Random thoughts: Book recommendation

Check out this book. I have really enjoyed it. An investment theme book.

Company prospecting: Pan United

A very short write up. More for discussion and putting it on investment bloggers radar, than throwing in numbers.

Pan United is a leading supplier of cement in Singapore. Hence their business depends on the demand of the construction sector. Information from BCA show that demand is picking up. The lowest projection of demand is expected to go up over the next few years. The projection came before the announcement of IR expansion. I am not sure if the 9 billion investment is accounted for, I assume that even if it is accounted for, all these would mean the projection Should come to the mid range of projection of close to 30 bio. 

When the construction sector  is declining in Singapore, pan United still manage to increase revenue and hence improve market shares except for the last 2 years.

If u do some tracking, at its Peak of it profitability, Revenue is half of what it is now but net profits is double of what it is now. Margin keep getting squeeze and became.lower and lower. RMC prices has shown some recovery ij the recent quarter but nowhere near its peak. If u look at Q1 reaults, it has double its profits simply by improved margins and RMC price ccontinue to improve due to expected higher demand in construction.

Beside the IR, the Deluxe of En bloc demand seem not BEING captured in 2018 as the BCA projection was higher than the actual Billings. So I am rather confident that construction demand will be nearer to 30 bio this year (clearing of backlog of developnent of En bloc site) and beyond in 2020.

Pan united has maintain profitability when demand hover around 26 to 29 bio.

Construction is turning, and I expect earnings to double.

Hence there is a chance for a yield play plus capital apprecitation to happen if pan united does double its NP for 2019.

Vested and maiden investment made at 28.5 cents. DYOD.

IF anyone has this in your radar, please leave a comment and I would really like a discussion. 

随心笔：祭父文

首先，谢谢各位到这里，陪我和家人送父亲走这最后一程。我代表大姐大哥，表示感激。

我父亲是一个对生活充满热忱又独立的人。记得他常常对我说，担心自己不能走动，那样就遭了。

记得有一回，他跌倒到了。肋骨有点微裂，医生说要吃止痛药，但他却说不是很疼。他在我眼里，他很坚强。

后来，即使需要使用拐杖助走，他也事事亲历亲为。我知道在医院的那几个月，他很辛苦，因为不怎么能下床。他时不时会问我，几时能回家。

最后在家的几个月，当他痒得呻吟，痛得叫出来时，我知道，他很辛苦。当姐姐对我说，他笑着离开，很安详，我虽然有点难过，但是还是很感恩，他的苦难结束了。爸爸，接下来你放心，一路好走。

在我眼里，我爸爸不善表达爱。他从来没说过我爱你，记忆中好像至我懂事也没抱过我。但是，我知道，也感受到你的爱。

以前我服役周末回家，你会帮我盖被。其实我容易醒，也怕热，但是很喜欢你帮我盖被的感觉。

后来，我念大学时，周末会去餐厅打工。值夜班回来，他对会叫我喝鸡精，说睡这么少应该会很累。

我每次给你家用，你对会问我自己够不够用，还会常常叫我给少一点。爸，你放心，我虽然非大富大贵，但还是遗传了你的那么一点点傲骨。我不怕吃苦，在新加坡只要肯努力，生活不会过不去。你靠着两只手，和妈妈煮了二十几年虾面，养大我们，你没受教育，却让我从你身上学到了不少道理。

爸爸，我们姐弟三人也爱你。虽然我也从没说过，但是我相信你也会感受到。以后不能再带你去吃晚餐了。我会想念你。