Q3 2026 Portfolio Returns - 36.24%

 

Since the returns continue to trend upwards, i will upload an idol photo first.

1Q =  5.02%

2Q =  32.50%

3Q =  36.24%

Earnings Season is actually mixed and i think some of my longer term holdings did contribute to the positive returns.

At some point in the quarter i was around 45% but it has retraced so i will be trying to do some frontloading of earnings to try to push the returns upwards before deciding on which core positions to add on to after more data is released

Hor Kew Results proved to be slightly better than expected, it remains to be seen if full year revenue they will be able to break 100m which will be a delight.

Engro Results also proved to be good although i believe China Cement will continue to be loss making in 2H and the investment portion is still a big unknown as it has performed well again but its hard to understand how well it would do without knowing what the unlisted equities comprises of. I think in 2H 2026 revenue might be equal or lower than 1H due to demand being on the higher end of BCA estimates as well as price is elevated due to oil price.

Having said that , the 1H results is already better than 2025 which is good enough. Hopefully management does reward shareholders with dividends and also does more outreach of the company/

Chuan Lim Results proved to be a positive surprise, i would probably say a really high outperformance given the landscape. To record a 2026 half year earnings higher than full year in 2025, when diesel prices have increased .....i believe it might not be sustainable and 2H might be lower in earnings compared to 1H. Having said that, they have not received the co-sharing subsidy yet for the diesel and it has been extended to end of 2026.

As seen from peer reclaims global who says it is possible to pass on some cost, i believe Chuan did and might be able to do moving forwards as well.

Overall Contract Value has fallen by 39.5 million but considering the revenue increase is 81.5 million, i think it is very acceptable.

The thing that would improve valuations would be the payment of a dividend. Record profit with lowered finance cost and borrowings would make it a better case for a maiden dividend payout i hope. 

I would monitor to see if they can secure any bigger projects in the rest of 2026 as well as diesel prices.

Positions that i would frontload

1) Nam Lee Metal (SGX: G0I.SI)

-HDB Completion should be higher than last year

-Home Improvement Programme, number of Flats in the upgrading process is highest since 2022

-Container Segment Client cited outperformance of its own guidance this year and continued market share gain

-Management has mentioned about looking at the announcements for indicative actions before. Does the recent increase of share capital of a subsidiary for future expansion of business operations indicate good demand?

2) AV Concept (Hkex: 595)

-Price increase for Memory Products continue.

-Relative Peers has indicated higher use of Samsung Chips by China Mobile Peers in recent times compared to 6-18 months ago.

-Cost of Borrowing is still lower than 1 year ago.

-Cons would be share buyback has stopped in recent times.

-Dividends is poor and can be better

3) Karrie Intl (Hkex: 1050)

We will know if there is a profit alert some time in october but given that 1Q is 35% increase in revenue and an increase in AI related servers revenue should give higher gross profit margins

I believe this end will still increase in Q2. The only concern would be the much higher capex of 400+m compared to 200m in previous years.

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

 

September 2026 Returns: -4.81%

Year to Date Returns: 12.43%

Since Inception (9 Sept 2020) Returns: 430.65%

After 2 negative months, i believe some changes have to be made to chase. 

Firstly i will say that Engro and Hor Kew remains the only untouchable for now. I did not see anything that might indicate a weaker cement demand or any negative news for Hor Kew.

Although traditionally 1H:2H Cement Revenue has always been 40:60 , this might change this year to at 50:50 or 55:45 landscape. 

Some of the 1H increase has been attributed to oil price increase too so it remains to be seen if this trend continues.

I will remove XMH and Infinity Development from the list and re-allocate it to mostly Nam Lee and some into Uni Asia and Soon Lian.

It baffles me that Nam Lee is actually not even 6 PE when this year we should expect higher HDB Completions and HIP in progress is actually at the highest since 2022 March (Covid Hit Period).

Their container segment should benefit too as their client has indicated a much better outlook than forecasted at the start of the year.

XMH faces the lawsuit and the agm was unconvincing to me. Infinity Development has some ok macro shoe export trends from Indonesia and Vietnam but i fear the margins might be affected and their top customer's shoe exports is trending downwards. Despite that, their recent share buyback of close to 5% at current prices do show strength though.

Divestment of Kwan Yong Holdings (Hkex 9998)

 Following the recent rally in Kwan Yong after its positive profit announcement, i have divested it and held only 5000 shares to attend the AGM if i am free.

To begin with, Kwan Yong is about 2% of the whole portfolio so it has never been a core position.

It has been a company that paid a dividend, is flushed with cash and has shown excellent margin control and profit ability with its recent profit announcement.

The recent divestment came after the lack of contract wins in the past 6 months.

At the end of previous financial year, they have around 66m of contracts that can be fufilled after 1 year more or later. They won a 96m contract during this FY. Apart from that, it has been quiet and most recent tenders have not been awarded yet.

This to me implies that the current FY will be slow and it should be factored in that the PE of around 4.5 might not be sustainable.

As always, there is 2 sides of camp to the story of having a long duration fufillment and short duration fufillment on the orderbook. 

Long = prices are fixed and you are more likely to be susceptible to future price increase if the measurements are done wrongly during the contract tender

Short = Able to factor in recent price increase and also lock in potential cost as contracts will be completed in a short period of time

Kwan Yong operates on short time frame which requires order book replenishment quickly. Their execution though, has been improving and they have been winning projects outside of schools / nursing home which is laudable.

 

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

 

August 2026 Returns: -3.56%

Year to Date Returns: 18.11%

Since Inception (9 Sept 2020) Returns: 457.46%

Some stocks retraced from their highs while some companies reported bad results. This has resulted in a negative return in August.

Will be going over the results of companies in the portfolio briefly before stating the changes.

Engro - Results good but feels like too much pre pumping in July lead to the dump in August. Otherwise, i see nothing wrong with the results which point to the cement business being undervalued compared to peers. The question will be what the mystery equities securities contains which doubled in 1H 2026. Not accounting that, cement business in 1H 2026 earning more than FY 2025 is laudable.

Grade: A-

Serial System: Perhaps the jump in revenue and earnings is not what i expected when i see Serial System vs some of the HK Counterparts that i thought are close competitors.

Grade: F

Hong Leong Asia: Ability to pass cost over and maintain segment margins in building materials as well as engines performing as expected. 

Grade: B-

Hor Kew: Delivered above expectations in terms of revenue and other income. Increase in revenue is more than expected as i was expecting 40-50m in 1H. It remains to be seen in 2H would see the momentum carry on because it is around 4 PE if it does. Margins wise, came in at the low end of around 30% which was what i was told 30%-40% so its acceptable. Was expecting more impact to the bottomline but the higher topline covered for it.

Illquid trading quantity remains an issue so probably current trading price is not a price most can divest at. 

Grade B+

Haw Par: Nothing much to comment about since there is no dividend cut amidst absence of special dividend. Deep value remains.

Grade: NA

Wee Hur: Overall Construction turned around, but seems like moving forwards margin of construction might shrink as all eyes remain focused on the dorm extension and Australia Land Development. Nothing to shout about but nothing to worry about because the dorm extension concern is not a new issue.

Grade: C+

Intl Cement: Results is good actually, maintaining 2H 25 revenue in a lull period of 1H 26. Of course appreciation of the tengy against usd as well as inflation and building demand being stronger helped.

Comments about potential entrants in 2028 and driving of price down might result in some fears. But being a penny, i think people were frying the results which resulted in a huge swing intermonth. Looking from end of July to end of August, it seemed as though nothing happened.

Grade: C+

Uni-Asia Group: As expected, return to earnings in dry bulk sector with 2H 26 looking to be much better than 1H 26.

Grade: C+

With that being said, will make some changes to the portfolio.

Remove: Serial System

Cut: XMH

Add: Engro , Nam Lee Metal

New Initiation: Lum Chang , Soon Lian

Serial System is not the same type of companies i expected from its HK Peers so it is removed

Nam Lee Metal is part of frontloading, 

Engro is because it has produced good financials and it has fallen since results release.

XMH is a cut after attending the AGM where i did not feel it would outperform.

Soon Lian looks cheap on a precision engineering play on semiconductor.

Lum Chang results did well so will initiate a small position and monitor the agm as well as upcoming updates before deciding if a larger position is needed.

8 Years on Interactive Brokers. How did i fare?

Seen a good amount of people posting their returns in chats so gonna post here for fun since it is has been 8 years since i use IBKR. Across these 8 years, i only used IBKR to buy HK Shares. It is only recently i realised you can use shares bought on IBKR to go for AGMs.

At the end of the day no matter what returns is achieved by whoever, to myself the more important thing is to focus on the business of the companies and trying to find out if they can do well and what the odds of them doing well while what are the pitfalls and the odds of the pitfalls occuring then linking back to the company's business and financial numbers. That is more important than asking 'how to count cagr accurately' 'whether to include dividend reinvested' or 'how to count xirr' or 'how to account for deposits and withdraws and dca'

If you ask me what is the main success recipe, i will say K-POP. Folks might think i am joking but i think i have said a lot of times before that it is the main driver of my motivation to do well.

(July 2026 Results) How i would invest in the singapore stock market if i had 100k of spare money + Short Commentary on All-Link Air & Sea IPO

 

July 2026 Returns: 4.10%

Year to Date Returns: 22.47%

Since Inception (9 Sept 2020) Returns: 478.02%

Engro probably lead the way with a positive profit guidance . It is worth noting that the volume traded in the past few days prior to the end of the month is higher and also the price went up recently again another 15+% compared to the closing price after the profit guidance. 

Whether this is due to company engagement with investors and research house or more folks seeing it as an undervalued alternative or better construction data / invested private equity data remains to be seen.

After trading hours today, Intl Cement reported a positive profit announcement as well. Not surprising but have to wait till when results announce to see how much is the improvement

August will see another busy period as most stocks in the list will report results.

I will try to summarise the All-Link Air & Sea Limited IPO as short as possible.

I will not be subscribing in the IPO. In fact i think this IPO will likely go underwater and might produce a loss making 1H 2026.

1) Too much IPT. The company has 90.5% of revenue reliant of referrals from the controlling shareholder's company. Similarly, 30% of supplying is from the same company while another 40% is from a company of same name but we are told it is independent .......erm ok

2) For a company raising 17.7 million SGD, it makes no sense as they have 38.6m of current assets and only 22.6m of current liabilities . Counting in total liabilities, its only 24.3m. On top of that they are declaring 8 million USD of dividends to themselves before listing. 

3) It is listed as an associate of AGX Group Berhad. The share of profit according to AGX Group Berhad is as follows

As such, Q1 2026 does not look good actually.

To add on , the drop in associate profit from 2024 to 2025 tallies with the figures provided by the company.

To conclude, from how i see it, this ipo is unfortunately a waste of time.

 

EGP Energy Corporation Limited IPO Review (Looks Really Good?)

I will write the conclusion first as usual. 

(Idol Photo from Current Overseas Trip)

(Company Basic Details)

I think its ok for flipping and to await its half year results but given current disclosure in the prospectus, i am not keen to hold this beyond this year.

In fact, this company has so much positives that i was so convinced that i am going to press this company until i remembered i want to check a detail which turned out to be a party popper.

Basic Details

IPO Price: $0.51

Market Cap: 115 Million

Public Shares on Offer: 1 Million

Closing Date: 27 July 12pm

2025 Net Profit

Implied PE: 11.2

What i like about the company

1) Increasing Orderbook

Order book at 31 December 2025 was around 217 million. This has increased to 282.1 million as of 16 June 2026.

2) Increased Revenue Outlook

The company should easily increase its revenue as it expects to complete 60% higher in contract value in 2026 compared to 2025.

3) Sustained Financial Performance

Looking at the details provided on the company as of 31 May 2026, it seems like the company made around 5.6 million in the 1st 5 months of 2026. As such, on a 1 year scale, it seems likely the company can have sustained financial performance.

4) Easy to understand Sector

-I don't think its hard to understand that power demand will only increase and this causes substations to have to be constantly upgraded. This leads to a recurring future orderbook possibility.

5) Steady Customer Credentials

-SP Group is its major customer with over 75% of orderbook being awarded by them. Being state-owned, there is not much to worry about the default risk. It also increases the reputation of the company and reduces the likelihood it is a fraudulent company.

After writing so much good things, folks probably wonder why i am not a fan of this company in the longer run.

What i dislike about the company

1) Future Contracts Mix a Worry.

From the above, we can see that the margins for M&S is better and revenue between T&D / M&S is split 54:46.

While the full disclosure on how much of the 280+m contracts on hand is M&S is not said,

It seems like 200m of T&D project is left unrecognised. This might point towards a lower margin moving forwards unless more M&S orderbook is won.

This is also the reason why i feel like it might not be worth a long term gamble at 11 PE. Even after their recent contract victory of 19.2 million, the implied ratio of TD:MS is probably around 2:1 compared to the near 1:1 ratio for its revenue 

Conclusion

It baffles me why this company wants to list as it has a very solid cash position. Perhaps being asset light would result in being harder to take loans? Anyway, it is a very lean business with only 55 staff.

One of the owners of the company is also a listed company of a HK Listed Stock which does Civil Engineering in SG.

At 3+ PE, that company Wei Yuan Holdings (1343 HK) might be worth a better look.

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

 

June 2026 Returns: -4.45%

Year to Date Returns: 17.64%

Since Inception (9 Sept 2020) Returns: 455.24%

Will not be making any changes as there has not been any major results release apart from XMH which is a decent and stable result.

August will see another busy period as most stocks in the list will report results.

1H 2026 (Up to 26 June) Portfolio Returns - 32.50%

 

Since the returns are good i'm gonna put idols picture in front first.

(Since 26 June was a down day, it was a good day to talk about returns because there is every chance its gonna go lower)

Q1 was 5.02%. So Q2 (Up till 26 June) was around 27.48%.

Q2 Review 

Positives

-32.50% is higher than HSI Returns and STI Returns

-Engro starting to show some positive single digit gains. I still think 2027 might be the supernormal returns.

-Chuan Holdings AGM is positive. I feel positive holding it despite it being down 20%. Although any additions will depend on future contract wins and the overall portfolio allocations. My AGM Writeup can be found here. If 1H 2026 Results does not result in a dividend declared as oil prices has retraced in recent 2 months, i hope next year would finally see its maiden dividends declared. My current view is that 1H 26 will be better than 1H 25 but lower than 2H 25.

-XMH Results is alright. 37.5% increase in dividend as profit increased 24.9%. I think eyes will be on the orderbook that it will reveal in the annual report as well as the AGM.

Negatives

-SG Stock Returns Still Languishing and lack STI and Banks

-Infinity Development Results Below Expectations , Nam Lee Acceptable but not great

-New Positions going nowhere (Hong Leong Asia down 17%, XMH and Serial System headless chicken)

-Certain Positions remain Illiquid e.g Hor Kew and Chuan Holdings

-Hor Kew 1H 26 likely remains muted due to 1H 25 being high watermark in terms of gross profit margin

-Despite 1H 2026 is likely a record result for Solis Holding, i have cut all position after a very poor agm where i was the only retail shareholder present and i was told that i was asking too much qns and taking too much time when its only 25 minutes into the agm.

Takeaways

Basically most of the returns came from AV Concept and within the span of 19 days. 

I was reading up on news of japan semiconductor distributor Tomen Devices raising their guidance. It made me remember about AV Concept which operates in a similar field but in a different region. I pulled up my previous notes, updated it and decided to buy after doing my homework again.

I feel much better after this gain, its a huge stone off my back really.

I don't know if i mentioned this before but i feel like i lucked out last year with Dream International. 

So for me to get in with another multi bagger this year makes me feel good mentally.

In its recently announced results on 26 June, the margins are strong and the outlook mentioned is good. I still think that the following quarters are strong but whether the market likes the result (due to the low dividend) would remain to be seen.

I have rechanneled the positions into Yeebo , Smart-Core and Sas Dragon. The former 2 i have mentioned before in my post on the volatile semiconductor distributors.

(Current Holdings which may change at any time)

Yeebo (Hkex: 259) remains a value stock (or value trap) trading at 0.3 of its 'true' book value. As it holds shares of Meta X and Nantong Jianghai. Nantong Jianghai engages in the production of capacitators and has seen a share price rally of 268% YTD.

On the contrary, Yeebo has seen a YTD share price appreciation of 13%

The interesting thing is that it has 100,431,932 shares of Nantong Jianghai. 

Current Market cap is 3921 million HKD. 100,431,932 shares of Nantong Jianghai is worth 12630 million HKD. Or about $13.20 per share.

Of course, Nantong Jianghai can be 'overpriced' due to the AI supply chain hype but it would need Nantong Jianghai to drop more than 60% to be of equal value as current share price of Yeebo.

Any upside in share price will be the management's decision to divest shares. Having divested earlier this year at $30, i am not sure why they would not think about it again at $100.

It is worth nothing that all along there is a discount that exist for this company. Just that this year the discount has widened and is now at 0.3 book value.

Apart from that, its main business of doing Token As A Service and GPU Racks / Algorithm related AI Service remains to be monitored. I believe more details will be revealed when they announce results on 30 June 2026.

The results this time around should reflect the valuation increase in Meta-X but not Nantong Jianghai as the share price increase came after March 2026.

If Jianghai Share Price continues to hold while Yeebo's share price continues to fall, i will be keen to add more. That is assuming that there is no major negatives from its results release on 30 June 2026.

I am not going to talk about the investing prowess of Yeebo in getting into Nantong Jianghai and Meta-X very early or their ability to spot such companies and how this should be valued because they literally sold shares of the company at $30 this year and in HKEX no one really cares about giving valuations to such ability.

As for Singapore Market, i still think short term Serial System and Hong Leong Asia should be alright. Lets see if i am correct when results release in August.

In terms of overall portfolio planning this year, i think there is a lot of things to think about after the enlarged capital base moving into this year. Both mentally and also on a portfolio construction level.

But at the end of the day, i believe these are hurdles that i have to get through to be able to improve.

Time for a k-pop photo spam from my recent trips

At the start of the year i was thinking 10% returns would have been decent enough already because thats already more than 2 years of my annual salary.

Naturally my allocations would be different from last year which is a 'yea i think this is my highest conviction so it deserves a 60-70% allocation since the base isn't high'

Even though my conviction level is decent , it has never crossed my mind i should put 60-70% in any position this year and go for the 'Generational Wealth Thinking Mindset'

1 Reason is because other positions are also companies that are undervalued by my research, and some being illquid would mean i have to divest at maybe another 5-10% loss in exchange to enlarge a stake in a current conviction just to attain 'Generational Wealth'. Idk if it makes sense at current levels especially when it would leave me tough to average down further.

But of course if a position drop too much while fundamentally still attractive, i might have to average and it might result in a similar situation as last year where 1 position is 60-70% of the portfolio, just that as of current point i am not doing it yet.

I think this is mental part of allocation and investing that i have to get through and hopefully i can master it and strive for better returns.

If you read till here, currently these 3 stocks are stocks i have took a glance recently.

Value Partners (Hkex: 806) - 1H 2026 should see a profit warning as last year 1H 25 earnings is boosted by gold etf holdings but gold returns this year is muted. Operationally, AUM growth is seen and their flagship funds are performing well, if they continue to perform well, likely to see record management fee and also a boost in performance fees. One to keep an eye on after 1H 26.

EVA Precision Industrial Holdings (Hkex 838) - Precision Industry Company. Well below book value, company that is seeing increased orders in the data centre field and also robotic parts field. Has a vietnam plant up ramp incoming. Negatives is that its current fields of Office Printing and Automobile is not performing well this year in China.

Apex Ace (Hkex: 6036) - Storage Distribution Company. Largely Improved Revenue / Gross Profit in 2H 25 should see a higher improvement in 1H 26 . Related to Gigadevice, Kingston and CXMT Memory Products Distribution. Problem is that i was unable to find the company on Kingston Authorised Distributors List. On the flipside, the non controlling interest of one of the companies they owned used to work in Kingston.

Full Divestment of Infinity Development Holdings

I usually don't talk about portfolio movements of a specific company. But i feel that i should for this company since i talked about this company last year in Sept 2025.

Given that the price was 2.44 last year at Sept and now its 2.49 after 2 rounds of dividend, i would say things have been relatively stable in terms of capital gains and after factoring 2 rounds of dividend totalling of 0.182.... returns stand at around 9.5%. Not bad...

But definitely not great considering how other major stocks like DBS and STI index have at least double digit returns.

I think i have given this company many chances the past 9 to 10 months. I will list the reasons that together led to a decision to divest.

Before listing the reasons, i will still say that there is still a chance the company can pass cost effectively but at least from how i see it and the lack of information present....its hard for me to believe it could.

1. Poor Q&A at AGM.

This was the questions i sent and asked for the AGM. Unfortunately i think Q1 / Q4 / Q5 /Q6 is not answered. Where as their answer for Q3 is just a brief description of the production volume.

Q2 was well answered.

Overall, i think it was not insightful.

2. Investor Relations and Corporate Finance Team they found for the SGX Listing is not responsive.

There was factory visits but apart from that the corporate finance team does not reply to any emails and the investor relations from the company side is dead even though at the AGM , retail shareholders were told that if they have queries they can email investor relations....

I just asked if there is any results presentation and i got ghosted fully. Compared to another pr company which does send invites out for results presentation....the action of ghosting probably works in the older times climate but given that 'value up' is a preposition then investor outreach should be important.

Also, i heard that there has been no engagement with analyst for the 1H Results or at least i was unable to find any updates.

3. Random Share Buyback.

After issuing shares at 2.32 HKD equivalent in sgx, the company proceeds to buyback HK Shares at 2.39 to 2.46. They did a buyback on 23 March and 30 March. Bringing the trading volume to 3.8m and 3.7m shares.

I get that it has the effect of calming the markets especially that was peak oil price and volatility was high.

It feels like helping someone to get off the train or something cause the trading volume since then has been around 50k shares to 490k shares.

I think when coupled with the lack of explanation for any meaningful purpose of a buyback at a price higher than issuing shares, it looks like poor corporate finance.

4. Oil Price Increase

Without a doubt, one of the reasons for the improvement in margins have been oil price declining resulting in cheaper prices for raw materials like methyl ethyl ketone (MEK). The price of MEK has been 7000 pre march 2026. At peak of oil price in March 2026, it rose to around 14000 and has retraced to levels of 8000 now. While the increment seems rather low, oil price has remained at elevated levels which provides a worry if they are unable to pass on the cost.

5. Guidance from Industry Leader Nanpao looks bleak

In the 1Q Results Conference, they estimated low single digit growth for their shoe adhesive business. 2Q Margins will be lower than 1Q

In terms of shoe adhesive business, they mentioned price revision once every half a year.

As such, it does look bleak.

6. Poor 1H Results from Infinity

Given that Nan Pao's 1Q 26 and Q4 26 Blended Margins is a record high, i was expecting margins to hold up even if revenue has a slight fall.

Unfortunately, its Gross Profit Margins of 36.50% is a new low seen since Oct 2023

It fell short of my expectations. I wonder if the oil price increase in March really ate so much into the margins. Especially when from Oct 25 to Feb 26, oil price is lower than previous periods such as Apr 24 to Sep 24.

7. World Cup Effect seems to not have kicked in as anticipated

It tends to do well in World Cup Years but it seems like the World Cup effect might have been muted.

Observing this from 2 source, its major customer Yue Yuen and its believed 2nd major customer Fulgent Sun.

Its worth noting that Indonesia Shoe Exports is higher in April 26 vs April 25 while lower in March 26 vs March 25 due to festive holiday effect. This could be a factor why overall revenue was slightly lower for Infinity Development which is led by lower Indonesia Revenue.

After a 6.9% growth in April 2026, momentum reversed with 6.6% negative growth in May 26

For Fulgent Sun, the similar can be seen while the decrease is on a higher %.

Given that revenue is flattish in the past 6 months from Oct 25 to Mar 26, Apr and May did not show overall good growth, June is the WC Month........it makes me think that the effect this time round might not be good.

Personal Apology

I apologise if the stock did not bring positive returns because i do receive text saying i did not huat because of infinity development and i replied i also nvr huat from it cause if i did i probably will come out a new post which is X million at Age 32.

At peak this position is probably around 40% to 50% in the portfolio.

I hope you could tell i was really convicted at some point of time and not just thinking it goes up but totally not convicted in portfolio sizing terms.

Conclusion

It still paid a good dividend this time around and only retraced revenue by 1.9% despite major customer showing negative revenue growth of around 3% and volume retracement of around 6%. The share buyback might prove to be a price floor if the share price gets tested. 

Ultimately the lack of communication, my personal worry of unable to pass cost well due to surge of oil price, the shoes export momentum not being carried by the world cup effect as well as results not up to my own expecations all contributed to this position to be removed from being a core to holding 1 lot to go AGM. 

I might be wrong in my analysis and the company does well then oh wells it happened too many times before.... but based on my analysis at current point, its a sell.