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

Tencent: Next Candidate for an Alibaba Style Split?

HRTech Sector Series: Market Continues to Evolve While Post Covid Growth Begins to Slow Down

Kuaishou 4Q2022E Preview: Continued Recovery in Earnings

Bilibili 4Q: Gaming to Drop Further with In-House Developed Strategy

Sipai Health Tech: Market Overreacts to a Mediocre Business

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>
<a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> reported 4Q2022 results yesterday. Revenue increased 15.8% YoY to RMB28.3bn (vs consensus RMB27.3bn) while reported operating losses narrowed to RMB1.24bn (vs consensus RMB1.7bn).</li>
<li>We forecasted Kuaishou’s revenue to increase by about 11.2% in 4Q2022, however, strong performance of Livestreaming and Online ad helped achieve better-than-expected results.</li>
<li>Domestic Business' OPM improved further with expanding overseas revenues and we expect Kuaishou’s profitability to continue to improve.</li>
</ul>



Kuaishou Technology (1024 HK) reported 4Q2022 results yesterday. Revenue increased 15.8% YoY to RMB28.3bn (vs consensus RMB27.3bn) while reported operating losses narrowed to RMB1.24bn (vs consensus RMB1.7bn).
We forecasted Kuaishou’s revenue to increase by about 11.2% in 4Q2022, however, strong performance of Livestreaming and Online ad helped achieve better-than-expected results.
Domestic Business' OPM improved further with expanding overseas revenues and we expect Kuaishou’s profitability to continue to improve.


Kuaishou: Strong Earnings Beat with Further Upside