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

Genor Biopharma IPO: Strong Clinical Pipeline with Some Potential Blockbusters

ZTO Express Secondary: Overvalued and More Expensive than Global Delivery Giants

GoodRx IPO: A Healthy Prescription for Strong Topline Growth and Profits

Boqii IPO: Another Pet Humanization Stock in a Booming Market Led by Large E-Commerce Platforms

Chindata IPO: Making Good Progress but Challenges Ahead

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 Capital Markets

ZTO Express Cayman  / Equity Capital Markets

The leading Chinese express delivery company, ZTO Express is looking to raise US$1.56bn (45m shares at a maximum offer price of US$34.58 per share) in its Hong Kong Secondary listing, following in the footsteps of a growing number of US-listed Chinese companies seeking for secondary listings.The company utilises a “network partner model” (referred as “Tongda operators”) where the mission-critical line-haul transportation and sorting within the express value chain is handled by the company itself, while the network partners operate the outlets that provide first-mile pickup and last-mile delivery services.We discuss the details below.

The leading Chinese express delivery company, ZTO Express is looking to raise US$1.56bn (45m shares at a maximum offer price of US$34.58 per share) in its Hong Kong Secondary listing, following in the footsteps of a growing number of US-listed Chinese companies seeking for secondary listings.The company utilises a “network partner model” (referred as “Tongda operators”) where the mission-critical line-haul transportation and sorting within the express value chain is handled by the company itself, while the network partners operate the outlets that provide first-mile pickup and last-mile delivery services.We discuss the details below.

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