Monday morning links
China's ban on non-essential overseas travel, Indian inflation, Uni-President China, Tencent, Nvidia, Shein
The data coming out of China continue to be bearish. The likelihood that Beijing will enter a Shanghai-style lockdown increases by the day. And now, the government has banned “non-essential” overseas travel. I’m noticing discontent among the general public. Such discontent could eventually force the government to backtrack from its zero-COVID policy, in my view.
India’s inflation rate jumped to almost 8% in April, with food representing a significant proportion of India’s CPI basket. Inflation pressures could force the Reserve Bank of India to hike interest rates further, hurting the economy in the process.
I wrote a report on Uni-President China, a Chinese producer of ready-to-drink teas and instant beverages (220 HK — US$3.5 billion)
Investor Insights Asia with a deep dive on Chinese tech company Tencent’s financials (700 HK — US$430 billion)
Punch Card Investor on Nvidia’s data centre segment (NVDA US — US$443 billion)
(estimated reading time)
Variant Perception: Tools that have helped us the most: part 1 & part 2 (2 mins)
Crescat Capital outlines its current macro outlook (107 slides)
Turtles Substack: What I learnt from investing in Hong Kong stocks (10 mins)
Joachim Klement questions the tenets of monetarism (6 mins)
Wired: The story about Chinese fashion giant Shein (31 mins)
(listening time)
Allocators Asia: How Den Fujita build McDonald’s in Japan (15 mins)
Boaz Weinstein on his career and thoughts on the current market environment (1:35 hours)
Mike Green: The dangers of passive investing (1:04 hours)
Jim Leitner on the Market Huddle discussing Fed’s dilemma (1:44 hours)
Sam Zell on the impact of rate hikes on housing (17 mins)
Canadian fund manager Eric Nuttall: $180 oil is inevitable (9 mins)
(Largest new programs as % of the market cap; min market cap: US$200m)
Chukyo Bank (29.4%) (8530 JP — US$265 million)
Sakata Inx (13.5%) (4633 JP — US$476 million)
Maxell (10.8%) (6810 JP — US$510 million)
Central Glass (10.7%) (4044 JP — US$863 million)
China Finance Investment (10.0%) (875 HK — US$272 million)
(Largest over past 7 days; min market cap: US$200m)
Echo Marketing: US$782,000 (230360 KS — US$405 million)
Miwon Holdings: US$536,000 (107590 KS — US$252 million)
Legochem Biosciences: US$394,000 (141080 KS — US$687 million)
Aboitiz Power: US$389,000 (AP PM — US$4.0 billion)
Bank Central Asia: US$315,000 (BBCA IJ — US$62 billion)
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