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

SenseTime: Shares Fall with Lock-Up Expiry; Further Downside with More Selling at the Next Expiry

Weilong Delicious IPO: Not Very Delicious

Tencent Fined for Violating Disclosure on Past Transactions; Anti-Monopoly Probe Is Far From Over

SenseTime IPO: The US Plans to Put SenseTime on Investment Blacklist

SenseTime Relaunches IPO Without US Investors and Higher Cornerstone Funding from the State

SenseTime Group IPO: Strong Top Line Growth but Profitability Remains a Concern

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

SenseTime Group  / Equity Capital Markets

<ul>
<li>SenseTime raised HK$5,552m at HK$3.85 per share, at the lower end of the IPO price range of HK$3.85-3.99 at a market cap and post-money EV of HK$128.1bn and HK$112.4bn respectively.</li>
<li>SenseTime delayed its IPO after it was included in a US investment blacklist and relaunched the IPO last week without the US investors and some additional disclosures to risk factors.</li>
<li>The HK offering was oversubscribed by 5.18x and the international offering by only 1.5x. We think the exclusion of US investors from the IPO led to poor international subscription.</li>
</ul>


SenseTime raised HK$5,552m at HK$3.85 per share, at the lower end of the IPO price range of HK$3.85-3.99 at a market cap and post-money EV of HK$128.1bn and HK$112.4bn respectively.
SenseTime delayed its IPO after it was included in a US investment blacklist and relaunched the IPO last week without the US investors and some additional disclosures to risk factors.
The HK offering was oversubscribed by 5.18x and the international offering by only 1.5x. We think the exclusion of US investors from the IPO led to poor international subscription.


SenseTime IPO: Thoughts on First Day Trading