As I have said in a previous post, I have changed around my portfolio a bit to reflect the current market conditions. I liquidated my holdings in PGJ, SPY and C and withdrew my US dollars from my US broker a few days back. Since I have sold off PGJ (a China ETF), I wanted a new position to take advantage of the China boom. Thus, I purchased “United SSE 50 China ETF” listed in SGX and in Singapore dollars (felt more comfortable with local currency).
I have also liquidated half of my positions in Thomson Medical Centre after it went way above my intrinsic value calculation after Standard Chartered released a buy call with TP at $1.10 on 16th September. I was reluctant to sell off TMC at first as it’s such a gem. However, I sold off after I told myself that discipline is key in this business. I sell off when the intrinsic value is reached (no more value in the business) or when there’s a major fundamental change for the worst in the company. I managed to take out my capital less $600 after selling half of my positions. Thus, it’s kind of risk-free now with only $600 in the market compared with my initial outlay. I’m keeping the rest as I estimated a higher intrinsic value in FY2010 (going to be released soon in Oct I think).