Cash - Closing Status 15 Jun

Received dividends in the mail this week from TPV, which l have already sold it all away in end May.

Also this week, l have invested $2k into KarinTechnology for 8 lots.  In the past two months, Karin's share price has been in the range of $0.25 to $0.28 so l find it quite a 'defensive' stock to invest in.  But l reckon this is not really an appealing stock to own by most because of its small price spread.  Its defensive share price state could be due to its daily share buyback.  Though Karin's revenue and profit is better at interim but its declining gross profit margin is really something a long term investor must be wary of.  I am however puzzled by the increasing number of standby letters of credit issued to various vendors to support the increased purchases; is this a sign of low confidence in Karin by its vendors?  Internally, Karin seems to be in celebration mood as the increased staff cost of HK$2.0 million resulted from higher provision of bonuses - is it because of its 35th anniversary recently or driven by an anticipation of an extremely strong financial results at full year?  Anyways, l am looking to accumulate more at lower prices or selling into strength on my current 8 lots holding say, at target selling price of $0.27 or higher.

  Portfolio walk since previous posting :-

-$1,342 Total Returns as of 8 Jun 

+$305 Dividends received from TPV

+$432 Unrealised positions improved

-$605 Total Returns as of 15 Jun

previous posting :- Cash - Closing Status 8 Jun 

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 25 May

Received a cheque early this week from Mun Siong for dividends of $60.  Mun Siong pays dividends only once in a year and the dividend amount was lowered from $0.01 (ROC 7.2%) to $0.006 (ROC 4.3%) and so, this is a disappointment.  My investment value in Mun Siong though has dropped by 24% but the paper loss is still small at $363 because the amount invested is less than $2k.  It has a healthy balance sheet and a healthy order book.  But l am concern of its gross profit margin which of late has been under pressure.  Because of lower dividend and a pressured gross profit margin, l will try to sell Mun Siong away at breakeven but l will have to average down first.

Added another 7 lots on TPV this week.  TPV released a disappointing 1Q2012 results this week.  Its revenue came in 13% lesser than a year ago.  Gross profit margin is almost flat at 6%.  In just 3 months, its cash and cash equivalents dropped 41%; current ratio is now at 0.92 times from 0.96 times.  Combined sales to China and Europe is about 55% of total sales; China growth is slowing down and costs of doing business there has gone up; Europe is in serious mess so looks like extremely tough time ahead for TPV.  Reason for additional 7 lots this week is to average down and am hoping to eventually looking at reducing my investment in TPV.  Time being, will have to continue averaging down if its share price weakens further.

Portfolio walk since previous posting :-

-$1,963 Total Returns as of 18 May 

+$60 Dividends from Mun Siong

+$689 Unrealised positions improved

-$1,215 Total Returns as of 25 May

previous posting :- Cash - Closing Status 18 May 

Cash - Closing Status 18 May

For my cash portfolio in this week, l have purchased SingPost 10 lots, added TPV 6 lots, and sold off UMS 15 lots.  

Buying into SingPost and added more TPV because both are CD at the moment; their  balance sheets are reasonably in good shape.

On UMS, the expected dividend amount on 15 lots till XD is $120 but l have managed to sell it higher at nett selling price of $0.373 because there were some strength in the share price. I could have sell it at an even higher price but l reckon it is more comforting to set the target selling price than be involved in speculative trading.  I still have remaining UMS shares but these were purchased at higher price levels so l will keep them for the dividends.

Portfolio walk since previous posting :-

-$1,552 Total Returns as of 11 May 

+$316 Gain on sales of UMS

-$728 Unrealised positions worsened

-$1,963 Total Returns as of 18 May

previous posting :- Cash - Closing Status 11 May 

Cash - Closing Status 5 Apr

Only one entry this week, bought TPV 10 lots and to-date total invested costs in TPV is approaching $5k.  Will continue to invest in TPV as its share price is nearing 52 weeks low currently but will limit my total investment costs in TPV at no more than $10k.

Portfolio walk since previous posting :-

$1,326 Total Returns as of 30 Mar 

+$0 Gain on sales

-$353 Unrealised positions worsened

$973 Total Returns as of 5 Apr

previous posting :- Cash - Closing Status 30 Mar

Cash - Closing Status 30 Mar

 This week, l have sold M1 3 lots and purchased Advanced Holdings 8 lots, Foreland Fabrictech 50 lots, TPV 3 lots.

I have wanted to average down on Advanced Holdings but the additional 8 lots purchased this week was not enough to lower the average buying price; hope to sell it off soon at break even.  Doing the same average down on Foreland and l have probably committed too much funds by doing so at 50 lots!  TPV has corrected more than 25% off from its recent high of $0.42 so, l have invested a small sum in it at 3 lots and if its price worsened next week then l would consider increasing investment in it.

Sold off M1 3 lots at nett gain of $239.  The ex-dividend date on M1 is 11 April and for 3 lots at dividend rate of $0.079, the expected dividend amount is $237.  My exit selling price which resulted in $239 nett gain is in line with the next expected dividend amount of $237 for 3 lots. 

 Portfolio walk since previous posting :-

$1,572 Total Returns as of 23 Mar 

+$239 Gain on sales of M1

-$485 Unrealised positions worsened

$1,326 Total Returns as of 30 Mar

previous posting :- Cash - Closing Status 23 Mar