CityFarmer Portfolio

[CityFarmer]

There are at least two sources of growth for local telcos, IMO

- Mobile data, not only on data usage, but further extraction of value, by partnering with service and content providers e.g. M1 mPos and SingTel HOOQ etc.
- Enterprise customer on fiber plans, and further extraction of value, by their managed services provided.

(sharing few brief points)

[CityFarmer]

End-year 2015 result
It is measured by NAV. The () is the STI performance ex-dividend, the benchmark.

1 year -2.1% (-14.3%)
Since Inception (1 Oct 2012) 49.5% (-5.7%)

Preliminary Review
Top 5 holdings in descending order of market value, at the end of 2015, are
- YZJ
- ShengSong
- Penguin
- CM Pacific
- M1

The best performance is Sheng Siong, and the worst is Penguin. It is a very volatile year. I am happy with only -2% lose, amid STI -14% mini storm.

I reckon, the right thing in 2015, is a better portfolio mix, and execution on stock selection. The top 5 list has not changed, but the overall has been fine-tuned. I have recycled part of the M1, and SGX to new stocks, and divested on Challenger Tech. I have also added more on Penguin, and several others. I reckon, the mix enabled me to escape a major loses amid the storm. It can be improved via further enhancement of skill and knowledge.

The wrong thing in 2015. First of all, I should be more greedy with Penguin, and a little more patience. Last and not least, I have missed more gems that I should. I have right assessments, but with no action due to fear. One good example is the Riverstone.

Well, let's hope a better 2016

[touzi]

 I have also added more on Penguin, and several others. I reckon, the mix enabled me to escape a major loses amid the storm. It can be improved via further enhancement of skill and knowledge.

The wrong thing in 2015. First of all, I should be more greedy with Penguin, and a little more patience. Last and not least, I have missed more gems that I should. I have right assessments, but with no action due to fear. One good example is the Riverstone.

Well, let's hope a better 2016

CF,

I don't understand how adding more Penguin shares enable you to escape major loses when Penguin shares tanked this year and recover only a little. Moreover what do you mean by more greedy and more patience? Sounds like market timing. Can you explain further?

Wish you a better 2016.

[CityFarmer]

 I have also added more on Penguin, and several others. I reckon, the mix enabled me to escape a major loses amid the storm. It can be improved via further enhancement of skill and knowledge.

The wrong thing in 2015. First of all, I should be more greedy with Penguin, and a little more patience. Last and not least, I have missed more gems that I should. I have right assessments, but with no action due to fear. One good example is the Riverstone.

Well, let's hope a better 2016

CF,

I don't understand how adding more Penguin shares enable you to escape major loses when Penguin shares tanked this year and recover only a little. Moreover what do you mean by more greedy and more patience? Sounds like market timing. Can you explain further?

Wish you a better 2016.

It is the overall fine-tuning of the portfolio, that matters, not only the Penguin. I had a 2nd round of buying on Penguin, at a relatively lower prices.

Based on the fear of the market then, a little more patience and be greedier, I should be able to buy at much lower price, thus higher MOS. 
It is just a matter of execution skill. Market timing as key input for buy/sell decision is bad, but execution of buy/sell with better timing, is a skill, IMO. 

(all comments are welcomed)

[CityFarmer]

Mid-year 2016 result
It is measured by NAV. The () is the STI performance ex-dividend, the benchmark.

YTD 3.3% (-1.5%)
Since Inception (1 Oct 2012) +54% (-7%)

Preliminary Review
Top 5 holdings in descending order of market value, at Jun 2016, are
- ShengSong
- YZJ
- Dutech
- UMS
- M1

The best two stocks, were Dutech, and UMS YTD. The worst two stocks were Penguin and XMH. Overall the portfolio performance was still in black YTD. 

CHMP was sold by acceptance to GO. Time to hunt for the next target.

I wish a better second-half of 2016

(all comments are welcomed)

[brattzz]

heya CF, thanks for sharing!

have you considered raffles medical? biz is strong and growing, just a tab too expensive now i guess! no MOS!

[CityFarmer]

heya CF, thanks for sharing!

have you considered raffles medical? biz is strong and growing, just a tab too expensive now i guess! no MOS!

I am following a bottom-up strategy, starts from company fundamentals, instead of sector prospect. I reckon, it is less likely to find cheap stock, in a "promising" sector e.g. health-care.

I have briefly taken a glance at the company. The valuation is high, which is expected in a "promising" sector. PEG is 13, with PE of 38-39, and earning growth of 2% based on last two years data. I agree, it is too expansive for us.

(not vested and not interested)