Portfolio: 30.33% (was 9.35%)
ES3 (Straits Times Index Fund): 3.34% (was 2.34%)
S&P (S&P 500 Index): 0.56% (was 1.77%)
2800 (Tracker Fund Index): 13.26% (was 4.32%)
It was days before the last update and plenty of things happened for my portfolio.
Not only did OKP did very well in the days after earnings release, Alibaba had a revival (again?) that was way more optimistic than the last 2, or 3 times where it rose and faltered.
In fact, the HSI did very well in a matter of days, but Alibaba's rise seems especially prominent as Xi seems to soften his stance on private enterprise and 'common prosperity,' a term that I still struggle to understand.
The market treat me very kindly beside the upmove by Alibaba and OKP. Clifford Modern Living release a special dividend of HKD 0.112 per share. That removes 113.8m (or 104.9m RMB) of cash from its books.
What is the residue value? Clifford has100m RMB of deposites, and 344m of cash before this announcement. It also have 62.8m in silver bullion, which should be lower than market value since silver prices went a little higher since.
It has payables of 118m - 34m of receivables, which net to 84m. There is about 60m of other liabilities, so total up there is 144m of liabilities.
The liquid assets totaled (100+344+62.8) 506.8m, and taking away 104.9m for dividend means it is 401.9m of net liquid assets. There are 144m of liabilities, so the result is 257.9m RMB.
There are 1015.75m shares, and current stock price is 0.67 HKD. That is a market cap of 680m HKD, or 636.7m RMB. Buying stock now is paying for a enterprise value of 378m.
Free cash flow is about 80-150m in the last five years. Even if we looked back last 10 years, the lowest was 77m. So I think it is perhaps wise to hold on to the shares.
Clifford has been quite a good investment, yielding me 70% returns so far. It is my third biggest position.
Transactions:
Sold out the small position of Wee Hur in CPF portfolio. The language and tone from the directors at the AGM don't sound too shareholder-friendly. Wee Hur, iirc, doesn't have a good track record in being so in the past, but who knows it might do a Centurion (I lost 200-300% returns on this, it was my third biggest position) and bite me.
Took profit on a small amount of OKP. OKP still weighs 40++% of my portfolio.
About 1500 shares of Alibaba, which is 3 call options worth of shares, were called away. I also had purchase 2 call options of Alibaba some time earlier, strike price 125. These option expire at the end of the year.
That is all I guess. Grateful that the market is kind to me, and will be looking out for how Anta Sports do in a few weeks, after earnings. I have quite a bit of synthetic positions, through options, on it.
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