First off a bit of portfolio update. In the year 2014 my 3 core bets were OCBC, China ETFs and Sembcorp industries. The first two came off and gave me good results for the previous year, while SCI's performance is still waiting to be seen. (SCI will release results tomorrow 17th feb after market close) From late 2014 till early 2015 I decisively cut off my rotten limb (Challenger Technologies) while adding positions mainly in 3 stocks, ARA, STE and Keppel Corp. I'm currently sitting on over 5% gains on kep corp while waiting for STE's results on 27th feb. Today I'm pretty happy to see ARA delivering a good set of results as its revenue grew by 23% while net profits were up 18%. At the current price ARA trades at slightly over 16 times earnings which doesn't seem cheap, but I shall talk about why I don't mind ......