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

StubWorld: Keisei/Oriental Land, Doosan Corp/Doosan Heavy, Microport Scientific

StubWorld: Keisei Electric Gets Taken For A Ride

Keisei Electric: Needs to Draw Activists Fast

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.

Event-Driven

Keisei Electric Railway Co / Event-Driven

<p><a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is a familiar name among investors due to its strategic investment in the operator of the Tokyo Disney Resorts, <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>. However, the company generated around ¥30.0bn OP per annum (pre-COVD) mainly from the transportation business serving around 170.0m commuters in the east part of Tokyo, Chiba Prefecture, and Ibaraki Prefecture.</p><p>With a stub value of -¥614.5bn (Holdco net debt of ¥299.1bn) and a NAV discount of 61%, it seems that investors are failing to assign a fair valuation to Keisei Electric Railway’s unlisted assets (transportation and other businesses) that carry a valuation of close to ¥700.0bn on Keisei Electric’s balance sheet.</p>

Keisei Electric Railway Co (9009 JP) is a familiar name among investors due to its strategic investment in the operator of the Tokyo Disney Resorts, Oriental Land (4661 JP). However, the company generated around ¥30.0bn OP per annum (pre-COVD) mainly from the transportation business serving around 170.0m commuters in the east part of Tokyo, Chiba Prefecture, and Ibaraki Prefecture.With a stub value of -¥614.5bn (Holdco net debt of ¥299.1bn) and a NAV discount of 61%, it seems that investors are failing to assign a fair valuation to Keisei Electric Railway’s unlisted assets (transportation and other businesses) that carry a valuation of close to ¥700.0bn on Keisei Electric’s balance sheet.

Long Keisei Electric Railway/Short Oriental Land