In today’s briefing:
- Blibli IPO: Trading Debut
- Huge Gap in Awareness of Human Rights Between Japanese Companies and Investors
- China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom
- Grounding Myself in this Market Cycle
Blibli IPO: Trading Debut
- Blibli (1437710D IJ) priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.
- We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case, Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee, Blibli IPO: Valuation Insights.
- Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers.
Huge Gap in Awareness of Human Rights Between Japanese Companies and Investors
- While 80% of Japanese institutional investors place a high value on corporate respect for human rights, only 10% of companies have conducted human rights due diligence.
- Japanese institutional investors should make it “visible” to their beneficiaries how they require companies to respect human rights in their engagement and how they encourage effective responses.
- To ensure that the guidelines don’t end up as mere figure of speech, the government should make concrete policies to ensure that respect for human rights takes root in society.
China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom
- Tencent and Alibaba are rumored to be acquired by state-owned companies.
- Tencent charges for originally free function and JD.com re-organized to cut cost.
- Autohome’s revenue stopped declining in 3Q22 and it is time to accumulate.
Grounding Myself in this Market Cycle
- At the moment of writing this, it’s 2:30 pm on a Sunday and I am in a ground blind. Every year at about this time of the year I take a few days off of work to unplug, have a few drinks with other family members and run off to the middle of the woods.
- I get some of my best thinking done out here while I wait for a White Tail Buck to come by. It’s blissful.
- Regardless of where I am or what I am doing, I am and always have been committed to maintaining my transparency, my thoughts and my investing story/process to all of you.
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