CDP
| Security | # shares | Price S$ | % |
|---|---|---|---|
| DBS | 300 | 33.92 | 4.50 |
| OCBC Bank | 700 | 12.39 | 3.84 |
| SGX | 1,200 | 9.79 | 5.20 |
| SATS | 3,900 | 4.55 | 7.85 |
| ST Engineering | 4,100 | 4.10 | 7.44 |
| Micro-Mechanics | 1,300 | 3.17 | 1.82 |
| Powermatic Data | 5,000 | 2.88 | 6.37 |
| TheHourGlass | 5,000 | 2.47 | 5.47 |
| Sheng Siong | 13,000 | 1.53 | 8.80 |
| ComfortDelGro | 11,200 | 1.47 | 7.29 |
| Genting Singapore | 11,700 | 0.81 | 4.19 |
| HRnetGroup | 21,900 | 0.80 | 7.75 |
| HC Surgical | 35,500 | 0.47 | 7.39 |
| China Sunsine | 41,800 | 0.465 | 8.60 |
| Kimly | 27,000 | 0.395 | 4.72 |
| Silverlake Axis | 60,800 | 0.325 | 8.75 |
Trade Actions
- Sold 6,100 shares of Singtel.
SRS
| Security | # shares | Price S$ | % |
|---|---|---|---|
| OCBC Bank | 900 | 12.39 | 12.10 |
| SGX | 1,300 | 9.79 | 13.80 |
| SATS | 2,200 | 4.55 | 10.86 |
| ST Engineering | 3,000 | 4.10 | 14.44 |
| Sheng Siong | 8,700 | 1.53 | 14.42 |
| ComfortDelGro | 6,900 | 1.47 | 11.00 |
| HC Surgical | 19,500 | 0.47 | 9.94 |
| China Sunsine | 10,800 | 0.465 | 5.45 |
| TalkMed Group | 3,700 | 0.39 | 1.57 |
| Silverlake Axis | 21,300 | 0.325 | 7.51 |
Trade Actions
- Sold 2,000 shares of Singtel.
Commentary:
It was a flattish April before market activity picked up near month end. I did not trade much. I am of the stance that inflationary headwinds have not been factored in the SG market, so I refrained from adding new positions at this price level. My cash has gone up to 45 percent of total value, which is a bit high. I will monitor for pockets of opportunity.
I sold all of my shares in Singtel after the stock rallied in the last week. I squared off the position because I wanted to focus on higher conviction bets. The telco conglomerate and Grab just won the digital bank license in Malaysia. [news] Together with the digital bank license in Singapore, a hefty capital outlay will be required, with an expected long runway to break even.
I have accepted the Equal Access Offer for Silverlake Axis in my CDP account. I will tender 17,600 shares at 33 cents each. I take it as an opportunity to rebalance my portfolio. I did not inform my SRS custodial bank on time, so I will just keep the shares unchanged in my SRS account.
I am quite happy with Sheng Siong 1Q FY2022 result. Revenue grew 6% YoY. Net profit grew 13.9% YoY. The company was able to improve both its gross profit margin and net profit margin. Sheng Siong demonstrates the kind of management I would like to see in companies - with a track record for focus, practicality and discipline. Not to grow for growth's sake, but able to generate consistent and sustainable returns.
China Sunsine Chemicals also reported a good set of 1Q FY2022 result. Sales volume declined, but revenue and net profit increased 11% YoY and 24% YoY respectively due to a higher ASP. Gross profit margin improved to 34%. I like such companies flying under the radar, but operating with decent margins and earnings. The stock is trading around its 52-week low, which highlights the point in my previous blog post [here] that stock prices do not reflect the health of companies. You got to do your own research and identify the hidden gems.
Micro-Mechanics Holdings submitted an improved 3Q FY2022 result too. Revenue up 11.2% YoY. Net profit up 5.8% YoY. What interested me was Section F4 of the filing [here]. Management discussed the impact of China's COVID-19 restrictions and electricity rationing on their Suzhou plant. Management also highlighted the impact of manpower shortages and supply chain disruptions to their U.S. plant (MMUS). It resulted in MMUS reporting a loss of S$320k for 9M22 (first 9 months of FY2022). It is a boon that localized risks did not impact the company from turning in a profit.
On a side note, I am checking out iFast, the fintech company too. The recent price decline has gotten me interested. The iFast consortium did not win a digital bank license in Malaysia. [filing] Will monitor till the stock reaches my ideal valuation level before I make a purchase.
Turning to life in general, I cannot help but feel a sense of optimism around me, even though the pandemic is still ongoing and inflation is soaring. Some retailers like Daiso have gone ahead to raise their prices, sparking long queues before the hike kicks in on May 1. [news] In its half-yearly macroeconomic review, the MAS warned that core necessities are likely to get more expensive in the coming months. [news]
In the meantime, no one seems too worried. I know my friends are renewing passports and booking overseas trips. With the removal of group size restriction, there will likely be more mass gatherings over lunch and dinner. People are eager to spend and get together. After all, it has been two long years of limited social contact and traveling.
It has been a hectic week for me. Looking forward to chillax over the long weekend. Until next time, stay safe!
I sold all of my shares in Singtel after the stock rallied in the last week. I squared off the position because I wanted to focus on higher conviction bets. The telco conglomerate and Grab just won the digital bank license in Malaysia. [news] Together with the digital bank license in Singapore, a hefty capital outlay will be required, with an expected long runway to break even.
I have accepted the Equal Access Offer for Silverlake Axis in my CDP account. I will tender 17,600 shares at 33 cents each. I take it as an opportunity to rebalance my portfolio. I did not inform my SRS custodial bank on time, so I will just keep the shares unchanged in my SRS account.
I am quite happy with Sheng Siong 1Q FY2022 result. Revenue grew 6% YoY. Net profit grew 13.9% YoY. The company was able to improve both its gross profit margin and net profit margin. Sheng Siong demonstrates the kind of management I would like to see in companies - with a track record for focus, practicality and discipline. Not to grow for growth's sake, but able to generate consistent and sustainable returns.
China Sunsine Chemicals also reported a good set of 1Q FY2022 result. Sales volume declined, but revenue and net profit increased 11% YoY and 24% YoY respectively due to a higher ASP. Gross profit margin improved to 34%. I like such companies flying under the radar, but operating with decent margins and earnings. The stock is trading around its 52-week low, which highlights the point in my previous blog post [here] that stock prices do not reflect the health of companies. You got to do your own research and identify the hidden gems.
Micro-Mechanics Holdings submitted an improved 3Q FY2022 result too. Revenue up 11.2% YoY. Net profit up 5.8% YoY. What interested me was Section F4 of the filing [here]. Management discussed the impact of China's COVID-19 restrictions and electricity rationing on their Suzhou plant. Management also highlighted the impact of manpower shortages and supply chain disruptions to their U.S. plant (MMUS). It resulted in MMUS reporting a loss of S$320k for 9M22 (first 9 months of FY2022). It is a boon that localized risks did not impact the company from turning in a profit.
On a side note, I am checking out iFast, the fintech company too. The recent price decline has gotten me interested. The iFast consortium did not win a digital bank license in Malaysia. [filing] Will monitor till the stock reaches my ideal valuation level before I make a purchase.
Turning to life in general, I cannot help but feel a sense of optimism around me, even though the pandemic is still ongoing and inflation is soaring. Some retailers like Daiso have gone ahead to raise their prices, sparking long queues before the hike kicks in on May 1. [news] In its half-yearly macroeconomic review, the MAS warned that core necessities are likely to get more expensive in the coming months. [news]
In the meantime, no one seems too worried. I know my friends are renewing passports and booking overseas trips. With the removal of group size restriction, there will likely be more mass gatherings over lunch and dinner. People are eager to spend and get together. After all, it has been two long years of limited social contact and traveling.
It has been a hectic week for me. Looking forward to chillax over the long weekend. Until next time, stay safe!
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