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)

1. Startia (12%) (3393 JP — US$96 million)

2. Ines Corp (6%) (9742 JP — US$308 million)

3. DK&D (4%) (263020 KS — US$62 million)

4. Genoray (2%) (122310 KS — US$119 million)

5. ICD Co (2%) (040910 KS — US$196 million)

(Largest over past 7 days; min market cap: US$50m)

1. Sabuy Technology: US$12.6 million (SABUY TB — US$810 million)

2. VSTECS Holdings: US$1.9 million (856 HK — US$1.3 billion)

3. Digital Mediatama: US$0.9 million (DMMX IJ — US$1.4 billion)

4. Riverstone Holdings: US$0.2 million (RSTON SP — US$776 million)

5. 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)

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