Monday morning links

Sri Lanka's stock market crash, Thai Beverage, Mongolian Mining, Nvidia, Nintendo

The past week's most significant event has been the free-fall of the Sri Lankan stock market. Many stocks such as Ceylon Tobacco and John Keells were halted. The currency has depreciated from ~200 LKY/USD to close to 300 over the past month. This crash may offer opportunities at some point but I also fear that the country may be turning authoritarian.

Yesterday, I published a report about Thailand’s spirits monopoly company Thai Beverage. The stock trades at P/E 16x - lower than most of its global peers. A return of tourism to Thailand could help revive beer sales.

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• I wrote about Thai spirits and beer producer Thai Beverage (THBEV SP — US$13 billion)

• Wickhams Hill on Mongolian Mining Corporation (975 HK — US$415 million)

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(estimated reading time)

• JP Morgan 2Q22 Guide to the Markets (71 slides)

• Jason Goepfert: lowest optimism about the Japanese Yen since 2013 (1 min)

• The Turtles Substack: Are we at the start of a commodity supercycle? (2 mins)

• Looking back at the past eight years of Chinese travel (7 mins)

• A new Peterson Institute report about the change in the ownership of Chinese companies since Xi came to power (1:37 hours)

• And for fun: The best 50 restaurants in Asia, according to Bloomberg (4 mins)

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(listening time)

• Acquired Podcast on Taiwanese fabless chip company Nvidia (2:04 hours)

• Ryan O’Connor on the long-term growth prospects for Nintendo (2:03 hours)

• Daniel Yergin on Russia and China’s roles in global energy markets (46 mins)

• Kirill Sokoloff on the inflation vs deflation debate (49 mins)

• Bill Gross on bonds in the new inflationary environment (1:57 hours)

• Russell Napier praises the Reserve Bank of India (22 mins)

• Silverbear Capital’s Peter Chun on Chinese stocks in 1Q22 (12 mins)

• Anne Stevenson-Yang thinks deflation is coming to China (30 mins)

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

1. Hazama Ando (9.5%) (1719 JP — US$1.3 billion)

2. LA Holdings (3.9%) (2986 JP — US$113 million)

3. Kaon Media (2.2%) (078890 KS — US$184 million)

4. Maeil Dairies (1.9%) (267980 KS — US$432 million)

5. Synmosa Biopharma (1.2%) (4114 TT — US$278 million)

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

1. Yadea: US$6.2 million (1585 HK — US$4.9 billion)

2. Roda Vivatex: US$5.5 million (RDTX IJ — US$135 million)

3. Int’l Development & Inv: US$2.4 million (IDI VN — US$284 million)

4. Vietnam Electricity Constr: US$2.2 million (VNE VN — US$62 million)

5. Nusasiri: US$1.5 million (NUSA TB — US$360 million)

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Significant Japanese Yen depreciation following BOJ’s dovish comments. Source: Bloomberg

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