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

Yum China Secondary Listing: Not Enough Growth to Justify EV/OP Peak

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

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul>
<li>Yesterday it was reported that Yum China, the operator of Pizza Hut and KFC restaurants in China, is working with investment banks on a possible listing on the Hong Kong stock exchange.</li>
<li>Investment banks involved in the secondary listing were mentioned as China International Capital Corp. and Goldman Sachs.</li>
<li>The news article also mentioned that the share sale could raise as much as $2.0bn.</li>
<li>We feel this could be bad news for Budweiser APAC as Yum China provides an attractive alternative to Budweiser APAC.</li>
</ul>


Yesterday it was reported that Yum China, the operator of Pizza Hut and KFC restaurants in China, is working with investment banks on a possible listing on the Hong Kong stock exchange.
Investment banks involved in the secondary listing were mentioned as China International Capital Corp. and Goldman Sachs.
The news article also mentioned that the share sale could raise as much as $2.0bn.
We feel this could be bad news for Budweiser APAC as Yum China provides an attractive alternative to Budweiser APAC.


Yum China’s Secondary Listing, Attractive Alternative to Budweiser APAC in the China Consumer Sector