Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>  share price has declined more than 50% over the last 12-months from HK$22.1 to HK$9.46.</li>
<li>In the meantime, the company’s earnings also have weakened with resurgence of Covid-19 in China alongside decline in demand for smartphones in Europe and other markets.</li>
<li>Xiaomi has entered into the premium smartphones segment which has negatively impacted the company’s margins due to aggressive expansion of offline stores.</li>
</ul>



Xiaomi Corp (1810 HK)  share price has declined more than 50% over the last 12-months from HK$22.1 to HK$9.46.
In the meantime, the company’s earnings also have weakened with resurgence of Covid-19 in China alongside decline in demand for smartphones in Europe and other markets.
Xiaomi has entered into the premium smartphones segment which has negatively impacted the company’s margins due to aggressive expansion of offline stores.


Xiaomi: Margins to Remain Under Pressure with Premiumisation and Investment in EV (Quantamental)

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Warner Music hired YouTube's Chief Business Officer Robert Kyncl as its new CEO, an impressive executive well positioned to expand music monetization to newer frontiers.</li>
<li>The stock has roundtripped its $25 June 2020 IPO price after doubling.</li>
<li>There is a compelling "comping the comp" catalyst path for 2023, as streaming revenues reaccelerate, and Kyncl renegotiates static licensing deals with Peloton, Tiktok, etc.</li>
</ul>


Warner Music hired YouTube's Chief Business Officer Robert Kyncl as its new CEO, an impressive executive well positioned to expand music monetization to newer frontiers.
The stock has roundtripped its $25 June 2020 IPO price after doubling.
There is a compelling "comping the comp" catalyst path for 2023, as streaming revenues reaccelerate, and Kyncl renegotiates static licensing deals with Peloton, Tiktok, etc.


Long Idea: Warner Music’s New CEO Could Prove a Catalyst

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In this note, we will run the deal through our ECM framework and talk about valuations.


Leapmotor IPO - Peers Recent Down Move Won’t Help

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.


Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Iridium Communications / Equity Bottom-Up

<ul>
<li>The announcement of Apple (AAPL) embedding satellite communications into its latest iPhone opens the door for Iridium Communications (IRDM) to benefit from competing handset makers in doing the same</li>
<li>The AAPL news establishes a business plan where service providers would not be threatened by phones bypassing their network.</li>
<li>IRDM has already been embedded in personal communication devices that have been widely popular the last couple of years</li>
</ul>


The announcement of Apple (AAPL) embedding satellite communications into its latest iPhone opens the door for Iridium Communications (IRDM) to benefit from competing handset makers in doing the same
The AAPL news establishes a business plan where service providers would not be threatened by phones bypassing their network.
IRDM has already been embedded in personal communication devices that have been widely popular the last couple of years


United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Xiaomi: Margins to Remain Under Pressure with Premiumisation and Investment in EV (Quantamental)

Our quantamental reveals Xiaomi's smartphone GPM is strongly correlated with sales volume. We expect margins to remain stressed due to...

Shifara Samsudeen, FCMA, CGMA

Long Idea: Warner Music’s New CEO Could Prove a Catalyst

Warner Music's hiring of YouTube Chief Business Officer Robert Kyncl is an intriguing hire well positioned to increase Warner's monetization in...

Aaron Gabin

Leapmotor IPO - Peers Recent Down Move Won’t Help

Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we run...

Sumeet Singh

CALB Pre-IPO - Thoughts on Valuation

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk about our earnings forecast and valuations estimates.

Sumeet Singh

IRDM: Smartphone Validation

The news yesterday from Apple (AAPL) embedding satellite connectivity within the iPhone validates IRDM's market positioning.

BWS Financial Inc

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