Monday morning links
A new format for the newsletter today. I added buybacks, insider buys and recent IPO data. I also introduced colours to make the newsletter easier to scan quickly.
($ = behind paywall)
I wrote a deep-dive on a Japanese karaoke equipment maker Daiichi Kosho (TSE: 7458 — US$2.0 billion) ($)
The Circle of Competence blog on Chinese search engine Baidu (Part 2) (NASDAQ: BIDU — US$62 billion) (h/t: Aaron Pek)
Olivier at Emergingvalue on Southeast Asia-focused holding company First Pacific (SEHK: 142 — US$1.7 billion). Over the weekend, Olivier also shared his thoughts on Twitter about three Hong Kong small-caps.
The Calico Capital Substack on Japanese small-cap tech stock Beenos (TSE: 3328 — US$372 million)
(Largest announced as % of market cap over past 7 days; min market cap: US$50m)
JAFCO Group: 9.3% (TSE: 8595 — US$1.8 billion)
Hanil Networks: 7.6% (KOSDAQ: 046110 — US$66 million)
Neowiz Holdings: 3.0% (KOSDAQ: 095660 — US$477 million)
CK-San-Etsu: 2.7% (TSE: 5757 — US$244 million)
Nihon Trim: 1.3% (TSE: 6788 — US$237 million)
(Largest buys over past 7 days; min market cap: US$50m)
Xinyi Glass: US$9.7 million (HKSE: 868 — US$12 billion)
Gelex Group: US$8.5 million (HOSE: GEX — US$841 million)
Dong Hai: US$1.6 million (HOSE: DHC — US$289 million)
Global Consumer PCL: US$1.2 million (SET: GLOCON — US$78 million)
Jaymart: US$1.1 million (SET: JMART — US$363 million)
(Largest market cap past 7 days; min market cap: US$50m)
Microtech Medical Hangzhou on 19 Oct (SEHK: 2235 — US$1.7 billion)
Transcom Inc on 25 Oct (TPEX: 5222 — US$329 million)
Heng Leasing and Capital on 19 Oct (SET: HENG — US$329 million)
CHA Vaccine Institute on 22 Oct (KOSDAQ: 261780 — US$294 million)
GI Tech on 21 Oct (SZSE: 300309 — US$1 billion+)
(estimated reading time)
I wrote a post about the holdings of successful Asia-focused funds (9 mins)
Bill Miller’s 3Q21 letter recommends investors to stay bullish (3 mins)
Greenlight Capital’s 3Q21 letter is revealing frustration (11 mins)
Excellent article by Ed Chancellor on how to inflation-proof portfolios (5 mins)
Crescat Capital’s October 2021 letter thinks that value stocks will start to outperform (21 mins)
The Open Insights Substack provides a quarterly update on global energy markets (14 mins)
Rowan Street’s 3Q21 letter discussing why they’ve exited their Chinese investments (14 mins)
A US government cable on Xi Jinping that was shared on Wikileaks (17 mins)
An essay describing Wang Huning, a key adviser to Xi Jinping (15 mins)
Peterson Institute: The Chinese private sector is doing just fine (4 mins)
(listening time)
Howard Marks on markets, crypto, Fed policy (30 mins)
Paul Tudor Jones discussing inflation pressures: Part 1, Part 2 (6 mins)
Rob Forker of Polen Capital on investing in global small caps (25 mins)
Defence analyst Oriana Skylar Mastro on the risk of a Taiwan conflict (31 mins)
Vitaliy Katsenelson on why he’s invested in defence stocks (23 mins)
China H-shares trade at a 10-year record discount to their respective A-shares
Thanks for reading, and I wish you a great week ahead!
Sign up for over 20 deep-dive reports on Asian stocks per year and full disclosure of my personal portfolio.
Thank you!