Monday morning links
Chinese tech stock recovery, Japan shareholder activism, new Substack app
During an incredibly volatile week for Chinese tech stocks, Vice Premier Liu He said that the “rectification” of large Chinese technology companies would soon come to an end. I think that the crackdown will end with the 20th Party Congress at the end of 2022.
Yesterday, I sent a report to all paid subscribers about shareholder activism in Japan: the history of the industry, funds involved in it and the activist campaigns that are currently taking place.
Substack released a new iOS app. If you have an iPhone, you can now read this and other Substacks in the app instead. The app solves the problem of “clipped” (incomplete) e-mails, and the comment function has been improved. You can download the app by clicking the link below.
DJY Research published a third and final part of write-up for Korean e-commerce operator Coupang, discussing the stock’s valuation (CPNG US — US$34 billion)
Investor Insights Asia published a second part of its write-up of JD Logistics, focusing on the company’s financials and its future (2618 HK — US$19 billion)
Newmoon Capital asking himself important questions about Sea Limited (SE US — US$68 billion)
(estimated reading time) ($ = behind a paywall)
I wrote a guide to shareholder activism in Japan (36 mins) ($)
The Inflation Hedge blog on stocks that might benefit from a commodity bull market (14 mins)
Bonhoeffer Capital’s 4Q21 investor letter (29 mins)
Voss Capital: The state of software stock speculation (6 mins)
Michael Mauboussin: Feedback as a basis for improvement (33 mins)
A Lindsell Train report on the global premium alcohol market (12 mins)
An excellent introduction to the people behind Indonesia’s coal mining industry (46 mins)
Investor Amnesia: A brief history of economic warfare (10 mins)
Joachim Klement on countries that will be prone to instability in the face of higher food prices (5 mins)
Sam Zell on buying gold, the Fed and US shale oil & gas (13 mins)
Chris Wood on the war in Ukraine, energy stocks and the Fed (46 mins)
Pierre Andurand on why we might see $200 oil soon (54 mins)
Goehring & Rozencwajg on opportunities in commodities (41 mins)
Ong Sin Beng at JPMorgan on how commodity prices affect ASEAN (12 mins)
Manu Bhaskaran at Smartkarma on opportunities in ASEAN (45 mins)
Asia Matters Podcast on South Korea’s election (33 mins)
Strategist Ruchir Sharma on emerging market investing (52 mins)
(Largest new programs as % of the market cap; min market cap: US$50m)
Fuji Kosan (16.5%) (5009 JP — US$66 million)
Integrated Service Tech (5.6%) (3289 TT — US$148 million)
Enigmo (5.5%) (3665 JP — US$245 million)
Fuji Corp (4.8%) (7605 JP — US$205 million)
Flexium Interconnect (4.1%) (6269 TT — US$1.2 billion)
(Largest over past 7 days; min market cap: US$50m)
Xinyi Glass: US$6.9 million (868 HK — US$10.3 billion)
Son La Sugar: US$6.1 million (SLS VN — US$68 million)
Supalai: US$1.1 million (SPALI TB — US$1.3 billion)
Samsung Electronics: US$1.0 million (005930 KS — US$346 billion)
2S Metal: US$0.8 million (2S TB — US$87 million)
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