Singapore O&G 1H 2020 results: The good and the bad

Singapore O&G (SOG) reported a decent set of 1H 2020 results despite the COVID-19 pandemic in Singapore. Revenue fell 4% to SGD17.8 million while net profit fell 21% to SGD3.7 million Here's the good and the bad about Singapore O&G results. Good Let's start with the good. Singapore O&G reinstated their dividend (0.5 cents). The … Continue reading Singapore O&G 1H 2020 results: The good and the bad →

MasterCard/Visa: Down but not out

MasterCard and Visa reported weak second quarter 2020 results with revenue and net profit falling year on year. MasterCard 2Q 2020 revenue fell 19% while net profit fell 31%. It was a similar trend for Visa with revenue falling 17% and net profit falling 23% year on year. The good news is that things are … Continue reading MasterCard/Visa: Down but not out →

iFAST: 3 myths about 2Q 2020 results

iFAST share price is up 26% in the last month which has led to many questions about the company. Here are 3 common misconceptions: Myth 1: iFAST will grow 80% every year iFAST reported great set of results for the second quarter of 2020 which warmed the cockles of my heart. Net revenue grew 21% … Continue reading iFAST: 3 myths about 2Q 2020 results →

iFAST: Don’t bank on it!

iFAST has a 1 in 7 chance to become a digital bank. Here's why. iFAST is one of the nine bidders who made the shortlist for the Singapore wholesale digital banking license and only three licenses will be awarded by end-2020. iFAST is up against bidders which are partly owned by the Singapore government and the … Continue reading iFAST: Don’t bank on it! →

TripAdvisor: Don’t check out yet!

TripAdvisor Q1 results are out and they are ugly as expected. Q2 will be even worse but TripAdvisor should be able to ride out this downturn. TripAdvisor has cut expenses dramatically including 22% of its workforce while suspending CEO salary for the rest of 2020. In a worst case scenario where sales drops to zero, … Continue reading TripAdvisor: Don’t check out yet! →

Is iFAST antifragile?

"Antifragile" refers to things which gain from disorder and iFAST had some big gains in the first quarter of 2020! 1Q20 net revenue grew 25% year on year(yoy) and 11% quarter on quarter(qoq) Recurring net revenue grew 11% yoy and 2% qoq Net client inflows was 224% higher year on year and 119% qoq Net … Continue reading Is iFAST antifragile? →

Singapore O&G: 6 things to note in the 2019 annual report

Am I the only SOG shareholder who has given up looking at the share price? Anyway, here's are six key highlights from their 2019 annual report. Let's start with the bad news: Dermatology impairment Increasing competition and weak medical tourism trends in Singapore resulted in a SGD11.3 million goodwill impairment for the year. Excluding the … Continue reading Singapore O&G: 6 things to note in the 2019 annual report →

Zero sales test

How long can a company survive with zero revenue? The COVID-19 crisis has forced governments to restrict movement so restaurants, hotels and travel companies are faced with a grim scenario where revenue drops to zero. The cyclical companies in my portfolio such as China Aviation Oil, TripAdvisor and HRNet are vulnerable but I subjected all … Continue reading Zero sales test →

Visa: War on cash goes on

Visa is one of the larger positions in my portfolio and I bought more shares during the last two weeks because the company's valuation is close to a four year low. Visa is the world's largest payment network and is present in more than 200 countries. Visa should compound at 10% every year because of … Continue reading Visa: War on cash goes on →

Selling Kingsmen

I have sold half my Kingsmen shares and may eventually sell the other half so I won't be including Kingsmen in my scorecard for consistency. Kingsmen reported fourth quarter 2019 results this week and the results suggest that my thesis was wrong for a few reasons. First, NERF did not drive revenue growth. I was … Continue reading Selling Kingsmen →