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

Lufax IPO: Shift in Product Mix and Higher Customer Acquisition Cost Eat into Profits

JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic

GDS Secondary: Quantamental Analysis Reveals Limited Room for Margin Expansion

JD Digits IPO: Leveraging the Chinese Consumer Credit Boom in a Non-Ant Way

MR DIY IPO: Inexpensive Valuation Compared to Peers Despite Better Growth Profile

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 Capital Markets

Lufax Holdings, one of the largest financial services platforms in China has filed for an IPO in the US. The Shanghai-headquartered firm offers personal lending for small business owners and salaried employees, as well as tailor-made wealth management solutions to China’s fast growing middle-class and affluent population.The company is backed by financial giant Ping An Group and is expected to raise up to US$3bn, and is rumored to be one of the biggest Chinese IPOs in the US since Alibaba’s US$25bn listing in the US in 2014.This is the First of a series of reports on Lufax Holding’s IPO and in this insight, we take a look at the company’s business model, sources of revenues and analysis on the company’s retail credit facilitation business (the core income generator for Lufax).

Lufax Holdings, one of the largest financial services platforms in China has filed for an IPO in the US. The Shanghai-headquartered firm offers personal lending for small business owners and salaried employees, as well as tailor-made wealth management solutions to China’s fast growing middle-class and affluent population.The company is backed by financial giant Ping An Group and is expected to raise up to US$3bn, and is rumored to be one of the biggest Chinese IPOs in the US since Alibaba’s US$25bn listing in the US in 2014.This is the First of a series of reports on Lufax Holding’s IPO and in this insight, we take a look at the company’s business model, sources of revenues and analysis on the company’s retail credit facilitation business (the core income generator for Lufax).

Lufax IPO: Unsecured Loans Drive Top Line Growth but Risks Remain Despite Capital-Light Model