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

GoTo May Not Be So Expensive, If You Own It Through Beenos

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Beenos Decides to Lock-In Profits from Incubator Investments

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a> is a relatively small cross border e-commerce and internet company from Japan with a consolidated GMV of ¥63.2bn in the last four quarters.</li>
<li>The company also runs an incubator platform to create new businesses and invest in startups in emerging regions such as India and South-East Asia.</li>
<li>At 1.3x FY+2 consolidated revenue and 8.2x FY+2 consolidated EBITDA, Beenos may not look exceedingly cheap compared to the internet companies in Japan. However, it is important to note that around 50% of Beenos’ market cap comes from minority investments under its incubator platform (not reflected in consolidated revenue and EBITDA) which effectively halves the above valuation multiples.</li>
<li>Moreover, Beenos has done some extremely successful investments under its incubator program over the years, including Tokopedia and the Indian car sales marketplace Droom. These two investments are expected to have their IPOs soon with significant unrealised gains to early-stage investors like Beenos.</li>
</ul>



Beenos Inc (3328 JP) is a relatively small cross border e-commerce and internet company from Japan with a consolidated GMV of ¥63.2bn in the last four quarters.
The company also runs an incubator platform to create new businesses and invest in startups in emerging regions such as India and South-East Asia.
At 1.3x FY+2 consolidated revenue and 8.2x FY+2 consolidated EBITDA, Beenos may not look exceedingly cheap compared to the internet companies in Japan. However, it is important to note that around 50% of Beenos’ market cap comes from minority investments under its incubator platform (not reflected in consolidated revenue and EBITDA) which effectively halves the above valuation multiples.
Moreover, Beenos has done some extremely successful investments under its incubator program over the years, including Tokopedia and the Indian car sales marketplace Droom. These two investments are expected to have their IPOs soon with significant unrealised gains to early-stage investors like Beenos.


Beenos: NAV Discount to Reach 46% Following GoTo & Droom Valuation Adjustments