> ## Content Index > Fetch the complete content index at: https://www.asiancenturystocks.com/llms.txt > Use this file to discover other available public pages before exploring further. # This Week in Asia #47 - URL: https://www.asiancenturystocks.com/this-week-in-asia-47/ - Published: 2026-10-12T04:23:57.000Z - Updated: 2026-10-12T04:24:33.000Z - Description: Coupang + DFI Retail + AI bubble - Author: Michael Fritzell - Tags: Weekly [**Coupang**](https://www.asiancenturystocks.com/a-temporary-glitch/) unexpectedly became the watchlist's strongest performer last week, driven by a lawsuit challenging its KRW 620 billion fine. A [**DFI Retail**](https://finance.yahoo.com/quote/D01.SI/?ref=asiancenturystocks.com) made a modest share purchase after the company's Starbucks deal. And [**Steve Eisman**](https://www.youtube.com/watch?v=Zw0I7kb6zg4&ref=asiancenturystocks.com) argued that the AI bubble will eventually pop. ## Watchlist update ![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/2026/10/image-56.png) The biggest share price movements for my [watchlist stocks](https://www.asiancenturystocks.com/watchlist/). Source: Koyfin - [**Coupang**](https://www.asiancenturystocks.com/a-temporary-glitch/) had the strongest performance of any company in my watchlist. The trigger seems to be a 7 October 2026 lawsuit in which Coupang challenged the KRW 620 billion in fines that it paid for its data breach. - Malaysian rubber glove maker [**Top Glove**](https://finance.yahoo.com/quote/5OU.F/?ref=asiancenturystocks.com) announced strong fourth-quarter net profit of MYR 158 million, up +353% year-on-year. The improvement was partly macro-driven, but also due to a better utilization rate (now 79%) and a tax write-back. The risk is that oil prices eventually come down, pressuring ASPs. - [**Koshidaka**](https://www.asiancenturystocks.com/koshidaka-2157-jp-2024-update/)'s FY2026 revenues showed +16% growth in revenues but unfortunately, a continued decline in operating profit, now -5.5% year-on-year. FY2027 guidance points to +17% operating profit growth, but Koshidaka has disappointed in the past. - Japanese SaaS stock [**Sansan**](https://finance.yahoo.com/quote/4443.T/?ref=asiancenturystocks.com)reported first-quarter 2026 revenues rising +20% year-on-year, including invoice management service Bill One at +34% year-on-year. The operating profit margin hit 17%, with the stock now trading at 3.7x EV/Sales. - We saw a modest insider buy in Jardine Matheson's [**DFI Retail**](https://finance.yahoo.com/quote/D01.SI/?ref=asiancenturystocks.com). Food segment head Tom van der Lee purchased US$56,100 worth of shares, just a day after DFI announced it would exchange its 50% stake in Maxim's for direct ownership of Starbucks' licensed business across seven Asian markets (1,100+ stores), plus US$340 million in cash. DFI Retail trades at 11x trailing P/E, though the earnings include its share of Maxim's profits, so it doesn't describe the business after the deal. ![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/2026/10/image-59.png) Insider buying in DFI Retail. Source: Smart Insider --- ## Worth your time [![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/2026/10/image-60.png)](https://www.youtube.com/watch?v=%5FyvjXv4igvM&ref=asiancenturystocks.com) - Platinum Asia Fund's [**Cameron Robertson**](https://www.youtube.com/watch?v=%5FyvjXv4igvM&ref=asiancenturystocks.com) was on the Equity Mates podcast a few days ago. Cameron said he's excited about [SK Hynix](https://finance.yahoo.com/quote/000660.KS/?ref=asiancenturystocks.com), healthcare stocks in India, [Mayora Indah](https://finance.yahoo.com/quote/MYOR.JK/?ref=asiancenturystocks.com) in Indonesia, and [Jollibee](https://www.marketwatch.com/investing/stock/jfc?countrycode=ph&ref=asiancenturystocks.com) in the Philippines. Asked where he'd put his money, he replied "Indonesia", though emphasizing that the market is indeed higher risk than most. - Fidelity Emerging Markets Limited's (FEML) [**Nick Price & Chris Tennant**](https://open.spotify.com/episode/4vHrwRD3LJnwTyMonenCkI?si=1fa83a0979944604&ref=asiancenturystocks.com) talked about their outlook for emerging markets. Based on the trust's [biggest holdings](https://x.com/MikeFritzell/status/2109175663022456958?s=20&ref=asiancenturystocks.com), they seem to be all-in on the AI theme, which I suspect is just the tip of the iceberg for the broader fund management industry. - [**Steve Eisman**](https://www.youtube.com/watch?v=Zw0I7kb6zg4&ref=asiancenturystocks.com) was on the New Money podcast discussing the ongoing "AI bubble". He argues that all the sector's spending comes down to demand from OpenAI/Anthropic. And both of them are burning cash like crazy. Eisman thinks that they lack moats: people switch between these tools at the click of a button. Hyperscalers have already used up their operating cash flows to pay for AI capex, and are now forced to rely on debt financing. He doesn't think it will end well. --- ## Coupang [![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/2026/10/image-62.png)](https://www.asiancenturystocks.com/a-temporary-glitch/) Yesterday, I published a deep-dive on Korean e-commerce operator [**Coupang**](https://www.asiancenturystocks.com/a-temporary-glitch/). Of all the e-commerce operators in Asia, Coupang seems most like Amazon.com. It has extensive logistics infrastructure, a strong focus on adding value to customers, and a Prime-like membership program called WOW. The stock has been pummeled by its 2025 cybersecurity scandal, which led Coupang to issue US$1.2 billion worth of customer vouchers and pay a US$410 million fine. The deep-dive also covers the risks, including competition from Shopee. You can read the full post [**here**](https://www.asiancenturystocks.com/a-temporary-glitch/): [A temporary glitch?Deep-dive: Coupang (CPNG US)![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/icon/Bai-2-bd2b4b3d-87bd-4297-988b-c2cc6ca52d19.png)Asian Century StocksMichael Fritzell![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/thumbnail/Social-preview2-Large-4b7733ac-46d5-45f6-ac25-2aea3514855b.jpg)](https://www.asiancenturystocks.com/a-temporary-glitch/) ![](https://storage.ghost.io/c/2c/05/2c053c06-80c0-447b-904b-e324017b1293/content/images/public/images/6f96653e-67cf-48ea-8fa2-6721ec448e28_1100x51.png) Get instant access to 150+ deep-dives on Asian value stocks: [Unlock the archive ](https://www.asiancenturystocks.com/#/portal/signup) --- ***Disclaimer** *: This post reflects my personal opinions and is for informational purposes only. It is not financial advice and not a recommendation to buy or sell any security, and it does not take into account your objectives, financial situation, or needs. I am not a licensed financial adviser in Singapore or anywhere else, and I don't give personalized advice — including in the comments. As of 12 October 2026, I do not own shares in any of the securities mentioned in this post or in the linked third-party articles. I receive no compensation from any company, fund, platform, publication, or individual mentioned or linked in this post. My revenue comes solely from reader subscriptions. People I quote or interview may hold positions in the securities they discuss, may operate paid research products of their own, and I don't independently verify their claims. Where past performance is mentioned, it is not indicative of future results. Do your own research and consult a licensed financial adviser before making any investment decision. Michael Fritzell, published by Delante Media Pte Ltd.*