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

Workman’s Work Is Done and It Is Time to Send Him Home

Workman: Success Attracts New Competitors but in the Long-Term Workman Still Wins

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

Speciality retailer <a href="https://www.smartkarma.com/entities/workman-co-ltd" target="_blank" rel="noopener">Workman (7564 JP)</a> has doubled revenues over the last five years as the company broadened its range of customers by expanding into Private Brand (PB) products.
The introduction of Workman Plus (which specialises in high-performance outdoor, sports and rain-wear products) has accelerated revenue growth reaching 36% in the most recent and seasonally strong third quarter.
Workman’s share price increased by 420% from January 2018-December 2019. After a 49% decline in the first quarter of the year, the shares have rebounded by 69% and are 17% below the December high of ¥10,570.
We forecast that Workman's revenue growth will be higher than consensus and see further upside to Workman shares. We remain optimistic about the company’s long-term prospects despite the potential for increased competition and recommend buying Workman shares despite its recent rally.

Speciality retailer Workman (7564 JP) has doubled revenues over the last five years as the company broadened its range of customers by expanding into Private Brand (PB) products.
The introduction of Workman Plus (which specialises in high-performance outdoor, sports and rain-wear products) has accelerated revenue growth reaching 36% in the most recent and seasonally strong third quarter.
Workman’s share price increased by 420% from January 2018-December 2019. After a 49% decline in the first quarter of the year, the shares have rebounded by 69% and are 17% below the December high of ¥10,570.
We forecast that Workman's revenue growth will be higher than consensus and see further upside to Workman shares. We remain optimistic about the company’s long-term prospects despite the potential for increased competition and recommend buying Workman shares despite its recent rally.

Workman Co Ltd

Workman (7564 JP): A Good Hire