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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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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a>, the market leader in instant noodles, biscuits, oyster sauce and drinking yogurt in the Philippines, has seen its US$1.0bn IPO get considerable traction among global long-only funds.</li>
<li>The subscription period for the IPO ends today (25th May 2021) and the offer (excluding cornerstone investors) was oversubscribed by around 5.4x as of 23rd May 2021, according to UBS, a joint lead bookrunner for the deal. The shares will start trading on 1st June 2021.</li>
<li>Subscriptions for the domestic retail portion of the IPO, which is about US$102.1m, could be weak considering that around 60% of the IPOs on the Philippines Stock Exchange were smaller than Monde Nissin’s domestic retail allotment.</li>
<li>Downside risks are limited as a lot of long-only investors seem to think that Monde Nissin is priced less than its intrinsic value at the IPO price.</li>
<li>We don’t think that Monde Nissin may pop like a similar IPO in Hong Kong or the US but it may be a good thing as shares might continue to attract long-only investors and remain less volatile following the IPO.</li>
</ul>



Monde Nissin Corp (0191881D PM), the market leader in instant noodles, biscuits, oyster sauce and drinking yogurt in the Philippines, has seen its US$1.0bn IPO get considerable traction among global long-only funds.
The subscription period for the IPO ends today (25th May 2021) and the offer (excluding cornerstone investors) was oversubscribed by around 5.4x as of 23rd May 2021, according to UBS, a joint lead bookrunner for the deal. The shares will start trading on 1st June 2021.
Subscriptions for the domestic retail portion of the IPO, which is about US$102.1m, could be weak considering that around 60% of the IPOs on the Philippines Stock Exchange were smaller than Monde Nissin’s domestic retail allotment.
Downside risks are limited as a lot of long-only investors seem to think that Monde Nissin is priced less than its intrinsic value at the IPO price.
We don’t think that Monde Nissin may pop like a similar IPO in Hong Kong or the US but it may be a good thing as shares might continue to attract long-only investors and remain less volatile following the IPO.


Monde Nissin Is Attracting a Lot of Long Only Funds