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

Tencent: Earnings Beat Consensus; Falling User Growth and Game Revenue Growth Concerning

Angelalign Technology IPO: No Misalignment

Kuaishou: Online Ad Drives Top Line Growth; Margins to Remain Under Pressure with Overseas Expansion

TME: Strong 1Q Driven by Record Online Music User Adds; Shares Fall Amidst Regulatory Scrutiny

Baidu Secondary: SOTP Offers Decent Upside with Conservative Assumptions

Alibaba 4QFY21: Marketplace Margins Are Coming Down Hard & Cloud Loses a Big Customer

Recruit Holdings: Recovery in HR Tech but Other Segments Still Struggling

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

<a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>  announced 1Q2021 results on Tuesday (18th May) and this marked the company’s first results post its secondary listing on HKEx. Baidu’s revenue for the quarter grew 24.8% YoY to RMB28bn driven by a 34.2% YoY increase in revenue from Baidu Core. The company reported an operating profit of RMB2.8bn (an OPM 9.9%) whereas Baidu made operating losses of RMB437m in the same quarter a year ago due to the pandemic.Baidu’s 1Q revenues beat consensus estimates by 2.7% while reported operating profit for the quarter beat consensus by a huge 70.2% margin.

Baidu (BIDU US)  announced 1Q2021 results on Tuesday (18th May) and this marked the company’s first results post its secondary listing on HKEx. Baidu’s revenue for the quarter grew 24.8% YoY to RMB28bn driven by a 34.2% YoY increase in revenue from Baidu Core. The company reported an operating profit of RMB2.8bn (an OPM 9.9%) whereas Baidu made operating losses of RMB437m in the same quarter a year ago due to the pandemic.Baidu’s 1Q revenues beat consensus estimates by 2.7% while reported operating profit for the quarter beat consensus by a huge 70.2% margin.  

Baidu 1Q21: Post-Pandemic Recovery in Online Marketing and New Initiatives Drive Earnings Beat