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

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

JD Logistics: Margins Sink as JDL Prioritises Market Share but Peer Margins Shrink Too in 1Q21

JD Logistics IPO Valuation: Implied Offer Multiples Are Not Cheap but Justifiable

GSX TechEdu: China Fines Online Tutoring Apps for Making Misleading Claims; Is GSX Next?

JD Logistics IPO: Financial Forecasts and Initial Thoughts on Rumoured US$40.0bn Valuation

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

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>  the leading online voice audio platform in China has filed for an IPO to raise about US$500m. 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.In our previous insight on the company’s IPO <a href="https://www.smartkarma.com/insights/ximalaya-ipo-diversified-revenue-channels-with-further-potential-to-monetise-users-and-content" target="_blank" data-smartkarma-citation="insights:51127" rel="noopener">Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content</a> , we examined Ximalaya’s business model, segment’s and its revenue streams. Refer the extract below from our previous insight:<div class="content-highlight">Ximalaya’s extensive audio content library and steadily growing user base has offered great opportunities to pursue further revenue growth. Given the online audio-based social platforms offer large monetisation opportunities, we expect the company’s top line to continue benefit from expanding revenue streams. The company has already ventured into several other areas to bring in revenues such as selling in-house developed IoT devices, e-commerce, education services, etc. The new businesses are still at their early stages of monetisation; however, we remain positive about the future prospects. The company is still exploring the monetisation methods and potential for its IoT and other platform MAUs and has not yet started offering paid products or service to generate from these users. As at the end of March 2021, there were about 146m MAUs of IoT and other platforms and monetisation of these IoT and other platform users should result in robust growth in Ximalaya’s revenues. We expect these new initiatives such as education services, IoT devices, e-commerce, etc. to drive Ximalaya’s future revenues</div>In this insight, we will be examining Ximalaya’s costs and margins.

Ximalaya (XIMA US)  the leading online voice audio platform in China has filed for an IPO to raise about US$500m. 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.In our previous insight on the company’s IPO Ximalaya IPO: Diversified Revenue Channels with Further Potential to Monetise Users and Content , we examined Ximalaya’s business model, segment’s and its revenue streams. Refer the extract below from our previous insight:Ximalaya’s extensive audio content library and steadily growing user base has offered great opportunities to pursue further revenue growth. Given the online audio-based social platforms offer large monetisation opportunities, we expect the company’s top line to continue benefit from expanding revenue streams. The company has already ventured into several other areas to bring in revenues such as selling in-house developed IoT devices, e-commerce, education services, etc. The new businesses are still at their early stages of monetisation; however, we remain positive about the future prospects. The company is still exploring the monetisation methods and potential for its IoT and other platform MAUs and has not yet started offering paid products or service to generate from these users. As at the end of March 2021, there were about 146m MAUs of IoT and other platforms and monetisation of these IoT and other platform users should result in robust growth in Ximalaya’s revenues. We expect these new initiatives such as education services, IoT devices, e-commerce, etc. to drive Ximalaya’s future revenuesIn this insight, we will be examining Ximalaya’s costs and margins.

シマラヤIPO（パートII）：中期的には利益率の改善は見込めない（クオンタメンタル）