2008 mid-Q1 Portfolio Update

As half of Q1 has passed, my portfolio now contain:

Sino-tech Fiber
China Precision Tech
Fujian Plastics
China Hongcheng

Transactions made since last update:
Bought and Sold: Man Wah, Sunshine
Sold: Hongwei, the Two HK stocks
Partial Sold: China Precision
Bought: Sino-Tech Fiber, Sihuan, China Hongcheng, C&G, Karin

Bought Man Wah and Sunshine initially due to the thinking that they may be undervalued. However, worries on US housing lead to sale of Man Wah. The sale of Sunshine is due worries over the huge US$120m loan taken with nothing concrete done.

Sold Hongwei and the two HK stocks primarily to raise cash for other positons. Same for the partial sale of China Precision.

Sino-Tech and Sihuan are bought partially due to the initial recommendations made on Kleer's blog (Extraordinary Profits). However, the main reason for buying Sino-Tech is the large drop in the prices for Sino-Tech, leading to mouth-watering valuations based on its 2007Q3 results. I did not buy as much Sino-Tech as I would in previous cases, since I do not want to be overly concentrated in textiles.

Sihuan was purchased largely based on it being possibly unaffected by US slowdown/recession. Also, on valuation grounds and growth prospective, it seems to be more attractive than other China Pharmaceutical S shares. However, it is bought at a higher PE than my usual purchases.

China Hongcheng, C&G and Karin are bought on valuation grounds.

As seen, my number of positions have increased since the last update. This is mainly for diversification purpose. Overall, Valutronics remained my largest holding.

YTD, my portfolio returns are negative at around -10%, slightly less negative than STI. In previous weeks, it was more negative than STI, implying that my portfolio has been quite volatile so far.

P.S. Please do not blindly imitate my portfolio. My portfolio may change overtime. And I certainly will not provide regular updates to my portfolio.


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