Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, 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

SG Micro Corp. manufactures and distributes semiconductor products. The Company produces power supply monitoring and analog integrated circuits, translation chips, operational amplifiers, and other products. SG Micro supplies its products in phones, computers, digital cameras, automotive electronics, and other fields.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp" target="_blank" data-smartkarma-citation="entities:29768:1" rel="noopener">SG Micro (300661 CH)</a>  is a dominant Chinese analogue and mixed-signal developer with over 4,000 products and is called the Chinese equivalent of <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments (TXN US)</a> .</li>
<li>The company has filed for a listing on the HKEx and as per news media outlets, plans to raise around US$800m through the offering.</li>
<li>SG Micro’s top line has seen strong growth over the years while margins have remained stable. The industry is highly competitive and innovation is key to stay ahead of peers.</li>
</ul>



SG Micro (300661 CH)  is a dominant Chinese analogue and mixed-signal developer with over 4,000 products and is called the Chinese equivalent of Texas Instruments (TXN US) .
The company has filed for a listing on the HKEx and as per news media outlets, plans to raise around US$800m through the offering.
SG Micro’s top line has seen strong growth over the years while margins have remained stable. The industry is highly competitive and innovation is key to stay ahead of peers.


SG Micro Corp H-Share Listing: Early Thoughts

GO Inc. develops software products. The Company provides taxi data platforms, taxi dispatch systems, and more. GO offers its services in Japan.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> has set the IPO pricing at ¥2,350-2,400 per share, the secondary shareholders will raise ¥550m at a market cap and valuation of ¥184.4bn and ¥154bn respectively.</li>
<li>The company is the dominant player in the Japanese ride-hailing market which is underpenetrated. GO has seen strong revenue growth, improved profitability and strong cash flows.</li>
<li>We have compared the company against Uber, Lyft, Grab and GoTo and our analysis  suggests that the IPO is not very cheap.</li>
</ul>



GO (581A JP) has set the IPO pricing at ¥2,350-2,400 per share, the secondary shareholders will raise ¥550m at a market cap and valuation of ¥184.4bn and ¥154bn respectively.
The company is the dominant player in the Japanese ride-hailing market which is underpenetrated. GO has seen strong revenue growth, improved profitability and strong cash flows.
We have compared the company against Uber, Lyft, Grab and GoTo and our analysis  suggests that the IPO is not very cheap.


Go Inc. IPO: Peer Comparison and Valuation

<ul>
<li>Japan’s leading ride-hailing app <a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> has filed for an IPO on the TSE to list its shares and aims to raise around US$550m through a secondary offering.</li>
<li>The company is the dominant player in the underpenetrated Japanese ride-hailing market, and has seen strong revenue growth, improved profitability and strong cash flows.</li>
<li>GO’s extensive nationwide network in Japan has helped the company outperform its competitors Uber, S. RIDE and Didi.</li>
</ul>


Japan’s leading ride-hailing app GO (581A JP) has filed for an IPO on the TSE to list its shares and aims to raise around US$550m through a secondary offering.
The company is the dominant player in the underpenetrated Japanese ride-hailing market, and has seen strong revenue growth, improved profitability and strong cash flows.
GO’s extensive nationwide network in Japan has helped the company outperform its competitors Uber, S. RIDE and Didi.


Victory Giant Technology -A / Equity Capital Markets

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

<ul>
<li>Chinese PCB manufacturer for AI and High-performance computing, <a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> has announced the terms for its H-share offering and plans to raise around US$2.2bn.</li>
<li>Victory Giant’s shares are priced at a significant discount to its A-shares and our analysis suggests that implied valuation is cheap vs both domestic and global peers.</li>
<li>The company’s earnings have seen strong growth in the recent years highlighting its deepening presence in the rapidly growing AI and high-performance computing segments.</li>
</ul>


Chinese PCB manufacturer for AI and High-performance computing, Victory Giant Technology -A (300476 CH) has announced the terms for its H-share offering and plans to raise around US$2.2bn.
Victory Giant’s shares are priced at a significant discount to its A-shares and our analysis suggests that implied valuation is cheap vs both domestic and global peers.
The company’s earnings have seen strong growth in the recent years highlighting its deepening presence in the rapidly growing AI and high-performance computing segments.


Victory Giant H-Share Listing: High-Growth AI Player at a Compelling Discount

<ul>
<li>Chinese PCB manufacturer for AI and High-performance computing, <a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a>  has filed for an H-Share listing to raise around US$2bn.</li>
<li>The company’s earnings have seen strong growth in the recent years highlighting its deepening presence in the rapidly growing AI and high-performance computing segments.</li>
<li>The company’s share price has seen explosive growth in 2025 driven by its partnership with <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>  coupled with earnings improvement.</li>
</ul>


Chinese PCB manufacturer for AI and High-performance computing, Victory Giant Technology -A (300476 CH)  has filed for an H-Share listing to raise around US$2bn.
The company’s earnings have seen strong growth in the recent years highlighting its deepening presence in the rapidly growing AI and high-performance computing segments.
The company’s share price has seen explosive growth in 2025 driven by its partnership with NVIDIA Corp (NVDA US)  coupled with earnings improvement.


Victory Giant Tech H-Share Listing: First Look

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.