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

Hello IPO: Huge Fixed Cost for Bike Sharing Eating into Margins (Quantamental)

Tencent: Regulators Probe TME’s Previous Deals; The Battering Has Just Begun

Hoya: Strong Demand for EUV Blanks/HDD Drives Better Than Expected 4QFY21 Results

Grab: SOTP Suggests Steep Discount to Proposed SPAC Valuation

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

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

The State Administration for Market Regulation (SAMR) in China announced on Monday (26th April) that it has launched an antitrust probe on the country’s largest food delivery platform <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> . The antitrust investigation will focus on Meituan’s exclusive sales agreements with vendors to determine if Meituan has forced its merchants to pick the company’s platform as their exclusive distribution channel (known as Picking One from Two) after receiving complaints.Meituan has acknowledged that it has received the notice from SAMR and that the company will actively cooperate with the regulators.It all began when SAMR launched a probe on Alibaba over its suspected monopolistic practices in December last year. The investigation on Alibaba was concluded on 10th April and the company was fined RMB18.2bn for breaching anti-monopoly rules where investigations revealed that Alibaba was abusing its market dominance to prevent other merchants from using other platforms since 2015. Now the focus is shifting away from Alibaba to other internet stocks in the country.

The State Administration for Market Regulation (SAMR) in China announced on Monday (26th April) that it has launched an antitrust probe on the country’s largest food delivery platform Meituan (3690 HK) . The antitrust investigation will focus on Meituan’s exclusive sales agreements with vendors to determine if Meituan has forced its merchants to pick the company’s platform as their exclusive distribution channel (known as Picking One from Two) after receiving complaints.Meituan has acknowledged that it has received the notice from SAMR and that the company will actively cooperate with the regulators.It all began when SAMR launched a probe on Alibaba over its suspected monopolistic practices in December last year. The investigation on Alibaba was concluded on 10th April and the company was fined RMB18.2bn for breaching anti-monopoly rules where investigations revealed that Alibaba was abusing its market dominance to prevent other merchants from using other platforms since 2015. Now the focus is shifting away from Alibaba to other internet stocks in the country.

Meituan Becomes Target for China Antitrust Probe; More Downside Risks than Upside Going Forward