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 2Q23: Revenue Should Align with Consensus, Profitability a Puzzle

Sea Ltd: Share Price Approaching Its Rightful Destination

Sea Ltd: Free Fire's Downfall, Shopee’s Struggles, Is Fintech the Next Challenge?

Sea Ltd: Facing an Uphill Battle for Sustainable Profits

Sea Ltd 4Q22 Results: Can Profits Hold When Growth Stall?

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>Most Brazilian e-commerce platforms evade taxes by treating orders as individual transactions instead of business operations, despite the 60% tax on international e-commerce shipments by companies.</li>
<li>The Brazillian government plans to address this tax loophole by strengthening oversight and implementing administrative measures.</li>
<li>If <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> cannot find a viable solution to navigate this tax, there is a strong possibility that Shopee will exit the Brazilian market.</li>
</ul>


Most Brazilian e-commerce platforms evade taxes by treating orders as individual transactions instead of business operations, despite the 60% tax on international e-commerce shipments by companies.
The Brazillian government plans to address this tax loophole by strengthening oversight and implementing administrative measures.
If Sea (SE US) cannot find a viable solution to navigate this tax, there is a strong possibility that Shopee will exit the Brazilian market.


Shopee Faces Decision on Brazil Amid Tax Changes