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

Linklogis Post-IPO Trading & Valuation: Time to Get Out

Short Seller, Valiant Varriors Says Linklogis Is a Glorified Mortgage Broker

Linklogis IPO: Striking The Hottest Investment Trends – SaaS & Singapore Digital Banking

Linklogis IPO Valuation: Offer Multiples Are Not Cheap, Still Room For Upside on Trading Debut

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

<a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (LINK HK)</a> is an extremely attractive business, with a 63.9% revenue CAGR over the last two years alongside healthy operating margins of 14.3%, 20.0%, and 31.1% in 2018, 2019, and 2020 respectively. The company’s revenue model is predominantly a recurring revenue model, where customers are charged based on transaction value. Furthermore, Linklogis has an extremely high customer retention rate (100%, 91% and 99% in 2018, 2019 and 2020 respectively).At 15.5-17.4x FY+2 EV/Sales with a 35% revenue CAGR, Linklogis does not appear overly cheap compared to peer multiples (Ming Yuan Cloud: 16.8x FY+2 EV/Sales with 36% revenue CAGR, Weimob: 19.1x with 39% CAGR, Kingdee International: 13.2x with 24% CAGR, Snowflake: 35.3x with 73% CAGR, Cloopen: 12.6x with 36% CAGR, and OneConnect: 5.5x with 43% CAGR).The above EV/Sales exclude Linklogis’s exposure to Singapore Digital Banking, but once adjusted EV/Sales appear to be on the low side relative to peer multiples.

Linklogis (LINK HK) is an extremely attractive business, with a 63.9% revenue CAGR over the last two years alongside healthy operating margins of 14.3%, 20.0%, and 31.1% in 2018, 2019, and 2020 respectively. The company’s revenue model is predominantly a recurring revenue model, where customers are charged based on transaction value. Furthermore, Linklogis has an extremely high customer retention rate (100%, 91% and 99% in 2018, 2019 and 2020 respectively).At 15.5-17.4x FY+2 EV/Sales with a 35% revenue CAGR, Linklogis does not appear overly cheap compared to peer multiples (Ming Yuan Cloud: 16.8x FY+2 EV/Sales with 36% revenue CAGR, Weimob: 19.1x with 39% CAGR, Kingdee International: 13.2x with 24% CAGR, Snowflake: 35.3x with 73% CAGR, Cloopen: 12.6x with 36% CAGR, and OneConnect: 5.5x with 43% CAGR).The above EV/Sales exclude Linklogis’s exposure to Singapore Digital Banking, but once adjusted EV/Sales appear to be on the low side relative to peer multiples.

Linklogis IPO: Singapore Digital Banking Could Fetch Billions of Dollars in Valuation