Merely for speculative issue but we will consider write it off from our investment. As it is highly speculative and we consider anything from here is a bonus investment. Since HKD interest is equal to zero!  I do like its recent redevelopment to healthcare focus.

It is not because of the OS is not good but rather its early decision to exclude Google youtube and maps. This is strange decision coming from the most admired company in the world. Youtube is a world no 1 video upload portal together with google maps that have been so matured with almost 90% of the market usage is on Google map. (We estimate the figure). Unless Google is charging Apple and we see no reason to move out from Google map and Youtube at an early stage that Apple has not even stable its foot on these.

We have been buying since HKD 2.80 months back until now. We still think in long run ABC has a better advantage as China growth is entering into a stage that is more inner. Also as of agricultural prices are continue to increase. Small township and farming business become more lucrative and ABC will have a better positioning there.

Based on our right subscription plus our average price around HKD 0.110. The investment has been doubled. NTAV stayed at HKD 0.815 and its healthy earnings with PE almost 1 time. We will continue to hold for the moment.

Mulling its corporate development activity that we believe it will be sold for sure to a telco. Calculating their investment plus its license and efforts. As of rumours of RM 1.8 billions will easily give Gpacket a worth of RM 1.00 above. But again rumour is rumour. From the first day, we still believe Gpacket is not suppose in this business. The selling of P1 gives us support that Gpacket may can come back but not in same biz. We bought it for short term purpose.

We consider market is more healthy if it can continue to correct to a more comfortable area. New concern on German economy is slowing. US and China has passed its election and new power transition. We think the market will have less Vitamins B and continue slowly drift lower until new leads emerged. Pick asset related and undervalue counters if you intend to go in. Otherwise, stay aside.

We still do not see any extra factors that can drive the market. Thus, we are expecting the market to continue range bound and drift side ways bias to the downside due to recent upward trend.

We will continue to be more defensive and may start selling non asset oriented stocks. The new snow storm in Beijing shown that after Sandy, another record severe weather is on its way. If you understand global warming and its impact, you need to re-portfolio your counters that not friendly with this issue.

We continue to recommend a hold of Allianz and maintain our target at RM 9.  We like Spritzer that finally deliver results that we awaited.  2 to 3 quarters more to make it consistent and we recommend buy with a target at RM 1.20

After the unstable times few months back regarding about its bad debt ratio may rises. We seen the price is stabilizing at HKD 5.70 – 5.80. We added some into our hedge portfolio.