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

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

Angelalign Technology IPO: No Misalignment

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

Recruit Holdings: Recovery in HR Tech but Other Segments Still Struggling

Tencent Music Announces US$1bn Buyback After Shares Dip Double-Digit

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

Freee 3Q Results: Strong Earnings Momentum Continues; Recent Drop in Multiples Offer a Good Entry

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" rel="noopener">Tencent Music (TME US)</a> reported its 1Q2021 results on Monday (17th May) which saw revenues growing 24.0% YoY to RMB7.8bn. TME’s operating profit for the quarter grew 11.8% YoY to RMB911m versus RMB815m for 1Q20. Despite OP increasing YoY in 1Q2021, OPM for the quarter dropped 90bps to 11.8%.The online music segment reported a 34.5% YoY increase in revenue during 1Q driven by growth in the number of paying users (+4.9m net adds in 1Q) which helped offset decline in average revenue per paying user (ARPPU).

Tencent Music (TME US) reported its 1Q2021 results on Monday (17th May) which saw revenues growing 24.0% YoY to RMB7.8bn. TME’s operating profit for the quarter grew 11.8% YoY to RMB911m versus RMB815m for 1Q20. Despite OP increasing YoY in 1Q2021, OPM for the quarter dropped 90bps to 11.8%.The online music segment reported a 34.5% YoY increase in revenue during 1Q driven by growth in the number of paying users (+4.9m net adds in 1Q) which helped offset decline in average revenue per paying user (ARPPU).

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