Excerpts from report today byTerence Wong, co-head of research at OSK-DMG

125terencewongTerence Wong, CFA. MY MODEL portfolio came off by 0.9% WoW (week-on-week), which was slightly better than STI’s 1.2% decline.

The poor showing was due largely to the possibility of a premature tapering of the QE by the Fed.

I will be making a few changes to my portfolio:
> Ocean Sky (Sell 1.2m shares at SGD0.176). The dividend that I have been waiting for has finally been dished out – SGD0.024 in all.

When I bought into the stock, I thought that the mouth-watering yield of over 10% would have been a big draw.

But investors thought otherwise. After taking into account the dividend collected, I will have made no gains with this investment.
> Switching out from Marco Polo Marine (Sell 500k shares at SGD0.375) into Nam Cheong (Buy 750k shares at SGD0.265).

Marco Polo was another disappointment.

Given the improvement in charter rates and the implementation of the Indonesian cabotage law, I would have expected more from the shipcharterer/builder.

Fundamentals still remain sound, but I believe Malaysia-based ship-builder Nam Cheong will likely outperform on the back of strong orders from national oil company Petronas.


Recent story: NAM CHEONG, OLAM INTERNATIONAL: What analysts now say

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