Saturday, May 13, 2017

A Review Of The Recent Results Of The Small/Mid Caps In My Portfolio

Updated on 20 May 2017: I should have updated this earlier. I have actually sold off all of BBR Holdings Ltd on 16 May 2017. The main reason is due to my rebalancing of my portfolio. This is one of the counters that I had already made about 20% gain, so it seems to be good to liquidate at that point in time. The selling has nothing to do with the financials or fundamentals of the company. 

Before I start, I like to apologize for the lack of post and updates on my TUB Investing Facebook Page and InvestingNote. This was because of my new role at work (I think I stated this before) and I was overseas recently. In addition, I will be on reservist soon. So the lack of updates will most probably continue.

As per the title of this post, many of my small and mid caps has just released their most recent quarterly results (6 of them were released on 12 May!). However, due to the lack of time, rather than a long lengthy analysis on each counter, I will be reviewing and commenting on them all in this post. 

1. BBR Holdings Ltd - 1st Quarter of FY2017 
[Super Scorecard Result - 3 points/Fail]

- Results were much better, especially when compared with 1st Quarter of FY2016. 
- To understand about this counter better, just read it all from the posts in SG Thumbtack Investor Blog.
- Currently sitting on a comfortable margin of safety and will continue to hold it till end of FY2017.

2. Captii Limited - 1st Quarter of FY2017 
[Super Scorecard Result - 10 points/Pass]

- Result were also better for this quarter in FY2017, as compared to the similar quarter in the last financial year. 
- Although the share price has risen significantly, but this counter still pass the Super Scorecard. 
- This counter should benefit from the additional competition within the Singapore Telecom Industry.

3. Chuan Hup Holdings Limited - 3rd Quarter of FY2017 
[Super Scorecard Result - 8 points/Pass]

- The counter had a poor results in FY2016 and the last 2 quarter of FY2017 were not exceptional as well. However, due to the bullish stock market, the counter seem to have performed much better this quarter. 
- It will report its full year results in August and I am looking forward. Hopefully the view of a special dividend will come true for this year!
- Do note that the Chairman has recently resigned as he went to work for SGX. The new Chairman is also a lawyer and his practice focuses on corporate finance and mergers and acquisitions (as per bloomberg).

4. Ellipsiz Limited - 3rd Quarter of FY2017 
[Super Scorecard Result - 8 points/Pass]

- For this counter, the results were generally "within expectation" and the counter has been JUST passing the Super Scorecard for the last few quarters. 
- The reason I kept this counter in my portfolio was that I have a large margin of safety and I do not really have any semi-conductor companies in my portfolio. 
- Anyway the company seem to be producing some new products and hopefully this will push its revenue and net profit to the next level.

5. Hock Lian Seng Holdings Limited - 1st Quarter of FY2017 
[Super Scorecard Result - 5 points/Fail]

- Rather than selling this counter since it failed the Super Scorecard, I bought more after it become XD. 
- Biased towards civil construction companies as I believe there will be more infrastructure projects moving forward. 
- In addition, the counter currently has an order book of $915 Million. 
- I will continue to hold on to this counter.

6. PNE Industries Limited - 2nd Quarter of FY2017 
[Super Scorecard Result - 9 points/Pass]

- The recent results released on 12 May (after trading hours) announced a dividend of 9 cents. 
- This counter should fly towards $1 this coming monday.

7. Samudera Shipping Line Limited - 1st Quarter of FY2017 
[Super Scorecard Result - 6 points/Fail]

- This counter continue to perform badly, but this is within expectation as the economy and marine industry has yet to fully recover. 
- Will hold the counter for a much longer term if necessary. 
- It is also important to note that this purchase of this counter is based on its hidden asset value and ability to generate free cash flow. This kind of fundamental view will require more time for the management to unlock the counter's value.

8. Tiong Seng Holdings Limited - 1st Quarter of FY2017 
[Super Scorecard Result - 3 points/Fail]

- Despite failing the Super Scorecard, I will continue to hold this counter. 
- Purchase this counter due to its technological advancement in PPVC.
- An order book of $924 Million in construction projects.
- Nevertheless, will need to keep a close watch on this counter.

I will also like to explain that there has been a profit guidance issued for Ocean Sky International Limited. But I will not be in a hurry to sell this counter, because I am interested in this counter's development projects within Cambodia. Nevertheless, I will also keep a close watch on this counter.

In Short

In this review, it seems that my fundamental views for the counters above have yet to change and I still believe in each of their catalysts. This could also be due to my bias as I am already vested in them. Regardless, I purchased these counters with a long term view. So if necessary, I will just continue to hold them.

For those who is interested in Super Scorecard, do read up on the Launch of T.U.B Circle. If you are interested to sign up, feel free to contact me.

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Pssst... I will be doing a preview talk of The Super Scorecard Workshop and then The Super Scorecard Workshop. Take Note. 

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