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

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IFast’s Acquisition of BFC Bank: Improved AUA at the Cost of Short-Term Profitability

CyberAgent: Earnings Miss Consensus and No Guidance; Games Growth Is Worrying

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

Wanda Commercial Management Group / Equity Capital Markets

Wanda Commercial Management Group (1877881D CH)

<ul>
<li>Zhuhai Wanda is China’s largest commercial operation provider with a primary focus on malls. The company has filed for an IPO to list on the Hong Kong Stock Exchange.</li>
<li>Driven by growth in the number of malls it managed, Zhuhai Wanda has experienced strong revenue growth over the past three years.</li>
<li>Margins have come under pressure due to increase in the no. of malls under sublease model. With increased share of subleased malls, we expect margins to improve in the medium-term.</li>
</ul>


Zhuhai Wanda is China’s largest commercial operation provider with a primary focus on malls. The company has filed for an IPO to list on the Hong Kong Stock Exchange.
Driven by growth in the number of malls it managed, Zhuhai Wanda has experienced strong revenue growth over the past three years.
Margins have come under pressure due to increase in the no. of malls under sublease model. With increased share of subleased malls, we expect margins to improve in the medium-term.


Wanda Commercial IPO: Favourable Business Model but Highly Leveraged Parent Is a Concern