Monday morning links
The MSCI Growth / Value ratio is back to a record high: Christopher Wood at Jefferies showed that the MSCI World Growth / Value is back at a record high due to recent Delta variant outbreaks. With the new case count peaking, it is probably a good time to shift towards value stocks (~cyclicals) yet again.
Chinese private company P/E compression: The Bank Credit Analyst’s EM strategist Arthur Budaghyan makes the case that Chinese platform companies might become quasi-SOEs and should therefore trade closer to SOE multiples.
Chinese tech resignations: The CFO of Chinese live-streaming company Huya resigned “due to personal reasons.” (h/t: The Bear Cave). Also, JD.com’s founder Richard Liu stepped down from daily business as well to focus on rural revitalization - whatever that means.
Chinese NPLs: Amid a weakening Chinese property market, developers such as Evergrande are suffering. Bank analyst Daniel Tabbush is observing a build-up of NPLs in certain Chinese banks.
($ = behind a paywall)
Smartkarma makes a case for Indonesian property developer Ciputra (IDX: CTRA — US$1.3 billion)
A quick write-up on Cambodian casino operator NagaCorp (SEHK: 3918 — US$4.0 billion)
Superfluous Value Blog on Ping An Insurance (SEHK: 2318 — US$86 billion)
nippoNuggets on Japanese digitalisation stock BrainPad (TSE: 3655 — US$423 million)
(estimated reading time) ($ = behind a paywall)
I wrote about Japanese service industry stocks that might benefit from Japan’s vaccination drive (14 mins) ($)
George Soros criticising Blackrock’s call to invest in Chinese stocks (3 mins) ($)
Historian Ed Chancellor warns about a growth/tech bubble (5 mins)
Wickhams Hill’s Under the Radar report dated 10 September 2021 (10 mins)
Economist Van de Walle: Chinese stocks have a low correlation to GDP (8 mins)
Dexter Roberts on how Xi’s Common Prosperity campaign’s might impact the private sector (14 mins)
Bytedance founder’s Zhang Yiming’s philosophical last speech (14 mins)
Drawbridge Research analysing Sony’s music and picture segments (15 mins)
Harvard professor Willy Shih explains the global chip shortage (38 mins)
A review of Paradise Lost about Mahathir’s legacy in Malaysian politics (6 mins)
Peterson Institute analysis: South Korea’s economic rise (1:23 hours)
Podcasts and videos
Jeffrey Gundlach makes a case for emerging market stocks (25 mins)
Acquired podcast deep-dive into TSMC (2:35 hours)
David Cornell on opportunities in Indian small caps (20 mins)
Journalist Lisa Du on Japan’s vaccine roll-out (29 mins)
Brian Laks making the bull case for uranium (1:02 hours)
Goehring & Rozencwajg: The truth about renewables (19 mins)
I was on the Bretton Goods podcast discussing Asian stocks (52 mins)
Chart of the week – Record inflows into global stocks in 2021
Thanks for reading, and I wish you a great week ahead!
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