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

Oriental Land: Over-Optimistic 4QFY21 Consensus

Oriental Land: A Correction Possible with Q2 Results

Oriental Land: Consensus Over Optimistic On FY21

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

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 the Tokyo Disney Resorts, released its second-quarter results on 29th October 2020. As theme parks and hotels remained operational (with capacity restrictions) throughout the entire quarter, revenue declined by just 58.6% YoY, compared to 94.9% in Q1. The second-quarter operating loss was ¥8.5 billion compared to ¥15.6 billion in the first quarter.In the first quarter, Oriental Land classified ¥21.1 billion of personnel, outsourcing, D&amp;A and fixed asset tax expenses under extraordinary costs (below the OP level), due to the temporary closure of the parks and hotels. However, the company recognised an extraordinary income of ¥7.1 billion in Q2.

Oriental Land (4661 JP), the operator of the Tokyo Disney Resorts, released its second-quarter results on 29th October 2020. As theme parks and hotels remained operational (with capacity restrictions) throughout the entire quarter, revenue declined by just 58.6% YoY, compared to 94.9% in Q1. The second-quarter operating loss was ¥8.5 billion compared to ¥15.6 billion in the first quarter.In the first quarter, Oriental Land classified ¥21.1 billion of personnel, outsourcing, D&amp;A and fixed asset tax expenses under extraordinary costs (below the OP level), due to the temporary closure of the parks and hotels. However, the company recognised an extraordinary income of ¥7.1 billion in Q2.

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