Monday morning links

Personal reflections over the past week:

• Anecdotal evidence suggests that restaurant foot traffic in Tokyo is recovering fast

• The plan to build 150 nuclear reactors in China should be supportive of the uranium market

• And Carrie Lam said that Hong Kong’s border to the mainland will open up in February 2022 - a positive sign for the Hong Kong’s retail industry

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• Punch Card Investor with a part 3 of its Sea Limited deep-dive (NYSE: SE — US$198 billion)

• Investor Insights Asia’s overview of troubled real estate developer China Evergrande (SEHK: 3333 — US$3.9 billion)

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(Largest new programs as % of market cap; min market cap: US$50m)

1. Hokkaido Coca-Cola Bottling (7%) (TSE: 2573 — US$278 million)

2. Inpex (5%) (TSE: 1605 — US$12.5 billion)

3. Unizyx (5%) (TWSE: 3704 — US$522 million)

4. Global Lighting Tech (4%) (TWSE: 4935 — US$390 million)

5. Alfresa Holdings (4%) (TSE: 2784 — US$3.5 billion)

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(Largest over past 7 days; min market cap: US$50m)

1. Xinyi Glass: US$2.1 million (HKSE: 868 — US$10.5 billion)

2. Guangzhou R&F: US$1.5 million (HKSE: 2777 — US$2.1 billion)

3. Digital China: US$830k (HKSE: 861 — US$899 million)

4. China SCE Group: US$780k (HKSE: 1966 — US$1.2 billion)

5. Chin Hin Group: US$760k (KLSE: CHIN — US$400 million)

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

• I wrote an essay: Will China become socialist again? (15 mins) ($)

• I wrote an overview of Singapore’s residential property market (19 mins)

• I interviewed “Hide not Slide”, an expert on the global exchange industry (11 mins)

• Bronte Capital Amalthea’s 3Q21 fund letter (13 mins)

• Pangolin Aviation Recovery Fund’s October 2021 investor letter (7 mins)

• Open Insights Substack believes that energy prices will continue to rise (4 mins)

• Bloomberg: Rob Arnott thinks Chinese and Russian state-owned enterprises offer good value (7 mins) ($)

• On China’s demographics, in great detail (4 mins)

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(listening time)

• Ed Chancellor: Japanese stocks will outperform as returns on equity rise (7 mins)

• Michael Kass of Baron Emerging Markets Fund thinks emerging markets will start to outperform (27 mins)

• Oaktree Capital discussing inflation and the Chinese property market in their 3Q21 credit quarterly (17 mins)

• South Korea’s Petra Capital discussing the peculiarities of investing in Korea (1:34 hours)

• Beeneet Kothari of NYC-based technology fund Tekne Capital is bullish on Chinese stocks and cryptocurrencies (47 mins)

• I had a chat with the Friendly Bear podcast on how short-sellers might want to approach Asian equity markets (1:02 hours)

• Pratyush Rastogi of Singapore-based tech investor Farrer Wealth Advisors on writing and investing (51 mins)

• Australia’s Forager Funds Management’s Steve Johnson discussing stocks he thinks are undervalued (15 mins)

• Former GaveKal analyst Chen Long discussing China’s economy (37 mins)

• Pinecone Macro’s Chase Taylor discussing energy markets on the “China of Tomorrow” podcast (36 mins)

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Housing vacancy rates by Chinese city

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

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