Monday morning links

Asian Century Stocks has been selected as one of 11 winners in Substack’s new “Grow Fellowship”. The fellowship means support from Substack to take Asian Century Stocks to the next level. 🥳

In other news: the Omicron wave in South Africa’s Gauteng province seems to have peaked. The early data on Omicron-related hospitalisations in children might have been an aberration. Overall, there is not much to fear from Omicron.

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($ = behind a paywall)

• I wrote a deep-dive on Korean furniture retailer Hanssem (009240 KS — US$1.9 billion) ($)

• The Value Punks Substack wrote a post on Japanese e-commerce company Rakuten (4755 JP — US$16 billion)

• Ensemble Capital on Nintendo (7974 JP — US$61 billion)

• The Value Don’t Lie Substack on Alibaba (BABA US — US$339 billion)

• nipponNuggets on SaaS company Hennge (4475 JP — US$592 million)

• Koneko on the sum-of-the-parts of Sohu (SOHU US — US$681 million)

• Special Situations Investing on the net-net merger arb situation in Yorkey Optical (2788 HK — US$84 million)

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

1. CSI Properties (10%) (497 HK — US$264 million)

2. Mobase (4%) (101330 KS — US$83 million)

3. Samick Musical Instruments (3%) (002450 KS — US$141 million)

4. Ndfos (2%) (238090 KS — US$176 million)

5. Star Micronics (2%) (7718 JP — US$621 million)

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

1. Viet Tien Son Real Estate: US$19.7 million (AAV VN — US$71 million)

2. Xinyi Glass: US$4.2 million (868 HK — US$10 billion)

3. Jaymart: US$3.3 million (JMART TB — US$1.5 billion)

4. Vietnam Container Shipping: US$1.2 million (VSC VN — US$206 million)

5. Ho Chi Minh City Securities: US$0.9 million (HCM VN — US$871 million)

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

• I wrote Borrowing ideas from funds, part 3 (9 minutes)

• I asked Twitter: which Korean chaebol has better corporate governance? (1 min)

• Goldman Sachs Macro Outlook 2022: The road to higher rates (24 mins)

• Bonhoeffer Capital’s 3Q21 letter discussing serial acquirers (11 mins)

• Undervalued Japan gives a short introduction to the Pachinko industry (4 mins)

• Swen Lorenz on technology hype cycles (6 mins)

• Doomberg Substack: There’s not enough oil (8 mins)

• Untying the Gordian Knot Substack thinks the CNY is at an inflection point (7 mins)

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(listening time)

• Substack writer Punch Card Investor on Singaporean e-commerce company Sea Limited (47 mins)

• Julian Brigden of MI2 Partners doesn’t believe in transitory inflation (1:22 hours)

• Dan Rasmussen explains how to make money investing in crises (11 mins)

• Jonathan Fell of Ask Park Capital explains why tobacco is not a dying business (1:03 hours)

• Short-seller Dan David interviews Peter Humphrey (part 1 & part 2), who ran an anti-fraud consultancy in China and ended up in a Shanghai jail (2 hours)

• Mike Green (part 1 & part 2): What happens if China invades Taiwan? (53 mins)

• Economist professor Barry Naughton on China’s common prosperity program (21 mins)

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The Omicron wave in South Africa’s Gauteng is receding. Source: @rid1tweets

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