Biosensors International Group – Target price hit
Initiated Biosensors with a Strong BUY on Aug 29, 2013 when the stock was trading at $0.835. Target price of $1.025 (FCFE valuation) hit on May 26,2014. It went close on several occasions on Oct 22, 2013 ($1.01) and Feb 25, 2014 ($1). Citic Group is sourcing for private equity buy-out, which offers potential catalyst for Biosensors’ investors.
https://vpmsingapore.wordpress.com/wp-content/uploads/2013/08/biosensors_buy.pdf

Guthrie GTS Limited – Privatization at exactly $0.88
Initiated Guthrie with a Strong BUY on Aug, 21, 2012 when the stock was trading at $0.575. Target price $0.88 derived based on Discounted Cash Flow (DCF – FCFE). Unconditional Cash offer of $0.88 was offered and the company was taken private. Before that,
https://vpmsingapore.wordpress.com/wp-content/uploads/2012/08/guthrie-gts-final.pdf

Old Chang Kee Ltd – Blasted past target price
Initiated Old Chang Kee with a HOLD on Sept 17, 2012 when the stock was trading at $0.375. Target price of $0.39 derived based on DCF – FCFE valuation. There wasn’t any catalyst at that time, just a value cash-rich company with steady growth in Singapore. Stock price surged on special dividend announcement of $0.05 per share. Since then, there the company never look back. Current price at $0.96.
https://vpmsingapore.wordpress.com/wp-content/uploads/2012/09/ock_sep122.pdf

PEC Limited – Nearly hit TP before fading away
Initiated PEC on Nov 15, 2012 when the stock was trading at $0.60. Stock price was 3% shy of my target price of $0.745 (based on Residual Income Valuation) on Jan 11, 2013 ($0.725) before a stream of disappointing results and industry-wide headwinds confronted the company. Contract wins saw the company trading higher in recent days at $0.59. Cash on hand is a pale shade of its past, but forthcoming management may be able to streamline costs further amid industry slowdown in Singapore.
https://vpmsingapore.wordpress.com/wp-content/uploads/2012/11/pec_final_nov2012.pdf

Healthway Medical Corp – Share price jumped on spin-off
Initiated Healthway Medical with a HOLD on July 23, 2012 when it was trading at $0.083 apiece. My fair value of the company was $0.078 (FCFE valuation). There was no basis for the stock to be a BUY when prior to my initiation, it had its goodwill written down by close to 50% and saw its auditors resigned. Still, from a top-down approach, Healthway Med is in a promising industry with significant outreach.
Share price jumped to $0.11 in May on announcement that Healthway will spin-off its international arm International Healthway Corp, giving shareholders in specie shares of 82.29 per lot. IHC was priced at $0.48 per share, and shares of Healthway Medical was trading at $0.079 on an XD-basis. If investors had sold off their 82.29 IHC shares on opening day at $0.46, the effective price for Healthway Medical was $0.118. Happy for those who had invested. I’m not going to be a hindsight genius, as I didn’t see the spin-off coming.
https://vpmsingapore.wordpress.com/wp-content/uploads/2012/07/healthwaymedical.pdf

Raffles Medical Group – Share price beyond expectation
For everyone reading this, there (for sure) is a first report you can’t be proud of despite proving yourself as a decent budging stock picker. My first amateurish report on Raffles Medical was initiated on Apr 9, 2012 with a target price of $2.72 (Residual income model with 20% upside potential) when the company was trading at $2.27, near its historic high.
Share price continued to break new highs and recent trading saw the company trading at $3.70. At 24X P/E currently, I would think harder where growth is going to come from.
https://vpmsingapore.wordpress.com/wp-content/uploads/2012/07/raffles-medical-group_1.pdf

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