Cogent Holdings – Growth Story Continues

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Cogent Holdings is another firm that I had not written about for 2 consecutive earnings release. Given that the investment thesis was largely built on growth, it is high time to monitor their growth momentum. Interested investors can find their latest Q1'17 earnings here. Revenue   While growth has continued, top line growth rate has actually declined slightly.   Warehousing, … [Read more...]

Keong Hong 1H’17 – 3rd Pillar to Strategy Introduced

Keong Hong recently released their 1H'17 earnings (here). Seeing that they have released 2 earnings reports since I last wrote on them, I thought it would be good to document some updates given that Keong Hong is an extremely dynamic company. Keong Hong's 1H'17 earnings results have been largely in line with my expectations and therefore this update will be focused on their strategy execution. … [Read more...]

New Counter: InnoTek Ltd

Innotek was brought to my attention by a friend of mine. The story is pretty similar to that of Valuetronics - a turnaround amidst this tech manufacturing bullishness permeating through SGX. With the purchase of Innotek, I have hit my target of 8 counters and have officially ran out of cash. As such, I do not expect to announce any further portfolio additions for the coming months. Equity: … [Read more...]

Kingsmen and Pico – Same Industry, Different Fate

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Kingsmen (SGX:5MZ) and Pico (HKG:0752) are both widely recognized as leaders of Asia Pacific's corporate and events marketing field. However, these 2 firms have experienced vastly different fate in recent years. Pico Up, Kingsmen Down   Source: FT Markets Fundamentally, Pico has reported increased yearly net income since 2013. In contrast, Kingsmen's income has been … [Read more...]

New Counter: Valuetronics

Given that Keong Hong's share price has taken off, I have been spending my time looking at other potential counters to invest money earned from my sale of Keppel T&T's stock. Happy to announce a new purchase this month. Here are some of my considerations - Equity: Valuetronics (SGX: BN2) Business: Electronic Equipments Markets exposed: America, Europe, Asia Pacific Stock exchange: … [Read more...]

Procurri – Growth Story Gone Wrong?

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It has been some time since I did a write up on some of the counters that I am looking at. Procurri is one such counter as I had been monitoring their fortunes since their IPO back in July 2016. Interested investors can read more about Procurri's IPO from Mr. IPO's review here. Without further ado, lets dive into their first full year results which can perhaps best be summarized in one word - … [Read more...]

FY’16 (Apr’16-Mar’17) Portfolio Results

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As per the stated tracking timeline (half yearly in April and October), it is once again time to review the performance of my portfolio. I have decided to bring forward the portfolio review by a few days since I will be travelling overseas for a short mountaineering trip. Portfolio Results To recap, I had set myself a primary absolute objective of attaining returns exceeding 10% per annum … [Read more...]

New Counter: Sapphire Corporation

In a bid to reach my target portfolio size of 8 counters, I will spend my bonus on acquiring 2 more stocks. Sapphire is the first of the 2. Equity: Sapphire Corporation (SGX: BRD) Business: Rail Infrastructure Construction Markets exposed: Primarily China, increasingly Developing Asia Stock exchange: SGX Purchase price: 0.335 Purchase month: March 10% per annum:  Sapphire … [Read more...]

Kimly IPO – Exciting Stuff?

(you may find the IPO prospectus here. in this post, I list some of my thoughts on the IPO) About Kimly Kimly has a total of 64 food outlets, including 56 coffee shops, 3 industrial canteens and 5 food courts. They claim to own a 5.8% market share in Singapore's food outlets as of 30th September. Apart from being a master leaseholder, Kimly also operates 121 food stalls and a Central … [Read more...]

3 insights gleaned from Berkshire’s 2016 Shareholders Letter

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Warren Buffett is one of the best (if not the best) value investors of all time. Given Buffett's advancing years, nobody truly knows how many more of Berkshire's Shareholders Letter will be penned by the legend himself. As such, I highly recommend all value investors to seize the opportunity to learn directly from him. In particular, Buffett had devoted a sizeable portion of this year's letter … [Read more...]

Hock Lian Seng Earnings Review

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Hock Lian Seng announced their full year results on the 23rd of February, which you may find here. Given that this is their first earnings call since my purchase in December (initiation report here), I would like to share a little more on why I feel Hock Lian Seng is still undervalued despite a 55% capital gain in little less than 3 months. Uninspiring Results   Source: Hock … [Read more...]

2 reasons to stay away from Snap’s IPO

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(You may refer to Snap's S-1 filing here) To say that I am not a big fan of Snap's IPO would be an understatement - I would not touch Snap's IPO even with a ten foot pole. Here are the 2 biggest reasons: 1) No voting rights Source: Snap's S-1 filing Snap has 3 classes of common stock, and are offering only class A - those without any voting rights. What this essentially … [Read more...]

New Counter: Tai Sin Electric

Tai Sin is a company that had popped out on my various screeners multiple times. However, I had never really taken a look at the firm till I came across an interesting and informative piece by "The Market Oculus" over the weekend. Those interested in the post may find it here. I have since investigated the business and decided to re-invest my earnings from the divestment of DBS here. To be … [Read more...]

Micro-Mechanics Earnings Review

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Micro-Mechanics announced their half year results on 6th February (here). Seeing that this is their first major earnings call since my purchase in early October (initiation report here), I would like to examine their results a little further. Fantastic Earnings Micro-Mechanics reported a 6.7% increase in revenue and a 6.8% increase in profits for the period July 2016 till December 2016. … [Read more...]

A look at United Overseas Insurance (and Great Eastern)

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I will be casting an eye on United Overseas Insurance this week. As usual, since I am not initiating a position on this counter, I will leave the conclusions portion out. United Overseas Insurance (SGX:U13) in a Nutshell: Insurance firm that is majority owned by United Overseas Bank. How United Overseas Insurance stacks up against Great Eastern: In terms of Return on Equity (ROE), UOI … [Read more...]

Portfolio Update: Divesting DBS for a 27.6% profit

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I have divested my holdings in DBS at $19.16 per share to record a healthy 27.6% total profits (including dividends). (prices include transactional costs) Reasons for divestment:   1) Target Price DBS's 5 year average Price to Book (PB) ratio is at around 1.15, which I used to construct my target price benchmark. In its September 2016 financial statement, DBS … [Read more...]

A look at SIA Engineering Company

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Lunar New Year is in a couple of days, here is to wishing everyone a Happy New Year! Anyway, I am going to take a look at a bigger blue-chip firm this week: SIA Engineering Company. Once again, as I am not initiating a position on this counter, I will leave the conclusions portion out. SIA Engineering Company Ltd (SIAE.SI) in a nutshell: Offers support services for airlines. (No, SIA … [Read more...]

A look at CNMC Goldmine

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It has been some time since I reviewed a company that I do not own. I am hopeful that I will have some time in 2017 to write a little more about some of the more interesting firms that I had been looking at. The first firm that I am writing about is CNMC Goldmine. As I am not initiating a position on this counter, I will leave the conclusions portion out. Nonetheless, any comments are … [Read more...]