Porfolio as at Mid-Oct

My portfolio:

China Precision
Fujian Plastics
United Engineers
Tuan Sing
1 HK Stock
1 Hk Stock

Over the past few weeks, I have been paring the Techcomp stake since Techcomp has announced a placement of shares. The Techcomp proceeds are used to purchase United Engineers, Tuan Sing and 1 HK stock.

The purchase of United Engineers is mainly due to a NRA research report (seen in SGX website). The report states that United Engineer is trading at a XX% discount to its sum-of-parts valuation. Furthermore, upon a look at the Annual Report, it seems that United Engineer may have the intention of disposing of non-core business which may help to unlock some of the asset value. Hence this is more of an asset play to me, where the catalyst lies in the possible unlocking and further enhancement of asset value. (Despite the fact that Unitied Engineer is trading at 1.3 NAV.)

The purchase of Tuan Sing is also more of an asset play to me, where the catalyst lies in the re-valuation of its two CBD office blocks at end of year and sale of its developed China Property in perhaps 2008. However, as my knowledge in properties is limited, my stakes in both United Engineers and Tuan Sing are smaller than usual.

And perhaps, I may end up selling them someday to raise cash for other more undervalued stocks. But then, I do not see any undervalued stocks recently. Hence I shall wait.


Ng said…
Hi ThinkNotLeft, I am tuning in to your stock ideas and investment philosophy.

btw, would you be kind enough to do a link exchange with me?

My blog is at http://www.investmentmoats.com



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