Links round-up

The best recent Asia investment-related content anywhere on the Internet

Today, I’m reviving curation posts here on Asian Century Stocks. These will called “Links round-ups”. I’ll send them out whenever I have something to share. The focus will be on Asian ideas only.

Out of today’s links, I was most intrigued by Jam Invest’s comments on Hong Kong engineering services provider Analogue Holdings. The company installs HVAC systems, water treatment systems, lifts and escalators, etc. It owns a stake in Nanjing Canatal Data-Centre Environmental Tech, whose value represents around 50% of Analogue’s market cap. The normalized P/E ratio is around 5-6x.

Out of today’s podcasts, I recommend Brian McCarthy’s summary of China’s real estate boom and bust. He believes Xi decided to stop fabricating “fake GDP” and instead deal with the over-construction problem. This means that growth will be subdued for years to come. He thinks that a devaluation of the Renminbi might be necessary to stimulate the economy.

• RF Capital Management on Zengame (🇨🇳 2660 HK - US$621 million) (click link)

• One Foot Hurdle on PC maker IEI Integration (🇹🇼 3022 TT - US$448 million)

• Jam Invest on Analogue Holdings (🇭🇰 1977 HK - US$178 million)

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(estimated reading time)

• Packer & Co’s Investigator Trust’s 2023 letter discussing CNOOC (5 pages)

• Harding Loevner EM Equity on Budweiser APAC, HDFC Life, etc (12 pages)

• Profit Hunting Blog with an updated portfolio including Delfi, PSE (1 min)

• Wintergem’s latest portfolio update with new position Kamigumi (2 mins)

• Mokapu Capital’s latest portfolio update with SUTL, HRnet, Nihon Falcom (3 mins)

• John Hathaway: The case for gold mining stocks (10 pages)

• Arjun Murti: The EV S-Curve Rorschach Test (11 mins)

• Interconnected’s profile of BYD founder Wang Chuanfu (17 mins)

• Behind the Number on the flaws of the EBITDA metric (11 mins)

• Open Insights: Outlook for the supply & demand for oil in 2024 (13 mins)

• Awesome Goat: 107 financial blogs I like to follow (2 mins)

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(listening time)

• Brian McCarthy on the popping of China’s real estate bubble (1:24 hours)

• Dede Eyesan on monopoly-type businesses in China, India & Japan (1:01 hours)

• Louis-Vincent Gave discusses commodities, China, EVs & speculation (1:09 hrs)

• Lei Xing on the success of China’s EV exporters such as BYD (1 hour)

• Mobius Capital Partners on Taiwan’s recent election and their holdings (20 mins)

• HSBC economist Pranjul Bhandari on this week’s election in Indonesia (16 mins)

• Soo Chuen Tan of Discerene on building an emerging market fund (1:01 hours)

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The PBOC has begun injecting liquidity into the Chinese banking system, providing a parallel to the post-2015 boom. Source: The Bank Credit Analyst

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