from RMB381bn in 2020. This figure is expected to go up to RMB900bn in 2022E.


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

Kuaishou Technology

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