Monday morning links
New South Korean president, Shenzhen lock-down, Pan Pacific, JD Logistics & Sony
South Korea’s new president Yoon Suk-yeol will seek to raise the defence budget, deregulate markets and introduce labour market reforms. His calls for more THAAD missile deployments could cause a backlash from the Chinese government. He’s also calling for 2.5 million homes to be built in the next five years, which could be positive for furniture retailer Hanssem. I discussed the stock in this previous write-up.
The Chinese city of Shenzhen went into full-scale lockdown this morning, affecting its 17 million residents. The lockdown will have negative impacts on manufacturing supply chains.
I’ve written a report on Japanese discount retailer Pan Pacific International, which owns the Don Quijote and Don Don Donki retail chains. It’s a growth-at-a-reasonable price story with a competent management team.
($ = behind a paywall)
I wrote a report on Japanese discount retailer Pan Pacific International (7532 JP — US$9.0 billion) ($)
Investor Insights Asia with an introduction to JD Logistics (2618 HK — US$14.8 billion)
(estimated reading time)
Asia Sentinel on new Korean president Yoon Suk-yeol (6 mins)
Letters from a supposed FSB analyst on the war in Ukraine (36 mins)
Gregor MacDonald with his view of the future supply & demand for oil (6 mins)
Ross Report: Oil could hit US$200/barrel (11 mins)
Roger Lowenstein: Russian oil is equivalent to Confederate cotton (4 mins)
Andrew Batson: What happened to the common prosperity program? (5 mins)
Evergreen Gavekal’s David Hay on the ongoing shift to value stocks (21 mins)
(listening time)
Acquired Podcast with a 3-hour episode on Sony Corporation (3:04 hours)
Ray Dalio: Principles for dealing with a new the changing world order (44 mins)
Jeff Gundlach discussing the bond market (45 mins)
Jeremy Grantham continues to be worried about the future (51 mins)
Former US official Fiona Hill on Putin’s endgame (36 mins)
Matt Pottinger on what Xi is learning from Putin’s war (38 mins)
CrowdStrike founder Dmitri Alperovitch believes Russia is winning (52 mins)
Red Notice author Bill Browder on what’s next for Russia (46 mins)
Singaporean Vandana Hari on the supply & demand for crude oil (45 mins)
(Largest new programs as % of the market cap; min market cap: US$50m)
Suruga Bank (18.4%) (8358 JP — US$843 million)
Computer Engineer & Consulting (5.3%) (9692 JP — US$320 million)
ME2ZEN (3.8%) (950190 KS — US$214 million)
NC & Co (2.4%) (092600 KS — US$68 million)
Atec (2.3%) (045660 KS — US$72 million)
(Largest over past 7 days; min market cap: US$50m)
Xinyi Glass: US$7.1 million (868 HK — US$10.1 billion)
Supalai: US$1.6 million (SPALI TB — US$1.3 billion)
Srisawad Corp: US$1.2 million (SAWAD TB — US$2.3 billion)
EC Healthcare: US$0.9 million (2138 HK — US$1.1 billion)
Hong Leong Asia: US$0.6 million (HLA SP — US$436 million)
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