Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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 Bottom-Up

<ul>
<li>Despite expected increased demand from returning Asian tourists, Japanese cosmetics companies have been hesitant to revise their 2H 2023 inbound demand projections.</li>
<li>We are long <a href="https://www.smartkarma.com/entities/kose-corp" target="_blank" data-smartkarma-citation="entities:18009:1" rel="noopener">Kose Corp (4922 JP)</a>, <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a>, and <a href="https://www.smartkarma.com/entities/pola-orbis-holdings-inc" target="_blank" data-smartkarma-citation="entities:2287:1" rel="noopener">Pola Orbis Holdings (4927 JP)</a>, as consensus estimates look extra cautious and reasonable and appealing FY+2 valuation multiples.</li>
<li>We view the risk of Chinese consumers boycotting Japanese cosmetics due to Fukushima wastewater release as relatively low.</li>
</ul>


Despite expected increased demand from returning Asian tourists, Japanese cosmetics companies have been hesitant to revise their 2H 2023 inbound demand projections.
We are long Kose Corp (4922 JP), Shiseido Company (4911 JP), and Pola Orbis Holdings (4927 JP), as consensus estimates look extra cautious and reasonable and appealing FY+2 valuation multiples.
We view the risk of Chinese consumers boycotting Japanese cosmetics due to Fukushima wastewater release as relatively low.


Japanese Cosmetics Ready to Blossom with Asian Visitors

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>In response to media speculation, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> has clarified that Reinold Geiger, the Chairman and the largest shareholder, is contemplating a possible transaction through a voluntary general offer.</li>
<li>However, the rumoured offer of HK$35 per share is false. Mr Geiger has confirmed that the potential offer price would be no less than HK$26.00 per share.</li>
<li>The floor price of HK$26 is light and needs a bump (towards HK$30), particularly if Mr Geiger wants 95% of voting rights to exercise the right of compulsory acquisition (squeeze-out).</li>
</ul>


In response to media speculation, L'Occitane (973 HK) has clarified that Reinold Geiger, the Chairman and the largest shareholder, is contemplating a possible transaction through a voluntary general offer.
However, the rumoured offer of HK$35 per share is false. Mr Geiger has confirmed that the potential offer price would be no less than HK$26.00 per share.
The floor price of HK$26 is light and needs a bump (towards HK$30), particularly if Mr Geiger wants 95% of voting rights to exercise the right of compulsory acquisition (squeeze-out).


L’Occitane (973 HK): Board Updates on the Potential Offer Structure and Price

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>The moment of truth is here, the Chinese are finally coming back to Japan. </li>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is one of the biggest beneficiaries of increased tourist arrivals in Japan. </li>
<li>It is trading at 0.04 PEG, a very low valuation considering its potential for producing large growth rate. </li>
</ul>


The moment of truth is here, the Chinese are finally coming back to Japan. 

Keisei Electric Railway Co (9009 JP) is one of the biggest beneficiaries of increased tourist arrivals in Japan. 
It is trading at 0.04 PEG, a very low valuation considering its potential for producing large growth rate. 


Keisei Electric (9009): The Chinese Are Back.

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> rallied +27% in the first 6 months of 2023. 6 months closed up, July closed (barely) down. The index can rise further in Aug/Sep.</li>
<li>If August is down, a LONG opportunity: look at support prices between 32391 and 30600,  good probability to see the market going higher from there.</li>
<li>If rallying in August, Nikkei could rise between +1.73% (33745) and +3.29% (34265). Continuation of the rally into September could reach higher prices but will encounter resistance at +8.29% (35922).</li>
</ul>


The Nikkei 225 (NKY INDEX) rallied +27% in the first 6 months of 2023. 6 months closed up, July closed (barely) down. The index can rise further in Aug/Sep.
If August is down, a LONG opportunity: look at support prices between 32391 and 30600,  good probability to see the market going higher from there.
If rallying in August, Nikkei could rise between +1.73% (33745) and +3.29% (34265). Continuation of the rally into September could reach higher prices but will encounter resistance at +8.29% (35922).


EQD | Nikkei 225 (NKY) MONTHLY Trajectories

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Nasdaq and SOX Plunged overnight; Nasdaq on Tesla, Neflix; SOX on TSMC Sentiment;   Has something broken?  US Leading Index saying recession near; China deflationary pressures; Russia escalates war</li>
<li>JAPAN. NKY Futures -0.5% disc vs Cash; USDJPY 140.1;  Eyes on BOJ  but indications are no tweak;  Nidec turns it around - strong 1Q; Raft of BUY calls from Street. </li>
<li>NUGGET. Japanese companies are hiring IR professionals as they face greater scrutiny from shareholders, the TSE, and regulators. Positive development that we see as an offshoot of the governance code.</li>
</ul>


OVERSEAS. Nasdaq and SOX Plunged overnight; Nasdaq on Tesla, Neflix; SOX on TSMC Sentiment;   Has something broken?  US Leading Index saying recession near; China deflationary pressures; Russia escalates war
JAPAN. NKY Futures -0.5% disc vs Cash; USDJPY 140.1;  Eyes on BOJ  but indications are no tweak;  Nidec turns it around - strong 1Q; Raft of BUY calls from Street. 
NUGGET. Japanese companies are hiring IR professionals as they face greater scrutiny from shareholders, the TSE, and regulators. Positive development that we see as an offshoot of the governance code.


Ohayo Japan|Nasdaq, SOX Plunge-Did Something Finally Break?; NUGGET: In Demand in Japan - IR Talent

Japan

Shiseido Company, Limited manufactures cosmetic and toiletry products. The Company offers an array of makeup and skin-care products, toiletries, beauty salon, pharmaceuticals, foodstuffs, and fine chemicals.

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Shiseido Company (4911 JP)

Japanese Cosmetics Ready to Blossom with Asian Visitors

Japanese cosmetics companies were hesitant to revise their inbound demand projections despite expected increased demand from returning Asian...

Oshadhi Kumarasiri

L’Occitane (973 HK): Board Updates on the Potential Offer Structure and Price

Reinold Geiger is contemplating a possible transaction through a VGO at a floor offer price of HK$26. The floor price is light if Mr Geiger wants...

Arun George

Keisei Electric (9009): The Chinese Are Back.

The moment of truth is here, the Chinese are finally coming back to Japan. Keisei is one of the biggest beneficiaries of increased tourism in Japan.

Henry Soediarko

EQD | Nikkei 225 (NKY) MONTHLY Trajectories

MONTHLY Trend Pattern Analysis of the Nikkei 225 Index: after 6 months up in a row and +27% gains, where is the index going next? Find support...

Nico Rosti

Ohayo Japan|Nasdaq, SOX Plunge-Did Something Finally Break?; NUGGET: In Demand in Japan - IR Talent

US tech sell off; Has something broken ? NKY Futures -0.5% disc vs Cash; USDJPY 140.1; Eyes on BOJ but indications are no tweak; Nidec turns it...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Japanese Cosmetics Ready to Blossom with Asian Visitors

​Japanese cosmetics companies were hesitant to revise their inbound demand projections despite expected increased demand from returning Asian...

Oshadhi Kumarasiri

L’Occitane (973 HK): Board Updates on the Potential Offer Structure and Price

Reinold Geiger is contemplating a possible transaction through a VGO at a floor offer price of HK$26. The floor price is light if Mr Geiger wants...

Arun George

Keisei Electric (9009): The Chinese Are Back.

The moment of truth is here, the Chinese are finally coming back to Japan. Keisei is one of the biggest beneficiaries of increased tourism in Japan.

Henry Soediarko

EQD | Nikkei 225 (NKY) MONTHLY Trajectories

MONTHLY Trend Pattern Analysis of the Nikkei 225 Index: after 6 months up in a row and +27% gains, where is the index going next? Find support...

Nico Rosti

Ohayo Japan|Nasdaq, SOX Plunge-Did Something Finally Break?; NUGGET: In Demand in Japan - IR Talent

US tech sell off; Has something broken ? NKY Futures -0.5% disc vs Cash; USDJPY 140.1; Eyes on BOJ but indications are no tweak; Nidec turns it...

Mark Chadwick

Japanese cosmetics companies were hesitant to revise their inbound demand projections despite expected increased demand from returning Asian...