Monday morning links
Monday morning links
Introduction to Asian equity markets, Uni-Charm Indonesia, ITFOR, Paxlovid approval
I’ve put together a presentation to help investors understand the landscape of Asian equity markets.
I also wrote a presentation on Uni-Charm Indonesia - the largest producer of baby diapers in Indonesia. The stock trades at 0.5x sales / 8.0x EBIT, despite secular growth tailwinds and decent corporate governance.
In other news, China’s regulator approved Pfizer’s coronavirus pill Paxlovid. The drug is too expensive for the Chinese mass market. But the approval may signal a shift in the government’s priorities towards accepting endemic COVID-19.
My report on Uni-Charm Indonesia (UCID IJ — US$419 million) ($)
Kenkyo Investing on IT system vendor ITFOR (4743 JP — US$198 million)
(Largest new programs as % of the market cap; min market cap: US$50m)
Dentsu Group (6.1%) (4324 JP — US$12.0 billion)
Sri Trang Gloves (4.4%) (STGT TB — US$2.5 billion)
RN2 Technologies (4.4%) (148250 KS — US$74 million)
Fan Communications (3.9%) (2461 JP — US$275 million)
Shinko Shoji (3.8%) (8141 JP — US$301 million)
(Largest over past 7 days; min market cap: US$50m)
KCE Electronics: US$0.8 million (KCE TB — US$2.3 billion)
Seojin System: US$0.8 million (178320 KS — US$522 million)
EG Industries: US$0.5 million (EG MK — US$56 million)
Muangthai Capital: US$0.3 million (MTC TB — US$3.5 billion)
Il Science: US$0.2 million (307180 KS — US$87 million)
(estimated reading time)
I put together a presentation introducing you to Asia’s stock markets (34 slides)
The Market Sentiment Substack on how you can use the Kelly Criterion (6 mins)
GMO’s 4Q21 letter: Investment mistakes to avoid (21 mins)
Hayden Capital’s 2021 letter on e-commerce operator Sea Ltd (32 mins)
The World Bank blog: The likely effects of new trade agreement RCEP (4 mins)
New IMF report suggests China’s corporate sector is becoming less dynamic (34 mins)
Anne Stevenson-Yang on China’s cycles of opening up and closing off (22 mins)
(listening time)
A rare interview with 98-year old Charlie Munger on Yahoo Finance (21 mins)
A video summarising Asianometry’s take on TSMC (5 mins)
Herald van der Linde on opportunities in emerging Asia (34 mins)
Quant Vinesh Jha talking about strategies for using alt-data (1:05 hours)
The Equity Mates podcast: a basic introduction to the oil industry (47 mins)
Josh Young of Bison Interests discussing the outlook for oil (1:24 hours)
Asia Tech Strategy discussing Nike’s success in China (44 mins)
Wan Zahidi of Tapir Partners on Malaysian investing and more (37 mins)
Maria Lapiz of Maybank: Will 2022 be a better year for Thailand? (14 mins)
The Economist podcast on Fumio Kishida’s flawed economic policies (21 mins)
Thanks for reading!
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