HRNet: Almost antifragile

“Antifragile” as defined by Nassim Taleb refers to something which gets stronger during disorder. I think HRNet almost fits this description so I bought more HRNet shares after the company reported surprisingly resilient 2020 results. Healthy flexible staffing business resulted in revenue growing 2% and recurring net profit falling 4% during 2020 while operating cash … Continue reading HRNet: Almost antifragile


Stock picking criteria

Choosing winners is hard. So I came up with a stock picking checklist based on my past mistakes to see if I can improve my stock picking skills. My strategy involves picking two categories of stocks: “Compounders” and “Deep value”. “Compounders” are stocks which can increase their earnings over the long term. Holding such stocks … Continue reading Stock picking criteria

TripAdvisor: Huge travel platform trading at 9% free cash flow yield

I normally don't write about US companies but TripAdvisor (TRIP) was too cheap to resist. TripAdvisor recently paid its first ever dividend, (USD3.50 special dividend) so there's a chance the company could pay dividends in the future. TripAdvisor is currently one of the bigger positions in my portfolio. TripAdvisor is a travel research platform which allows … Continue reading TripAdvisor: Huge travel platform trading at 9% free cash flow yield

Kingsmen: Keep calm and wait for Jewel

Azure Capital has noticed Kingsmen. Check out Terence Wong’s post on IN. 2019 will be a big year for Kingsmen. Kingsmen’s Retail and Interiors segment could get a boost from the opening of Jewel Changi Airport (280 shops and restaurants) in April 2019. This segment’s 2018 pretax earnings is already up 90% year on year … Continue reading Kingsmen: Keep calm and wait for Jewel

CAO Q3 2018 update: Short term headwinds

CAO reported a weak set of results for the third quarter of 2018 with net profit falling 8% year on year. Weaker earnings from its largest associate, Shanghai Pudong (SPIA) and OKYC was the main cause. SPIA was hit with lower earnings despite higher refuelling volumes. SPIA is expanding its facilities (5th runway operational in 1H … Continue reading CAO Q3 2018 update: Short term headwinds

China Aviation Oil (Part 2)

I previously wrote about how China Aviation Oil (CAO) offers value and growth at a price of SGD1.45 per share. A recent history of SATS is a useful analogy for understanding CAO’s potential to become a successful and independent aviation fuel supplier. SATS is a gateway services and food solutions provider that mainly serves the … Continue reading China Aviation Oil (Part 2)