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

Japan Consumer Discretionary:  Benefiting from China's Downfall

China’s Boycott of Western Brands Could Extend to Japanese Brands Amidst Xinjiang Cotton Controversy

Fast Retailing: Trying to Pass Benefits of Cost Cutting to Customers

Consensus Continues to Course Correct While Fast Retailing Prepares to Report Q3

Fast Retailing: Slowing China Demand Could Overwhelm the Domestic Market Rebound

Gravity Works As WeWork Doesn't; Now Plan B

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>Japan’s largest apparel retailer, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> delivered 4QFY21 results on 14<sup>th</sup> October 2021 with revenue falling behind the consensus estimate by ¥32.2bn (7%). Operating profit came ¥4.3bn above the consensus estimate of ¥16.9bn. The company’s FY22 revenue and operating profit guidance of ¥2,200bn (3.1% YoY) and ¥270bn (8.4% YoY) are not particularly impressive considering Fast Retailing’s business operations are yet to get back to the pre-COVID level.</p>

Japan’s largest apparel retailer, Fast Retailing (9983 JP) delivered 4QFY21 results on 14th October 2021 with revenue falling behind the consensus estimate by ¥32.2bn (7%). Operating profit came ¥4.3bn above the consensus estimate of ¥16.9bn. The company’s FY22 revenue and operating profit guidance of ¥2,200bn (3.1% YoY) and ¥270bn (8.4% YoY) are not particularly impressive considering Fast Retailing’s business operations are yet to get back to the pre-COVID level.

Fast Retailing: Additional 20% Downside Is Possible As Growth Breaks Down in Uniqlo International