Cash - Closing Status 1 Feb

For my Cash portfolio this week, l have sold away City Developments 2 lots for a small nett gain of $63.  This nett profit could have been much higher (around 10-12 times more) if l have sold it off in 1-2 days later.  l am not cut into investing in growth stock yet as l realized that l have not mastered the art of being more patient.

My oldest stock holding under Cash portfolio is Hock Lian Seng 6 lots, which l have invested into it in Feb'12.  Its 9M2012 results were quite disappointing.  Revenue and Profit were off 43% and 22% respectively versus YAGO.  So there is a high chance for it to lower its dividend rate when full year results is released some time 3rd week of Feb'13.  It claims strong cash flow but it is really because of a long term borrowings of $60.5 mil as of 9M2012.  l suspect the borrowings amount is very likely to increase further when it release its full year results.  l have sold away Hock Lian Seng at break even in this week.  Over the one course of one year holding in it, l have collected $120 dividends; and adding to the small profit of $5 to it, total yield over the invested cost is 7.6%.  Not so bad after all.

Also in this week l have made two random donations of $50 each to Caritas Singapore Community Council and Muslim Missionary Society Singapore.

Portfolio walk since previous posting :-

+$1,847 Total Returns as of 25 Jan

+$67 Gains on sales of City Developments and Hock Lian Seng

-$100 Donations to Muslim Missionary Society Singapore and Caritas Singapore Community Council

+$324 Unrealised positions improved

+$2,138 Total Returns as of 1 Feb

previous postings :- 
Cash - Closing Status 25 Jan
City Developments, donations, blah blah

Cash - Closing Status 1 Jun

I have added Foreland 12 lots this week.  Foreland is already the biggest loser under my Cash portfolio and l will need to average down so that l can stand a better chance to divest at breakeven, progressively.  I  do not wish to divest it now at a loss. But l will likely continue to average down if its share price weakens further.

This week l have sold TPV 26 lots and SingPost 10 lots under my Cash portfolio.

TPV has big business exposure in Europe and with waves of negative development coming out from this region then it will definitely affect TPV's future revenue growth there.  TPV also has a large investment in China and with the escalating cost of doing business there then costs will definitely increase at much faster pace than any revenue growth there.  Though TPV gives reasonably good annual dividend rate estimated at US$0.0154 but l am pessimistic of its ability to overcome the business threats mentioned earlier in both Europe and China.  Also not really sure whether the newly formed TP Vision  is able to contribute positively to TPV's profit and improving both its cash positions and current ratio (including quick ratio) immediately.  I will continue to monitor TPV for reinvestment if all of the above improve.

SingPost will go XD in early July so l will still have time to reinvest into it as l have already sold off the entire 10 lots of it this week.  It was not able to break above $1.02 mark for a while now and the current market not seems helping at all.  There was also from time to time strong buying interest at $1.015 but as the world stock market closed Friday at disappointing levels so l reckon this could weigh down its share price next week. SingPost has been keeping investors in suspense on its plan to use its huge cash positions but l do hope its management is taking good advantage of current weak world economic to seek good bargains to generate much higher returns for investors.  I am eyeing to reinvest into SingPost when its price weakens again.

For this week, l have received dividends from UMS, Hock Lian Seng and HTL.
  

Portfolio walk since previous posting :-

-$1,215 Total Returns as of 25 May 

+$510 Dividends from HTL, Hock Lian Seng, UMS

+$174 Gain from sales of TPV, SingPost

+$77 Unrealised positions improved

-$454 Total Returns as of 1 Jun

previous posting :- Cash - Closing Status 25 May 

Cash - Closing Status 24 Feb

Bought Foreland 35 lots, Mun Siong 10 lots, Hock Lian Seng 6 lots.
Sold Serial System 19 lots

Portfolio walk since previous posting :-

$1,147 Total Returns as of 17 Feb 

+$86 Gain on sales of Serial System

+$175 Unrealised positions improved

$1,408 Total Returns as of 24 Feb


previous journal :-   Cash - Closing Status 17 Feb, Investment activities - week ending 24 Feb

Investment activities - week ending 24 Feb

There is no movement to both CPF and SRS portfolios in this week so am updating Cash portfolio as below.

Serial (S69)

Sold Serial System 19 lots this week; a day before its results announcement.  Nett nett gain at $86.  If this is kept till ex-dividend date then l will get $63 and from past record, the expected dividend payment date is 14 May.  So,  l have actually collected the dividend in advance and at higher amount.  Since 2001, its Revenue CAGR is 26%.  Measuring from year 2006, its semiconductor revenue CAGR is at 22% versus Asia Pacific semiconductor industry CAGR of 7%.  Its gross profit CAGR is at 15% since year 2005.  Though l would prefer a CARG data of the same starting year but these few CAGR info shows good growth track for Serial System. It must however, not losing focus and monitor very closely its increasing inventory and trade receivable turnover days.  l will reinvest into Serial System again at good entry price point.

The share market (local and global) seems overbought at this moment.  But in both bear and bull market, l reckon there are always (both long and short term) opportunities.  So, l did some purchases this week; as below.

Mun Siong MF6) 
Quick financials :- (based on full year results released on 10 Feb) Revenue +6.5%, lower gross profit margin in 2011 due to more complex scope of project work in 2010, current ratio 5.3 times, healthy operating cash flow before working capital changes. 
No. of shares purchased : 10 lots
Dividend rate : 0.6 cents
Ex-dividend date : Not announced yet.  Expected this to be on 27 April.
Plan A : To sell at exit selling price based on the dividend rate and am hoping this to happen within 60 days - which is the time-frame between now till 27 April.
Plan B : If stock price facing resistance between now and 27 April, then to sell it off at break even or at lower exit selling price target for a smaller nett gain.
Plan C : If stock price goes south and holding time frame already past 27 April then to hold for selling it at break even within six months.  Average down if necessary, in order to sell it off at break even.

Foreland (B0I) 
Quick financials :- (based on nine months results released on 14 Nov) Revenue +175%, gross profit margin improved to 29% from 18% in 2010, current ratio 3.5 times, healthy operating cash flow before working capital changes, Foreland issued higher revenue and profit alert on 14 February.
No. of shares purchased : 35 lots
Dividend rate : Not announced yet. Expected it to be higher than previous year 0.379 cents.  In order to form the exit selling price l have assumed and used the dividend rate of 0.51 cents.
Ex-dividend date : Not announced yet.  Expected this to be on 10 May.
Plan A : To sell at exit selling price based on the assumed dividend rate and am hoping this to happen within 74 days - which is the time-frame between now till 10 May.
Plan B : If stock price facing resistance between now and 10 May, then to sell it off at break even or at lower exit selling price target for a smaller nett gain.
Plan C : If stock price goes south and holding time frame already past 10 May then to hold for selling it at break even within six months.  Average down if necessary, in order to sell it off at break even.

HockLianSeng (J2T) 
Quick financials :- (based on full year results released on 22 Feb) Revenue -29% due to the completion of the Marina Bay station project , gross profit margin improved to 25% from 13% in 2010, current ratio 1.5 times, healthy operating cash flow before working capital changes.
No. of shares purchased : 6 lots
Dividend rate : 2 cents
Ex-dividend date : 7 May
Plan A : To sell at exit selling price based on the dividend rate and am hoping this to happen within 71 days - which is the time-frame between now till 7 May.
Plan B : If stock price facing resistance between now and 7 May, then to sell it off at break even or at lower exit selling price target for a smaller nett gain.
Plan C : If stock price goes south and holding time frame already past 7 May then to hold for selling it at break even within six months.  Average down if necessary, in order to sell it off at break even.


previous journal :-   Cash - Closing Status 17 Feb