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.
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.
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.
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.
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
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.
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.
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.
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.
