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

Lufax IPO Valuation: The Risk-Reward Profile Does Not Justify the Premium

IFast 3Q2020 Results: Strong Earnings Momentum to Continue with New Business Initiatives

RemeGen IPO: Key Drugs Show Promising Potential

Genor Biopharma IPO: Strong Clinical Pipeline with Some Potential Blockbusters

Hygeia Healthcare IPO (Part II): Healthy Valuation

Hygeia Healthcare IPO (Part I): A Better Healthcare

ZTO Secondary: Entire Industry Expanding Capacity While Facing Pricing Pressure Is Not a Good Thing

Chindata IPO: Making Good Progress but Challenges Ahead

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

Established in 2016, <a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a> is a JV between Juno Therapeutics (Juno is indirectly owned by Bristol Myers Squibb) and Wuxi AppTec. The company is a leading clinical and pre-clinical stage cell therapy company in China focused on advanced cell-based immunotherapies.The company’s core product candidate, relma-cel is an autologous anti-CD19 CAR-T therapy for relapsed or refractory B-cell lymphoma, that is currently accepted for NMPA review and was granted priority review status in September 2020.The company has filed for an IPO on the Hong Kong Stock Exchange to raise about HK$2.14bn (US$276m) at the midpoint of the indicative IPO price range.The company has entered into cornerstone investment agreements with several investors including Rock Springs Capital and Four Pines Master Fund, Platinum Investment Management, Veritas Asset Management, etc. These cornerstone investors have agreed to subscribe for an aggregate amount of US$150m (approximately HK$1.17bn) worth of shares.In this insight, we take a look at the company’s drug candidates, core product relma-cel and its potential and the attractiveness of the company’s valuation based on future cashflows from relma-cel.

Established in 2016, JW Therapeutics (2126 HK) is a JV between Juno Therapeutics (Juno is indirectly owned by Bristol Myers Squibb) and Wuxi AppTec. The company is a leading clinical and pre-clinical stage cell therapy company in China focused on advanced cell-based immunotherapies.The company’s core product candidate, relma-cel is an autologous anti-CD19 CAR-T therapy for relapsed or refractory B-cell lymphoma, that is currently accepted for NMPA review and was granted priority review status in September 2020.The company has filed for an IPO on the Hong Kong Stock Exchange to raise about HK$2.14bn (US$276m) at the midpoint of the indicative IPO price range.The company has entered into cornerstone investment agreements with several investors including Rock Springs Capital and Four Pines Master Fund, Platinum Investment Management, Veritas Asset Management, etc. These cornerstone investors have agreed to subscribe for an aggregate amount of US$150m (approximately HK$1.17bn) worth of shares.In this insight, we take a look at the company’s drug candidates, core product relma-cel and its potential and the attractiveness of the company’s valuation based on future cashflows from relma-cel.

JW Therapeutics: Limited Upside from the Top End; Further Potential if Other Drugs Become Successful