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.

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• 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)

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(estimated reading time)

• David Hay
  is bearish on the US Dollar, part 1 & part 2 (18 mins)

• Kevin Xu
  with Bytedance’s Zhang Yiming’s last speech: part 2 (9 mins)

• Joachim Klement
  : dividend yield is not a reliable predictor of future returns (2 mins)

• Frederik Gieschen
  : Lessons from a young Warren Buffett (18 mins)

• Investment Moats blog on weakening housing affordability in Singapore (7 mins)

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(listening time)

• 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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China’s daily COVID-19 infections have reached an all-time high amid the recent loosening of its lockdowns. Source: Bianco Research

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