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

Bukalapak: Still Overvalued & Former CEO’s Ownership Is an Overhang

Bukalapak IPO: Revenue Take Rate Moving Up, But Not Fast Enough

Bukalapak IPO: Reaching Hard to Reach Areas but Prospects of Profitability Is Bleak

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

<p>After a successful IPO which saw shares rally more than 55% from the IPO price during the first week, Indonesian e-commerce unicorn, <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>’s share price has fallen by more than 43% during the last three months and currently trades at Rp 750 per share, 12% below the IPO price.</p><p>At 27.9x FY+2 revenue, Bukalapak has plenty of further downside potential especially considering that that the Mitra business will no longer be able to hide weaknesses of Bukalapak’s marketplace businesses.</p>

After a successful IPO which saw shares rally more than 55% from the IPO price during the first week, Indonesian e-commerce unicorn, Bukalapak (BUKA IJ)’s share price has fallen by more than 43% during the last three months and currently trades at Rp 750 per share, 12% below the IPO price.At 27.9x FY+2 revenue, Bukalapak has plenty of further downside potential especially considering that that the Mitra business will no longer be able to hide weaknesses of Bukalapak’s marketplace businesses.

Bukalapak: Mitra Won’t Save The Day Any More

Bukalapak.com PT Tbk

Bukalapak: Mitra Won’t Save The Day Any More