Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/airbnb-inc" target="_blank" data-smartkarma-citation="entities:431:1" rel="noopener">Airbnb Inc (9865065Z US)</a> filed an amended S1 with the Securities and Exchange Commission on 1st of December 2020 to offer 50.0m new Class A common shares at an offer price range of $44.0-50.0 per share. The IPO will include an additional 1.9m secondary Class A common shares and an overallotment option of another 5.0m shares. At a deal size of $2.5-2.84 billion (including the over-allotment option), Airbnb IPO could be one of the largest IPOs on the NYSE this year.</li>
<li>Most of the loss-making tech start-ups in the recent past have failed to provide a business model capable of being profitable in the near future. Armed with money from private market funding at almost ridiculous valuations, these start-ups go on to spend big money on customer acquisition (chasing revenue growth) without giving proper attention to the ROI of customer acquisition and marketing spend.</li>
<li>Airbnb’s philosophy is different from those tech start-ups and it is the main reason why we like the company so much. We discuss the details below.</li>
</ul>



Airbnb Inc (9865065Z US) filed an amended S1 with the Securities and Exchange Commission on 1st of December 2020 to offer 50.0m new Class A common shares at an offer price range of $44.0-50.0 per share. The IPO will include an additional 1.9m secondary Class A common shares and an overallotment option of another 5.0m shares. At a deal size of $2.5-2.84 billion (including the over-allotment option), Airbnb IPO could be one of the largest IPOs on the NYSE this year.
Most of the loss-making tech start-ups in the recent past have failed to provide a business model capable of being profitable in the near future. Armed with money from private market funding at almost ridiculous valuations, these start-ups go on to spend big money on customer acquisition (chasing revenue growth) without giving proper attention to the ROI of customer acquisition and marketing spend.
Airbnb’s philosophy is different from those tech start-ups and it is the main reason why we like the company so much. We discuss the details below.


Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>High-growth, High-return Kakaku.com Inc is a perfect example to demonstrate the case of quality growth;</li>
<li>Meanwhile, Tabelog, one of the company's core businesses, adds to the predictable near-term growth momentum.</li>
</ul>


High-growth, High-return Kakaku.com Inc is a perfect example to demonstrate the case of quality growth;
Meanwhile, Tabelog, one of the company's core businesses, adds to the predictable near-term growth momentum.


Two Things That We Like About Kakaku.com Inc

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

As we approach the meat of earnings season this week, we give our take on which tech stocks its worth taking earnings risk on. Yea, we still like Amazon. But Google may be poised for the most explosive earnings reaction.

As we approach the meat of earnings season this week, we give our take on which tech stocks its worth taking earnings risk on. Yea, we still like Amazon. But Google may be poised for the most explosive earnings reaction. 

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Airbnb has confidentially filed for an IPO pointing to a likely raising of capital in contrast to earlier plans for a direct listing. This is probably not a surprise given the hit the company initially took when COVID occurred and the $2bn the company raised in April at an $18bn valuation and the 25% staff cuts it also announced. Despite these measures early signs point to a genuine business here and we feel this will be one of the more exciting IPOs of the year as long as pricing does not become egregious.

Airbnb has confidentially filed for an IPO pointing to a likely raising of capital in contrast to earlier plans for a direct listing. This is probably not a surprise given the hit the company initially took when COVID occurred and the $2bn the company raised in April at an $18bn valuation and the 25% staff cuts it also announced. Despite these measures early signs point to a genuine business here and we feel this will be one of the more exciting IPOs of the year as long as pricing does not become egregious.

Airbnb Pre-IPO – Travelling Down an Actual Path to Profitability

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

On July 28, several media sources speculated that <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> was working to de-list from NASDAQ. Rising China-US political tensions and sluggish recent share performance are the likely drivers of this move.A potential acquirer could emerge from a short list of existing strategic partners. Alternatively, new strategic investors or private equity firms could potentially join the bidding. All suitors must face the same fundamental questions in developing a bid for Trip.com, namely:<ul>
<li>Can Trip.com re-ignite strong revenue growth in China's maturing online travel market?</li>
<li>Can the company generate value from the commoditized ticketing segment?</li>
<li>Can Trip.com fend off growing competition from smaller OTAs and internal efforts of airlines and hotel chains?</li>
<li>And lastly, how does Covid19 alter the company's long-term growth prospects?</li>
</ul>

On July 28, several media sources speculated that Trip.com (TCOM US) was working to de-list from NASDAQ. Rising China-US political tensions and sluggish recent share performance are the likely drivers of this move.A potential acquirer could emerge from a short list of existing strategic partners. Alternatively, new strategic investors or private equity firms could potentially join the bidding. All suitors must face the same fundamental questions in developing a bid for Trip.com, namely:
Can Trip.com re-ignite strong revenue growth in China's maturing online travel market?
Can the company generate value from the commoditized ticketing segment?
Can Trip.com fend off growing competition from smaller OTAs and internal efforts of airlines and hotel chains?
And lastly, how does Covid19 alter the company's long-term growth prospects?


In Effort to De-List from NASDAQ, Trip.com Unlikely to Find Many Eager Buyers

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

What Sets Airbnb Apart from Others?

Airbnb filed an amended S1 with the Securities and Exchange Commission on 1st of December 2020 to offer 50.0m new Class A common shares at an offer...

Oshadhi Kumarasiri

Two Things That We Like About Kakaku.com Inc

We see Kakaku.com Inc as a superior-quality grower with predictable near-term momentum regarding one of its core product lines.

Steven Chen

3Q20 Best Bets: Mega Cap Wins

Some top of mind thinking about large cap TMT earnings heading into the thick of the meat grinder which is earnings season. We like secular...

Aaron Gabin

Airbnb Pre-IPO – Travelling Down an Actual Path to Profitability

Airbnb has confidentially filed for an IPO pointing to a likely raising of capital in contrast to earlier plans for a direct listing. This is...

Mio Kato

In Effort to De-List from NASDAQ, Trip.com Unlikely to Find Many Eager Buyers

On July 28, several media sources speculated that Trip.com (TCOM US) was working to de-list from NASDAQ. Rising China-US political tensions and...

Tracking Traffic

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