Singapore Medical Group ("SMG") just announced another set of excellent financial results for FY2019. Its revenue rises 11.3% relative to prior year to a record S$94.7Mil driven by growth across all business segments. SMG also reported a 5.7% increase in net profits to a record S$13.6Mil.  However, its share price performance for the whole year was disastrous as it plummeted from an all time high of S$0.490 per share to a low of S$0.0.275 per share range despite the excellent performance of a few years for no apparent good reason. During the year, directors also sold some of their stakes to the strategic Korean Medical Group CHA for S$0.605 per share. The current share price of S$0.310 thus reflect a massive discount to its fair value using the S$0.605 as benchmark and a 100% potentia

Singapore Medical Group (“SMG”) share price has been stuck in a whirlpool of S$0.300 range for many months ever since August 2019. It all started with an offer by the Korean Medical Group, CHA, to buy out substantial number of shares from Dr Beng and his management team at S$0.605 per share. To add insult to injury, while the share price was at a high of S$0.485 per share, SMG decided to place out to CHA a S$10Mil convertible loan with conversion rights at S$0.435. Many shareholders were outraged at the unfairness of no general offer being made to them as well as the value destruction of the convertible loan pegged to a low exercise price. As a result, the massive sell off of SMG stocks from S$0.485 to S$0.300 per share commenced. What a bloodbath it had been since then for the many in

There is not much changes since my last update except for paring down of stakes in SingMedical Group and taking up positions over 3 tranches into Eagle Hospitality Trust. I have also moved part of my cash investments into my margin portfolio. My own goal for FY2020 will be to further reduce the volatility of my margin portfolio in order to enhance the resiliency of the dividend/interest income stream against market downturn for this new investment approach. My current overall projected annual recurring income has increased by around 52% using this newly created investment portfolio.Singapore Press Holdings Looking Attractive Again with additional foray into Student Accomodation.Currently, I am looking into some projection and stress testing of Singapore Press Holdings "SPH". The recent S$7

In order to unlock the undervalued business of SingMedical Group (“SMG”) which I mentioned briefly in my post on 9 June 2019, I have suggested the possible option of privatization using the example of Thomson Medical Centre which had previously been acquired by the local business tycoon Peter Lim before doing a “future relisting” on the SGX 6 years later. Thomson Medical is close to my heart as I used to be involved in part of its accounting and financial work many years back. Also interestingly, another medical group, Health Management International recently announced a privatisation initiative after years of languishing share price performance amidst good financial results.   1. Acquisition of Thomson Medical Centre by local business tycoon Peter Lim and eventual privat

The see-saw ride in the global markets continues since my last portfolio update in April’19 with no clear end in sight. The US levying of tariffs on China and a swift retaliation from China leads to a tumbling of many blue-chip companies listed on the Singapore Stock Exchange. However, over the past 2 weeks, the market had rallied strongly despite weakening macroeconomic fundamentals. “Defensive stocks” such as Singtel and REITs have also seen their prices shooting up like a rocket. The surprising aspect of this is that while the Federal Reserve has given some indication of halting of interest rate increase, this does not mean cutting of interest rates but more of mere hinting. Still, the global market rally on optimism that interest rate cuts are definitely coming which will save th

Since my last posting on the “The Enigmatic Case of Sing MedicalGroup- More Money Earned Lead to Lower Share Price” on 8 January 2019, the price of Sing Medical Group has shot up by 20% from S$0.400 to S$0.485 within 2 months. However, its share price has since plunged by 22% to a low of S$0.380 on 7 June 2019. If one had the ability to see the future using a magical crystal ball, then one would have sold off in Feb’19 at S$0.485 and then buy again when it hit S$0.380 recently and locked into the profit. If it can recover to S$0.480 level, one would have made a staggering 40% profits. Of course, I am saying this with the benefit of hindsight. I know of a retail investor who subscribed to value investing sinking in up to S$100K over the past few months into Sing Medical Group (“SMG�

The emergence of a key shareholder offering to buy out part of the shares of the current management to increase its control and the offer of  S$10 million dollars convertible loans to finance additional Merger and Acquisition opportunities has lead to some retail investors crying foul. These group of retail investors thought that the terms and conditions were unfair and detrimental to them. The market seems to have reacted slightly negatively upon the announcement of this news on 20 February 2019 hence the sharp price rally of Singapore Medical Group ("SMG") from the excellent FY 2018 results declined from a high of S$0.495 to only S$0.465 as at 23 Feb 2019.CHA Healthcare Singapore Pte Ltd has proposed the acquisition of shares from some of the existing major shareholders and the

Since my last posting on the enigmatic case of Singapore Medical Group which was grossly undervalued by the market on 8th January 2019, the stock price has soared by an amazing 20% around the announcement period of its Q4 2018 and full-year earnings. This was a big surprise to me as I was expecting the stock to only rally 20% by end of this year due to its lack of visibility among many investors. The small positions that I have initiated thus are giving me immediate unrealized returns that will take 2-3 years to achieve if I have instead invested in pure dividend yielding stocks. The headache now is deciding whether it is time to take profit or to wait for further price appreciation. I will break down my review of Singapore Medical Group ("SMG") into 2 separate postings as I