Monday morning links
Korean cosmetics, Century 21 Real Estate, Packer & Co and OAM Asian Recovery Fund
I spent time over the past week researching the Korean cosmetics industry. I found that LG Household & Healthcare is the best-managed company among all its peers. The company’s profits have held up surprisingly well during the pandemic, despite headwinds from lower duty-free sales.
Check out Packer & Co’s and OAM Asian Recovery Fund’s 2021 letters - they are both excellent reads. Packer & Co has recently purchased shares in Chinese oil & gas producer CNOOC and nuclear power operator CGN Power.
I wrote a report on LG Household & Health’s preference shares (051905 KS — US$12 billion) ($)
Kenkyo Investing on Century 21 Real Estate of Japan (8898 JP — US$103 million)
(Largest new programs as % of the market cap; min market cap: US$50m)
HS Holdings (21.8%) (8699 JP — US$415 million)
Digital Holdings (20.9%) (2389 JP — US$306 million)
Hogy Medical (13.8%) (3593 JP — US$907 million)
Sunnexta Group (10.0%) (8945 JP — US$100 million)
DKK (7.8%) (6706 JP — US$282 million)
(Largest over past 7 days; min market cap: US$50m)
Douzone Bizon: US$2.3 million (012510 KS — US$1.3 billion)
Avia Avian: US$1.4 million (AVIA IJ — US$3.6 billion)
Mieco Chipboard: US$0.7 million (MIEC MK — US$154 million)
Mapletree Industrial: US$0.4 million (MINT SP — US$4.9 billion)
KG Chemical: US$0.2 million (001390 KS — US$302 million)
(estimated reading time)
Australia’s Packer & Co’s full-year 2021 letter (5 mins)
Overseas Asset Management’s Asian Recovery Fund’s 2021 letter (18 mins)
Olivier at the “Emerging Markets and Value” Substack discussing a few Japanese tech mega caps (9 mins)
The “Numbers, not narratives” Substack on the case for an oil super-cycle (7 mins)
Rare criticism of Xi by an unnamed author referred to as Fang Zhou (13 mins)
Investor Insights Asia comparing Alibaba, JD and Pinduoduo (11 mins)
Ed Yardeni makes the case for a continued bull market (26 mins)
Jeremy Grantham think US equities are in a superbubble (56 mins)
Sebastian Mallaby on his new book on venture capital (56 mins)
Asianometry talks about SMEE, China’s answer to ASML (18 mins)
Japan Times on the rise and fall of Japan’s skiing industry (34 mins)
Rachel Lau on Malaysia’s venture capital industry (37 mins)
Michael Norris on regulation within the Chinese technology sector (59 mins)
Bill Bishop interview journalist David Rennie on living in China (55 mins)
Weston Nakamura discussing the Bank of Japan’s monetary policy (37 mins)
Thanks for reading!
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