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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 9, 2025 | Stone Sentinel Capital | 0.0% | 45.3% | 0161.HK, 5238.KL | Asia, Construction, dividends, real estate, small caps, value | Able Engineering Holdings is engaged in building construction and RMAA projects for Hong Kong public works, with double-digit growth supported by strong government spending. The company has a six-decade operating history and government-issued licenses for large public housing projects. China's ambitious plans to integrate Hong Kong with the Guangdong–Hong Kong–Macao Greater Bay Area will result in greater demand for public housing, directly supporting construction businesses. Strong government spending has supported near-3x EBIT growth in past 3 years. Hong Kong office market faces challenges with near-record high vacancy rates at 17%, with Kowloon East reporting even worse vacancy at 24%. However, cities are resilient networks that continuously adapt and reinvent themselves, making permanent trough unlikely for Hong Kong offices given the region's role as a key financial center. Able Engineering offers roughly 9% dividend yield with consistent and growing dividends since 2022. Protasco used to pay dividends until 2019, and resumption would signal proper capital allocation with dividends well-covered by cash and normalized free cash flow. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||