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

M3: Robust FY03/2021 Earnings Driven by Pandemic; Shares Are Still Expensive Even After Recent Drop

CyberAgent: Strong 2Q Results Driven by Gaming; Upward Revisions to Full-Year Forecasts

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

We Doctor Pre-IPO: Growing Scale and Expanding Revenues to Help Reach Profits

IFAST Comes Out Successful in HK’s EMPF Platform Project

IFast 4Q2020 Results: Higher AUA Growth Drives Strong Earnings

Tencent: Only Fintech Restructuring or Losing the Edge on WeChat User Data?

Zhaoke Opthalmology IPO Valuation: Overpriced

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

<p><a href="https://www.smartkarma.com/entities/ifast-corp-ltd" target="_blank" data-smartkarma-citation="entities:17798:1" rel="noopener">iFAST (IFAST SP)</a>  reported its 1Q2021 results on Thursday (22<sup>nd</sup> April) which saw revenues increasing 43.8% YoY while reported operating profit more than doubled to S$10.4m in 1Q2021 compared to SG$4.3m a year ago. The net revenue from B2B segment increased 30.7% YoY while net revenue from B2C segment grew 90.1% YoY during 1Q2021 driven by significant net inflows from clients in unit trusts (UTs). During the quarter, approx. 71% of net inflows of B2B clients came from UTs which contributed significantly to B2B net revenue growth.</p>

iFAST (IFAST SP)  reported its 1Q2021 results on Thursday (22nd April) which saw revenues increasing 43.8% YoY while reported operating profit more than doubled to S$10.4m in 1Q2021 compared to SG$4.3m a year ago. The net revenue from B2B segment increased 30.7% YoY while net revenue from B2C segment grew 90.1% YoY during 1Q2021 driven by significant net inflows from clients in unit trusts (UTs). During the quarter, approx. 71% of net inflows of B2B clients came from UTs which contributed significantly to B2B net revenue growth.

IFast 1Q21 Results: Strong Earnings Momentum Continues