It is not everyday that Mr Market offers you a 30% profit on a counter and sells you back the exact same counter for the original buy-in price 2 months later. Strange as it sounds, this was exactly what happened for me with InnoTek.

Almost exactly 1 year ago in April 2017, I had purchased InnoTek for S$0.375 a share on a turnaround thesis. While InnoTek continued to generate profits and free cash flow, the turnaround was not as smooth as I hoped for (that is a nice way of describing my misguided optimism) and it soon became obvious that the company needed more time to execute a number of growth drivers.

Given that most of the growth drivers will only bear fruits earliest in 2H 2018, InnoTek was fundamentally still on the same turnaround thesis in February 2018 as in April ...