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. 

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.

Looking Ahead

Having achieved a good first half results, the question is how to improve or sustain it? Best World, Food Empire and Valuetronics were the key drivers of my first half performance. Will they continue to do well in the next few years? Will other counters take over the driver seat?

I decided to make a prediction on the above questions base on my current, limited knowledge of their business and gut feel. Of course, this is speculative in nature but it provides a rough idea how my portfolio might continue to grow in the next few years.

I must say I am quite satisfied after the exercise as there seem to be sufficient stories to keep my portfolio going. What about the other counters that did not even appear once in this post? I will write about them in the next post.

20172H
Food Empire - Turnaround should continue with positive results.

Valuetronics - Both CE and ICE segments will continue their growth momentum.

Best World - China story is in tact and should continue to power its growth.

SingTel - Launch of Netlink IPO should have a positive impact.

Micromechanics - Continue to benefit from its strategic decision to focus on semiconductor.

ISEC? Improvement in results, partly contributed by the acquisition of JLM clinics in 2016?

2018
Food Empire - Growth rate should be lower as compared to 2017. Expect growth from other markets, especially from the ingredient segment.

Valuetronics - At least for first half of the year with their automotive segment continues to gain traction.

Best World - This year should see more conversion of China export model to direct sales. Margin should improve.

Frasers Centrepoint Trust - DPU boosted by Northpoint AEI in 2017.

Starhill Global REIT - DPU boosted by completion of Plaza Arcade redevelopment by 20181Q. 

Straco? Will it increase its dividend?

Kingsmen Creatives? Will this be the turnaround year?

Raffles Medical Group? Unlikely, but will the new extension start to make a difference?

Duty Free International? Expansion or increase dividend from their cash hoard?

2019
Straco - Either acquisition or increase dividend if it did not do so in 2018.

Capital Mall Trust - DPU boosted from re-opening of Funan in 2018.

Raffles Medical Group? Contribution from Extension and Raffles Chongqing but may face start-up cost pressure from Raffles Shanghai.

Best World? Will it continue to grow?

Frasers Centrepoint Trust? Acquisition of Waterway Point? or in 2020 or 2021?

Starhill Global REIT? Orchard office turnaround?

Kingsmen Creatives? Continue its turnaround?

Frasers Logistic and Industries Trust? More acquisition?

2020/2021
Raffles Medical Group - Reaping the fruit of its expansion.

Straco - Further increase in dividend.

2017 1H Performance

Half a year has passed and it's time to report on portfolio performance again. Happy to report a good half yearly performance with a good second quarter riding on an exceptional first quarter.

Performance

NAV of portfolio grew from $3.78 (30 Dec 2016) to $5.17 (30 Jun 2017), providing a return of 36.6% for 6 months. This is above my stretched target of 12% and also beats my benchmark STI ETF which returned 14.6% inclusive of dividend over the same period. The charts below show the past 6 quarters and past 3 half-yearly performances. The drop in prices of a few counters in the past few weeks have weakened Q2 results but nonetheless a 9.0% return is a good one which I will take for any other year. The exception Q1 performance has also led to the best half yearly performance.

The strong performance is attributed to a combination of positive sentiment in the local market and good results reported from my top ten counters over the past two quarters. A summary of my top ten counters' last quarter performance can be found here.

The top performers continues to be Best World. After stock split and dividend, it has returned 127% this year. This is supported by core stock such as Valuetronics (47%), Food Empire (35%), Micro-Mechanics (32%), Straco (19%), Parkway Life Reit (15%), and Frasers Centrepoint Trust (14%).

ISEC which is not in the top ten also did well with an increase of 10%.

Allocation

While there were some changes in the counter, portfolio allocation has more or less stayed similar to what was planned. Current dividend yield of portfolio based on cost is about 4.7%.

	Planned	Actual
Dividend	~ 60%	58.0%
REIT/ Business Trust	<= 30%	25.8%
Growth	~ 40%	40.1%
Punt	<=10%	9.4%
Cash	0%	1.9%

Earlier in the month, I have also wrote about asset allocation in which I have written that I am going for 30% cash and 70% stock allocation. A check on my spreadsheet shows that it is at this allocation. So no action will be taken to put in or take out cash from the portfolio.

Action

For the month of June, 

I have divested

• A-REIT at $2.65 for a gain of 19%. Bought last December for a tantalising 7% yield for industry leader. With the recent gain, I have received more that 2 years of distribution and yield has dropped below 6%. 
• Techwah at $0.515 for a gain of 10%. Reason for sale is to raise cash for other counters.

I have added

• more Frasers Logistic and Industrial Trust at $1.03 after news of its latest acquisition. I take this as sign of how things will be like in the years to come.
• Japan Food at $0.46 for its consistent dividend. If it can maintain its dividend, it will give me a return of 4.3%. Not fantastic, so hope it will be higher in future.
• Duty Free International at $0.35 for its increase cash hoard and possible expansion in the next few years.
• Valuetronics at $0.77 to round up my holdings. Also, I am satisfied with the 4.7% dividend yield it is giving me.

You can click on April and May for my actions taken in those two months.

Core holdings

Based on initial cost, the top 10 holdings take up 74.9% of the portfolio. With the purchase of Food Empire and Valuetronics, they have moved up in positions. The rest has remains pretty stable.

1. Food Empire (9.7%) @ $0.43
2. Raffles Medical (9.5%) @ $1.48
3. Parkwaylife REIT (8.9%) @ $2.32
4. Valuetronics (8.6%) @ $0.54
5. Straco (8.1%) @ $0.84
6. Best World (7.7%) @ $0.30
7. Fraser Centrepoint Trust (6.4%) @ $2.01
8. SingTel (6.1%) @ $3.82
9. Micro-Mechanics (5.8%) @ $0.91
10. Starhill Global (4.3%) @ $0.67

Looking Ahead

It has been a wonderful ride so far this year. Not sure how long the good time is going to last but enjoying it while it lasts. Looking forward to the release of next round of quarterly results from my holdings and am confident of good results from most of my holdings.

Similar to first half, I do not think there will be much action on my core holdings. However, I might tingle a bit more with my none-core. 

Up next, I will post on a short visibility report of my various holdings for the next few years.

Is it time to sell and take some profit?

The Singapore market has done well for the first half of the year. Including dividend, STI ETF has returned about 14%. Till date, my cash portfolio has returned about 41%. The bulk of the return is contributed by the following four counters:

Best World - 143%

Valuetronics - 70%

Food Empire - 46%

Micro-Mechanics - 41%

In general, I use the following as a guide to determine my sell decision. Hence, I will run through them for the four counters.

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

Fundamentals of the company

All the four companies reported stronger revenue and net profit for the latest quarter. Hence, fundamentals stay strong and unless there is unforeseen circumstances, they should continue to do well for the remaining year.

Valuation of the company

All the price has run up quite a bit, hence valuation is definitely not cheap but are they overvalue?

Best World is trading at a historical PE of 24.9 but assuming a 30% growth this year (net profit grew by 63% in 20171Q), the assumed forward PE will be 19.1 with a PEG of 0.83. It is becoming more expensive but if it can maintain its growth, then the price is still reasonable. I would continue to monitor its quarterly report.

Valuetronics is trading at a historical PE of 12.9 and PE (cash) of 8.0. Again, assuming a 30% growth this year (net profit grew 70% in 2017Q3 and 47% in 2017Q4), the assumed forward PE will be only 9.2 and PE (cash) of 6.2. Current dividend yield is 4.2%. Definitely not overvalue.

Food Empire is trading at a historical PE of 19.5. If company grows by 30% (net profit grew 57% in 20171Q), the assumed forward PE will be 15.0 with a PEG of 0.65. Not cheap but definitely not overvalue especially when the growth potential is high.

Micro-Mechanics is trading at a historical PE of 14.6. Assuming net profit grow by 12% for the year (net profit grew by 23.5% in Q2 and 26.6% in Q3), PE would drop to 13.1. With the increase of its interim dividend to 3 cents in 1H, I expect similar dividend of 4 cents for the full year, which gives a dividend yield of 5.5% at current price. Definitely not overvalue.

To raise cash for a better idea

Currently, do not have any solid new idea. Even if I have, I would sell my other holdings.

To raise cash for other reasons

Currently, do not require cash for other expenses. Hence, not necessary.

Conclusion

While the four counters have given me very good return, their fundamentals remain sound and are not overvalue. With no new idea and I do not need cash currently, I will continue to hold on to them.

Top 10 Counters Quarterly Reporting (April to June)

All my counters have reported their performance for the period. Below is a short summary of my top 10 counters' performances. 

Food Empire reported its 20171Q results on 11 May. An excellent set of results as its revenue is up by 23.6% and net profit up by 57.2%. The performance is attributed to appreciation of Russian Ruble against the USD, change of business model in Kazakhstan and CIS markets, and higher sales in ingredient segment. The drop in Indochina market is due to different festive timing. 

Looking forward to the next quarter results with eyes on its Indochina and ingredient segment.

RMG reported its 20171Q results on 23 April. As expected, its revenue and net profit are flat, dipping by 1.7% as compared to 21061Q. Its expansion plan is within timeline with Raffles Hospital Extension to open in Q4. The group also recently acquired a land with an in-construction building in Chongqing for a 700-bed international tertiary hospital. This will be completed by 2Q2018, earlier than the Shanghai Hospital what is slated to be ready by end 2018.

I think the group is doing well as it is able to maintain its profit amid its expansion. I will continue to hold on to my stake and participate in its script dividend (latest at $1.26) scheme. Expect to see the benefits from its expansion from 2019 or 2020.

PLife reported its 20171Q on 24 April. DPU for the quarter is up by 9.6% due to its divestment gain in 2016. Recurring DPU goes up by 2.2%. As highlighted in its presentation, it has strong capital structure. There is no long term re-financing cost till 2019, interest cover of 10.0 times and gearing at 36.7%. 

While its share price is trading at a premium to NAV, I believe the quality of this REIT deserves that. This will stay in my portfolio for a long time.

Straco reported a decent set of 20171Q results on 9 May. Revenue is up by 4.2% with net profit up by 6.9%. It has reported a double digit growth in the visitation number to SOA, while number of visitors to UWX grows by 9.7%. Singapore Flyer's visitor number is stable but revenue grow increased on better yield and F&B revenue.

As mentioned before, I like its cash business and am hopeful that dividend payout will increase in a few years time when they pare down their debt.

Best World International Limited
Best World reported another excellent 20171Q results on 9 May. Revenue is up by 27.0% and net profit up by a whooping 63.1%. The excellent performance is attributed to the tremendous growth in of 110% in its export segment (read China market). The increase is attributed to backlog and inventories building as demand is expected to be high. It could be that while Q2 results continue to be positive, it might not see the jump seen in Q1. Slight concern is the drop in Taiwan DS for 1Q but management has guided subdue growth for the year.

My stance remains unchanged. China market provides huge potential for its growth but it has garnered lots of attention and price has gone up a lot since the award of its China DS license. Expect volatile price movement and huge drop if any of the coming quarters perform below expectation.

Valuetronics reported its 2017 full year results on 25 May. After deciding to exit mass LED market in 2015 and moving into automotive sector in2016, Valuetronics finally turnaround its results. Revenue is up by 16.5% and net profit grows by 27.9%, one of the highest since it has listed. The improvement is also attributed to a surge in order on wireless LED since 21063Q. While I am not in the industry, I believe it will go in the way of mass LED after a few years. Nevertheless, it's good business for the next few years. The group is undergoing qualification by another automaker and expect to obtain approval by late FY2018. 

With 1-to-10 bonus and maintaining its dividend, this had indirectly increase my dividend by 10%. I am hopeful of the group's performance for the next few years, so will continue to hold on to my stake.

FCT reported its 20172Q on 25 April. Revenue dipped by 2.9% and net profit income by 3.3%. However, tt has maintained its DPU at 3.04 cents. All these are achieved despite AEI work for Northpoint with average occupancy of about 63% during this period.

Will continue to hold FCT for its resilient position.

Singtel reported its full year results on 18 May. Revenue dipped by 1.5% for the year and net profit excluding exceptional item goes up by 0.9%. Singtel continues to pay a total of 17.5 cents of dividend at a payout ratio of 73%. Singapore and Australia provided stable return but India Airtel affected by price war due to new operator.

Will re-evaluate position after its Netlink IPO.

Micro-Mechanics reported its 20173Q results on 28 April. For the second consecutive quarters, it has improved its revenue and earning. For 9M, revenue is up by 9.0% and net profit up by 12.8%. It does seem that their strategical review last year to focus the engineering, development and investment efforts of the Group’s five factories on serving the semiconductor industry is working. Utilisation rate has gone up to 59% for Q3.

It seems that Micro-Mechanics will do well for the next few years and with its dividend policy of not less than 40%, this should continue to be a good investment.

Starhill Global reported its 20173Q results on 27 April. Gross revenue dipped by 0.6%, net profit income dipped by 0.9%, income available for distribution dropped by 3.1% and DPU dropped by 6.3%. This has been a tough year from SG Reit due to lower occupancy of office space especially at Wisma Atria, and re-positioning of the China mall. The positive comes from Lot 10 rejuvenation and upcoming AEI at Plaza Arcade.

I am satisfied with the current DPU and actions taken by the management. Should see better performance in 2018.

2017 1Q Performance

I have decided that I will only update on my performance quarterly. Mimicking reporting on SGX. I believe this is a good move as this will subtly push me to spend more time in analyzing the business rather than the stock prices.

Performance

NAV of portfolio grew from $3.78 (30 Dec 2016) to $4.74, providing a return of 25.4% for the quarter. This beats my benchmark STI ETF which returned 10.3% based on its price appreciation from $2.94 to $3.19 and dividend of $0.053 over the same period. 

This quarter's performance is better than the preceding quarter which returned -4.0% and also better 2016 1Q which returned 3.6%.

The fantastic performance is largely attributed to Best World which has almost doubled this year. This was supported by good return from most stocks in my core holdings such as Valuetronics (34%), Food Empire (22%) , Micro-mechanics (17%), FCT (13%) and Plife (8%), Singtel (6%).

The two counters from core holdings that underperform are Raffles Medical (-0.2%) and Straco (-0.7%). This is expected as their 2016 results are flat. I am still holding on to them as their long term fundamentals are still in tact.

Beyond the core holdings, two other stocks did well for the quarter. They are 800 Super (30%) and AReit (14%).

Allocation
Allocation is not far away from planned. With this current allocation, dividend yield based on initial cost stands at 4.6%

	Planned	Actual
Dividend	~ 60%	60.3%
REIT/ Business Trust	<= 30%	27.8%
Growth	~ 40%	33.9%
Punt	<=10%	5.4%
Cash	0%	5.8%

Action

There is not much activity for core holdings. The only transaction was the addition of Food Empire shares which move it into my core holdings. I believe in its turnaround and it should continue to do well for the next two years.

There are a lot more action for punting. These are my transactions for March.

• Bought and sold Fu yu (up 10%) and City Neon (up 5%)
• Bought SPH as I believe that the press giant will be able to find solutions on the drop of advertisement revenue.
• Bought Keong Hong due to the detail analysis by various IN users. I think this stock has the potential of doing well.
• Bought Oceanus. Pure punting. Like what I read about the company. New CEO is cutting cost and re-structuring debts. Prepare to lose all but if CEO is really able to turn the company's fortune, the upside is high too.
• Sold Dutech as it does not generate sufficient interest for me (-0.2%)

Core holdings

Addition of Food Empire in March has moved it into the top 8. Listing the 9th stock as its cost is not that far off from the 8th stock.

1. Raffles Medical @ $1.48
2. Parkwaylife Reit @ $2.32
3. Straco @ $0.84
4. Best World @ $0.60
5. Valuetronics @ $0.56
6. Fraser Centrepoint Trust @ $2.01
7. Food Empire @ $0.38
8. SingTel @ $3.82
9. Mirco-mechanics @ $0.91