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 Capital Markets

Medlive Technology / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (MLT HK)</a>  is the largest online professional physician platform in China based on registered physician users in 2020 (Source: Frost &amp; Sullivan). The company generates revenues primarily through offering digital marketing services to pharmaceuticals and healthcare companies, research and education/learning content to physicians and internet hospital services to patients.Medlive has filed for an IPO to list its shares on the Hong Kong Stock Exchange and plans to raise proceeds of about US$500m. The company is backed by the Japanese healthcare and medical-related services platform M3.Medlive is well positioned to benefit from growing demand for digital healthcare marketing and digital healthcare education and information services in China driven by increased health awareness, technological advancements, prevalence of chronic conditions and favourable government policies.In this insight, we discuss in detail Medlive’s business model, segments, industry prospects and the company’s top line growth. In a follow-up insight, we will be discussing the company’s margins.

Medlive Technology (MLT HK)  is the largest online professional physician platform in China based on registered physician users in 2020 (Source: Frost &amp; Sullivan). The company generates revenues primarily through offering digital marketing services to pharmaceuticals and healthcare companies, research and education/learning content to physicians and internet hospital services to patients.Medlive has filed for an IPO to list its shares on the Hong Kong Stock Exchange and plans to raise proceeds of about US$500m. The company is backed by the Japanese healthcare and medical-related services platform M3.Medlive is well positioned to benefit from growing demand for digital healthcare marketing and digital healthcare education and information services in China driven by increased health awareness, technological advancements, prevalence of chronic conditions and favourable government policies.In this insight, we discuss in detail Medlive’s business model, segments, industry prospects and the company’s top line growth. In a follow-up insight, we will be discussing the company’s margins.

Medlive Tech IPO (Part I): Diversified Services and a Major Beneficiary of Digital Healthcare Market

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (MLT HK)</a> is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports.Medlive is a JV between <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> and Tiantian, each with 50% stakes. Medlive has been a consolidated subsidiary of M3, with M3 holding the right to nominate the majority of Medlive directors, but M3 will forego this right upon Medlive's listing. Also, upon listing, M3 will be deconsolidated (equity-method affiliate) from M3 financials. Digital healthcare marketing service providers focus on various aspects of the digital healthcare marketing market and have competitive advantages in different areas. For example, internet hospitals and pharmaceutical e-commerce platforms, such as <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>, have large consumer user bases for advertising and selling non-prescription drugs. Medlive believes that it can compete with these players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. <div class="content-highlight">Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. Overall, we believe that the Medlive IPO is worth a look. </div>For readers interested in IPOs of upcoming healthtech companies, we highlight: <a href="https://www.smartkarma.com/insights/linkdoc-technology-ipo-initiation-building-with-big-data" target="_blank" data-smartkarma-citation="insights:53384" rel="noopener">LinkDoc Technology IPO Initiation: Building with Big Data</a> <a href="https://www.smartkarma.com/insights/we-doctor-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:50009" rel="noopener">We Doctor IPO Initiation: Patient Revolution</a>

Medlive Technology (MLT HK) is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports.Medlive is a JV between M3 Inc (2413 JP) and Tiantian, each with 50% stakes. Medlive has been a consolidated subsidiary of M3, with M3 holding the right to nominate the majority of Medlive directors, but M3 will forego this right upon Medlive's listing. Also, upon listing, M3 will be deconsolidated (equity-method affiliate) from M3 financials. Digital healthcare marketing service providers focus on various aspects of the digital healthcare marketing market and have competitive advantages in different areas. For example, internet hospitals and pharmaceutical e-commerce platforms, such as Ping An Healthcare and Technology Company Limited (1833 HK) and JD Health (6618 HK), have large consumer user bases for advertising and selling non-prescription drugs. Medlive believes that it can compete with these players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. Overall, we believe that the Medlive IPO is worth a look. For readers interested in IPOs of upcoming healthtech companies, we highlight: LinkDoc Technology IPO Initiation: Building with Big Data We Doctor IPO Initiation: Patient Revolution 

Medlive Technology IPO Initiation: What's Up, Doc?

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" rel="noopener">Cyberagent Inc (4751 JP)</a> reported its 2QFY09/21 financial results after market closed on 28th. Both revenue and OP beat consensus by 14.6% and 114.7% respectively during the quarter.The company has revised its FY09/2021 forecasts upwards given that it has already reached its OP target for the year. Cyberagent’s gaming business released two new titles, which have allowed the company’s overall revenues and OP to hit an all-time high. The internet advertising business has also improved post-COVID and splitting ABEMA between its Free Business Unit and Premium Business Unit appears to have been a good move for the company.

Cyberagent Inc (4751 JP) reported its 2QFY09/21 financial results after market closed on 28th. Both revenue and OP beat consensus by 14.6% and 114.7% respectively during the quarter.The company has revised its FY09/2021 forecasts upwards given that it has already reached its OP target for the year. Cyberagent’s gaming business released two new titles, which have allowed the company’s overall revenues and OP to hit an all-time high. The internet advertising business has also improved post-COVID and splitting ABEMA between its Free Business Unit and Premium Business Unit appears to have been a good move for the company.

CyberAgent: Strong 2Q Results Driven by Gaming; Upward Revisions to Full-Year Forecasts

<a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>  reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for 4QFY03/21 grew 31.1% YoY while operating income for the quarter more than doubled to JPY15.5bn.For full-year FY03/21, m3’s revenue grew 29% YoY while operating profit for the year increased 69% YoY (+74% YoY on a comparable basis). Both revenue and OP for the year were a touch higher than consensus estimates.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/202/605/original/image_37571584521619393056990.png?1619393057" class="editor-image img-responsive" data-smartkarma-image-id="202605"></figure>

M3 Inc (2413 JP)  reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for 4QFY03/21 grew 31.1% YoY while operating income for the quarter more than doubled to JPY15.5bn.For full-year FY03/21, m3’s revenue grew 29% YoY while operating profit for the year increased 69% YoY (+74% YoY on a comparable basis). Both revenue and OP for the year were a touch higher than consensus estimates.

M3: Robust FY03/2021 Earnings Driven by Pandemic; Shares Are Still Expensive Even After Recent Drop

<a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>  reported its 3QFY03/2021 results on Friday (29th January 2021) which saw both revenues and OP increasing at 40.1% and 78.5% YoY during the quarter. The reported revenues and OP both beat consensus estimates by 8.6% and 20.5% respectively.We discuss the details below.

M3 Inc (2413 JP)  reported its 3QFY03/2021 results on Friday (29th January 2021) which saw both revenues and OP increasing at 40.1% and 78.5% YoY during the quarter. The reported revenues and OP both beat consensus estimates by 8.6% and 20.5% respectively.We discuss the details below.

M3 3Q Results: Strong Growth in Earnings Driven by Medical and Overseas Businesses

Japan

M3, Inc. supplies medical information services for doctors through the Internet. The Company also supports marketing of pharmaceutical companies and medical equipment manufacturers.

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M3 Inc (2413 JP)

Medlive Tech IPO (Part I): Diversified Services and a Major Beneficiary of Digital Healthcare Market

Medlive is well positioned to benefit from the growing demand for digital healthcare services in China.Covid-19 has further accelerated this demand...

Shifara Samsudeen, FCMA, CGMA

Medlive Technology IPO Initiation: What's Up, Doc?

Medlive is pre-marketing an HKEx IPO to raise around $500 million, according to press reports. The fundamentals are strong due to fast-paced...

Arun George

CyberAgent: Strong 2Q Results Driven by Gaming; Upward Revisions to Full-Year Forecasts

Cyberagent reported its 2QFY09/21 financial results after market. Both revenue and OP beat consensus by 14.6% and 114.7% respectively during the...

Shifara Samsudeen, FCMA, CGMA

M3: Robust FY03/2021 Earnings Driven by Pandemic; Shares Are Still Expensive Even After Recent Drop

M3 reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for 4QFY03/21 grew 31.1% YoY while operating income for...

Shifara Samsudeen, FCMA, CGMA

M3 3Q Results: Strong Growth in Earnings Driven by Medical and Overseas Businesses

M3 Inc. reported its 3QFY03/2021 results on Friday (29th January 2021) which saw both revenues and OP increasing at 40.1% and 78.5% YoY during the...

Shifara Samsudeen, FCMA, CGMA

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