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

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

<a href="https://www.smartkarma.com/entities/dufry-ag" target="_blank" data-smartkarma-citation="entities:22344:1" rel="noopener">Dufry AG (DUFN SW)</a> is an operator of more than 2,400 travel retail stores globally under several famous brands including Dufry and World Duty Free. Yesterday, 6th October 2020, the company held an extraordinary general meeting and obtained shareholder approval to issue up to 25 million new shares to raise about CHF 700m ($764m).Existing holders will get priority over Alibaba and Advent International to participate in the secondary offering via an “at-market” rights offering of 4 new shares per every 9 existing shares held.Dufry has already secured a CHF 415m equity investment commitment from funds managed by Advent International Corporation and its affiliates to purchase shares at CHF 28.50 per share.On 5th October 2020, Dufry announced a strategic partnership with the <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a>. The partnership involves creating a JV in China (51% Alibaba and 49% Dufry) and a capital injection of CHF 250m by Alibaba in exchange for a maximum of 9.99% ownership of Dufry’s post-offering share capital.The shares not taken up by existing shareholders will be first offered to Advent International and the remaining is offered to Alibaba Group at CHF 28.50 per share- subject to a minimum participation of 8.8% of Dufry’s post-offering share capital.Remaining shares will be offered to the market via a public offering in Switzerland and private placements in certain jurisdictions outside Switzerland.Both Alibaba and Advent International have agreed to a lock-up period of 6 months.If the offer price is higher than CHF 28.50 per share, Advent International and Alibaba will not be obliged to purchase Dufry shares.

Dufry AG (DUFN SW) is an operator of more than 2,400 travel retail stores globally under several famous brands including Dufry and World Duty Free. Yesterday, 6th October 2020, the company held an extraordinary general meeting and obtained shareholder approval to issue up to 25 million new shares to raise about CHF 700m ($764m).Existing holders will get priority over Alibaba and Advent International to participate in the secondary offering via an “at-market” rights offering of 4 new shares per every 9 existing shares held.Dufry has already secured a CHF 415m equity investment commitment from funds managed by Advent International Corporation and its affiliates to purchase shares at CHF 28.50 per share.On 5th October 2020, Dufry announced a strategic partnership with the Alibaba Group (BABA US). The partnership involves creating a JV in China (51% Alibaba and 49% Dufry) and a capital injection of CHF 250m by Alibaba in exchange for a maximum of 9.99% ownership of Dufry’s post-offering share capital.The shares not taken up by existing shareholders will be first offered to Advent International and the remaining is offered to Alibaba Group at CHF 28.50 per share- subject to a minimum participation of 8.8% of Dufry’s post-offering share capital.Remaining shares will be offered to the market via a public offering in Switzerland and private placements in certain jurisdictions outside Switzerland.Both Alibaba and Advent International have agreed to a lock-up period of 6 months.If the offer price is higher than CHF 28.50 per share, Advent International and Alibaba will not be obliged to purchase Dufry shares.

Dufry AG

Alibaba to Buy 10% of Dufry