Updated as of June 2014

Company Ticker Buy Price Date Sell Price Date Capital Gains %* Reason
Guocoleisure B16.SI 0.915 March 2013 Long
The Hour Glass E5P.SI 1.87 July 2014 Long
Memtech Intl. M26.SI 0.09 June 2014 Long
SHC Capital 5UE.SI 0.305 June 2014 Smart Buy
HupSteel H73.SI 0.21 January 2014 Long
Lenovo Group 992.HK 8.75 February 2014 Long
Sino Grandness T4B.SI 0.72 April 2014 Long
Sound Global 967.HK 7.40 April 2014 Long
UMS Holdings 558.SI 0.50 July 2013 Long
Kingsmen 5MZ.SI 0.73 May 2012 0.925 July 2014 26.7% Long
King Wan 554.SI 0.25 December 2012 0.35 July 2014 40% Long
New Toyo N08.SI 0.305 May 2014 0.295 July 2014 -3.28% Long
Armstrong A14.SI 0.355 June 2013 0.40 July 2013 12.68% Smart Buy
Comfort Delgro C52.SI 1.47 February 2012 2.01 January 2014 36.73% Long
CSE Global 544.SI 0.96 November 2013 1.02 December 2013 6.25% Smart Buy
Fufeng Group 546.HK 3.46 March 2013 3.47 August 2013 0.29% Long
LionAsia Pac L08.SI 0.183 July 2012 0.163 November 2013 -10.93% Long
Neratel N01.SI 0.63 July 2013 0.735 May 2014 16.67% Long
QAF Ltd. Q01.SI 0.70 May 2012 0.775 January 2013 10.71% Long
Silverlake Axis 5CP.SI 0.35 March 2012 0.92 January 2014 162.86% Long
SingPost S08.SI 0.99 January 2012 1.26 April 2013 27.3% Long
Sino Construction F3V.SI 0.196 February 2014 0.225 June 2014 14.80% Smart Buy
Vard Holdings MS7.SI 1.155 March 2013 0.825 July 2013 -28.57% Long
*Disclaimer: Dividend gains are not included


  1. There seemed to be a number of expenses which when factored into NAV would result in the NAV being adjusted to around 32 cents.

    Hence, there might not be much upside when the entry price was around 30 cents.


    1. True, I just saw that post on VB as well. It’s more a smart speculation, making a quick profit from it. But I agree, looking at the numbers there might not be much significant upside potential anymore. Management wasn’t too upfront about the costs initially I guess.

  2. Good news for New Toyo!

    Given the deteriorating Tien Wah’s performance, New Toyo’s board has decided to put one of its key personnel there…

    Another news is that ex-BAT Asia Pacific Head of Supply Chain will be introduced into New Toyo’s Board. This will further cement the relationship between New Toyo and BAT.

  3. Dear Sir
    I read your blog and you sound like a value investor who did a lot of homework, but you seem to get out pretty quick . I presume all those you have sell price means you have closed out those trades?

    1. Hi AW,

      Was just curious, how did you come to the conclusion that I get out pretty quickly? Haha. That said, I am still holding stocks since 2012 i.e. Kingsmen Creative. Yes, those with sell prices indicates that I have closed those trades.

  4. Good to indicate the time period held so that one can have a better sense of the rate of return over the period of investment.
    30% gain might sound good on initial look, but if it is 30% over 5 years, it might be just a so-so rate of return.


    1. Indeed, I have amended the table to include the dates. However, in my opinion looking at the progress of the NAV/Share of the portfolio vis-a-vis the benchmark is more useful than looking at the progress of individual stocks since weightage for each stock is different.

    1. Most investors would immediately ignore Hupsteel based on the income sheet. Being a steel stockist, its definitely a cyclical business and I do admit that recently they have not been doing well. However, this counter was bought base on asset play. Currently, they have a plot of land which is under redevelopment. Given how the plot of land was bought many years ago, it was still recorded as book value. Upon revaluation when the new industrial building is being constructed, it would be definitely worth more than its book value. Of course, that aside, we liked other qualitative factors such as management.

    1. Something like entering just for a quick profit due to a special situation resulting in a mismatch in share price and value of the company.

  5. Chip Seng Seng is very undervalued. The Alexandra Central project will increase its NAV by at least 60 cents.

    IMHO this counter might be severely undervalued by Mr Market.
    Management bought back millions of shares at 0.74 to 0.76 cents. Current Market price is 0.805.
    Hence, Market Cap works out to be $516mil.

    Did anyone estimate the obscene profit CES will reflect in its book in the coming quarters?

    I did some rough calculation using just one of its projects at Alexandra. it seems that just one major project can already earn enough to cover the current market cap.

    450 hotel rooms x per key (range from$0.8 mil to $1.2 mil) = 450 x 0.9 = $405 mil (Valuation)
    Commercial retail space – 90,000 PSF x (selling PSF ranged from 4000 to 8000 PSF) = 90,000 x 5500 (conservative) x 80% (efficiency ratio) = $396mil (REVENUE)
    [FULLY SOLD] There were at least 20 buyers on average for each unit at the launch of Alexandra Central, which is next to Ikea in Alexandra Road

    total cost of investment = $320mil (land, construction, etc)

    Shareholder value from this single project alone ~ $481mil , which is easily its current market cap, based on very conservative assumptions!

    And this is just one project and there are many others (Nine residence/Junction 9, progressively recognized, etc).
    Its construction business will earn about EPS 5 cents per annum.

    The current NTA of around 80 cents seem to be grossly understated. Might be due for a Big upside revision soon.
    Given that company was buying furiously at 75.5 cents on average, it could not be just for a meager 10-20% gain (IMHO)

    1. Sorry for the late reply.

      My views on this counter would be that I am not very confident in valuing such property projects. Another key concern for me would be the amount of debt the company has. I feel that delays in property projects happens quite often, assuming in such cases how would this affect the huge debts they have? Personally, I believe having debt is a good thing for a company but not in such proportions. This is partly why I avoid investing in property counters as most are highly leveraged, despite them trading at a discount to their book value. Chip Eng Seng may be undervalued, it may experience another round of huge growth in share price, however, it is not within my risk appetite.

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