We start holding Multi-Code Electronics

We have monitored Multi-Code Electronics and seen a confirm grow path. With a PE of 6 times on the back of dividend yield better than FD. NTA of RM 1.63 as of recent quarter announcement. Multi-Code also announced a contract awarded by Proton with approximately 15 mil revenue a year. In view of continuous stable car sales trend in Malaysia and the region. We start holding Multico with a target price of RM 2.500.

Properties prices are firmed everywhere

I have a chance to visit Perth Australia lately and visited many property projects within CBD and surrounding area. Prices of residential properties are firm and strong even without the conversion of currency to RM or USD. Apartments and landed houses generally start from AUD 400,000 up.

Together with pricing data from Singapore, Hong Kong, China, Malaysia. Asset related investment is still very strong across Asia. It also suggested our view that money is definitely getting smaller and currency values are debasing everyday.

We continue to favor China as strong reserve country. Singapore as well managed country. Australia as full of germs with minerals and agriculture country. Our hedge destinations continue suggest China, Australia and Singapore as our main targets.

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