In today’s briefing:
- The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish
- 2023 Year-End Review – Top Three Cannabis-Investing Stories
- Supply Chain Success
- Auctus on Friday – 15/12/2023
The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish
- I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.
- But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.
- Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets
2023 Year-End Review – Top Three Cannabis-Investing Stories
- It was another challenging year for the cannabis industry.
- The US cannabis MSOS ETF is in a 1,056-day drawdown and is down 87.29% from peak to trough.
- For the year, MSOS ended +0.29%, while the global YOLO ETF fell 16.11%. US cannabis outperformed global names as the potential for rescheduling affects plant-touching US operators the most.
Supply Chain Success
- The last week of trading in the year was an eventful one for SPACs, which included two deals being announced, and an LOI being signed for a potential merger.
- Also, a company accelerated its plans to go public by announcing a potential merger next year, and a new SPAC debuted, targeting firms in the media and entertainment industry.
- Read on to find out about the latest about all things SPACs.
Auctus on Friday – 15/12/2023
- ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof – The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.
- The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.
- Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.
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