Monday morning links
Monday morning links
Koito Manufacturing, Prosus, Yodogawa Steelworks, Pentamaster International
Yesterday, I published a deep-dive report on Japanese auto parts supplier Koito Manufacturing. Koito is the world’s largest producer of automotive headlamps, with customers such as Toyota, Honda and Nissan. Shortages of semiconductor chips have weighed on earnings. But there are now signs that those shortages are starting to ease. The company is also a beneficiary of the weak yen.
Also, check out the below write-up on Pentamaster International. The company is a Hong Kong-listed subsidiary of Malaysia’s semiconductor testing equipment maker Pentamaster Corporation. What’s odd about Pentamaster International is that it trades at a fraction of the market cap of its parent, even though it’s supposedly the crown jewel of the group.
($ = behind a paywall)
My report on Japanese auto parts supplier Koito Manufacturing (7276 JP－ US$4.5 billion) ($)
Kevin Xu at the Interconnected Substack on Tencent-shareholder Prosus (PRX NA－ US$73 billion)
Undervalued Japan goes through the financials of Japanese net-net Yodogawa Steelworks (5451 JP－ US$473 million)
Malaysia’s Value Investing Substack on Pentamaster International (1665 HK－ US$245 million)
(estimated reading time) ($ = behind a paywall)
I wrote a portfolio update for September 2022 (15 mins) ($)
Transcript of the interview with Stan Druckenmiller at the CNBC Delivering Alpha Conference (19 mins)
Investor Amnesia’s profile of Tokushichi Nomura II, founder of Japan’s Nomura Group (12 mins)
Charles Gave on how creative accounting unravels during bear markets (3 mins)
Asianometry sees the chip shortage lasting into 2023 (8 mins)
Variant Perception urges caution when it comes to EM equities as liquidity continues to tighten (1 min)
Pew Research: How global public opinion of China has shifted in the Xi era (30 mins)
(listening time)
Stan Druckenmiller’s interview with David Novak (1:11 hours)
Jim Chanos on the meltdown in Chinese property developers (7 mins)
Pierre Andurand on Odd Lots discussing the European gas crisis (56 mins)
Smartkarma’s Said Desaque on Asia’s economic outlook (39 mins)
Think-tank CSIS on China’s October 16 party congress (38 mins)
Steven Sun of HSBC: Is China heading the way of Japan of the 1990s? (10 mins)
Caroline Cai of Pzena IM on Asian deep-value investing (39 mins)
Peter Zeihan’s take on the war in Ukraine (1:10 hours)
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