Links April 2024

Asia investment-related write-ups, articles and podcasts

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)

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(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)

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(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)

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We’re now in the midst of a global rate cut cycle. Source: Game of Trades

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Here are some of my favorites out of the above links: