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: Could Lose Big from Growth to Value Rotation

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

Base Inc: The Long Tail May Not Be That Long

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>
<a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> is Japan’s equivalent of Shopify and helps individual sellers and small businesses to easily establish an e-commerce presence.</li>
<li>As of May 2021, BASE has helped over 1.6m individual sellers and small businesses to open e-commerce shops.</li>
<li>This small company from Japan took the attention of institutional investors during the March to October 2020 period as the COVID driven increase in e-Commerce penetration resulted in a 1700%+ increase in the company’s share price.</li>
<li>Slowing growth amidst increased marketing spending has resulted in a 72% decrease in the company’s share price from the October 2020 peak level. Nevertheless, we believe that there’s further downside to Base Inc as consensus remains too optimistic about Base Inc’s medium-term growth when there are obvious signs that say otherwise.</li>
</ul>



BASE Inc (4477 JP) is Japan’s equivalent of Shopify and helps individual sellers and small businesses to easily establish an e-commerce presence.
As of May 2021, BASE has helped over 1.6m individual sellers and small businesses to open e-commerce shops.
This small company from Japan took the attention of institutional investors during the March to October 2020 period as the COVID driven increase in e-Commerce penetration resulted in a 1700%+ increase in the company’s share price.
Slowing growth amidst increased marketing spending has resulted in a 72% decrease in the company’s share price from the October 2020 peak level. Nevertheless, we believe that there’s further downside to Base Inc as consensus remains too optimistic about Base Inc’s medium-term growth when there are obvious signs that say otherwise.


BASE Inc

Base Inc: Losing Its Base