Monday morning links

  • Philippines 12% VAT for online purchases: Wickhams Hill published another excellent report with ASEAN stock ideas. I am intrigued by the new digital services tax in the Philippines, which will impose VAT on online purchases. It might shift retail consumption back to offline retail.

  • ASEAN travel restrictions eased further: Bali announced it would open up to foreign tourists this week. Malaysia opens up interstate travel today. Singapore will open up quarantine-free travel with 12 more countries, including the US and the UK. Listed airports and airport services companies will benefit, as will other businesses dependent on tourism spending.

  • Japan’s capital gains tax: future prime minister Fumio Kishida retracted his previous statements that Japan would increase its capital gains tax. That initiative is off the table “for now”. Instead, he will focus on other ways to redistribute income.

  • China bans private media companies: Bloomberg reported that China proposes a ban on private companies operating media businesses. It’s hard to see how media platforms such as Weibo can remain private in this environment.


Asian stock ideas

(estimated reading time) ($ = behind a paywall)

  • I wrote a deep-dive on an Indonesian sin stock (IDX: ? — more than US$1 billion) ($)

  • Punch Card Investor with a follow-up post on Sea Limited (NYSE: SE — US$179 billion), this time focusing on the company’s e-commerce segment

  • SemiAnalysis’s Dylan Patel on the IPO of GlobalFoundries (NASDAQ: GFS — expected market cap of ~US$20 billion)


Long-form writing

(estimated reading time)


Podcasts and videos

(listening time)

  • Russell Napier on the knock-on effects of secular inflation (1:11 hours)

  • Soros Fund Management’s Dawn Fitzpatrick with a market outlook (20 mins)

  • Kyle Bass on Bridgewater’s connection with the Chinese government (7 mins)

  • Michael Mauboussin: Moats, skill, luck, decision making, etc. (1:25 hours)

  • Clocktower’s Marko Papic does not believe in Taiwan “reunification” (1:01 hours)

  • Shai Oster of “The Information” on China’s tech crackdown (55 mins)

  • Asia Matters Podcast: Explaining South Korea’s economic success (38 mins)

  • Japan Times podcast: “Who is [Japan’s new PM] Fumio Kishida?” (24 mins)

  • Tim Romero of Japan’s largest startup podcast “Disrupting Japan” (36 mins)

  • Todd Sullivan: the long term bull case for oil (45 mins)


Chart of the week – The price to ship a 40ft container from China to Los Angeles


Thanks for reading, and I wish you a great week ahead!

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