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

Baidu Secondary Listing: At the Crossroads

Baidu Secondary: SOTP Offers Decent Upside with Conservative Assumptions

Tuya IPO Valuation: Market Leadership and China IoT Exposure Justify Expensive Multiples

Panasonic in Talks to Buy Blue Yonder; Supply Chain Management Likely to Be a Key Growth Driver

TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth

Bilibili Vs Huya:Strong Top Line Growth; Outspending Huya on Marketing-Reason for Absence of Profits

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

Tuya IPO: Growing Scale and Expanding IoT SaaS Revenue to Help Margin Expansion (Quantamental)

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

<a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a>  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. The company is said to be in the process of filing for a secondary listing on the Hong Kong Exchange and seeks to raise as much as US$5bn through the secondary listing. This is the Second of a series of reports on TME where we will be discussing the company’s margins in detail. In our previous insight, we examined the company’s business model, segments and revenues.We highlighted that TME continues to enhance its monetisation efforts in the social entertainment services segment and the online music service segment offers a steady flow of users for social entertainment business.

Tencent Music (TME US)  is the leading online music entertainment platform in China offering online music, online karaoke, and music-centric live streaming services. The company is said to be in the process of filing for a secondary listing on the Hong Kong Exchange and seeks to raise as much as US$5bn through the secondary listing. This is the Second of a series of reports on TME where we will be discussing the company’s margins in detail. In our previous insight, we examined the company’s business model, segments and revenues.We highlighted that TME continues to enhance its monetisation efforts in the social entertainment services segment and the online music service segment offers a steady flow of users for social entertainment business.

Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level