Summary

I have decided to divest and take profit on Tai Sin due to fundamentals trending apart from my initial investment thesis.

Note: price includes transactional costs

Despite the failure of my investment thesis, I am happy to book an annualized gain exceeding 10% per annum. I attribute this to the large margin of safety that Tai Sin had in February at S$0.398 per share, which has diminished with my sale Price to Earnings ratio of 10.2. 
With this divestment, and in line with my portfolio goals (here), I have also raised my portfolio cash holdings to 37%. 
Divestment Rationale
I initiated a position in Tai Sin earlier this year where I shared my hopes that Tai Sin would be a fast grower (here). Tai Sin announced their full year results on 25th August (here), where they displayed deteriorating business …