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Friday, May 31, 2019

SI研究:立合斯顿是被低估了的一枚瑰宝?


黎美秀
2019年 05月 29日
热门股票

医疗手套生产商在全球医疗保健业与日扩大的趋势中扮演着一个重要角色。根据大马胶手套厂商协会(Malaysian Rubber Glove Manufacturers Association),由于世界人口增长、生活水平提升及卫生意识提高,橡胶手套业在过去25年每年平均增长8%至10%,并料将在2019年继续取得增长。

立合斯顿(Riverstone Holdings)是马来西亚一家洁室与医疗专用手套制造商,其股价在2018年年底收报1.083元,但在2019年5月17日跌穿1元水平至0.965元。股价下跌纯粹是因为公司最近的业绩令人失望而反应过度?回落后的股价是不是投资者进场的好价位?
财务表现



公司的1Q19业绩不及预期。收入增加14.6%至2亿4,050万令吉,由于医疗及洁室手套销量提高。

不过,毛利微跌0.5%至4,660万令吉,由于毛利率从22.3%下降至19.4%,因为平均售价较低的医疗手套占产品组合的比重增加。除了市场充满竞争外,医疗手套平均售价备受压力也反映丁二烯(butadiene)的价格下降。丁二烯是生产丁腈手套的重要原料之一。

随着第5期扩充计划在2018年年底完成,公司的总年产能增加14亿只手套至90亿只。由于加强销售活动来争取订单及取得增长,公司的销售与分销开支攀升10.4%至430万令吉,一般与行政开支则提高3.9%至570万令吉。

整体而言,净利下跌2.8%至3,020万令吉,由于医疗手套平均售价下降及税务提高,后者因为子公司的盈利增长无法享有税务优惠。
财力雄厚

尽管产能在过去五年增加了两倍,公司却能维持偏低的1,750万令吉债务水平。公司手上的现金为8,270万令吉,因此其净现金为6,520万令吉,或相等于每股0.088令吉。公司手持现金显示其资产负债表十分保守,并且能为扩充业务灵活提供资金及以备不时之需。

此外,管理层在FY18派发每股0.0675令吉的总股息。以公司每股0.965元闭市价计算,其股息获益率为不错的2.3%。
展望未来

公司第6期的扩充计划正如期进行,并计划在2019年结束前增加多14亿只手套的产能,把总年产能提高至104亿只手套。

除了原料价格降低外,最近美元兑令吉走强也对公司有利,由于其大部分销售是以美元计价。 

估值合理



以每股0.965元的股价而言,公司目前的估值为16.9倍本益比及2.9倍股价与账面值比,股息获益率则是2.3%。

与顶级手套(Top Glove Corporation)相比,立合斯顿无疑是更具吸引力的选择。不过,顶级手套的估值较高部分原因是其大举扩充的策略,因此长期而言,可能为投资者带来更大回报。截至2019年2月28日,顶级手套大举扩充的行动令它处于20亿令吉净债务水平。

尽管如此,我们相信立合斯顿是值得投资的选择。基于公司进行产能扩充及手套需求不断增加,这只股或许能使投资组合更加稳定。

Is Tenaga a bargain now?

Adam Aziz / The Edge Malaysia
May 31, 2019 14:24 pm +08

This article first appeared in The Edge Malaysia Weekly, on May 20, 2019 - May 26, 2019.


LOOKING at Tenaga Nasional Bhd’s current share price, one could say its major shareholder Khazanah Nasional Bhd made the right call to place out a 1.5% stake in the utility group at RM12.33 apiece on April 11 — 2% below its market price on the day before.

This is because the FBM KLCI heavyweight closed at its 40-month low of RM11.58 last Friday. Year to date, the institutional counter had declined 13.29%, outpacing the 5.04% decline in the benchmark index.

Apart from selling by foreign funds and a weaker ringgit, other reasons for the recent sell-off in Tenaga include its lower earnings in the financial year ended Dec 31, 2018 (FY2018).

The company also saw a lower return of 7.3% on its regulated asset base (RAB) under Regulatory Period 2018-2020 (RP2). In RP1 (2014-2017), the allowed rate was 7.5%, but it was estimated to reach 8.9% because Tenaga’s distribution network applied a price cap model instead of the current revenue cap model.

The underperformance of Tenaga’s investments in Turkey (GAMA Enerji Anonim Sirketi) and India (GMR Energy Ltd) also helped drag down its FY2018 net profit, resulting in impairments of RM1.18 billion.

Viewed against such a background, the company is likely to see some improvement this year, say analysts.

In a May 10 note, UOB Kay Hian estimates a stronger 1QFY2019, based on an expected 5% year-on-year increase in its RAB to RM52.6 billion this year, and in the absence of impairments on its overseas ventures, which have been fully provided for.

This does not take into account around RM300 million of negative non-cash impact on Tenaga’s earnings in FY2019 from higher generation, financing and depreciation expenses for its two upcoming power plants under the accounting standard MFRS16 that took effect this year.

Meanwhile, regulatory risks are fewer than anticipated. Tenaga president and group CEO Amir Hamzah Azizan highlighted at the company’s latest annual general meeting that deregulation is likely to occur in retail, which forms a small portion of Tenaga’s portfolio.

A further announcement by MyPower Corp on power-sector reforms under the Malaysia Electricity Supply Industry 2.0 initiative is expected in the middle of this year at the earliest, but the downside seems limited for now.

Beyond its existing operations, Tenaga sees opportunities for growth in its plan to participate in the National Fiberisation and Connectivity Plan (NFCP).

After a successful pilot to utilise its fibre assets to facilitate high-speed broadband in Jasin, Melaka, Tenaga now wants to strengthen its footing in the segment and utilise its nationwide fibre network that is mostly idle at the moment.

Recall that Tenaga had initially planned to join hands with Telekom Malaysia Bhd (TM) to facilitate the nation’s fiberisation agenda, but the memorandum of understanding was terminated, which was welcomed by Communications and Multimedia Minister Gobind Singh Deo, who had considered the partnership a monopoly. Now, Tenaga is going it alone.



Broadband: A viable but small venture for Tenaga

Tenaga has a fibre network that spans 16,000km along its electricity grid, which it plans to lease out to end-suppliers using a wholesale model.

The utility group also participates as an end-supplier through its subsidiary City Broadband Sdn Bhd in Jasin, Cyberjaya and Kampung Kerinchi in Kuala Lumpur.

In an interview with The Edge, Amir says the group has identified at least 135,000 homes that are in the vicinity of its existing network with a further extension to 2.6 million homes. In comparison, market leader TM had 2.23 million Unifi subscribers at the end of last year.

“What we do is that regulated business earns a ride-away charge, but we will have to pull and own our own infrastructure to make it separate from the regulated business. That is my cost of investment.

“However, in order to do the whole NFCP, it is likely that there will be some areas for which a commercially viable solution cannot be proposed. We hope that working with [the government], we will be able to have a support mechanism in place so that we can also support these areas with a commercially viable proposition,” he explains.

“That’s where we are trying to go — to do the commercially viable ones, and get support for those that are not so commercially viable and see whether we can support the NFCP journey and create the next line of business.”

Amir adds, “We bring value because we have infrastructure in areas they (the telcos) don’t. So, the next expansion is easy for us to do. Economically, it makes sense.”

In Budget 2019, the government allocated RM1 billion to roll out NFCP. For the pilot project in Jasin, which involves 1,100 homes, around RM5 million came from Tenaga, according to reports.

The new business segment is expected to contribute positively to the group from FY2020, says Amir, adding that Tenaga has an advantage as the bulk of the required infrastructure is already there.



Analysts not upbeat on proposition

“Even if Tenaga gets 10% of the 2.6 million households for its last-mile service at RM100 per household per month, the revenue is only about RM312 million a year. The wholesale price could be suppressed due to the government’s stand on lowering broadband prices under NFCP,” a local fund manager points out.

“As the rationale is for Tenaga to utilise its network in less-connected locations, like the rural areas, the question is, is there a viable end-user market to support the business model?” the analyst asks.

On another front, Amir underlines Tenaga’s intention to further its investment opportunities in the renewable energy (RE) space overseas to expand its portfolio and capture new talent in the segment.

Locally, the growth of its generation business is limited outside RE, considering the government’s intention to reduce the nation’s power reserve margin and increase renewable generation capacity to 20%.

But that, too, will be a challenge.

“They are sitting on cash, and there is room for participation in the renewable energy space overseas. But as it is still a nascent market, the scale has been smallish,” says an analyst with a local investment house.

“It would be positive if Tenaga could secure a bigger investment overseas — but then again, its track record with Turkey may not create the necessary confidence of execution,” the analyst adds, referring to how GAMA Enerji was fully written off due to a challenging operating environment, particularly due to a weak Turkish lira.

As at last Friday, Tenaga had nine “buy”, six “hold” and five “sell” calls from the 20 analysts covering the stock, Bloomberg data shows. The target price averaged RM13.84, with only one call below the company’s current share price, at RM10.70. The highest target price stood at RM16.

At its current price, is Tenaga a bargain? It is a little too soon to tell, says the analyst with the local investment house.

“If you are banking on the FBM KLCI going up, you should buy Tenaga. I would not buy based on its fundamentals … let’s see the full extent of the industry reform and if Tenaga’s earnings improve in the first quarter.”

[转贴] 口红、内裤、算命还能预测经济好坏?看懂你就赚大了!

如果有一天,你看到马路上女孩子的口红涂得艳丽非凡,商场里的口红全都售罄,这个时候你可能就要开始存钱,以防经济危机的来临。

口红为什么会跟经济学扯上关系呢?现实生活中还有哪些怪诞有趣的经济学现象呢?

1、口红效应

口红的风靡在经济学中有一个词儿——“口红效应”。这形容的是一种经济现象,指的是人们在经济不景气、收入降低时,为了满足自己的消费心理需求,转而会买一些廉价且非必要的产品取得慰藉。

口红作为典型“不昂贵的非必要之物”,可以对消费者起到一种“安慰”作用,尤其是当那抹柔软润泽的红触及嘴唇的一刻。

正如伊丽莎白·泰勒所说,“给自己倒杯酒,然后涂上口红,一切都会好起来。”

2、票房效应

有研究表明,自从1929年经济大萧条以后,只要好莱坞电影的票房高涨的时候,就是经济萎靡萧条的时候。

这是为什么呢?因为生活过于紧迫,大家都愿意去电影院呆上一两个小时,以此来逃避现实的压力。

经济越差的时候,好莱坞的电影票房越高。

另外,因为经济萧条,男人没办法负担昂贵的约会费用,电影票则变成最廉价的撩妹工具,经济越差,票房越高。

3、封面效应

当一个企业家登上时代周刊后,他的企业往往由盛转衰,两个美国哈佛大学的教授发现,在过去的二十年里,登全《时代周刊》、《商业周刊》和《福布斯杂志》封面的那些企业家,他们的企业往往开始由高峰转向低谷。

他们认为有两个原因,一是当一个企业被时代福布斯商业周刊发现的时候,一般是处在一个巅峰时期,巅峰过后,往往开始走下坡路。

4、裙摆效应

“美国仲裁之父”泰莱指出,裙摆离地尺码与股市盛衰成正比,即裙脚愈高股市愈旺,裙脚着地则股市“衰到贴地”,而此观点已被论证,从那张根据纽约名店Smith Barney不同长度裙子的年销售量配合、印证股市指数绘制的走势图,可以清楚地看出在1897年至1990年间,裙摆短长与股市升降的确有正比关系。

为什么呢?泰莱说,经济增长时,女人会穿短裙,因为她们要炫耀里面的长丝袜;当经济不景气时,女人买不起丝袜,只好把裙边放长,来掩饰没有穿长丝袜的窘迫。

5、内裤效应

前美联储主席格林斯潘还提出了著名的“内裤效应”。他认为,追踪男式内裤的销售就可以得知经济复苏的情况。

他认为,内裤是必需品,而非奢侈品,因此其销量应该比较稳定。只有当经济急剧下滑时,购买新内裤的频次才会降低。

因此,他认为,男式内裤销量的下降预示着总体经济的疲软,反之,内裤销量增加意味着经济开始走强。这位美联储主席就曾用这个指标把脉过美国的经济。

尽管有不少批评者认为这个理论很不靠谱,但2008年金融危机后,男性内裤的销量出乎意料地下降了2.3%,而此前,市场预计销量会增加,随后,经济衰退接踵而来。

6、算命效应

在经济不景气的年代,甚至用尽全力也不能保证生活无忧,还会遇到各种缺钱带来的困难。

在遇到无法解决的困难的时候,人们就会想到命运,人们会相信是这些困难是命中注定,只有找到合适的方式才能破解。通过算命大师的话,给自己找一个方向,会有更多的勇气面对困难,才会对生活有更多的期待。

转载自富爸爸,穷爸爸微信专号

Tong's Value Investing Portfolio as of May 30, 2019

A mixed bag of marriage, Raya, home and Mickey Mouse

How many bridegrooms get to introduce his grandchildren? Well, I did, on Monday. And Selamat Hari Raya to all our Muslim friends too. Now to the article for the week. Why home and Mickey Mouse?

The tense trade war standoff between the two largest economies in the world will keep markets on the back foot, until there is greater clarity. Emerging market stocks and currencies have, so far, bore the brunt of the selloff, as is to be expected. Investors tend to flock to safer assets when there are greater uncertainties.

Bellwether indices in Hong Kong and South Korea have lost 8.7% and 7.5%, while Singapore is down 7.6% and China’s Shanghai Composite index fell 5.6% so far in the month of May. By comparison, US stocks have fared slightly better, with both the S&P 500 Index and Dow Jones Industrial Average down 5.5% over the same period.

There is probably as good a chance the trade war will get resolved amicably as it will escalate. The ball, I believe is now in the US’s court. China appears to have drawn a line in the sand with the sharp state media ramp up in rhetoric, particularly when it comes to the country’s technology ambitions.

It is impossible to predict what President Trump will do next. Analysts and markets are still pricing in a ‘cooler heads will prevail’ scenario. Much hope is being placed on the possible meeting between the two presidents at the G20 summit in Japan next month. Make no mistake, should the situation takes a turn for the worse, there will be a lot more pain in financial markets.

Subdued inflation – driven in major part by competition and productivity gains from technological innovations – has allowed central banks to keep interest rates historically low this late in the cycle, thereby extending its life. The tariff war morphing into a full-blown tech war could, however, be a game changer.

The ban on Huawei Technologies has already sent global semiconductor and tech stocks into tailspin. More critically, it would push back the rollout of 5G networks worldwide by several years, and with it, the realisation of Internet of Things including autonomous vehicles.

Given prevailing risks, I believe the US market will fare comparatively better in the near-medium term, underpinned by corporate earnings growth – and low bar expectations.

According to data provider, FactSet, of the 97% of companies in the S&P 500 having reported their 1Q2019 results, 76% have beaten market expectations on earnings, slightly above the five-year average of 72%. Earnings are now expected to decline by just 0.4% for the quarter, compared with projections for a 4% drop before the start of the reporting season.

One key takeaway is that US consumers are in pretty good shape, even if they are somewhat reticent in spending freely due, perhaps, to prevalent narratives on the global economic slowdown and trade war uncertainties.

In fact, the Conference Board’s index for consumer confidence surged in May, and is now hovering near the highs of 4Q2018 and previously last seen in 2000. Another survey by the University of Michigan also indicated consumer sentiment at the highest level since January 2004, albeit taken before the latest flare up in trade talks.

To be sure, companies have cautioned uncertainties as to the actual impact of higher tariffs (on Chinese imports) on pricing for goods over the coming months. I believe that consumers can absorb any price increases reasonably well, underpinned by strong labour market – with unemployment rate at 50-year lows and wages growth gaining traction. The average US household debt to GDP has been declining since the peak of 98.6% in 2007, now at 72.3%, while debt servicing as a percentage of disposable income has dropped multi-decades low.

The three consumer-related stocks I have recently acquired – Disney, Home Depot and Builders FirstSource – all reported solid 1Q2019 results.

Home Depot
Revenue for Home Depot, the largest home improvement retailer in the world, was up 5.7% y-y to US$26.4 billion in the latest 1QFYJan2020. This is on the back of 3.8% increase in customer transactions and 2% increase in average ticket.

In fact, revenue growth would have been stronger if not for the deflation effect of significantly lower lumber prices from a year ago. Meanwhile, margins were similar to that in the previous corresponding quarter. Net profit was up 4.5%, after deducting slightly higher effective tax rates.

Home Depot has delivered consistent earnings growth since 2010, and has rewarded shareholders with higher dividends each year. For the current financial year, the company raised dividends by 32% to US$5.44 per share, underscoring management confidence in future earnings. This is equivalent to a payout of about 55%.

The company will continue to benefit from healthy US consumer spending, resilient housing market and low mortgage rates. New home sales are being capped by the lack of homes being built, due in part to rising labour and material costs. Demand, nonetheless, remains robust, leading to home prices trending higher. Statistics indicate that more than half of homes in the US are over 40 years old, the oldest on record. This and rising home equity bodes well for the home remodelling and improvement industry.

The bulk of Home Depot’s revenue is US-centric – with 87% of total store located across the country, with the remaining in Canada and Mexico. Meanwhile, direct impact on cost of goods sold from higher tariffs on Chinese imports is relatively minimal, estimated in the low single digit range.

It is interesting to note that whilst US retailers reported mix results in 1Q2019, almost all have cited relatively robust consumer spending. Departmental stores fared poorly, mainly because they failed to adapt to structural changes for how consumers shop. Case in point, Walmart, Target and Home Depot, have all done well by investing in digital platforms and fulfilment infrastructure, including the popular same-day store/locker pickup options.

Builders FirstSource
The investment thesis for Builders FirstSource is similar to that for Home Depot. The company is one of the largest suppliers of structural building materials in the US, catering to professional homebuilders and sub-contractors for new residential construction as well as the repair and remodelling market.

Its shares rose sharply immediately after the company reported stronger than expected 1Q2019 results. Sales declined 4% y-y to US$1.63 billion, mainly because of the slump in lumber prices. Volume sales were in fact up 6.8% y-y while sales for value added products were up 10%.

As a result, adjusted EBITDA grew by 22.2% to US$100.9 million from the previous corresponding quarter while adjusted net income was up 44.2% over the same period, from US$27.6 million to US$39.8 million. Its balance sheet strengthened, achieving management target leverage ratio between 2.5x and 3.5x – the ratio was reduced from 4.6x in 1Q2018 to 3.0x in 1Q2019.

Moving forward, Builders FirstSource intends to increase its market share, which could include strategic acquisition of other companies along the value chain to increase its geographic reach and enhance economies of scale.

Walt Disney
Our investment in Walt Disney too has performed well, up 13.6% since our recent acquisition. The company is a strong proxy of consumer spending on entertainment with its integrated studio, theme parks and resorts as well as merchandising businesses.

Disney has put in place the building blocks for growth for the next five years, including the important transition to streaming. Investor confidence surged after the company disclosed details for streaming service, Disney+, slated for launch on November 12. The package is priced very competitively at only US$6.99 a month or US$69.99 for a year. By comparison, Netflix packages range from US$8.99-US$15.99 a month.

In addition to the huge catalog of content from both Disney and recently acquired Twenty-First Century Fox, Disney+ will have exclusive rights to stream all of its new studio releases starting with Captain Marvel. It also unveiled plans for a series of exclusive original content based on franchises under the Mouse House’s stable including Star Wars and Marvel.

Disney recently gained full control over another streaming provider, Hulu, after it acquired AT&T’s 10% stake and inked a deal with Comcast to buy its 30% share in five years’ time. This gives Disney the option of bundling Disney+, ESPN+ and Hulu, an attractive package for would be subscribers.

The company’s 1Q2019 results beat market expectations for both top and bottomline. Revenue rose 2.6% to US$14.9 billion, boosted by a 4.5% increase in parks, experiences and consumer segment while the decline in media networks stabilised.

Disney is estimated to spend some US$24 billion for parks, resorts and cruise ships over the next five years, with new attractions planned for all six of its theme park resorts. Star Wars: Galaxy’s Edge, the biggest expansion in Disneyland history, is set to open May 31 in California and Florida in August.

Studio entertainment saw 14.6% y-y decline due to timing of releases but the company has a very strong slate of movies for the rest of this year, including Toy Story 4 and The Lion King. Avengers: Endgame (released in April) is currently the second-highest grossing film of all time. Incidentally, this movie will stream exclusively on Disney+ starting December 11.

Looking ahead, Disney will sacrifice some short-term profitability to invest in Disney+, which is projected to breakeven by 2024. But strategically, it would put the company in a much stronger position in the global entertainment industry.

Northrop Grumman
Government military spending could be counter-cyclical and relatively unaffected by the trade war. Northrop Grumman is the fourth largest aerospace and defence contractor in the world and a leading player in the drone market.

The company reported a 22% increase in revenue in 1Q2019, taking into account contributions from Orbital ATK, acquired in 3Q2018. Net profit was up by just about 3% y-y, after adjusting 1Q2018’s results for differences in treatment for pension costs. Nevertheless, Northrop raised its full-year guidance slightly following this latest result.

Global military budget reached new heights since 1988 last year, against the backdrop of increasing geopolitical tension as well as rising threat from extremist militias and intercontinental ballistic missiles (ICBM).

After falling from 2010 to 2015, US defense spending has risen every year since – from US$586 billion in 2015 to a budgeted US$716 billion in 2019. The Trump administration has proposed total spending of US$750 billion for 2020.

The US spending for defense is already larger than the next 6 biggest spending countries combined, including China, Russia, Saudi Arabia and UK. Military spending is the second largest component after social security in the US Federal Budget. Defense spending may well continue to rise, for critical modernisation programmes as well as investments in next generation technology and weaponry to counter the improving military capabilities of Russia and China.

A core programme from the military budget is the Ground Based Strategic Deterrent System (GBSD) – to overhaul 400 aging missiles and their supporting infrastructure estimated to cost north of US$100 billion over a decade. Northrop and Boeing are the two primary contenders. Northrop boosted its prospect by acquiring Orbital ATK, one of only two US manufacturers of solid rocket motors used to propel the ICBM.

Northrop reported net awards totalling US$12.3 billion in 1Q2019, increasing its order backlog to a record high US$57.3 billion. The company has generated positive free cash flow in each of the past 10 years, which totaled some US$2.6 billion in 2018. It expects to maintain this level of cash generation in the current year – estimated at between US$2.6 to US$3 billion – which will be supportive of more share buybacks and dividend payout.

Dividend per share has risen every year since 2009, by a compounded annual growth of 12% to US$4.70 in 2018, with average payout of just about 29%. Dividends will rise further to US$5.28 per share this year.

My Global Portfolio slipped 0.6% this week, better than the MSCI World Net Return Index’s 2.2% loss. This pared total returns to 2.7% since inception. Nevertheless, the portfolio is still out-performing the benchmark index, which is up 1.1%, over the same period.

Local institutional funds offered support to the local bourse as foreign investors continue to sell down on emerging market assets amid rising uncertainties. The FBM KLCI clawed back some recent losses, closing 2.2% higher for the week ended Thursday.

Stocks in my Malaysian Portfolio, however, remained under pressure, paring total returns to 46.8% since inception. Still, this portfolio continues to outperform the benchmark index, FBM KLCI, which is down 10.6% over the same period, by a long way.


Performance Comparison Since Inception (%)
%-10.646.8-15-10-505101520253035404550
  • Tong's Value Investing Portfolio
  • FBM KLCI
SHARES HELDQUANTITYAVERAGE COSTCOST OF
INVESTMENT
CURRENT
PRICE
CURRENT
VALUE
GAIN /
(LOSS)
GAIN /
(LOSS)
SCGM BHD11,0661.72919,190.70.8709,627.4(9,563.3)(49.8%)
AJINOMOTO (M) BHD1,50011.81317,720.017.58026,370.08,650.048.8%
Y.S.P.SOUTHEAST ASIA HOLDING10,5002.41325,340.02.44025,620.0280.01.1%
FORMOSA PROSONIC INDUSTRIES18,0001.44025,920.01.74031,320.05,400.020.8%
POH HUAT RESOURCES HOLDINGS13,0001.47019,110.01.51019,630.0520.02.7%
SUPERLON HOLDINGS BHD15,0001.28919,327.50.95014,250.0(5,077.5)(26.3%)
CIMB GROUP HOLDINGS BERHAD6,0005.14030,840.05.21031,260.0420.01.4%
Total  157,448.2 158,077.4629.20.4%
        
Shares bought       
No transaction.       
        
Total shares held  157,448.2 158,077.4629.20.4%
        
Shares sold       
No transaction.       
        
Cash Balance    135,453.4  
Realised Profits / (Losses)    92,901.6  
        
Change since last update May 23, 2019       
Portfolio      (0.2%)
FBMKLCI      2.2%
        
        
Portfolio Returns Since Inception  200,000.00 293,530.893,530.846.8%
Portfolio Returns (Annualised)      10.1%
        
Portfolio Beta      0.903
Risk Adjusted Returns Since Inception      51.8%
        
        
Performance ComparisonAt Portfolio StartCurrentChangeRelative Portfolio Outperformance
FBM KLCI1,829.71,636.5(10.6%)57.3%
FBM Emas12,700.411,487.5(9.6%)56.3%
Footnote: 
*Current price is as at May 30, 2019. 
*Portfolio started on Oct 10, 2014 with MYR200,000. 
*This is a personal portfolio for information purposes only and does not constitute a recommendation or solicitation or expression of views to influence readers to buy/sell stocks.

STOCKS SOLD IN THE LAST 12 MONTHS (Currency: MYR)
SHARES SOLDDATE BOUGHTDATE SOLDQUANTITYAVERAGE 
COST
COST OF 
INVESTMENT
PRICE SOLDSALES 
PROCEEDS
GAIN /
(LOSS)
GAIN /
(LOSS)
THONG GUAN INDUSTRIES BHD12-Dec-1608-Dec-175,0004.24321,215.04.10020,500.0(715.0)(3.4%)
KERJAYA PROSPEK GROUP BERHAD12-Jan-1715-Mar-1811,0001.02511,280.01.54016,940.05,660.050.2%
KERJAYA PROSPEK GROUP BERHAD - WARRANTS B 2018/202308-Mar-1815-Mar-183,0000.0000.00.330990.0990.0-
LUXCHEM CORPORATION BHD30-Aug-1715-Mar-1816,5000.73212,072.50.72011,880.0(192.5)(1.6%)
WILLOWGLEN MSC BHD14-Dec-1722-Mar-1820,0001.01020,200.01.26025,200.05,000.024.8%
MUAR BAN LEE GROUP BERHAD26-Oct-1722-Mar-1813,5001.24016,740.01.17015,795.0(945.0)(5.6%)
CHOO BEE METAL INDUSTRIES BHD07-Sep-1716-May-188,0002.19017,520.02.44019,520.02,000.011.4%
CHOO BEE METAL INDUSTRIES BHD07-Sep-1721-May-188,0002.19017,520.02.30018,400.0880.05.0%
SUPERLON HOLDINGS BHD01-Dec-1721-May-186,0001.1757,050.01.5509,300.02,250.031.9%
OKA CORPORATION BHD14-Dec-1728-Jun-1812,0001.54118,488.01.27015,240.0(3,248.0)(17.6%)
SUPERLON HOLDINGS BHD01-Dec-1728-Jun-186,0001.1757,050.01.2107,260.0210.03.0%
WILLOWGLEN MSC BHD14-Dec-1728-Jun-181000.50050.00.54054.04.08.0%
PANTECH GROUP HOLDINGS BHD17-May-1802-Aug-1843,0000.58024,940.00.56024,080.0(860.0)(3.4%)
KERJAYA PROSPEK GROUP BERHAD10-Jan-1706-Sep-1811,0001.02011,225.01.40015,400.04,175.037.2%
LUXCHEM CORPORATION BHD25-Aug-1706-Sep-1816,5000.71711,825.00.65510,807.5(1,017.5)(8.6%)
HOCK SENG LEE BHD19-Apr-1806-Sep-1814,5001.52022,033.01.37019,865.0(2,168.0)(9.8%)
GENTING MALAYSIA BERHAD06-Sep-1828-Nov-183,8005.07019,266.03.06011,628.0(7,638.0)(39.6%)
TOP GLOVE CORPORATION BHD06-Sep-1806-Dec-183,6005.50019,800.06.03021,708.01,908.09.6%
MAH SING GROUP BHD28-Jun-1814-Jan-1919,0001.00519,095.00.93017,670.0(1,425.0)(7.5%)
WILLOWGLEN MSC BHD14-Dec-1714-Feb-1919,9000.5009,900.00.4649,236.0(714.0)(7.2%)
SAM ENGINEERING & EQUIPMENT14-Jan-1914-Mar-193,0007.38022,140.07.90023,700.01,560.07.0%
PANASONIC MANUFACTURING MSIA16-May-1818-Apr-1960026.15717,182.037.87022,722.05,540.032.2%
HONG LEONG INDUSTRIES BHD14-Dec-1718-Apr-192,0009.12618,251.010.64021,280.03,029.016.6%
MALAYAN BANKING BHD16-May-1818-Apr-193,00010.25030,750.09.13027,390.0(3,360.0)(10.9%)
ECO WORLD DEVELOPMENT GROUP BERHAD28-Jun-1818-Apr-1915,2001.23518,772.00.92013,984.0(4,788.0)(25.5%)
DIALOG GROUP BHD06-Sep-1818-Apr-195,7003.45219,676.43.11017,727.0(1,949.4)(9.9%)
HARTALEGA HOLDINGS BHD28-Mar-1818-Apr-1911,0004.61050,710.04.75052,250.01,540.03.0%
A Note to Readers

It is my pleasure to share with you my Value Investing Portfolio. However, I must emphasize that it is by no means a recommendation or a solicitation or expression of views to influence you to buy or sell any stocks. I am just sharing openly on what I am doing with my stock portfolio.

Further, I like to remind all investors that investing is not just about the profits or returns. You will inevitably suffer stock losses too. You need to understand your own investment objective, risk appetite and the amount of loss you can afford to bear. So, while many investors talk only about absolute returns, I am also sharing the computed risk-weighted returns of my portfolio.

Tong Kooi Ong