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

Oriental Land: Price Reaction Unwarranted and There’s Significant Downside Risk in a Bear Market

Oriental Land’s New Medium-Term Plan: A Reality Check for Consensus

Oriental Land: Consensus Is Not in Touch with Reality

Oriental Land: Too Expensive to Benefit From Japan’s COVID-19 Vaccination Drive

Oriental Land: Over-Optimistic 4QFY21 Consensus

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

<a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>’s share price remained surprisingly strong during the entire COVID-19 pandemic with shares outperforming the Topix index by around 4.0% during the last 22 months.In anticipation of a boost in demand following the lifting of COVID-19 restrictions, shares have rallied more than 20% during the last three months to outperform the Topix index by 15%.Even though a boost in demand is expected during the next couple of quarters, we believe that’s not sufficient to justify Oriental Land’s current price of ¥18,065 per share, which implies a 47.2x FY23 EV/OP at lofty consensus OP estimates.

Oriental Land (4661 JP)’s share price remained surprisingly strong during the entire COVID-19 pandemic with shares outperforming the Topix index by around 4.0% during the last 22 months.In anticipation of a boost in demand following the lifting of COVID-19 restrictions, shares have rallied more than 20% during the last three months to outperform the Topix index by 15%.Even though a boost in demand is expected during the next couple of quarters, we believe that’s not sufficient to justify Oriental Land’s current price of ¥18,065 per share, which implies a 47.2x FY23 EV/OP at lofty consensus OP estimates.

Oriental Land: A Less Than Impressive Reopening Could Trigger a Much-Needed Correction