Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<blockquote><p><em>Ultimately, investing in China requires you to take a view on whether consumption of durables which are truly discretionary will be displaced by services like healthcare and education which are not. Already, about 80% of high-school students attend some form of external tutoring – Beijing can no more avoid a private role in education than in healthcare or pensions - watch results from New Oriental for a lead on Jan 22<sup>nd</sup>, but the sector should now be high on a long-term China thematic buy list.</em></p></blockquote><div class="content-remarks"><p>Weekly Insight, 7<sup>th</sup> Jan 2019</p></div><blockquote><p><em>We are pleased to see our overall business continue its strong momentum in the second quarter of fiscal year 2019 and achieve a top line growth of 33.6% if computed in Renminbi. This was driven largely by our key business unit, K-12 all-subjects after-school tutoring, which recorded a remarkable year-over-year revenue growth of approximately 44% if computed in Renminbi, reflecting a combination of a solid high-quality product portfolio and a sustained market demand. Furthermore, our U-Can middle and high school all-subjects after-school tutoring business grew by approximately 39%, or 46% if computed in Renminbi, and the POP Kids program achieved a growth of approximately 35%, or 41% if computed in Renminbi.</em></p></blockquote><div class="content-remarks"><p>New Oriental results statement last week</p></div>

Ultimately, investing in China requires you to take a view on whether consumption of durables which are truly discretionary will be displaced by services like healthcare and education which are not. Already, about 80% of high-school students attend some form of external tutoring – Beijing can no more avoid a private role in education than in healthcare or pensions - watch results from New Oriental for a lead on Jan 22nd, but the sector should now be high on a long-term China thematic buy list.Weekly Insight, 7th Jan 2019We are pleased to see our overall business continue its strong momentum in the second quarter of fiscal year 2019 and achieve a top line growth of 33.6% if computed in Renminbi. This was driven largely by our key business unit, K-12 all-subjects after-school tutoring, which recorded a remarkable year-over-year revenue growth of approximately 44% if computed in Renminbi, reflecting a combination of a solid high-quality product portfolio and a sustained market demand. Furthermore, our U-Can middle and high school all-subjects after-school tutoring business grew by approximately 39%, or 46% if computed in Renminbi, and the POP Kids program achieved a growth of approximately 35%, or 41% if computed in Renminbi.New Oriental results statement last week

China Demographics: One Party, One Child, One Huge Unfunded Pension Liability…

Hong Kong

Tai Ping Carpets International Ltd. provides carpets and sells yarns. The Company offers single woven, hand tufted, pass tufted, machine woven carpets, and carpet tiles for use in boutique hotels, casinos, hotels, offices, public spaces, residences, restaurants, airports, and convention centers. Tai Ping Carpets International serves customers worldwide.

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Tai Ping Carpets Intl (146 HK)

China Demographics: One Party, One Child, One Huge Unfunded Pension Liability…

Ultimately, investing in China requires you to take a view on whether consumption of durables which are truly discretionary will be displaced by...

Sean Maher

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