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

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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

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

China Tourism Group Duty Free Corp Ltd (601888 CH)

<ul>
<li>CTG Duty Free Group has filed for a HKEx listing and plans to raise net proceeds of US$1.98bn at the midpoint of the IPO price range of HK$143.5-165.5 per share.</li>
<li>The company’s indicative IPO price range is at a 27-37% discount to the company's last close of RMB194.75 per share.</li>
<li>In this insight, we discuss our key concerns on CTG’s financials and our thoughts on the company’s valuation.</li>
</ul>


CTG Duty Free Group has filed for a HKEx listing and plans to raise net proceeds of US$1.98bn at the midpoint of the IPO price range of HK$143.5-165.5 per share.
The company’s indicative IPO price range is at a 27-37% discount to the company's last close of RMB194.75 per share.
In this insight, we discuss our key concerns on CTG’s financials and our thoughts on the company’s valuation.


CTG Duty Free H-Share Listing: Not Even Attractive at the Lower End