Latest Posts

Summary of my Portfolio as of Q2 2023.

HRNetGroup is a Singapore listed professional recruiting and temporary staffing company currently operating in 15 cities across Asia. The company’s largest operation is in Singapore which makes up over half its revenues and is the largest player. The company has been expanding both domestically and internationally through both organic and inorganic means. The company is trading at an attractive multiple with good growth prospects, pristine balance sheet, and a unique insider ownership model. The staffing industry can be quite cyclical but they do bounce back rather quickly and the company’s pristine balance sheet can pretty much weather anything.

Bladex has had a good 2022. My cost basis in the shares is $15 and the current share price is $20.5 so I gotta be happy. So far my thesis has been playing out with NIM expansion and the bank lowering their Tier 1 ratio which translated to higher ROE and thus a higher P/B ratio. The share price still has room to run to get to a 1 to 1.2 time P/B ratio. However there are some headwinds on the horizon. The yield curve is heavily negative which usually means rates are gonna go down. Inflation measured by CPI is trending down and inflation based on Truflation is already under 3%. Both those indicators are telling me rates will probably be heading lower short term which will depress NIM. Even with that I still like the bank and its business model lending extremely short term with very low risk. I also like the new CEO’s 5 year plan that will expand Bladex into new products. Overall I think shares are still attractive so I’ll continue to add.

I review each position in my portfolio on a yearly basis and now it’s time for Six Flags Entertainment (NYSE:SIX). In my last article, I went into more detail on the thesis for Six Flags linked here. In summary, the company appears to be undervalued when considering its profitability before the COVID-19 pandemic. Moreover, the new management team has taken a new approach by implementing price increases and making improvements to the parks. To make it easier to track my investments, I’ve been finding four metrics for all my investments. For SIX stock, the four metrics are attendance, AEBIT, AFCF, and revenue.

Vinci Partners is a Brazilian asset manager that operates in eight segments, including private equity, public equities, and investment products and solutions. The private markets segment, which includes private equity and other private investments, generates the majority of Vinci Partners’ revenue and income. Vinci Partner’s high returns on capital, low valuation, insider ownership, and growth potential in private equity make it an attractive investment opportunity.