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Michael Fritzell (Asian Century Stocks) Profile picture
@MikeFritzell
Oct 3, 2021 • 5 tweets • 2 min read • Read on X
Scrolly
Had to buy it
15 years of Asian stock movements
The first Asian stock market was in Mumbai, set up in 1875
Shanghai Customs House, where the first shares were traded in 1865. Dominated by rubber companies. By 1910, 47 rubber companies were listed.
Average index P/E by market.

Top:
• Shenzhen
• India
• Indonesia

Bottom:
• Hong Kong
• Singapore
• Bangladesh

• • •

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More from @MikeFritzell

Michael Fritzell (Asian Century Stocks) Profile picture
Jan 17
1/ Indonesia is conducting one of the largest land grabs in modern history.

Since March 2025, the government has seized over 4 million hectares of oil palm plantations. That’s an area the size of Switzerland, or roughly 30% of Indonesia’s total palm oil acreage. Image
2/ The justification? The government claims these plantations are in protected "forest zones."

But it looks more like outright nationalization. Assets are being transferred to a new SOE, "Agrinas Palma Nusantara," led by retired generals tied to President Prabowo. Image
3/ This will have broad ramifications. Indonesia produces 58% of the world’s palm oil.

With 30% of the country’s supply now under state control, palm oil prices are likely headed higher. Supply chains for everything from snacks to cosmetics will be affected.
Read 7 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Oct 13, 2025
Let's compare the valuations of the US with Southeast Asia (1/x)
Grocery retailing:
US: Walmart @ 38x P/E w growth of 5% pa
Southeast Asia: Puregold @ 10x w growth of 10% pa
Paint:
US: Walmart @ 28 P/E w growth of 2% pa
Southeast Asia: TOA Paint @ 10x P/E w growth of 6% pa
Read 13 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Sep 24, 2025
How to bootstrap a Bloomberg terminal in 2025: Image
Charts / price:
• Trading View (free but delay lag)
• Koyfin (free but delay)
• IBKR (pay for real-time prices for each market)
• Godel terminal for NASDAQ ($80/month)
News:
• Twitter search (free)
• Google Alerts (free)
• IBKR (free)
• The Fly On the Wall ($45/month)
• Godel terminal ($80/month)
Read 16 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Aug 25, 2025
The bear case for US stocks: Image
Everyone in the world is chasing US tech stocks, and MSCI World is now 73% US with the top 10 mostly US tech. Image
The US CAPE ratio is now 39x, the highest in the world and only eclipsed by the late 1990s Dotcom bubble. Image
Read 11 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Jan 26, 2025
.@Nate93658762 suggested I read the annual report of Haad Thip HTC TB. Here's what I learnt Image
Haad Thip is a Coca-Cola bottler in Southern Thailand across 14 provinces. The typical brands, incl Coke, Fanta, Sprite, Minute Maid. Founded in 1969, two manufacturing plants. Seems to be a steady grower. 80% market share in sugar-sweetened soft drinks in the south. Image
91% sparking beverages and the rest non-carbonated (presumably Minute Maid). Image
Read 16 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Jan 4, 2025
When should you sell, if ever?

Let's dig into the literature
Michael Price: sell when earnings growth is coming to an end, for example 1) when the return on invested capital is declining 2) business recessions are coming 3) industry cycles Image
Philip Fisher: "If the job has been correctly done when a common stock is purchased, the time to sell it is - almost never"

Exceptions: 1) you made a mistake in your original appraisal 2) the company ceases to qualify under the same appraisal method Image
Read 11 tweets

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