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

Poplar Launches Unmanned Stores but Independence Still Under Threat

Lawson’s China Business: Turning Profitable, Though Years Away From a Significant Contribution

Lawson: Primed for Mitsubishi to Take Full Control

Speedway Acquisition: Buy the Dip as Valuation Falls Near Five-Year Low

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

<ul>
<li>We think <a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson Inc (2651 JP)</a>’s management is being overly conservative with FY22 guidance as they have lowered the domestic convenience store revenue and OP by ¥40.0bn and ¥3.0bn respectively.</li>
<li>Meanwhile, the Chinese convenience store business is starting to turn profitable with an operating profit of ¥1.1bn in 1HFY22.</li>
<li>We think that the company could increase its consolidated FY22 OP estimate by around ¥10.0bn during the next two quarters.</li>
</ul>


We think Lawson Inc (2651 JP)’s management is being overly conservative with FY22 guidance as they have lowered the domestic convenience store revenue and OP by ¥40.0bn and ¥3.0bn respectively.
Meanwhile, the Chinese convenience store business is starting to turn profitable with an operating profit of ¥1.1bn in 1HFY22.
We think that the company could increase its consolidated FY22 OP estimate by around ¥10.0bn during the next two quarters.


Lawson Inc

Lawson: OP Beat Incoming