Talk about book review, I will do a annual report review, so there will be no numbers here, just qualitative analysis/thoughts. When we invest, we have in mind, a story for the company. The annual report confirms the story, unlike a novel, the more predictable the story is, the better it is, I do not like companies that give me surprises. Lets look at a few companies under my portfolio. Lee Metals: Story intact. Headwinds expected as competition increased, but construction expected to remain robust for the next few years. Key catalyst will be the TOP of Austville, and key expansion will be in the manufacturing and fabrication arm. MRT construction should demand strong. Only words that surprised me is “leader” position. Didn’t know Lee metals is a leader in the supplier of reinforced steel, always thought Tata Steel (Natsteel) is the biggest. Gearing is high due to the ......