Most stocks rebound in AGM Season. I have written about my thoughts on some of the AGMs in the previous post.
The 2 that i went today (30 April) is Hor Kew and Uni-Asia Group. Overall Hor Kew is fine so i will not be making changes to the position. But 1H 2026 might underperform 1H 2025.
There will be changes to the portfolio for sure. Changes are as follows.
Engro - I like the cement business and its main growth segments. Although the investment side , equity is likely to be volatile due to the huge gains seen in 2025. Venture Capital remains a very underappreciated side of the business. Overall valuation of investments is a 25% fair value discount by accounting methods also provide even more under value.
Intl Cement - Cement Demand in Central Asia might surprise with a strong housing trend there and Kazakhstan being an oil producer.
Trek 2000 Intl - The associate produced good results in 2H 25 and is part of the china chip storage sector. Reversal of Inventory and better gross profit is also seen. These might bode well for 2026.
Wee Hur - A higher exposure to workers dormitory compared to Centurion. Construction turnaround will be very very key in its 1H 26 Results.
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