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

Xiaomi 4Q: Good Results Despite a Challenging Environment

Ferretti IPO: Things Have Gotten Worse Since Previous Attempt to List in Milan

Ferretti IPO: Peer Comparison and Valuation

Tencent: Earnings Weakness Beginning to Show Up

Xiaomi: Market Share Gains Support Revenue Beat; Acquires Deepmotion to Focus on EVs

Bilibili: Mobile Games Resumes Growth; Losses Widening in 3Q Is in Line with Peers

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

<ul>
<li>Xiaomi’s revenue grew 8.2% YoY to RMB78.1bn (vs consensus RMB88.7bn) while reported OP decreased 59.2% YoY to RMB2.7bn (vs consensus RMB5.7bn) in 3Q2021. However, adjusted OP increased 45.4% YoY.</li>
<li>Revenue from smartphones increased only 0.5% YoY due to a 5.8% YoY decrease in smartphone shipments that were affected due to the ongoing chip shortage.</li>
<li>Xiaomi has provided an update on its EV initiative where it has currently built a team of over 500 and expects to launch mass production of smart EVs in 1H2024.</li>
</ul>


Xiaomi’s revenue grew 8.2% YoY to RMB78.1bn (vs consensus RMB88.7bn) while reported OP decreased 59.2% YoY to RMB2.7bn (vs consensus RMB5.7bn) in 3Q2021. However, adjusted OP increased 45.4% YoY.
Revenue from smartphones increased only 0.5% YoY due to a 5.8% YoY decrease in smartphone shipments that were affected due to the ongoing chip shortage.
Xiaomi has provided an update on its EV initiative where it has currently built a team of over 500 and expects to launch mass production of smart EVs in 1H2024.


Xiaomi 3Q2021: Chip Shortage Hits Smartphone Shipments; Apple Reclaims No.2 Position

Xiaomi Corp

Xiaomi 3Q2021: Chip Shortage Hits Smartphone Shipments; Apple Reclaims No.2 Position