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.


Asian stock ideas

($ = 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)


Long-form writing

(estimated reading time) ($ = behind a paywall)


Podcasts and videos


Chart of the week – Record inflows into global stocks in 2021


Thanks for reading, and I wish you a great week ahead!

If you enjoyed this post, consider joining 159 Asian Century Stocks subscribers by pressing the button below. You get immediate access to over 20 stock ideas per year plus additional related content. Check out my previous ideas here.

Get 30 day free trial