Asian Century Stocks

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Monday morning links

Michael Fritzell
Aug 23, 2021
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Monday morning links
www.asiancenturystocks.com
  • Chinese taxes: Xi Jinping vowed to “adjust excessive incomes” as part of his “common prosperity” agenda. Exactly what that means is unclear. It could presage higher corporate tax for high-tech companies (currently 15%), direct gifts such as the one announced by Tencent, a more progressive personal income tax system or a higher inheritance tax rate.

  • China & COVID-19: China reported zero new COVID-19 cases for the first time since July. Data reliability is in question, but it may signal that the outbreak is now increasingly under control directionally.

  • Malaysia politics: Ismail Sabri Yaakob has become president of Malaysia. He is a Malay centric politician that has been controversial in the past. But other than for certain politically sensitive stocks, many believe there will be business as usual.

  • Singapore's border reopening: Singapore removed quarantine for travellers from Hong Kong & Macau. All that’s needed is a negative PCR test; you don’t even have to be vaccinated. A vaccinated travel lane will open up with Germany soon.


Company-specific reports

  • I wrote a deep-dive on Chinese travel technology stock TravelSky (SEHK: 696 — US$4.8 billion)

  • Searching 4 Value Blog on Hong Kong-listed L’Occitane (SEHK: 973 — US$4.9 billion)

  • A few comments from Pembridgecap on Taiwanese online classifieds company AddCN (TPEX: 5287 — US$361 million)


Long-form writing

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

  • I wrote an introductory report to the Asian tobacco industry (18 mins) ($)

  • I interviewed Japanese tech experts nipponNuggets (8 mins)

  • GMO’s James Montier on the prospects for higher inflation (15 mins)

  • Open Insights: supply & demand suggests higher prices for oil (8 mins)

  • A brief history of Asia’s stock markets (7 mins)

  • Bloomberg: Contrarian investors should love emerging markets (9 mins) ($)

  • A four-part series on China’s opening-up reform: Part 1, 2, 3 & 4 (35 mins)

  • George Magnus: Why a China-centered future is still uncertain (6 mins)

  • Katsuji Nakazawa: China sends signals that Xi is here to stay (6 mins) ($)

  • Wall Street Journal: China’s economic recovery is losing steam (5 mins) ($)

  • Jordan Nel on China’s semiconductor supply chain (26 mins)

  • How will China seek to profit from the Taliban’s takeover in Afghanistan? (4 mins)

  • Nikkei: How Indonesia is pushing forward with reforms (4 mins) ($)


Podcasts and videos

  • Michael Pettis: China’s regulatory environment is confusing (8 mins)

  • Louis Gave on China, Afghanistan and de-dollarization (35 mins)

  • Jens Nordvig on the risk of adopting zero-tolerance COVID-19 policies (24 mins)

  • Historian Jason Kelly discussing his book Market Maoists: The Communist Origins of China's Capitalist Ascent (32 mins)

  • Asia Tech Strategy podcast: What worries me about Alibaba long-term (40 mins)


Chart of the week – Shorting China stocks is now perceived to be one of the most crowded trades

Source: Bank of America Global Fund Manager Survey

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

Sign up for over 20 deep-dive reports on Asian stocks per year and full disclosure of my personal portfolio.

Best regards,
Michael

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