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

Meituan: New Initiatives Continue to Heavily Weigh on Margins

Novotech Health IPO: Structural Tailwinds in the APAC Biotech CRO Market Offers LT Growth

Broncus Holdings IPO: Say No to Lung Diseases

Tencent: Weakening Online Games; Cautions Investors that More Regulatory Changes Are to Come

JD Health IPO Trading Update: Be Ready to Buy if It Drops Post Index Inclusion

JD Health 2020 Results: Strong Top Line Growth; Slight Decline in Margins Is Less of a Concern

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

<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 1H2021 results on Tuesday (24th August) which saw revenues growing 55.4% YoY to RMB13.6bn (vs consensus revenues of RMB9.4bn) driven primarily by the sale of pharmaceutical and healthcare products as a result of expansion in the number of user accounts.The company reported an operating loss for the period compared to an OPM of 4.5% in 1H2020. However, huge share-based payment expense during 1H2021 was the reason for the operating losses during the period and excluding these costs, JD Health made an OPM of 3.4% for 1H2021.JD Health’s shares have lost about 72% since mid-July with the ongoing regulatory overhaul in the Chinese tech sector and news surfacing about the government of China preparing to introduce new regulations to increase supervision of  prescription drugs sold through online platforms.

JD Health (6618 HK) reported 1H2021 results on Tuesday (24th August) which saw revenues growing 55.4% YoY to RMB13.6bn (vs consensus revenues of RMB9.4bn) driven primarily by the sale of pharmaceutical and healthcare products as a result of expansion in the number of user accounts.The company reported an operating loss for the period compared to an OPM of 4.5% in 1H2020. However, huge share-based payment expense during 1H2021 was the reason for the operating losses during the period and excluding these costs, JD Health made an OPM of 3.4% for 1H2021.JD Health’s shares have lost about 72% since mid-July with the ongoing regulatory overhaul in the Chinese tech sector and news surfacing about the government of China preparing to introduce new regulations to increase supervision of  prescription drugs sold through online platforms.

Ping An Healthcare and Technology (1833 HK)

JD Health: Strong Earnings but Regulatory Environment Remains a Concern