Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any shape or form. Please do your own research and seek your own advice from a qualified financial advisor. From time to time, the author holds positions in the below-mentioned stocks consistent with the views and opinions expressed in this article. This is a disclosure, not a recommendation to buy or sell stocks.

Table of contents
1. Portfolio update
2. Update on my key holdings
3. My plans going forward

Portfolio update

September was a weak month for the portfolio, which declined by -1.7%.

But some markets actually performed well. Chinese equities, in particular, have been on a bull run. There's been relentless buying of Hong Kong equities by Mainland Chinese investors through southbound flows. These investors tend to prefer technology companies, and I think that's why companies like Alibaba has done well.

The Chinese bull market has implications for Hong Kong, as IPOs and trading activity tend to have a significant impact on the local economy. I'm getting increasingly bullish on residential property prices in Hong Kong, especially in areas like Kowloon where newly arrived talent from Mainland China likes to live.

I also think that Fed Chair Jerome Powell is about to be replaced by someone more dovish. That would lead to lower US and Hong Kong interest rates, which should support Hong Kong's 3.75% residential cap rate. I haven't bought any Tai Cheung yet, but I'm considering it.

The news has been more mixed in Southeast Asia. In early September 2025, the Indonesian Rupiah depreciated against the US Dollar following the resignation of Finance Minister Sri Mulyani Indrawati. Investors now expect the budget deficit to increase beyond the current 3% maximum. I think investors are also concerned about the new Asset Forfeiture Bill, which would permit the seizure of assets involved in criminal activities. I fear that future "anti-corruption" campaigns will be used to consolidate power.

Equally puzzling were the late September social media rumors that the Philippine military was plotting to oust President Ferdinand "Bongbong" Marcos. The defense department denied the rumors, but no smoke without fire? We know that Duterte is working hard to regain power.

Here's a chart of the portfolio's value in US Dollar terms, with a decline of -1.7% month-on-month in September. Since the portfolio’s inception in October 2021, the value has increased by +53.1%, equivalent to a +11.3% compound annual growth rate:

The only stock that did well was Japanese Aircraft component supplier AeroEdge, thanks to enthusiasm about its new deal with Safran and the two upcoming "Project A" and "Project B".

On the negative side, you had beer producer Multi Bintang. The Rupiah fell, and the stock fell in local currency terms, too. I believe that this decline was related to macro.

There was also an 11% decline in the share price of Japanese secondhand goods trading platform Mercari. The CEO spoke to investors and guided for lower gross merchandise value growth in the fourth quarter of 2025. Though on the positive side, he's also guiding for a return to growth in the US. We should also expect a positive impact from the taxation of low-value imports after Japan's de minimis rules are revised in late 2026.

In any case, here’s the latest portfolio as of 29 September 2025:

During September, I wrote about three companies:

• I wrote a deep dive into Japanese warehouse management system developer Logizard. This company focuses on inventory management software for warehouses serving e-commerce companies in Japan. I think the software seemed pretty good. And the need for warehouse automation is absolutely massive. The only constraint on growth is Logizard's labor-intensive approach of providing 365-day customer support. There's also a lack of talented engineers. However, from FY2027 onwards, I expect Logizard to resume growth at approximately 10% per year for the foreseeable future. The forward P/E on my numbers ended up at around 11x. The big question is whether the net cash, which represents 50% of the market cap, will ever be paid out to shareholders. Given that they initiated their first dividend just last year (2022), I think the likelihood is high that they'll eventually become more disciplined about capital returns.
• I wrote another deep dive into the Philippine appliance company Concepcion Industrial. Concepcion is the local partner of Carrier, Otis, Midea and Shark/Ninja in the Philippines. It also has its own appliance brand called Condura, one of the top 5 in the Philippines within the refrigerator and air conditioner sub-segment. Concepcion's commercial business is now half of the business, and is stable without much obvious competition. In the consumer segment, there is competition from Chinese brands. But I believe in new CEO Ariel Fermin. He's a genius. Concepcion's net margin has yet to recover from the impact of the COVID-19 pandemic, so I believe there's still upside potential. The P/E ratio is currently around 6x but could well end up below 5x within a few years.
• Finally, I wrote a deep dive into Malaysian auto distributor Bermaz Auto. It's the former auto distribution arm of Berjaya Corporation. From my understanding, it's now independent and controlled by CEO Francis Lee. Bermaz has suffered from an influx of Chinese electric vehicles into Malaysia. I believe sell-side analysts are underestimating the impact that the return of the 30% import duty will have on the electric vehicle market. I don't think that electric vehicles are the "killer products" that smartphones or generative AI has been. They're reasonably convenient but not obviously superior to ICEs or hybrids. Bermaz stock trades at a low multiple of around 5x P/E, though be aware of the significant recent volatility in earnings. This is a cyclical name.

I bought shares in both Logizard and Concepcion Industrial. In the case of Logizard, fundamentals haven't turned, but I'm willing to add to add on weakness. Concepcion is doing well, yet continues to trade at a low multiple.

The portfolio’s cash balance is now 8.4%, held in Japanese Yen, Singapore Dollar, Hong Kong Dollars and US Dollar.

Update on my key holdings

Let’s move on to updates on the individual stocks in my portfolio.

Karaoke bar operator Koshidaka (2157 JP — US$767 million) (10.3% position) announced the acquisition of Standard Corporation's karaoke outlets for JPY 3.5 billion (US$24 million).

The acquisition will add 70 stores to the group, all using Standard's Joysound brand name. The service offering will be streamlined with that of Koshidaka, meaning that economies of scale will be achieved. The 70 stores have combined net sales of JPY 8.7 billion, but barely any profit. But still, a Price/Sales multiple of 0.4x is not particularly high if Koshidaka is able to turn them around. Koshidaka itself trades at almost 1.5x sales.

In other news, Koshidaka recently said to Philippine media that it plans to open 300 outlets in the Philippines over the next decade. Filipinos love karaoke, and I think Koshidaka's low-cost model should appeal to the average Filipino.

Koshidaka is set to release earnings on 10 October. It will also release a new earnings forecast for full-year FY2026. The current consensus has Koshidaka on an earnings per share of JPY 108, putting the stock at a P/E of 12.8x.

On the Philippine Stock Exchange (PSE PM — US$274 million) (10.0% position), the stock price reacted negatively to the postponement of water utility Maynilad's blockbuster IPO. But from my understanding, the IPO will only be delayed for a few weeks. I don't think the timing really matters, but it could signal weaker-than-expected demand for the IPO. Maynilad plans to raise PHP 37 billion, equivalent to US$640 million.

The other major question mark is GCash. Its president recently said that a IPO on the PSE is not a priority right now, as it has enough cash at hand for growth. So the IPO picture is now in question.

Following these IPO delays, PSE's CEO Ramon Monzon told the press that it has lowered its full-year IPO target from PHP 185 billion to PHP 170 billion. It's a weak environment for stocks generally, and I think we'd need a stronger market for IPO activity to pick up.

PSE's trading volumes were volatile in September. In any case, the baseline average daily trading volume doesn't seem to exceed the first-half average of PHP 6 billion. So I'm not convinced that CMEPA has actually led to much of an uptick in trading volumes, or at least not yet.

The PSE now trades at a forward P/E of 18.2x and a trailing P/E of 12.5x. I personally value the stock at PHP 300, contingent on an uplift in trading volumes.

The share price of AeroEdge (7409 JP — US$125 million) (9.0%) has been volatile.

On 2 September, AeroEdge4 published a new business plan. The most important part of this business plan was that the new contract with Safran to produce titanium-aluminide alloy was to be signed in September. I can only assume that the project is going to go ahead with near-certainty.

Furthermore, if you check slide 31 in the business plan, it does look like Project A and Project B are mentioned separately from the new contract with Safran, suggesting that these two projects are separate from it. And the timing of Project A and B seems to be within FY2026, as originally guided. Very bullish.

According to my numbers, the stock now trades at 19.0x 2027 estimated P/E. But with the company going from one project to four, it's clear that AeroEdge is undergoing a significant transformation. I could well be underestimating the long-term earnings impact of these new projects. I therefore want to wait and see where AeroEdge ends up with its guidance after the start of both Project A and B. In other words, I want to see where AeroEdge's guidance ends up after the end of FY2026.

Thai cinema operator Major Cineplex’s (MAJOR TB — US$185 million) (8.6% position) has continued lower after its weak August result.

The share buybacks have not yet returned. But on the positive side, founder and CEO Vicha Poolvaraluk has been buying shares aggressively in his personal account: roughly 200,000 shares per day on a consistent basis. Check out this chart, courtesy of Smart Insider: the buying has accelerated this year, especially from the slump that started in the second quarter of 2025:

In other news, Major Cineplex appointed Ms Sudaporn Trongpanich as a new Chief Information & Technology Officer. The purpose of this new role is to improve efficiency and agility in Major's business operations. It looks like Trongpanich had a similar role at BEC World and TISCO, but it's unclear whether she's suitable for the role.

Major Cineplex now trades at a forward P/E of 10.1x and a trailing P/E of 11.5x, along with a 4.8% dividend yield. However, I continue to think that the estimates for Major Cineplex are far too low. A high single-digit P/E is more likely.

Fairfax India’s (FIH/U CN — US$2.3 billion) (7.5% position) sold its 51% stake in Saurashtra Freight for US$75 million to Japanese logistics company Kamigumi. Fairfax India had originally bought the shares for US$30 million eight years ago. On my numbers, the internal rate of return on the investment works out to 12% per year in US Dollar terms.

Fairfax India also reported that its board had accepted a new share repurchase program of up to 10% of shares outstanding. There will be a daily cap of 11,879 shares. That said, historically, Fairfax India's share repurchases have been modest, with only one exception: the COVID-19 bear market.

Another piece of news is that Bangalore International Airport's runways are now compatible with Code F aircraft operations. This means that widebody aircraft such as the Airbus A380 can now land on both runways. That should support Bangalore Airport's ability to attract long-haul flights and passengers.

The expansion of Terminal 2 is set to begin in early 2026. The project is expected to take two years and raise annual passenger capacity beyond 85 million, more than double the current capacity of 42 million. The COO confirmed that a total of INR 17,000 crore (about US$1.9 billion) will be invested over the next five-year period through 2029. That's a lot of money, but the airport has capacity for further borrowing.

Fairfax India's stock price has come off further. The NAV per share remains at US$21.43. So with the current share price at US$17.2, the discount to NAV is now 19.7%.

There hasn't been much news about Indonesian beer producer Multi Bintang (MLBI IJ — US$743 million) (6.4%).

The company has had some promotional campaigns, including a Heineken-branded Omakase menu at Fomo Bar, Jakarta. It also sponsored the Pestapora music festival. But neither of these campaigns will really move the needle for the company as a whole.

The stock now trades at a forward P/E multiple of around 10.5x, along with a 9.0% dividend yield. Multi Bintang's share price has declined marginally, most likely related to Finance Minister Sri Mulyani's firing and perhaps the new Asset Forfeiture Bill that will allow the government to seize assets linked to crimes.

The share price of Malaysian glove maker Hartalega’s (HART MK — US$957 million) (4.3% position) seems to have stabilized.

This chart from Smart Insider shows that competitor Top Glove's founder has been buying shares in his company recently. His track record is strong. This buying could signal an eventual turn in the sector.

The Edge Malaysia had an article discussing Hartalega's recent AGM. At the AGM, CEO Kuan Mun Leong said that he expects revenue to remain flat or show slight growth for FY2026. He thinks that the demand for disposable gloves has returned to COVID-19 levels. But he also thinks that the current oversupply will stay for another 1-2 years, and that ASPs will be suppressed for the time being. The issue is not just Chinese glove supply, but the supply of new production facilities for Chinese gloves in Southeast Asia. Kuan Mun Leong says that he expects 370 billion pieces to be sold in 2025, compared to the pandemic peak of 380 billion. Furthermore, thanks to the new US tariffs on Chinese gloves, Hartalega now gets 53% of its sales from the US vs 50% last quarter. So it has gained market share.

At the AGM, there was also a shift in the board structure, with Dato’ Zuraidah Atan appointed as an independent Non-Executive Director and changes in the Nomination and Audit committees. This follows the resignations that occurred earlier this year.

Hartalega’s Price/Book ratio is now 0.9x, with a historical return on equity just below 20%. There are supply additions in 2025 and 2026, but they're not insane: 28 billion pieces and then 14-34 billion. Underlying demand growth is about 10% per year, so about 37 billion pieces. Eventually, supply & demand will probably end up at an equilibrium.

There has been almost no news about Philippine gin maker Ginebra San Miguel (GSMI PM - US$1.4 billion) (4.0%). There was a notice from the company that its compliance officer had attended a seminar on corporate governance - nothing material.

Ginebra's PHP 4 quarterly cash dividend was paid on 5 September, so the company is on track for PHP 16 annualized, representing a dividend yield of 5.7%. The stock now trades at a trailing P/E of 10.2x. Still very low, especially in light of its strong second-quarter report.

Logizard (4391 JP - US$26 million) (4.0%) is a new position for me. I bought shares in Logizard because I think it'll grow around 10% per year for the foreseeable future. Logizard's software seems decent. I also like the fact that the company has close to 50% of its market cap in net cash. Eventually, a shareholder activist will start to pay attention to it. That said, management is guiding for FY2026 to be weaker, just like FY2023. But I'm planning to add to any weaknesses that I see in the coming 9 months.

In September, Logizard announced that it had enhanced its integration with Smaregi's popular point-of-sale terminals. From now on, users of Logizard's platform will be able to see Smaregi orders and shipping data information. Meanwhile, users of Smaregi's platform will be able to see arrival data from Logizard. Here's some more information about the new features (Japanese language).

Logizard now trades at 16.3x trailing P/E. But on the FY2026 consensus estimate, the number is closer to 13.1x. And there's significant upside to Logizard's margins. The long-term FY2028 target remains at JPY 3.1 billion in revenues and JPY 530 million in operating profit, putting the forward EV/Sales of 0.72x and EV/EBIT at 4.3x.

Not much news on Riverstone (RSTON SP — US$821 million) (3.9%).

RHB Investment Bank wrote a report on the rubber glove sector, summarized here. That report noted persistent oversupply and weak pricing. RHB estimates an incremental Chinese supply of 10 billion pieces this year, which, to me, doesn't sound particularly serious. RHB chose Riverstone as its top pick, as it believes Riverstone is relatively insulated from the sector's troubles.

Riverstone now trades at 15.0x near-term P/E with a 6.3% headline dividend yield. My gut feeling is that Riverstone will do better in the short run, and Hartalega better in the longer run. But that's just a guess, so do your own research.

Best Mart 360 (2360 HK — US$269 million) (3.7% position) reported a weak 1H2025 result:

• Revenues grew +3.1% year-on-year. Discounts stayed almost flat vs last year. Best Mart's retail segment revenues grew +2.5% year-on-year, and still-minuscule wholesale revenues grew +26.4% year-on-year.
• Operating profit declined by 1.1% year-on-year due to margin pressure from higher wages.
• Net profit declined by -0.9% year-on-year.

In the business review of the report, Best Mart noted significant challenges, with Hong Kongers continuing to go to Mainland China during the weekends. This Northbound flow has been a real trend, but the flow of people isn't growing anymore:

Best Mart also noted pricing pressure from the larger retailers as they introduced discounts and promotions. The HK store count grew from 172 to 178 over the past 12 months, suggesting a store count growth of +3.5% and zero same-store sales. Private label sales now represent 17.5% of the total - a slight uptick that should be margin-accretive, in theory.

The company's new outlook statement is cautious:

"With the changes in consumer spending patterns in recent years, the growing popularity of cross-border consumption has further hindered the recovery of the retail industry in Hong Kong. The Group anticipates that the retail business environment will remain challenging this year."

"Looking ahead, the Group will seize market opportunity to expand its store network of its major retail brands, namely the “Best Mart 360º (優品360º)” and “FoodVille”."

"In addition, in June this year, the Group officially joined the Foodpanda Mall platform, enabling customers to purchase products online conveniently, expanding sales channels and boosting revenue."

In early September, Best Mart confirmed that Hui Chi Kwan will stay on as CEO, a development that I consider to be positive. He is, after all, the person who built Best Mart from the ground up.

After the report, our friend Arena Man Capital sold his shares in Best Mart. I think it used to be a 3-4% position for him. Since I consider him to be savvy, I take this selling seriously. In another tweet, Arena Man noted that while the store count hasn't grown much, the number of stores with frozen food has increased from 39 to 66 in the past years. The opening hours have also gone up. So revenues can grow even with a stagnant store count.

Best Mart now trades at 8.6x trailing P/E with a 9.9% dividend yield. I've dialled down my growth expectations to low single digits, but with this high of a dividend yield, I still get to a satisfactory IRR. So I'm going to keep the stock, for now.

Kawai Musical Instruments (7952 JP — US$151 million) (3.7% position) launched its high-end hybrid models, Novus NV6 and NV12. These are serious pianos costing US$10,000 to US$20,000 each.

Check out the comments on the NV12 on the Piano Tell Forum. One person said that it's "as close to any digital piano has ever gotten to the acoustic piano experience in both sound and feel". It mimics the sound of an acoustic piano through a soundboard rather than a speaker. But you can also record sounds and listen through headphones. Deliveries will start from the end of the year, but only 2,000 units are targeted for the full-year FY2026. You can watch the promotional video here.

There's not much information about the cheaper CX Series. These keyboards will cost about US$1,000 to US$2,000 and compete with Yamaha's entry-level products. This YouTuber argues that the CX-102 produces better quality sound than any keyboard below US$2,000.

Kawai now trades at 0.19x EV/Revenues and 0.51x book. It's certainly under-earnings, with Yamaha earning an operating profit margin of 11% in its piano segment. But we'll see. The dividend yield is now 3.0%.

Not much news about IMAX China (1970 HK — US$355 million) (3.4% position).

Chinese state media reported that the year-to-date box office revenues are likely to exceed full-year 2024 as early as October. They noted that the war epic "The Volunteers: Peace at Last" and comedy "Row to Win" are scheduled for release during the National Day holidays in early October. Of course, we know that Ne Zha 2 was a huge contributor to the 2025 box office, and there's no denying that the second half will be weaker than the first.

Parent IMAX Corporation's CEO Richard Gelfond was in the news recently for being uninsurable due to excessive drinking and cocaine use. The same article says that Gelfond doesn't have any plans to retire, with his contract renewed until 2028.

IMAX China now trades at 10.5x 2025e P/E vs ~15x back in 2019. There's no indication that a new privatization bid will be coming, other than the outsourcing of IMAX China's finance department to Canada and Gelfond's comments that a privatization "would be nice" in that early 2024 earnings call.

Concepcion Industrial (CIC PM — US$92 million) (3.2% position) is a new position for me. I really like Concepcion's CEO Ariel Fermin. Earnings are heading in the right direction, and I think there's upside to the 2024 net profit margin of 4.3%. Concepcion could also win key contracts related to new infrastructure projects, such as the build-out of Ninoy Aquino International Airport.

Nothing new otherwise. I'm expecting Concepcion to release its 3Q earnings report in late October. The stock trades at a forward P/E of 6.2x with a 6.9% dividend yield.

Mercari (4385 JP — US$2.5 billion) (3.2% position) launched a new app called Mercari Global, as a first move towards a global expansion. The app will target Taiwan and Hong Kong initially, and then a total of 50 countries and regions in the long term. Mercari Global will enable overseas buyers to browse and purchase items from Mercari Japan. So it's designed to take market share from other cross-border services like Buyee. The new app will apparently be supported by Stripe, the perfect partner for global payments, in my view.

In September, Mercari's CEO Shintaro Yamada held a dialogue with several shareholders. The Q&A was summarized in a 6-page document available here. A few highlights from that discussion:

"We are taking inventory of our work processes under the concept of becoming an AI-Native company and moving ahead to improve productivity as a whole by using AI"

"M&As are not to be done purely as a way of buying profits; we see them as a method of adding a product that will generate synergy with our existing businesses"

"We do take it very seriously that our current stock price is lower than the IPO stock price. We will emphasize enhancing our corporate value from a mid- to long-term perspective and focus on true growth"

"In regard to the US business, as CEO, I have redefined the US business’s value proposition and am working hands-on to eliminate fraud and improve the core product experience. To do so, I frequently travel to the US and dedicate time to discussions with US leadership... The GMV growth rate is still a negative number, but it is improving, and we believe that if things continue as they have, we will achieve positive growth."

"We will work to simplify listing, shipping, and purchasing and carry out safety and security-related initiatives such as enhancing item appraisal as our top priority, all while enhancing crossborder transactions and B2C to grow Marketplace GMV."

"In the last few years, we have not invested enough in core product experiences such as safety and security or listing, shipping, and purchasing, and unfortunately, that has led to a slowdown in GMV growth rate and deterioration of the user experience. To fix this, we will allocate human resources to enhance the product’s core experience"

I really like what I'm hearing from Shintaro Yamada. I think he's a visionary who's pushing the company in the right direction. It also helps that the government is planning to tax low-value imports from China.

The stock now trades at a trailing P/E of 14.1x and a forward EV/Sales of 2.0x. With a longer-term margin of >20%, I think the EV/EBIT will easily end up below 10x.

When it comes to Samsonite (1910 HK — US$3.0 billion) (2.2% position), it issued a press release early in September launching its new Paralux collection. These are Samsonite-branded hardcase luggage made from recycled materials. They look fine to me, but not revolutionary. In Singapore, the large Paralux HS version - which won the Red Dot design award in 2025 - costs SG$480 or about US$370.

Tumi has unveiled a New York-style pop-up store in Hong Kong's Causeway Bay, close to the SOGO department store. It will be available until 29 October.

The latest Google search query charts look encouraging. While Samsonite might not be a growth brand, I think it's doing just fine.

The stock now trades at a P/E of 10.2x with a 3.3% dividend yield. It does carry some debt, but even on EV/EBIT, it trades at just 8.9x. It remains to be seen how soon Samsonite can return to growth. In the last quarter, Samsonite's revenues declined by -4.8% year-on-year, so it's hard to argue for multiple expansion just yet. A secondary listing in the US will probably be needed.

There's barely been any news on Pacific Textiles (1382 HK — US$263 million) (2.1% position).

On 26 September, Pacific Textiles cancelled 2.0 million shares that had previously been repurchased. But that only represents 0.1% of shares outstanding.

Pacific Textile's forward P/E is now 5.8x. The final dividend of HK$5 cents was paid out in early September. If you combine that with the interim dividend of HK$0.07, you get to a dividend yield of 8.0%.

The big question will be how high the output at the new Nam Dinh factory will reach in the first half of FY2026. Production started in late 2024 at 1.1 million pounds per month, and should now be closer to 1.5 million. But we'll see.

When it comes to Indonesian chocolate manufacturer Delfi (DELFI SP — US$365 million) (1.3% position), I'm noting that Atlantic sea surface temperatures dropped significantly in September. This suggests a cooling climate, which would be bearish for cocoa prices and bullish for Delfi. I'm also noting that cocoa prices are at their lowest point since early 2024:

In my local supermarket, several Delfi products have been pulled from the shelf. This has come as a surprise. I think the reason is that Delfi has been pushing the high cocoa prices onto its customers and losing market share in the process. But I'm also convinced that Delfi will recover nicely once cocoa prices come down to reality.

Delfi now trades at a forward P/E of 13.5x. The normalized P/E should be closer to 8x. Delfi's EPS hit US$8 cents in 2023, and the stock price trades no higher than US$64 cents, though denominated in Singapore Dollars. Still no insider buying, as far as I can tell, but that would be a sign that the shares are finally bottoming out.

Japanese pet insurance company Anicom (8715 JP — US$402 million) (0.9% position) issued a press release saying that it ranks #1 in the "cat" pet insurance category in the 2025 Oricon Customer Satisfaction survey. Another company called Aioi Nissay Dowa (belonging to MS&AD Insurance) ranked #1 in the "dog" pet insurance category.

Anicom repurchased shares aggressively in September, going from JPY 550 million in July to JPY 1.0 billion by mid-September. In total, it has repurchased 1.3 million shares, roughly 1.7% of the total. Small numbers, but still encouraging.

In August, Anicom's policies-in-force grew nicely at +8.9% year-on-year, and net written premiums at +10.3%. The average retention stayed almost flat at 88.4%. Continued steady growth.

Sumitomo Life recently entered into a new sales partnership with Anicom. From 24 September, Sumitomo Life has started to sell Anicom's policies to its customers. I suspect that this will cause Anicom's growth to accelerate.

The share price has come off a bit. Yet the stock still trades at a relatively high trailing P/E of 22.0x with a dividend yield of 1.1%.

My plans going forward

This portfolio is a work in progress. My goal is to have a portfolio with prospective IRRs above 20% across the board. It's certainly not there yet. Only a few companies live up to that standard: for example, Major Cineplex and Concepcion Industrial.

I'm super excited about the Smart Insider platform. For example, I noted insider buying in Major Cineplex and Top Glove. I think this data will enable me to make better decisions going forward.

So which companies are doing well? In my view, Ginebra San Miguel, Concepcion Industrial, Fairfax India, Koshidaka and Anicom. I might add to a few of these names.

The macro noise is negative almost across the board. I'm not sure what to make of the coup rumours in the Philippines and Prabowo's dictatorial tendencies. But for now, I'm just diversifying across the region and hoping for the best.

Thanks for reading.
Michael