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

China Communication Services: Lowest Exposure on Record

Kuaishou: Profitability to Improve Further with Monetisation of Overseas Business

CTG Duty-Free H-Share Listing: Thoughts on First Day Trading

Tencent: Excluded from 4th Batch of Game Approvals; Domestic Game Revenue to Drop Further

Tencent Looking to Raise Its Stake in Ubisoft at a Huge Premium

Meituan – Regulators Now Probing on Food Safety; Anti-Monopoly Crackdown Is Not Over Yet

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>  reported 2Q2022 results today. Revenue increased 3.1% YoY to RMB134.0bn (vs consensus RMB134.6bn) while reported OP for the quarter decreased 42.7% YoY to RMB30.bn (vs consensus RMB36.3bn).</li>
<li>Excluding interest income and gains, adjusted OP decreased 21.2% YoY to RMB23.7bn driven by drop in GPM across all three business segments.</li>
<li>Tencent also mentioned that news article regarding a possible stake sale of Meituan is inaccurate.</li>
</ul>



Tencent (700 HK)  reported 2Q2022 results today. Revenue increased 3.1% YoY to RMB134.0bn (vs consensus RMB134.6bn) while reported OP for the quarter decreased 42.7% YoY to RMB30.bn (vs consensus RMB36.3bn).
Excluding interest income and gains, adjusted OP decreased 21.2% YoY to RMB23.7bn driven by drop in GPM across all three business segments.
Tencent also mentioned that news article regarding a possible stake sale of Meituan is inaccurate.


Tencent

Tencent 2Q: Earnings Weaken Further