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

Angelalign Technology IPO: No Misalignment

Kuaishou: Online Ad Drives Top Line Growth; Margins to Remain Under Pressure with Overseas Expansion

Zhangmen Education IPO: Risks Outweigh the Very Few Positives

Tencent: Regulators Probe TME’s Previous Deals; The Battering Has Just Begun

Tencent: Only Fintech Restructuring or Losing the Edge on WeChat User Data?

Baidu 1Q21: Post-Pandemic Recovery in Online Marketing and New Initiatives Drive Earnings Beat

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

TME: Strong 1Q Driven by Record Online Music User Adds; Shares Fall Amidst Regulatory Scrutiny

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

<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 1Q21 results on Thursday (20th May) which saw revenues growing 25% YoY to RMB135.3bn (versus consensus revenue of RMB133.8bn) while operating profit (non-IFRS) increased 20% YoY to RMB42.8bn (IFRS OP of RMB56.3bn versus consensus OP of RMB42.8bn) during the quarter.Despite the ongoing regulatory concerns regarding the company’s fintech business, past M&amp;A deals and WeChat User data, Tencent’s businesses continued to see strong performance during 1Q. However, Tencent’s core online advertising revenue and its Weixin &amp; WeChat user growth are slowing down.

Tencent (700 HK)  reported 1Q21 results on Thursday (20th May) which saw revenues growing 25% YoY to RMB135.3bn (versus consensus revenue of RMB133.8bn) while operating profit (non-IFRS) increased 20% YoY to RMB42.8bn (IFRS OP of RMB56.3bn versus consensus OP of RMB42.8bn) during the quarter.Despite the ongoing regulatory concerns regarding the company’s fintech business, past M&amp;A deals and WeChat User data, Tencent’s businesses continued to see strong performance during 1Q. However, Tencent’s core online advertising revenue and its Weixin &amp; WeChat user growth are slowing down.

Tencent: Earnings Beat Consensus; Falling User Growth and Game Revenue Growth Concerning