My Portfolio Sep25

Summary of September 2025

Portfolio @ End of Sep25

 

In Sep25, my portfolio rose 4.9%, which is easily its best performance YTD.

YTD portfolio loss has been narrowed to 6.1% which is the "best" level since Feb25.

KLCI continues its advance in Sep25 with a handsome 2.3% gain. 

I didn't make any transaction this month, and my portfolio was mainly lifted by Eupe, MFCB & Scientex which made more than 10% gain in a month.

My Portfolio Sep24

Summary of September 2024

Portfolio @ End of Sep24

In Sep24 my portfolio stayed flat while KLCI dropped 1.8%.

The major story is the continuous slump in the share price of Gtronic, though it only carries a little weight in my portfolio now.

Hibiscus's share price also suffered and it even dropped below RM1.90 at one point. I was tempted to add more of its share but I kept to my earlier "promise" not to do so.

Though I think Hibiscus is quite undervalued, it is volatile and has too many unpredictable factors that can influence its share price.

I'll just treat it as "mini Petronas" kind of dividend stock.

My Portfolio Jul24

Summary of July 2024

 

Portfolio @ End of Jul24

July 2024 was a bad month as my portfolio shrank by 5%, even though KLCI advanced 2.2%.

I think most of the small & mid cap stocks do not perform well despite the bullish KLCI.

August is even worse and it almost wiped out my paper gain this year!

I didn't make any sell transaction in June and July. The timing of selling seems to be my weakness as always. 

I didn't sell EUPE, Fajar & LEESK when they were riding high, and didn't sell enough shares of TAS either.

I don't know whether they will ever revisit their previous high...

Hiap Teck goes Upstream

Hiap Teck, a company mainly involved in trading and manufacturing of downstream steel products such as pipes & tubes, is preparing to expand its business upstream by starting an integrated steel mill in Kemaman, Terengganu. 

Hiap Teck's 55% owned Eastern Steel on 22nd July entered into a construction contract with China Shougang International Trade and Engineering Corp for the construction of the steel mill.

In Dec 2009, Hiap Teck bought 55% of Eastern Steel, which is then a dormant company with 242.8ha of land in Kemaman for RM110mil. The recently resigned MD and founder of Hiap Teck, Kua Hock Lai slowly disposed his shares to Datuk Law Tieng Seng, who owns 90% of Eastern Steel before it was sold to Hiap Teck. Now Kua only holds 7.8% and Law has 27.6% of Hiap Teck's share.

    Downstream steel product

Venturing into upstream business should be a good move, but it has risk as well. This project will cost RM754mil and is expected to start construction work in Dec11/Jan 12. The completion date is 18 months later and the production is expected to start 3 months after completion, which should be end of 2013.

For such a huge project, Hiap Teck will fund it by proposed rights issue of 321,900,000 new ordinary shares  + 80,490,000 free warrants (1:4), private placement of 32,196,000 new shares (10%), RM180mil bond issue and ESOS. After all these exercises, Hiap teck's share capital will balloon from 327,400,000 to 777,224,000!

     A steel mill

The dilution of earning is not helped by recent poor financial performance, in which Hiap Teck registered a drastic drop in both revenue and profit.

Profit (RM mil)	Q1	Q2	Q3	Q4	Total
2010	17	4	17	13	51
2011	-1	4	5

The disappointing set of results is said to be due to lower sales and higher material cost.

Affin and OSK have downgraded Hiap Teck recently to SELL, with target price of only 70sen and 95sen respectively. Hiap Teck is currently trading around 98sen.

Two weeks ago Hiap Teck's share price surged from RM0.915 to RM1.16 (27%) in just 5 days impending the announcement of this new venture. However, it has since fallen rapidly to below RM1. As current world market sentiment is bad, it may drop further.

The steel mill will not contribute any earning to Hiap Teck til 2014. It will only contribute debt and dilution at the moment. If the 4Q2011 results is still poor, then its share price might be in trouble. However, if the steel mill project is successful, Hiap Teck should have a bright future. 

If the share price drops to or near 90sen level, it may be interesting to "play" it, KIV another surge.