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

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

Shopee’s Weaknesses Exposed as Free Fire Lose Steam

Sea Ltd: Share Price Breaks Down as Free Fire Misfires

Sea Ltd Follow-On Offering: Asking Permission From Investors to Burn $4.0bn Per Year

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>Last week, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> sold 14.5m shares in 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> at $208.0 per share (6.8% discount to last close price) to raise around $3.0bn.</li>
<li>Few hours before the sale, Tencent converted all their Class B shares to Class A shares. The voting power of class B shares was raised from 3 votes to 15.</li>
<li>Although some people suggested that the sale is due to regulatory influence, sources within Tencent is saying that the company is simply cashing out from a successful investment.</li>
</ul>


Last week, Tencent (700 HK) sold 14.5m shares in Singapore-based Internet company, Sea Ltd (SE US) at $208.0 per share (6.8% discount to last close price) to raise around $3.0bn.
Few hours before the sale, Tencent converted all their Class B shares to Class A shares. The voting power of class B shares was raised from 3 votes to 15.
Although some people suggested that the sale is due to regulatory influence, sources within Tencent is saying that the company is simply cashing out from a successful investment.


Tencent’s Disposal of Sea Shares: A Danger Sign