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

Miniso to Increase Liquidity Via a Dual Primary Listing on HKEX

Miniso: Genuinely Undervalued & A Decent Long Hedge to Increase Short Exposure to Chinese E-Commerce

Miniso Dual Primary Listing: Positive on Momentum, Valuation and Acceleration of Global Expansion

MINISO’s Impending Lock-Up Expiry: A Chance to Accumulate More Shares

MINISO IPO Trading Update: More Upside Left, But Wait For Better Pricing Or Momentum

MINISO Deserves More Than The IPO Valuation

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

<p>After rallying 76% from the IPO price to US$ 35.21 per ADS during the first four months, <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> is currently trading 7.5% below the IPO price, primarily due to the negativity created by Beijing’s anti-monopoly and data security probes and efforts to clampdown domestic companies from listing their shares in overseas markets.</p>
<p>Considering the nature of Miniso’s business operations, we think it is unlikely that Miniso will face targeted regulatory action from the Chinese government, and therefore, we think the current dip in the share price presents an opportunity to own a high-quality company with long- term earnings growth potential.</p>

After rallying 76% from the IPO price to US$ 35.21 per ADS during the first four months, MINISO Group Holdings (MNSO US) is currently trading 7.5% below the IPO price, primarily due to the negativity created by Beijing’s anti-monopoly and data security probes and efforts to clampdown domestic companies from listing their shares in overseas markets.
Considering the nature of Miniso’s business operations, we think it is unlikely that Miniso will face targeted regulatory action from the Chinese government, and therefore, we think the current dip in the share price presents an opportunity to own a high-quality company with long- term earnings growth potential.

Miniso Slides 47% Amidst Beijing’s Clampdown on ADRs: Large Upside Possible Once the Dust Settles