Author: My Route To Financial Freedom

Hyphens Pharma (1J5): Undervalued Proxy to ASEAN Pharmaceuticals | Current: S$0.20 | Target: S$0.29 | Upside: +45% |

Hi everyone, My team comprising of Bryan, Jin Koi and I are participating in the Investor-One Stock Pitch Challenge 2019 under the team name Prinsep Capital. Out of the 220 SGX-Catalist stocks,  we had to pick a stock to initiate a Buy call on. After conducting various screenings and understanding the story of various Catalist counters, Hyphens Pharma stood out to us as one of the most high-quality undervalued and undercovered stock which we believe has significant upside potential. Please do give it a read as we have work on it tirelessly over the past two months. You can...

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Daily Leverage Certificates – A Whole New World

First introduced in July 2017, I felt that DLC hasn’t been well understood by the market for its use and purpose other than being perceived as yet another leveraged product to stay away from. Leveraged products need not be risky when controlled properly and used appropriately. It’s actually an opportunity for retail investors to act and benefit like a hedge fund. What is DLC and How It Works?DLCs are listed on SGX like a stock, and they are also traded like a stock. If you have a stock broker account that can trade say any single stock share, you...

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Superior irrigation method is contained by year old Ga mountain area

Writing an essay may be monotonous function. This is among the main facets of article creating. You will need to apply writing essay strategies. Whenever you’re completed with composing your essay then you are going to write your reference site. Today, to help you to comprehend the range of innovation that autobiographical writing provides us, let’s notice the myriad kinds of autobiographies which exist. Granted, you can make a completely new chain of blunders, but that’s to be expected particularly if that is your 1st time writing a specific sort of composition. There’s writing applications available which helps freelance...

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Japfa (UD2): Lean, Mean, Protein Machine | Current: S$0.65 | Target: S$0.93 | Upside: +43% |

Left to right: Rachel Lim, Bryan Tan, Kenny Chia, Yee Jin Koi Download the PDF report below: Japfa Prinsep Capital PDF Download Link Summary My team consisting of SMU undergraduates Bryan Tan Jun Han, Jin Koi Yee, and Rachel Lim was fortunate to be placed in the top 8 of the NUS-SGX Stock Pitch Challenge 2019 (out of 117 participating teams) which concluded on 27 March 2019. The stock that we pitched was on Japfa(UD2.SI). We had a DCF and SOTP-backed target price of S$0.93 which represented a 43% upside. We felt that it would be a waste if no...

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The Little Snowball

The Little SnowballThe Little SnowballWhat I Learnt About HC Surgical Specialists Ltd (Catalist:1B1)Avarga Limited (U09): Potential 16% Dividend Yield Play | Current: S$0.235 | Target: S$0.385 | Upside: +64% |Sunpower (5GD): Gathering steam | Current: $0.30 | Target: $0.45 | Upside: +50% |Yangzijiang Shipbuilding Holdings (BS6): A Diamond Formed By Industry Pressure | Current: $0.925 | Target: $1.64 | Upside: +77% |As The Dust Settles – Capitalising on Capitaland (SGX:C31) | Current: $3.26 | Target: $3.96 | Upside: 21.6%Yihai International (1579 HK): Undervalued proxy to Haidilao Hotpot | Current: HK$17.28 | Target: HK$21.10 | Upside: +22% |Manufacturing Integration Technology...

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What I Learnt About HC Surgical Specialists Ltd (Catalist:1B1)

I’ve had the opportunity to meet up with the IR team of HC Surgical Specialist (HCSS) awhile back and thought it was an interesting company that could be worth looking into deeper given the recent Singapore budget with heightened emphasis on the elderly population and increased healthcare awareness. https://www.mof.gov.sg/Singapore-Budget HC Surgical Specialists Limited (Catalist:1B1) is an investment holding company which provides medical services primarily in Singapore. The company was incorporated in 2015, operates 16 clinics, and is based in Singapore. HCSS was founded by Dr Heah Sieu Min and Dr Chia Kok Hoon, who both have over 20 years...

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Avarga Limited (U09): Potential 16% Dividend Yield Play | Current: S$0.235 | Target: S$0.385 | Upside: +64% |

Summary Final dividend increased 6x to S$0.03 (FY17: S$0.005) Special dividend of S$0.015 declared (FY17: NIL) Total dividends payable on 24 May 2019 = S$0.045 (19% yield) Normal dividends adequately covered by the group’s free cash flow Potentially a sustainable 16% dividend yield play Zero Growth Dividend Discount Model projects a target price of S$0.38 (Cost of Equity = 7.8%) Introduction Avarga announced its FY18 results on 23 Feb after market hours. While its results were nothing to shout about, what was interesting was the dramatic change in the firm’s payout policy. The company increased its final dividend by...

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Sunpower (5GD): Gathering steam | Current: $0.30 | Target: $0.45 | Upside: +50% |

  Introduction The recent 40+% sell-down of Sunpower caught my attention as it has always been on my watchlist due to its strategic positioning in the “Green” China economy. Upon further research, it seems that the event-driven selldown had nothing to do with the fundamentals of the company, which in fact were improving (increasing order book size, earnings, and operating cash flows). In order to keep this post brief, I have attached useful sources below that goes into detail the long-term investment merits of Sunpower as well as the recent events that transpired.   The Event – America 2030...

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Yangzijiang Shipbuilding Holdings (BS6): A Diamond Formed By Industry Pressure | Current: $0.925 | Target: $1.64 | Upside: +77% |

Summary: Undervalued Investment with a target price range of $1.64 – $1.94. This represents a margin of safety of 70 – 100%. Prudent, competent and transparent management. Improving balance sheet health despite industry consolidation. A steady performer with strong earning capabilities. High and consistent historical dividend Introduction Yang Zi Jiang (YZJ) is the largest private shipbuilding in China. YZJ produces a broad range of commercial vessels such as container ships, bulk carriers, and Liquefied Natural Gas (LNG) vessels. Apart from the main shipbuilding business, YZJ is also engaged in its own financial investments and other shipbuilding related business such...

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As The Dust Settles – Capitalising on Capitaland (SGX:C31) | Current: $3.26 | Target: $3.96 | Upside: 21.6%

Capitaland has long been one of Singaporeans’ beloved stocks. It first listed on 21 November 2000 with a turnover of S$2.9b managing S$17b residential development properties, investment properties, serviced residences and hotels. Fast forward 18 years, today it has become a powerhouse in Asia with S$5b turnover (LTM), managing S$88.8b of assets across 32 countries. The Situation With the recent hike in ABSD, Singapore residential developers have undoubtedly been punished in a bid to prevent an oversupply of residential properties being developed in Singapore. Capitaland wasn’t spared either, but the effects of diversification shone brilliantly in the case of Capitaland....

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Yihai International (1579 HK): Undervalued proxy to Haidilao Hotpot | Current: HK$17.28 | Target: HK$21.10 | Upside: +22% |

1. Introduction China’s No.1 hotpot chain Haidilao Group finally filed for IPO on 17th May 2018 after almost 4 years of IPO rumours and sending its sole soup base condiment supplier Yihai International into its all-time high since listing. Considering its fairly predictable of cash flow and bright growth prospects, there is little wonder why it is trading at over 50x P/E in today’s volatile market environment. Despite trading close to it’s all-time high level, there seems to be some room for its share price based on a DCF implied value of HKD 21.1, representing 22% upside. It is...

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Manufacturing Integration Technology Ltd. (M11): Manufacturing Value Through Disposal | Current: $0.33 | Target: $0.38 | Upside:+16.6%|

INTRODUCTION Almost there! After a long and extended series of negotiations spanning over 6 months, Manufacturing Integration Technology (MIT) announced yesterday that it has entered into a conditional share purchase agreement with Ningbo MIT Semiconductor Company Limited. The latter is ultimately, a China Fortune-Tech Capital Co., Ltd’s (CFTC) designated nominee. CFTC was incorporated in February 2014 in Shanghai, China by Semiconductor Manufacturing International Corporation (SMIC) and other investment associates as part of the nation’s drive to become a key semiconductor hub and reduce reliance on imports. As part of the agreement, MIT will dissolve its entire shareholding interest in...

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A Song of Fire & Ice – APAC Realty & Propnex

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...

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Koda (BJZ): Building a Commune-ty |Current: $0.70|Target: $0.99|Upside: 41%|

Introduction After close to 10 years of lacklustre performance, Koda is on the cusp of a multi-year growth trajectory mainly driven by the 3rd-generation of the Koh family who turned the company around by streamlining operations and divesting non-core assets. At S$0.70, Koda is valued at S$57.6m. With a trailing P/E of 8x, I believe this company is undervalued given its robust balance sheet and clear growth catalysts. The Business Koda was founded in 1972 by Koh Teng Kwee and was listed in 2002. The group specializes in household furniture as an original equipment manufacturer (OEM) and original design manufacturer...

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