Portfolio update - current positions (2017 Aug - 2017 Oct)
As of 31st October, I am currently holding 16 stocks. Looking to close UMS soon, and close Chip Eng Seng if it runs up further before results release.
01: Wilmar
Buy: Buy on dip. Solid blue chips, Crude palm oil (CPO) price mostly above 2700, anticipating good next quarter results. Baseline: Hold until news on listing of its China's business
02: YZJ Shipbuilding
Buy: Buy on news of private placement of 153mil shares at $1.53. Alpha stocks in an industry that is going through restructuring. Thorough FA done by an investor in China.
Lessons learnt:
- I thought since I slightly undercut placement shares' price, I got a bargain; which turned out to be a huge mistake. YZJ was sold down heavily for the week, and dropped to $1.4 for a while, before slowly creeps up. Possible reasons for such heavy sell down:
- Price ran up over past few months to above $1.6, by placing shares $1.53, coy was implying that shares was overvalued. And hence a lot of investors took profit.
- Share dilution of about 3%
- Investors may doubt the prospects of the company since they have large cash piles and yet needs more $. My take is that the industry is still facing headwinds, and company is prudent not to tap on existing cash piles to fund M&A activities.
- Additional stepping force from shortists.
- Next time I should buy after the market has stabilized, as this catalyst is not near term bullish.
03: AEM
Buy: Buy on good quarter results. The turnaround story continues, and PE is still cheap.
Lessons learnt:
- Price dropped after good results and turned bearish for weeks, in conjunction with tech stocks correction. Obviously this is a must learn experience for a novice investor like me.
- Anticipation is more important than the real results.
- Buy on rumours, sell on news.
- Price will only go up if good results are not expected, or the results are so good that it beats estimates.
- Because I did not study the company deep enough to have a faith in them, I didn't add more during the correction. Also partly because of psychology, during those weeks, I was quite pessimistic that I just hope that the share price can go back to my entry price then I would be happy.
04: Geo Energy Resource
Buy: Commodity stock (coal) in its uptrend. Thorough FA done by TTI.
05: Manulife REIT (MUST)
Buy: REIT right issue play, accretive acquisition, freehold buildings, possible USD appreciation.
- 1000 shares @ USD 0.915 (buy on sudden dip, wasn't thinking to buy this stock initially)
- Entitled + excess rights of 700 @ USD 0.695
- Average price for 1700 shares @ USD 0.824
Buy: Wanted to have some REIT in my portfolio, so pick up this one. High occupancy (>99%), long WALE (>6.5 years), growing DPU, low gearing level (<30%), High interest cover ratio (>9), strong Australia economy, all in all a very solid REIT
07: UMS
Buy: Another buy on dip. Baseline: 5% dividend yield. Was looking for chance to enter, and entered after company's CEO bought shares.
Events:
- It seemed that the 1-for-4 bonus share had confused quite some people. UMS did the same thing in 2014 and price tanked, and some people even thought this is a curse. What they didn't pay attention to is the difference of CEO's action. In 2014 CEO and key customer Applied Materials dumped UMS shares after XB, while this time CEO bought shares before XB.
08: Chip Eng Seng
Buy: Market sentiment turned bullish for property sector, so I wanted to hold a prop counter. Already having CES in mind after reading NI's article (baseline: CES has huge cash pile per share that almost equals to share price), I saw CES rose 7% handsomely on 18th Sept, so I cashed out my Cogent, and bought CES on 20th Sept when it pullbacked.
09: Alliance Mineral
Buy: Decided to hop on the lithium's mineral bandwagon after reading NI's articles and leopard's blog. If this is not a scam story, then it should worth a lot more than now once the first mines is out around next April. But some people cast doubts on the coy due to the previous saga of CEO with Jonathan Lim, well, this is the best chance to collect unknown risk premium. Nonetheless, until next April, I don't foresee the price will shoot up much unless there are further good news.
10: SATS
Buy: Buy on dip, 1 year low. Possible catalyst: Qantas's new contract. PE is on a high side (>20), but I hope the next quarter's result will be good and give a glimpse on the long-awaited growth story.
11: Trendline
Buy: Private placement to few great asset management firms, and after a few days company announced expense reduction and dividend policy. Things look good, hopefully the investment company's engine will rev up soon.
12: Pan Hong
Buy: Company is proposing to carry out capital reduction exercise by distributing 3.5x shares of Sino Harbour (HK 1663). The shares of Sino Harbour itself worths more than the current Pan Hong's price. Based on my observation on market's behaviour, I hope I will be soon collecting another unknown premium after this deal is confirmed by SGX. But the crux of the deal should be Sino Harbour shares, it seems this is where the long term focus of the management of Pan Hong is looking at.
13. China Sunsine
Buy: Undervalued stock, in my watching list for long. Decided to join the rally after it has broken out of consolidation. Growing for the past few years and projected to grow more in the future due to the rising demands in rubber chemicals. ASP (Average selling price) of products is increasing. Production capacity will increase after new plant completes this year.
14. GL
Buy: Noticed this from Kyith's transaction. Then saw a potential asset selling in VB's forum. Quickly entered. Sometimes later some brokerages firms come out with analyst reports talking about this. It seems most of the time analyst report is like police in the movie, always appear towards the end. Most probably they have already collected enough. :)
15. Capital World
Buy: Risk play. Value investing. Once Capital 21 is completed and start operates, the company should worth much more. With recent company's share buyback mandate, the bottom should be more or less established, though I bought before the buyback announcement.
16. China Star Food
Buy: Risk play. Value investing. Price / Cash Flow < 1. Company going to resume business after factory halted for so long (hence the depressed share price). If their businesses can go back to pre-halt level, the share price should follows as well.
09: Alliance Mineral
Buy: Decided to hop on the lithium's mineral bandwagon after reading NI's articles and leopard's blog. If this is not a scam story, then it should worth a lot more than now once the first mines is out around next April. But some people cast doubts on the coy due to the previous saga of CEO with Jonathan Lim, well, this is the best chance to collect unknown risk premium. Nonetheless, until next April, I don't foresee the price will shoot up much unless there are further good news.
10: SATS
Buy: Buy on dip, 1 year low. Possible catalyst: Qantas's new contract. PE is on a high side (>20), but I hope the next quarter's result will be good and give a glimpse on the long-awaited growth story.
11: Trendline
Buy: Private placement to few great asset management firms, and after a few days company announced expense reduction and dividend policy. Things look good, hopefully the investment company's engine will rev up soon.
12: Pan Hong
Buy: Company is proposing to carry out capital reduction exercise by distributing 3.5x shares of Sino Harbour (HK 1663). The shares of Sino Harbour itself worths more than the current Pan Hong's price. Based on my observation on market's behaviour, I hope I will be soon collecting another unknown premium after this deal is confirmed by SGX. But the crux of the deal should be Sino Harbour shares, it seems this is where the long term focus of the management of Pan Hong is looking at.
13. China Sunsine
Buy: Undervalued stock, in my watching list for long. Decided to join the rally after it has broken out of consolidation. Growing for the past few years and projected to grow more in the future due to the rising demands in rubber chemicals. ASP (Average selling price) of products is increasing. Production capacity will increase after new plant completes this year.
14. GL
Buy: Noticed this from Kyith's transaction. Then saw a potential asset selling in VB's forum. Quickly entered. Sometimes later some brokerages firms come out with analyst reports talking about this. It seems most of the time analyst report is like police in the movie, always appear towards the end. Most probably they have already collected enough. :)
15. Capital World
Buy: Risk play. Value investing. Once Capital 21 is completed and start operates, the company should worth much more. With recent company's share buyback mandate, the bottom should be more or less established, though I bought before the buyback announcement.
16. China Star Food
Buy: Risk play. Value investing. Price / Cash Flow < 1. Company going to resume business after factory halted for so long (hence the depressed share price). If their businesses can go back to pre-halt level, the share price should follows as well.
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