Cash Changes
Have converted a portion of USD in IBKR to SGD, so as to hedge against USD depreciation. Withdrew the amount and deployed them as followed:
- Half in Manulife SavvyEndownment - 3 year guaranteed 3.4% pa
- 30% to subscribe to this month's Singapore Savings Bond which gives 3% pa for 10 years
- 20% to Moomoo Cash Plus (drop to 3.3% in 7-day yield)
The first two deployment helps to lock in 3+% for longer duration. The last deployment is to park the cash in SGD money market fund for future use.
Samsonite Noah Holdings and Yuexiu Services
Sold my Samsonite position at around 10+% loss, as I decide to deploy the funds elsewhere. The funds are used to buy Noah Holdings and add on to my position in Yuexiu Services.
Both Noah Holdings and Yuexiu Services are trading below its net cash holdings.
Koneko Research has a good piece on Noah Holdings: https://konekoresearch.substack.com/p/noah-holdings-chinas-largest-private
Yuexiu Services (6626.HK) is a China SOE providing property management services. Its 1H 2024 results was released yesterday. Revenue and net profit grew by 30% and 12% respectively. Declared interim dividend of $0.10 HKD per share; payout ratio was 50%.
Earlier in May 2024, it announced the intention to buy back 2% of its shares. In June and July, it bought back around 0.2% of its shares. Given its current market cap below its cash holdings and its actions to share its profits with minority shareholders, I have increased my position in Yuexiu Services.
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