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

Tata Technologies IPO: Negatives Outweigh the Positives

ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

Vinfast: Stock Is in Free Fall; Still Expensive

Nio: Difficult to Refute Most of Grizzly’s Allegations

Leapmotor IPO: Thoughts on First Day Trading

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

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<ul>
<li>Several news media outlets reported that <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> had inflated its sales data for December 2022 based on distributor claims.</li>
<li>With China ending its new energy vehicle subsidy policy in 2022, EV makers were rushing to sell as many units as possible before embracing price hikes and face competition.</li>
<li>The company announced a price hike in January and sales volumes have declined in 1Q2023. We think the company will struggle to increase its sales volume going forward.</li>
</ul>


Several news media outlets reported that Leapmotor (9863 HK) had inflated its sales data for December 2022 based on distributor claims.
With China ending its new energy vehicle subsidy policy in 2022, EV makers were rushing to sell as many units as possible before embracing price hikes and face competition.
The company announced a price hike in January and sales volumes have declined in 1Q2023. We think the company will struggle to increase its sales volume going forward.


Zhejiang Leapmotor Technologie

Leapmotor: In Desperate Straits..