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

Yamada Denki (9831) - GINORMOUS Buyback 2/3 Done. Stock Price Reaction Limited.

Yamada Denki (9831) Buyback Almost Done and Odd Dividend "Cut", and a Lightbulb Dilemma

Yamada Denki and Otsuka Kagu Do The Deed - A Quick Merger

Otsuka Kagu to Be Absorbed by Yamada Denki as Family CEO Departs

Nitori To Make a Rival Bid for Shimachu? More Fun To Go

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>
<a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP)</a>’s recovery during the last two years went unnoticed as the market though that the recovery was a temporary thing driven by COVID-19.</li>
<li>The company’s OP has increased by more than 3.0x from the FY19 level but the share price is currently at ¥386.0 per share, 27% below the FY19 price.  </li>
<li>At ¥85.0bn regular OP, we think Yamada Denki should trade north of ¥660.0 per share, which suggests an upside of over 70%.</li>
</ul>



Yamada Denki (9831 JP)’s recovery during the last two years went unnoticed as the market though that the recovery was a temporary thing driven by COVID-19.
The company’s OP has increased by more than 3.0x from the FY19 level but the share price is currently at ¥386.0 per share, 27% below the FY19 price.  
At ¥85.0bn regular OP, we think Yamada Denki should trade north of ¥660.0 per share, which suggests an upside of over 70%.


Yamada Denki: 70+% Upside With 65% of The Medium Term OP Target