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Monday morning links 🔗
Tabcorp, Bukalapak, Bursa Malaysia
Yesterday’s report was on Australian wagering company Tabcorp, which just spun off its lotteries division into a separate entity. Tabcorp has been suffering from COVID-19 lockdowns and online competition. Several states and territories are now levelling the playing field between Tabcorp and its online competitors through point-of-consumption taxes. Tabcorp’s EV/Sales of 0.9x is below industry trading and transaction multiples. A key risk is the Victoria license expiry in 2024.
Asian Century Stocks on Australian gambling company Tabcorp (🇦🇺 TAH AU－ US$2.4 billion)
The Value Investing Substack with an introduction to Indonesian B2B e-commerce operator Bukalapak (🇮🇩 BUKA IJ－ US$2.1 billion)
Profit Hunting blog on Malaysia’s stock exchange Bursa Malaysia (🇲🇾 BURSA MK－ US$1.1 billion)
(estimated reading time)
- is bearish on the US Dollar, part 1 & part 2 (18 mins)
- with Bytedance’s Zhang Yiming’s last speech: part 2 (9 mins)
- : dividend yield is not a reliable predictor of future returns (2 mins)
- : Lessons from a young Warren Buffett (18 mins)
Investment Moats blog on weakening housing affordability in Singapore (7 mins)
Matt Levine on FTX and Alameda (39 mins)
Felix Zulauf is bullish on gold (11 mins)
Gerard Minack believes a global recession is coming (42 mins)
Niall Ferguson on parallels between today and the cold war (1:57 hours)
Mike Green on geopolitics and the risk for a world war (1:36 hours)
Doug O'Laughlin on US export controls and their impact on semis (30 mins)
Malaysian investment-related content creator John Huo on his career (1:01 hours)
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