Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

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

Intermestic Inc. wholesales and distributes optical goods. The Company sells eye glasses, sunglasses, cases, cleaners, frames, contact lens, eye glass accessories, and other related goods. Intermestic also operates import and export businesses.

<ul>
<li>The Japanese eyewear company <a href="https://www.smartkarma.com/entities/intermestic-inc" target="_blank" data-smartkarma-citation="entities:43929:1" rel="noopener">Intermestic (262A JP)</a> has set the terms for its Tokyo IPO and plans to raise US$121m through the IPO.</li>
<li>Our analysis shows that the company’s IPO is valued attractively compared to <a href="https://www.smartkarma.com/entities/jins-holdings-inc" target="_blank" data-smartkarma-citation="entities:12002:1" rel="noopener">JINS Inc (3046 JP)</a> , who offers eyewear at a similar price range to Intermestic.</li>
<li>Japanese eyewear makers who have aggressively expanded into overseas markets seems to be suffering from falling sales and margins, particularly in China due to economic slowdown.</li>
</ul>


The Japanese eyewear company Intermestic (262A JP) has set the terms for its Tokyo IPO and plans to raise US$121m through the IPO.
Our analysis shows that the company’s IPO is valued attractively compared to JINS Inc (3046 JP) , who offers eyewear at a similar price range to Intermestic.
Japanese eyewear makers who have aggressively expanded into overseas markets seems to be suffering from falling sales and margins, particularly in China due to economic slowdown.


Midea Group Co Ltd A / Equity Capital Markets

Midea Group CO., LTD manufactures, markets and installs household electrical appliances, compressors and components. Midea also provides services in information technology, corporate investment consultation, software and hardware development, property management and corporate engineering supports. Midea Group provides its products worldwide.

<ul>
<li>Midea debuted on HKEx on 17th September and shares last closed at HK$74.25 per share, up by about 35% compared to final HK offer price of HK$54.80 apiece.</li>
<li>We previously suggested that Midea’s HK offering was attractive as HK shares were priced at a 25% discount to its A-shares, and was at a discount to Haier Smart Homes.</li>
<li>The PBOC announced several measures to revive the housing market in the country which contributed to the recent rally in the China home appliance sector.</li>
</ul>


Midea debuted on HKEx on 17th September and shares last closed at HK$74.25 per share, up by about 35% compared to final HK offer price of HK$54.80 apiece.
We previously suggested that Midea’s HK offering was attractive as HK shares were priced at a 25% discount to its A-shares, and was at a discount to Haier Smart Homes.
The PBOC announced several measures to revive the housing market in the country which contributed to the recent rally in the China home appliance sector.


China Resources Beverage / Equity Capital Markets

China Resources Beverage Shenzhen manufactures and distributes non-alcoholic beverages. The Company produces black tea, milk tea, coffee, mineral water, vitamin drinks, and other beverages.

<ul>
<li>The Chinese drinking water and beverage maker, <a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (CRB HK)</a> has filed for an IPO on the HKEx to raise around US$1.0bn.</li>
<li>The company’s operations are heavily concentrated towards drinking water products where the market competition is intensifying leading into a price war.</li>
<li>CR Beverage’s margins are inferior compared to peer <a href="https://www.smartkarma.com/entities/nongfu-spring-co-ltd" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a> who has diversified into other beverage products from drinking water to grow its financials.</li>
</ul>


The Chinese drinking water and beverage maker, China Resources Beverage (CRB HK) has filed for an IPO on the HKEx to raise around US$1.0bn.
The company’s operations are heavily concentrated towards drinking water products where the market competition is intensifying leading into a price war.
CR Beverage’s margins are inferior compared to peer Nongfu Spring (9633 HK) who has diversified into other beverage products from drinking water to grow its financials.


CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers

Rigaku Holdings Corporation manufactures radiation equipment. The Company produces and distributes X-ray diffraction devices, thermal analysis devices, and other scientific instruments. Rigaku Holdings markets its products in Japan.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> provides cutting-edge analytical solutions centered on X-ray technology globally. The company is one of the largest players globally in X-ray diffraction instrument market.</li>
<li>The company has filed for an IPO on the Tokyo Stock Exchange and plans to raise proceeds of around US$900m from the IPO at a potential valuation of US$2bn.</li>
<li>In this insight, we discuss Rigaku’s business model, key drivers, financials and outlook for the company.</li>
</ul>



Rigaku Holdings (268A JP) provides cutting-edge analytical solutions centered on X-ray technology globally. The company is one of the largest players globally in X-ray diffraction instrument market.
The company has filed for an IPO on the Tokyo Stock Exchange and plans to raise proceeds of around US$900m from the IPO at a potential valuation of US$2bn.
In this insight, we discuss Rigaku’s business model, key drivers, financials and outlook for the company.


<ul>
<li>Japanese eyewear manufacturer and retailer, <a href="https://www.smartkarma.com/entities/intermestic-inc" target="_blank" data-smartkarma-citation="entities:43929:1" rel="noopener">Intermestic (262A JP)</a> has filed for an IPO on the Tokyo Stock Exchange and is planning to raise proceeds of $112m.</li>
<li>The company operates stores both domestically and internationally, and the company’s financials show strong improvement during the last few years.</li>
<li>Intermestic has not yet announced the terms for its IPO, and in this insight, we have discussed the company’s business models, outlook and financials.</li>
</ul>


Japanese eyewear manufacturer and retailer, Intermestic (262A JP) has filed for an IPO on the Tokyo Stock Exchange and is planning to raise proceeds of $112m.
The company operates stores both domestically and internationally, and the company’s financials show strong improvement during the last few years.
Intermestic has not yet announced the terms for its IPO, and in this insight, we have discussed the company’s business models, outlook and financials.


Intermestic IPO: A Proven Business Model with Improving Financials

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.

Shifara Samsudeen, ACMA, CGMA
Equity Analyst
• LightStream Research

Intermestic IPO: Forecasts and Valuation

Intermestic's IPO is valued attractively compared to peers. It seems that Japanese eyewear makers who expanded aggressively into overseas markets,...

Shifara Samsudeen, ACMA, CGMA

Midea HK Listing: Take Profit

Midea's shares are up 35% from its HK offer price. Policy measures by PBOC to revive the housing market have led to a rally in China home appliance...

Shifara Samsudeen, ACMA, CGMA

CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers

CR Beverage's operations are heavily concentrated towards drinking water products where the market competition is intensifying leading into a price...

Shifara Samsudeen, ACMA, CGMA

Rigaku Holdings IPO: Initial Thoughts

Rigaku, a global leader in scientific instruments based on X-ray technology, has filed for an IPO in Japan with plans to raise $900m at a...

Shifara Samsudeen, ACMA, CGMA

Intermestic IPO: A Proven Business Model with Improving Financials

Japanese eyewear company Intermestic has filed for an IPO on Tokyo Stock Exchange, aiming to raise $112m. The company has a distinct business...

Shifara Samsudeen, ACMA, CGMA

Intermestic IPO: Forecasts and Valuation

Intermestic's IPO is valued attractively compared to peers. It seems that Japanese eyewear makers who expanded aggressively into overseas markets,...

Shifara Samsudeen, ACMA, CGMA

Midea HK Listing: Take Profit

Midea's shares are up 35% from its HK offer price. Policy measures by PBOC to revive the housing market have led to a rally in China home appliance...

Shifara Samsudeen, ACMA, CGMA

CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers

CR Beverage's operations are heavily concentrated towards drinking water products where the market competition is intensifying leading into a price...

Shifara Samsudeen, ACMA, CGMA

Rigaku Holdings IPO: Initial Thoughts

​Rigaku, a global leader in scientific instruments based on X-ray technology, has filed for an IPO in Japan with plans to raise $900m at a...

Shifara Samsudeen, ACMA, CGMA

Intermestic IPO: A Proven Business Model with Improving Financials

​Japanese eyewear company Intermestic has filed for an IPO on Tokyo Stock Exchange, aiming to raise $112m. The company has a distinct business...

Shifara Samsudeen, ACMA, CGMA

Rigaku, a global leader in scientific instruments based on X-ray technology, has filed for an IPO in Japan with plans to raise $900m at a...

Japanese eyewear company Intermestic has filed for an IPO on Tokyo Stock Exchange, aiming to raise $112m. The company has a distinct business...