Portfolio turns in mostly positive earnings surprises in last quarter

(Sept 4): Our Singapore Market Portfolio rose 0.67% over the week from Aug 22 to 29, against a 0.44% fall in the Straits Times Index. Now that all the companies in our portfolio have reported their earnings for the quarter to June, we have decided to review their performance as a whole.

Ten out of the 16 companies in the portfolio have announced y-o-y improvements in their quarterly earnings numbers — ranging from 5% for logistics services provider Cogent Holdings to 97% for property developer CapitaLand. Rubber parts maker Memtech International and coal miner Golden Energy and Resources (GEAR) both reported turnarounds from losses to profitability. These better numbers are broadly indicative of an improving global economic environment.

Those that reported contractions in earnings ranged from a 3% decline for bourse operator Singapore Exchange to an 89% fall for gold miner CNMC Goldmine Holdings.

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