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

Beijing 4Paradigm IPO: Strong Business Model and Impressive Growth Profile

Tencent – Fortnite Is Punching Out and You Should Too

Tencent 510 Rejection in Line with Call to Test 410 Macro Pivot

Tencent: Temporary Freeze of New Game Approvals to Further Impact Slowing Games Business

China Gaming Restrictions Redux – Market Seems to Be in Denial

Meituan Fined RMB3.44bn; Expect Short-Term Gains with Positive Shift in Sentiment

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

<p><a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> share price has seen an upward trend since 06<sup>th</sup> October 2021 and has gained about 11.0% since then. However, Tencent’s shares have lost about 35.3% since its peak of HK$766.5 in January this year, though shares saw some short-term gains here and there during this period. Though the recent rally in Tencent’s share price may seem like the negativity is over, we think the otherwise as we believe the ongoing regulatory crackdown on the Chinese tech sector will continue to impact Tencent’s earnings growth negatively. In August this year, Tencent’s shares had a positive rally due to a positive shift in sentiment (with government intervention to avoid a disorder and mass confusion) and the shares became further oversold.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/235/708/original/image_67168870321634527156991.png?1634527156" class="editor-image img-responsive" data-smartkarma-image-id="235708"></figure>

Tencent (700 HK) share price has seen an upward trend since 06th October 2021 and has gained about 11.0% since then. However, Tencent’s shares have lost about 35.3% since its peak of HK$766.5 in January this year, though shares saw some short-term gains here and there during this period. Though the recent rally in Tencent’s share price may seem like the negativity is over, we think the otherwise as we believe the ongoing regulatory crackdown on the Chinese tech sector will continue to impact Tencent’s earnings growth negatively. In August this year, Tencent’s shares had a positive rally due to a positive shift in sentiment (with government intervention to avoid a disorder and mass confusion) and the shares became further oversold.

Tencent

Tencent: Worst Is Not Over Yet