Performance - Year End 2012

Dear all,

2012 has been a pretty interesting year.
Despite the inactivity here, the same cannot be said of the investments made. I will firstly highlight the long performance and will later touch on the short ones, which has been great but of lesser significance since I have been having a lot of issues with the cost and execution of the ideas. So it shall be more of an educational display.

I'll do this manually as Google Spreadsheets is still pretty much a malfunctioning tool.

Long positions 2012
No.       Name             Returns ex dividends     Dividends       Returns with dividends/ Others

1. Nanyang Holdings    + 38.2%                      HK0.5/sh             +  40.8%    
2. Haw Par                  +  27.5%                     SG 0.2/sh             +  31.3%
3. Roxy Pacific             +113.3%                     SG 0.0067/sh       +119.9%    Bonus of 1 for 2
4. World Precision       -     7.0%                     SG 0.027/sh         -     0.7%
5. AEI                          +  10.0%                     SG 0.01/sh           +  19.0%
6. Koon                       -   32.9%                     SG 0.01/sh           -   29.5%    Rights 3 for 5@$0.19/sh

Shorts 2012 

No.       Name             Returns ex dividends     Dividends       Returns with dividends/ Others

1. Olam                      + 32.7%                       SG 0.04/sh           +  31.0%     Rights+warrants+bonds
2. Cacola                    +14.3%                        -                           +  14.3%
3. Dapai                      +58.8%                        -                          +   58.8%

As a brief overview, heres also the operational summary for the long positions. 

Nanyang has been benefiting from the recent revaluation of properties around. Similarly landlord prices around the Kowloon area have shot up in 2H 2012. Haw Par picked up gains in investment income and largely remains undervalued to investments and book. Roxy on the other hand remains astute, recently bought 3 plots of land near Mount Sophia (pretty central area) in Singapore and cost psf remains reasonable. People starting to see value in this name as its hotel performance has been superb. 

I have been thinking of cutting World precision but decided to hold on as its dividends have been satisfactory and recent China PMI and industrial output levels have started to rebound. Company specific, it also benefits from the additional infrastructure spending that the Chinese government  has announced. The firm has also stepped up promoting itself. My concern is the added leverage with less correlation to its order book growth. AEI is still a small position and they recently updated the recover-ability of their loans which remains a significant portion of total assets. Will review again to decide if its to be disposed. Koon on the other hand announced their  foray into Malaysian property segment. Track record is unknown. Rights issue was done at a slight discount.

The current markets have rallied due to a variety of news, from no US fiscal cliff, China didnt crash and Spain/Italy managed to get back on track. Am looking cautiously at some new ideas and will update accordingly.