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

Tencent Holdings – Seinfeld-Ian Roadshow

Bilibili: Mobile Games Resumes Growth; Losses Widening in 3Q Is in Line with Peers

Riot Games – Arcane Topples Squid Game and Wave’s Virtual Justin Bieber

TME: Earnings Growth Slowing Down; Entertainment Under Pressure Due to Regulation and Competition

Tencent: Temporary Freeze of New Game Approvals to Further Impact Slowing Games Business

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported its 3Q2021 results today (10th November) which saw revenues grow 13.5% YoY to RMB142.3bn while adjusted OP for the quarter dropped 6.8% YoY to RMB28.4bn. </li>
<li>Reported revenues were 1.8% below consensus revenue of RMB145bn while reported operating profit (RMB53.1bn) was 30.1% higher than consensus OP of RMB40.85bn.</li>
<li>Tencent’s adjusted OPM hit an all-time low of 20.0% where the company reported on average a quarterly OPM of 25.8% since 1Q2016.</li>
</ul>



Tencent (700 HK) reported its 3Q2021 results today (10th November) which saw revenues grow 13.5% YoY to RMB142.3bn while adjusted OP for the quarter dropped 6.8% YoY to RMB28.4bn. 
Reported revenues were 1.8% below consensus revenue of RMB145bn while reported operating profit (RMB53.1bn) was 30.1% higher than consensus OP of RMB40.85bn.
Tencent’s adjusted OPM hit an all-time low of 20.0% where the company reported on average a quarterly OPM of 25.8% since 1Q2016.


Tencent: Earnings Weakness Beginning to Show Up