Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Hong Kong
34 articles
A new era for Jardine Matheson
An under-the-radar transformation. Estimated reading time: 27 minutes.
Is Fairwood a melting ice cube? (52 HK)
Potential 4.6x P/E with net cash representing 72% of the market cap. Estimated reading time: 21 minutes
Hong Kong property amid rate cuts
A historic moment for Hong Kong's property market. Estimated reading time: 27 minutes
Lion Rock Group (1127 HK)
Top global book printer run by a master capital allocator at 7x P/E with net cash
Samsonite (1910 HK) － 2024 update
Broken merger arb situation turned value stock. Estimated reading time: 18 minutes
Pacific Textiles (1382 HK)
Uniqlo’s favorite knitted fabric supplier at 4.4x forward P/E and 18% dividend yield
MTR Corporation (66 HK)
Hong Kong public transport monopoly and property developer at 13x forward P/E
Best Mart 360 (2360 HK)
Fast-growing Hong Kong discount retailer at 8.1x P/E and 10.6% dividend yield