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

Shanghai Heartcare IPO: Strong Potential in Treating Strokes

Medlive IPO: Thoughts on First Day Trading

Xiaomi Beats Apple to Become No. 2 in the Global Smartphone Market in 2Q2021

Medlive Tech IPO (Part II): Further Room for Margin Expansion with Expanding Scale

LinkDoc Technology IPO: Big Data for Cancer Care

Medlive Tech IPO (Part I): Diversified Services and a Major Beneficiary of Digital Healthcare Market

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

Didi Chuxing IPO: Thoughts on First Day Trading

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

Medlive Technology / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (2192 HK)</a>  has announced the terms for its Hong Kong IPO where it plans to issue 155.1m shares at an indicative price range of HK$24.1-27.2 per share. At the midpoint of the IPO price range of HK$25.65 per share, Medlive will raise net proceeds of HK$3.8bn (US$485.3m) at a market capitalisation of HK$17.7bn and a post-money enterprise value of HK$13.8bn.<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 308.0pt;">Medlive Technology IPO Details</td></tr>
<tr>
<td style="width: 241.0pt;">No. of Shares Issued</td>
<td style="width: 67.0pt;">     155,096,000</td>
</tr>
<tr>
<td style="width: 241.0pt;">Price per Share (HK$)</td>
<td style="width: 67.0pt;">24.1-27.2</td>
</tr>
<tr>
<td style="width: 241.0pt;">Offer as a % of Outstanding Shares</td>
<td style="width: 67.0pt;">22.47%</td>
</tr>
<tr>
<td style="width: 241.0pt;">Total Shares Outstanding (m)</td>
<td style="width: 67.0pt;">690.2</td>
</tr>
<tr>
<td style="width: 241.0pt;">Net Proceeds (HK$m)</td>
<td style="width: 67.0pt;">3770.8</td>
</tr>
<tr>
<td style="width: 241.0pt;">Market Capitalisation (HK$m)</td>
<td style="width: 67.0pt;">            17,703.0</td>
</tr>
<tr>
<td style="width: 241.0pt;">Enterprise Value (HK$m)</td>
<td style="width: 67.0pt;">          13,755.41</td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption">Source: Company disclosures, LSR (net proceeds, market cap and EV are at the midpoint of the IPO price range)</div>Medlive has entered into cornerstone investment agreements with several investors for an aggregate of HK$1.7bn (US$220m) which will account for approx. 43% of the offer shares at the midpoint of the IPO pricing. These cornerstone investors include Fidelity Management &amp; Research (FMR/US$40m), Fidelity Investments (FIL/US$40m), Tencent Mobility (US$40m), GIC (US$40m), Matthew Funds (US$20m), Springhill (US$20m) and OrbiMed Funds (US$20m).Medlive plans to use approx. 40% of the net IPO proceeds on business expansion and user growth, approx. 30% of the proceeds on enhancing technological and R&amp;D capabilities and another 20% of the net proceeds on pursuing selected strategic investments or acquisition opportunities.

Medlive Technology (2192 HK)  has announced the terms for its Hong Kong IPO where it plans to issue 155.1m shares at an indicative price range of HK$24.1-27.2 per share. At the midpoint of the IPO price range of HK$25.65 per share, Medlive will raise net proceeds of HK$3.8bn (US$485.3m) at a market capitalisation of HK$17.7bn and a post-money enterprise value of HK$13.8bn.
Medlive Technology IPO Details

No. of Shares Issued
     155,096,000


Price per Share (HK$)
24.1-27.2


Offer as a % of Outstanding Shares
22.47%


Total Shares Outstanding (m)
690.2


Net Proceeds (HK$m)
3770.8


Market Capitalisation (HK$m)
            17,703.0


Enterprise Value (HK$m)
          13,755.41

Source: Company disclosures, LSR (net proceeds, market cap and EV are at the midpoint of the IPO price range)Medlive has entered into cornerstone investment agreements with several investors for an aggregate of HK$1.7bn (US$220m) which will account for approx. 43% of the offer shares at the midpoint of the IPO pricing. These cornerstone investors include Fidelity Management &amp; Research (FMR/US$40m), Fidelity Investments (FIL/US$40m), Tencent Mobility (US$40m), GIC (US$40m), Matthew Funds (US$20m), Springhill (US$20m) and OrbiMed Funds (US$20m).Medlive plans to use approx. 40% of the net IPO proceeds on business expansion and user growth, approx. 30% of the proceeds on enhancing technological and R&amp;D capabilities and another 20% of the net proceeds on pursuing selected strategic investments or acquisition opportunities.

Bluefocus Communication Group Co, Ltd. (300058 CH)

Medlive Technology IPO: Forecasts and Valuation