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 Facing the Music; Ends Exclusive Music Licensing Deals

Ximalaya IPO (Part II): Unlikely for Margins to Improve in the Medium-Term (Quantamental)

Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content

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

<a href="https://www.smartkarma.com/entities/ximalaya-inc-2c0c15ff-2b5f-4d17-bb31-f33e3ae11b91" target="_blank" data-smartkarma-citation="entities:34265:1" rel="noopener">Ximalaya (XIM HK)</a> , a leading voice audio platform in China has filed for an IPO on the Hong Kong Stock Exchange after it suspended its plans of a US listing. The company filed for an IPO in the US in April this year, however, due to China’s regulatory crackdown on the country’s tech firms, particularly those who have sought for US listings, the company halted its plans of listing in the US. According to news media outlets, Ximalaya was planning to raise as much as US$500m through the IPO. According to CIC, Ximalaya was ranked the largest online audio platform in China in terms of average MAUs, total mobile listening time and total revenues in 2020.China is the world’s largest online audio market in terms of the number of online audio users. The online audio penetration rate (defined as mobile online audio MAU divided by total mobile internet MAU) in China is still below 20% compared to about 47% in the US. The online audio industry in China is forecasted to grow rapidly over the next few years driven by increasing supply of high-quality content, willingness to pay for content, rise of IoT and improving technologies.In our previous two insights, we discussed in detail the company’s business model, revenue drivers, margins and the outlook on the company. In this insight, we focus on the new data points on the company’s latest data filing.Read our previous two insights on Ximalaya:<a href="https://www.smartkarma.com/insights/ximalaya-ipo-diversified-revenue-channels-with-further-potential-to-monetise-users-and-content" target="_blank" data-smartkarma-citation="insights:51127" rel="noopener">Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content</a> <a href="https://www.smartkarma.com/insights/ximalaya-ipo-part-ii-unlikely-for-margins-to-improve-in-the-medium-term-quantamental" target="_blank" data-smartkarma-citation="insights:51329" rel="noopener">Ximalaya IPO (Part II): Unlikely for Margins to Improve in the Medium-Term (Quantamental)</a>

Ximalaya (XIM HK) , a leading voice audio platform in China has filed for an IPO on the Hong Kong Stock Exchange after it suspended its plans of a US listing. The company filed for an IPO in the US in April this year, however, due to China’s regulatory crackdown on the country’s tech firms, particularly those who have sought for US listings, the company halted its plans of listing in the US. According to news media outlets, Ximalaya was planning to raise as much as US$500m through the IPO. According to CIC, Ximalaya was ranked the largest online audio platform in China in terms of average MAUs, total mobile listening time and total revenues in 2020.China is the world’s largest online audio market in terms of the number of online audio users. The online audio penetration rate (defined as mobile online audio MAU divided by total mobile internet MAU) in China is still below 20% compared to about 47% in the US. The online audio industry in China is forecasted to grow rapidly over the next few years driven by increasing supply of high-quality content, willingness to pay for content, rise of IoT and improving technologies.In our previous two insights, we discussed in detail the company’s business model, revenue drivers, margins and the outlook on the company. In this insight, we focus on the new data points on the company’s latest data filing.Read our previous two insights on Ximalaya:Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content Ximalaya IPO (Part II): Unlikely for Margins to Improve in the Medium-Term (Quantamental) 

Ximalaya HKEx IPO: Better Disclosures, Absence of Education Services and Strong 1H2021 Results