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Sunday, 5 January 2014

Cash - Closing Status 31 December

Reduced Tee International 5 lots in this 2-days week to 31 December under Cash portfolio as part of usual portfolio re-balancing for $43 nett profit.  Total holding in it now at 40 lots.  Tee Intl delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia.  

Portfolio walk since previous posting :-

+$1,961 Total Returns as of 27 December

+$43 Nett Gain on sales of Tee Intl

+$424 Unrealised positions improved

+$2,427 Total Returns as of 31 December

Previous posting :- Cash - Closing Status 27 Dec

Remarks :- Profits locked in to-date $11,493 / year 2013 $8,624

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