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

Zhihu IPO Valuation: Attractive at the Lower End of the IPO Pricing

Xiaomi 4Q: Revenues Surge as Huawei Struggles but a Chip Shortage Could Hurt Top Line and Margins

Tencent 4Q: Solid Performance Across All Businesses Despite Ongoing Regulatory Concerns

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

Bilibili: Secondary Listing in HK Offers a Good Alternative to Kuaishou

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

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

Bairong IPO Valuation: Appealing Valuation

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-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a>  reported its 4Q2020 results on Monday (22nd March) after market which saw revenues growing 14.3% YoY to RMB8.3bn. Despite revenues growing YoY during the quarter, TME’s operating profit declined 5% YoY resulting in a 250bps drop in the company’s OPM. TME’s revenues for 4Q2020 were in line with consensus estimates, however, reported OP was 21.8% below consensus expectations.In our previous insights, we discussed the company’s business model, segments, revenue and margins in detail.<a href="https://www.smartkarma.com/insights/tme-secondary-listing-monetisation-efforts-in-social-entertainment-should-boost-top-line-growth" target="_blank" data-smartkarma-citation="insights:48830" rel="noopener">TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth</a> <a href="https://www.smartkarma.com/insights/tencent-music-secondary-unlikely-for-margins-to-expand-but-should-remain-stable-at-current-level" target="_blank" data-smartkarma-citation="insights:49034" rel="noopener">Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level</a>

Tencent Music (TME US)  reported its 4Q2020 results on Monday (22nd March) after market which saw revenues growing 14.3% YoY to RMB8.3bn. Despite revenues growing YoY during the quarter, TME’s operating profit declined 5% YoY resulting in a 250bps drop in the company’s OPM. TME’s revenues for 4Q2020 were in line with consensus estimates, however, reported OP was 21.8% below consensus expectations.In our previous insights, we discussed the company’s business model, segments, revenue and margins in detail.TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level 

TME 4Q Results: Strong Finish to 2020, Further Strengthens Partnerships and Focus on New Initiatives