Another Year Passed (OKP AGM 2023)

It felt like just months ago that I attended OKP's 2022 Annual General Meeting (AGM), and yesterday, I attended 2023's.

I remember what happen in 2022's AGM (took place in Apr 2023) very well. At that point of time, the arbitration award was just been announced, and everyone was quizzing the management about the certainty of payment. I was persistent and questioned the financial controller about when it could be reflected, and she said that we will see it in Aug (i.e. the mid year results announcements).

Fast forward a few months, it was Aug 2023.

The 43m was in the balance sheet, but a not so special dividend was announced. Management was paid handsomely through bonuses. Investors were very disappointed. I remember the share price dropped quite badly.

OKP was (and still is) by far my biggest position. My portfolio and personal life was terrible in the last 2-3 years, and then when your biggest position goes up 20%... you thought that things are turning around ... only to lost it all in weeks.....

It was soul-destroying... I had been holding OKP for 5-6 years. At the same time, management of a few other companies, in my portfolio, was... disappointing. . My Alibaba position wallowed in the depths of the ocean (still is!), and my Central China positions absolutely destroyed my portfolio.

My portfolio went from leading the S&P by over 80%; today it is 60% behind. My XIRR went from a 18%++ to 12%.

I was thinking: When will I see the sun again? Do... I really deserve this?

***

After 2022's AGM, I was leaving the meeting (I did not stay long after the meeting was concluded), a young chap was right walking behind me, and asked if I am who I was. He had watched the video that I did with Boon Tee some time back. 

We started chatting about Central China Management. At that point of time, there were about 12 private investors that took up placements with the company. He said that it was very strange that a cash rich company like CCMGT would be involved in such a deal. I was having reservation about the identity of those personnels, and the timing of it all. 

***

I have since sold out of all my CCMGT holdings, and the stock is still suspended since weeks ago. This young chap is not around at this year's AGM. 

This year, I stayed on after the meeting, to join the management during their food/refreshment to hear what some investors have to say and ask. I learnt a bit here and there, things that perhaps I shouldn't write here...

But I conclude that perhaps I should hold on to my shares. 

The stock has recovered and some since those awful times, standing at 0.275 a share. Its balance sheet is stronger than ever, and projects are being awarded at a delightful pace. Everyone looks very cheerful.

In contrast with pre-2023, the arbitration was still on-going, and everything was doubtful. Daniel Or was there as well, and although he was still the same candid and straight-talking  person today, his behaviour during the doubtful times (pre-arbitration, pre-sentencing) could be mistaken as defiance. The mood, this time round, is happier. I did not ask any questions but was listening before and after the AGM.

Before 2021, my investment journey had been too smooth sailing. It felt like I aged a lot after that. 

I hope, as always, that life treat us kindly. 

-boonsong