Selling and buying

Selling Shimao and Sinopharm

Sold my position in Shimao (a small stake) due to the following reasons:

a) Price has dropped a lot, causing me to lose confidence. 

b) It could face higher costs of financing, due to Evantgrande and other property developers' issues in making coupon payments

c) China pilot property tax may lower demand for property

d) It is a non-core position. Selling it reduce my concentration in China/HK stocks and reduce the number of stocks I have.

e) Helps to raise cash to buy Intel

Sold my position in Sinopharm (a small stake) due to the following reasons:

a) Price is falling, causing me to lose confidence. 

b) Reduce my concentration in China/HK stocks and reduce the number of stocks I have.

c) Helps to raise cash to buy Intel

Start to buy Intel

Starting to buy Intel, as

a) Reviews suggested that Alderlake is slightly better or at least not worse off compared to Zen 3. This increase my confidence in Intel turnaround

b) Intel CEO has a clear plan to turn around Intel. The key issue is execution. 

Will restrict the position to 3-5%, as it is uncertain if Intel can execute its plan on time. 

Bought Asos (4% position)

Buying Asos during Sep-Oct, as

a) The stock price is relatively low

b) Nick Sleep connection

c) The company has a target to almost double its $4bn revenue to $7bn in next 5 years.

Will not be adding to the position due to the following risks

a) its current CEO has left

b) its earnings will be affected by rising logistical cost in the next few quarters

c) rising competition from similar competitors e.g. Boohoo 

Bought Micron (7% position)

Buying Micron in Oct-Nov, as

a) Its in portfolio of famous investors

b) RAM demand is growing due to digitalisation, EV etc. 

c) Industry is close to oligopoly, which may be more disciplined on its supply and hence reduce the impact of the boom-bust cycle

Will not be adding further, unless price drops.