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

Shanghai Heartcare IPO: DCF Offers Decent Upside but Mind the Ongoing Lawsuit with Medtronic

Medlive IPO: Thoughts on First Day Trading

Zylox-Tonbridge IPO: DCF Valuation Offers Decent Upside to the Upper End

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

Shanghai HeartCare Medical Technology / Equity Capital Markets

Shanghai HeartCare Medical Technology (6609 HK)

<a href="https://www.smartkarma.com/entities/shanghai-heartcare-medical-technology-corporation-limited" target="_blank" data-smartkarma-citation="entities:32192:1" rel="noopener">Shanghai HeartCare Medical Technology (6609 HK)</a> is a neuro-interventional medical device company in China. The company’s product portfolio includes two core products Captor and LAA Occluder of which Captor received the NMPA approval in August 2020 and the company started commercialising the product in December 2020. On the other hand, LAA Occluder is an ischemic stroke prevention device, and the company expects to receive NMPA approval in 4Q2021 whereby they can commence sales in 2Q2022. The company’s LAA Occluder indicates better efficacy and safety compared to other products in the market.The company has priced its IPO at HK$171 per share, at the upper end of the IPO price range of HK$160-171 per share. At the above price, Medlive raised net proceeds of HK$1,014.8m (US$131.9m) at a market capitalisation of HK$5.40bn and a post-money enterprise value of HK$3.96bn.In our previous insight, we discussed our forecasts and valuation and our DCF based valuation offered price per share of HK$182.78 per share, which is 6.9% higher than the company’s final IPO price of HK$171 per share.

Shanghai HeartCare Medical Technology (6609 HK) is a neuro-interventional medical device company in China. The company’s product portfolio includes two core products Captor and LAA Occluder of which Captor received the NMPA approval in August 2020 and the company started commercialising the product in December 2020. On the other hand, LAA Occluder is an ischemic stroke prevention device, and the company expects to receive NMPA approval in 4Q2021 whereby they can commence sales in 2Q2022. The company’s LAA Occluder indicates better efficacy and safety compared to other products in the market.The company has priced its IPO at HK$171 per share, at the upper end of the IPO price range of HK$160-171 per share. At the above price, Medlive raised net proceeds of HK$1,014.8m (US$131.9m) at a market capitalisation of HK$5.40bn and a post-money enterprise value of HK$3.96bn.In our previous insight, we discussed our forecasts and valuation and our DCF based valuation offered price per share of HK$182.78 per share, which is 6.9% higher than the company’s final IPO price of HK$171 per share.

Zylox-Tonbridge Medical Technology (2190 HK)

Shanghai Heartcare IPO: Thoughts on First Day Trading