Portfolio updates

Merry Christmas all!!!

Some updates:

Last week I sold off 2 trading positions and 1 holdings as I wasn't feeling comfortable holding too much equities at this time.

Sold off:
1) Cordlife. Had vested at 54c about 2 weeks ago and sold off at 55.5c as it proved to be a stubborn resistance. I had intially vested as I thought I was seeing an Elliot Wave 5 forming... It's still possible as long as 51c isn't breached

2) PCI: I mentioned that this was good to hold with dividends and a chance of privatisation by Chuan Hup. But I just felt too heavily invested in the market and decided to reduce my positions. I sold off at 46c although I bought at an average of 46.8c. However, I collected 3c worth of dividends during the time. Resistance remains at 50c

3) Interra. I bought Interra at 39c on 14th Dec as I saw an triangle with a chance of a breakout later since it was consolidating. Subsequently it did make a big move on 21st December and hit 41.5c before closing back at 40.5c. The breakout of the triangle is at >41c. Closing below showed the breakout had failed this time. Thus I threw my lots at 40.5 as I didn't see much buying at 41.5 anyway..

Holdings left in my stash:
1) 35lots of Foreland @ 9.9c
2) 100lots of Infinio @ 1c
3) 1 lot of Wilmar @ $4.98 (kept as a reminder to be discipline in cutting losses)
4) 1 lot of Wilmar (CPF) @ 3.10 (vested for long term)
5) 4 lots of Wheelock @ $1.975 (vested for long term potential)
6) 10 lots of China Merchant Pacific @ $0.755 (bought to build dvd portfolio)
7) 300 lots of Digiland (CPF) @ 0.1c  (more of a tikam haha)

Off topic rant on Singtel and Starhub

I just wrote the following complain email to IDA.... just too frustrating as a customer.

Background

I had be previously been a Starhub Hub club subscriber and started to terminate both the broadband and cable tv subscriptions as I no longer required them. I had kept my Starhub digital voice number active as my parents still use the land number. Subsequently, I decided to cancel this digital voice subscription and move it back to Singtel (it was originally a Singtel number) to replace my current MioTV number. The logic was that, there was no point for me to keep 2 numbers and paying for both when the MioTV number was solely just used for the TV and not used for telephony reasons.

I went down to Singtel "Hello" shop in Westmall around the first week of November to query about making the change and what I needed to do. The queuing took me quite awhile as Iphone 5 was just launched and they didn't have a priority queue for customers who wanted other services other than mobile. I was told to do the following:

1) Cancel Starhub digital voice so that the number can be returned to Singtel.

2) Come back again after it's cancelled so that they can do the processing to streamline my 2 numbers to 1.

3) The number would be unavailable for use during the time of change

Note: Singtel cannot do the number porting on behalf of the customer and requires the customer to liase with Starhub on this. (I'm quite curious why this can't be done between the Telcos since they can easily do it for Mobile lines)

Thus, I went to cancel my starhub line on the 14th November.

After about 1+ week, I went back to Singtel Westmall to check as I happen to be around. They told me that the number hasn't been returned and they can't do anything until Starhub returns the number. She told me to next time call up Starhub to check before wasting time and queuing up again.

This morning, a couple of things happened:

1) I called Starhub to check if the number has been returned to Singtel. The CSO told me over the phone that the number had been deactivated since 16th November and that they have no control over the number.

2) Thus I called Singtel to check since now Starhub is claiming that the ball is in Singtel's court. I explained to the CSO what had happened and was advised that I was to proceed to a Hello shop and complete a Number Porting form to do the porting from Starhub to Singtel. I was very frustrated at this time and was wondering why didn't Singtel tell me this weeks back when I was there??

3) I went back to Singtel Westmall and was served by a friendly CSO (Alvin). I explained my situation and he duly filled in the number porting form. But as he was completing the form, he noted that my number was still with Starhub and told me to get Starhub to cancel the number porting since the number was originally from Singtel. As he went to check with his manager, I took the opportunity to call Starhub and a CSO (Fu Xiang) answered. He repeated to me that the number had already been cancelled and that he needed to check with the operations staff why the number wasn't transferred back. He said he will drop an mail to the department and will inform me once the change is effected. After the call, Alvin advised me that the number returning can take between 2weeks to 3 months!! And that the bottleneck is at Starhub.

Please advise if you can help to expedite this request as it is UNREASONABLE to be required to wait 2 weeks to 3 months just for a simple transferring of numbers. I personally 1 week is already very generous. Imagine, if I'm expecting an important call and number previously provided was now the invalid number? My Dad is also seeking employment and runs the risk of the potential employers calling this invalid number! I feel that I have been very patient with this as it has already been more than 1 month and I have yet to even submit the form to streamline the 2 phone numbers.

Update on Foreland

First thing first, yes i'm still holding Foreland at 9.9c as mentioned in my post early in March.
Small-investment-foreland

Today, foreland (or forlan as EDMW calls it), made a big surge of almost 25% ! This was following a smaller surge of about 10% the day before. What caused this surge? Probably sector rotation play since China Taisen, Qingmei and even Eratat did big moves today.

The mistake I made was that I was lazy and didn't go ahead to analyse on Foreland's Q3 results (as opposed to what I told myself to do). I had initially wanted to wait for the Q3 results and decide if I wanted to average down. And looking back, I probably might have taken the risk to do so at about 3.0-3.5c... Let me try to present my FA based view on this.

Firstly, let me start by saying that the slide of Foreland is inline with what the whole fabric industry is experiencing. Tighter margins and as a result, losses are made. The executive chairman had also dump some of his holdings during this time.

However, there's a saying that knowledge that FA will provide support and form a base/turning point.

In this case, the turning point was about 3c.

Now let's look at Q3's results.

1) P&L:

 Net loss after tax was RMB ~920k. I personally had expected a bigger loss but am still confident that the company will become profitable since the comparison quarter's profits was RMB 54million! The only concern here is the small margin from sales and cost of sales.

2) B/S: This is what I was looking for.

Total Liabilities: RMB ~51million
Cash and cash equivalents: RMB 317million
Supposedly, Foreland need to pay out all current and non-current liabilities right now. Foreland would still have RMB 266million in CASH alone. We aren't even factoring in receivables and fixed assets at all.

Group borrowings are ZERO.

Number of issued shares at end of Q3 is 542,424,199.
If we take the RMB 266m above (after liabilities) and work out the cash per share, it works out to RMB 0.49 per share! (Assuming RMB 5 = SG$1, we have about close to 10cents per share!) The share price when the Q3 results were released was only 3.3c! This alone should have been enough motivation to buy more if you believe the accounts to be true. The auditors are Baker Tilly (whom are a mid tier audit firm)

Lastly, if you like to look at NAV, it's currently at RMB 1.28 = SGD 0.256...

Sigh... Now I can only look on and consider I should average some now or if I should wait for retracement to keep more...

Nov month end STI and Reits update.

Note that the "dividend stocks" prices are not updated. Only the STI and REITS prices are updated till 30th Nov.