Saturday, March 14, 2015

2013 and 2014 performance.

Sorry for the delay. Some quick updates.

Work has been crazy and haven't had much time to go through everything on my plate but am still talking and discussing about companies and all so feel free to drop me a note if you have any you wish to discuss about. 

2014
#NameBusinessListingTicker+/- ex divs +/- with divs
1Roxy PacificReal Estate / HotelSGXE8Z-4.42%8.77%
2AEI Corp Aluminium extrusionsSGXA18-13.24%-9.56%
3World PrecsionPrecision MachinerySGXB49-12.00%-8.67%
4Nanyang HldgsConglomerateHKSE21242.86%45.51%
5Haw Par CorpConglomerate SGXH025.16%7.62%
6Real Estate CoReal EstateHKSE
3.97%31.45%
Negative / Shorts
1OlamAgri - commoditiesSGXL28-37.37%-37.37%
2Dapai IntlBag makers SGXFP156.00%56.00%
3Eratat lifestyle ltdSports goods SGX F0854.55%54.55%

I exited World Precision in 2014 and added a real estate company in HK. Reason why I bought it was simple:

  1. Owner owns a significant majority and were aggressively buying back
  2. They own a significant portion of land in Macau and stand to benefit from the linkage of HK/Macau/Zhuhai bridges and the lack of hotels around that area
  3. The owners are astute real estate investors and operators and watches cost like a hawk
  4. The only risks are owners do a "take-under" or severe contraction in real estate market of which the latter is already happening but the firm remains resilient.

Olam is interesting. 2014 saw an acquisition from Singapore's sovereign wealth fund and hence the price increase. Im not vested in Olam since 2012 as its not cost efficient to maintain the short. Same goes for the other shorts, so the prices are for display. Eratat went bust despite having a huge cash hoard. See my previous posts here and here.


A quick post on 2013 results as I realized I have not posted it up.

2013 was interesting as I literally sat on things, there was no action on my part for 2013 at all.
Gains were mainly for Nanyang (management did a partial tender, of which I did not tender since it would result in odd lots and these have a discount in the HK market) as well as Haw Par. Haw Par gains were oddly not in line with its portfolio companies, namely UOB, UIC and UOL. Also exited Koon in 2013.


2013
#NameBusinessListingTicker+/- ex divs +/- with divs
1Roxy PacificReal Estate / HotelSGXE8Z25.00%28.68%
2AEI Corp Aluminium extrusionsSGXA1812.40%20.66%
3Koon Mix EngineeringSGX5DL-28.57%-26.19%
4World PrecsionPrecision MachinerySGXB49-7.41%17.28%
5Nanyang HldgsConglomerateHKSE21242.42%44.85%
6Haw Par Conglomerate SGXH0234.10%37.40%
Shorts
1OlamAgri - commoditiesSGXL288.93%8.93%


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