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

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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

Clover Biopharmaceuticals / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> has priced its IPO at HK$13.38 per share, marginally below (0.9%) the upper end of the IPO price range of HK$13.50 per share. At HK$13.38 per share, Clover raised net proceeds of approx. HK$1,870.2m at a market capitalisation of HK$15.5bn and a post-money enterprise value of HK$11.4bn. According to the company, both HK offering and the international offering were oversubscribed by approx. 4.40x and 3.21x respectively.Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022. The company plans to use approx. 65.0% of its net IPO proceeds for the research and development, manufacturing and commercialisation of the company’s core products and related products.In our previous two insights on the company’s IPO, we discussed its business, product candidates and their outlook and the valuation.

Clover Biopharmaceuticals (2197 HK) has priced its IPO at HK$13.38 per share, marginally below (0.9%) the upper end of the IPO price range of HK$13.50 per share. At HK$13.38 per share, Clover raised net proceeds of approx. HK$1,870.2m at a market capitalisation of HK$15.5bn and a post-money enterprise value of HK$11.4bn. According to the company, both HK offering and the international offering were oversubscribed by approx. 4.40x and 3.21x respectively.Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022. The company plans to use approx. 65.0% of its net IPO proceeds for the research and development, manufacturing and commercialisation of the company’s core products and related products.In our previous two insights on the company’s IPO, we discussed its business, product candidates and their outlook and the valuation.

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