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

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Tencent: Gradual Recovery in Earnings; Domestic Gaming to Resume Growth

JD Health: Lower Margin Direct Sales Biz Weighs Down Profitability

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 Bottom-Up

Sipai Health Technology / Equity Bottom-Up

<ul>
<li>Sipai Health Tech’s shares have been up more than 35% since its HKEx IPO in December 2022. Shares were priced at HK$18.6 a piece and are trading close to HK$33.55.</li>
<li>The company’s largest business segment commands very lower margins while high-margin insurance business is facing stiff competition with negligible contribution to consolidated earnings.</li>
<li>Closest peer Beijing Yuanxin Tech has applied for an IPO and Yuanxin’s deteriorating performance could have partly driven the current rally in Sipai’s share price since its IPO.</li>
</ul>


Sipai Health Tech’s shares have been up more than 35% since its HKEx IPO in December 2022. Shares were priced at HK$18.6 a piece and are trading close to HK$33.55.
The company’s largest business segment commands very lower margins while high-margin insurance business is facing stiff competition with negligible contribution to consolidated earnings.
Closest peer Beijing Yuanxin Tech has applied for an IPO and Yuanxin’s deteriorating performance could have partly driven the current rally in Sipai’s share price since its IPO.


Sipai Health Tech: Market Overreacts to a Mediocre Business