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: Revenues Surge as Huawei Struggles but a Chip Shortage Could Hurt Top Line and Margins

Tencent 4Q: Solid Performance Across All Businesses Despite Ongoing Regulatory Concerns

JD Health 2020 Results: Strong Top Line Growth; Slight Decline in Margins Is Less of a Concern

TME 4Q Results: Strong Finish to 2020, Further Strengthens Partnerships and Focus on New Initiatives

Freee Secondary Offering: Recent Drop in Multiples Offer a Good Entry

Zhihu IPO: Searching for One-Hit Wonder Amidst Diversified Monetisation Channels

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

Zhihu Technology / Equity Capital Markets

The Chinese Q&amp;A inspired online community platform <a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a>  has set the terms for its IPO. The company plans to sell 55m ADS’ (two ADS’ represent one ordinary share of the company) at an indicative price range of US$9.5-11.5 per ADS. Concurrent with the company’s IPO, Zhihu also has entered into agreements with Alibaba, JD.com, Image Frame Investment (an affiliate of Tencent Holdings) and Lilith Games to sell approx. US$250m worth of ordinary shares of the company.At the midpoint of the above IPO pricing, Zhihu will raise approx. US$884.7m (assuming underwriters exercise their option) from the IPO as well as from the concurrent private placement. At the above IPO price range, Zhihu will have a market capitalisation of US$5.4-6.5bn and an enterprise value of US$4-5.2bn (after adjusting for net cash and net IPO proceeds assuming underwriters exercise their option).Zhihu plans to use the above net proceeds on developing its products and services, marketing and user growth, R&amp;D and other general corporate purposes.

The Chinese Q&amp;A inspired online community platform Zhihu Technology (ZH US)  has set the terms for its IPO. The company plans to sell 55m ADS’ (two ADS’ represent one ordinary share of the company) at an indicative price range of US$9.5-11.5 per ADS. Concurrent with the company’s IPO, Zhihu also has entered into agreements with Alibaba, JD.com, Image Frame Investment (an affiliate of Tencent Holdings) and Lilith Games to sell approx. US$250m worth of ordinary shares of the company.At the midpoint of the above IPO pricing, Zhihu will raise approx. US$884.7m (assuming underwriters exercise their option) from the IPO as well as from the concurrent private placement. At the above IPO price range, Zhihu will have a market capitalisation of US$5.4-6.5bn and an enterprise value of US$4-5.2bn (after adjusting for net cash and net IPO proceeds assuming underwriters exercise their option).Zhihu plans to use the above net proceeds on developing its products and services, marketing and user growth, R&amp;D and other general corporate purposes.

Zhihu IPO Valuation: Attractive at the Lower End of the IPO Pricing