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

JD Health: Minimal Impact from New Policy on Digital Healthcare

Nio: Difficult to Refute Most of Grizzly’s Allegations

Tencent: End of Another Quarter with No New Game Approval and Prosus Selling

Tencent 4Q2021: Disappointing Earnings but Expected

Ping An Health 2021 Results: Is Strategy 2.0 Continuum as Successful as Claimed?

JD Health: Strong Earnings but Regulatory Environment Remains a Concern

Gravity Works As WeWork Doesn't; Now Plan B

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

JD Health International  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> reported results on Monday. Revenue grew 60.7% YoY to RMB17.0bn (vs consensus RMB14.9bn) while OP losses expanded to RMB808m from RMB48m a year ago.</li>
<li>Similar to 1H2021, huge share-based payment expenses were the reason for increase in Operating losses, excl. these, JDH made a healthy OP of RMB1.8bn, an OPM of 10.4%.</li>
<li>JDH’s online healthcare business is still at an early stage and the company has taken several initiatives to explore more opportunities and capitalise on digital transformation in the healthcare sector.</li>
</ul>



JD Health (6618 HK) reported results on Monday. Revenue grew 60.7% YoY to RMB17.0bn (vs consensus RMB14.9bn) while OP losses expanded to RMB808m from RMB48m a year ago.
Similar to 1H2021, huge share-based payment expenses were the reason for increase in Operating losses, excl. these, JDH made a healthy OP of RMB1.8bn, an OPM of 10.4%.
JDH’s online healthcare business is still at an early stage and the company has taken several initiatives to explore more opportunities and capitalise on digital transformation in the healthcare sector.


JD Health 2H2021: Healthy Results with More Than 60% Top Line Growth