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

Macroeconomics

<ul>
<li>I’ve been in Asia seeing clients - the latest US tariffs were well flagged but coming amid weakening cyclical data and a spike in interbank rates pushed the ACWI to test the February lows.</li>
<li>China has long been gaming the global trade/FDI system and a US response was overdue, even if tariffs are a crude tool – Trump is calling Beijing’s bluff to rebalance the relationship.</li>
<li>Germany and Japan as high beta global trade exposed markets have been hit hard, but the ‘trade war’ talk looks overblown – a…</li>
</ul>


I’ve been in Asia seeing clients - the latest US tariffs were well flagged but coming amid weakening cyclical data and a spike in interbank rates pushed the ACWI to test the February lows.
China has long been gaming the global trade/FDI system and a US response was overdue, even if tariffs are a crude tool – Trump is calling Beijing’s bluff to rebalance the relationship.
Germany and Japan as high beta global trade exposed markets have been hit hard, but the ‘trade war’ talk looks overblown – a…


Trump’s ‘Art of the Deal’ Versus Sun Tzu’s ‘Art of War’…

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Carelabs IPOwill start trading on Wednesday (March 28th). Carelabs had a super demand in the institutional investors bookbuilding. The IPO price of Carelabs was determined at 20,000 won which was 11% higher than the high end of the IPO range (15,000 won to 18,000 won). Post IPO, we expect Carelabs to perform very well, similar to <a href="https://www.smartkarma.com/entities/24255" target="_blank" data-smartkarma-citation="entities:24255:1">Studio Dragon Corp (253450 KS)</a> and <a href="https://www.smartkarma.com/entities/25912" target="_blank" data-smartkarma-citation="entities:25912:1">Cafe24 Corp (042000 KS)</a>. One major problem with Carelabs has been the fact that many institutional investors who were interested in…

Carelabs IPOwill start trading on Wednesday (March 28th). Carelabs had a super demand in the institutional investors bookbuilding. The IPO price of Carelabs was determined at 20,000 won which was 11% higher than the high end of the IPO range (15,000 won to 18,000 won). Post IPO, we expect Carelabs to perform very well, similar to Studio Dragon Corp (253450 KS) and Cafe24 Corp (042000 KS). One major problem with Carelabs has been the fact that many institutional investors who were interested in…

Managing Director, MTS Research

Peter Beuttell

Managing Director

MTS Research

MTS Research Limited is an independent investment research company specialising in technical analysis. 

MTS Research provides technical analysis services in the form of regular publications and consultancy advice, catering for a number of different investment approaches from absolute or relative returns to long-only and long/short.  The company has a global client base of blue-chip financial institutions ranging in size and stretching from Los Angeles to Tokyo, via New York, London, Frankfurt and Hong Kong.  

MTS was founded in 1989 at the request of Morgan Grenfell Investment Services Limited (MGIS), the ERISA arm of Morgan Grenfell Asset Management (subsequently Deutsche Asset Management), by Peter Beuttell, a Portfolio Manager at MGIS between 1987 and 1989. 

Peter is a qualified Chartered Accountant and self-taught market technician with over 30 years experience.  At MGIS, Peter managed money in European, Australasian and Far East markets for US clients, such as American Airlines and American Petrofina.  He achieved first quartile perfomance on their behalf by blending fundamental and technical analysis in his investment decision-making.  

After an initial focus on the EAFE markets (Europe, Australasia and Far East), the company has recently expanded its coverage to include the Americas, thanks to the recently-completed two-year Knowledge Transfer Partnership with the University of Plymouth.  The resulting software – the Technical Overlay Program (TOP) – allows fund managers to access an immediate Technical view on any market, sector, stock, bond yield, currency or commodity within their selected universe.

MTS Research consists of a team of five based in Penzance and London. 

Technical Analysis

Meta Platforms (Facebook) / Technical Analysis

We were asked of Facebook during the week: Is it the first brick in the edifice to begin falling?It looks like it, given the recently-completed Head-and-Shoulders top pattern, which has a minimum measuring target at $148 (nearer $140 intra-day).  The negation level on that is $186.15, the top of the second shoulder.A drop as low as $140 would also break the 5-year uptrend.The FANG Index is also quite vulnerable, having recently tested its two-year semi-log trend resistance line. Trend and moving…

We were asked of Facebook during the week: Is it the first brick in the edifice to begin falling?It looks like it, given the recently-completed Head-and-Shoulders top pattern, which has a minimum measuring target at $148 (nearer $140 intra-day).  The negation level on that is $186.15, the top of the second shoulder.A drop as low as $140 would also break the 5-year uptrend.The FANG Index is also quite vulnerable, having recently tested its two-year semi-log trend resistance line. Trend and moving…

NASDAQ 100: Facebook Is the First Crack in the Wall, and Headed for 148 Minimum

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

PT Nippon Indosari Corpindo Tbk. (ROTI) / Equity Bottom-Up

<a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> covered <a href="https://www.smartkarma.com/entities/1181" target="_blank" data-smartkarma-citation="entities:1181:1">Nippon Indosari Corpindo Tbk Pt (ROTI IJ)</a> in one of his many insights. I will try to wear my Indonesian hat and offer a local perspective in discussing a potential investment opportunity at ROTI. Although currently trading at a rich valuation (35x earnings and 2.3x PEG), the stock may just warrant a space in your portfolio given a big institutional shareholder investment that took place late last year (KKR) and the digitization impact to the business that could ramp up revenue while keeping the healthy margin rate. In this report I will address the following item:<ol class=""><li>Product - white bread, sweet bread, and cakes</li><li>Digitization and potential impact - a partnership with Go-jek</li><li>Partnership based business - recruiting distributor and sales agents</li><li>Shareholder structure - active shareholders that create value</li><li>Overseas expansion - Philippines and other</li><li>Price evolution - 21% discount to the highest PE</li><li>Conclusion - long-term Positive</li></ol>

Angus Mackintosh covered Nippon Indosari Corpindo Tbk Pt (ROTI IJ) in one of his many insights. I will try to wear my Indonesian hat and offer a local perspective in discussing a potential investment opportunity at ROTI. Although currently trading at a rich valuation (35x earnings and 2.3x PEG), the stock may just warrant a space in your portfolio given a big institutional shareholder investment that took place late last year (KKR) and the digitization impact to the business that could ramp up revenue while keeping the healthy margin rate. In this report I will address the following item:Product - white bread, sweet bread, and cakesDigitization and potential impact - a partnership with Go-jekPartnership based business - recruiting distributor and sales agentsShareholder structure - active shareholders that create valueOverseas expansion - Philippines and otherPrice evolution - 21% discount to the highest PEConclusion - long-term Positive

ROTI: Bread Goes for Abroad and Digitization

Meta Platforms (Facebook) / Equity Bottom-Up

Nearly $45 billion dollars worth of market cap has been shaved from <a href="https://www.smartkarma.com/entities/665" target="_blank" data-smartkarma-citation="entities:665:1">Facebook Inc A (FB US)</a> since the Cambridge Analytica data scandal. This is more than twice the amount of the entire market cap of listed companies in Sri Lanka, although only about 9% of Facebook's market cap. There has been a huge backlash against Facebook due to this data scandal. Powerful people such as Brian Acton (co-founder of WhatsApp) have called people to stop using Facebook. This data scandal has been one of the…

Nearly $45 billion dollars worth of market cap has been shaved from Facebook Inc A (FB US) since the Cambridge Analytica data scandal. This is more than twice the amount of the entire market cap of listed companies in Sri Lanka, although only about 9% of Facebook's market cap. There has been a huge backlash against Facebook due to this data scandal. Powerful people such as Brian Acton (co-founder of WhatsApp) have called people to stop using Facebook. This data scandal has been one of the…

Facebook, Cambridge Analytica, & Blockchain - Who Owns the Data?

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Trump’s ‘Art of the Deal’ Versus Sun Tzu’s ‘Art of War’…

I’ve been in Asia seeing clients - the latest US tariffs were well flagged but coming amid weakening cyclical data and a spike in interbank rates...

Sean Maher

Carelabs IPO: D-2 Trading Strategy

Carelabs IPOwill start trading on Wednesday (March 28th). Carelabs had a super demand in the institutional investors bookbuilding. The IPO price of...

Douglas Kim

NASDAQ 100: Facebook Is the First Crack in the Wall, and Headed for 148 Minimum

We were asked of Facebook during the week: Is it the first brick in the edifice to begin falling?It looks like it, given the recently-completed...

Peter Beuttell

ROTI: Bread Goes for Abroad and Digitization

Angus Mackintosh covered Nippon Indosari Corpindo Tbk Pt (ROTI IJ) in one of his many insights. I will try to wear my Indonesian hat and offer a...

Henry Soediarko

Facebook, Cambridge Analytica, & Blockchain - Who Owns the Data?

Nearly $45 billion dollars worth of market cap has been shaved from Facebook Inc A (FB US) since the Cambridge Analytica data scandal. This is more...

Douglas Kim

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