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

TME – Miss on Revenue and Margins; Earnings Continue to Remain Under Pressure

TME: Earnings Growth Slowing Down; Entertainment Under Pressure Due to Regulation and Competition

TME 4Q Results: Earnings Continue to Weaken

Tencent 4Q2021: Disappointing Earnings but Expected

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>Several news media outlets report that ByteDance has launched a new music streaming service in China called Qishui Yinyue.</li>
<li>
<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> earnings have come under pressure with ending of exclusive music streaming licensing deals and increased regulatory pressure on its social entertainment biz.</li>
<li>We expect TME’s 1Q2022E earnings to decline further with increased competition and drop in social entertainment.</li>
</ul>


Several news media outlets report that ByteDance has launched a new music streaming service in China called Qishui Yinyue.

Tencent Music (TME US) earnings have come under pressure with ending of exclusive music streaming licensing deals and increased regulatory pressure on its social entertainment biz.
We expect TME’s 1Q2022E earnings to decline further with increased competition and drop in social entertainment.


TME – ByteDance’s Launch of Music Streaming App to Add Further Pressure on Earnings