This would be a very brief report.
STI Index Fund returns 1.63% (was +0.25% in March)
Hong Kong Tracker Fund returns 0.01% (was +1.8%)
S&P 500 Index Fund returns 8.76% (was +4.95%)
My portfolio returns year-to-date is currently was 6.98% (6.11% in March).
The S&P 500, has yet again, show me up in performance. The QQQ (Nasdaq) is at an astonishing 22% year to date.
This is beyond my expectations-- I thought the Hong Kong index, being depressed as it was last year, would stage a rally. Instead, it return a flat 0 to investors so far.
Key reason would be poor economic data. Even Alibaba, with all its restructuring possibilities, lost all its gains. It lost 16.7% in just one month (Tencent lost 11%, Sunny Optical 12%, Xiaomi 9%)
There were no remarkable transaction bought in April, just a handful of stock in Central China Real Estate.
The OKP Annual General Meeting
I attended the meeting with two main concerns in mind. First, is the 43m in? And second, why is the rental for its local properties so poor?
The second question is far easily explained by the management: Its intention in investing in the property is for capital gains and not yield. It had already put the 2 adjourning shophouses in Kampong Bahru for sale. If the sale does go through, there will be a modest improvement to the company's value.
The first question was not brought up until towards the latter stage of the meeting. The management explained that they could not release any information (other than the sum awarded, because it was material to the stock price; and its legal team cleared them for announcing it).
As for the collection of the sum, I get the impression that it isn't collected yet. Upon asking the Financial Controller (whom I am ashamed to admit, been disturbed by myself every 2 weeks via phone calls), she said that we should see an update in Aug. I surmise that it should refer to the earnings report for 2023-half year.
It was at this point that the CEO smilingly suggest that everyone is likely worried about the collectability of the money, and this brought out smiles all around the shareholders. Judging by the responses from the CEO and Daniel Or, I see no reason to doubt them.
The amount would be subjected to tax; however, the management could not guide for an amount.
A quick buffet lunch (which shareholders were joined in by management, and latter some employees) later, I was on my way home.
OKP, given its capital gains over the month, is now 36% of my total equity holdings.
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I was unable to attend Centurion Corp's AGM due to work commitments. Judging by the results, particularly the election of directors to the board, I think most people, as usual, vote like sheep.
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I wrote last month that Clifford's cash in the books has increased markedly. Upon inspecting the annual report, it appears to be due to collection in trade receivables and a sale of its silver bullion. Overall, nothing to worry about as yet.
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