Monday morning links
This week’s Monday Morning Links became Tuesday Morning Links due to a shift in my travel schedule. But now I’m back in Singapore, well prepared for whatever 2022 has in store.
COVID-19 continues to generate the most headlines. The city of Xi'an in China entered a new lockdown. Singapore shut down its vaccinated travel lanes for a month to slow the spread of Omicron.
Singaporean rubber glove producer Riverstone Holdings is experiencing continued insider buying. That’s a trend seen across the entire industry. Several rubber glove companies in Malaysia and Singapore now have enterprise values even lower than what they had before COVID-19.
Oliver at the Emerging Value Substack on Shanghai Pharma, one of the largest distributors of pharmaceuticals in China (2607 HK — US$7.6 billion)
The Searching 4 value blog on mobile gaming company Fire Rock Holdings (1909 HK — US$497 million)
(Largest new programs as % of market cap; min market cap: US$50m)
Startia (12%) (3393 JP — US$96 million)
Ines Corp (6%) (9742 JP — US$308 million)
DK&D (4%) (263020 KS — US$62 million)
Genoray (2%) (122310 KS — US$119 million)
ICD Co (2%) (040910 KS — US$196 million)
(Largest over past 7 days; min market cap: US$50m)
Sabuy Technology: US$12.6 million (SABUY TB — US$810 million)
VSTECS Holdings: US$1.9 million (856 HK — US$1.3 billion)
Digital Mediatama: US$0.9 million (DMMX IJ — US$1.4 billion)
Riverstone Holdings: US$0.2 million (RSTON SP — US$776 million)
Millat Tractors: US$0.1 million (MTL PA — US$329 million)
(estimated reading time)
The Bear Cave: A hedge fund analyst’s Christmas list (5 mins)
Bretton Goods Substack: A tale of three billionaires (9 mins)
Visual Capitalist: The Global Semiconductor Supply Chain (4 mins)
A deck on Juspay and the Indian payment market (16 pages)
(listening time)
Macro analyst Felix Zulauf gives his 2022 macro outlook (36 mins)
Mohnish Pabrai offers his view on Chinese stocks (12 mins)
Smartkarma research analyst Scott Foster on Japanese tech stocks (29 mins)
Singapore investor Max Koh on the Compounding Curiosity podcast (51 mins)
Felix Wang at Hedgeye thinks consensus estimates for Sea Limited are too high (4 mins)
A special ValueWalk episode on the plastics industry (29 mins)
Thanks for reading!
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