Saturday, 7 October 2017

A closer look at my recent buys (Part 1) - iFAST

In August and early September, I have initiated positions on iFAST, Hock Lian Seng, UMS and 800 Super (re-entered) after chancing upon their price drop of about 20% from recent high in June. I did a quick scan on their news and did not find any major fundamental change in their business and hence took a bite.

I decided to take a closer look at the them to decide if I should add more to my initial holdings. I will start with iFAST as I am most excited about it after scanning through their latest annual reports.


What do they do?

Listed on SGX on 11 December 2014, iFAST business revolves around internet-based investment products distribution platform with assets-under-administration (AUA) of about 6.1 billions. It has presence in Singapore, Malaysia, Hong Kong and China. Two main business divisions, business-to-business (B2B) and business-to-consumer (B2C) with B2B contributing 75% of revenue in 2016. About 83% of its net revenue is recurring.

Recent development, results and price movement
iFAST has a strong rebound in their 20171H results. Revenue was up by about 20% and net profit up by 75% but this came from a weak 20161H results. The poor results in 2016, a 55% drop in EPS has caused the share price to plunge from $1.35 to $0.85 for that year. The price continued to slide in 2017 till April to reach a low $0.60. The release of its strong results this year has resulted in a strong rebound of its share price, reaching a high of $1.1+ in June.

It has also launched its SGX stockbroking service in June 2017 after being admitted as a Trading Member of Singapore Exchange Securities Trading Limited (“SGX-ST”) and a Clearing Member of The Central Depository (Pte) Limited (“CDP”).

Management

Based on what I read on the annual reports and action taken by the company, I think iFAST Chairman, CEO and co-founder Lim Chung Chun is a forward looking and strong leader who drives the company to put their company values (Integrity, Innovation and Transparency) into action. The following is the final paragraph from 2016 report.


"We are aware that our approach may sometimes cause disruption in the financial sectors that are often dominated by traditional business approaches and mores on how investors should be treated – if it means these disruptive changes we are introducing are pro-client, we will continue to remain steadfast in achieving this outcome in the markets we operate in. When changes are pro-client, we are confident we will succeed in the longer term despite shorter-term challenges."


And I do not think it's just talk. Fundsupermart.com in 2000, FSM Mobile in 2011, Bondsupermart in 2015, and robo-advisor last year are evidences that show that the company is among the first movers.

Crunching the numbers
With the exception of 2016, iFAST has grown both its top and bottom lines, with its EPS growth outpacing its net revenue growth.








Base on the above data, I believe the company should be able to continue to grow its earning at a rate of 20% to 30% for the next few years.

Valuation
Together with the rest of the market, iFAST's price has rebounded quite a bit since the beginning of October and closed at $0.96 on 6 October. Forward PE based on the current price and projected EPS is about 26x. Assuming I am right about its ability to grow at 20% to 30% in the next few years, forward PEG ranges from 1.1 to 1.3. My personal take is that it is fairly priced with potential to surprise on the up side but risk still lingers.

When will I sell?
These four rules still apply.
a. The fundamentals of the company has deteriorate
b. The company is overvalue at the current price
c. To raise cash for a better buying idea
d. To raise cash for other reasons

Conclusion
My first encounter with the company was more than a decade ago when I opened my Fundsupermart account. Did not really use its services as I was on dollardex then. Recently, I wanted to explore its FSMone platform for stock trading and hence decided to register an account. Apparently my record is still in their data base and I need to re-activate my account which I will probably do by the end of the year.

As an investing idea, I came across it somewhere in late 2015 but the PE was crazy then. The sell down due to poor results in 2016 and the recent correction provides me an opportunity to buy a small stake in the company.

I can sense my excitement as I read the development of iFAST over the years and imagine what more can come from them in years to come. Hence, I decided to buy more yesterday at a price of $0.975 (yes, I am not good at market timing). Together with my initial purchases, my average price is $0.93.

I am prepared to add more to this counter at the appropriate junctures.

Monday, 2 October 2017

Why staying in the market works for me

In the recent 9-month report, I mentioned that I eked out a small return for the latest quarter due to a surge in price of Valuetronics and UMS in the last few days of September.

I am once reminded again that being an average retail investor, it works best for me when I just stay in the market, instead of frequent trading in an attempt to catch the low/high prices.

Taking a look at the year-to-date prices of a few of my holdings, one can see that the spike in prices only occur for a short period of time. Most of the time, the prices just fluctuate within a smaller range. If I have missed that few short periods, I would have miss the return.

Valuetronics
Food Empire























Straco











Of course, if I am a full-time expert trader and I monitor the price movement closely, I could still benefit from it. However, I am not and I couldn't possible be looking at the price movement so frequently while working. Even if I am not working, looking at the price at such frequency is not really what I would like to do.

Hence, the best method for me is to just find the correct business to invest in and once vested, stay in the market for as long as possible.

What if there is a market crash? Well, I just have to ride it out. Having a war chest also allows me to take the opportunity to buy more shares of the business that I like.

Friday, 29 September 2017

2017 9M performance

Performance
Another quarter has passed and it's time to take stock of portfolio's performance.

It is a muted performance for the quarter, resulting in a slight increase in NAV compared to 20171H performance. In fact, if not for the strong performance of Valuetronics and UMS over the past few days, this quarter will post a return lower than 20171H.

NAV of portfolio grew from $3.78 (30 Dec 2016) to $5.22 (30 Sep 2017), providing a return of 37.8% for 9 months. Definitely happy as this is well above my stretched target of 12% and also beats benchmark STI ETF which returned about 14% (inclusive of dividend) over the same period. 

The chart below shows the performance of  past 7 quarters.
















The muted quarter's performance can be attributed to the following:
  • weaker market sentiment for the past quarter, 
  • continued sell-down of Raffles Medical Group, 
  • correction of Food Empire,
  • divestment of  Micro-Mechanics which shot up 20% after I sold, *ouch*
  • increase in trading activities as I look for new ideas for the next few years.
Gainers and losers
The following tables show the top gainers and losers for this year thus far. The list should remain pretty much the same by end of the year.

I am glad that 7 out of my 10 core holdings have returned more than 10% thus far this year. Even with the divestment of Best World and Micro-Mechanics, the ratio of 5 out of 8 still looks good.

Looking at the table, it seems that I have a tendency to divest my non-core holding once it has done well. This is something which I wasn't aware of before this post. It will be something that I will take note of in future. Instead of divesting the counter after a strong performance, another option would be for me to spend more effort in understanding the counter and determine the possibility of turing it that into a core holding.

Punting on counters based on minimal information and uncertain business outlook continues to be a game of chance. Fu Yu went 10% up but Oceanus and Innotek went the other way. Not in a hurry to divest Oceanus and Innotek yet as amount put in was minimal, especially for Oceanus. Also, am still feeling positive of a possible turnaround next year or the year after next.

The table also highlighted the strong performance of my three counters in my CPF portfolio which returned 16% thus far. If this continues for the rest of the year, it will be the 9th consecutive year that my CPF portfolio beats STI ETF.

Allocation
Dividend vs Growth
With the divestment of two core holdings and exploration of the US market, the allocation looked quite different from the the first half of the year. Cash stands at a high of 15%. Dividend yield of portfolio based on cost is at a low of 3.4%. 


Planned
Actual
Dividend
~ 60%
55%
REIT/ Business Trust
<= 30%
25%
Growth
~ 40%
30%
Punt
<=10%
3%
Cash
0%
15%

Singapore vs US
Being new to US market, I decided to allocated at most 15% of my fund to it till end of 2018. Currently, it stands at about 12% with 4% invested and 8% in cash.

Action
For the month of September, I have sold
  • Dairy Farm at US$8.03 for a gain of 5.0%.
  • Singapore O&G at $0.49 for a gain of 2.1%.
  • mm2 Asia at $0.49 for a gain of 1.9%.
  • Mapletree GCC Trust at $1.15 for a gain of 4.9%.
I have bought the first 3 in August due to their steep drop. Decided to divest them for a quick profit and re-invest them in other counters which I am more familiar with. As for Mapletree GCC, bought it last month with an incorrect understanding of the location of its HK property. Got lucky with it, so decided to take profit.

On the US Market, I have also sold 
  • Cognex at US$114.45 for a gain of 3.4%.
  • Mastercard at US$140.23 for a gain of 6.1%.
  • Priceline at US$1840.60 resulting in a loss of 5.1%.
  • Chipotle at US$307 resulting in a loss of 13.4%. 
Dug into the numbers and checked the PE and growth rate of my US counters. The current PE for the first 3 stocks are all much higher than its historical average and PEG are all above 2. Hence, decided to divest them. As for Chiptole, there is currently too much uncertainty and so decided to stay away from it for the moment.

I have added
  • more Straco at $0.87. Continue to like its cash generating business. This article by the "Rock" in NextInsight provides a good reading.
  • more Hong Kong Land at US$7.28. Same reason as initial purchase in August. Cheap P/B and good results.
  • more 800 Super at $1.085 as it continued to trend lower after its announcement of its Q4 results. Two quarters of weaker performances but it has continued to increase its dividend. Looking for a better performance in 2018.
  • more Japan Food at $0.435. Same reason as initial purchase - consistent dividend.
  • iFAST at $0.87. Its price has slid from its high after announcing a strong 1H results. While its China business will take some time to break even, its other countries performance is growing very well.
  • Hock Lian Seng at $0.445. High visibility due to strong record book. If the company is able to maintain its dividend of 2.5 cents, then the yield is about 5.6%.
  • ComfortDelgro at $1.995. Bought a tiny stake as I felt that it is oversold. While Taxi business is under great pressure, rail and bus are still doing well. Due to a sudden turn in its share price, I sold it today at $2.08 for a small gain of 2.8%. 
You can click on July and Aug for my actions taken in those two months.

Core holdings
Core holdings are counters which I am more familiar with. These are counters which I am more confident of and have a more substantial holding (at least 5% of portfolio); hence I am more likely to hold them for a longer period of time.

The current average holding period is about 2.4 years, as compared to 0.5 years for the remaining holding.

Divestment of Best World and Micro-Mechanics and purchase of VICOM has resulted in partial change of core holdings. These 8 (out of 26) holdings make up 53% of my outlay cost.
  1. Food Empire (9%) @ $0.46
  2. Raffles Medical (8%) @ $1.41
  3. Straco (8%) @ $0.85
  4. Parkwaylife REIT (6%) @ $2.32
  5. Valuetronics (6%) @ $0.54
  6. Fraser Centrepoint Trust (6%) @ $2.03
  7. VICOM (5%) @ $5.75
  8. Starhill Global (5%) @ $0.70
Looking Ahead
For the remaining quarter, I am looking forward to dividend from various REITs, 800 Super, RMG, SingTel, UMS, iFast and Japan Food. 

I am also hopeful of good quarterly result from Food Empire, Straco and Valuetronics which might have a positive impact on their prices. Raffles Medical Group should report another quarter of muted performance.

Barring any unforeseen circumstances, return for the year should be above 35%. With some luck, it might breach the 40% mark.

Tuesday, 29 August 2017

Why I buy VICOM Ltd?

I first read about VICOM as I was re-building my portfolio in 2015. Looking at its past record, I lamented that it was another counter that I have missed over the past decade of investing. Nevertheless, I found it to be a simple and cash generating business and decided to take a stake in it, thinking that its price has factored into the increase de-registration of car for the next few years.

Apparently, the market did not think so and its share price continued to drop and I divested completely in 2016, making a loss of 3% after accounting for dividend received. It continued to stay in radar but I did not buy into it as there is a continued worry of its sustainability of its dividend.

Why buy?
I decided to buy the counter again due to its announcement of its new dividend policy of paying out 90% with immediate effect in its Q2 result. This provided me with a higher certainty that its dividend will more or less be sustainable in the next few years even as revenue and net profit will continue to slide with the decrease in its vehicle inspection due to the increase in car de-registration. 

Of course, it has been paying out 80+% in the past two years, hence it is not such a big increase. However, I think by putting in writing 90% payout, I am thinking it might pay out even more especially when it is a cash generating business.













From the data, the increase in de-registration should continue into 2019 with an increase in vehicle inspection from 2020. With COE continued to stay high for the past year, there is also an increase in COE renewal. Not sure how all these will pan out in the next few years, but I think it might stabilize the number of vehicles requiring for inspection.

VICOM also has a non-vehicle inspection business SETSCO. From a report from The Fifth Person done in 2015, SETSCO actually accounted for 60% of its revenue. Unfortunately, in the recent annual reports, VICOM no longer provides segmental report of its business. In the latest annual report, it is reported the SETSCO experienced a difficult year in 2016.

All the above factors and its strong balance sheet which has about $1.08 per share gives me confident that the company can maintain its dividend for the next few years before the upturn in its business again.

What I expect?
Near to zero movement in its price until pre- and post- dividend. A dividend in the range of 26 cents for 2018 and 2019, giving me a yield of 4.5%. From 2020 onwards, its dividend should increase together with its revenue and profit. Its share price might follow with that.

Possible catalysts include an increase in dividend payout, an increase in car inspection fees (the last increase was in 2012) and better performance by SETSCO amid the challenging environment.

When will I sell?
If there is a steep drop in dividend, reducing the yield to less than 4%, I will probably switch out of the counter.

Monday, 28 August 2017

Buy and sell actions in August

Lots of action this month. Divested a few counters but bought quite a bit with the $$$ from divestment of Best World.

Out of Favour
Divested Kingsmen Creatives at the same price I bought. This is the turnaround story that is not working out yet. It reported a poor Q2 and I decided to wait for a clearer picture before re-entering again.

Divested half my stake in ISEC at 0.315. Tiny profit. Still an interesting outfit but its growth isn't exciting enough for it to occupy the middle of my portfolio. Hence decided to hold less and watch how the story unfolds.

Sold Capital Mall Trust at 2.10. It has risen more than 10% from my purchased price. Covered 2 years of dividend. Will recycle cash to other counters that offer higher dividend yield. Might re-enter when it offers a better yield.

Sold Mircro-mechanics at 1.41. Bought purely for its track record for dividend but its price has gone up to 7 years of dividend due to its good performance. Decided to divest it as its dividend yield dropped below 5%. Surprised me with a second rise of dividend this year and with a 8 cents dividend, yield gone up to 5.6%. On hind side, should have continued to hold on to it but actually felt pretty neutral about it. Probably am satisfied with the above expectation return from the counter.

Up the Dividend
Bought a lot more counters especially REIT to increase my annual dividend. Also, I like their outlook from next year onward.

Added Fraser Centrepoint Trust at 2.07. With the AEI of North Point completing this year, next year DPU should increase. Assuming a 12 cents DPU next year, it will translate to 5.8% yield and potential upside if DPU is even higher. Possible catalyst could be acquisition of Punggol Waterway Point.


Added Starhill Global Reit at 0.76. While Orchard office occupancy could still pose a problem, AEI at Plaze Arcade in Australia is expected to be completed in 20181Q. China property would have a more stable distribution with the completion of renovation by 20174Q. Expecting a minimal 4.8 cents DPU next year. This translates to a 6.3% yield.


Bought CDL Hospitality Trust at 1.575. I have bought and sold CDLHT a couple of times for the past 4 years. Win some, lose some and overall still negative. Betting on the improvement of its hotels in the next two years. Assuming a 10 cents DPU, dividend yield is approximately 6.3%.


Bought Mapletree Commercial Trust at 1.55. A retail and office reit which I have missed for the longest time. Its DPU has been increasing since its listing. Estimating a 9 cents DPU which will give a 5.8% yield.


Bought VICOM at 5.81 (cd) and 5.65 (xd). A subdue Q2 results but with immediate effect it is paying out at least 90% of its earning as dividend. It gives more certainty that the company can maintain its dividend for the next two to three years even when revenue dropped due to increasing de-registration of cars. From 2020/21 onwards, it should see an increase in its revenue and income again with more vehicles requiring checking.

Buying into the Sell-down
Quite a number of counters were sold down for the past month, for good or questionable reasons. The sell-down provided me an opportunity to buy some shares of the counter which I think could do well in the future.

Bought Dairy Farm at USD7.45. The company has announced a decent Q2 recently and turnaround seems to gathering speed with good progress in China. The price was beaten down by 2% to 3% in one of the trading day and I deem it as an opportunity to add some.

Bought InnoTek at 0.34. The stock is beaten down because it reported a poor Q2. However, 1H is still an improvement. While the remaining year might remain a challenge, effort has been put in by management to turn the company around. Initiated the position with the belief that the turnaround will come in 2018 or 2019.

Bought mm2 Asia at 0.475. The price has dropped sharply after its GV deal did not get through. Nevertheless, it reported a good 1Q results and I decided to take a punt on it.

Bought HKLand at USD 7.46. Read about its cheap P/B and good results. Hence, decided to take a stake when its price has dropped by about 5% from its recent high.

Bought UMS at 0.995. The price has dropped sharply after guidance of moderate performance in 2H. Nimble a bit as I believe it will maintain its dividend which is a tasty 6%.

Bought 800 Super at 1.12. The price has dropped after a poor Q3. The price weakened further just before it announced its full year results. Took the opportunity to re-enter the counter which I have divested at 1.26 in April. 

Bought Singapore O&G at 0.44. The price has dropped sharply after its weak Q2 results. Took a punt on it as company is still profitable and should get better results moving forward.

US Market 
Most of my purchase decision for the US markets come from the recommendation of MF subscription services. Unlike my local counters, I did not do as much homework on them. While I think that the valuations of the counters are high, I like their future stories hence my stake in them. All my purchases are small and will slowly wait for opportunity to accumulate more shares in the future. 

Bought Vail Resort at USD210.51. Luxury ski resorts operator. It has been growing through acquisition and opportunities to grow is still available. Its plan to keep its resort busy all-year round is working out well with Epic Discovery activities coming on more than one location.

Bought Cognex at USD105. Machine-Vision systems are used all around the world. Growth expected to continue. 


Bought Priceline at USD1870. Good Q2 results but market is spooked by its lower Q3 guidance. Taking this opportunity to have one bite on it.

Bought Intuitive Surgical at USD935. Intuitive Surgical have been growing for many years and its recurring income has increased. Decided to buy 2 shares to participate in its growth even though it has a high PE of 44x. 

Tuesday, 15 August 2017

Top 10 Counters Quarterly Reporting (July to September)

With the exception of Micro-Mechanics, the rest of my top 10 counters have reported their quarterly report. I will update this post with MMs results when it is out later this month which I believe would be a good.

With the divestment of Best World in July, my recent purchase of VICOM has taken the last place of my top ten counters. I will post on the purchase of VICOM soon.

The tables below summarize their performances for the latest quarter.




A+
Valuetronics
Fantastic quarter by Valuetronics as it continues its turnaround with strong momentum in wireless lighting business and continuous growth in automotive segment. NPM average 6.9% over the last four quarters, much higher than the average of 6.2% in the preceding 4 quarters. A good decision made by management to exit LED business and go into automotive segment. 

The company also produces a presentation for 20181Q report which provides a good read of the company's business. Barring unforeseen circumstances, I expect the business to continue to do well for this year. Hence, I will continue to hold on to my shares.

Straco
Straco has a good quarter as its revenue and net profit continues to grow. With the exception of UWX, the rest of its attractions - SOA, SF and Lixing cable car saw higher visitor numbers.Straco's NPM has always been above 30% and with little capex, it is generate lots of cash that allows it to pare down its debt.

I am hopeful for an increase in dividend either for this financial year, if not by next financial year.


Micro-Mechanics
Micro-Mechanics reported a good quarter with another increase in dividend. However, I decided to divest it just before it announces its results. Hence, I will not update its performance.

A
ParkwayLife REIT
ParkwayLife continues to improve its DPU y-o-y and q-o-q. With the distribution of its divestment gain over the four quarters, the return is even more impressive. Management has good track record in improving DPU and has make gains from its divestment. They are also forward looking and in the latest report has indicated the decision to diversify their portfolio by investing in properties used for medical manufacturing & storage facilities & education facilities (target 5% of portfolio). 

The price has run up quite a bit in the last few months and it is indeed tempting to lock in some profit. However since I still believe in its long term growth, I will hold on to my current holdings.

Frasers Centrepoint Trust
FCT reported a stable quarter with slight decline in its DPU. With its AEI for Northpoint 90% completed, DPU should improve next year. With a low gearing of only 30%, one possible catalyst would be acquisition of Punggol Waterway Point within the next few years. 

I will look for opportunity to accumulate more if the price softens.

B
Food Empire
Food Empire continues its turnaround story with an exceptional increase in both revenue and net profit y-o-y. However, q-o-q the results is not as impressive and the its NPM is not very stable. 

In Q1, Indochina's weaker performance was attributed to a change in festive season date. However, Q2 results does not see a big change. Hence, as management highlighted in the report, they are facing tough competition. The strongest segment is their Other Markets which improves both y-o-y and q-o-q. 

Based on past record, it seems that their 2H performance is better than 1H. If they are able to achieve the improvement in Q3, I will up them to the A Band.

Singtel
Strong growth in revenue but net profit suffers due to intense competition in India. NPM remains high at above 20%. Singtel should be able to maintain its dividend and hopeful for special dividend when it records its gain from its divestment of Netlink.

VICOM
Revenue and net profit continues to drop due to decrease in car inspection because of COE cycle. However, company has pretty much maintain its dividend and has up its dividend policy to 90% payout.Strong net profit margin of above 20% and if it is able to maintain similar dividend for just a few more years, its revenue and net profit will grow again.

Will look for opportunity to increase stake.

C
Raffles Medical Group
Slightly better than 20171Q, with revenue up by 1.0% and net profit up by 0.7% as compared to 20161Q. Q-o-Q, the improvement is better. 

The report highlighted weaken demand from foreign patients but it still generated more than enough sufficient cash to support its expansion. Raffles Hospital Extension will open in Q4, Raffles Chongqing in 2018 second half and Raffles Shanghai in 2019 second half.

The market responded badly with this Q2 results, causing the price to drop to below $1.2. I will take the opportunity to further accumulate my holding at the correct price. Expect to see the benefits from its expansion from 2020 onwards.

Starhill Global REIT
DPU continues to drop due to poor performance for its office segment and AEI for Plaza Arcade. As with Q1 report, I stay satisfied with the current DPU and actions taken by the management.  I expect a better performance in 2018, hence may buy more if the price is good.

Saturday, 5 August 2017

Average down plan

Recently, Raffles Medical Group tumbled around 8% after it announced its 2017 Q2 results. As I still believe in its long term story, I did not sell the shares and was contemplating on averaging down. 

The questions are at what price? And buy how much?



Plan
After some thinking, I decided that for the growth stocks in my core holdings, I will adopt the following plan to accumulate more when there is a sell down. 

Firstly, will look at the business and financial and decide if there is any major change in its fundamentals. If there is deterioration in its fundamentals which increases in uncertainty and risk in holding on to the shares, I would have to decide if I need to cut loss. 

On the other hand, if fundamentals still hold strong, I will accumulate. I will average down when the price dropped by 20% from my average purchased price. Each time, I will add 20% of the original share count. Within the next 6 months (2 reporting quarters) of the first averaging down, I will continue to average down when price dropped by 20% of the last purchased price. After which the cycle will be reset.

Example
I have 10000 shares of ABC company at $1.000. If the price dropped to $0.80, I would add 2000 shares. With that, I would have 12000 shares at $0.97.

Within the next 6 month, I would only continue to average down if the price hit $0.64 ($0.80 x 0.8). If it does, then I would add 2400 shares at $0.64 ($0.80 x 0.8). With that, I would possess 14400 shares at $0.91. 

On the other hand, if the price has not dropped to $0.64 within the six months of the first average down, my next average down would be 2400 shares at $0.77. ($0.97 x 0.8). With that, I would possess 14400 at $0.93.

Conclusion
The plan provides a guide on how I will response when the price of my counter drop. I believe with this guide, it takes part of the emotion in my decision and hopefully it will turn out to be good. Having say that, I will not following the guide religiously. I am sure there will be occasions which require me to be more flexible.

I have not executed this plan yet on Raffles Medical Group as its price has rebounded last week. I do hope it will drop more in the coming weeks which will allow me to accumulate more shares in this outstanding business.

Saturday, 29 July 2017

Buy and sell actions in July

Lots of action this month as I made my maiden purchase of US stocks. The new adventure inadvertently changes my investing view. Suddenly, I have access to so many solid companies to purchase that my interest in some of the local companies decreases. Will talk more about this in another post.

Going once...going twice...gone
1. Sold Jumbo at 0.63. Bought at 0.655 for a punt of its expansion in China but decided to drop it as I am unsure if it will be successful given that I have little knowledge on it. Also, with its growth story hit a snag in the last quarter, I think I should be more careful with this counter since it is at a PE of more than 25x. Made a small loss of 3.9%.

2. Divested 75% of Best World at 1.37. Click here for reason for divestment. Since then, I have divested the remaining at 1.545.

3. Sold Duty Free International at 0.315. Originally purchased for its large cash flow and was hoping for good dividend. Did not turn out as expected, so decided to sell even though company is buying back shares. Took a loss of 11%.

4. Sold Keong Hong at 0.49. My first foray in a construction firm. Interesting company but still can't quite grasp its business cycle. Made a profit of 7.7%.

Shopping spree....
With the cash from the various divestment, I have bought into these counters.

1. Mapletree Greater China Commercial Trust at 1.085. Primarily for its yield of 6.8% and also increasing distribution since it was listed. For some reasons, I have mistaken that Festival Walk is around Tsim Sha Tsui Avenue of Stars. So I thought the foot traffic must be very good. In any case, just a small stake and will see how it will do with its 3 properties in Hong Kong, Beijing and Shanghai.

2. OUE Hospitality Trust at 0.755. I last purchased and sold OUEHT at 0.900 in 2014. Thanks to dividend received, made a 3.1% profit. Decided to take a small stake again primarily due to its dividend yield and gut feel that it should continue to do well with the opening of T4.

3. Food Empire at 0.665. Continue to increase my take in the company as I am confident of a good Q2 results.

4. Starbucks at USD at USD 58.50. My maiden purchase Singapore. Click here for why I buy.

5. Chipotle at USD at USD 340. Affected by e-coli virus 2015 and company is re-building its reputation. 20171Q showed a glimpse of recovery but unfortunately recently affected by another isolated case of norovirus and mice infestation in another outlet. This caused the price to drop and provided me an opportunity to buy a very small stake as I believe that long term it should recover.

6. Tractor Supply at USD 51.80. Price dropped due to a poor 1Q. Felt that it was oversold and picked up a tiny stake.

7. Mastercard at USD 128.80. Stable brand and believe in its long term growth.