Source: The Business Times

Introduction

As an investor, you could have all the numbers and all the facts, be completely right in your investment thesis, and yet, still lose money. The property recovery story was perfect, the stars were all aligned, and yet, in less than 24 hours, whatever bullish investor sentiment was eviscerated. It was just last week where The Business Times published the article above, re-reading it now reminds me of the quote: “Man plans. God laughs”.

There is enough well-written coverage on the latest round of cooling measures so I will not be covering it in this article. What I will do, is to discuss the investment merits and valuations of APAC Realty and Propnex.

To recap:

APAC was listed in Sep 2017 at $0.66 per share with a market cap of $205.3m.

Propnex was listed in Jun 2018 at $0.65 per share with a …