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/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited (409A JT)</a> has become synonymous with Okinawa, combining heritage, loyalty, and local identity into a brand experience that larger rivals struggle to replicate.</li>
<li>The company benefits from Okinawa’s nearly 10 million annual visitors, turning tourism into both a sales driver and a powerful channel for brand amplification abroad.</li>
<li>The IPO offers attractive valuation versus peers, despite risks from MBO-related debt and potential share overhang from private equity owners.</li>
</ul>



Orion Breweries Limited (409A JT) has become synonymous with Okinawa, combining heritage, loyalty, and local identity into a brand experience that larger rivals struggle to replicate.
The company benefits from Okinawa’s nearly 10 million annual visitors, turning tourism into both a sales driver and a powerful channel for brand amplification abroad.
The IPO offers attractive valuation versus peers, despite risks from MBO-related debt and potential share overhang from private equity owners.


Orion Breweries IPO: Turning Local Strength into Growth Abroad

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited's (409A JT)</a> operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orion Breweries Limited's (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/japan-business-systems-inc" target="_blank" data-smartkarma-citation="entities:40379:1" rel="noopener">Japan Business Systems (5036 JP)</a> and <a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries (409A JP)</a> were included in the TOPIX index at the end of October 2025. </li>
<li>
<a href="https://www.smartkarma.com/entities/japan-eyewear-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40217:1" rel="noopener">Japan Eyewear Holdings (5889 JP)</a>, <a href="https://www.smartkarma.com/entities/fit-easy-inc" target="_blank" data-smartkarma-citation="entities:45319:1" rel="noopener">FIT EASY (212A JP)</a>, and <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> will be included in the TOPIX index at the end of November 2025.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Japan Business Systems (5036 JP) and Orion Breweries (409A JP) were included in the TOPIX index at the end of October 2025. 

Japan Eyewear Holdings (5889 JP), FIT EASY (212A JP), and Tekscend Photomask (429A JP) will be included in the TOPIX index at the end of November 2025.


TOPIX Inclusions: Who Is Ready (Nov 2025)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week saw a few good listings across the region while the spotlight will be on <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> in the coming week.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> appears to be shining bright.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Japan

Orion Breweries, Ltd. conducts brewery businesses. The Company produces and markets beers. Orion Breweries also offers tourism and hotels development services.

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Orion Breweries (409A JP)

Orion Breweries IPO: Turning Local Strength into Growth Abroad

Orion IPO showcases a resilient Okinawan champion with tourism-fueled growth prospects, product expansion opportunities, and attractive relative...

Oshadhi Kumarasiri

Orion Breweries Pre-IPO - Brewing Growth Beyond Okinawa, Headwinds Ahead

Orion Breweries Limited’s operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$126m in its Japan...

Akshat Shah

TOPIX Inclusions: Who Is Ready (Nov 2025)

There are currently 140 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 137 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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