In today’s briefing:
- Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press
- Fiduciary Management Small Cap Equity Q1 2022 Investment Letter
- India’s Delta Corporation Endures Omicron with Strong Fiscal 2021-2022 in Vastly Underserved Market
- Fiduciary Management International Equity Q1 2022 Investment Letter
Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press
- JD.com (9618 HK)‘s CCASS movements are a thing, and there are things going on in the background, but the things in the foreground are not as menacing as they appear.
- Suzuki Co Ltd (6785 JP)‘s NAV discount and implied stub plumb new lows. Again.
- Musk has made a non-binding proposal for Twitter Inc (TWTR US) at US$54.20/share. Get it? Get it? Nudge nudge wink wink. That’s all part of the fun for him.
Fiduciary Management Small Cap Equity Q1 2022 Investment Letter
- Since the Russian invasion of Ukraine on February 24, the market has moved in somewhat of a barbell fashion.
- If higher interest rates and inflation characterize the landscape for the next several years, it likely spells the end of the era of unbridled speculation and high multiples, says FMI.
India’s Delta Corporation Endures Omicron with Strong Fiscal 2021-2022 in Vastly Underserved Market
- Legal casino gaming is limited to only three of India’s states, including Goa, Sikkim and Daman. But nationally US$60b is wagered legally and in grey area sites.
- Delta’s gambling ships and casinos lie within a roughly 2.5 hour flight from population centers like Mumbai and Delhi.
- Latest operating results indicate strong gains despite lingering Omicron spurts positioning the stock for a strong upside ahead.
Fiduciary Management International Equity Q1 2022 Investment Letter
- FMI’s equity investing strategies apply a value discipline, with a focused approach firmly rooted in fundamental research.
- The FMI International portfolios’ exposure to Russia and Ukraine is quite limited, with no direct investments in either country.
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