2008 mid-Q2 Portfolio Update

Half of Q2 has passed. Presently, my portfolio contains:

Fujian Plastics

Transactions made since last update:
Sold: China Hongcheng and China Precision
Bought: Changtian and Cacalo

Sold China Precision due to the unexpectedly poor Q1. China Hongcheng was sold due to two reasons. One, my original investment reason was incorrect as I may have overlooked the large amount of debts carried by China Hongcheng. Two, I wish to be less concentrated in chemical fiber industry, since I also have stocks in C&G and Sinotech. Both positions are sold at a loss.

Added more Cacalo shares to my portfolio, due to the unexpected good Q1 results.

Initiate a position on Changtian due to low PE and the interesting prospect of higher revenue & profits for the coming two years. Changtian will be increasing the production capacity of BOPA film and 2-A2MPS, and initiating the production of UV cured PE release film.

Year-to-date, my portfolio returns are negative at around -3.5%, slightly better than STI (-5.9%).


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