Our portfolio has been doing pretty well but there will always be 老鼠屎 (rat shit) dragging down the overall performance. I am not too worried because I have seen worst. lol.

1. QAF

The first thing that came to mind would be the latest quarter result – QAF reports 72% fall in 2Q17 earnings to $8.1 million. I looked at the numbers and it is indeed quite depressing. However, the numbers can be quite misleading.

The numbers highlighted in yellow is where the 72% drop comes from. One has to note that part of the huge drop can be attributed to the one time “Exceptional items” gain due to the sale of 20% stake in Gardenia Bakeries (K.L.) which is missing this quarter. On the bright side, revenue actually increased by 1% which was offset by higher costs/expenses, taxes and a series of unfortunate events:
– Pork …