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

Linklogis Responds to Valiant Varriors: Valiant Effort But Fails to Address the Elephant in the Room

Linklogis Post-IPO Trading & Valuation: Time to Get Out

Linklogis IPO: Singapore Digital Banking Could Fetch Billions of Dollars in Valuation

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.

Event-Driven

Short seller Valiant Varriors may not have hard facts to accuse <a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (9959 HK)</a> of clear fraud apart from minor violations of the law by some of the subsidiaries. However, the underlying factor that the short seller highlight is that Linklogis is nothing but a glorified mortgage broker (not a tech-enabled cloud software as a service platform), relying on cheap human labour instead of AI to do the work.Linklogis fooled many investors, including the biggest investment managers and technology companies like Tencent, portraying itself as a technology company when it was really a mortgage broker. The Chinese government is currently on high alert about these issues in overseas listings and it is possible that Linklogis might result in an extension of crackdowns to Hong Kong and the domestic exchanges.Valiant Varriors also highlights that Linklogis has consistently lied about its large exposure to the risky real estate market, violated laws related to factoring companies, exaggerated technology capabilities, evaded tax and misled investors by overstating revenues.We believe all these are very series allegations, and it is hard to refute the basis of the short seller’s arguments and some of the evidence presented.

Short seller Valiant Varriors may not have hard facts to accuse Linklogis (9959 HK) of clear fraud apart from minor violations of the law by some of the subsidiaries. However, the underlying factor that the short seller highlight is that Linklogis is nothing but a glorified mortgage broker (not a tech-enabled cloud software as a service platform), relying on cheap human labour instead of AI to do the work.Linklogis fooled many investors, including the biggest investment managers and technology companies like Tencent, portraying itself as a technology company when it was really a mortgage broker. The Chinese government is currently on high alert about these issues in overseas listings and it is possible that Linklogis might result in an extension of crackdowns to Hong Kong and the domestic exchanges.Valiant Varriors also highlights that Linklogis has consistently lied about its large exposure to the risky real estate market, violated laws related to factoring companies, exaggerated technology capabilities, evaded tax and misled investors by overstating revenues.We believe all these are very series allegations, and it is hard to refute the basis of the short seller’s arguments and some of the evidence presented.

Short Seller, Valiant Varriors Says Linklogis Is a Glorified Mortgage Broker