Singapore update #5
Dear subscribers,
We now have close to 400 subscribers, around 13% of whom are paying subscribers. Five of you are upgrading to a founding tier this week. We think that is a reflection of the value we deliver and/or the amount of money you are making from our work.
The newsletter is around 10 weeks old and in that time we have had tremendous success mining Singapore for ideas. In short summary:
XMH Holdings - approx. +40% in the two weeks following the AGM. Momentum now stalled due to Indonesian tax dispute - unlucky as we think this would have been very popular if not for this problem.
Soilbuild Construction - approx. +50% courtesy of Floebertus. Momentum stalled due to announcement of potential spin-off of pre-fab business. Spin offs are a death sentence in Singapore as there is a self-fulfilling belief that spin-offs are bad for the stock.
Tai Sin Electric - approx. +17%. We have some new information below the paywall that is relevant to their future revenue from Singapore infrastructure.
Kwan Yong - approx. +35% and counting. This idea is well received with investors in Singapore IRL. There is an upcoming AGM on 18 December where the wider shareholder base will hear our views on the outlook for the company.
CTR Holdings - approx. +60% and counting. Iqbal found this company and I recognised that its revenues could only be explained by it becoming the subcontractor of choice for >S$ 1bn semicon and data center projects in Singapore. I’m really pleased about how well we work as a team - our strengths are complementary. Long may it continue.
We are also very pleased with how Wasion and CQME are doing - both up around 10% and 25% yesterday.
We are looking at adding contributors from Australia and Portugal for all paying subscribers. Portugal in particular has had a fantastic year and we are excited to see what we can do there.
For Founding Members we have additional content drawn from best-selling Substacks. Please get in touch if you would like to learn more.
Below the paywall, we have information from a Mechanical & Electrical Engineering CEO about M&E budgets for upcoming infrastructure projects, as well as a list of ideas pitched at a recent value investors meeting in Singapore.