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The Straits Times / The Business Times News on HG Metal
HG Metal helps buoy small cap portfolioTeh Hooi Ling - Febuary 17, 2004The Business Times THE super performance of HG Metal in the past five trading sessions helped prop up the performance of our small-cap portfolio. Riding on buoyant marine demand and steel prices, the share price of the steel trader and manufacturer has surged 35 per cent in that time. UOB KayHian initiated coverage of the stock yesterday with an initial target price of 70 cents. Thanks to HG Metal and a handful of other stocks, the value of our small-cap portfolio barely changed compared with a week earlier. In contrast, the Straits Times Index slid 1.4 per cent and the UOB Sesdaq Index eased 0.3 per cent. Consequently, our portfolio's outperformance vis-a-vis the indices has widened. Since its inception on Oct 7, 2003, our small-cap portfolio has appreciated 10.3 per cent. This is net of transaction costs and bid-ask spread. In the same period, the STI and the UOB Sesdaq Index rose 8.4 per cent each. Thus, our portfolio has outpaced the indices by about two percentage points. Besides HG Metal, other counters such as Inter-Roller, Total Automation, Innovalues, WBL and Tsit Wing also put up a good showing. Total Automation has risen some 40 per cent compared with our purchase price. We've therefore decided to lock in our profits. In its place, we've added First Engineering. Our cash level has also been raised slightly following the sale of Total Automation.
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