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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zkh-group" target="_blank" data-smartkarma-citation="entities:36818:1" rel="noopener">ZKH Group (ZKH US)</a> is a leading MRO procurement service platform in China offering digital and fulfilment solutions for participants in the industry value chain.</li>
<li>The company has filed for an IPO to list its shares in the US and plans to raise about US$200-300m through the IPO.</li>
<li>Having analyzed the limited information available, we are indifferent on ZKH’s operating performance and would only recommend if shares are priced attractively</li>
</ul>



ZKH Group (ZKH US) is a leading MRO procurement service platform in China offering digital and fulfilment solutions for participants in the industry value chain.
The company has filed for an IPO to list its shares in the US and plans to raise about US$200-300m through the IPO.
Having analyzed the limited information available, we are indifferent on ZKH’s operating performance and would only recommend if shares are priced attractively


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zkh-group" target="_blank" data-smartkarma-citation="entities:36818:1" rel="noopener">ZKH Group (ZKH US)</a>, a leading MRO (maintenance, repair, and operations) procurement service platform in China, is pre-marketing an NYSE IPO to raise US$200-300 million.</li>
<li>The ZKH platform is for enterprise customers and the GBB platform is for micro businesses. Key backers include <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and Tiger Global.</li>
<li>The key elements of the bull case rest on large addressable markets, solid customer loyalty, improving gross margin, lower operating losses and a strong balance sheet.</li>
</ul>



ZKH Group (ZKH US), a leading MRO (maintenance, repair, and operations) procurement service platform in China, is pre-marketing an NYSE IPO to raise US$200-300 million.
The ZKH platform is for enterprise customers and the GBB platform is for micro businesses. Key backers include Tencent (700 HK) and Tiger Global.
The key elements of the bull case rest on large addressable markets, solid customer loyalty, improving gross margin, lower operating losses and a strong balance sheet.


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ZKH Group (ZKH US)

ZKH IPO: Neither Good nor Bad

ZKH is a leading MRO procurement service platform in China offering digital and fulfilment solutions. The company has filed for an IPO in the US...

Shifara Samsudeen, FCMA, CGMA

ZKH Group IPO: The Bull Case

The key elements of the bull case rest on large addressable markets, solid customer loyalty, improving gross margin, lower operating losses and a...

Arun George

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