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

Bukalapak IPO: Revenue Take Rate Moving Up, But Not Fast Enough

Bukalapak: Mitra Won’t Save The Day Any More

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

Bukalapak.com PT Tbk / Equity Capital Markets

Indonesian e-commerce unicorn, <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> kickstarted the book building process for its US$ 1.3-1.5bn IPO on the Indonesia Stock Exchange on 9th July 2021. The offer period is from 28th July to 30th July 2021 while the listing date is expected to be 6th August 2021.
Bukalapak operates in an area of e-commerce that’s not being the target of most mainstream players, allowing the company to maintain robust revenue growth. However, the prospects of making money serving that segment look rather bleak due to the lower profitability of the local mom-and-pop kiosks (warung) market.

Indonesian e-commerce unicorn, Bukalapak (BUKA IJ) kickstarted the book building process for its US$ 1.3-1.5bn IPO on the Indonesia Stock Exchange on 9th July 2021. The offer period is from 28th July to 30th July 2021 while the listing date is expected to be 6th August 2021.
Bukalapak operates in an area of e-commerce that’s not being the target of most mainstream players, allowing the company to maintain robust revenue growth. However, the prospects of making money serving that segment look rather bleak due to the lower profitability of the local mom-and-pop kiosks (warung) market.

Bukalapak IPO: Reaching Hard to Reach Areas but Prospects of Profitability Is Bleak