Solid investing counters

Solid investing counters

If profits were evaporating for a stock I am excited about, I will get even more excited because that also means the share price is coming down which offers me a chance to add to my position in this same exciting stock if the price is worth adding more. Then the next round when the price heads higher again, I will be multiplying the profits in this same stock on a larger position. It is great to hold an increasingly larger position in an exciting stock through time of which it's underlying business fundamentals are strong and growing fast whenever the share price is sensible to keep adding to one's position, the more exciting the share price at cheap valuation the better for an exciting business!


Nice investing wisdom! Any counter to share  @jeremyowtaip?

Try the following list. I think value investors also holds some of the stocks as indicated below.

1. Jardine Matheson Holdings
2. Haw Par Corporation
3. DBS
4. OCBC
5. Nordic
6. Riverstone Holdings
7. Top Glove Holdings
8. Micro Mechanics
9. Ascendas REIT
10. Parkway Life REIT
11. First REIT
12. CapitaCommercial Trust
13. Mapletree Commercial Tust
14. CapitaLand Mall Trust
15. Suntec REIT
16. Raffles Medical Group
17. UOI
18. Sheng Siong
19. Wilmar
20.Food Empire
21. Sunningdale

Of course, there are other stocks/ REITs which are also good. My selection here are the limited ones I have looked at before and they have already shown consistent performance track record so far and probably will be good to be invested for the long term until their fundamentals should change in future.

Of course, there are other stocks which could be vested for a particular period of time for asset value play and upturn in earnings such as selected boutique property stocks or certain property stocks like Wheelock properties whereby their assets carried on balance sheet maybe too conservatively quoted and hold locked hidden value. Or stocks in the turnaround in profitability in their respective industries or undergoing certain current developments which may favour their forward growth such as AEM Holdings, Yangzijiang in the shipbuilding industry, Wilmar in the commodities play should commoditiy prices head higher and return to previous peak and Keppel Corp in the O&G recovery play.

But, the bright spots I feel are still in selected HK and US listed stocks. I have found so many of them in my watchlist. And many of them really amazes me how much yearly growth they have achieved over the past decade which are somewhere 20% and above consistently for quite a number of those really good ones. They are in great expansion mode for these really high growth companies and their share prices are also in expansion mode where all of them have become multi-bagger stocks giving returns of more than 100% on their share prices over the past decade. If an investor can form a portfolio with all these growth stocks and have held them over the past decade through the ups and downs of prices, he or she would have been richly rewarded now.

A popular example is Apple Inc. which has become a 67-bagger stock over the past decade. Another example is Tencent Holdings which has become a 299-bagger stock over the past decade as it has done stock split(s) before. My conclusion is that the pasture is really greener outside if one knows how to pick the right stocks in the overseas markets.

It will be good for serious investor to start digging into the financial numbers and do their own homework before investing on any of these counters.

For one has to know the health of the company, profit level/margin, CAGR % increase for Total revenue , Gross profit and EPS for the past 5 years

. Whether the cash flow is good or not properly managed.Debts level is it ok. cash flow is sufficient to support the dividend payout etc.

Not a call to buy or sell.Trade/invest base on your own decision.

Don't know where it will end for Diw correction!. Doesn't matter. If market correction intensifies, I will use this golden opportunity to rebalance my portfolio.

If bear market should develop anytime soon, I will rebalance by taking some profits off the shares I will like to decrease allocation and increase the position in the shares I will like to reach my ideal weightage allocation during the price decline. It will be so much a breeze to do the rebalancing and repositioning when prices are going cheap.

Hope this little thought and ideas can make you Huat big big for year 2018 and beyond!

Haw Par - Haw Par Corporation Limited, together with its subsidiaries, manufactures, markets, and trades in pharmaceutical and healthcare products. The company’s Healthcare division principally manufactures and distributes topical analgesic products. This division offers ointments, soft, plasters, muscle rubs, liniments, oils, mosquito repellent sprays, mosquito repellent patches, mosquito repellent aerosols, arthritis rubs, joint rubs, neck and shoulder rubs, neck and shoulder rub boosts, back pain patches, ultra thin patches, lotions, and cooling patches under the Tiger Balm name; muscle gels, muscle rubs, and muscle sprays under the Tiger Balm ACTIVE name; and medicated oils and refreshers under the Kwan Loong name. Its Leisure division provides family and tourist oriented leisure alternatives through its owned and operated oceanarium, including Underwater World Pattaya located in Thailand. The company’s Property division owns and leases out various investment properties in the Asia region. This division’s investment property portfolio comprises 45,399 square meters of commercial and industrial space in Singapore and Malaysia. The company’s Investment division invests primarily in quoted and unquoted securities in Asia region. Haw Par Corporation Limited also provides management support services; and leisure-related goods and services, as well as invests in properties and securities. The company distributes its products in the Americas, Africa, the Middle East, Asia, Australasia, and Europe. Haw Par Corporation Limited was formerly known as Haw Par Brothers International Limited and changed its name to Haw Par Corporation Limited in 1997. The company was incorporated in 1969 and is based in Singapore.

Riverstone - Riverstone Holdings Limited, an investment holding company, manufactures and distributes cleanroom and healthcare gloves under the RS brand. It also produces cleanroom finger cots, packaging bags, face masks, and wipers; and other consumables, such as hair nets, static dissipative shoes, safety booties, shoe covers, ESD rubber bands, sticky mats and rollers, swab-polyester and microfibers, antistatic gloves, static dissipative shoes, cleanroom coveralls, and cleanroom papers. In addition, the company trades in latex products; and distributes cleanroom products. Further, Riverstone Holdings Limited offers healthcare products comprising white, blue, black, and accelerator nitrile exam gloves. Its products are used in the hard disk drive, semiconductor, and healthcare industries. The company exports its products primarily to the Americas, Asia, and Europe. Riverstone Holdings Limited was founded in 1989 and is based in Singapore.

Kepcorp And Sembcorp Marine

With oil price rises 2.2% to 3-week highsettling at $63.40 per barrel , on Middle East tension and falling Venezuela output this may drive the oil price to rise further . Oil price seems to cross over the upper trendline of the symmetrical triangle looks bullish! Both Keppel Corp and Sembcorp Marine are trading in a same chart patterns as reflected on the chart. Kepcorp may need to cross over $7.85 in order to overcome the 50MA line.

Similarly for Sembcorp Marine will likely need to overcome $2.12 which is also coincide with the 50MA line.

With Dow overnight close positive with +116.36 points to 24727.27 , this may bring cheers to local market.

If Kepcorp can re-conquer $7.85 price level with ease + good volume it may propel to drive the price higher to test $8.00 and above.

Similarly for Sembcorp Marine, if the price is able to breakout $2.12 level smoothly it may continue to drive the price higher to test $2.20 and above.

Not a call to buy or sell.
Dyodd.

Keppel Corporation Limited, an investment holding company, engages in the offshore and marine, property, infrastructure, and investments businesses in Singapore and internationally. The company engages in the construction, fabrication, and repair of offshore production facilities and drilling rigs, power barges, specialized vessels, and other offshore production facilities; research and development on deepwater engineering; the engineering, construction, and fabrication of platforms for the oil and gas sector, shipyard works, and other general business activities; the procurement of equipment and materials for the construction of offshore production facilities; and ship owning business. It is also involved in the trading and installation of hardware, industrial, marine, and building related products, as well as the provision of leasing services; production of jacking systems; sourcing, fabricating, and supply of steel components; ship repairing, shipbuilding, and conversions activities; marine contracting; painting, blasting, shot blasting, and process and sale of slag; property investment and development activities; fund management; golf course and hotel ownership and operation; development of marina lifestyle and residential properties; marketing agency business; trading of construction materials; development of district heating and cooling systems; electricity generation and supply, and general wholesale trade businesses; purchase and sale of gaseous fuels; trading of communications systems and accessories; and travel agency business. In addition, the company offers property management, engineering and procurement, towage, financial, trust management, logistics and supply chain, warehousing and distribution, data center, and co-location services; and technical consultancy for ship design and engineering works, as well as solid waste treatment solutions. Keppel Corporation Limited was incorporated in 1968 and is based in Singapore.

Semb corp Marine Ltd, an investment holding company, provides marine and offshore engineering solutions worldwide. It offers turnkey solutions for projects in the areas of conversions and new builds, including floating, production, storage, and offloading units; floating, drilling, production, storage, and offloading; floating storage and offloading vessels; floating production units; floating LNG; floating, storage, and regasification units; and mobile offshore production units, as well as drill ships, semi-submersibles, jack-up rigs, and TLP and SPAR constructions. The company also provides marine repair services, such as afloat and emergency repair, underwater cleaning and repair, main engine maintenance and repair, mechanical repair, steel and pipe work, electrical and instrumentation repair, motor rewind repair, tank cleaning, sludge and oily waste disposal, staging work, hydro jetting and hydro/vacuum blasting, riding crew and voyage repair, specialized workshop repair and reconditioning, vessel towage and port clearance arrangement, and specialists service and navigation, automation, safety, and fire protection services. In addition, it offers offshore platforms, which includes engineering, construction and fabrication of offshore structures, wind-farm substations, and LNG modules; and designs and builds accommodation and crane barges, offshore support vessels, harbor and ocean-going tugs, dredgers, research/seismic/multi-purpose vessels, heavy-lift pipelay vessels, and container/heavy cargo/LPG/LNG carriers. The company was formerly known as Jurong Shipyard Ltd and changed its name to Sembcorp Marine Ltd in 2000. The company was founded in 1963 and is headquartered in Singapore. Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd.

Memtech

Memtech - from TA point of view, it is still on a uptrend mode patterns and may likely continue to trend higher! It had a good run from $1.23 on 8th Feb 2018 to touch the high of $1.92 on 13th Mar 2018. Looks rather bullish !
Currently, it is taking a breather after hitting the high of $1.92 and close lower at $1.77 today.
Look for the market confirmation to drive the price higher to re-test the recent high of $1.92 . Breaking out of $1.92 with ease + good volume that may propel to drive the price higher to $2.00 and above.
Not a call to buy or sell.
dyodd

Memtech International Ltd., an investment holding company, manufactures and sells mold, rubber, and plastic components for automotive, industrial and medical, mobile communications, and consumer digital products. The company offers rubber parts; decorative plastics comprising car key fobs, logos, plating rings, audio and temperature control panels, cluster application products, and infotainment panels; and light guide plates, car revolving buttons and keypads, emergency and car buttons, electron shells, steering buttons, hand break lifters, and power window buttons. It also provides TV remote controls and control keypads, gaming controllers, light guide panels, routers, router panels and shells, speakers, and wearable devices; industrial PDA’S, barcode scanners, and blood glucose meters; antennas, mobile antenna casings, window lens products, metal dome and light guide films, and mobile and waterproof housings; and single and double shot, electroforming, and other tooling products. In addition, the company engages in the trade of electronic products; and manufacture of medical equipment and related packaging materials; and production of translucent lens for flash light in mobile phones, as well as touch screen panels. Memtech International Ltd. was incorporated in 2003 and is based in Singapore.

NAV $1.171, Rolling EPS 14.4 cents, PE 21.3 times.. Dividend of 5.5 cents, yield of 3.1% base on current price of $1.77 per share.

From the Past financial results, we are able to see that the diluted EPS as been generally increasing from -1.1 cents (2013 ) to 7.3 cents on 2017.  A vast improvement of CAGR of 50%. Looks promising.

Net Income has generally increasing from the low of -4.8 ( 2013 ) versus 18.8 m( 2017) . A big turn-around as compare to the loss of -$4.8M 4 years ago. 

Return of Assets has been improving from a negative -0.25%(2013) versus +4.78% on 2017.

Return of Equity -3.96% (2013) versus 11.96%(2017)

Looking further into the Balance Sheets items , we can notice that the company is in a Net Net position as it Current Assets ($191.198) is able to cover the total Liabilities ($80.321).

Cash flow Operations is also looking rather healthy that saw its amount increase from $11.09M versus $16.41m(2017).

Net change in Cash also witnessed the healthy grow of $2.75m to $10.08M.

quote : 
CIMB has a price target of $1.76 which is based on 12 x FY19F P/E ( above regional peer's of PE 11.4X).

UOB Kh has a price target of $1.43

It seems that the current price is trading at a premium level and trader/investor might want to take note of this and trade with extra cautious!

STARHUB

Starhub - StarHub Ltd., an integrated info-communications company, provides information, communication, and entertainment services for consumer and corporate markets in Singapore. It operates a mobile network that provides 4G, 3G, and 2G services; and manages an HFC network that delivers multi-channel pay TV services, including HDTV, Internet TV, and on-demand services, as well as ultra-high speed residential broadband services. The company also provides business solutions comprising mobile plans; mobile value-added and roaming services; office broadband, enterprise Internet, and wireless solutions; office line solutions, such as integrated services digital network, SIP voice, PBX, and unified and business fiber; conferencing, international calling, directory enquiry, and unified communications-as-a-service solution services; data connectivity solutions; Internet and IP solutions; and business voice and IDD solutions. In addition, the company offers data center and cloud computing solutions; and wholesale and carrier services. Further, it offers subscription television and television broadcasting services. The company was founded in 1998 and is based in Singapore. StarHub Ltd. is a subsidiary of Asia Mobile Holdings Pte. Ltd.

NAV of 8.1 cents. Rolling EPS is about 14.1 cents. PE is about 18.1 times.

Annual Dividend of 16 cents. Payable quarterly.

Now let us take a look at the financial numbers to see how it has fared for the past five years.

Total revenue has been stabilising around the range of 2370m to 2400m.

Gross Profit has been constantly declining from 1079.8M ( 2013) to 978.2m(2017). 

Net Profit has seen the biggest fall from 379.5m (2013) to 249m(2017). A fall of almost 34%.

Totat Current Assets is 832.7m versus Total Liabilities of 2007.1m( 2017) . Looks like the debts level is pretty high.

Gearing is about 85% ( seems very high) Total Liabilities of 2007.1 divided by Total Assets of 2352.

Operations cash flow has been declining from 594.7m (2013) to 517.2m(2017) .

Return of Assets & Return of Equity has also been decreasing from 2013 to 2017 as being reflected on the financial nos.

Net Income margin has also been declining from 16% to about 10.37%.

Looking from the yield perspective of 16 cents per annum that will give a yield of about 6.56% base on current price of $2.44 per share. Yield looks very attractive. I am Not sure if this is sustainable . Investor has to do their own due diigence.

The recent announcement (https://www.channelnewsasia.com/news/singapore/starhub-sunseap-electricity-sell-jurong-10054202) :
Local telco StarHub on Monday (Mar 19) announced its intention to go beyond its traditional business of offering mobile, pay TV and broadband services to venture into the electricity sector.

In a press release, the telco said it is joining forces with local solar energy provider Sunseap to sell electricity at the soft launch of the Open Electricity Market in Jurong next month. 

There will be two clean energy subscription plans offered by both companies: Green Life and Green Save. 

Green Life is a 100 per cent clean energy plan targeting environmentally conscious customers. This means they will receive electricity fully produced by Sunseap’s solar systems and this will be charged at the usual regulated electricity tariff, the press release explained. 

The current electricity tariff is 21.56 cents per kilowatt hours (kWh), according to the Energy Market Authority’s (EMA) website. The tariff for the next quarter has not been announced yet.

As for Green Save, customers will receive 5 per cent clean energy and get a 20 per cent discount off the regulated tariff, the companies said.

Looks like a new business tie-up to boost their total revenue. It may take sometimes to see the overall result.

From TA point of view, It is on a long term downtrend as reflected on the chart.

It has fallen from the high of $2.99 on 24th Jan 2018 to a low of $2.37 .
It has managed to bounce-off from $2.37 to close higher at 2.44 yesterday.
It is still rather weak and bearish.
It will need to rise above $2.50 and above in order to reverse this downtrend.
not a call to buy or sell.
dyodd.

Sunningdale Tech

Sunningdale Tech - I have looked through Sunningdale Tech and here are my thoughts on this tech company.

Sunningdale Tech is a leading Asian tooling, plastic injection moulding and precision assembly company. They are currently operating in four main business segments namely automotive, consumer/IT/environment, healthcare and tooling/mould fabrication. They currently have 19 manufacturing facilities spread across 9 countries and as their chairman mentioned, they continue to receive queries from both new and existing customers who recognise their ability to undertake projects on a global scale. So far so good, the background business profile seems to suggest they are a global player in their field.

The chairman in the FY16 annual report did raised a few challenges their businesses constantly face such as foreign exchange movements, rising labour cost, pricing pressure from customers, rising input costs, and structural reforms in China (which affects their China based businesses).

With these backdrop, let us look into their business performance so far over the past decade. First, we look into how their revenues have grown over the past decade. Revenues have grown by a compounded annual growth rate (CAGR) of 6.52% over past decade.

Next, their operating profit has grown by a CAGR of 9.2% over the past decade.

Next, their profit attributable to shareholders has grown by a CAGR of 9.98% over the past decade.

Next, their diluted earnings per share (EPS) has grown by an impressive CAGR of 25.9% over the past decade.

This is a low profit margin company. Let's look at how the profit margins have changed a decade ago compared to now.

Operating profit margin = 4.6% (2007) vs 5.9% (2017)
Profit attributable to shareholders margin = 3.1% (2007) vs 4.3% (2017)

The various profit margins have improved over the past decade though they are generally still at low single digits. The operating profit, profit attributable to shareholders and diluted EPS have all grown faster than revenues. It seems that Sunningdale Tech have managed to keep the various operating expenses well controlled to achieve better operating efficiency. Indeed, the % of operating expenses (excluding finance cost) over revenues have decreased from 12.4% to 9.6% over the past decade. In 2017, operating expenses (excluding finance cost) only made up 9.6% of their revenue. They have been definitely doing well to reduce operating expenses while improving profit margins amidst a challenging business environment they operate in with pricing pressure from customers and rising input cost and labour cost over the past decade.

Now let's look some of the various metrics from their balance sheet and see how have they changed over the past decade.

Current ratio = 1.21 (2007) vs 1.74 (2017)
Quick ratio = 0.39 (2007) vs 0.39 (2017)
Debt to equity ratio = 0.29 (2007) vs 0.28 (2017)
Shareholder equity CAGR = 1.12%

This was a net net company (current assets > total liabilities) a decade ago and a decade later, it still maintains it's net net company status. The company has maintained similar leverage level taken a decade ago and now. It's balance sheet is strong as it has maintained it's net net status over the past decade. However, Sunningdale Tech did not grow it's shareholder equity at high CAGR thus not making their shareholders wealthier at a fast rate.

The returns on assets, returns on equity and returns on invested capital a decade ago were at low single digits of 2.36%, 3.75% and 3.62% respectively. However, the various returns have improved over the past decade and now returns on assets, returns on equity and returns on invested capital stand at 6.98%, 13.28% and 10.75% respectively. Clearly, the management has become more efficient over the past decade in producing better returns. The question now is can the management continue to improve their various returns any further or are these the best they can achieve? This is because the various returns though have improved over the past decade, have also remained stagnant around current levels for the past 3 years.

Next, we look at how their cashflows have grown. Operating cashflows have not grown much at all and remained at about similar levels now as compared to a decade ago. Free cashflows have decreased in their reported FY17 financial results as compared to a decade ago. I noticed the trend of their operating cashflows and free cashflows over the past decade can be quite volatile with some years having more operating cashflows and free cashflows while other years having lesser. Nevertheless, their free cashflows are still able to meet their dividends paid. One may need to watch their future cashflows carefully to make sure their cashflows can continue to grow even while over any single year, it may show volatile swings. If future cashflows do not grow anymore and even show a decreasing trend, then it could be a potential red flag to watch out for.

Nevertheless, Sunningdale Tech has strong balance sheet. But, we will also like to see that it can continue to receive increasing operating and free cashflows from it's businesses as it continues it's growth. Or else, the current assets carried on their balance sheet though looking impressive giving them a net net status and especially made up of a good amount of trade and other receivables, may start to make one worry whether there are any difficulties with collecting cash from these receivables.

Overall, I find Sunningdale Tech still an alright investment for consideration. But based on some of the above potential weak spots such as the weakness of it's cashflows being raised and operating in a constantly challenging environment, I will put it as an alright but not fantastic investment idea.

Valuation wise, if we assume the diluted EPS will continue to grow at a historical CAGR of 25.9% for next 7 years, the fair share price is $9.84. Wait a minute! This is insane! Sunningdale Tech is only trading at $2 now. At $2 now, the market is according a forward CAGR of 1.9% for the diluted EPS of Sunningdale Tech. Either the market is very intelligent or very stupid from what I can see. Perhaps from certain potential weak spots in the businesses such as the volatile cashflows and challenging operating environment as mentioned earlier, the market is discounting Sunningdale Tech.

I also noticed that the diluted EPS of Sunningdale was also volatile as well over the past decade with some years swinging into losses. The significant growth in the diluted EPS came in only from 2015 to 2017. Previous years had much lower diluted EPS registered. Thus, I think it is better to watch out whether Sunningdale Tech can continue to register stable growth in it's diluted EPS. As such, I think I will perhaps follow the market's assumption that Sunningdale Tech will grow it's diluted EPS at CAGR of 1.9% as a conservative measure and see the current traded price of $2 as my final conclusion of it's fair share price. Any upside will have to depend on how Sunningdale Tech can stably grow it's diluted EPS and cashflows over the next 7 years.

Thus, a fair share price of $2 is not too low an estimate (factoring in a margin of safety for the investor) in order to give the company time in future to see whether they can stabilise their growth going forward in these two areas of their diluted EPS and cashflows, minimising their volatilities, and even avoid any potential losses. If they can do that, their share price will certainly have much room to run higher.

NAV of $1.935 ,Rolling EPS is 16.6 cents, PE of 12 times. Dividend of 7.5 cents, Yield is 3.73%

Price/NAV 1.03 times.

TA wise, looks positive as the current price of $2.01 is staying above 20,50,100 & 200 MA.

The trading volume has also picked up which is rather encouraging/healthy.

It will need to conquer $2.10 in order to rise higher toward $2.20. Breaking out of $2.20 with ease + good volume that may propel to drive the price higher towards $2.30 then $2.40.

Not a call to buy or sell.

dyodd.

Cosco

Cosco - COSCO Shipping International (Singapore) Co., Ltd., an investment holding company, provides ship repairing, ship building, and marine engineering services primarily in the People’s Republic of China and Singapore. The company’s services include ship repair, conversion, and jumbolisation; new builds; and oil rig repair and construction services. It also transports dry bulk cargos, such as grain, iron ore, coal, steel, cement, and fertilizer through 12 dry bulk carriers with a capacity of 698,306 dwt serving shipping companies and cargo owners. In addition, the company offers various services comprising document preparation, collection of freight, cargo operation, vessel husbanding, customs declaration, port authority coordination, administration and settlement of cargo claims, transshipment management, bunkering services, container handling, cargo canvassing, and other value-added services. Further, it provides container repairs and other services; and fabrication works services, as well as produces marine outfitting components. Additionally, the company offers property management services; overhaul, repair, commissioning, and spare-parts replacement services for governors, turbochargers, and engine fuel systems; ship corrosion control services; and design, manufacture, sale, and technical services relating to vessels and industrial instruments, as well as trades and invests in properties. It is also involved in owning and chartering ships; providing shipyard financing; and marketing and selling shipbuilding and offshore project activities. The company was formerly known as COSCO Corporation (Singapore) Limited and changed its name to COSCO Shipping International (Singapore) Co., Ltd. in April 2017. The company was incorporated in 1961 and is based in Singapore. COSCO Shipping International (Singapore) Co., Ltd. is a subsidiary of China Ocean Shipping (Group) Company.


Recently, it has managed to divest off the losing Ship building business and made a once-off gain to bring the company back to profitable level. 

Cosco Shipping Heavy Industry Co., Ltd. completed acquisition of 51% stake in Cosco Shipyard Group Co., Ltd., a 50% stake in Cosco (Nantong) Shipyard Co. Ltd. and a 39.1% stake in Cosco (Dalian) Shipyard Co., Ltd. from Cosco Shipping International (Singapore) Co., Ltd. (SGX:F83).

Source:
Type: M&A Transaction Closings
From: 22/Dec/2017

It has also went on to acquired COGENT HOLDINGS LIMITED - for each CHL Share: S$1.02 in cash (the “Offer Price”).

NAV - 0.115 , P/NAV 4.037

We are now going to take a look at the Balance sheet items as follows:-

ROE - Return of Equity has been showing negative value for the past 3 years ( 2015 -2017) of which i think is not not in a good financial status.

Net Income margin has also been booking in a negative figure of -16.19 for 2015, -18.2 for 2016 with the exception for 2017 with a positive figure due to once-off divestment gain. without that, i think it would still be in the negative position.

Next we can take a look at the Cash flow for Operations . It has been showing a negative cashflow for past 4 years from 2013 to 2016. 2017 has returned back to positive level could be due to the divestment gain.

Net change in cash has also been showing a negative position.

The EPS has also been showing negative value for past 2 years from 2015 to 2016. 2017 it has managed to return back to profitability with a positive eps of 5.4 cents.

For financial status, we may have to monitor and observe how it fares for the next 2-3 quarters after the acquisition of Cogent Holdings ( a warehouse & logistics company).
I think is still too early to have a clearer picture of the company financial health status .

I think is good that they are now focusing into Shipping,Warehousing & Logistics which could provide the next growth to lead the company into profitability. 

From TA point of view, it has a beautiful breaking out moment at 48.5 cents on 14th Mar 2018 and closed well at 51.5 cents. It went on to hit the high of 53.5 cents the next day. Looks rather bullish!
 The price has pulled-back to 50.5 cents on 16th Mar + low volume which is rather healthy.

Look for a rise to re-test the recent high of 53.5 cents. Stop-loss at 48 cents. Target price 61 cents.
not a call to buy or sell.
dyodd.