I’m trying out a new thing I will call “PDT Notes”, which are (weekly?) backward-looking observations on the Singapore, and hopefully eventually the HK markets. This will necessarily turn PDT into a more newsy site but I hope to pick up more ideas through this process.

On to the main discussion of the day.

I grouped the Singapore-listed stocks by market cap quartiles, So that Large Caps ranged from $51b (Singtel) to $306m (QAF Ltd), Midcaps ranged from $296m (Spice I2I Ltd) to $83m (Ecowise Holdings), Smallcaps $83m (See Hup Seng) – $29m (Tat Seng Packaging), Tinycaps $29m (Chn Global Inv)- $1.2m (Jets Technics).

And then I had a look at their P/E, PB, and 1 month total return numbers and saw something interesting. The top performers of each market cap quartile this past month are all moneylosing businesses.

• Largecaps: Zhongmin Baihui
• Midcaps: Artivision
• Smallcaps: Sun East
• Tinycaps: ...