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

Oriental Land: Never Mind the Absurd Consensus, FY21 Guidance Also Looks Challenging

Oriental Land: Downside Risks Mount as Japan Considers Declaring a State of Emergency

Oriental Land: Over-Optimistic 4QFY21 Consensus

No Tourists and Park Closure Extended till April Due to COVID-19, Yet the Share Price Is Strong

Oriental Land: Consensus Over Optimistic On FY21

Oriental Land: Tokyo Disney Resorts Closed, The Tender Buyback Could Be Preventing a Further Decline

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/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, the operator of Tokyo Disney Resorts, is one of the worse affected in Japan from the COVID-19 crisis. However, the share price held up remarkably well despite 94.9% year-on-year revenue decline in 1Q to ¥6.1 billion, the lowest level in the past 20+ years. Quarterly operating loss was ¥15.6 billion. The operating loss would have been 135% higher without the ¥21.1 billion of personnel, outsourcing, D&amp;A and fixed asset tax expenses classified under extraordinary costs.Prior to Oriental Land's Q2 results release on 29th October, we update our view on Oriental Land’s business environment and the likelihood of meeting consensus estimates.

Oriental Land (4661 JP), the operator of Tokyo Disney Resorts, is one of the worse affected in Japan from the COVID-19 crisis. However, the share price held up remarkably well despite 94.9% year-on-year revenue decline in 1Q to ¥6.1 billion, the lowest level in the past 20+ years. Quarterly operating loss was ¥15.6 billion. The operating loss would have been 135% higher without the ¥21.1 billion of personnel, outsourcing, D&amp;A and fixed asset tax expenses classified under extraordinary costs.Prior to Oriental Land's Q2 results release on 29th October, we update our view on Oriental Land’s business environment and the likelihood of meeting consensus estimates.

Oriental Land: A Correction Possible with Q2 Results