March 2025 portfolio update

Year to date:
My portfolio: 35.72%

S&P: -6.29%

Tracker Fund: 15.25%

STI: 5.92%

Notable transactions: as the price of OKP revised upwards, 1 took profit on about 1/3 of my entire holdings. The extra liquidity was used to purchase CityDev, prior to senior Kwek's decisio to drop the case. Additional capital from CPF was used to purchase more CityDev after the announcement. I have now around 2000 shares.

Personally, I do not think of this idea as a high conviction one there are no known possible catalyst, other than the need of an extremely powerful and rich family to save face, and demonstrate competence.

 There is of course a lot of value in the stock but the dividend is far from risk free rate. Shedding as much OKP that I have result in way more capital than ideas I have at hand. That perhaps could explain the lack of discipline in deploying my capital. 

The lack a discipline extends towards a short-termed punt on BYD based on trends/charts/news. The end result reminds me that I am at most a mediocre trader. A modest amount of profit was the outcome of this effort.

I watch with interest at the recent earnings release from Nongfu Spring and Anta Sports. NFS faced both political and customer retention weakness. The company shown slowing growth from its bottled water segment, and vey encouraging growth from other products, esp tea. I wagered that negative public sentiments towards the stock should be short-lived. However the price is still a little too high for my taste, even with option selling advantages to potentially bring down the price.

Anta Sports earnings show similar consumer weakness, but more aligned with a more cautious economy than specific sentiments to the company. Long term thinking, as well as above average ability to tolerate downturn in prices, could possibly make this a profitable holding.

My experience with FuShouYuan may dissuade me from this thought. it is far easier to bet on book value plays than compounders. The dividends at FSY is large, and it is possibly a hint to share holders that long term growth is impacted. I like Anta Sports dividend-- though modest, it displayed a steady upward trend.

Speaking of dividends, Clifford ML dividend held strong, possibly buoyed by silver bullion's rally . I disagree with such an investment but even taking a late haircut off the current value of silver, the stock price is not high. Though it is no longer the bargain stock that it was.

The last book value play is Powermatic Data. Some of my mates called it Problematic Data in jest, and I love companies with problems. The current problem is earnings, and its new CEO night be able - to handle that however. The apparent value with this stock is the building which the company is repurposing... with the belief of the board is that it would bring in more dough than just selling the building outright.

With book value play, the game plan is simple - accumulate on weakness. For compounders, concerns about earning power is impacted long term isn't that apparent sometimes..