We added Gold and Sunway. We start collect PMCap as it starts turning profit. As owner keep buying we think no harm we can add a little as it is trading half of it NTAV now.

Before any new policies or corporate result can fundamentally increase the profit of all companies. We feel at 1660 level is over bought and become a little expensive. So we will become rather cautious defensive from now.

Re-looking into our holding of Citi USD 34 and AIG 35. We continue to hold on to our position.

After the budget, today PM has mentioned that government will be soon reducing corporate tax to increase competitiveness. Market immediately view this as positive. I always favour a cut in both personal and corporate tax. On the other hand, introduce GST to tax by usage. Total tax collection may increase compare to the current model.

In long run, we always believe that AUF still has many potential especially resources plus it’s human capital policy. Current low interest may further pull the dollar down. We will continue to leverage down is necessary.

We have re-invested dividend into asset oriented stocks, linked to agriculture and a little on Bingo ahead of its new movie coming out.

We continue nibbling Sunway as we believed it is undervalued. The recent tax hike may slow down its potential. We bought CIMBC25 as hedging.

We have bought in Ascott REIT at SGD 1.250, Teledata SGD 0.011, Stemlfe at RM 0.360 and RHBCap at RM 7.150