Portfolio 6/2/2012

Name/名稱 Stock code/編碼 Average purchase price/平均買入價 (HKD) Share price/股價 (HKD) Change/變動 NAV/資產淨 (HKD) % of portfolio/組合比例
Weiqiao Textile/魏橋紡織 2698.HK $4.971 $3.240 -34.82% $0.2297 22.27%
AUPU Group/奧普集團 477.HK $0.643 $0.660 2.64% $0.2016 19.54%
Ju Teng Int’l/巨騰國際 3336.HK $1.591 $1.740 9.37% $0.2277 22.08%
China Ting/華鼎控股 3398.HK $0.520 $0.480 -7.69% $0.1536 14.89%
Herald Holdings/興利集團 114.HK $0.820 $0.820 0.00% $0.0745 7.22%
Kingboard Laminates/建滔積層板 1888.HK $2.800 $2.790 -0.36% $0.1065 10.32%
Dividends/ $0.0285 2.76%
Cash/現金 $0.0095 0.92%
Portfolio NAV/組合單位淨 $1.0316 100.00%

I have not updated my blog for a while, I guess I have been distracted by other things in life. I have added one extra member into my family of portfolio last month. 1888.HK is an A-grade company with solid fundamentals selling for a very attractive price. Of course there are lots of uncertainties about its future prospects therefore it is selling at fire sale prices. One major concern I have for it is environmental issues. Another is putting more focus into real estate. Expanding into real estate is what a lot of companies would do when their core operations are fizzling out of steam, but it does not mean the instant death of the business. As long as your purchase price is cheap, I guess there is plenty more value to derive from.

Apart from this, most of my companies have paid dividends or will pay very soon. Just a few percentage of dividends seems especially invaluable in a very pessimistic environment. However, it is important to understand that dividends are invaluable regardless of market conditions, 100% of my companies pay good dividends regularly. What is the use of cash cows that don’t pay a cent? That is none of my business. This is not just the issue of treating shareholders well, but also the issue of confidence. Who knows whether their books are genuine or not when they don’t pay a substantial amount of profits regularly.


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