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)

China Real estate / Thematic (Sector/Industry)

Dalian Wanda Commercial Properties (1567411D HK)

We've been bullish on Chinese housing since Q2-2015 - rapidly shrinking inventories since then offer fundamental support, although price growth exceeding 30-40% y/y in several key cities is unsustainable.Income multiples now range from the mid-teens to late-20s for the Tier-1 cities, with prime prices at up to $20k per square metre.However, this is distorted by the huge amount of space hoarded as ‘concrete deposit boxes’ by the top 1% of households (who own about 25% of vacant space) and the…

We've been bullish on Chinese housing since Q2-2015 - rapidly shrinking inventories since then offer fundamental support, although price growth exceeding 30-40% y/y in several key cities is unsustainable.Income multiples now range from the mid-teens to late-20s for the Tier-1 cities, with prime prices at up to $20k per square metre.However, this is distorted by the huge amount of space hoarded as ‘concrete deposit boxes’ by the top 1% of households (who own about 25% of vacant space) and the…

Beijing Huaye Capital Holdings Co.,Ltd (600240 CH)

Shanghai New Huang Pu Industrial Group Co., Ltd.  (600638 CH)

Shanghai New Huang Pu Industrial Group Co., Ltd. 

Huafa Industrial Co., Ltd. Zhuhai (600325 CH)

Suzhou New District Hi Tech Ind Co. (600736 CH)

Macrolink Culturaltainment Development Co., Ltd. (000620 CH)

Macrolink Culturaltainment Development Co., Ltd.

Beijing Urban Const. Inv. & Dev. Co. (600266 CH)

Myhome Real Estate Development Gp (000667 CH)

Poly Real Estate Group Co., Ltd (600048 CH)

Shenzhen Centralcon Invstmnt Hldg (000042 CH)

CASIN Real Estate Development Group Co., Ltd. (000838 CH)

CASIN Real Estate Development Group Co., Ltd.

Grandjoy Holdings Group Co., Ltd. A (000031 CH)

Zhongrun Resources Investment (000506 CH)

China Merchants Property Develpmt (200024 CH)

Beijing Capital Development Co, Ltd. (600376 CH)

Shanghai Lujiazui Finance & Trade Zone (600663 CH)

Shenzhen Worldunion Proprts Cnsltncy (002285 CH)

Hangzhou Binjiang Real Estate Grp (002244 CH)

Hubei Fuxing Science & Technology (000926 CH)

Zhejiang China Light &Textile Industrial (600790 CH)

Kunwu Jiuding Investment Holdings Co., Ltd. (600053 CH)

Kunwu Jiuding Investment Holdings Co., Ltd.

Zhejiang China Commodities City Group Co (600415 CH)

Jinan High-Tech Development Co., Ltd. A (600807 CH)

China Logistics Property Holdings (1589 HK)

China's Housing Boom Overshooting on Land and New Housing Shortage - 28th Oct 2016