In today’s briefing:
- Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss
- AKM (1639 HK): 22nd June Scheme Meeting. IFA Says Fair
- Harding Loevner International Small Companies Equity Fund Q1 2022 Letter
- Harding Loevner Global Small Companies Equity Fund Q1 2022 Letter
- Harding Loevner International Equity Fund Q1 2022 Letter
- Sporting Crypto – May 30th 2022: eBay Skate to where the puck is going
Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss
- BILI dismissed employees in game, e-commerce, and video in May.
- We believe the growth rates of minor businesses will slow down significantly in 1Q22.
- However, the operating margin will improve in 2022 and 2023.
AKM (1639 HK): 22nd June Scheme Meeting. IFA Says Fair
- The Scheme Document Document for AKM Industrial (1639 HK), a flexible printed board player, has been despatched. The Scheme Meeting will be held on the 22nd June.
- The Offer Price is HK$1.82/share. It will not be increased. No further dividends will be added,
- Trading tight at a gross/annualised spread of 1.1%/6.4%, assuming payment in early August.
Harding Loevner International Small Companies Equity Fund Q1 2022 Letter
- Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
- Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
- While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong.
- With the volatility of stock prices thisquarter, portfolio activitypicked up as a handfulof high-quality growth companies we had long admired, but regarded as too expensive, saw their valuations fall into range.
Harding Loevner Global Small Companies Equity Fund Q1 2022 Letter
- Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
- Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
- While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong. In that case, we’d need to parse which companies will be hurt and helped, relatively, from a further receding of globalization.
- With the volatility of stock prices this quarter, portfolio activity picked up as a handful of high-quality growth companies we had long admired, but regarded astoo expensive, saw their valuations fall into range.
Harding Loevner International Equity Fund Q1 2022 Letter
- Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
- Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
- While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong.
- In recent years, as growth investors chased speculative and expensive“disruptive innovators” up, and more recently down, we have maintained a steady commitment to quality growth at steady premiums to the market over time.
Sporting Crypto – May 30th 2022: eBay Skate to where the puck is going
- eBay have made their first foray into NFTs by launching Wayne Gretzky collectibles, starting as low as $10 for their ‘Green’ tier, ensuring affordability for the everyday fan.
- They’ve partnered with OneOf, who help lifestyle and sports brands drop NFTs – as well as having their own marketplace for resale purposes.
- Buyers were able to purchase in fiat and were then taken to a landing page to mint the NFT for free.
Before it’s here, it’s on Smartkarma
