Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Bilbel Capital Gabriel Sammut | “Water Oasis began by selling beauty products. Over 25 years, it grew into one of Hong Kong's top beauty-services groups. Today, services make up 93% of revenue. And nearly 100% of profit. Services profit has compounded at 14.9% a year since 2002. For 25 years, Water Oasis has reinforced positive links in customers' minds. Today, these links lower perceived risk and raise status. This lets Water Oasis spend less to win each customer, charge higher prices, and keep them coming back. Water Oasis gives customers discounts for buying many treatments in advance. Water Oasis has HK$1 billion in cash. This includes HK$750 million of non-refundable customer payments – for treatments not yet provided. So as long as sales do not shrink, the business keeps funding itself. The founding family controls the company's cash through its 70% stake. Since 2002, they have paid out 90% of all profits as dividends. Water Oasis used the rest of the cash to open clinics while new locations still earned high returns. It bought back 11.5% of shares when cash built up and the stock was cheap. During Covid, it bought struggling clinics for about 3 times yearly profit. In May 2026, the family raised the dividend by 43%. Right now, they are looking to buy other existing clinics. Most clinics promise similar beauty results. Shenzhen clinics win price-sensitive customers who accept the travel time. Water Oasis wins customers willing to pay more for certainty, convenience, and status. This squeezes small Hong Kong clinics from both sides. They cannot match Shenzhen's costs. And their brands are weaker than Water Oasis'. As this pressure builds, more owners become willing to sell. Water Oasis can buy these clinics cheaply. It can cut costs with shared advertising and systems. Its stronger brands and better equipment can also attract more customers, and keep them returning. All this lets Water Oasis earn high returns from buying them. In 2021, Water Oasis bought Millistrong Group – a Hong Kong beauty service provider. After subtracting Millistrong's cash and adding deal costs, Water Oasis invested about HK$29 million. Before Covid, Millistrong normally earned HK$7-12 million a year. On HK$29 million invested, that is a yearly return of 25-40%. Water Oasis has a market value of HK$900 million. It earns about HK$160 million a year, owns HK$170 million of investment properties. And holds about HK$1 billion in cash. Buying existing clinics turns cash into more profit. Dividends give the cash directly to shareholders. Any mix of the two, is worth much more than today's market price.” | NEUTRAL | Q2 2026 Aug 10, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
