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

Kirin: Off of Myanmar & Off to a Good Start

Kirin: Holdco Trade Has More Room to Run, Also Outright Attractive

Kirin Sells The Myanmar JV to MEHL: Not a Fair Valuation But Getting At Least Some Money Is a Bonus

Kirin Seems Enticing from a Holdco Perspective, but Myanmar JV Still Poses Reputational & ESG Risks

Kirin: An End to Troubles in Myanmar JV Could Unwind the Multi-Year Low Holdco Discount

Kirin: Holdco Discount Could Unwind As Institutional Investors Return Following Myanmar JV Troubles

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a>’s NAV discount has narrowed from around 30% in July 2021 to 17% by November 2021.</li>
<li>Institutional investors have started to increase their ownership of Kirin after trimming their stakes during the first half of the year.</li>
<li>We think that NAV discount will continue to narrow over the next few months as institutional investors come back to own Kirin following the issues with the Myanmar business.</li>
</ul>



Kirin Holdings (2503 JP)’s NAV discount has narrowed from around 30% in July 2021 to 17% by November 2021.
Institutional investors have started to increase their ownership of Kirin after trimming their stakes during the first half of the year.
We think that NAV discount will continue to narrow over the next few months as institutional investors come back to own Kirin following the issues with the Myanmar business.


キリン：機関投資家の復帰に伴い、ホールディングカンパニーの割引が解消され始めている