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)

<ul>
<li>Cyclical indicators are softening this month - new orders index for the Philly Fed fell nearly 23 points while Japan’s PMI new export orders component fell for the first time in 22mths to sub 50.</li>
<li>A sustained tariff war and its unpredictable impact on highly integrated global supply chains as with Daimler’s profit warning last week is now generating downside volatility.</li>
<li>The 20% slump in mainland shares from recent highs has been less about trade war fears as deteriorating liquidity, reflected in…</li>
</ul>


Cyclical indicators are softening this month - new orders index for the Philly Fed fell nearly 23 points while Japan’s PMI new export orders component fell for the first time in 22mths to sub 50.
A sustained tariff war and its unpredictable impact on highly integrated global supply chains as with Daimler’s profit warning last week is now generating downside volatility.
The 20% slump in mainland shares from recent highs has been less about trade war fears as deteriorating liquidity, reflected in…


Trade Risks Start to Impact, as China Biotech Ambitions Grow…

Transport Sector, China and Asia-focused Research

Charles De Trenck

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. </li><li>For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.</li><li>Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. </li></ul>

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. 

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Jacobson Pharmaceutical Corporation Limited is a pending listing on the HKEX. This Insight forks <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> 's Insight <a href="https://www.smartkarma.com/insights/jacobson-pharma-ipo-growth-is-contingent-on-acquisitions" target="_blank" data-smartkarma-citation="insights:5761">Jacobson Pharma IPO - Growth Is Contingent on Acquisitions</a> that discusses the company using Smartkarma’s IPO framework. This Insight provides some incremental context around the company’s business, strategy, and risks. We address many of the same points as Toh Zhen Zhou, but have a different view on the details. We like the business and view the offering favorably based on our analysis of the business and the proposed valuation. We should caveat that we have neither seen a pre-deal report nor attended a roadshow meeting.

Jacobson Pharmaceutical Corporation Limited is a pending listing on the HKEX. This Insight forks Toh Zhen Zhou 's Insight Jacobson Pharma IPO - Growth Is Contingent on Acquisitions that discusses the company using Smartkarma’s IPO framework. This Insight provides some incremental context around the company’s business, strategy, and risks. We address many of the same points as Toh Zhen Zhou, but have a different view on the details. We like the business and view the offering favorably based on our analysis of the business and the proposed valuation. We should caveat that we have neither seen a pre-deal report nor attended a roadshow meeting.

Jacobson Pharma IPO -- Home Team Advantage

Equity Bottom-Up

One of the pharmaceutical industry’s main complaints about China is the extremely slow drug approval process. The approval process in China typically is 6-8 years, roughly double that of the US and most developed markets. We recently met with several pharmaceutical companies and executives who conduct business in China. For the first time, they noted some tangible evidence of improvement in the approval process in response to direction from the State Council. The data are anecdotal at this stage, and may simply reflect the circumstances around particular products. Yet the backdrop behind these developments supports the idea that change is afoot. 3SBio (1530 HK) should be a beneficiary of these changes because of its large (14) pipeline of innovative (Class 1) products in development.

One of the pharmaceutical industry’s main complaints about China is the extremely slow drug approval process. The approval process in China typically is 6-8 years, roughly double that of the US and most developed markets. We recently met with several pharmaceutical companies and executives who conduct business in China. For the first time, they noted some tangible evidence of improvement in the approval process in response to direction from the State Council. The data are anecdotal at this stage, and may simply reflect the circumstances around particular products. Yet the backdrop behind these developments supports the idea that change is afoot. 3SBio (1530 HK) should be a beneficiary of these changes because of its large (14) pipeline of innovative (Class 1) products in development. 

Hong Kong

Sino Biopharmaceutical Limited, through its subsidiaries, researches, develops, produces, and sells biopharmaceutical products for the medical treatment of ophthalmia, as well as modernized Chinese medicine and chemical medicine for the treatment of hepatitis.

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Sino Biopharmaceutical (1177 HK)

Trade Risks Start to Impact, as China Biotech Ambitions Grow…

Cyclical indicators are softening this month - new orders index for the Philly Fed fell nearly 23 points while Japan’s PMI new export orders...

Sean Maher

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

This is an invest-able idea at the private level with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over...

Charles De Trenck

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

Jacobson Pharma IPO -- Home Team Advantage

Jacobson Pharmaceutical Corporation Limited is a pending listing on the HKEX. This Insight forks Toh Zhen Zhou 's Insight Jacobson Pharma IPO -...

Kemp Dolliver, CFA

China's FDA Ups Its Game

One of the pharmaceutical industry’s main complaints about China is the extremely slow drug approval process. The approval process in China...

Kemp Dolliver, CFA

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