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

Budweiser APAC IPO: Same Wolf But This Time in Sheep’s Clothing

Budweiser APAC IPO Valuation: A Differing View from Most Others

Strong Fundamentals: But Rumored $70b Valuation Is Beyond Our Imagination

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

Budweiser Brewing  APAC  / Equity Capital Markets

Budweiser APAC revealed the price range for its IPO today (17th Sept 2019) with sources saying that the company will start the marketing of 1.26bn shares at HK$27-HK$30 each. If successful, Ab InBev may receive about $4.4bn-$4.9bn which will help the company to further reduce its overwhelming debt burden, which the company managed to partially reduce through the sale of its Australian business.The new Budweiser APAC offering includes an overallotment option to sell up to 36.8% more shares. If fully subscribed the IPO proceeds including the overallotment option could raise up to $6.7bn of IPO proceeds.We covered the IPO from the beginning and the following insights clearly point out the reasoning behind the failure of Budweiser APAC’s initial IPO attempt.<ul>
<li><a href="https://www.smartkarma.com/insights/strong-fundamentals-but-rumored-70b-valuation-is-beyond-our-imagination" target="_blank" rel="noopener">Strong Fundamentals: But Rumored $70b Valuation Is Beyond Our Imagination</a></li>
<li><a href="https://www.smartkarma.com/insights/budweiser-apac-ipo-valuation-a-differing-view-from-most-others" target="_blank" rel="noopener">Budweiser APAC IPO Valuation: A Differing View from Most Others</a></li>
<li><a href="https://www.smartkarma.com/insights/asahi-to-acquire-ab-inbev-s-carlton-united-breweries-positive-for-asahi-not-so-for-ab-inbev" target="_blank" rel="noopener">Asahi to Acquire AB InBev’s Carlton &amp; United Breweries: Positive for Asahi Not so for AB InBev</a></li>
<li><a href="https://www.smartkarma.com/insights/budweiser-apac-ipo-same-wolf-but-this-time-in-sheep-s-clothing" target="_blank" rel="noopener">Budweiser APAC IPO: Same Wolf But This Time in Sheep’s Clothing</a></li>
</ul>

Budweiser APAC revealed the price range for its IPO today (17th Sept 2019) with sources saying that the company will start the marketing of 1.26bn shares at HK$27-HK$30 each. If successful, Ab InBev may receive about $4.4bn-$4.9bn which will help the company to further reduce its overwhelming debt burden, which the company managed to partially reduce through the sale of its Australian business.The new Budweiser APAC offering includes an overallotment option to sell up to 36.8% more shares. If fully subscribed the IPO proceeds including the overallotment option could raise up to $6.7bn of IPO proceeds.We covered the IPO from the beginning and the following insights clearly point out the reasoning behind the failure of Budweiser APAC’s initial IPO attempt.
Strong Fundamentals: But Rumored $70b Valuation Is Beyond Our Imagination
Budweiser APAC IPO Valuation: A Differing View from Most Others
Asahi to Acquire AB InBev’s Carlton &amp; United Breweries: Positive for Asahi Not so for AB InBev
Budweiser APAC IPO: Same Wolf But This Time in Sheep’s Clothing


Budweiser APAC IPO Valuation: Great Timing for Ab InBev Not So for Investors