Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Base Inc: Shoppers Return to Offline, More Downside Left

Base Inc Bubble Is Still Far From Bursting

Base Inc: Splits Shares & Institutional Investors Are Taking Profits Amidst Slowing Growth

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

<p><a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> delivered 1Q21 results yesterday with revenue and gross profit growth of 99.0% and 103.2% YoY respectively. Further, the company managed to break even at the OP level in 1Q21 after an operating loss of ¥343m in 4Q20 through lowering SG&amp;A expenditure.</p>
<p>Base Inc maintained its 2021 guidance, even though it only managed to attain 21-23% and 22-23% of the annual revenue and gross profit guidance range respectively in 1Q21. With almost all metrices (except active EC shops) declining on a QoQ basis, Base Inc could find it tough to achieve the rest of the 77-79% of annual guidance in the remaining 3 quarters.</p>

BASE Inc (4477 JP) delivered 1Q21 results yesterday with revenue and gross profit growth of 99.0% and 103.2% YoY respectively. Further, the company managed to break even at the OP level in 1Q21 after an operating loss of ¥343m in 4Q20 through lowering SG&amp;A expenditure.
Base Inc maintained its 2021 guidance, even though it only managed to attain 21-23% and 22-23% of the annual revenue and gross profit guidance range respectively in 1Q21. With almost all metrices (except active EC shops) declining on a QoQ basis, Base Inc could find it tough to achieve the rest of the 77-79% of annual guidance in the remaining 3 quarters.

Base Inc: Could Lose Big from Growth to Value Rotation