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,’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!

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