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: Share Price Breaks Down as Free Fire Misfires

Tencent’s Disposal of Sea Shares: A Danger Sign

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

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>Singapore-Based Internet company, <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>, released its 3Q21 results yesterday, which saw revenue increase by 122% YoY and 17.9% QoQ to $2,688.9m (consensus $2,479.6m).</li>
<li>The company’s operating loss expanded 50.1% YoY and 37.3% QoQ to $458.6m, compared to consensus Q3 operating loss of $345.2m and 2Q21 reported operating loss of $334.0m.</li>
<li>Expanding losses of the e-commerce business is no longer masked by Free Fire whose profitability growth decelerated from an average of 40% QoQ during 2Q20-2Q21 to 2.3% QoQ in 3Q21.</li>
</ul>


Singapore-Based Internet company, Sea Ltd (SE US), released its 3Q21 results yesterday, which saw revenue increase by 122% YoY and 17.9% QoQ to $2,688.9m (consensus $2,479.6m).
The company’s operating loss expanded 50.1% YoY and 37.3% QoQ to $458.6m, compared to consensus Q3 operating loss of $345.2m and 2Q21 reported operating loss of $334.0m.
Expanding losses of the e-commerce business is no longer masked by Free Fire whose profitability growth decelerated from an average of 40% QoQ during 2Q20-2Q21 to 2.3% QoQ in 3Q21.


Shopee’s Weaknesses Exposed as Free Fire Lose Steam