Friday 1 May 2020
April 2020 Portfolio Review + Personal Thoughts
Probably my reaction to the whole of April
Overview(Year to Date)
S&P 500 Index Fund -8.36%
Straits Times Index Fund -19.71
Tracker Fund of Hong Kong -13.31%
My Portfolio -4.34%
Transactions
Added nothing in April
Updates from companies that are in my portfolio as of End April
Mainland Holdings- Profit warning, 1Q 2020 is comparable to 1Q 2019 but 2Q will be severely affected due to lock down in Bangladesh and orders by European and American companies being withhold-ed/delayed. However unable to ascertain impact as of end April.
Comments: Not entirely surprising, with consumption for sports events and global supply chain being affected, this definitely would affect demand and eat into profits.
AAG Energy Holdings- 1Q 2020 to be 7% lower than 1Q 2019. Net cash of 0.402 hkd against the current traded price of 1.21 hkd its roughly 1/3 of its market cap. Yield is roughly 9%
Comments: 7% drop in profits for 1Q is remarkable as China was busy with Covid-19 and Govt has implemented lower selling price policies as well. With the huge amount of cash on hand and good yield, i am not really worried.
Personal Thoughts on the markets
Predicting when Covid-19 ends would probably be a tougher thing to do than striking a consolation Ibet hence as of end april i feel that we are pricing in things to return to normal in June.
Perhaps some of the companies(E.g Straco, SIA, Sats) that are more badly hit due to higher tourism exposure would definitely take a much longer time to get back on track which leads to their share prices being more depressed than the general market
As for Reits, commercial reits are the ones retailers can experience the profitability by sensing the covid 19 fears among the public and the crowd in the malls. As we have seen from the result of some reits, they are cutting distributions for now due to uncertainty hence if one is expecting cashflow in the upcoming half year, they should reconsider their purchase.
Personally i would prefer to buy companies who are cash rich at this point / have operations that are functioning despite the covid 19 concerns and circuit breaker measures.
2 Companies I have in mind currently for adding a position
1) Hanwell Holdings
-Distributes Consumer goods like Tissue Paper, Rice, Coconut Water, Tofu and many more(hence operations unlikely to be affected by circuit breaker)
-Cash + Trade receivables net of liabilities is 17.6 cents sgd against the current traded price of 18.7 cents sgd
-The wild card would be Tat Seng Packaging, while operations in China have went on, the impact is unknown yet. Probably a 20-30% fall in revenue would be norm.
2) Powermatic Holdings
-1H results is 84% of last year's full results
- Cash+Investment Property net of liabilities is 1.70 sgd against traded price of 2.14 sgd
-This means that the business on a normal operating scale is trading at less than 5 PE
-Has announced that its China operations has been operating albeit expecting disruptions in demand
-From a balance sheet point of view, its definitely a safe company even if no growth is factored in. It has one of the most straightforward balance sheet i have seen.
Adding that to the list from the previous post, there is quite a few on the watchlist already.
2 Companies people have asked me about and i would not even consider adding a position
1) SIA
-SIA would likely survive but that does not mean the share price will not be depressed, unless one is betting in short term fluctuations then it could look good for speculators but from a investing point of view i would not be any much interested in it.
-The rights issue is just too dilutive. Post rights issue, the number of outstanding shares would be roughly 6.4 billion shares assuming the convertibles are converted. SIA had earnings of 551.6 million in 9 months of 2019/20. Assuming SIA earns annual earnings of say 900 million in a non-covid setting, at the share price of $3, the market cap is 19.2 billion. The PE will be 21.5, which is still a very high PE for a company that is very susceptible to global economy fluctuations.
2) Sembcorp Marine
-3 Full years of losses (I believe the impact of oil prices even before the flash crash has done enough harm to the company)
-With oil prices being even more depressed, the company would more than likely suffer even more
-Company turn current assets positive to negative in 2019.(Current liabilities more than current assets as of end 2019)
-For the full year in FY 2019, gross profit margin is actually negative, which indicates that it probably has some business fundamental flaws.
-On a closer look, EBITDA is positive, generating 103 million in 2019. However, depreciation cost is 238 million in 2019 and borrowings cost 130 million in 2019 (although its offset by 93 million of interest income from customers which cannot be assumed to be stable and recurring). As a whole the EBITDA is not sufficient to pay off its borrowings.
-Apart from the long long long time rumours one hears of a merger might interest the speculators, I do not think that the company is attractive at all.
Subscribe to:
Post Comments (Atom)
Get A Blank ATM CARD And Cash Good Money/Funds Pay Your Debt directly today in any ATM machine around you anywhere in the world. contact cryptoatmhacker@gmail.com.. It's 100% guaranteed secure with no worries of being caught because the blank card it's already programmed and loaded with good funds in it, in such a way that's not traceable which also have a technique that makes it impossible for the CCTV to detect you, i am not a stupid man that i will come out to the public and start saying what someone have not done. For more info contact Mr john and also on how you are going to get your Card, Order yours today via Email: cryptoatmhacker@gmail.com
ReplyDeleteWe are a licensed Money lender established in 2000. We serve more than 60 countries with more than 200, 000 agent locations around the world. Apply for business or
ReplyDeletepersonal loans,debt consolidation,home loan, mortgage loan,project loan,For more information Visit us today!
Email: lendingcashhelpdesk@gmail.com
watsap: +91 9108256518
good day everyone.
ReplyDeleteAm Steve Paul Blank ATM Card World Wide.
Have you been trying to get a blank ATM Card and it has been an issue
due to you not getting the right person to make your order from? Here i am at ( visacreditcardsolution@gmail.com ) you can make your order today and
receive the card before you know it, it's easy and affordable. Contact us
now at: visacreditcardsolution@gmail.com
My cards can be used in any part of the world at any ATM machine,
stores and POS. With a daily limit of $3000 to $50,000.00 and
available in any currency with our programmed cards. Contact me at:
visacreditcardsolution@gmail.com
Cost of cards available and fees to be paid.
$3000--------------$200
$6000 --------------$400
$9000 --------------$600
$12,000 ------------$900
$15,000 ----------$1,200
$18,000 ----------$1,500
$21,000 ----------$1,800
$25,000 ----------$2,500
$30,000 ----------$3000
$35,000 ----------$3,500
$40,000 ----------$4,000
$45,000 ----------$4,500
$50,000 ----------$5,000
Western Union/Money Gram Transfer
Bitcoin Investments
Walmart Transfer
Account top-up
Contact us with the following information below now at (
visacreditcardsolution@gmail.com ).
Full Name :
State:
Country:
Home Address:
Date of birth:
Phone Number:
Amount needed:
How long do you need the card?
Email address: visacreditcardsolution@gmail.com
You can never be so sure until you give it a try by
contacting us today for your order, because we assure you.
Thanks.Steve Paul
Hi Viewers Get your Blank ATM
ReplyDeletecard that works in all ATM
machines all over the world.. We
have specially programmed ATM
cards that can be used to hack
ATM machines, the ATM cards can
be used to withdraw at the ATM or
swipe at stores and POS. We sell
this cards to all interested buyers
worldwide, the card has a daily
withdrawal limit of $10,000 on
ATM and up to $50,000 spending
limit in stores depending on the
kind of card you order for, and also
if you are in need of any other
cyber hack services, contact
Rober Hernandez HACKS On WhatsApp:. +1(620)307-3174
https://wa.me/16203073174
Or email; blankatmhacker007@yahoo.com
INSTEAD OF GETTING A LOAN, CHECK OUT THE BLANK ATM CARD IN LESS THAN 24hours {oscarwhitehackersworld@gmail.com}
ReplyDeleteI want to testify about OSCAR WHITE blank ATM cards which can withdraw money from any ATM machines around the world. I was very poor before and have no hope then I saw so many testimony about how OSCAR WHITE send them the blank ATM card and i use it to collect money in any ATM machine and become rich. I also email him and he sent me the blank card. I have use it to get $100,000 dollars. withdraw the maximum of $5,000 daily.OSCAR WHITE is giving out the card just to help the poor. Hack and take money directly from any ATM Machine Vault with the use of ATM Programmed Card which runs in automatic mode. email Him on how to get it now via: oscarwhitehackersworld@gmail.com or whats-app +1(323)-362-2310
Greetings....
ReplyDeleteCheck out these Credit Cards today.
My name is Jamie West from Denver. A successful business owner and father. I got one of these already programmed Credit cards that allows me to withdraw a maximum of $7,500 daily for 30 days. I am so happy about these cards because I received mine last week and have already used it to get $45,000. Mr Frank Carlos of Email: atmgeniuslinks@gmail.com is giving out these cards to support people in any kind of financial problem. I must be sincere to you, when i saw the advert, I believed it to be illegal and a hoax but when I contacted Mr Frank Carlos, he confirmed to me that although it is illegal, nobody gets caught while using these cards because they have been programmed to disable every communication once inserted into any Automated Teller Machine(ATM). If interested contact him as soon as possible Email: atmgeniuslinks@gmail.com
WhatsApp: +1-781-656-7138.
Greetings....
ReplyDeleteCheck out these Credit Cards today.
My name is Jamie West from Denver. A successful business owner and father. I got one of these already programmed Credit cards that allows me to withdraw a maximum of $7,500 daily for 30 days. I am so happy about these cards because I received mine last week and have already used it to get $45,000. Mr Frank Carlos of Email: atmgeniuslinks@gmail.com is giving out these cards to support people in any kind of financial problem. I must be sincere to you, when i saw the advert, I believed it to be illegal and a hoax but when I contacted Mr Frank Carlos, he confirmed to me that although it is illegal, nobody gets caught while using these cards because they have been programmed to disable every communication once inserted into any Automated Teller Machine(ATM). If interested contact him as soon as possible Email: atmgeniuslinks@gmail.com
WhatsApp: +1-781-656-7138.
Do you need a genuine Loan to settle your bills and startup
ReplyDeletebusiness? contact us now with your details to get a good
Loan at a low rate of 3% per Annual email us:
Do you need Personal Finance?
Business Cash Finance?
Unsecured Finance
Fast and Simple Finance?
Quick Application Process?
Finance. Services Rendered include,
*Debt Consolidation Finance
*Business Finance Services
*Personal Finance services Help
Please write back if interested with our interest rate EMAIL: muthooth.finance@gmail.com
Call or add us on what's App +91-7428831341
ReplyDeleteINSTEAD OF GETTING A LOAN,, I GOT SOMETHING NEW
Get $10,050 USD every week, for six months!
See how it works
Do you know you can hack into any ATM machine with a hacked ATM card??
Make up you mind before applying, straight deal...
Order for a blank ATM card now and get millions within a week!: contact us
via email address:: besthackersworld58@gmail.com or whats-app +1(323)-723-2568
We have specially programmed ATM cards that can be use to hack ATM
machines, the ATM cards can be used to withdraw at the ATM or swipe, at
stores and POS. We sell this cards to all our customers and interested
buyers worldwide, the card has a daily withdrawal limit of $2,500 on ATM
and up to $50,000 spending limit in stores depending on the kind of card
you order for:: and also if you are in need of any other cyber hack
services, we are here for you anytime any day.
Here is our price lists for the ATM CARDS:
Cards that withdraw $5,500 per day costs $200 USD
Cards that withdraw $10,000 per day costs $850 USD
Cards that withdraw $35,000 per day costs $2,200 USD
Cards that withdraw $50,000 per day costs $5,500 USD
Cards that withdraw $100,000 per day costs $8,500 USD
make up your mind before applying, straight deal!!!
The price include shipping fees and charges, order now: contact us via
email address::besthackersworld58@gmail.com or whats-app +1(323)-723-2568
INSTEAD OF GETTING A LOAN, CHECK OUT THE BLANK ATM CARD IN LESS THAN 24hours {oscarwhitehackersworld@gmail.com}
ReplyDeleteI want to testify about OSCAR WHITE blank ATM cards which can withdraw money from any ATM machines around the world. I was very poor before and have no hope then I saw so many testimony about how OSCAR WHITE send them the blank ATM card and i use it to collect money in any ATM machine and become rich. I also email him and he sent me the blank card. I have use it to get $100,000 dollars. withdraw the maximum of $5,000 daily.OSCAR WHITE is giving out the card just to help the poor. Hack and take money directly from any ATM Machine Vault with the use of ATM Programmed Card which runs in automatic mode. email Him on how to get it now via: oscarwhitehackersworld@gmail.com or whats-app +1(323)-362-2310
Are you in need of Urgent Loan Here no collateral required all problem regarding Loan is solve between a short period of time with a low interest rate of 2% and duration more than 20 years what are you waiting for apply now and solve your problem or start a business with Loan paying of various bills I think you have come to the right place just contact us We Are Here To Show You A Better Way To Financial Freedom !!!
ReplyDeleteContact Us At : abdullahibrahimlender@gmail.com
whatspp Number +918929490461
Mr Abdullah Ibrahim
Hi, My name is kashia cox, I live in US and I just want to share my experience with everyone. I have been hearing about this blank ATM card for a while and I never really paid any interest to it because of my doubts. Until one day I discovered a hacking guy called Bill Dean. He is really good at what he is doing. Back to the point, I inquired about The Blank ATM Card. If it works or even Exist. Then he told me Yes and that it's a card programmed for random money withdrawals without being noticed and can also be used for free online purchases of any kind. This was shocking and I still had my doubts. Then I gave it a try and asked for the card and agreed to their terms and conditions. Hoping and praying it was not a scam. One week later I received my card and tried with the closest ATM machine close to me, It worked like magic. I was able to withdraw up to $5000 every day. This was unbelievable and the happiest day of my life. i was using the card without any stress of being caught. I don’t know why i am posting this here, i just felt this might help those of us in need of financial stability. a blank ATM has really changed my life. If you want to contact them, Here is the email address: officialhackingcompany@gmail.com visit there website https://official-hacking-company.jimdosite.com/ And I believe he will also Change your Life.
ReplyDelete
ReplyDeleteAre you willing to know who your spouse really is, if your spouse is cheating just contact cybergoldenhacker he is good at hacking into cell phones,changing school grades and many more this great hacker has also worked for me and i got results of spouse whats-app messages,call logs, text messages, viber,kik, Facebook, emails. deleted text messages and many more this hacker is very fast cheap and affordable he has never disappointed me for once contact him if you have any form of hacking problem am sure he will help you THANK YOU.
contact: cybergoldenhacker at gmail dot com