Links April 2024

It’s been a month ago since my last links round-up post. The accumulation of great content means that today’s edition will be packed with ideas. I hope the list is not too daunting for you. Enjoy!

Caro-Kann Capital on Kazakh fintech firm Kaspi (🇰🇿 KSPI LN - US$22 billion)
Oasis goes activist on FMCG firm Kao Corporation (🇯🇵 4452 JP - US$19 billion)
Sweet Stocks on Chinese shipping company SITC (🇨🇳 1308 HK - US$5.4 billion)
East72 on Kadoorie’s Hongkong & Shanghai Hotels (🇭🇰 45 HK - US$1.3 billion)
Pyramids and Pagodas: update on PAX Global (🇭🇰 327 HK - US$864 million)
Healthy Stock Picks on Modern Dental (🇨🇳 3600 HK - US$568 million)
Mat Roiss on bubble tea cafe Nayuki Holdings (🇨🇳 2150 HK - US$493 million)
The Quercus Fund on SOE Tianjin Development (🇨🇳 882 HK - US$222 million)
Oriental Value on beauty center chain Water Oasis (🇭🇰 1161 HK - US$116 million)
Dungeon Investing on 2nd hand retailer Mandarake (🇯🇵 2652 JP - US$110 million)
Sweet Stocks on supplements Vita Life Sciences (🇦🇺 VLS AU - US$84 million)
One Foot Hurdle on Taiwan furniture ODM FY Group (🇹🇼 6807 TT - US$74 million)
TAMIM All Cap Fund on roll-up Embark Education (🇦🇺 EVO AU - US$70 million)
Made in Japan on SaaS stock Property Data Bank (🇯🇵 4389 JP - US$50 million)
Jam Invest on HK skincare retailer Mi Ming Mart (🇭🇰 8473 HK - US$18 million)

(estimated reading time)

Nicholas Lardy: China is still rising, as its private sector is doing okay (6 mins)
Massif Capital on China’s industrial policy under Xi Jinping (10 mins)
Harris Kupperman believes the CNY will strengthen to 5 to the USD (10 mins)
East Asia Stock Insights on Japanese parent-child listings (5 mins)
Altay Capital’s portfolio companies about their TSE reform compliance (10 mins)
Dungeon Investing with a few tips on researching Japanese equities (11 mins)
Excellent commentary from Auscap on Australian interest rates (20 pages)
Vietnam Holding’s 1Q2024 letter discussing the Vietnamese economy (2 pages)
Ross & Van Compernolle’s 1Q2024 letter on Southeast Asian stocks (6 mins)
Kathmandu Capital’s 1Q2024 letter on NagaCorp, Kaspi, etc (5 pages)
Krohne Capital’s 1Q2024 letter discussing Matahari, MAP Aktif, etc (6 mins)
Mat Roiss on Fu Shou Yuan, Tencent, Xiaomi, Haidilao, First Pacific, etc. (6 mins)
Turtles Substack with updates on Noah, Dada Nexus, Halyk, Lufax, etc (8 mins)

(listening time)

Mark Mobius likes India, skeptical about HK stocks, thinks JPY will drop (9 mins)
Russell Napier thinks the CNY will decline, worried about geopolitics (58 mins)
Arcus Investment’s Peter Tasker & Mark Pearson on Japanese stocks (40 mins)
M&G Japan’s Carl Vine discussing Sanrio, Nintendo, Nidec, etc (37 mins)
Journalist Ryan Takeshita on Japan’s burgeoning start-up scene (46 mins)
Tiger grand-cub Chris Hansen on why he’s bullish on Indian stocks (1:29 hours)
Rob Vinall with reflections from his recent trip to China… leaning bullish (21 mins)
Excellent episode with Professor Steve Tsang on Xi Jinping’s ambitions (40 mins)
CSIS’s Ilaria Mazzocco on the ongoing boom in Chinese EV exports (39 mins)
Pzena’s Allison Fisch & John Goetz on Weichai Power, COLI, Man Wah (29 mins)
Petra Capital’s Chan Lee & Albert Yong on Korean value stocks (50 mins)
Australia’s Airlie’s Will Granger on Tabcorp, Gentrack, News Corp (8 mins)
Journalist Johan Nylander on the long-term bull case for Mongolia (34 mins)
Rare interview with legendary resources investor Pierre Lassonde (39 mins)