Pan United Marine Q1 results

Profit decline due to lack of 1 time gain last year due to disposal of vessel.

Operating profit doubles to 11.2 Mio.

Book order is around 476 Mio.

Overall performance was alright with more work on higher margin vessels and FPSO.

This is my counter with exposure in the oil and gas industry. I am bullish with O&G industry in the mid term as the supply side is out of whack.

In this year PUM expects to deliver 9 vessels as compared to 6 vessels last year and with more work on higher margin vessels, this year should be another bumper year for PUM.

I expects EPS to be around 18 cents and dividend between 10-12 cents at least, giving a dividend of 6+ % of the current price of 1.85. This is supported by its big cash hoard of 40+cents.

HDB valuation market 2007 Q1

Average Valuation by Town & Flat Type
For 1st Quarter 2007 For 1st Quarter 2007
Town
1-Room
2-Room
3-Room
4-Room
5-Room
Executive
Ang Mo Kio
*
$123,000
$171,500
$257,000
$343,000
$455,000
Bedok
*
$122,100
$167,400
$224,600
$319,500
$381,200
Bishan
*
*
$171,600
$285,500
$378,000
$444,600
Bukit Batok
*
*
$155,000
$235,300
$315,400
$352,000
Bukit Merah
$86,500
$116,000
$186,900
$323,300
$412,800
*
Bukit Panjang
*
*
$150,600
$213,900
$275,700
$331,900
Bukit Timah
*
*
$209,000
$291,700
$335,000
$439,800
Central
*
$127,500
$222,800
$292,100
$386,000
*
Choa Chu Kang
*
*
$150,200
$225,600
$282,300
$336,600
Clementi
*
*
$180,300
$279,000
$377,200
$408,500
Geylang
*
$111,300
$159,400
$247,900
$327,700
$369,300
Hougang
*
*
$159,000
$220,600
$299,800
$350,700
Jurong East
*
*
$157,600
$224,600
$290,300
$353,000
Jurong West
*
*
$149,000
$215,700
$268,800
$326,300
Kallang/Whampoa
*
$117,600
$163,800
$276,900
$379,100
$400,900
Marine Parade
*
*
$218,000
$283,500
$435,400
*
Pasir Ris
*
*
$148,000
$242,600
$287,000
$367,700
Punggol
*
*
*
$249,200
$300,600
$357,600
Queenstown
*
$117,800
$174,300
$339,800
$441,100
$521,300
Sembawang
*
*
*
$226,400
$282,100
$334,600
Sengkang
*
*
*
$238,600
$293,700
$347,400
Serangoon
*
*
$161,200
$237,500
$293,900
$361,300
Tampines
*
*
$185,100
$249,200
$300,100
$379,600
Toa Payoh
*
$125,400
$174,400
$296,100
$392,000
$399,500
Woodlands
*
$91,000
$149,300
$213,000
$274,400
$349,400
Yishun
*
*
$152,100
$195,900
$272,300
$327,700

April 2007

As of April 07, YTD portfolio is up 19%. Not as good but considering that I am most of the time only 60% vested, the rest in cash, I am satisfied.

Pan United (50% gain in 1 month )and CSC (40% gain in 1 month) and Food Empire (100% gain in 1 month) had good returns for me.
However I was dragged down by LongCheer and Memtech.

This is my portfolio at present.

PUM
CSC
Metro
SMRT
Full Apex
Darco
TechComp
Ecowise
Superbowl

Year 2006

This was an excellent year for me. My portolio went up more than 160 %. Courtesy of Celestial which went up more than 180%.

It was a hectic year for me as I got married in January and my wife gave birth in October.

At 1 point, CN reached $2. I was in Germany on a business trip at that moment and did not take any action. I guess I made a cardinal mistake on falling in love with my stock. It droped in May to 1.04 and luckily I did not sell at the bottom. It rebounded and after I know it is not making much progress in their expansion, I sold most off at 1.55.

I also sold of my Eu Yan Seng as its PE was quite high around 15-20 and profits growth was only 10% or so.

In the beginning of the year, I bought Pan United Marine (0.6) and Asia Water (0.4). I later sold off Asia Water at close to 80 cents. (>90 %)

Later, I bought Food Empire as it was turning around (0.45), Memtech (3G) , Longcheer (3G).

My only regret this year was that I could easily made more if I did not fall in love with CN as a stock and should have sold off when there was a lot of profits and there was a change (Templeton sold was the triggering point)

Year 2005

2005 was a good year for me, my portfolio went up 68 %.
Suffering a bad results in 2004, I started cautiously, accumulating Straits Trading (2.11), SPC (4.04), Lee Kim Tah (0.3) and Beauty China (0.65).

Beauty China went up more than 40% in just 2 weeks by a brokerage by ML. So I sold off around 94 cents in January. A good start for the year.

I acquired some Zhongguo Powerplus, Hongguo, but later sold them off to accumulate my biggest stock winner, Celestial Nutrifood. It was sold at a riduculous PE 3-4 and was going to be a big giant in China in that industry. Slowly CN became my biggest portfolio >80 % , with average price of 38 cents. It went up more than 60% in 2005.
It was not only till another fund manager Templeton bought a stake into it then this company zoomed up.

My next big winner was Eu Yan Seng. I liked this company as with old age and better understanding of Modern China Medicine, I thnk the company can slowly scale up. It went up more than 90%.

Year 2004

My record in 2004 was -11%. It was actually up 20 % by Chinese New Year, but returned everything as I made several bad investments.

I became over-confident with my investment skill or luck and dabbled in warrents thinking that with options experience from my US trading, I had more advantage in the Singapore Market.
I bought New Toyo warrants, believing that New Toyo was one of the biggest cigarette packaging manufacturer in SEA and will benefit from consumption boom. It has acquired a stake in Shanghai Asia - a cigarette packaging in China. Later it bought a stake in Tien Wah Press Holding, whose main customer was British American Tobacco.

New Toyo after converting the warrants became my biggest holdings, as I was under water and wanted the dividend (>4%). My lesson learnt is to advoid those companies who have hugh gearing, and not to dabble in warrants. This counter sinked more that 30%.

My 2nd biggest holdings was United Food. I was attracted by the low PE and high dividend. It was highly recommended by Wallstraits, a forum which had alot of insightful recommendations. I was actually a bit apprenhensive as they are venturing into all sorts of different areas eg. their soya bean plant. There was no synergy and low barieers of entry. After 2 quarters of bad results, I decided to call it a day. This counter sank about 10% from my costs as I average up from 35 cents to 55 cents. Lesson learnt, pay more attention to the nature and strength of the business then how cheap it is.

My other investments did manage however to lessen the losses. Pfood and Unisteel had very good returns for me.

2003 Investments

My investments in 2003 was fairly good about 37%, riding courtesy of the bull market after 3-4 years of bear market.

My first stock in Singapore was actually in Natsteel. By then, caution was the rule of that time. It was sort of a abitradge where the stock was languishing below the offer price by OHL. I entered at 1.77 and let go at 1.91. Too bad just made some coffee money.

This was the year where I recovered most of what I lost in the last 3 years as I had infusion of cash to invest.

First engineering was my first 3-bagger in my investment experience. It had very nich expertise in utlra-small plastic components. They have alot of insider buying as well.

Ufood and Pfood also became my top 3 investments.

My records 2000-2002

2000-2002 I paid most of the money on tution fees

Surprise surprise, although I am a Singaporean, my first investments are in the US.
Year 2000 was the year I started my investment journey and it started of with a thumping.


My first 2 stocks were AMD and PALM.
PALM was the rage at that point of time, and it was just before the tech bubble burst. My thoughts were that PALM will continue to grow and be as big as a market as desktop. The PE was also spectacular, >500.
So as expected, the tech bubble burst, PALM became little more than a fancy gadget which did not take up . PALM crash from $60 to $17 after 2 quarters of profit warning. That was enough, I cash out. The rest was history as PALM after spltting shares went down the drain

So my first lessons were never overpay and to look at PEs as an indicator

My first post

Dear myself,

This is to record my thoughts and records in the Singapore Stock Markets