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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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> , a leader in the neuro-and peripheral-vascular interventional devices in China has announced the indicative price range for its upcoming HKEx IPO. Zylox plans to issue 60m (approx. 18.6% of the outstanding shares post-IPO) shares at an indicative price range of HK$39.8-42.7 per share, and at the midpoint of the IPO price range of HK$41.25 per share, the company will raise net proceeds of HK$2.3bn (US$300m) at a market capitalisation of HK$13.3bn and a post-money enterprise value of HK$10.8bn.Zylox plans to use the net proceeds from its IPO on the ongoing development and commercialisation of its core products (37% of the net proceeds) and other five major products (11% of the net proceeds), developing the company’s other 38 products and pipeline products (40% of the net proceeds), upgrading the company’s R&amp;D facility (3%), on potential strategic acquisitions (4%) and on general corporate purposes.The company has entered into cornerstone investment agreements with several investors (existing and new investors) including Gaoling Fund (US$30m), Fidelity International (US$20m), Lake Bleu Prime (US$20m), Boyu Capital Opportunity Master Fund (US$16m) and AIHC Master Fund (US$16m) who have agreed to purchase an aggregate of US$145m worth of shares offered at the IPO (approx. 45.47% of the shares issued at the IPO at the midpoint of the price range).

Zylox-Tonbridge Medical Technology (2190 HK) , a leader in the neuro-and peripheral-vascular interventional devices in China has announced the indicative price range for its upcoming HKEx IPO. Zylox plans to issue 60m (approx. 18.6% of the outstanding shares post-IPO) shares at an indicative price range of HK$39.8-42.7 per share, and at the midpoint of the IPO price range of HK$41.25 per share, the company will raise net proceeds of HK$2.3bn (US$300m) at a market capitalisation of HK$13.3bn and a post-money enterprise value of HK$10.8bn.Zylox plans to use the net proceeds from its IPO on the ongoing development and commercialisation of its core products (37% of the net proceeds) and other five major products (11% of the net proceeds), developing the company’s other 38 products and pipeline products (40% of the net proceeds), upgrading the company’s R&amp;D facility (3%), on potential strategic acquisitions (4%) and on general corporate purposes.The company has entered into cornerstone investment agreements with several investors (existing and new investors) including Gaoling Fund (US$30m), Fidelity International (US$20m), Lake Bleu Prime (US$20m), Boyu Capital Opportunity Master Fund (US$16m) and AIHC Master Fund (US$16m) who have agreed to purchase an aggregate of US$145m worth of shares offered at the IPO (approx. 45.47% of the shares issued at the IPO at the midpoint of the price range).

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