01 July Watchlist šŸ‘€

Ā 

Today we are watching…

1. NintendoĀ (#nintendo)

Nintendo hit a home-run with ā€˜Animal Crossing,ā€™ itā€™s best-seller in lockdown. We thought it was brilliant when the in-game Bank of Nook cut interest rates and forced players into riskier assets, I mean, minigames, but the business ties go further. The game has spawned real gray markets in China where merchants sell in-game cosmetic items. Itā€™s forbidden by Nintendo, but Chinese gamers donā€™t know any different. The direct winner from this is Tabau, hosting the merchants. The indirect winner is Nintendo, as more people will hear about the game! Ā 

2. PG&E Corp (#pacgas)

You might remember PG&E, the utilities giant responsible for the ā€œCamp Fireā€ disaster in Paradise, California. It couldnā€™t brunt the legal fees and went under, but today, it emerges from bankruptcy restructured, and still listed. PG&E has a natural monopoly with regulated returns, thatā€™s why income investors used to love its dividend, and thatā€™s what makes it interesting now: itā€™s earnings projections for 2021 have credibility, and theyā€™re $2 billion. Post-bankruptcy share count thatā€™s $1 in earnings per share and given todayā€™s stock price, thatā€™s a price/earnings ratio of 9. Itā€™s peers trade in the high teens. Thereā€™s a lot hinging on peers still being comparable and regulators being kind, but the road to forgiveness starts today.

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