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

Zylox-Tonbridge IPO: DCF Valuation Offers Decent Upside to the Upper End

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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

Zylox-Tonbridge Medical Technology / Equity Capital Markets

Zylox-Tonbridge Medical Technology (2190 HK)

<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a>  offers a comprehensive portfolio of neuro-and peripheral-vascular interventional devices in China. Neurovascular disease is the leading cause of death in China which accounted for over 20% of the total mortality in 2019.According to Frost &amp; Sullivan, Zylox is the only domestic company that is developing a full suite of products for all five major neuro-vascular categories. In the peripheral-vascular interventional medical device space, the company has the most comprehensive product portfolio and with the most NMPA approvals among domestic players in China.In addition, the company is also the only domestic medical device company that has obtained CE Mark and commercialisced both neuro- and peripheral-vascular medical devices in Europe.Zylox has filed for an IPO to list its shares in Hong Kong and plans to raise net proceeds of HK$2.3bn (US$298m at the midpoint of the IPO price range) at an indicative IPO price range of HK$39.8-42.7 per share at a market capitalisation of HK$13.3bn.In this insight, we have discussed the company’s business model, core products and clinical pipeline, outlook and also the company’s financials. We will be discussing the company’s valuation in a follow-up insight.

Zylox-Tonbridge Medical Technology (2190 HK)  offers a comprehensive portfolio of neuro-and peripheral-vascular interventional devices in China. Neurovascular disease is the leading cause of death in China which accounted for over 20% of the total mortality in 2019.According to Frost &amp; Sullivan, Zylox is the only domestic company that is developing a full suite of products for all five major neuro-vascular categories. In the peripheral-vascular interventional medical device space, the company has the most comprehensive product portfolio and with the most NMPA approvals among domestic players in China.In addition, the company is also the only domestic medical device company that has obtained CE Mark and commercialisced both neuro- and peripheral-vascular medical devices in Europe.Zylox has filed for an IPO to list its shares in Hong Kong and plans to raise net proceeds of HK$2.3bn (US$298m at the midpoint of the IPO price range) at an indicative IPO price range of HK$39.8-42.7 per share at a market capitalisation of HK$13.3bn.In this insight, we have discussed the company’s business model, core products and clinical pipeline, outlook and also the company’s financials. We will be discussing the company’s valuation in a follow-up insight.

Zylox-Tonbridge IPO: Comprehensive Coverage, Proven Marketing and Core Products Show Good Potential