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

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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

After multiple delays, the book-building period for the <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> IPO started today (20th October 2021) at an offer price range of 60,000-90,000 won per share.Tightening regulations on fintech and internet platforms in South Korea has somewhat dampened the investor enthusiasm towards fintech and internet platforms. <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> have lost 17.7% and 7.2% of their respective market caps since Kakao Pay revised down its IPO price range by 4.8-6.3% to 60,000-90,000 won per share on 31st August 2021.Therefore, we are expecting subdued investor interest in the Kakao Pay IPO near the top end of the offer range. Nevertheless, we see value in Kakao Pay’s financial services business in the long term.

After multiple delays, the book-building period for the Kakao Pay (377300 KS) IPO started today (20th October 2021) at an offer price range of 60,000-90,000 won per share.Tightening regulations on fintech and internet platforms in South Korea has somewhat dampened the investor enthusiasm towards fintech and internet platforms. Kakao Corp (035720 KS) and Naver Corp (035420 KS) have lost 17.7% and 7.2% of their respective market caps since Kakao Pay revised down its IPO price range by 4.8-6.3% to 60,000-90,000 won per share on 31st August 2021.Therefore, we are expecting subdued investor interest in the Kakao Pay IPO near the top end of the offer range. Nevertheless, we see value in Kakao Pay’s financial services business in the long term.

Kakaopay

Kakao Pay IPO: Valuation