Thematic reports
Travel notes: Hong Kong
Visiting the Weird Shit Investing conference
Hong Kong
Deep-dives
Lion Rock (1127 HK) — 2025 update
Printing industry serial acquirer at 5x P/E
Deep-dives
Oriental Watch (398 HK)
Blue chip Chinese Rolex dealer at 8x P/E and 50% net cash/market cap
Deep-dives
A new era for Jardine Matheson
An under-the-radar transformation. Estimated reading time: 27 minutes.
Deep-dives
Link REIT (823 HK)
Internally managed blue-chip REIT offering an 8% yield with a catalyst
Deep-dives
The Hongkong & Shanghai Hotels (45 HK)
Owner of trophy assets at 0.28x book
Deep-dives
Prada (1913 HK)
High fashion at 14x EV/pretax profit with an alt-data catalyst
Deep-dives
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
Deep-dives
Mandarin Oriental (MAND SP)
World-class luxury hotel group at 76% discount to NAV
Hong Kong
Hong Kong property amid rate cuts
A historic moment for Hong Kong's property market. Estimated reading time: 27 minutes
Deep-dives
Lion Rock Group (1127 HK)
Top global book printer run by a master capital allocator at 7x P/E with net cash
Deep-dives
Samsonite (1910 HK) － 2024 update
Broken merger arb situation turned value stock. Estimated reading time: 18 minutes