August 2023 Returns: -6.12%
Year to Date Returns: 19.93%
Since Inception (9 Sept 2020) Returns: 70.56%
From July to August, the biggest positive mover in the portfolio would be UMS and Haw Par.
The negative movers would be pretty much the rest with Huationg Global being one of the higher negative returns.
A lot of companies reported results. Some i have mentioned b4 so i will not mention again. I will just pick 1 that is good, 1 that is maybe and 1 that is bad to highlight upon.
Good: Haw Par - Interest Income (Possibily from T-bill) came in at 11m or 1/10 of the profit. Higher Dividend Income from UOB as well. Improvement in Tiger Bahm business as revenue rose but gross profit rose even more.
Maybe: Centurion - Rental Revisions have not been fully priced in yet. I still believe that the best is yet to come. Perhaps the only worry is that the result looks bad because finance cost is up. But the margin expansion has been decent (more than revenue increase). As such, any increase in revenue from reversions should be directly to the gross profit hopefully.
Bad: Tuan Sing - Lower Hospitality EBITDA, Increased Finance cost, IPO in China halted with a view to purchase back previously sold shares. All thesis out of the window.
With that, i have decided to finally shuffle the cards in the portfolio. Probably the last? shuffle of the year.
I had a really tough time thinking how to shuffle this time around, it is not difficult with the removals
Propnex - I believe the good run has come to an end.
KSH - Reduce Construction Exposure and looking at the China Property Crisis, i am becoming more skeptical of Gaobeidian doing well due to the fall in price as a whole in China. On the construction front, more companies are reporting lower margins.
Tuan Sing - With the ipo potential gone, it is time to switch it out.
Added SUTL, good results , new management contract not sure how it will turn out we will observe but the growth in revenue and the interest income is encouraging
Added more Powermatic Data - My take from AGM is that the cogs should be slightly lower, longer term we have the property redevelopment theme so all is cool. Cash rich as well.
Added more Centurion - 2H should see core profits going higher. Interest Expense should have peaked or should not see any significantly higher increase from 1H. Which means bottom-line should finally pick up more pace.
I would have wanted to add some Hawpar as well but some how somewhere somewhat i just wanted to gamble a bit more on the others .............we will see how things pan out.