Attended AGM. Thoughts Round Up (Sutl , Wee Hur , Engro, Info-Tech, PSC, Tat Seng)

I figured that it would be too long to write it in the monthly imaginary portfolio post so i will just write my thoughts here.

SUTL Enterprise (SGX: BHU) - Much of the question is on the acquisition

Management mentioned that the 1.2m net profit for the acquisition is an approximate figure due to approximation of depreciation and the 4m ebitda is a more accurate figure of the performance for past 3 years. The lease which ends in 11-12 years for the shore and berth in the acquisition has to be renegotiated with SLA closer to the date.

Valuation of the acquisition is actually not done. Some examples of the improved benefits of acquisition will be the reduction in number of management staff for both marinas.

Dialogue with CCS over acquisition is on going and as such not ideal to reveal too much.

As for its sentosa membership, it expires with the lease in 2034. Of course they would want to extend and are also going to discuss with Sentosa closer to the date.

In terms of overseas expansion, it is a general view to encourage more owners to go for boating activities.

Phuket Partial Opening expected in Q1 2027. It has around 100 berth.

My view on this company still remains pretty stable. 

Near term will be how much boating activities they can attract as well as how well Sentosa attracts tourist such that short term tourist might want to stay at their hotel.

Mid term, i don't feel the acquisition would be a problem. 10x Ebitda is probably fair value. 

Longer Term - The renewal of Sentosa Lease if done will probably be a new catalyst as membership will be renewed and folks will have to pay a new round of it. Though even if it does, you will have to wait till 2035 to see the first meaningful contribution to the balance sheet. This is not just longer term but long long longer term.

Number of Shareholders Present: Probably around 30-50

TMI (Too Much Info): Interacted with an investingnote user and also happened to know that an analyst from a single family office was also present at the agm.

Tat Seng (SGX: T12) 

Overcapacity still remains in China. According to management, land value in China and SG owned by Tat Seng is not meaningfully higher than its value on the balance sheet. They also have no huge capital requirements which is why the special dividend is declared

My view is that i think there is a good chance the company will either be sold or it will just become a cash cow where the payout is good. However, the packaging industry still remains tough.

Number of Shareholders Present: Probably around 6-8.

TMI: Retail Shareholders were happy as they did not sell during the GO last year as the share price went up.

PSC Corporation (SGX: DMO)

Much of the attention is towards the Cash declared by Tat Seng and how it will be used. The general vibe given by the board is that after the cash is paid out, it will be assessed again but to give a special dividend of 1 cent should not be a problem.

My view: I think privatisation is one of the options but if not , to pay out slightly more dividend is not a problem and highly plausible. If you ask me in the next 3 years, will the share price + dividends obtained be higher than the current trading price of 47 cents, it is possible. 

But if it is able to deliver 100% returns, i would highly doubt so. 

On the contrary, i doubt returns will fall by over 30% (downside limited).

TMI: I saw one of the investors who most people have told me is very astute and relatively young yet rich. But he did not ask any questions.

Number of Shareholders Present: Quite a lot due to the goodie bag. At least 30.

Wee Hur (SGX: E3B)

1 Hour Presentation by the CIO. Followed by buffet which is delicious. 

The presentation revolved around their Australia Strategy and Singapore Strategy. 

The main highlight is their interest in Australia Land where they purchase and seek to get development approval which will open up options and improve valuations. In Singapore, their construction orderbook is at record high but they are keen to pick up 2-3 more projects. As for dormitory , they are still on the lookout to add more dormitories and will look to participate in tenders.

Q&A revolves around Construction Projects and Dormitory Price and Renewal

Construction Projects. Won last year have been largely sub tendered out.

Dorm Price. Pioneer - 500 to 550 and 75% occupancy . Tuas - 500 and 90% occupancy . Usually 3 months before will have an idea if the tenure can be extended.

My view. This year should be the megazoid year as the 2 dormitories start to run and construction finally pick up. Is that enough to make up the core earnings some brokerages have estimated? Can they deliver satisfactory construction margins amidst the increase in cost of Oil? Will alternative investments which has increased in scale surprise? These are some thoughts that needs to be think about which would really decide if this is a 50 cents or $1 stock when results come out in August. 

TMI: The uncles around my table seems to be happy with this company.

Shareholder Turnout: I would say 30-50 

Info-Tech (SGX: ITS)

Much of the Q&A revolved around the traction of its Saas and Academy.

For the Saas segment in Singapore, high single digit growth should be possible if current momentum seen in 1Q 2026 continue. 

For the Saas segment in Malaysia, double digit is the figure seen in past years and a possible indicator if momentum continues.

Following the expansion of academy last year, there has been no plans to expand it further. Management did not reveal what their target is for 2026. 1Q 2026 is higher than 1Q 2025 signups but management emphasised that Q4 2025 was very strong due to individual signups.

'There is still 9 months more to catch up'

My view: Kept 100 and Sold out my remaining shares before the AGM ended.

TMI: Had a chat with another shareholder who is a SME Boss that uses their products and also asked some questions during the AGM. He thinks their product is sticky and his concern would be the general outlook of economy e.g F&B companies shutting down and not using their services. 

My views are on whether the earnings driven by academy is sustainable and whether as a whole, it is worth this PE which is 17?

We both agreed that the CEO is well versed and knows his stuff.

Shareholder Turnout: I would say 15-30 

Engro (SGX: S44)

Among the stocks mentioned here, i hold the most in this. Naturally, this one would be the most important for myself.

At age of 79, the chairman carried himself well. To the surprise of many retail shareholders including myself.

The AGM Questions are mainly on its liquidity, dividend, share buyback, invester coverage and business prospects.

Share is too illquid and dividend is relatively low given the good earnings in 2025. Urged management to engage more with investors to increase coverage of the company. Also to engage in bonus issue or share buyback.

The reply is that they are still expanding and would need the cash pile. Buybacks are not worth it due to the lack of liquidity.

Most of the replies are done by the company's management (Group Financial Controller, Chief Operating Officer and General Manager)

General Manager explained the polymer segment well. They have raw materials enough for Q2 but if higher oil price persist, its not beneficial for them. Contrary to popular beliefs that oil price is good for polymer, the dynamics has changed a lot in the past years post covid.

Higher Price but the volume is usually low. Volume high but price is low. At the end of day, higher volume is still important . As such at such high prices, demand and production might be low and actually is negative for the company.

Group Financial Controller confirmed that their investments segment is valued at 25% discount rate due to restrictions in exiting equities and venture capital. Also highlighted the importance of choosing a fund manager and the chairman added that the company have been into these venture capital investments for around 30 years.

Lastly, the chief operating officer did share about some of their developments and is optimistic that capacity is higher this year than last year as some came into operation last year and are not fully operational yet. Also cited an example of how important upstream and downstream cement operation is. For example, to make RMC, there is a requirement to have silos so that downstream can make use of them. If unable to secure silo space to store cement, this will affect delivery capcity. Still looking to expand is the key takeaway i remembered.

Chairman added that they are involved in T5, are a leading geo technique supplier, active in Johor and 2nd in rmc in Johor. 'Prospect is Bright'

My View: Overall, i am satisfactory with the agm replies and the interactions and replies of management. Having said that, i am still awaiting for them to post the announcement to reply to the questions that were sent to them before the agm. I have mentioned in my previous post that the company is undervalued and i still maintain the same view.

TMI: Exchanged Contact with a fellow shareholder who is sophiscated and asked really good questions during the AGM. Turns out we have a fellow friend in the form of Investment Moat. Largely appreciative that the fellow shareholder reads my blog too. 

Time for some Jokes.

Me When i take photo of K-Pop Idols (tries even harder than my investing)

Me When i take photos of management at AGM (??? what am i taking)

Q1 2026 Portfolio Returns - 5.02%

 

(I love to talk about my returns when they are bad because it is when its fun and reality is not every year is good)

Positives

-5.02% is higher than HSI Returns

-Some short term flipping positions are positive and worked well (Metasurface, XMH, IGG, AV Concept)

- Current Cash position of at least 15% represents opportunity to fire.

Negatives

-Returns lack behind STI (Better off buying STI)

-Sg Stocks Returns Negative 

-Top 3 Positions in SGX performance unsatisfactory thus far (Nam Lee 5% YTD. Hor Kew down 10+%. Infinity Dev Flat.

-Certain Positions remain Illiquid

-Front Loaded Hor Kew ahead of results backfired.

Thoughts on 1Q 26

-Flipping Short Term Holdings saved the portfolio. It makes me wonder if i should allocate a larger portion to this.

Positions Review (From largest holding to smallest holding)

1) Infinity Development - Export of Footwear remain positive in Indonesia and Vietnam. Albeit dropping from double digits to single digit. Largest Customer (Yue Yuen) has signaled some shipment woes but Infinity's top customer share has fallen to 19.7% in recent FY compared to 24% in FY 2022. On the more global end, running shoes remain their double digit growth. Seen in Adidas performance and Nike Running

As a whole, i think -10% to +10% revenue growth is likely the case for the upcoming results. Any larger increase / decrease will be how they are able to capture market share.

Margins as a whole should be fine as the oil price increase came in only in March. It might be worth to take a look at their inventory to see if there is any significant increase.

Ending off, the company surprised with a share buyback of 2% issued shares that is at a price of 2.43 to 2.53 HKD. From a corporate finance point of view, this makes 0 sense. The dual listing price is 2.32 HKD. The SG shares are traded cheaper than the buyback price.

They could have bought it cheaper in the sgx but yea.

The total amount used in share buyback is like 2.62 million SGD. If used in sgx, they could buy 6.6 million shares.

This should create a short term floor for the stock. It seems like whenever the drop in HK fell to 2.4x level, the invisible buyback hand strikes. Still, all eyes on the result in May

2) Hor Kew - Will await the AGM (likely April) before deciding if any reduction in stake is required.

3) Chuan Holdings - Illiquid + Lack of Dividends. 3.3 PE. Better 2H Profits (12.8M) vs 1H (6.1M) , 24% Earthworks Segment Margin (highest revenue source) an improvement from 2H 24 (18.28%) and 1H 25 (20.81%) Order book of around 2-3 years. Reduced Gearing. I think its cool to see if they can build on the better earthwork margins in 2H 25. Although orderbook of 415m is a reduction from 1H 25 of 453m and 427m in 2H 24, they have won a 36m project in Jan 2026. This improves the orderbook back up. Staff increase from 654 in 1H 25 to 724 in 2H 25 is also a possible show of increase of demand.

4) Nam Lee Metal - I am actually keen to add more on this stock given the retracement to levels seen at the start of the year. I believe 1H 2025 will be strong as seen in Vicplas Pipe Segment. I did not see any news that might affect them (which is why i am puzzled with the decrease to a 6x PE). 

5) Engro - Just deep undervalued play compared to Pan United in terms of earnings. VC Funds related to AI has surprised in 2025 and remains to be seen if it will surprise again in 2026. Negatives will be its bleeding China Operations that mask the profitability of the company. Will review again after AGM in April (Likely).

6) Solis Holding - Illiquid + Lack of Dividends. 

Apart from that, the company is turning around in its financials. 

Other Income mainly came from their Joint Venture Management Fee. It is a JV Project for a 139.75 million which will end in Sept 2026.

Revenue in 2026 is expected to be 4 times of 2025. They won 2 LTA Projects in April 2025 which led to the maintenance revenue increasing. They followed up with some wins as overall revenue in 1 year improved to 78m at 2H 25 vs 1H 25.

Coupled with the JV Project wrapping up, it is likely that their best profitability will come in 1H 2026 / 2H 2026

Current Market Cap is 228.9M HKD.

NAV is 438.3M HKD.

Coupled with possibly record profitability in 2026 and 2027/2028 order books looking healthy, it looks too undervalued to me.

In Ever Glory's recent corporate seminar , they also acknowledged Solis as a competitor in some M&E Segments such as LTA Projects (this reduces their possibility of being a fake company)

A Check on Gebiz also reaffirms as they are one of the bidders in recent projects.

In terms of balance sheet, currently the financial assets + cash is close to the total liabilities and covered the current liabilities.

Add to the recent announcement of a possible disposal of property (slated to be completed in 2027) at $21m SGD. This will make the company more cash rich.

Review of top 5 stocks that i think will do well vs not do well.

Do Well (Post can be found here)

Nagacorp - Q4 is really bad actually. The revenue came down much to a negative surprise. I believe the dip in share price is a result of this. As tourism numbers are quarterly, we will only know 1Q 2026 in 1-2 months.

San Mig Brew- 2H 25 is operationally profitable. Turned around from 2H 24 losses. Cash Rich, conservative 30% payout. Nothing to be unhappy about the results.

Perennial Intl - 2H 25 was weaker than 1H 25 as expected due to frontloading. Way below book value and has good cash vs liabilities.

Chuan Holdings - I have wrote about it above so not writing again.

Mainland Headwear- Positive Earnings Announcement as expected. Orders Guided to be 30% higher in 2026 so we will have to see if it really happens. 

Not Do Well (Post can be found here)

Not going to talk too much about this cause its not like there is shorting to be done.

At least by avoiding this list, the hit rate is 75%

(March 2026 Results) How i would invest in the singapore stock market if i had 100k of spare money

 

March 2026 Returns: -9.96%

Year to Date Returns: 1.99%

Since Inception (9 Sept 2020) Returns: 381.36%

I don't think there is much to mention about as not much have changed over the past 11 days apart from more oil related news.

The interesting thing that happened is probably Infinity Development rebuying over 6.5 million of shares across 2 days. That is around 2% of issued shares and also the 1st buy backs the company has done.

The buy back price (2.44-2.53 HKD) is also higher than the current traded price of 0.39 (2.38 HKD).

(20 March 2026 Results) How i would invest in the singapore stock market if i had 100k of spare money

 

March (Up till 20th March) 2026 Returns: -7.86%

Year to Date Returns: 4.37%

Since Inception (9 Sept 2020) Returns: 392.59%

As previously mentioned, i would want to make some changes after reviewing the results that have been released on the last day on Feb.

Its has been quite an interesting March with Oil Prices and Semiconductor Hype taking the centrepiece in SGX.

Meanwhile we have seen retracement in other companies which have shown some ytd gains.

I think the big problem that i am thinking is whether we should accept the higher PE of semiconductors / should we get in to the oil exposure / should we cut the overall oil exposure in the portfolio.

It feels like i am going back to 2015 when i just started investing or the 2022 situation. 

But of course its just a feels and its not 10 years series investing where we do what we did at that point of time all is ok.

I took a look at Union Gas but no it will not be added into the portfolio list. From a fundamental analysis point of view, i don't see why we should be buying into it when the liquid fuel segment is loss making in 2H 2025 and 1H 2025.

Its profit making segment is actually gas fuel which did not do well when oil prices are higher in 2022. That was when natural gas is expensive which affected its business too.

I took a look at Ever Glory and also attended their corporate insights (open to public). The Q&A segment was quite insightful. Overall tone is positive. Does not expect much impact to oil prices. Expects revenue and profitablity to be much higher in 2026 as well compared to 2025. 

At a market cap of 282m. Stripping of Other Income, 2H 25 Earnings came in at say around 6m? Even if it doubles and we do like 24m in 2026. Its still 12 PE. Which to me feels inflated.

I think it would be weird to end the post by saying things are down 7% and i feel good and nothing needs to be changed and lets move on. That would sound lazy. 

So the changes are as follows.

Removals 

Far East Orchard - Slowing growth in UK PBSA Segment. 

Trimmed XMH Slightly to frontload.

Additions

Reclaims Global is a speculative position on the back of the positive profit announcement and the slight retracement.

Info-Tech Systems is a new initiation. I think that the academy's 12.3m revenue in 2H 2025 might actually be a new growth engine as more people learn about AI. Subscription revenue is steadily increasing at 13%.

At least the use of AI tells me that the 13800 increase in 2H 2025 is still a low number compared to the amount of people who actually takes skillfuture.

(Deep Dive) Hor Kew FY 2025 Results - A big dilemma and crossroads

Hor Kew (SGX: BBP) reported its 2025 full year results on 27 Feb (After Trading Hours)

I figured that i should release this post before trading reopens on 2 March to give some insights to how i go about thinking about the results.

On first glance, it definitely looks bad as revenue fell, gross profit margin fell, total profit fell and the company is unprofitable if receivables gain and other income is excluded.

I did a deep dive on its results breakdown and looked at the results at least a good 3 times to think about whether i should be selling out from this position.

If you are interested to see how i attempt to deep dive , do read on.

1) Finding out if the items on the balance sheet are likely recurrent or one-offs.

From the above, we try to find out what the likely profit excluding one-offs will be. Items like rental income are kept in the calculation while others like the gain on trade receivables , and other income portions are excluded. It is worth noting depreciation has increased which would eat into margins.

Bad Debts and Restoration Cost are excluded in the calculation as they are one-offs

Lastly, we estimate some increase in depreciation and finance cost due to the increased borrowings from 37.8m to 86.8m and PPE from 32.2m to 91.1m

Summing all up, we have the valuations below

We assumed that the revenue and poorer margins will continue. At current price of 1.31, this is a PE of 12 and PB of 0.72

What can alter the results negatively

1) Increased Restoration Cost. Any potential increase in restoration cost incurred in 1H 2026 will eat into profits

2) Increased Depreciation and Finance Cost. Although there is 300 000 and 200 000 allocated to the already increased depreciation and Finance cost, the increase might not be fully reflected yet. Have to wait till the annual report to know the terms of the loan and lease / machinery depreciation

3) Increased Competition leading to even poorer margins. This part is probably difficult to monitor.

What can alter the results positively

1) Inventory at an all time high since Covid.

I have not checked pre-covid 2018 and before inventory but post covid, it is at its highest.

End of 2025 Inventory of 16.1m is 70% higher than 1H 25 and generally, in the following half year result after a higher inventory, results are better apart from Covid 2020.

Could this signal a significantly higher revenue ahead?

2) Sale of Malaysia Land. 

Estimated at 200rm-250rm (65m to 81m), currently 18 million sgd on the books. The recent increase in borrowings might accelerate the sale of the idle land that has been in the books since 2010s.

3) Commentary on Outlook remains positive.

The commentary for FY 2025 is the same as FY 2024. But in 2025, revenue fell.....so yeah

Food for Thought

This post came out in a search when i was looking at the new lease at Kaki Bukit Road 6.

Seems like Hor Kew is the new operator and joins the 6 ICPH List.

My thought is that the company is going through a change-over phrase. The decision to occupy an ICPH when 2 other previous operators have failed and been vacant for 2 years (despite the construction boom) is really a bold move.

They could have settled for lesser 

I wonder if the lease is 30 years and if any grants been given for this as it is a high upfront cost. The 60m spent is actually cheaper than its peers currently. They might have got a good deal as they do not have to take out everything and rebuild it from scratch.....but the fact its vacant for 2 years has to ring bells to why no one would take it when 'construction boom' is happening.

To refer to a listed peer who has precast operations in SG (ICPH) and MY, it would be Soilbuild which is looking to spin-off its segment.

2H 25 Segment Result Margin for Soilbuild

Singapore: 12.65%

Malaysia: 11.68%

Hor Kew: 17.82%

Conclusion

This is a real cross roads actually. ICPHs have traditionally not done well and have poorer margins. 

The increased inventory and a lower cost ICPH entry along with decent commentary might paint some positive light on results moving forwards.

Along with the future listing of Soilbuild Precast, it might give everyone a valuation uplift and shed more light on the industry outlook currently.

The result is not great and the dividend cut (which is justified given that they have exceeded their 30% debt to asset ratio that they intend to target.)

Along with ICPHs tend to have lower margins.

When it comes to whether i would sell, i believe opportunity cost (which i am seriously bad at) and the post result reactions.

There is probably 3 phrases to think about selling. When markets reopen, When Annual Report is out and AGM is over, When 1H 2026 results is released

Any buying will only be after the AGM minimally for now unless any research report is released.

If it drops too much on reopen, it makes no sense to sell as the analysis has shown that core earnings are positive and there is some positive factors. If they announce the sale of land in the next few months or they guide for good revenue and improvement in margins at the AGM, it would look bad to realise these losses due to knee jerk reactions

Of course, there is every chance the AGM mood is bad and outlook is bad, entering ICPH is the only solution left and 1H 26 is bad. Then selling on open would have looked so much better then.

If it does not drop on re-open, without listening to the management's view during AGM, it remains a story that is made based on the above findings. 

I believe it will fall on open as dividend cut and profit drop is never good news to investors. Based on the positives above, if it falls too much, it makes no sense to sell. But if it does not fall a lot, it might make some sense to sell a portion to allocate to other stocks and review again after AGM.

Selling all is currently not on my mind after the analysis. Because of the deep value (Msia Land), possible increase in production capacity (New ICPH), 70% increase in Inventory (played the most part in the decision).