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: Something to Think About if You Are Starting to Lean Towards the Bullish Side

Sea Ltd.'s Money Machine Is Broken, Downside Is Not Fully Priced-In

Tencent’s Disposal of Sea Shares: A Danger Sign

Shopee’s Weaknesses Exposed as Free Fire Lose Steam

Sea Ltd: Share Price Breaks Down as Free Fire Misfires

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

<ul>
<li>Sea Ltd dropped 18% yesterday following India’s decision to ban its battle royale game, Free Fire and 53 other Chinese apps from the Google Play and App Store in India.</li>
<li>India’s Free Fire ban could deliver a double whammy to <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> with lower Digital Entertainment profitability limiting Sea’s ability to bankroll Shopee’s expansion.</li>
<li>With the macro-outlook for growth stocks not looking great, we wouldn’t be surprised to see "Sea" breaking the bottom end of the EV/Sales range towards the end of the year.</li>
</ul>


Sea Ltd dropped 18% yesterday following India’s decision to ban its battle royale game, Free Fire and 53 other Chinese apps from the Google Play and App Store in India.
India’s Free Fire ban could deliver a double whammy to Sea Ltd (SE US) with lower Digital Entertainment profitability limiting Sea’s ability to bankroll Shopee’s expansion.
With the macro-outlook for growth stocks not looking great, we wouldn’t be surprised to see "Sea" breaking the bottom end of the EV/Sales range towards the end of the year.


Sea Ltd in Free Fall Following the Removal of Free Fire from The App Store & Google Play