Premium subscriber Q&A

Hi everyone! ☕️

Here’s an Ask Me Anything thread for premium subscribers. I’ll send these out monthly going forward. To ask a question, just click “Leave a comment” and type into the text box below.

Here are some suggestions on what you might want to ask about:

• Kazakhsta commercial bank Halyk Bank

• Politics in Indonesia post-Prabowo

• Indonesian hardware technology distributor Metrodata

• Questions about my trip to FatAlpha Value (Asia) in Pattaya

• Questions about my meeting with Haad Thip

• The impact of Trump’s tariffs on Asia’s economies

• Japanese mini-conglomerate Nippon Parking Development

• Papua New Guinea bank Kina Securities

• Questions about my recent trip to Taiwan

• Japanese pet insurance company Anicom

• Questions about how I use generative AI tools

Or anything else that’s weighing on your mind. How can I help?

I can also share the stocks that are currently on my watch list:

1. AIA Group (1299 HK — US$82 billion), one of the largest insurance companies in Asia. It was pitched at the FatAlpha Value conference in Pattaya, and the idea made perfect sense to me. The insurance penetration rate in Mainland China remains low compared to Korea and Taiwan. It has strong distribution, and upside by expanding to other untapped provinces in China. The stock trades at 13.0x P/E.

2. Naver (035420 KS — US$21 billion), the Korean version of Google. The founder of the company stepped back in 2016, and since then the return on equity has gradually fallen to single-digit levels. There’s a perception that Naver has fallen behind in competition with generative AI tools. But founder Lee Hae-jin returned as Chairman in March 2025 to take reins of the company and innovate. I consider it a privilege to invest alongside high-caliber management teams. The stock trades at 15.8x P/E.

3. Citizen Watch (7762 JP — US$1.4 billion) has been mismanaged for decades, but is finally starting to show progress in brand building and quality control. Mechanical watch collecting is getting popular and Citizen has released models such as the Zenshin and Tsuyosa, taking share from Seiko. The stock trades at P/E 8.2x with a dividend yield of 5.1% and an active share buyback program.

4. Aeon Credit Service Asia (900 HK — US$339 million) is a non-bank lender in Hong Kong connected to Japanese retailer Aeon. They provide credit cards with high interest rates, enabling them to earn a high net interest margin. The return on equity is about 10%, weighed down by a weak consumer and high interest rates. But equity/assets is ~50% so the risks are few and far between. P/E of 6x and dividend yield of 8%.

5. Kawai Musical Instruments (7952 JP — US$159 million). Sells pianos through directly owned stores and has musical schools across Japan. Targets 16% return on equity in the long run yet trades at 0.5x book. Pitched by Evan Tindell at Bireme Capital.

I’m curious to hear which of these stocks you are interested in.

Disclaimer: Asian Century Stocks uses information sources believed to be reliable, but their accuracy cannot be guaranteed. Delante Media Pte Ltd is not regulated under the Financial Advisers Act and should not be regarded as a financial adviser. The information contained in this publication is for informational and educational purposes only and do not constitute individual investment advice. You are advised to discuss your investment options with your financial adviser to understand whether any investment is suitable for your specific needs. The opinions expressed in the below discussion are those of the publisher and are subject to change without notice. This post is intended for institutional, accredited investors or expert investors only. I may, from time to time, have positions in the securities covered in articles on this website.