Thursday, October 29, 2020

Notice for EGM of SillyInc

Dear Readers, 

Notice of EGM hereby issued. The company seek the mandate to go beyond 10% of the holding in overseas market. As SillyInc expand the radar, It is quite likely that Hong Kong Exchange counters will exceed 10 percent of porftolio very soon. 

Singapore will remain the core and majority of the portfoilo for years to come. Beyond Hong Kong, Silly Inc has made a maiden investment in AT&T and might invest further if the price is right, so it is very unlikely that SillyInc can be a pure local player 

Some of the Hong Kong Counters vested

1) Lonking 3339

2) HSBC 0005

3) SinoPec 0386

4) GA pack 0468

5) Cosco Ship Int 0517

Those in watchlist include

1) APT Satellite 1045

2) Stella Holding1836

3) Ping An Insurance 2318

4) ICBC 1398

5) Tracker Fund 2800


US companies will play a second fiddle to Hong Kong Market. Silly Inc Board of directors wish to assure readers that the company is not looking to chase the tech giants, and many of the companies the company is looking at are near the 52 weeks low.

Of the Hong Kong counters, most counters are screen through various metrics like dividend yield, PB, PE, Margin, Current Ration, Debt to equity ratio etc. before running through the various websites and industry news to get a better idea of their business and growth areas or turnaround areas 

Lonking is in the construction machinery demand business, infrastructure stimulus is usually what China do to boast the economy. The company 1H profits is at par with last year and yet is price is languishing at 52 weeks low. 1H is the period where China undergoes a few months of Lock Down and disrupted the construction industry and if 1H profits hold, we can be confident about the end year results. 

HSBC and SinoPec are opportuntist investment. HSBC went through a few whammy. Suspension of dividends, profits fall due to low interest environment and damning reports that they might have helped to move illicit funds. Of the three, I believe only the second reason is of real concern and no quick fix, despite their restructuring efforts. 

SINOPEC, I shall not repeat what ROLF says in his post, but some quick verification of his findings and the latest results of sinopec does inspire confidence to take the plunge. 

HK account is the only investment account that is in the green in this depressing COVID environment.

Locally, 

We now owned sembcorp marine due to the demerger exercise.

We added Keppel and with SembCorp Industries, we are betting on the whole O and G sector and Singapore move to restructure it to include renewables/ LNG. 

We increase our stake on Capitaland, SingTel, SingPost and HONGKONG Land

We initiate positions on SATS, ASCOTT

We reduce our position on Silverlake, taking impairments/ loss to the portfolio to rebalance the portfolio such not a single counter exceed 10% of the portfolio, either by market value or Cost, whichever is higher. In fact, only 3 counters exceed 5%, and they are SCI, ST eningeering, and Silverlake. We will continue to look to keep and well diversified porfolio through Cash, CPF and SRS.

The company is now 20% cash and 80% equity, excluding funds from CPF available for investing, and liquidation of cash products. We believe we are in a good place to navigate the market. Including all funds for investing, we are comfortable to increase cash holdings to 50% if necessary, although company has no plans to raise cash, unless market went beyond March Low. 

Total Portfolio is Down 5.6%, excluding dividends which we believe outperformed STI index YTD or 1 year time frame and is on par with 3 year time frame. 

Looking forward to your "Approval" during EGM 

 

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