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

Ximalaya IPO Preview - Creating the Joe Rogans of China

Ximalaya IPO (Part II): Unlikely for Margins to Improve in the Medium-Term (Quantamental)

Bilibili 1Q2021 Results: Value-Added Services and Advertising Drive Revenue Beat

Bilibili: Diversified Revenue Streams and Impressive Top Line Growth Justify Current Multiples

Kuaishou Pre-IPO: Strengthening Top Line and Ample Monetisation Opportunities

Waterdrop IPO: Attractive at the Lower End of the IPO Pricing

JD Logistics: Investment for Growth to Hurt Margins in the Medium-Term but Key to Long-Term Profits

Waterdrop IPO: Combining Insurance Brokerage with Charity

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

<a href="https://www.smartkarma.com/entities/ximalaya-inc" target="_blank" data-smartkarma-citation="entities:33232:1" rel="noopener">Ximalaya (XIMA US)</a>  a leading voice audio platform in China has filed for an IPO in the US and has a placeholder indication to raise about US$100m. According to news media outlets, Ximalaya could raise as much as US$500m through the IPO. According to CIC, Ximalaya was ranked the largest online audio platform in China in terms of average MAU, total mobile listening time and total revenues in 2020.China is the world’s largest online audio market in terms of the number of online audio users. The online audio penetration rate (defined as mobile online audio MAU divided by total mobile internet MAU) in China is still below 20% compared to about 47% in the US. The online audio industry in China is forecasted to grow rapidly over the next few years driven by increasing supply of high-quality content, willingness to pay for content, rise of IoT and improving technologies.Comprehensive online audio platforms such as Ximalaya (whose platform focuses on both content and interaction) are expected to enjoy strong growth and online audio platforms offer diverse monetisation streams such as membership subscription, advertising, virtual gifts in live streaming and education services.

Ximalaya (XIMA US)  a leading voice audio platform in China has filed for an IPO in the US and has a placeholder indication to raise about US$100m. According to news media outlets, Ximalaya could raise as much as US$500m through the IPO. According to CIC, Ximalaya was ranked the largest online audio platform in China in terms of average MAU, total mobile listening time and total revenues in 2020.China is the world’s largest online audio market in terms of the number of online audio users. The online audio penetration rate (defined as mobile online audio MAU divided by total mobile internet MAU) in China is still below 20% compared to about 47% in the US. The online audio industry in China is forecasted to grow rapidly over the next few years driven by increasing supply of high-quality content, willingness to pay for content, rise of IoT and improving technologies.Comprehensive online audio platforms such as Ximalaya (whose platform focuses on both content and interaction) are expected to enjoy strong growth and online audio platforms offer diverse monetisation streams such as membership subscription, advertising, virtual gifts in live streaming and education services.

Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content