Exited Beximco $BXP -4% Bangladesh listing falling fast

Tags

, , ,

I have exited this – the Bangladeshi listing has fallen. It was c80p a share when I bought in – it is now 55p -31% and the UK listing is down c4%.  I have therefore exited.

There are rumours this is due to an accounting issue – I doubt this, the company pays good dividends and has been in operation a long time.

But I cant ignore the risk so for now I am staying out until the discount opens up again.

I will watch and waith.

Rosetti ($RSTI) / $FEES – Russian Grids at bargain prices

Tags

, , , , , ,

I bought both of these the other week.  They are both very, very cheap and I believe are high quality assets that will rise in price as performance improves and Russia becomes a more ‘normal’ country.

 

FEES – Fsk Yees Pao is the largest grid company in Russia. 80% of the shares are owned by Rosetti, 88% of Rossetti shares are owned by the Russian government.  It is listed in Moscow and London via a GDR – I believe the Moscow shares are cheaper to buy and hold due to fees associated with the GDR. The likely yield is 8-10%. Continue reading

New Investment – RusHydro ( $HYDR)

Tags

, ,

Posted a few new investments on twitter that I thought I would update you on.  I have found Russia rich pickings for a lover of high yields and low PEs.

I wrote this a few weeks ago but didn’t get it posted as I have had an unfortunate festive flu – figures maybe a little more out of date than usual. I am long from 0.51 (Late October), (currently 0.5895 so +15% in a couple of months) but think there is still value, I literally bought a touch more on Friday.

Continue reading

Beximco Pharma – Bangladeshi Pharma at a discount to local value

Tags

, , ,

Got this idea from Mello stock slam.  I quite like it, bought a just under 3% weight at 42.9 earlier in the week.

This is a Bangladeshi Generic Pharma GDR listed on AIM.  There is a substantial discount to the listed Bangladeshi co which is trading at the UK equivalent of 74p – a c40% discount to the Bangladeshi company.

There have been lots of fly-by night overseas domiciled companies on AIM.  I don’t think this is one of them.  Firstly the sector is pharma – highly sensitive and regulated – not the ideal place to operate a scam.  Secondly, the company was founded in 1974 – so it has been going quite a while.  This is one of the biggest / most liquid companies in Bangladesh.

Continue reading

Moscow Stock Exchange (MOEX)

Tags

, , , , ,

As I tweeted the other day I have just bought some Moscow Stock Exchange (MOEX). Increasingly I am tempted by low price, high quality companies in somewhat lower quality locations.

To me MOEX meets the quality bar.  It has a dominant market position being the only exchange in Russia, it has an EBITDA margin of over 70%, a net profit margin of c45%.  There hasnt been much growth in operating income over the past few years – but it doesnt really matter as this is very, very cheap.  It is trading on about twice book value and a PE of about 10. Continue reading

New Investment – Global trans

Tags

, , , , , ,

Just bought some Global Trans (GLTR.L) – 2.5% portfolio weight (I tweeted about it the other day) this is quite a nice little Russian investment.  They basically operate railway freight in Russia.  This is not without it’s risk.  But yield is very high – c16% in 2018, 2019 dividend of $1.45 (half paid already). PE is low – c5.4 for 2019.  It isn’t either that this is a company on the brink of bankruptcy either – net debt to EBITDA is c0.53 – RUB denominated, and the company has lots of railway freight assets – book value is c$4.7 per share vs a share price of c$8.7.

Continue reading

New Position – $AJOT – Asset Value Investors Japan Opportunity Trust

Tags

, ,

New position this week – AJOT.

Unusually for me this is an investment trust trading at a small premium to NAV- about a 4.5% premium.  Something of a first for me – as regular readers will know I like a trust on a discount – but I am prepared to make an exception here. It’s my first decent sized new position in a while at about a 6% portfolio weight.

Asset Value investors are a value investment firm based in London who manage British Empire securities – I covered it a while back and should have bought some. They had realised that they were doing c20% a year in Japan with their activist / deep value realisation strategy and decided to launch a fund doing the same thing, focussing on it.

Continue reading

4D Pharma ($DDDD)- Bad news but strange director buying

Quick post on 4d pharma.  I bought back in 2017 then averaged down a touch.  This hasn’t gone well, my initial stake was at £2.47 and its now c£1.00.  It’s by far the biggest of my risky holdings.  I bought in as I have various stomach health issues that are massively helped by probiotics – so there is something in this and I believe these guys are leaders who can find and develop whatever is in it. What I have is very rare – 1/10000 of the population, of those, how many invest? Of those how many would invest in this? That, is my edge, or at least my perceived edge.

This may sound like a bit of a sketchy way to invest but one I ignored was Hutchinson China Meditech – I lived in China and was convinced Chinese medicine worked.  I very nearly invested but didnt – and the price is up 37X since!

Continue reading

Porfolio Review Q1 2019

Tags

, , , , , , , , , , , , , , , , , , , , ,

Quick Portfolio Review – Q1 has been pretty poor for me – up 1.3%. vs 9% for the FTSE All share.

This is despite being up at various points.  My general policy of not runing a stop loss has hurt me.  It might be time on my more liquid holdings to consider putting stop losses in.  This is very much a function of where we are in the cycle – likely near the top / end and not a general policy.  Whilst some people would say that not having stop losses is irredemably reckless I would disagree.

Continue reading