Holdings Review

Dear Fellow Investors,

Today I will review some of our holdings and our path forward. Below is a daily chart of the EWM, an ETF traded on the NYSE holding mainly index linked blue chip Malaysian shares.

In the last 3 months EWM has had a reasonable recovery. This has been in the face of massive corrections in overseas markets including the Dow and Nasdaq as well as an onslaught of bad news.

Bad news includes Covid restrictions, political uncertainties, inflation and an economic slowdown. In the face of extreme negativity, foreign funds have been net buying beaten down quality shares and this has been true both in Malaysia and Singapore.   Foreign funds have the best quality research teams as well as deep pockets to buy undervalued assets.

Shares we  hold for many of you are recovery plays which deal in basic products we need . They pay dividends, are well managed and should continue to perform as Covid winds down, visitors return and political issues stabilize,    

Shares we hold  and prices below reflect a 3 month range: 

Malaysia

HEIM  low of 20.52 currently March 25,  22.60 

GENM low 2.71 currently  2.96 

Dialog low 2.58 currently 2.76

Bursa low 6.14 currently 6.95

Inari low 2.58 currently 3.23

Public Bank 4.06 currently 4.66

Singapore

SATS low 2.60 currently 4.24

Comfort del Gro low 1.33 currently 1.47

Thai Bev low 0.65 currently 0.705

Sheng Siong low 1.45 currently 1.50

OCBC low 11.23 currently 12.35

SGX low 8.91 currently 9.84

On 1 April Malaysian/ Singapore borders opening  we should see an influx of tourists and this should boost the prices of our holdings. The products these companies deal in can raise their prices with inflation so they provide an inflation hedge and the dividends they pay are also more than inflation.

My bet is on recovery and with dividends we get paid to wait. With the possibility of an early GE and a resolution of the Russia/ Ukraine war that would boost our returns,   

Take care

Bill