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

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

<a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> filed a revised prospectus on 31st August 2021 to restart the IPO process with a new offer price range of 60,000-90,000 won. The new offer price range is 4.8-6.3% below the previous price range of 63,000-96,000 won, implying a revised market cap of 8.1-12.2trn won.The revised IPO valuation does not make Kakao Pay appear cheap compared to peers and the company’s core payments business is likely to decelerate rapidly after exhausting most of the growth avenues available. Despite the fragilities of the payment business, we continue to like Kakao Pay as we see long term value in its financial services business which is still at very early stages.

Kakao Pay (377300 KS) filed a revised prospectus on 31st August 2021 to restart the IPO process with a new offer price range of 60,000-90,000 won. The new offer price range is 4.8-6.3% below the previous price range of 63,000-96,000 won, implying a revised market cap of 8.1-12.2trn won.The revised IPO valuation does not make Kakao Pay appear cheap compared to peers and the company’s core payments business is likely to decelerate rapidly after exhausting most of the growth avenues available. Despite the fragilities of the payment business, we continue to like Kakao Pay as we see long term value in its financial services business which is still at very early stages.

Kakao Pay IPO: Payments Business Is Running Out of Payments to Process

Kakaopay

Kakao Pay IPO: Payments Business Is Running Out of Payments to Process