Monday morning links

  • Japan’s defence spending pledge: Japan’s ruling party LDP pledged to increase defence spending to 2% of GDP - twice the current level. That would be a boon to defence contractors such as Mitsubishi Heavy and Kawasaki Heavy. I have previously written about Japanese defence companies here.

  • Japan booster shots: Japan’s new LDP leader Fumio Kishida announced that the government would begin administer third booster shots to the elderly population In December. This bolsters the Japanese recovery thesis.

  • DRAM supply glut: Taiwanese memory chip market research firm TrendForce predicted a new DRAM down-cycle next year due to shortages of processors and driver integrated circuits.

  • Hong Kong’s semi-reopening: From Wednesday 13 October 2021, residents from Macau and China’s Guangdong province can now travel quarantine-free to Hong Kong. But since quarantine is still required on the way back to mainland China, mainland tourism to Hong Kong is expected to remain muted.


Company-specific reports

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  • Drawbridge Research wrote yet another instalment of its Sony deep-dive - this time about Sony’s console gaming segment (TSE: 6758 — US$140 billion)

  • Macro Ops on Japanese crowdfunding platform Makuake (TSE: 4479 — US$521 million)


Long-form writing

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Podcasts and videos

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Chart of the week – Singapore sector P/Es today vs their 5-year averages: consumer stocks are cheaper than before


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

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