the purpose

This blog is merely to share my investment ideas and should be viewed only for learning purpose.

I will share my investment ideas or cases as and when I feel like it. The style of the writing will be super casual and most of the times it will be as if I am talking to my friends or buddies.

I appreciate self depreciating and hope the readers would view my frankness and at times, bluntness at ease.

If you expect excellent and flawless English (or sometimes Bahasa Indonesia), you will be greatly disappointed.

I hope my sincere sharing and investment ideas outweigh my flaw in writing.


Xxl Snack tiny Empire

Snack Empire is the rather well known Shihlin brand in Singapore selling Taiwanese snacks mainly Xxl Chicken & Oyster Mee Sua.

It has over 200 outlets mainly in Singapore, Malaysia & Indonesia.

Most outlets are franchised out, with the big one in Indonesia which owns over 140 outlets.

At current price of HKD 0.2, it has market cap of about HKD160M or S$29M.

Net cash is over S$17M, which is more than 60% of its market cap.


the norm is no

In business and in life in general, I concur to the idea of open-mind to explore new ideas and opportunities.

In Investing, that is my approach as well.
Except that, I started with the open-mind to disprove the ideas.

What do you mean by that?
It’s the inversion.
I want to prove the foods are poisonous so I will not eat them.
Or rather, I want to disprove the foods are safe.


Cushioning Covid Crash

This is a trying, humbling time, for humanity.

For me personally, it doesn’t really depress me all that much.
But of course, mentally exhausting.

Being indoor most of the times, does affect clear thinking.
Although also a great time to slow down, read and reflect.

Since this is Investment sharing, I’d leave out the emotion/feeling part.
It’s not my forte.

This writing is mainly to serve as the diary for my future reference. (more…)

in Integrity we trust

Trust, especially to my stubborn mind, is super hard to gain.

However, that definitely didn’t apply to my Indo investment.
I guess, it has to do with my more limited times and focus in Indo market.

I fell horrendously in the shallow dive of the Company analysis.
Paying insufficient focus on the Management integrity.

In what seems to be the face-saving, in critical moment of truth, I turned back to Philip Fisher’s essential point in “what to buy”:

“If there is a serious question of the lack of a strong management sense of trusteeship for shareholders, the investor should never seriously consider participating in such an enterprise.”


Sky tough. Ground sound.

What contributes a good or even great business?
There are definitely many ways to measure.

However, to me, the key is in ROE or better yet, ROIC.

By and large, Airlines businesses generate low ROIC or even minus.
Flying in the sky is tough.
Assets are huge and competitions are tight.
It is an almost perfect competition in work.

However, handling the airlines grounding is generally milder.
Be it passengers handling, cargo handling or owning airports.

There are regulations, licenses and oversights either by Government or Standardisation bodies.
To a city, Airport is generally monopoly or duopoly.
To an Airport, it is more effective to give license to mono or duo established Ground handlers based on fulfilment of strict criteria and also the more important factor of good track records.

The barrier of entry of such ground handling businesses is much higher.



As the saying goes, ignorance is bliss.
But, just like Rick & Morty, it has to pair with happy-go-lucky.

By and large, it refers to silly guys who tend to be dumb but also always miraculously dodging the bullets in life.

Probably this is what have been going on in recent years in Indonesia.

Except that, it is getting to the ignorrogance state (the word is heartlessly highlighted by grammar as mistake).

Ignorrogance is Ignorantly Arrogance.