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