Monday morning links
PCAOB audits, Uni-Charm Indonesia, SoftBank, Makita, Louis-Vincent Gave, VIEs, Vivian Balakrishnan, Jim Grant
There’s hope that a new deal between US and Chinese regulators will help US-listed Chinese companies avoid forced delistings. I’m sceptical. These inspections will have to take place before year-end for delistings to be avoided. As SEC chair Gary Gensler said “The proof will be in the pudding”.
Yesterday, I published a mid-2022 update on Indonesian baby diaper manufacturer Uni-Charm Indonesia. The stock has dropped significantly and now trades at 0.39x EV/Sales due to margin pressure from rising commodity prices.
($ = behind a paywall)
I wrote a mid-2022 update for my previous report on Indonesian baby diaper producer Uni-Charm Indonesia (UCID IJ－ US$331 million) ($)
Greenwood Investors on their new short position in Softbank (9984 JP－ US$68 billion)
Abilitato on Japanese tool manufacturer Makita, which was hurt by its exposure to Eastern European markets (German language) (6586 JP－ US$6.4 billion)
(estimated reading time)
Louis Vincent-Gave: The pros and cons of a pivot (10 mins)
Chartbook: China on a tightrope (8 mins)
Yield dive: What's going on in the Chinese real estate market? (Part 2) (4 mins)
China Tech Shorts: Is your VIE structure Hong Kong-compliant? (3 mins)
Market Sentiment Substack on investing in monopolies (6 mins)
(listening time)
Jim Chanos on Julian Robertson’s legacy - RIP (2 mins)
Singapore foreign minister Vivian Balakrishnan on parallels with WWI (17 mins)
Arjun Murti, former head of energy equity research at GS talks oil (44 mins)
Former Bridgewater head of EM Whitney Baker on disinflation (55 mins)
David Gardner on recent weakness in US tech stocks (22 mins)
Herald van der Linde : Introduction to Asian demographics (21 mins)
Raffaello Pantucci on his book Sinostan, about Chinese influence in Central Asia (41 mins)
Jim Grant is on inflation, gold, bonds and his admiration for Bernard Baruch (1:51 hours)
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