Author: The ThumbTack investor

Post-mortem of Hock Lian Seng Divestment

I think it’s very helpful to analyze an investment after one has divested, whether it’s been a successful or unsuccessful one. In fact, the unsuccessful ones are usually the most instructive ones. History of events I first initiated a position in Hock Lian Seng (HLS) about 3 years ago, at a price of between $0.24-$0.25, and continued adding till it reached $0.3. At the peak, I owned 1,000,000 shares of hock lian seng. I shan’t go into detail about why I had invested in HLS as the reasons are mostly stated in my HLS investing thesis post. But generally...

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Dutech Holdings Investing Thesis

This has gotta be one of the most well managed, yet low profile company on SGX. Well, at least until recently when analysts finally started reporting on it. I was hoping to accumulate more but with the recent huge run up in the share price, I guess I’d have to reanalyze and rethink my position. This company is technically a S-chip. It is so low profile, that if you google “Dutech Holdings”, you can’t even find it’s website. Instead, it’s website is named under “Tristar Group”: http://www.tristarinc.com/our-company/company-profile.html I bought 570,000 shares in April 2015  at $0.275 and it currently makes...

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Property Market in Singapore – June 2016

In Singapore, real estate is an asset class that every investor simply cannot ignore. Singaporeans love property. Period. The reasons are obvious: small island with limited land, open workforce with many expats supporting a healthy rental market, resilient economy that’s plugged into the word economy, relatively rich populace compared to our immediate neighbors, legendary stories of those who have made their fortunes in property. Property currently makes up a substantial part, albeit a separate part, of my overall portfolio. I currently own 2 units – a public HDB flat as well as a private condo. I have kept my...

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Metro Holdings – A New, Old CEO

I have held Metro Holdings shares since 2012 and am thus very familiar with Metro’s operations and businesses. This post won’t be a detailed analysis of Metro as I have yet to fully digest the latest FY16Q4 results. I have lightened my position in Metro Holdings the past week though, for reasons that I may discuss in a later post. The share price of $1.06 that I sold at, gave me a fairly comfortable return from my initial average purchase price of $0.75. As of the time of writing, I still own a sizable position. It’s hard not to...

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Triple S Scorecard – The Enhanced Version

This post is reproduced with permission from TUB. His blog can be found at http://tubinvesting.blogspot.sg/ Firstly, I like to thank TTTI for giving me the privilege to write a guest post for his blog. After deciding for a long time, I decided to write on my creation – Triple S Scorecard – which is also unique to how I invest. In addition, this comes as a good time as I am reviewing on this scorecard as well. When I started investing in 2009/10, I had my fair share of mistakes. It was only after reading the book, Value Investing: Tools and Technique for Intelligent...

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Boustead Singapore Part II

This is a continuation from the post “Boustead Singapore Part I” Let’s start off with a table: The data above basically confirms our thesis in part I: Boustead is currently facing strong headwinds. Dividend has been reduced to multi year lows (if you exclude the dividend in specie distribution of BP), ROE has dropped substantially. NAV too has dropped, largely due to the demerger of BP. At the share price of $0.79, this means we’re paying a PER of 15 times, and a P/B of 1.4 times. Dividend yield would be 3.8%, but I postulate that this is artificially low....

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Boustead Singapore Part I

I have had time to update my thoughts after reading Boustead’s FY16Q4 results. Boustead has always been a tough company to fully comprehend, mainly because it’s 3 main divisions (used to be 4, with the water treatment division) are in seemingly different industries with little synergy between them. I do not regularly update or keep track of the average price of my Boustead shares, inclusive of dividends as Boustead is a long term holding, and I have been receiving scrip dividends, which in turn has generated further scrip dividends for me. It’s quite a hassle to update that. I...

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Differences between investing in SGX listed vs US listed companies

I’ve been asked to write about this topic, and whilst I think there isn’t much difference in terms of quantitatively analyzing the companies, there are certainly differences that one must consider when trying to invest in US listed companies. Of course, the differences are also very much dependent on the specific type of company itself. The points below refer to the overall market and of course, involve a lot of generalizations. Here goes: Complexity – US listed companies tend to have much more complex financials to consider. It is a norm for US listed companies to have debt on their balance sheets,...

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CDW Holding Limited

I invested in CDW Holding in March 2015, with an initial investment of 400,000 shares at around $0.18. Since then, the company has distributed generous dividends of 1.2 US cents annually. Which is a nice yield of around 9% or so. CDW Holding is in the business of manufacturing light guide panels which are used mainly in smartphones, laptops and notebook computers. It also has a smaller division manufacturing precision parts for office equipment and electrical appliances. Most recently, it branched out into F&B, acquiring a ramen business in Japan. CDW is what I’d describe as a “unique situation”...

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