I have sold half my Kingsmen shares and may eventually sell the other half so I won’t be including Kingsmen in my scorecard for consistency. Kingsmen reported fourth quarter 2019 results this week and the results suggest that my thesis was wrong for a few reasons. First, NERF did not drive revenue growth. I was looking for NERF Marina Square to drive revenue growth but that didn’t happen..  Revenue for the fourth quarter of 2019 fell 16% year on year to SGD102 million and the company reported a SGD1.4 million net loss. Exhibition & Thematic revenue fell 16% while Retail & Corporate interior revenue fell 11% year on year.   Secondly, the company suspended its final dividend probably because the COVID-19 virus outbreak would shrink demand for events, trade shows and retail projects. Without a dividend, I won’t be paid to wait for a recovery. Lastly, net cash is shrinking so...