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

MicroTech Medical IPO: Forecasts and Valuation

MicroTech Medical IPO: Thoughts on First Day Trading

Beijing 4Paradigm IPO: Strong Business Model and Impressive Growth Profile

Beijing Airdoc IPO: First Mover in Retina-Based Early Detection and Diagnosis

MicroPort MedBot IPO: Strong Suite of Surgical Robots Covering Fast-Growing Surgical Specialties

Abbisko IPO: Some Products Show Good Potential but Too Early to Assess Their Success

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

MicroTech Medical Hangzhou / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/microtech-medical-hangzhou-co-ltd" target="_blank" data-smartkarma-citation="entities:33367:1" rel="noopener">MicroTech Medical Hangzhou (2235 HK)</a> focuses on managing diabetes by providing diabetes treatment and diabetes monitoring medical devices in China and globally. The company has filed for an IPO on the Hong Kong Stock Exchange and plans to raise gross proceeds of about HK$1.8-1.98bn (US$226-254m) at an indicative price range of HK$27.7-31.1 per share.MicroTech’s core product, a semi-disposable patch insulin pump (known as Equil) is the only patch insulin pump available in China whereas the competitor products are tube insulin pumps. The company is also moving into the CGMS (Continuous Glucose Monitoring System) market which has high margins, and the company is expected to have first-mover advantage in the Chinese diabetic market for CGMS. Equil and CGMS are yet to receive approval for child and adolescent use (currently approved for adult use only) which should expand the company’s target patient population.The monitoring, treatment and management of diabetes via patch insulin pumps and CGMS products is relatively new in China where the diabetic market in China has a variety of treatment options.In this insight, we examine the company’s business model, core products and pipeline, financials and the outlook for its products. We will discuss the company’s valuation in a follow-up insight.

MicroTech Medical Hangzhou (2235 HK) focuses on managing diabetes by providing diabetes treatment and diabetes monitoring medical devices in China and globally. The company has filed for an IPO on the Hong Kong Stock Exchange and plans to raise gross proceeds of about HK$1.8-1.98bn (US$226-254m) at an indicative price range of HK$27.7-31.1 per share.MicroTech’s core product, a semi-disposable patch insulin pump (known as Equil) is the only patch insulin pump available in China whereas the competitor products are tube insulin pumps. The company is also moving into the CGMS (Continuous Glucose Monitoring System) market which has high margins, and the company is expected to have first-mover advantage in the Chinese diabetic market for CGMS. Equil and CGMS are yet to receive approval for child and adolescent use (currently approved for adult use only) which should expand the company’s target patient population.The monitoring, treatment and management of diabetes via patch insulin pumps and CGMS products is relatively new in China where the diabetic market in China has a variety of treatment options.In this insight, we examine the company’s business model, core products and pipeline, financials and the outlook for its products. We will discuss the company’s valuation in a follow-up insight.

MicroTech IPO: Strong Product Portfolio; Small Demand Compared to Other Diabetes Treatment Options