Monday morning links
Happy Lunar New Year and a report on Indonesian sportswear retailing
Happy Lunar New Year to all those who celebrate across the region. Several stock exchanges will be partially or completely closed the week, including those in mainland China, Hong Kong, Vietnam, Singapore and South Korea.
I wrote a report on Indonesian sportswear retailer MAP Aktif, which has a 63% market share in Indonesia, enjoys a strong balance sheet, decent corporate governance, and will likely end up with a reasonable valuation multiple in a recovery scenario.
($ = behind a paywall)
I wrote a report on Indonesian sportswear retailer MAP Aktif Adiperkasa (MAPA IJ — US$475 million) ($)
Oliver at the Emerging Markets and Value Substack provides the third instalment of his analysis of CK Hutchison, this time on its infrastructure segment (1 HK — US$27 billion)
Koneko Research on Nam Tai Property, a special situation referred to as a “circus” (NTP US — US$329 million)
(Largest new programs as % of the market cap; min market cap: US$50m)
Sansha Electric Manufacturing (8.0%) (6882 JP — US$107 million)
TS Tech (7.4%) (7313 JP — US$1.8 billion)
Refine (4.8%) (377450 KS — US$173 million)
Mobile Factory (4.5%) (3912 JP — US$69 million)
Wireless Power Amplifier (4.5%) (332570 KS — US$187 million)
(Largest over past 7 days; min market cap: US$50m)
An Gia Real Estate: US$13.4 million (AGG VN — US$180 million)
JG Summit: US$7.2 million (JGS PM — US$8.8 billion)
Universal Robina: US$1.0 million (URC PM — US$5.4 billion)
iDreamSky: US$0.6 million (1119 HK — US$908 million)
MAG Holding: US$0.5 million (MAGH MK — US$72 million)
(estimated reading time)
The latest trend spotting report from Astutex.ai (27 pages)
Six emerging market IPOs to watch in 2022 (6 mins)
Calafia Beach Pundit blog on the explosion in US M2 money supply (9 mins)
Asia Sentinel about how Ferdinand “Bongbong” Marcos Jr is likely to become the new President in the Philippines (8 mins)
On the potential for a recovery in Malaysia’s housing market (9 mins)
Economist Timothy Taylor explains what a central bank digital currency is (5 mins)
Daniel Tabbush discusses the potential for cash-rich banks to increase their return on equity (3 mins)
Updated charts from Thai Capitalist on SET sub-sector performance (1 min)
(listening time)
Sam Zell believes in a recovery for the office market post-COVID (5 mins)
Richard Lawrence on the Longriver podcast discussing his book “The Model” (53 mins)
Russell Clark on the Market Champions podcast with his thoughts on Asia, macro, short selling and hedge funds (1:03 hours)
Michael Causton from Smartkarma on the recovery potential for the Japanese retail industry (46 mins)
Talent scout Saurabh Jain on India’s tech start-up scene (40 mins)
Travis Lundy offers his view on Evergrande’s potential end-game (52 mins)
Elizabeth Economy: How Xi Jinping wants to reshape the world (37 mins)
Hank Paulson interviews Ray Dalio (45 mins)
Julian Brigden of MI2 Partners thinks we’re at a market inflection point (33 mins)
Josh Young of Bison Interests talks about supply & demand for crude oil (1:14 hours)
A rare interview with Marc Andreessen on how the Internet can disrupt traditional power structures (1:20 hours)
Interview with Vitaliy Katsenelson discussing his approach to value investing (1:04 hours)
A masterclass on short selling with Jim Chanos from December 2021 (59 mins)
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