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

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

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

Baidu Secondary Listing: At the Crossroads

Tuya IPO: Software Platform for the IoT Era

JD Logistics IPO: Margin Improvement Likely with Expanding External Revenues and Falling Costs

Cloopen Group IPO: Growing Demand for Cloud Communications and IoT in China to Drive Growth

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 Capital Markets

<p>Tuya provides an IoT cloud platform for smart devices and offers both Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to businesses and developers. The company has filed for an IPO to list its shares in the US and is expected to raise about US$1bn.</p><p>This is the Second of a series of reports on Tuya where we will be discussing the company’s margins. In our first report, we discussed Tuya’s business model, its segments, drivers and the outlook for the segments. Refer the extract below from our previous insight:</p><div class="content-highlight"><p><em>Having analysed Tuya’s revenues, we remain positive on the company’s top line growth. The IoT PaaS and IoT SaaS markets are at an early stage of development. IoT software spending in China was around US$21.5bn in 2019 and is forecasted to grow at a CAGR of 14.8% to US$42.9bn in 2024E. Most of the existing IoT solutions that are currently available lack comprehensive features needed for both IoT PaaS and SaaS. Given Tuya offers a full-suite of offerings, we believe the company is at a competitive edge over its peers</em></p></div>

Tuya provides an IoT cloud platform for smart devices and offers both Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to businesses and developers. The company has filed for an IPO to list its shares in the US and is expected to raise about US$1bn.This is the Second of a series of reports on Tuya where we will be discussing the company’s margins. In our first report, we discussed Tuya’s business model, its segments, drivers and the outlook for the segments. Refer the extract below from our previous insight:Having analysed Tuya’s revenues, we remain positive on the company’s top line growth. The IoT PaaS and IoT SaaS markets are at an early stage of development. IoT software spending in China was around US$21.5bn in 2019 and is forecasted to grow at a CAGR of 14.8% to US$42.9bn in 2024E. Most of the existing IoT solutions that are currently available lack comprehensive features needed for both IoT PaaS and SaaS. Given Tuya offers a full-suite of offerings, we believe the company is at a competitive edge over its peers

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

Tuya Inc

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