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

Sea Ltd: Share Price Breaks Down as Free Fire Misfires

Tencent’s Disposal of Sea Shares: A Danger Sign

Sea Ltd in Free Fall Following the Removal of Free Fire from The App Store & Google Play

Free Fire Firing on All Cylinders But Shopee Is Deprived of Marginal Profitability Gains

Sea Ltd: Free Fire Could Run Out of Fire & Shopee’s Weakening Marginal Profitability

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

<ul>
<li>Singapore-based Internet company <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>, announced today that the company would offer 11.0m new ADSs (1.65m overallotment option) and convertible notes for a principal sum of $2.5bn ($375.0m overallotment option) via an underwritten public offering in New York.</li>
<li>Sea's unprofitable businesses are growing at breakneck speeds. This puts immense pressure on the Gaming business to generate sufficient cash flows to facilitate the geographic expansion of Shopee and fintech growth in South East Asia.</li>
<li>Even though the Gaming business cash flows were somewhat enough to support Shopee’s growth in South East Asia, it is insufficient to maintain Sea’s unprofitable business growth in multiple businesses and multiple geographies.</li>
<li>This is Sea’s second follow-on equity offering in just 10 months and we think this is unlikely to be the last of such offers.</li>
</ul>


Singapore-based Internet company Sea Ltd (SE US), announced today that the company would offer 11.0m new ADSs (1.65m overallotment option) and convertible notes for a principal sum of $2.5bn ($375.0m overallotment option) via an underwritten public offering in New York.
Sea's unprofitable businesses are growing at breakneck speeds. This puts immense pressure on the Gaming business to generate sufficient cash flows to facilitate the geographic expansion of Shopee and fintech growth in South East Asia.
Even though the Gaming business cash flows were somewhat enough to support Shopee’s growth in South East Asia, it is insufficient to maintain Sea’s unprofitable business growth in multiple businesses and multiple geographies.
This is Sea’s second follow-on equity offering in just 10 months and we think this is unlikely to be the last of such offers.


Sea Ltd Follow-On Offering: Asking Permission From Investors to Burn $4.0bn Per Year