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

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 Capital Markets

Yum China Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>’s secondary listing on the Hong Kong stock exchange late last year sparked a lot of interest in secondary listings among the U.S.-listed Chinese companies. <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings, Inc (YUMC US)</a>, the operator of Pizza Hut, Taco Bell, and KFC restaurants in China, was one of those interested in a homecoming.In January 2020, there were rumours that Yum China was working with China International Capital Corp. and Goldman Sachs to raise $2.0bn via a listing on the Hong Kong stock exchange.Late last week, news emerged that the company has confidentially filed for a Hong Kong listing to raise around $2bn.In this insight, we focus on what Yum China could possibly do with $2bn and how it may accelerate the company’s future growth.

Alibaba Group (9988 HK)’s secondary listing on the Hong Kong stock exchange late last year sparked a lot of interest in secondary listings among the U.S.-listed Chinese companies. Yum China Holdings, Inc (YUMC US), the operator of Pizza Hut, Taco Bell, and KFC restaurants in China, was one of those interested in a homecoming.In January 2020, there were rumours that Yum China was working with China International Capital Corp. and Goldman Sachs to raise $2.0bn via a listing on the Hong Kong stock exchange.Late last week, news emerged that the company has confidentially filed for a Hong Kong listing to raise around $2bn.In this insight, we focus on what Yum China could possibly do with $2bn and how it may accelerate the company’s future growth.

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