Equity Analyst, LightStream Research

Farha Sabri

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 class="">
<li>The increasing popularity of video streaming services and diminishing demand for cable TV is causing a major shakeup in the US media industry. Video streaming services have become all the rage over the last decade with streaming giant  <a href="https://www.smartkarma.com/entities/20451" target="_blank" data-smartkarma-citation="entities:20451:1">Netflix Inc (NFLX US)</a> seeing the number of worldwide subscribers increasing 5x to 125 million subscribers from 2011 to 1Q2018.</li>
<li>This has led to a frenzy of mergers and acquisitions amongst leading media companies, to curb the setbacks caused by streaming giants and…</li>
</ul>


The increasing popularity of video streaming services and diminishing demand for cable TV is causing a major shakeup in the US media industry. Video streaming services have become all the rage over the last decade with streaming giant  Netflix Inc (NFLX US) seeing the number of worldwide subscribers increasing 5x to 125 million subscribers from 2011 to 1Q2018.
This has led to a frenzy of mergers and acquisitions amongst leading media companies, to curb the setbacks caused by streaming giants and…


Vertical Mergers Greenlit for US Media Companies; More Bids for Fox Acquisition?

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.

Comparing <a href="https://www.smartkarma.com/entities/26755" target="_blank" data-smartkarma-citation="entities:26755:1">iQIYI Inc (IQ US)</a> to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial metrics from <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings Ltd (700 HK)</a>. Tencent Video metrics disclosed in Tencent’s 1Q18 results on 16 May indicated that iQIYI is falling further behind because of :<ul>
<li>Tencent Video’s total revenue grew 75% YoY in 1Q18. In comparison, iQIYI’s total revenue grew 57% YoY.</li>
<li>All the main Chinese online video platforms are all moving gradually to a…</li>
</ul>

Comparing iQIYI Inc (IQ US) to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial metrics from Tencent Holdings Ltd (700 HK). Tencent Video metrics disclosed in Tencent’s 1Q18 results on 16 May indicated that iQIYI is falling further behind because of :
Tencent Video’s total revenue grew 75% YoY in 1Q18. In comparison, iQIYI’s total revenue grew 57% YoY.
All the main Chinese online video platforms are all moving gradually to a…


IQIYI: Falling Further Behind Tencent Video

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul><li>Management conference call reveals that <a href="https://www.smartkarma.com/entities/26755" target="_blank" data-smartkarma-citation="entities:26755:1">iQIYI Inc (IQ US)</a> sees itself as "Netflix Plus".</li><li>Our penetration rate analysis suggests that subs could grow by 30% CAGR next few years.</li><li>The path to profitability lies in higher ARPU/pricing power (and a larger scale to a smaller extent), and our projection is that IQ would post a small profit only in 2021.</li><li>IQ trades at 3.8x 2018 P/S, a 16% discount to its closest global comp, <a href="https://www.smartkarma.com/entities/26772" target="_blank" data-smartkarma-citation="entities:26772:1">Spotify Technology SA (SPOT US)</a>.  </li></ul>

Management conference call reveals that iQIYI Inc (IQ US) sees itself as "Netflix Plus".Our penetration rate analysis suggests that subs could grow by 30% CAGR next few years.The path to profitability lies in higher ARPU/pricing power (and a larger scale to a smaller extent), and our projection is that IQ would post a small profit only in 2021.IQ trades at 3.8x 2018 P/S, a 16% discount to its closest global comp, Spotify Technology SA (SPOT US).  

IQIYI: Is There A (Clear) Path to Profitability?

Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

If you have been an investor in <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it declared its numbers. But despite all the muted predictions including amongst other things (like the world domination aspirations from other smartphone manufacturers):<ul>
<li>pessimism around iPhone X sales</li>
<li>the narrative moving from a great product company to being a cash generating machine -its current cash reserve stands at $267.2bn, $160bn in net cash (which…</li>
</ul>

If you have been an investor in Apple Inc (AAPL US) this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it declared its numbers. But despite all the muted predictions including amongst other things (like the world domination aspirations from other smartphone manufacturers):
pessimism around iPhone X sales
the narrative moving from a great product company to being a cash generating machine -its current cash reserve stands at $267.2bn, $160bn in net cash (which…


Paradigm Shift: A Bigger Slice of Apple's Service Pie

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

With each passing day, Tesla's date with destiny draws closer. Bears have stayed away from the stock, and we can tell because some of the top growth investors do not own it. That means they are bearish because a growth investor bypassing Tesla is equivalent to a coffee aficionado going decaf.

With each passing day, Tesla's date with destiny draws closer. Bears have stayed away from the stock, and we can tell because some of the top growth investors do not own it. That means they are bearish because a growth investor bypassing Tesla is equivalent to a coffee aficionado going decaf.

Tesla Inc. - Prophets of Doom Could Be Blown to Smithereens by Conservative Accounting

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Vertical Mergers Greenlit for US Media Companies; More Bids for Fox Acquisition?

The increasing popularity of video streaming services and diminishing demand for cable TV is causing a major shakeup in the US media industry....

Farha Sabri

IQIYI: Falling Further Behind Tencent Video

Comparing iQIYI Inc (IQ US) to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial...

Arun George

IQIYI: Is There A (Clear) Path to Profitability?

Management conference call reveals that iQIYI Inc (IQ US) sees itself as "Netflix Plus". Our penetration rate analysis suggests that subs could...

Johannes Salim, CFA

Paradigm Shift: A Bigger Slice of Apple's Service Pie

If you have been an investor in Apple Inc (AAPL US) this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it...

Rohinee Sharma

Tesla Inc. - Prophets of Doom Could Be Blown to Smithereens by Conservative Accounting

With each passing day, Tesla's date with destiny draws closer. Bears have stayed away from the stock, and we can tell because some of the top...

ANTYA Investments

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