Geo Vs GEAR! + Options Update

$Geo Energy Res(RE4)
$Golden Energy(AUE)
There hasn’t been regular updates as this is traditionally a really busy time of the year for me, work-wise. School holidays + everyone wants to get work done before going for summer vacations. In fact, I too, am planning my CNY getaway next year right now as we speak.

(Just inserting a random summer vacation pic so that email pic below doesn’t become picked up as the heading pic by other aggregating websites!)
Well, I’m actually ok with visiting and doing all the CNY stuff. It’s all great fun for the kids too. It’s just that my schedule tends to be really really tight these days, and going around visiting lazily just seems to be a huge waste of time. Increasingly, time is the major consideration when it comes to planning my travels, instead of cost. And every year as I waste time go around saying hi to relatives, I’d always feel like precious time is being wasted.
And here’s a major heads up: CNY 2018 falls on a friday and saturday, making it a prime period to travel with the long weekend.
I’m looking at Europe or Scandinavia to kick off 2018; the Stonehenge (UK) sits high on my to do list, but wife is not too keen on freezing temperatures. Actually, neither am I. As I get older, the homeostatic system doesn’t work as well and my tolerance for temperature variance is hugely narrowed. Anyway, UK is best seen during autumn. No debate about that.
Anyhow, although there hasn’t been any updates of late, I have been communicating via email with some readers. 1 particular email that I received a couple of weeks back, stands out. I’ve permission to publish it in full, so no blocking out of names this time around:

Oh wow. I am incredibly flattered.
And as frequent a traveller as I am, I have never ever had a random stranger on a flight discuss investing with me. Not once. How nice would that be.
Anyway, aside from this, it seems I’ve had quite a few individuals discuss about the coal plays on SGX with me. Here, I’ll share my thoughts on the 2 largest listed coal players on SGX. (There are 4 in all)
I’ve already previously written extensively about Geo Energy, so this won’t be exactly about Geo only, rather, I’d do a comparison between Geo and Golden Energy And Resources (GEAR). At the point of writing this, I own 600,000 shares of Geo Energy at an average price of $0.1825.
Now, since Geo and GEAR have  many similarities, if one wants to own a coal player listed on SGX, one would’ve to at least compare both.
Based on most common parameters, GEAR is actually superior to Geo in many aspects. Yet, prior to the recent mini crash in Geo’s share price, Geo was actually rising rapidly unabated whereas GEAR’s share price has done nothing but gone down.
Why the difference?
I’ll take the lazy way out and link to an article on NextInsight that perfectly illustrates this:
Now, the only thing that I disagree with this article, is the conclusion:
“GEAR lags behind Geo Energy in share price performance maybe due to the market’s unfamiliarity with GEAR. Hopefully, this will be resolved to some extent by its continual delivery on its results (supported by a positive macro outlook), coupled with its investment seminars and site visit.”
I don’t think these days, you can attribute a chronic underperformance or deviation from peers to simply “market unfamiliarity”. That really is way too simplistic. Unless the company is hawking quantum physics kinda products where nobody understands, then perhaps, you could attribute it to unfamiliarity.
But coal? Come on. There must be something else.
The article has a nice table comparing various parameters between the 2 companies, so do go look at it. It’s self explanatory.
Aside from what’s already been mentioned, I’ll discuss some other parameters.
Origin Of Revenue
The bulk of Geo’s coal goes to end clients in China, whereas the bulk of GEAR’s (57.5%) goes to end clients in Indonesia. The coal demand in Indonesia is much more predictable currently, with Indonesia’s electrification plans and building of coal power stations. The 1st coal power plant in Indonesia will be coming online sometime in 2019, and that’ll be followed quickly by a stream of coal power stations, so we can expect demand to be present for sure. Also, there is a geographic advantage to have your end client situated in close proximity to your coal mines. Some power plants can even be mine mouth plants.
China, on the other hand, is cracking down on low quality coal, and in fact, what’s not been mentioned often enough is that China actually wants lesser coal imports to support their own coal industry. Their conundrum though, is that Chinese coal mines are much more inefficient than Indonesia’s, simply because they are underground mines where costs are much higher.
All that just means that Geo is more vulnerable to changes in chinese coal prices compared to GEAR.
GEAR relies on minimal debt, and their BS looks solid currently. Gearing is at a negligible 0.07 times right now, and as of last quarter, they have a healthy cash holdings of >$100mil.
GEAR’s financials:

Geo’s BS has also improved considerably, but they still have a MTN that’s due in Jan 2018. As of a few minutes ago though, Geo’s latest announcement indicated that their MTN refinancing is proceeding as planned, as existing noteholders have already green lighted their plans.
So Geo is not exactly in distress either, but if you compare, obviously GEAR has a stronger balance sheet, with less debt.
Average Selling Prices
GEAR also seems to be able to command better prices for its coal compared to Geo. I’m guessing it’s cos of GEAR’s larger production volumes.
In FY17Q1, GEAR’s ASP is US$40.86 per tonne, whereas Geo achieved US$39.45
Cash Costs
As stated in the NextInsight article, GEAR’s cash costs is considerably lower than that of Geo’s.
I consider this a particularly important metric to look at, as it directly affects the cash profit / tonne, aka EBITDA.
Look at GEAR’s cash costs and EBITDA tables:

Cash profit per tonne shot up to $15.32 in FY17Q1.
That same figure for Geo is $13.52 for FY17Q1.
All these beg the question: Why then, do I prefer Geo over GEAR?
The answer is simple: Valuation.
Let’s look at the FY17Q1 figures for both the companies.
GEAR’s FY17Q1:

GEAR’s GPM for the quarter is a very cool 50.4%. That compares favorably to Geo’s GPM which is merely half of that at 25.5%
Yet when it comes to NPM, GEAR’s NPM is 13.3% vs Geo’s 14.74%
Why is GEAR’s GPM so much >>> Geo’s, yet it’s NPM comes in below that of Geo?
The answer lies in the substantial non controlling interests in GEAR.
For FY17Q1, GEAR reported EPS of 0.35 cents:

Let me digress a bit. Actually, I’m not sure why they used 5,373,548,000 shares to calculate the EPS. The company has 2,353,100,000 shares outstanding.
I didn’t understand the explanation given either. It says:
“The weighted average number of ordinary shares is calculated based on:
(a) the number of ordinary shares outstanding from the beginning of the prior period, up to the completion of the RTO (“RTO Completion Date”) is computed based on the weighted average number of ordinary shares of the GEMS Group outstanding before the RTO Completion Date multipled by the exchange ratio established in the share purchase agreement of the RTO; and
(b) the number of ordinary shares outstanding from the RTO Completion Date up to 31 March is the actual number of ordinary shares of the Company outstanding.”
well, that’s just bad english cos I read it a few times and I still don’t know what it says.
When you have a heading “The weighted average number of ordinary shares is calculated based on:”, whatever comes after that is supposed to be a continuation of the heading, but in this case, it becomes a super long sentence that doesn’t make sense.
Anyway, to their credit, they did work out EPS based on the issued shares in a separate statement:
“Applying the weighted average number of shares in issue of GEAR at 2,353,100,380 ordinary shares (31 March 2017) and 2,170,120,082 ordinary shares (31 March 2016), the basic and diluted earnings per share for the 3 months ended 31 March 2017 and 31 March 2016 are 0.81 US cents and 0.08 US cents respectively.”
Alright, so let’s assume the EPS is now 0.81 US cents for Q1.
Geo, on the other hand, reported EPS of 1.21 US cents.
And THIS, is the gist of what I’m driving at.
It seems that GEAR has superior operational capabilities compared to Geo, but the actual earnings accrued to shareholder of the company is substantially lesser than that for Geo, because a big chunk of the earnings derived from GEAR’s “superior machine”, actually belongs to non controlling interests, and not to shareholders of the company.
So if I’m a car salesman, and I tell you that there’re 2 cars. Car A is a sports car that can run quickly, such that the maximum mileage is 100km over the next year, but at the same time, it’d likely break down at the 50km mark.
Car B is a utility vehicle, it moves more slowly, and so the projected mileage over the next year is only 70km. But Car B is not going to break down, and hence, will travel the entire 70km.
If you’re buying a car for the next 1 year, and your objective is to travel as far as possible, which car would you get? Obviously car B.
The function of all the superior parameters of GEAR, is to derive earnings for the shareholders. But if the shareholders only get to keep a fraction of the earnings generated, then it becomes much less attractive.
To illustrate this yet further, let’s assume that hypothetically, GEAR has no controlling interests, aka the sports car A doesn’t break down. The total earnings that accrue to shareholders in Q1 would be US$29.6mil, based on 2,353,100,380 shares, that works out to be an EPS of 1.26 US cents, which would be close to what Geo is doing.
All these have the effect of depressing the valuations of GEAR.
As an academic exercise, let’s just extrapolate Q1 into full year earnings. GEAR’s FY 17 EPS would thus be 3.24 US cents or 4.37 SG cents. At a share price of $0.41, that gives an implied PE of 9.4 times.
Geo’s FY17 EPS would be 4.8 US cents or 6.48 SG cents. At the current share price of $0.25, that gives an implied PE of a mere 3.9 times!
So there we have it.
The reason for the big difference in share price performance between the 2 peers, is not “market unfamiliarity”. It’s simply valuation.
Geo’s management knows that too, which is why they came up with this nice little table in their latest briefing deck:

Everything that I’ve explained at the top, basically culminates to this table.
Also, note that it says average PE of its peer group is 11.8. I’ve used 10x in my projections for Geo previously, to be conservative.
Moving on to something different now, I’ve previously said I’m monitoring the results of my options activities. I’ve reported the results from the 1st month, and yesterday concludes the 2nd month. So this is a continuation of the previous post:
BBR Holdings FY17Q1, Geo Energy Resources FY17Q1, Results From Options Strategy (1 month)
Total cashflow received from 12/04/2017 – 12/05/2017: US$13,657.25
Since then, I’ve done this:

Total cashflow received from 13/05/2017 – 13/06/2017: US$13,911.82
Pretty consistent.
Frankly, I’m tabulating the results right now as I write this post, for the 1st time. And I’m surprised. Cos it felt like the progress is slower and results are poorer compared to the prior month. Cos this month has been a more of a down period compared to the prior month, and my 1st impression is that my strategy seems to sputter a bit when markets are severely down.
In fact, I realized there’s a slight flaw in what I’m doing. I’ve been keeping the call options that’ve been exercised as open columns, and thus, been compelled to sell put options on those positions. Going forward, I’ll be attempting to keep it more “asset lite” (if I can put it that way), by eliminating exercised call option positions, so that when the market goes down, I’d have more capital to capitalize.
Also, this months results were somewhat artificially bumped up by the last day (13/06/2017) when several things went my way and I managed to pocket almost US$2.9k worth of premiums in a single night. (I set up positions, went to put my son to bed, and 15mins later viola! Called it a day.)
I have not increased my overall allocation, but am still waiting for more data. My overall positions, despite having several options that were exercised, have not changed much. In fact, it’s pretty much the same as 2 months before.
Overall, I’m pretty pleased how this is turning out thus far. Not gonna complain about almost US$14k worth of CFs every month, and yet, as I dissect the activities and analyze them, I think this can be improved even further.
Alright, so that’s it for this long post. Going forward, the posts will likely get less frequent.
As always, happy hunting!
Filed under: Companies, General, Geo Energy Resources

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23 likes 4 comments

Exited geo earlier but holding on to GEAR as Indonesia domestic supply chain still stable.


Reply to @JkaWoof : Actually, it's better to assess each of your holdings based on their current valuations, nothing to do with the current profit or losses. The company doesn't care about your profitability.
But it is human nature to rather take profit and have something to show for, rather than lose a cent.
That part is very hard to overcome.

GEAR and Geo both sell their coal to 3rd parties. They both got offtake agreements with middlemen, and these offtake agreements got fixed quantities, with a pricing formula.
So although we are talking about geographically where their coal finally ends up in, in theory at least, both are not really that affected. It is the middlemen that are affected.

In reality though, because the bulk of Geo's coal ends up in China, chinese coal prices affect Geo's share price, whether its rightly so or not is another matter.
Ditto for indonesia and GEAR.
To make things more complex, Indonesia's coal price HBA, is actually derived equally, in 25% parts, from 4 other major international indices. And thus, chinese coal prices also affect HBA anyway.
So it is all interconnected somewhat.

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$Geo Energy Res(RE4.SI)

Can someone take a look at this and explain what the hell is this to me pls?
I understand its something about uploading your photos and sharing...
how come suddenly got ICO and bitcoin type of nonsense in it?
And how is this different from FB?

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TTI’s Portfolio Updates – November 2017

October 2017 was a busy month for me, in terms of portfolio changes. I made 2 complete divestitures, and feel really good about them.
This is just a quick update, and some of my accompanying thoughts as we go into the earnings season next week.
1. LTC Corporation $LTC Corp(L17.SI)
I currently own 240,000 shares.
LTC did pretty well YTD, rising a very respectable 26.42%. (In any other year, 26.42% would’ve been a monster year, but this year, the bar has been raised considerably by STI ETF)

I wrote about my thoughts at the end of 2016 after analyzing the FY16.
That post was summarized by Leong CT and republished on NextInsight:
And here’s the full, boring, long version:
Info That I Have Gleaned From LTC Corporation’s AR 2016
Well, nothing much has changed actually. The year panned out the way I expect it to be, business wise. I guess it’s been acceptable, nothing too amazing, but there’s a certain safety margin incorporated in the wide difference between the share price and the NAV.
A long time frequent reader, mslee888, attended the recently concluded AGM and has some comments on what transpired. You can read his comments in the “Recent Comments” section.
Nothing overly optimistic, perhaps even slightly bearish.
Personally, I’d continue to monitor their FCF generation and cash utilization. All that cash generated HAS to go somewhere. The most obvious place now is their development of GEM residences, which is situated just off the island of Penang. I didn’t write much about it, but that development at least, looks favorable to me when I did my DD.
Linked to what is the largest mall within the vicinity, the site has a lot of potential going for it. Any potential rewards though, won’t be in sight, so some patience is in order.
I have a lot of that.
2. BBR Holdings $BBR(KJ5.SI)
The chart says it all:

Being the largest proportion of my portfolio at the start of 2017, a massive 44.44% gain is great. It single handedly helped me keep up with STI ETF, despite the drag by Dutech’s drop this year.
The share price was well supported by a series of share buybacks by the company, as well as by the sudden large increase by Dr Chiu, who is now a substantial shareholder.
I’m not sure what plans he has, but there’s no scenario whereby this is a bad thing.
Would I know at the start of 2017, that BBR would initiate a share buyback program? Nope. No idea.
But I do know the shares were, and still are, terribly cheap.
They don’t even have to do anything right. They just have to NOT do anything wrong, and stop bleeding money each quarter, and the share price should correct substantially.
As the loss making projects are gradually run down each quarter, their financial performance should improve.
I’m optimistic about their newer projects.
And for gods’ sake. Please stop doing all those fancy new technology for the sake of tech. Keep looking at your margins please. I rather you guys do nothing than do a lot of stuff and constantly lose money.
I’ve written about my long history with the management, the old posts can be found in the links, I shan’t repeat.
I do have to say that I’m a lot more pleased with how they chose to return capital to shareholders. A share buy back is much more preferred when the shares are undervalued, vs merely increasing dividends.
It inspires confidence, and the effects are more prolonged.
I did capitalize on the massive rise by taking some profits off the table. (Plus I consolidated my shares from the various nominee accounts in prior years, so if I don’t reduce my stake, I’d most likely end up in the Top 20 shareholder list in the AR17, and I’d like to not be so visible)
I currently still own 1,100,000 shares, having divested about 900,000 shares this year.
3. King Wan $King Wan(554.SI)
Never felt more relieved.
Just divested the remaining 100,000 shares today at $0.16. I started the year with 1,000,000 shares, and now I own no shares.
I don’t know who bought them from me. Whoever it is, he either knows something I don’t (perhaps increased dividends), or he’s screwed.
I’ve previously written about my disdain for the performance of management… and nothing’s changed.
Oh actually, something did change. CFO Francis Chew left the company “to pursue other interests” (what else? Does anyone seriously give any other reason aside from this generic one?). With the departure of CFO Chew (the one guy who tried his best to answer my queries), the last good thing going for KW is gone.
King Wan is without doubt, my biggest investing mistake thus far. Ever.
I’ve only learnt 1 lesson from this:
Keep your eyes on the game. Nobody’s going to do it for you.
I trusted in the capital allocation prowess of the management and literally just forgot about this company. “Buy and Hold” as Buffett says. Difference here is that the management is not what Buffett would’ve approved.
In my defense, it was a really busy period of my life when I had to devote 100% of my time to build up businesses in my work. Thus I thought I’d just chuck it aside and let these guys grow my capital. Imagine my surprise when I checked up on it 1 big fine day.
They got proud when things were going good, and had to eat humble pie. In recent years, when everything has just gone a single way up, KW has gone exactly the opposite direction.
I mean, just for laughs, check out these earlier articles and “analysts’ predictions”:
LOL @ “special dividend”!
Perhaps the biggest early red flag that I should’ve picked up, was the IPO of KTIS.
That was the peak of KW’s fortunes. I remember clearly that KTIS IPO was done at a PE of 30+ (I’m not checking now, this is written off the top of my head)
I remember clearly thinking that “hey that’s kinda pricey for a sugar producer right? What competitive advantage would a commodity producer have to warrant that kinda PE multiple?”
Yet KW held on to the bulk of its stake post IPO.
I would’ve dumped it all to the hungry and dumb public.
I’ve previously said I’d give my coverage to my mistakes. So there, let me open up old wounds. Go ahead and re-read these. It is a damn good read.
King Wan Corporation – Part I
King Wan Corporation – Part II
King Wan Corporation – Part III
Good riddance.
4. Boustead Singapore $Boustead(F9D.SI)

A 9.76% ROI (and it’d be higher if we include dividends), is not bad normally, but in light of this year’s monster performance by the passive indices, this doesn’t feel much like a win.
Oh oh and before I forget, all the stated ROIs above do not include dividends, so it’s probably a bit higher. I’m just lazy to do the math right now.
I currently own 40,000 shares of Boustead.
This is a small position.
FF Wong still has my vote of confidence. A genius is a genius.
The only thing that’s bugging me constantly is whether I should buy Boustead Projects directly, or own it indirectly via Boustead Singapore.
I know this opinion is contrary to the thoughts of most other retail shareholders, but I really preferred if FF Wong didn’t hive out BP. Just keep it all together as a mega conglomerate.
I suspect a major part of the reason is just succession planning. He has to elevate and promote so many lieutenants, so better to split it up so that each can become their own bosses.
This just makes it more complicated for me to assess.
Obviously Boustead is in a tough position now, with the situation with O&G.
That’s why I’m keeping it as a small position.
At the 1st sign of a sustained recovery, I’m putting my money on FF Wong again. In a big way.
5. Comfort Delgro $ComfortDelGro(C52.SI)
well, shan’t waste too much time here.
Bought at $1.98, Sold at $2.02 barely a month later.
Was hoping to build a large position, but it never really dropped much after I bought. There were only 2 trading days where it went below my entry price, and that’s about it.
Also, further DD made me more cautious about their entrenched position, and the stake was really too small to warrant wasting time monitoring.
On top of that, as I alluded to in the previous post, I’m selling some positions to reallocate capital into a new idea. And I intend for that position to be a big one.
Wealth Destruction Behaviors – TTI’s Personal Anecdotes
6. Geo Energy Resources $Geo Energy Res(RE4.SI)
Not bad at all.

30.43% YTD, add in a few more % points for the dividend, and it’s turning out to be a fine investment indeed.
Well, anything that beats the index this year, is a fine investment.
I currently hold 500,000 shares, at an average price of $0.168.
I think I’d likely double my money from $0.168 before the year end. In fact, my purchases in July is already starting to look like a stroke of genius. (But the purchases of Dutech…. not so):
TTI Bought >$100K Worth Of Equities In July… Howard Marks’ Memo Better Don’t Come True Right Now!
Q3 results look promising, but unfortunately my DD tells me that their coal production would likely disappoint again this quarter.
I’m expecting them to report total coal volumes mined to be between 1.8 – 2.2mil tonnes.
Which would be a substantial improvement from Q2, yet below that of Q1.
Full year, I find it hard to see how they’d meet their stated 10mil target.
Probably not, even if TBR mine comes online soon.
Results would still be stellar though, as coal prices continue shooting through new highs. In Q3, China’s imports have held up much much better than most analysts were expecting. (Read Philips report on how they expect coal prices to drop in Q3. To their credit, they stuck to their buy recommendation as they believed it’d be transient)
I’m watching this space tightly, it’s going to be an exciting Q3 and Q4 for Geo.
7. Dutech Holdings $Dutech(CZ4.SI)
Tough year for Dutech:

A -17.78% in a year where STI is up almost 20% (or more, not sure of the latest figures), is disastrous.
I currently own 701,000 shares at an average price of $0.287
I’m keeping faith with Dutech and Johnny Liu though.
Unfortunately, I don’t expect the business to turn around in Q3 or Q4 of 2017.
My analysis of their downstream peers (Diebold Nixdorf and NCR Corporation) tells me that globally, their High Security business is still going to be impacted heavily.
Diebold just reported earnings, and it’s not pretty. Major ATM clients are still delaying confirming orders. On the plus side, they are still expecting orders to be confirmed in the coming months.
I will be watching how Johnny Liu continues to steer the business towards the software intensive “Business Solutions” division, and how they integrate their newly acquired Metric.
It’d be a while yet, but I’m actually comfortable holding Dutech as a core, long term holding. I won’t make the same mistake as with KW though, I’m keeping my eyes on the game this time.
As mentioned in an earlier post, I’ve started accumulating a major position in a new idea. I’m pretty optimistic after doing my usual comprehensive DD, and hence, my position will reflect my optimism.
When I’m done, I hope to accumulate at least a 6 digit position.
Already, I’m slightly up, but I intend to continue to average up.
Not ready to reveal it yet, will write about it soon.
This year hasn’t been too bad ROI-wise, yet I’m still finding it tough to beat STI ETF.
Banks and Developers.
Those are the ones going ballistic this year.
Also, my US listed equities have not done as well as SG ones. I’ve made some major mistakes in the midst of tinkering and trying out ideas, particularly with options. 1 major mistake was entirely due to greed, something that I never thought I’d do. Damnit. I should’ve wrote about myself when talking about “Wealth Destruction Behaviors” in my previous post. Dumb, greedy mistake.
In fact, SG portfolio ex-US, would likely have beaten STI ETF, but that’s not how portfolio tracking works right.
We have to take in the bad with the good. Cash drags, transaction fees, even holding or margin costs etc, all has to be accounted for to give an accurate picture.
Thus far though, with the insight and the adjustments I’ve made, and the new rules that I’ve implemented, results have been good. I’m still trying it out, but it bodes well for 2018 and beyond.
I believe longer term, my options strategy would be a force to be reckoned with, ESPECIALLY so in down years.
Let’s see.
In terms of portfolio size, 2017 is likely to see a substantial gain, even though there’s been minimal capital infusion. It has been difficult to NOT make money in 2017, looking at how the markets have behaved.
I’ve instead preferred to channel whatever cashflow I have left (after the wealth destructive trail of the 2 kiddos) into my property fund.
Anyhow, I’ve always preferred to watch the ROI figures rather than the actual portfolio size. The quantum can be easily increased by channeling more funds into equities and options rather than into my property fund. The ROI is the fun and challenging part.
That’s all I have here.
Oh, and SGX has sent out emails for race pack collection for those who have received complimentary tickets for the Bull Charge 2017, so go collect them.
As always, Godspeed.
Filed under: BBR Holdings, Boustead Singapore, Companies, Dutech Holdings, General, Geo Energy Resources, King Wan Corporation, LTC Corporation

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$Geo Energy Res(RE4.SI)

Just FYI for those who monitor short interest closely enough:
My remaining 50,000 shares just got returned last week.

My shares literally got loaned out a couple of months after I initiated my position back in October 2016.
Since the start of 2017, varying amounts of between 50,000 to 250,000 shares were loaned out at any 1 time, and returned as well.
The shares were loaned out in 50,000 blocks at any 1 time (I get a mailer each time from SGX)
and the holding period was approximately 2 - 4 weeks or so

All my shares were returned except this 50,000 shares, since ard June.
For the past 4 months, this 50,000 shares were loaned out, but this was finally returned last week. (damn, no more fees to collect after this month)

So for the 1st time in 2017, I currently have 0 shares of Geo Energy loaned out.

Read what you will into these activities, personally, I have given up reading into it, I only know the fees will be credited to me every month.
Initially, I tried reading into the movements of the guys shorting it (presumably), but quickly gave up when I realized it's a fruitless endeavor.

On a whole, they have lost money... I'd say 4 out of 5 times the shares were loaned out. Or maybe 3 out of 5.
This recent 50,000 returned, would've netted the borrower a lot more losses considering the share price rose + the borrowing costs for me and for SGX, since June 2017.

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