Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, 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

Lens Technology H-Share Listing: First Look

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Shift: Shift in Recruitment Policy Supports Margin Recovery; Further Upside

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>Backed by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> , <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> is a ride-hailing platform operating in China and has filed for an IPO on the HKEx to raise around US$237m.</li>
<li>The company’s revenues have seen significant growth with expanding into new cities, while it has managed to generated gross margins and reduce operating losses.</li>
<li>However, CaoCao’s balance sheet is highly leveraged with borrowings accounting for 1.77x of total assets and in dire need of cash to grow its business and repay debt.</li>
</ul>


Backed by Geely Auto (175 HK) , CaoCao (2643 HK) is a ride-hailing platform operating in China and has filed for an IPO on the HKEx to raise around US$237m.
The company’s revenues have seen significant growth with expanding into new cities, while it has managed to generated gross margins and reduce operating losses.
However, CaoCao’s balance sheet is highly leveraged with borrowings accounting for 1.77x of total assets and in dire need of cash to grow its business and repay debt.


CaoCao IPO: Improving Financials but In Need of Cash