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

Xiaomi: Market Share Gains Support Revenue Beat; Acquires Deepmotion to Focus on EVs

Xiaomi (1810 HK): 2Q21, Not Just Higher Growth, Margins Up in All Businesses

Bilibili: Mobile Games Decline and Losses Expand but Other Verticals Continue to Grow

Tencent: Weakening Online Games; Cautions Investors that More Regulatory Changes Are to Come

Kuaishou: Online Ad Drives Top Line Growth; Margins to Remain Under Pressure with Overseas Expansion

TME: Says Order on Music Rights Have Some Impact but User No’s and ARPPU Already Under Pressure

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 Chinese short-video and livestreaming platform <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> reported its 2Q2021 results today where revenues grew 48.8% YoY to RMB19.1bn (vs consensus revenue of RMB18.7bn) driven by strong growth in revenue from online marketing services. Kuaishou’s revenue from online marketing services continue to expand which now accounts for more than 50% (52.1% in 2Q2021) of the company’s consolidated revenues. Kuaishou’s core business of short-video livestreaming continues to decelerate where revenue from livestreaming declined 13.7% YoY during the quarter.The operating losses for the quarter increased to 37.7% of revenues to RMB7.2bn (vs consensus operating losses of RMB6.7bn) from 19.7% in 2Q2021 despite gross profit margins significantly expanding in 2Q2021.Kuaishou has not disclosed the number of paying users and ARPPU for its livestreaming segment, however, we managed to calculate the implied paying users and it was obvious that the paying users have declined during the quarter.

The Chinese short-video and livestreaming platform Kuaishou Technology (1024 HK) reported its 2Q2021 results today where revenues grew 48.8% YoY to RMB19.1bn (vs consensus revenue of RMB18.7bn) driven by strong growth in revenue from online marketing services. Kuaishou’s revenue from online marketing services continue to expand which now accounts for more than 50% (52.1% in 2Q2021) of the company’s consolidated revenues. Kuaishou’s core business of short-video livestreaming continues to decelerate where revenue from livestreaming declined 13.7% YoY during the quarter.The operating losses for the quarter increased to 37.7% of revenues to RMB7.2bn (vs consensus operating losses of RMB6.7bn) from 19.7% in 2Q2021 despite gross profit margins significantly expanding in 2Q2021.Kuaishou has not disclosed the number of paying users and ARPPU for its livestreaming segment, however, we managed to calculate the implied paying users and it was obvious that the paying users have declined during the quarter.

콰이쇼우: 라이브 스트리밍 계속 둔화, 손실 확대; 유료 사용자 수 공개 안 해