Just sharing some of the small/mid-cap stocks you may never hear before and traded before that is in my portfolio... Maybe can be a thread for others to share their small and mid caps in their portfolio too.

An update to the Small/Mid Cap (Excluding REITs):

$Chuan Hup(C33)
$Captii(AWV)
$Japan Foods(5OI) - Addition
$Trendlines(42T.SI) - Invested since Aug 2017 but forget to add
$Colex(567.SI) - Most recent additional
$Ellipsiz(BIX.SI) - Repurchase in 2018
$CWX Global(594.SI) - Added small amount.
$TSH(574.SI) - Forget to add this too!
$SingHaiyi(5H0.SI) - Itchy fingers adding!
$Sysma(5UO.SI) - Cash counter!
$TheHourGlass(AGS.SI) - Added.

Fully Sold:
$SingHaiyi(5H0) - Sold all again!
$LTC Corp(L17)
$CDW(BXE)
$SingHoldings(5IC)
$Sin Ghee Huat(B7K)
$BBR(KJ5) - Just sold all on 17 May 17.
$Boustead(F9D) - Sold.
$SamuderaShipping(S56) - Sold
$TTJ(K1Q) - Sell - Buy - Sell!
$Miyoshi(M03.SI) - Sold all!
$Secura(43B.SI) - Sold all
$Ocean Sky Intl(O05.SI) - Sold all at great gains!
$Yongnam(AXB.SI) - Sold off already.
$Ellipsiz(BIX.SI) - Sold off all already.
$Tiong Seng(BFI) - Sold all
$Hock Lian Seng(J2T) - Sold all as well
$PNE Industries(BDA) - Sold all as well!!
$Teckwah(561.SI) - sold.
$OKP(5CF.SI) - sold with little profit
$Starland(5UA.SI) - Loss
$GRP(BLU.SI) - Loss
$Challenger(573.SI) - Sold with some profit

Read more
115 likes 1 share
581 comments
TUBInvesting

This thread will remain closed for the future! Do look out for my other posting!

TUBInvesting

Sold off $Starland(5UA.SI) , $GRP(BLU.SI) and $CHALLENGER LIMITED(CGF.AX) . 2 Cut Losses. 1 Made some gain. Consolidation mode activated.

TUBInvesting

Reply to @Liang_Soon_Fong : And I wanted to consolidate my positions.

  View More Replies Small loading
TUBInvesting

Reply to @Liang_Soon_Fong : oh no...wow... sounds bad. Do take care. The confused below is I am saying I am confused about GRP and starland! Because GRP the director did a buy back, but starland only gave 0.005 dividend.

  View More Replies Small loading
Liang_Soon_Fong

Reply to @TUBInvesting : small construction firm, growly quietly ... except 2015, a mysterious drop to a few cts.

TUBInvesting

Reply to @chanvei : Basically, I did not change but the world has change.

I want to go into concentration mode, while holding on to the best counters.

  View More Replies Small loading
TUBInvesting

$Trendlines(42T.SI) results out. Quite good. But dividend need to wait till FY2018.

TUBInvesting

Wanted to sell $GRP(BLU.SI) for $Starland(5UA.SI) . But no one is selling $Starland(5UA.SI) . As a proxy will keep $GRP(BLU.SI) for now.

TUBInvesting

Reply to @TUBInvesting : Steady. Added a very few lots of $Starland(5UA.SI).

View More Comments (144) Small loading

Recommended & Related Posts

Big Idea 4 & Big Idea 6 - SOLD!
- Original Post from T.U.B Investing

$Ellipsiz(BIX.SI) $Sysma(5UO.SI)

I have officially disposed all my positions in Big Idea 4 and Big Idea 6. Since I have already sold, I will reveal what Big Idea 4 and Big Idea 6 are.

Big Idea 4 is…Ellipsiz Ltd.

In my last post, I have stated that “In 2 months’ time, it will announce its full year results and more answers on the use of its cash pile could be reveal in its financial report. Therefore, I will decide then on what to do with this company….”

After the release of the annual report and receiving a reply from the investor relations, I have decided to offload all my position in Ellipsiz Ltd at a loss. Nevertheless, do note that this loss was based on my re-entered price. I had previously made a 280% gain on the company prior to selling all at its peak.

So what were the factors that caused me to sell off this Big Idea?

1. Annual Report





Abstract from Latest Annual Report
In the above abstract, it seem like the Lums are intending to use this company as their investment holding firms. Other than investing in Kalms, they had yet to do anything else with their cash hoard.

In my opinion, the strategy seem to be a bit directionless. It sounds like “I will invest in any undervalued opportunities”. It is not a wrong strategy but I believe there are other better/more established investment holding firms for me to invest in.

2. Reply From Investor Relations



My Question





Their Reply


If you read through the reply, you will probably get the W** feeling. "Say like never say". Maybe even they do not have an answer?

Thus, the above factors made me consider my holdings in Ellipsiz Ltd seriously and I decided its time to offload the company fully.

Big Idea 6 is… Sysma Holdings Ltd.

I did not talk much about the company because StockResearchAsia has already wrote a lot on the company.

Despite the positive vibe in the blog posts by StockAsiaReport, I still decide to sell the company due to the following:

1. Dividends below expectations

Despite having so much cash, the company only increased the dividend from 0.5 cents to 0.8 cents. I was expecting a much higher dividend payout but I guess the management had other plans.

2. Lack of Catalysts

I do not foresee any other catalysts in the next year for the company, other than using its cash to acquire other companies. Furthermore, with so many en-bloc condo purchases by the developers, I do not foresee Sysma Holdings Ltd having significant opportunities in its niche market - the construction of GCB projects.

3. Other Opportunities

Better opportunities in other construction companies has arise and the time seem right.

Thus, in view of the above reasons, I decided to sell all of Sysma Holdings Ltd at a slight profit!

Please do your own due diligence before you take any action on the above counters.

If you are interested to know more about The Ultimate Scorecard or Full Analysis, do visit the Fundamental Scorecard website for more information!

We have also released the Moat Scorecard with InvestingNote. Do take a look!

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Read more
Big Idea 4 & Big Idea 6 - SOLD!
- Original Post from T.U.B Investing

$Ellipsiz(BIX.SI) $Sysma(5UO.SI)

I have officially disposed all my positions in Big Idea 4 and Big Idea 6. Since I have already sold, I will reveal what Big Idea 4 and Big Idea 6 are.

Big Idea 4 is…Ellipsiz Ltd.

In my last post, I have stated that “In 2 months’ time, it will announce its full year results and more answers on the use of its cash pile could be reveal in its financial report. Therefore, I will decide then on what to do with this company….”

After the release of the annual report and receiving a reply from the investor relations, I have decided to offload all my position in Ellipsiz Ltd at a loss. Nevertheless, do note that this loss was based on my re-entered price. I had previously made a 280% gain on the company prior to selling all at its peak.

So what were the factors that caused me to sell off this Big Idea?

1. Annual Report





Abstract from Latest Annual Report
In the above abstract, it seem like the Lums are intending to use this company as their investment holding firms. Other than investing in Kalms, they had yet to do anything else with their cash hoard.

In my opinion, the strategy seem to be a bit directionless. It sounds like “I will invest in any undervalued opportunities”. It is not a wrong strategy but I believe there are other better/more established investment holding firms for me to invest in.

2. Reply From Investor Relations



My Question





Their Reply


If you read through the reply, you will probably get the W** feeling. "Say like never say". Maybe even they do not have an answer?

Thus, the above factors made me consider my holdings in Ellipsiz Ltd seriously and I decided its time to offload the company fully.

Big Idea 6 is… Sysma Holdings Ltd.

I did not talk much about the company because StockResearchAsia has already wrote a lot on the company.

Despite the positive vibe in the blog posts by StockAsiaReport, I still decide to sell the company due to the following:

1. Dividends below expectations

Despite having so much cash, the company only increased the dividend from 0.5 cents to 0.8 cents. I was expecting a much higher dividend payout but I guess the management had other plans.

2. Lack of Catalysts

I do not foresee any other catalysts in the next year for the company, other than using its cash to acquire other companies. Furthermore, with so many en-bloc condo purchases by the developers, I do not foresee Sysma Holdings Ltd having significant opportunities in its niche market - the construction of GCB projects.

3. Other Opportunities

Better opportunities in other construction companies has arise and the time seem right.

Thus, in view of the above reasons, I decided to sell all of Sysma Holdings Ltd at a slight profit!

Please do your own due diligence before you take any action on the above counters.

If you are interested to know more about The Ultimate Scorecard or Full Analysis, do visit the Fundamental Scorecard website for more information!

We have also released the Moat Scorecard with InvestingNote. Do take a look!

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Read more
An Interview With The Trendlines Group
- Original Post from T.U.B Investing

$Trendlines(42T.SI)

Recently, I had emailed 2 separate companies' investor relations department. Both of the companies are in my portfolio but only 1 had replied. I am still waiting for the other company to reply...

For those that have been waiting for this interview, sorry for the delay.

Here it is - An Interview with The Trendlines Group!

Do note that some of the questions came from other investors of The Trendlines Group.

1. Trendlines Group (aka Trendlines) has a decrease in the portfolio value as per the latest financial statement. May I know if it is due to writing off of companies?

No companies were written off in Q2 2018.

Only one company was written off in Q1 2018 due to lack of sufficient technological advancement and funding (amounting to approximately US$0.8 million - reported in the Notes to Income on page 14 of our Unaudited Financial Statements Q1 2018).The decrease was mainly due to a decrease of US$2.3 million in the fair value of Stimatix GI Ltd., which was because of a change in the net present value of projected cash flow due to an adjustment in the discount rate used to calculate the present value and increased sales model accuracy as we observe the product launch.

As explained in our press release, the external valuation company uses the average of the 10-year and 20-year Corporate Bonds (Aa/AA) Median Yield, for the discount rate. As the market rates fluctuate, unrelated to the Stimatix GI Ltd. product, the company uses the updated rates, which had an effect on the calculation, but not necessarily reflects what will happen in reality.

2. As per the past and present presentation PowerPoint, Trendlines has shown that manyof the Top 10+1 companies have achieved FDA clearance. I understand that only withFDA clearance, then the product can be sold in USA. However, what happens if aproduct is unable to achieve FDA clearance? Will Trendlines still be able to sell in othermarkets?

Many companies apply for regulatory clearance in a number of markets – for example, CE for Europe, Amar for Israel and CFDA for China – depending on their marketing and commercialization strategy.

A company like ApiFix has multiple regulatory clearances in many countries and has performed over 230 surgical procedures (in Europe, Israel, Canada, Singapore) prior to FDA clearance.

3. In addition to the above question, what are the advantages and maybe the disadvantage of achieving FDA clearance?

The advantage is that receiving FDA clearance gives a company access to one of the biggest medical device markets (the US). I don’t think there are any disadvantages.

4. There are currently 49 companies in the portfolio. How many companies have been written off? Able to disclose the average amount of each company that was written off?

According to slide #16 of our investor presentation, which is available on the investor section of our website and updated every quarter, we have written off 30 portfolio companies since establishment.

We do not have a figure for the average amount of write-offs.

5. In addition to the above question, how many companies have Trendlines exited? What is the expected potential % increment for each future exit?

Trendlines has exited 8 companies. The details can be found on page #7 of our investor presentation and on this page of the investor section of our website: http://investors.trendlines.com/awards-and....

As to the expected potential percentage, as you can see by the table, it varies greatly depending on the company, its market and the stage it was sold. This makes predictions on future exits and their potential very difficult.

6. It is stated that Stimatix was valued at over fifty million in the annual report by independent valuer. Is the methodology disclosed? What are the assumptions and inputs to the valuation model, such as projected sales, market share, margins etc?Knowing these will provide investors with info to judge on the valuation.

The valuation of Stimatix that appeared in our annual report for 31 December 2017 was US$ 42.6 million. We cannot disclose the inputs into the valuation methodology since they would require us to reveal confidential B. Braun information.

In general, our fair value measurement is explained in Note 6 of the Financial Statements, page 110 of the Annual Report for FY2017.

7. How long will the royalties of Stimatix last? 10 years or 20 years? That will give us a rough guide of how much the dividend will be based on its current valuation of over 50M SGD.

B. Braun agreed to be disclosed as the acquirer of Stimatix GI, but not to disclose the terms of the deal. As we respect their right as a private company not to disclose this, we are unable to comment on this.

8. This is a question regarding one of the ostomy competitor's product, TIES, which uses a titanium ring implant. How is it comparable to Stimatix AOS 2000? In addition, is this a direct threat to their share in the ostomy market? Are there any other new products in the market that are affecting their Stimatix valuation?

The TIES product claims to be for ileostomy patients, while the Stimatix product is for colostomy patients; these are two different segments of the ostomy market. Moreover, the TIES product seems to require a surgical procedure since it is an implant, while the Stimatix product does not require any additional surgical procedure.

9. Apifix has applied for US FDA for its device Mid-C in April 2018, and a study (still recruiting) will be conducted within the period ending in 2022. Does that mean any exit will only come after it obtains the FDA?

Not necessarily. Other companies have exited prior to receiving FDA clearance, but FDA clearance is frequently considered an important inflection point.

10. How long is the average period between adding a company to the portfolio and then potentially getting an FDA and then exiting?

Again, this is very difficult to predict as each company functions in a different market.

Some companies, such as Gordian Surgical received FDA clearance within 4 years of its establishment, but other may take longer. As noted above, FDA is not necessarily a perquisite for exiting.

11. 2 senior executives (CFO/VP BD) had left the company this year. Is it something related to restructuring or the actions taken by the company to strengthen strategic support by these senior roles? or the two left on voluntary basis?

As we noted in the announcements that we published, in both cases the cessation of their work at Trendlines was not connected to the restructuring or cost-reduction program. Gabi Heller and Moshe Katzenelson both left on a voluntary basis to pursue other professional directions.

12. The placement done last year to institutions/wealthy individuals' subscriptions at 14.03 cents were supposed to provide some support/or even boost the share price, but it obviously did not turn out that way - the price has further deteriorated since then. Are these institutions/private investors still hanging on?

We cannot release any information about our shareholders, other than what is publicly available.

13. Is there any share buy-back plan in place?

No, not at this time.

In Short

I do hope that. after reading this interview, investors will have a better understanding of The Trendlines Group.As of now, I am still vested in the company and mostly will stay an investor for some time. I guess, as I had said previously, do not expect short term gains if you are vested in this company. This is a very long term investment.

Please do your own due diligence before you invest this counter (if you knew what it is).

If you are interested to know more about The Ultimate Scorecard or Full Analysis, do visit the Fundamental Scorecard website for more information!

We have also released the Moat Scorecard with InvestingNote. Do take a look!

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Read more

$Trendlines(42T.SI)

For those waiting for my updates on the answer to the questions passed to me, you will most probably need to wait till this weekend or so. Because I wanted to write an article on them and I actually only re-send them the questions to reply me in an email yesterday instead.

But basically for the company, what I felt is that there is no possible catalyst to push the share price up significantly other than the Stimatix dividend in the near term. In my opinion, the dividend that could possibly be given will also be very very tiny.

If you are looking at exits, next year seems more possible than this year.

Like I had always stated (just my opinion), if you held the shares and can wait for another year, then just wait.

This company contributes only 2% of my portfolio.

Read more
What's My Current View On The Trendlines Group Ltd?
- Original Post from T.U.B Investing

$Trendlines(42T.SI)

This article may have came a bit too late.



I felt I have to write another article about The Trendlines Group Ltd (Trendlines) after my last post on them, as well as my very bold estimation of Trendlines on IN.






Screenshot from IN

But since the last post and estimation, Trendlines share price has been on a downtrend on a prolong period.






Screenshot from IN
I am not sure if the post or estimation have influenced anyone to purchase Trendlines. Nevertheless I still felt that I had to be responsible and thus, I will write out my current thoughts on Trendlines.


First of all, I will like you to know that I am still vested in Trendlines (about 2.5% of my portfolio).




Why am I still vested? If you had read my previous post on Trendlines, other than point 1*, all the other positive points are still relevant. Some of these points, as elaborated below, have become even more advantageous!



*CEOs did not continue to purchase Trendlines and the company also did not made any share buybacks.




1. Their dividend policies have become clearer with recent new on Stimatix. Stimatix will provide recurring income for Trendlines and in return dividend for the shareholders. Do note that Trendlines owns 28.2% of Stimatix and a payout ratio of 90% of dividend payments received from royalties.




2. Collaborators! Other than B Braun Melsungen AG, Trendlines also have many other extensive partnership collaborators!






Trendlines Investor's Powerpoint




3. Companies born out of Trendlines lab are not within its balance sheet yet! These companies will eventually bring in profit and will definitely boost its asset within the balance sheet. Thus, the balance sheet is actually still understated!






Trendlines Investor's Powerpoint




4. News, news and news! Recently, an IN friend have actually found some news on the Trendlines' portfolio companies that are not explicitly announced and here they are:






Regardless of the above positives, the RISKS that I stated in the previous post still exists too: (1) Overstating of the value of their portfolio company and (2) having failed portfolio companies being written off in future. This could produce losses that will definitely impact the share price negatively.



So what is the Fair Value?



Recently, many of you will have notice the changes in how I view a company recently. I will always try to look for a REASONABLE fair value. For Trendlines' share price, the management had compared against other industry comparables as per its investor's powerpoint slide.






Trendlines Investor's Powerpoint



But I felt the share price calculation should be based on dividend instead. This is because I felt dividend will eventually become the main catalyst for Trendlines over the next 2 years.

So the amount of dividend I calculated is....0.3 cents! This is only about 2.5% dividend yield based on the current share price.

This is based on the estimation of the following -

1. Dividend Payout of 90% of dividend distribution of about US$800k

2. Dividend Payout of 40% of an Exit Event where the net cash after tax distributable proceeds paid to Trendlines for the financial year is at least US$2 million.

Finally, one must also take note of the following taken from the recent annual report and announcements:

1. In August 2016, Medical received a dividend distribution from the Portfolio Company in the amount of approximately 897, the dividend distribution representing Medical’s share of a portion of the cash consideration received from the Licensee.

2. In addition to a dividend which was received subsequent to the initial closing in November 2014, Trendlines Incubators Israel Ltd., the Group’s wholly-owned subsidiary, has additionally been paid approximately US$1.6 million in dividends, to date, upon Stimatix’s completion of the relevant milestones.

3. On September 29, 2016, the Group sold its holdings in E.T.View (including options). The Group received consideration in the amount of 3,700, of which 2,100 is recorded in gain from disposal of investments accounted for under the equity method and 1,600 in gain from change in fair value of investments in Portfolio Companies.

4. In June 2017, the Group completed the sale of its holdings in Biosight LTD. The Group received consideration in the amount of 1,300 and recorded realized gain from change in fair value of investments in Portfolio Companies in the amount of $1,200.

5. On November 13, 2017, the Group completed the sale of its holding in MitrAssist Ltd (“MitrAssist) for a total consideration of approximately 1,150. The Group recorded realized gain from change in fair value of investments in Portfolio Companies in the amount of $1.1M as well as financial expenses in the amount of $0.5M with respect to repayment of the IIA loan relating to MitrAssist.




In Short

I understand that the current estimated dividend yield is quite low. Not even 3%. It could get even lower since the last few exits Trendlines had made is less than US$2 Million. Thus, these are more of the negatives that I believe investors should take note.

BUT I will still stay vested and may even buy more if the share price drop even MUCH MORE.

This is because I believe in the company's growth and it takes time for the revenue to grow. In the meantime, the dividend can "comfort your continuing patience".

I must also state that Trendlines has "not" yet given any dividend and their dividend policy must have well-thought through prior to announcing. Therefore, their current exits events could possibly be used to support their current operations, rather than for dividends. Nevertheless, Trendlines is not the usual business model and investors should not really used their current understanding to define this firm.

Investors will just have to wait for Trendlines to grow for at least 2 years before it become the multibagger we are waiting for.

Simple Investor SG and I will be having our next Coffee With Us on 17 April 2018.If you are interested in the event, do sign up via this LINK.We look forward to meeting you!

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Read more

There are more for you ...

View more and participate in our discussion now. It's FREE.

Creating an account means you’re okay with InvestingNote's Terms and Conditions