Cory Diary : Falling Knives

In stock investment my thought is always about Capital Preservation. Thus, if we take care of the down side, we win mid to long term consistently. What does this actually means ?

1. Avoid landmines by not going into their field no matter how attractive it is
    S-Chips, Commodity stocks

2. Management Integrity
    Any listed companies screw me once (that works against minority shareholder), i will ban them for life

3. Industry Issue
    A good example i think is shipbuilding/owner.A rather competitive industry which will stay that way.

4. Look for Reasonable Dividends with robust Growth potential together with sufficient profit margins
    Basically has certain level of moat, skill set, positive practice or stability in grind into the company


Cory
17th April 2015

Cory Diary : Remembering Lee Kuan Yew

Watched the ST Video on Remembering LKY. My tears keep flowing down throughout the hour long play. Maybe two ... i dunno why. Mr Lee has been there throughout my life. I saw him once in real person faraway when Hougang Mall was first opened about 20 years ago i guess. Fifty metres away across the open central space from a level high. I was contented.

Many things we have taken for granted today do not come by chance. English gives me a good job. We have a garden city. A safe country. A strong economy. And a credible army. His policy truly influenced and directed our life for the better. What more can we want from a man of such greatness ?

He is widely respected  by leaders of the world not only because he has built a successful Singapore and put us in the world map but he has made the world a better place.

Mr Lee, 

when Mrs Lee passed away, I can feel you are deeply saddened. Life is no longer the same. Now you are together again. I am grateful to you for what I have today. Thank you. Thank you. Thank you. Miss you always. 

Truly,

Cory

27th Mar'15

Cory Diary: Starhub Cash Flow

To start with, i have position in this and need to assess my risk level. With the AR just published is time to do a quick review.

QvQ Results
Rev up 5.1%, Profit 10.1%, FCF 48.7 M (tripled up)

FY14
- FCF 333.3 M (~14% Increase)
- Finance Expenses $22.6 M

Annual Dividend : 20 cents (S$347 M)
Borrowing : $687.5 M (~3.29% interests using Finance expenses)
Shares : 1,733,188,000

"As at 31 December 2014, the Group’s cash and cash equivalents amounted to S$264.2
million, slightly lower than S$266.9 million a year ago."


Thoughts

The increase in FCF means they could well afford to pay out the annual 20 cents dividends. In fact higher dividends are within realm of possibility considering the reserve they have.

Personally i think management is right to be conservative. This may implied a more stable increment share price increase while media hub project drives higher capex in the future quarters. A concern. The other is Finance cost. Should be well within means to support 2~3% up scenario in ~3 years time with increasing support base.


Cory
26th Feb '15