08 August 2012

Increase holdings in PPB and AirAsia.

Just a transaction record.

Bought another 500 unit of PPB, and 2000 unit of AirAsia, with an injection of new fund amounted RM14k.

now PPB weighed ~10% in my portfolio, and AirAsia had become my 2nd largest investment item, after Hartalega. 


Perak Corporation sold.

another counter in my value-stock portfolio that hits the 4-years limit.

Transaction records for this investment:
  • Aug-2008: bought 1500 shares at RM0.75,
  • Jul-2009: dividend payment, 2.5sen per share less 25% tax 
  • Jul-2010: dividend payment, 2.5sen per share less 25% tax
  • Jul-2011: dividend payment,  2.5 sen per share less 25% tax
  • Aug-2012: dividend payment, 3.0 sen per share less 25% tax
  • Aug-2012: sold 1500 shares at RM1.31.
IRR calculation shows that the investment provided a return rate at ~16% p.a.


03 August 2012

SMIS Corp Bhd

This is the new member in my value-stocks portfolio. 5000 shares were bought at 41.5sen.

The main business of SMIS Corp is automotive parts. According to its quarter-report Mar-2012, its net-working-capital per share was RM1.05. That means i'm buying the share with 60% discount from its NWC. The better part is, each share comprise 40sen of cash.

Historical data:

the three-years-average of EPS was about 8.0sen, which gave a PER = 5 for the current share price.

The above table shows that SMIS Corp had experienced a significant growth in the past few years. The poor performance of its share price may be a result of loss-making 2011. According to its management, the loss was mainly due to "development cost" of projects, not quite understand what it means... however, the company did come back to profit in Q1-2012.

There are two down side about this stock:
1. no dividend record found.
2. trading volume extremely low.

These may explain why it share price drop to this level...


Ya Horng sold.

This is a stock that i purchased into my value-stock portfolio about 4 years ago. It was selected using Graham's net-working-capital criteria. (the post: Ya Horng Electronic (M) Bhd.)

According to its quarter-report 30-Apr-2012, Yahorng's financial status still strong, with a net-working-capital per share of RM1.49, and cash per share about RM0.79... so, I'm actually in the opinion that the current share price of RM0.87 is still very cheap, judging with Graham's method.

However, two years ago I had set a 4-year time limit for all the counters I purchased using Graham's NWC strategy (the post: A new framework for my Value-stock-Portfolio.)... Ya Horng was bought on Jul-2008, so it's time to let go.

My investment records for Yahorng:
  • Jul-2008: bought 2000 unit at RM0.55,
  • May-2009: sold 100 unit at RM0.72,
  • Jul-2009: dividend payment, 5sen per share less 25% tax 
  • Sep-2009: sold 100 unit at RM1.00, 
  • Jul-2010: dividend payment, 10sen per share less 25% tax
  • Jul-2011: dividend payment,  2 sen per share less 25% tax
  • Jul-2012: dividend payment,  2 sen per share less 25% tax
  • Aug-2012: sold 1800 unit at RM0.87.

The average return rate of this investment is about 17% p.a., quite satisfactory but still off from the target I had set for this portfolio (25% p.a.).


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