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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
Apr 21
I'm late to the party, but there are good reasons to switch to Claude, if you're in equity research: Image
Start with personalized instructions by clicking your profile and then Settings. These are mine: Image
Use Claude Sonnet 4.6 for routine questions and tasks and Opus 4.7 for complex multi-step analysis, though you'll need the Pro plan for the latter. Image
Read 13 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Mar 13
1/ Michael Burry made the argument that VIEs are fine because Mainland Chinese invest in them as well

I think there's more nuance to it than that
2/ In Anglo-Saxon countries, shareholders exercise their rights through a board of director, i.e. a single layer.

There is a legitimate chance of replacing underperforming, or straight-up corrupt management teams. Image
3/ In a VIE structure, you technically own a contract. You are not a shareholder at all.

You're a minority in a Cayman entity with limited voting rights. Who has contracts with an onshore entity that has a separate board. Controlled by a shadow board, i.e. a CCP committee.
Read 12 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Feb 23
1/ The market is convinced that AI will kill SaaS. That seems overly simplistic.

There's been carnage in Japan's SaaS sector, with babies clearly thrown out of the bathwater. That could signal opportunity. Image
2/ Citrini and others argue that AI agents will replace jobs, that coding will be commoditized and that traditional software will be rendered obsolete.

But in reality, software is more than just code. It's UX design, sales, support, maintenance and security. Image
3/ Even the disruptors aren't disrupting yet.

OpenAI still relies on Slack and Salesforce to run its business. If the creator of ChatGPT hasn't vibe-coded its way out of a subscription yet, it's unlikely that other enterprises will.
Read 9 tweets
Michael Fritzell (Asian Century Stocks) Profile picture
Feb 16
1/ Are alcohol stocks finally bottoming? Image
2/ High-profile names like Diageo, Pernod Ricard and Brown Forman are finally starting to show signs of life.

It could be due to hedge funds degrossing, but also signs of industry inventories peaking. Image
3/ The overall picture hasn't been great: in the Asia-Pacific, 30% of people report drinking less, while only 15% are drinking more. India being the only exception. Image
Read 12 tweets
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

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