Author: BULLy the BEAR

Singtel

By: La Papillion Business Singtel had significant operations in Singapore and Australia, through a wholly owned subsidiary of Singtel Optus. They are the second largest satellite operator in Asia pacific, with international network providing direct connections from Singapore to more than 100 countries. Singtel had major investment in telecommunications industry in Thailand, India, Philippines, Bangladesh, Indonesia and Pakistan, forming the largest multi-market mobile customer base in Asia outside of China. This is about the first time I saw a local company earnings billions in revenue and net profit after tax – truly an eye opener. Singtel is the leading...

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Vicom

By: La Papillion Vicom is Singapore’s leading provider in technical testing and inspection services. Listed in 1995, they have 4 business segments: Vehicle inspection business, vehicle assessment, commercial/industrial testing and other services. Vicom group consists of VICOM and JIC inspection centres, VICOM assessment centre (VAC) and SETSCO services. VICOM and JIC centre is a one stop inspection service provider. VAC provides a one-stop, post-accident service solution like towing, car rentals, assistance in accident reporting, claims filing, repairs and safety check through its IDAC. SETSCO is the non-vehicular and testing arm dealing with a range of industry. % of revenue—————————–04———–05————06————07...

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Bully the Bear 1st half FY08 results

La Papillion never fails to bring a smile to my face when he presents his annual or in this case his bi-annual results. I thought that his article – By: La Papillion Dear shareholders, I am pleased to announce the half year results of Bullythebear for the financial year ending 31st December, 2008. It was an exciting half year for Bullythebear, with the many changes to serve our shareholders better. There is a major change in the theme of the website, from the older blue/green background to the present black/red outlook. If the new look irked some shareholders, I...

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The Intelligent Investor Review

By: La Papillion I’ve finally finished reading The intelligent investor by Benjamin Graham, though I bought the book last year. Well, it’s going to be the first of my reading. I expect myself to re-read certain chapters again and again. Actually I thought I’ll never be able to finish. I don’t really fancy his rather arcane way of writing – a little to rigid for me, though his content is as interesting in the past as in the present. To force myself to finish reading, I actually borrowed the same book from the library. Having a dateline of 3...

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How I read a financial report

By: La Papillion I promised someone I’ll do tat hong. In fact, I did it very briefly and posted it in the cbox, but I think that person didn’t see it. Either way, May asked me to help out on reading tat hong’s financial report, so here I am. First of all, I confess my accounting knowledge is lacking. As such, there are certain things that I might not know or understand. I try my best. This is what I’ll look for: 1. Income statement a. Calculate gross margin, net margin b. Check to see if there’s any big...

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CSC review

By: La Papillion Today I trimmed off CSC from my portfolio, cutting out all my stake in it. It was a love-hate relationship. I bought it entirely on technicals, held it with speculative hope, thought I’m holding it for investment but sold it on a rational and businesslike manner. I believe CSC will have a splendid FY08, but I couldn’t care less anymore. This is simply a business that holds no place in my revamped portfolio. Read...

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Peter lynch’s checklist

By: La Papillion Here’s a checklist from Peter Lynch’s book, One up on wall street: Stocks in general: P/e ratio – is it low or high for this particular company and for similar companies in the same industry The percentage of institutional ownership Whether insiders are buying and whether the company itself is buying back its own shares. Both are positive signs The record of earnings growth to date and whether the earnings are sporadic or consistent (the only category where earnings may not be important are asset plays) Whether the company has a strong balance sheet or a...

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Earthquake in China

By: La Papillion Seems like it’s one disaster after another. Myanmar had barely finished with its cyclone and China is struck with a 7.8 magnitude earthquake. A couple of china companies listed here came forth to offer help and aid to survivors – something which I found touching. There’s a lot of announcements today regarding whether any of them got hit by earthquakes. 1. China Sports – not affected. Only 4% of assets are held around the region but no points of sale in affected region. 2. Synear – production plant is in Chengdu. Plant did not suffer material...

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Book reflections on Peter’s Lynch “One Up On Wall Street”

By: La Papillion What a prolific day today! I had one of the free-est saturday that I can recall from recent memories. I managed to finish Peter Lynch’s One up on wall street today in the library. One up on wall street is really a great reading! His style is more informal. Coupled with his wit and humor AND his enlightening advice, I think this is really a page turner for me. It mentioned on the front cover, “More than 1 million copies sold” – I think it is really that good to have sold a million copy. There’s...

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Singtel chart

By: La Papillion NO dream, I’m not going to back to the dark side! :) I’ve quite a free day today, so was talking to stub about some of the companies that is interesting. Singtel crop up in our conversation and I thought it’s interesting too. At least it passed my screening, though need to look more into it and compare with the other 2 main competitors before deciding anything. Read...

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Thoughts about STI

By: La Papillion While trying to find out more about the compounded returns of investing in STI ETF today, I managed to crunch some numbers for the adjusted close of STI since inception on 28th Dec, 1987 till now. The data that I used comes from Yahoo! finance. Below is the chart (linear y-axis) of STI from inception till last close, on 2nd May 2008. We can see from the STI chart that there are notable periods of time that it dropped sharply. In 1990, 1998, 2003 and 2007, we can see a visual drop in STI. But I...

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Hongguo – initiating coverage

By: La Papillion I’m interested in this Singapore listed China company named Hongguo. Hongguo is a manufacturer and retailer of fashion ladies shoes and clothing, best known for their ‘C.banner’ and ‘E.Blan’ lines of ladies shoes. Though I never heard of these 2 brands before, do take note that Hongguo is one of the 2 largest ladies shoe brands in China, with their own manufacturing facilities in Nanjing and Dongguan. Besides their own well recognised brand in China, they also do contract manufacturing over other brands of shoes. ‘Nine west’ is one of them. I read that they could...

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Amazing annual report

By: La Papillion I’ve never been more impressed by an annual report than this. The chairman and the management believes that a good annual report is one that teaches the owners of the company how to interpret the results. And boy, they did enlighten me! They mentioned that for a good analytical review of a business, the balance sheet classifications and other non-profit number indicators should not be an ‘art and science’ to understand – it must be easily interpreted. He did exactly that. This forms a very very interesting reading as he goes on and tell the owners...

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Of bonds, yields, stocks and PE

By: La Papillion I was inspired by Mike’s posting on the stock vs bond deal to do a little more research on my own. From what I can gather, the chart below seems to be the latest updated yields for treasury bill/bonds by SG govt (I’m not sure!) Quite pathetic right? I’m not sure if I can find any bond yield longer than 20 years old, because the website where I got the data didn’t have such an option for me to choose. Read...

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Important realisation

By: La Papillion Buffettology is really a good book. I think I’m going to get this book for sure, as I think I’ll re-read 12 times. I made an important realisation when I’m a quarter into the book. This realisation is handy to quickly get a rough value of a business entity that sounds promising. First of all, I need to assume 2 things: 1. When I buy shares of a company, I am a partial owner of the business entity, hence I’m entitled to get a part of the earnings generated by the entity. Hence, EPS (earnings per...

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