Monday morning links
Special report on cement stocks
The biggest news over the past few days is an Omicron outbreak in the Chinese city of Tianjin. The information suggests that Omicron is spreading widely in Northern China. Tianjin is close to China’s capital Beijing and the villages hosting the Winter Olympics, which will take place on 4-20 February 2022.
I wrote a special report on the Southeast Asian cement market here ($). Value investors love cement stocks because of their local monopolies. Cement consumption in Southeast Asia is still low and growing.
I wrote about Philippine cement company Holcim Philippines (HLCM PM — US$671 million) ($)
Value Punks on Indian bank HDFC Bank (HDB US — US$130 billion)
(Largest new programs as % of market cap; min market cap: US$50m)
Keiyo (9.2%) (8168 JP — US$480 million)
Saha Pathanapibul (1.9%) (SPC TB — US$622 million)
Shinoken (1.0%) (8909 JP — US$295 million)
SHS Holdings (0.4%) (SHS SP — US$77 million)
SIM Technology (0.2%) (2000 HK — US$139 million)
(Largest over past 7 days; min market cap: US$50m)
Leading Holdings: US$0.6 million (6999 HK — US$581 million)
Tanco Holdings: US$0.6 million (TANC MK — US$90 million)
Thai Union Feedmill: US$0.5 million (TFM TB — US$219 million)
Vibhavadi Medical: US$0.4 million (VIBHA TB — US$1.1 billion)
Haichang Ocean Park: US$0.4 million (2255 HK — US$1.4 billion)
(estimated reading time) ($ = behind a paywall)
I wrote an introduction to the ASEAN cement sector (19 mins) ($)
Nikkei Asia: Guide to Asian elections in 2022 (10 mins) ($)
Interview with Mark Mobius on why he’s bullish emerging markets (17 mins)
Ethos Investment Management: Emerging market outlook (9 mins)
JP Morgan’s 1Q22 Guide to the Markets (68 slides)
Fabricated knowledge Substack: 2022 semiconductor outlook (9 mins)
Variant Perception: Lessons from whaling history for oil today (1 min)
Adventures in Capitalism on the coming great rotation into value (6 mins)
Undervalued Japan blog argues that the Japanese Yen is undervalued (3 mins)
Swen Lorenz on the hydrogen market (14 mins)
Ray Dalio, now on the Bloomberg Masters in Business podcast (1:23 hours)
Jeff Gundlach thinks the US Dollar will weaken and EM outperform (31 mins)
Peking University economics professor Michael Pettis on China (1:13 hours)
Marc Faber on central banks, governments and gold (29 mins)
Bill Miller remains bullish on Bitcoin (26 mins)
Carson Block interviews Matt Pottinger on US-China policy (58 mins)
Gerard Minack: We’re witnessing the end of secular stagnation (52 mins)
Andy Rothman vs Anne Stevenson-Yang on China’s economic growth prospects (49 mins)
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