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

Asia Growth Hits The Breaks, KOSE Tumbles 12.2%

Further Downside Is Possible As Kose Keeps Losing Ground in Japan

Japanese Cosmetics Pair Trade Opportunities As Japan Prepares to Declare a State of Emergency

Long Fancl/Short Kose: Kose’s Q2 Results As Expected, Now Waiting For Fancl to Come Through

Japan Cosmetics Pair Trade: Long Fancl/Short Kose

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

<a href="https://www.smartkarma.com/entities/kose-corp" target="_blank" data-smartkarma-citation="entities:18009:1" rel="noopener">Kose Corp (4922 JP)</a> delivered 3QFY21 results on 29th Friday with revenue and operating profit surpassing consensus estimates by 1.8% and 10.9% respectively. Kose's revenue declined just 5.6% YoY in 3QFY21, compared to 26.5% and 21.2% YoY in 1QFY21 and 2QFY21 respectively.The company’s 3QFY21 operating profit was ¥7.1bn, compared to ¥1.1bn in 1QFY21 and ¥2.9bn in 2QFY21. Travel Retail (TR) and E-Commerce (EC) continued to perform well with 46.3% and 34.3% YoY revenue growth in 3QFY21. (TR – 26.1% YoY in 1HFY21, EC – 52.5% YoY in 1HFY21)However, Kose lowered its FY21 revenue and OP guidance by 2.3% and 24.4% respectively, because of the new measures introduced to curtail the third wave of COVID-19.

Kose Corp (4922 JP) delivered 3QFY21 results on 29th Friday with revenue and operating profit surpassing consensus estimates by 1.8% and 10.9% respectively. Kose's revenue declined just 5.6% YoY in 3QFY21, compared to 26.5% and 21.2% YoY in 1QFY21 and 2QFY21 respectively.The company’s 3QFY21 operating profit was ¥7.1bn, compared to ¥1.1bn in 1QFY21 and ¥2.9bn in 2QFY21. Travel Retail (TR) and E-Commerce (EC) continued to perform well with 46.3% and 34.3% YoY revenue growth in 3QFY21. (TR – 26.1% YoY in 1HFY21, EC – 52.5% YoY in 1HFY21)However, Kose lowered its FY21 revenue and OP guidance by 2.3% and 24.4% respectively, because of the new measures introduced to curtail the third wave of COVID-19.

Kose: China and E-Commerce Propels Kose’s Performance Towards the Pre-Pandemic Level