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

KWG Living IPO: Expansion in Community Value-Added Services Drives Growth

KWG Living IPO: Strong Financials and Growth Prospects Justify a Premium

GDS Secondary: Shares Are Slightly Overvalued but Share Price Momentum Should Continue

Radiance Holdings Pre-IPO: Shoring Up the Balance Sheet as Regulators Set Deleverage Targets

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

Radiance Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/radiance-holdings" target="_blank" data-smartkarma-citation="entities:29187:1" rel="noopener">Radiance Holdings (RH HK)</a> is a property developer in China focused mainly on providing high-quality residential properties to first-time home buyers and first-time upgraders. The company has over 20 years of experience and was ranked 40th in terms of contracted sales in a fragmented real estate market.The company plans to raise $273-351 million (HK$ 2.1-2.7 billion) via issuing 600m new shares (subject to an overallotment option of 90m additional shares) at HK$3.50-4.50 per share.The offer period commenced on 16th October 2020 and will remain open until 21st October 2020. The final offer price will be determined on 21st October and the shares will start trading on the Hong Kong stock exchange on Thursday, October 29, 2020.The shares are offered at a significant discount to the tangible book value. However, the company has overexposed itself to real-estate price volatility leading up to what may possibly be a hard landing of the Chinese real estate market. Thus, we would not consider subscribing to the IPO.

Radiance Holdings (RH HK) is a property developer in China focused mainly on providing high-quality residential properties to first-time home buyers and first-time upgraders. The company has over 20 years of experience and was ranked 40th in terms of contracted sales in a fragmented real estate market.The company plans to raise $273-351 million (HK$ 2.1-2.7 billion) via issuing 600m new shares (subject to an overallotment option of 90m additional shares) at HK$3.50-4.50 per share.The offer period commenced on 16th October 2020 and will remain open until 21st October 2020. The final offer price will be determined on 21st October and the shares will start trading on the Hong Kong stock exchange on Thursday, October 29, 2020.The shares are offered at a significant discount to the tangible book value. However, the company has overexposed itself to real-estate price volatility leading up to what may possibly be a hard landing of the Chinese real estate market. Thus, we would not consider subscribing to the IPO.

Radiance Holdings IPO Valuation: Too Hard to Ignore The Risk of A Hard Landing