Monday morning links
Monday morning links
Deep-dive 2023-6, Pinduoduo, Public Bank
($ = behind paywall)
I wrote a report on a leading Japanese discount retailer in Deep-Dive 2023-6 (🇯🇵 >US$1 billion). The company has had an exceptional return on equity but is going through a tough patch right now. Are the issues temporary? ($)
Hayden Capital on Chinese e-commerce operator Pinduoduo (🇨🇳 PDD US — US$94 billion), whose app “Temu” has become successful in the United States
Fund manager Aikya on Malaysia’s Public Bank (🇲🇾 PBK MK — US$17 billion), which they argue has unique competitive advantages
(estimated reading time) ($ = behind paywall)
I argued in a post that the winners of China’s daigou crackdown will be the duty-free store operators on Hainan island (13 mins) ($)
Daniel Lee at AVI Japan Opportunity Trust discusses three Japanese stocks: TSI Holdings, Nihon Kohden and Locondo (3 mins)
Harding Loevner’s Emerging Markets Equity Fund’s 2022 letter (16 mins)
Altay Capital’s portfolio of super cheap Japanese stocks (3 mins)
The Superinvestors of Augustville: March 2023 portfolio update (6 mins)
Superfluous Value: 2022 portfolio review with KT Corp, Cameco, etc. (7 mins)
Kevin Xu: It’s game over for Chinese apps in the United States (5 mins)
Henry Gao: Beijing’s crackdown is unlikely to end any time soon (7 mins)
Qi Wang: Time to become positive about Hong Kong stocks (2 mins)
John Hempton: AT1 bonds: when to abandon your fund manager (5 mins)
Information Overflow Substack: The new shape of banking crises (3 mins)
The Age on rising short interest in Australian lithium miners (3 mins)
Frontier market fund manager Michael McGaughy: Books read in 2022 (2 mins)
(listening time)
Joel Greenblatt on value investing, value vs growth, UK & spin-offs (41 mins)
Navis Jockey Fund: Is China still investable? (52 mins)
Partners Capital on the Asian investment opportunity set (43 mins)
Alec Tseung at Smartkarma on the Chinese insurance sector (32 mins)
Historian Stephen Kotkin on US-China relations (1:14 hours)
Russell Clark on why Asia matters, demographics and more (1:16 hours)
Ed Chancellor on banking crises in a historical perspective (35 mins)
Konichi-Value on the fall of Japanese e-commerce operator Rakuten (20 mins)
YouTube channel VisualPolitik on South Korea’s arms industry (20 mins)
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