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

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

Easyhome New Retail Group / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> formed a JV and a capital tie-up with <a href="https://www.smartkarma.com/entities/dufry-ag" target="_blank" data-smartkarma-citation="entities:22344:1" rel="noopener">Dufry AG (DUFN SW)</a> (an operator of more than 2,400 travel retail stores globally under several famous brands including Dufry and World Duty Free) in October last year. It shows that Alibaba is quite eager to capture a significant portion of the Chinese travel retail market.  Please refer: <a href="https://www.smartkarma.com/insights/alibaba-to-buy-10-of-dufry" target="_blank" rel="noopener">Alibaba to Buy 10% of Dufry</a> for details.</li></ul><ul>
<li><a href="https://www.smartkarma.com/entities/easyhome-new-retail-group-corporation-limited" target="_blank" data-smartkarma-citation="entities:15290:1" rel="noopener">Easyhome New Retail Group (000785 CH)</a> is a small Hypermarket chain in the home improvement, home furnishing, smart home and household products businesses and operates 416 chain stores and 706 franchised stores in 272 Chinese cities. Additionally, Easyhome operates a small finance business, which provides factoring, microfinance and financing guarantees mainly to its Hypermarket customers.</li>
<li>Alibaba is already the second-largest shareholder of Easyhome with 14.73% ownership share. Alibaba acquired Easyhome shares in February 2018 in a private market transaction. Easyhome was later listed on the Shenzhen Stock Exchange through a reverse merger with Wuhan Zhongnan Commercial Group.</li>
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Alibaba Group (9988 HK) formed a JV and a capital tie-up with Dufry AG (DUFN SW) (an operator of more than 2,400 travel retail stores globally under several famous brands including Dufry and World Duty Free) in October last year. It shows that Alibaba is quite eager to capture a significant portion of the Chinese travel retail market.  Please refer: Alibaba to Buy 10% of Dufry for details.
Easyhome New Retail Group (000785 CH) is a small Hypermarket chain in the home improvement, home furnishing, smart home and household products businesses and operates 416 chain stores and 706 franchised stores in 272 Chinese cities. Additionally, Easyhome operates a small finance business, which provides factoring, microfinance and financing guarantees mainly to its Hypermarket customers.
Alibaba is already the second-largest shareholder of Easyhome with 14.73% ownership share. Alibaba acquired Easyhome shares in February 2018 in a private market transaction. Easyhome was later listed on the Shenzhen Stock Exchange through a reverse merger with Wuhan Zhongnan Commercial Group.


Easyhome New Retail Group: Could Become a Key Piece of Alibaba’s Chinese Travel Retail Puzzle