Jason Low

SE Asia Equity Research Lead at Bloomberg Intelligence. Over 20 years of investment experience in Asia and Japan. Views are my own, not investment advice.

[Bloomberg @business]

The Japanese government’s new push to encourage companies to use their cash for longer-term growth is raising concerns it will lead to unprofitable investments and erode corporate value https://t.co/CmNme3RULX

[Jason Low @jwklow]

For full report in the Bloomberg Terminal:
https://t.co/wn7XxFWwBg

For more on our ASEAN dashboard:
Type BI ASEAN <GO>

#ASEAN
#BloombergIntelligence
#Philippines
#DividendStocks
#MarketInsights

[Jason Low @jwklow]

We analyzed that PLDT Inc., Globe Telecom and Areit, Inc. could rank among the #Philippines' largest companies alongside International Container Terminal Services Inc., SM Investments and Manila Electric if dividend yields sustained by free cash flow, move closer to PSEi's 3.8%.

[Jason Low @jwklow]

We showed companies listed on #PSE making more than $100 million in FCF, with market caps above $1 billion positioned above the regression best-fit line, have the strongest potential to increase market cap over time. The orange, blue bubbles show names most favored on this basis.

[Jason Low @jwklow]

Shareholder activism will come to Asia ex-Japan. It is a matter of when, not if.

[John Lee @JohnnoLee]

Christopher Beselin, CIO and founding partner at Endurance Capital, joins @BBGIntelligence's Asia Centric podcast to unpack why the region's $3 trillion market is ripe for a collaborative style of activism.

🎧 Listen in: https://t.co/yJ05hpxtet

#BloombergIntelligence

[Jason Low @jwklow]

I am deeply grateful to Chantelle for connecting me with the Advisory Singapore team. Engaging with the next generation of talent is always an energizing experience. It is inspiring to learn and see their drive firsthand. Also, AI cannot do what they do.

[Jason Low @jwklow]

Recently, I had the privilege of sitting down with from Advisory Singapore to reflect on my professional journey. This opportunity was made possible by the brilliant Chantelle Chan who connected us!

Link to the interview:
https://t.co/0bby5p6naJ

[Jason Low @jwklow]

Advisory Singapore organizers, Beng Yang Tan and Kayla Kam's thoughtful questions and engaging interview style showcased a remarkable level of insight. It was a fantastic conversation!

[Jason Low @jwklow]

I shared what makes businesses thrive. It’s the team. Great #teamwork is perhaps the most important success factor. That's what happens daily at #Bloomberg. When you are in a great team, #innovation happens naturally, the work becomes fun and the shared mission more meaningful.

[Jason Low @jwklow]

Is Kioxia going to be bigger than Toyota too? 🤔

[8% Value Activist @8valueactivist]

SoftBank’s market cap: 48.4 trillion yen > Toyota’s market cap: 45.9 trillion yen. Never thought this could happen…

[Jason Low @jwklow]

Is it the color? 😆

[Bloomberg @business]

Ferrari shares fell after the Italian super-car maker unveiled the Luce, its first fully electric vehicle, marking a sharp setback for one of the industry’s most closely watched EV debuts  https://t.co/OycaYL0XC1

[Value Trapped 🇸🇬 @TheLongHappy]

Most profitable HFs in history.

Most impressive to me is TCI, given its a single PM with probably <10 investment professionals?

Incredible what happened to Och-Ziff / Sculptor in the end, which tells you about the going concern value of HFs. Vs Private equity funds like $BX $KKR its quite a stark contrast.

And love him or hate him, @BillAckman is a money maker... maybe there's something to owning $PS

[Eugene Ng @EugeneNg]

Sharing my favorite quotes from @EricMarkowitz's recent speech at VALUEx BRK 2026 on endurance and stewardship and the story of Hoshi Ryokan:

Outlier of endurance boils down to stewardship.

Stewardship is a philosophy of care. It removes the ego from every aspect of life with a total focus on simply serving those around us.

It is a belief, a duty, and a moral ambition and obligation to cultivate and maintain the business's eternal health, which requires patience, restraint, and the utmost respect for the product/service.

In 718 AD, a Buddhist monk named Taicho Daishi discovered a hot spring, but he did not claim it for himself, commercialize it, or profit from it.

He adopted a young man and named him Zengoro Hoshi to help build a small inn around the flowing water. He asked for a promise that the spring would be protected for all future generations, so it could be preserved for weary and sick travelers seeking healing.

Since then, 47 generations across 13 centuries, this oldest independently run hot spring hotel welcomes all customers, from "monks to emperors", from the poorest to the richest. It exists to serve everyone, not to maximize its shareholder value or to optimize for the highest-paying customer.

Unsurprisingly, a business will go through struggles. Learn from water. Water adapts and finds a way.

While one might be an owner of a business, stewardship is to be a caretaker, ensuring the business survives and thrives for the next generation, and a gardener, cultivating the property over time through good seasons and bad.

When you treat a business not as something to be "built" or "grown," but instead approach it with care, with duty, and with love, you create the conditions for something that can outlast you.

A society grows great when old men plant trees in whose shade they shall never sit. A steward's goal is to hand the business to the next generation in a better condition than when she inherited it.

Ownership is temporary. Everything is temporary within our hands. You own nothing. You are simply passing it down. That is stewardship, a daily act of selfless love.

Find your hot spring. Find the thing you believe is worth passing on. Take care of it. And who knows, maybe one day, long after we are all gone, your business will celebrate its 1,308th birthday, too.

[Jason Low @jwklow]

@EugeneNg Thanks for the wonderful charts and stats!

[Eugene Ng @EugeneNg]

Singapore's ICE to EV transition in Cars:

Pure Petrol ICE once accounted for 93.9% of new car sales in 2015 in Singapore, but has since fallen to 5.8%.

Petrol-electric hybrids surged to fill the gap, peaking at 48.0% of new car sales in 2024, and have since retreated to 31.4% as pure EVs take over.

Pure EVs went rapidly from 0% of new car sales in 2020 to 61.1% in March 2026 in over six years.

By country, Japanese brands saw the largest collapse, from 67.8% of new car sales in 2016 to 24.4% today.

German brands fell from 36.7% in 2022 to 15.4%. South Korean brands dropped from 13.7% in 2019 to 3.0%. Brands that have been slow to transition from ICE to EVs are struggling and losing ground.

The biggest winner is China. Chinese brands, largely on the back of EVs, now command 39.7% of new car sales. BYD alone is the largest at 22.8%.

Tesla is third at 12.2%, just behind Toyota's 12.6%, which continues to lose share.

New sales translate into population. EVs are 61.1% of new sales but only 8.6% of Singapore's total car population. The overwhelming majority of cars on the road, 70.3%, still run on petrol.

Singapore's ICE-to-EV transition in its car population will take time. If current trends hold, Singapore's car population could be majority EV in 10 to 15 years.

The ICE age is melting.

[Jason Low @jwklow]

Our team drives Southeast Asia equity research at Bloomberg Intelligence (BI).

On the Bloomberg terminal:
1. For full report: NSN TDEL3AKIP3M1 &lt;GO&gt;
2. Type BI ASEAN &lt;GO&gt; for data on our ASEAN dashboard

[Jason Low @jwklow]

#VinFast, Vinhomes and #Vingroup are among Vietnam's largest market-cap companies. Vingroup has risen more than 10-fold since 2016, while VinFast's 2023 Nasdaq listing has helped to focus overseas investor attention on #Vietnam.

#ASEAN
#Bloomberg

[Jason Low @jwklow]

Fast forward to 2026, the rise of Vingroup companies reflects a shift in the Vietnamese economy to accommodate the private sector as the country progresses. #BloombergIntelligence covers Vingroup, Vinhomes, Vinamilk and will be rolling up more companies in 2026!

[日本経済新聞 電子版（日経電子版） @nikkei]

村上世彰氏の長女・野村絢氏「株主に向き合わない会社に投資する」
https://t.co/AbKZIa6O0X