Monday morning links

The biggest takeaway over the past week has been the importance of reviewing the holdings of key activist funds. They are a great source of ideas, especially in Japan, where shareholder activism is becoming more common.

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($ = behind paywall)

• I wrote a discussion about the Bank of Kyoto (TSE: 8369 — US$3.4 billion) ($)

• Best ideas from Asia-focused funds: Part 1 and Part 2 (numerous stocks)

• Discussion of Singapore-headquartered SaaS-company Karooooo in Desert Lion Capital’s 3Q21 report (NASDAQ: KARO — US$1.1 billion)

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(Largest new programs as % of market cap; min market cap: US$50m)

1. AksharChem India (24%) (BSE: AKSHARCHEM — US$55 million)

2. MPS Ltd (7%) (NSE: MPSLTD — US$169 million)

3. Komatsu Matere (5%) (TSE: 3580 — US$337 million)

4. Tokyotokeiba (4%) (TSE: 9672 — US$1.1 billion)

5. Fukoku (3%) (TSE: 5185 — US$144 million)

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(Largest over past 7 days; min market cap: US$50m)

1. Xinyi Glass: US$6.3 million (HKSE: 868 — US$12 billion)

2. Haichang Ocean Park: US$2.5 million (HKSE: 2255 — US$1.0 billion)

3. Mobile World Investment: US$1.6 million (HOSE: MWG — US$4.1 billion)

4. Vinda International: US$1.6 million (HKSE: 3331 — US$3.3 billion)

5. Kingboard Holdings: US$440k (HKSE: 148 — US$4.9 billion)

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(estimated reading time) ($ = behind a paywall)

• Third Point Capital’s 3Q21 letter discussing Prudential Asia (13 mins)

• Bronte Capital Amalthea Fund’s September 2021 report (13 mins)

• Horizon Kinetics’ 3Q21 letter discussing energy markets (49 mins)

• Wickhams Hill Under-the-Radar report dated 1 November 2021 (20 mins)

• Vitaliy Katsenelson: Inflation is not transitory yet (6 mins)

• Profit Hunting blog on how his portfolio looks like right now (3 mins)

• BIS: What do central bank retail deposits mean for emerging markets (summer: 2 mins; full document: 37 mins)

• The Generalist: Companies to watch in emerging markets (21 mins)

• Cento: Southeast Asia venture capital investment in 1H21 (27 slides)

• Kalani Scarrott on Maphilindo, a planned superstate covering most of Southeast Asia (8 mins)

• US Federal Reserve: How reliable is China’s GDP data? (38 mins)

• Tech Crunch: Rapidly changing investor calculus on China’s tech giants (9 mins)

• WSJ on the impact of COVID-19 on China’s economic recovery (5 mins) ($)

• A list of multinational companies moving out of China (1 min)

• Pippa Malmgren’s grim security outlook: WWIII has already started (6 mins)

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(listening time)

• David Tepper on how there’s no great asset class right now (4 mins)

• Jeff Gundlach thinks stocks are still cheap compared to bonds (13 mins)

• David Einhorn on growth vs value stocks (2 mins)

• Ruane, Cunniff & Goldfarb on Prosus from 10 mins onwards (2 mins)

• China tech investor: The future of online gaming (1:07 hours)

• Mio Kato of Lightstream Research on Japanese equities (1:23 hours)

• Daniel Tabbush with a preview on HSBC’s 3Q21 result (7 mins)

• Robin Wigglesworth on his new book about passive investing (48 mins)

• Rashmi Kwatra of ASEAN fund Sixteenth Street on her career (1:10 hours)

• Chinese politics expert Bill Bishop about writing on Substack (44 mins)

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China’s monthly official PMI

Source: NBS

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Thanks for reading, and I wish you a great week ahead!

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