EM Fund Stock Picks & Country Commentaries (August 25, 2024)

Blue-chip Chinese SOEs do well (defensive w/ high yields), Indian budget (capital gains tax increase), Indian domestic investors (irrational exuberance?), South Africa's unity gov't opportunities, etc

As of late-summer, more July or quarterly updates have become available (with some mentioning stocks not covered on this Substack before):

• 🔬 Platinum Asset Management has this interesting non-EM piece with useful graphics: Searching for value in tech stocks - … Yet simply comparing multiples is not an effective valuation framework because it assumes away differences in business models, earnings quality, growth prospects and the crucial ability to generate future cash flows. Good businesses making sustainably high returns above the cost of capital can be trading at fair value - or be undervalued - even if their multiples look high.

• The following funds or fund managers have new factsheets, commentaries, research pieces, podcasts or webinars that would interest investors in Asia: