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

Sea Ltd Valuation: SOTP Suggests Over 40% Downside Risk

Sea Ltd: Unlikely to Halve Losses Amidst E-Commerce and Fintech Growth

Sea Ltd Placement: Draining the Cash-Cow in Search of E-Commerce and Fintech Growth

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/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> is a Singapore based internet company with three main business lines named Garena, Shopee and SeaMoney.
The company had a secondary offering of 13.2 million ADS (US$2.6 billion), each representing one class A ordinary share, at US$ 195.0 per ADS, 2.0% discount to the last sale price immediately before the announcement. Overallotment option was 1.98 million ADS.
The company's share price surged more than 420% this year as COVID-19 was beneficial for all three business lines of Sea Ltd. In <a href="https://www.smartkarma.com/insights/sea-ltd-placement-draining-the-cash-cow-in-search-of-e-commerce-and-fintech-growth" target="_blank" rel="noopener">Sea Ltd Placement: Draining the Cash-Cow in Search of E-Commerce and Fintech Growth</a>, we looked at the company’s most lucrative Digital Entertainment/Gaming segment. This insight focuses on fundamentals and long-term prospects of Shopee and SeaMoney businesses.

Sea Ltd (SE US) is a Singapore based internet company with three main business lines named Garena, Shopee and SeaMoney.
The company had a secondary offering of 13.2 million ADS (US$2.6 billion), each representing one class A ordinary share, at US$ 195.0 per ADS, 2.0% discount to the last sale price immediately before the announcement. Overallotment option was 1.98 million ADS.
The company's share price surged more than 420% this year as COVID-19 was beneficial for all three business lines of Sea Ltd. In Sea Ltd Placement: Draining the Cash-Cow in Search of E-Commerce and Fintech Growth, we looked at the company’s most lucrative Digital Entertainment/Gaming segment. This insight focuses on fundamentals and long-term prospects of Shopee and SeaMoney businesses.

Sea Ltd: Draining the Cash-Cow in Search of E-Commerce and Fintech Growth - Part II