Is it easy to generate S$1,000 monthly passive income?

Is it easy to generate $1000 monthly income through Investment? 

For the past few years, with increasing number of lay offs, retrenchments or voluntary resignations happening around due to AI, increased work stress or for whatever reason, this has been a topic that you may encounter when your financial consultant meets up with you and recommends you to build an investment portfolio that generates passive income for you. Normally the gauge amount would be $1,000 monthly, which is $12,000 annually. This could be your  retirement portfolio or additional income that helps you cushion part of the expenses, in the event you are not able to work.  

I have heard from ex colleague lamenting that he could not survive on just few hundreds or $1,000 monthly. So that they have no choice, but to stick on their day jobs to provide that survival and stability ( Having a job is not as stable as it used to be) .

I agree to an certain extent depending on the situation of the individual. If the person, is married with commitments such as young children and loans to pay, then that amount is certainly insufficient. If the person is single, with no commitments, then perhaps this amount is sufficient and should cover significant part of the necessary expenses. 

However, while speaking with this colleague, coming from the same financial services industry and he was much more experienced in years, it dawned upon me another question:" Did he not build an investment for that additional income during these years?" Of course, this question stayed in my heart.

Let's come back to the topic to answer why would i think in this way. 

Is it easy to generate $1,000 monthly passive income? The short answer is No. 

People may think it's easy. (Even some people in the industry does that, lamenting $1,000 monthly passive income is not enough) The fact is : Do they have the excess funds to generate that income first? 

Let's do some calculation : 

Generating $1,000 monthly income will be $12,000 per year.  Based on a 4% yield. You will need an Investment fund amount of $300,000.  ($12,000 / 0.04 (4%) ). 

5% yield = $240,000 

6% yield = $200,000

Higher yield, Lower investment amount needed. However that will also meant higher overall portfolio risk, when higher yield instruments are introduced to the portfolio. 

Hence, how many regular folks out in the streets have that excess funds of $200,000 - $300,000 to build that income generating portfolio? The answer, not a lot . 

Is it easy? No. 

Is it doable? Yes, and it takes time. Unless you have that amount right off the bat.  

These "passive" income are not passive, as it requires funds, time to accumulate, and is subjected to market risks. 

It is never easy. 

Why 80% of the Retail Investors Lose Money in the Markets

It has been sometime since my last post. Many things happened along the way, and if you're happened to pass by, take this post as a fate that we interacted.

Was a sales person in the Financial Services Industry, particularly in the securities brokage for a couple of years and interacted with different clients from all walks of life. Many looked nice on the surface, with nice or fanciful job titles like myself does, but when it comes to their investment portfolio, 80% of these Retail Investors lose money and do not know what they are doing. 

So here are three main points on Why 80% of the Retail Investors lose money in the Markets :   

1) Too much focus on fees, commissions and the "freebies" 

Over the past 5 to 6 years, we can see there are more discounted brokers coming in to compete with the traditional brokers. They are very much competitive in fees and commissions charged, with user friendly platform interface, and coming out with all kinds of "freebies" such as open an trading account, park in an X amount of funds and holding it for X days to X share. Coupled with the online "Finfluencers" actively promoting these low cost brokers platform. 

Retail Investors are spoilt for choice, isn't it? They will compare and ask questions like "This broker is giving me X share and X benefits for referral, what can your side give?" " Your broker is too expensive in fees and commissions! The other broker provides free commission being charged! What benefits can you provide?" 

There is nothing wrong in focusing on fees, commissions and the so call "freebies".  However, too much focus on it deviates the fundamentals of why are you investing/trading in the Markets.

For experienced sales person, just hearing such questions and a few prompts to the client. they would be able to sniff out who are the experienced and valuable clients in the markets for long, and those not so. 

The not so experienced client or i term them " noob " in the markets, usually focuses too much on the charges and key words they like to repeatedly use are "free" "benefits". They usually do not have an high investment amount to start off with, probably the max they can go is four digits, not even five. Yet, they think this amount is a damn big deal to move the markets ( It's a big deal to them though). That's why the focus is always on fees and the "freebies" . 

Do they know that "freebies" such as X share kept in their trading account does charge a monthly custody fee if their account remains trading inactivity for a certain period? Do they know "freebies" such as what ever online trade vouchers the platform broker gave, requires them to spend first before activating the vouchers? Do they know 20 years ago, brokers were charging  USD$15 per trade in commission for US trades?  Those who were out in the markets for long would know how  much trade charges were then.

Hence, most of these Retail Investors had deviated from the fundamentals of investing/trading which are the portfolio overall returns and risk management, to chasing the cheapest fees, and whatever benefits they could try their hands on. 

2) Lacking of Portfolio Management Concept

The Inexperienced Retail Investors normally would see their stocks as individual stock each, and trades it individually for whatever reasons. Typically their holding period is also very short, probably in the range of days. They pride themselves as Investor, but are acts like a trader or a better term for it is Speculator. 

When Markets goes against them , they start to panic sell whatever they had. The lack of Portfolio Management Concept does not allow them to see whatever stocks or asset classes they had allocated as a totality of their Investment Holdings. 

The inexperienced Retail Investors lacked taking into account of how much each asset classes form part of their Total Investment Portfolio. Without this, it also concludes they lacked Risk Management. 

An example would be a 100k Portfolio consisting 60% equities and 40% bonds. When the equities portion took a hit and loses 10k. The total value of the Portfolio now stands at 90k, which now comprises 55~% equities and 45~% bonds. The volatility of the Portfolio has been cushioned off by the bonds portion compared to an 100% Equity Portfolio, single asset class portfolio, which might loses more. By going 100% Equity Portfolio, Retail Investors also need to take into consideration of which Market, and what sector are they invested, in order for proper risk management. 

An example of  of even in 100% Equity Portfolio, there is still need for diversification into different markets for risk management. 

   

3) 人云亦云, Following the herd without doing due diligence

For the past few years, especially during covid times. There were sudden sprouts of people getting interested in financial and investment related topics, hence that is also the time where "finfluencers" were born. 

These "finfluencers" provided a more interactive financial information to the viewers on top of the regular financial websites and applications. 

Financial information were everywhere now, and that is where most of the "Noob" Retail Investors made the mistakes of investing/trading blindly without doing proper diligence. 

Remember the case of Luna crypto coin crash in 2022 where many Retail Investors were burnt. The co-founder was later found to be involving fraudulent acts. (https://www.forbes.com/sites/qai/2022/09/20/what-really-happened-to-luna-crypto/)

For Most Retail Investors, the deadliest mistakes they can made is to believe any financial information provided due to complacency  without doing much due diligence themselves whether it is a financial product or financial service related, which potentially cost them life savings. 

I have been seeing euphoria in the markets for the past 1 year. I had friend/s who are not in the business acting like they know it all, telling and advising you what you should do, while they blindly follow the mass based on the stocks they picked and highlighted.  They, like the 80% of Retail Investors, do not know what they are doing. 

 

           

Repercussion of " Have Fun Staying Poor"

 

For the past 2 years, we have seen the market bull run mainly in technology and the crypto realm. 

For the past 2 years, we have also seen a new breed of investors jumping on the bandwagon especially so in the crypto space. 

There are also bloggers or youtubers suggesting  putting less than 5 to 10 % of their total investment portfolio into crypto currency, but from what i see, how many of them really does? 

Some became "millionaires" during this crypto bull, and some lambasted " Have Fun Staying Poor" on people investing other assets than crypto. 

Lo and behold, Luna saga came and crypto crash. 

These new breed of investors or speculators tasted Repercussion of "Have Fun Staying Poor".     

Common question in the finance blog scene

 Saw uncle 8888 post 

https://createwealth8888.blogspot.com/2020/11/financially-me-it-is-about-earning.html?m=1

Typed this while doing my ”chocolate” big business 

Nowadays, thanks to internet, information is abundant.And there will always be this common question asked in financial blogs or sites.

Question often goes like this ： I saw you...., I hope to ...

The principals are : hard work to build your foundation, be smart to know when to change plans when things doesn't work out,dedication and accountability to your action. 

The principals are simple, but hard to follow for the hopeful most.

why the more slack you are, the more emergency fund you need

This is prior to http://small-timeinvestor.blogspot.com/2020/05/true-meaning-of-emergency-fund.html

There are two points to see this :

1) Work performance

This is rather straight forward. Your work performance may be deemed as "slack" by your superior for various reasons. Thus your "slack" work performance will require you to have some short of buffer in terms of savings, in case shit happens.

2) You want a "slack" life

This will define the quality of "slack" life. Some are good to go for 3 simple meals, while some want daily posh meals. If you are the second type, prepare to grind more hard and also save more, in case, the first point happens.

True "meaning" of emergency fund

The more slack you are, the more emergency fund you need? No?

Reset your Barcode, Reset your life.

"Reset your Bardcode" by Marvin Reynolds is a book which I recently borrowed to read during my spare time. The book shares specific principles, practices and information that will change your values and develop virtues which will aid or begin your journey. However for a cookie cutter, I will share with you the Five Steps. 

Most of the products had a "Barcode" tagged on them. The " Barcode " perceives the value of the product and also functions as an inventory management.

Each of us are like an product with "Invisible Barcode" tagged on us. Through interaction, we are actually scanning and perceiving the "value" (clothes that you're wearing, house that you're living, cars that you're driving, credit cards that you're holding) of one another. 

What if you're actually "over-valued" than what you really are ? The impression you are creating is actually on steroids of loans and credit limits. You could not  handle more than what you really can financially. Then it's time to think about a Financial Reset.  

"Hold on dude, I'm doing good.Why do i need a Financial Reset ? " You said.

All right if you're feeling good about life, you may skip this post.If not allow me to brief you through.

Why do we need a Financial Reset?

-Imagine you lose the freedom to get things you need or want ? You lose everything.

-As the saying goes " fail to plan, plan to fail". People who do not plan their future finances are unlikely to finance their future plans. 

-When opportunity comes, you're lucky! However, luck comes through discipline and preparation.

-When our finances get out of control, our lives get out of control.

Feeling worried now ? Fret not. These Five Steps to a Financial Reset is here to guide you.

Five Steps to reset your Financial Barcode.

Step 1 : Learn the principles and do what are required for the results you want to achieve. Align your values.

Step 2 :  A regular wake up call will ensure you are right on track with your financial values and principles. Track your wants and needs so you control what you are spending. Do a forecast regularly to check if you are pleased with the results.

Step 3:  Action speaks louder than words. What is a plan without action ? 

Step 4 :  After action review your plan often. Adjust accordingly as your circumstances change. Be responsible for your action and that will keep you on track. 

Step 5 : Money after all is a tool. Remember to share it with the needy and other forms of work used to make the world a better place. Empowering your finance will allow you to do more, give more and enjoy the process more.

There you go, follow these five steps closely and you will enjoy a better financial security !

Watch List- CapitaLand Retail China Trust

CapitaLand Retail China Trust FR Q12016 was out on 13 April. (http://crct.listedcompany.com/newsroom/Slides_CRCT_1Q_2016_Results_20160413.pdf)

There has been recent insider trades done by substantial holders, namely Temasek Holdings.
(http://www.crct.com.sg/ir_stock_insider.html)

Similar Patterns ? 

There was a similar pattern seen from June/July 2013 to April 2014. This was around 10 months.If the trend is similar (from Aug 2015), the next uplift could be June 2016 onwards?

Planning the unplanned

Well, I hardly pen down my thoughts before posting in this blog, but this is the first time. 

Review Of  Portfolio

I  set a target of $100 dividends per month by end of 2014(http://small-timeinvestor.blogspot.sg/2014/01/small-time-big-plan-2014.html), did i achieve ? 

Yes i did !  However achievement was only unlocked by end of 2015. 

What did i learnt ?

Patience, Patience and more Patience. 

Personal Milestones

-Changed job in end 2014.
-Met my lovely girlfriend.
-Increased 10% of per monthly savings(not an easy feat with girlfriend).
-Knew more people and friends as well as financial bloggers.
-Attended first ever SG  Personal Finance Investment Seminar and saw SMOL first time.
-Saw SMOL second time in frog farm. (Hey, I was in the picture you posted.)

Things to focus 

-Maintain healthy and keep fit.
-Continue to be patient and monitor, strike when opportunities arise.
-Build and enhance human capital and relation (teachings from Uncle 8888).
-Contribute to the needy whenever I can.
-Stay hungry, stay foolish.
-Be mischievous like the monkey.

How about you ? What are the things you want to focus in 2016 ? 

Are you a Buridan's ass ?

"Should two courses be judged equal, then the will cannot break the deadlock, all it can do is to suspend judgement until the circumstances change, and the right course of action is clear."— Jean Buridan, 1340

中庸之道

大约在2500年前，孔子去鲁恒公庙观礼，看到了一个歪倾的一瓦罐。孔子问守庙人，为什么不把瓦罐扶正？守庙人说：“这是‘佑座之器’——欹，无水时歪斜，装上一半水就正过来了，装满了水，却反而倾倒了。” 孔子由此大为感叹，悟出了中庸之道。他说：“君子中庸，小人反中庸。君子之中庸者也，君子而时中。小人之中庸者也，小人而无忌惮也。” 

南子是春秋时著名的美女，当了卫国国君的夫人。她听说博学多才的孔子最近来到卫国，很想见孔子，就向孔子发出了邀请。孔子也早闻南子的美貌，心向往之，但又怕学生说闲话。他真是左右为难。

假装不动心？不，那不成了伪君子了？

干脆与南子来真格的婚外恋？不，那不是成了登徒子了？

伪君子，登徒子，左右为难。孔子忽然想到了鲁恒公宗庙里的瓦罐，采取了中庸之道。

他欣然应邀，与南子谈论音乐，弹琴唱歌。在优美的旋律中他们一个暗送秋波，一个眉目传情，互相欣赏，心照不宣，如沐春风，如浴温泉，但又没越界限，用眼光抚摸美丽，用语言辐射温柔。

宋代著名理学家朱熹，给《四书·中庸》加注说：“中者，不偏不倚，无过不及之名。庸，平常也。”

中，就是不要偏激，不要走极端，不要不及，也不要过头。

中，就是去掉一个最高分，去掉一个最低分。

中，就是既不纵欲，也不禁欲；既不愚忠，也不奸诈；既不轻生厌世，也不贪生失节。

中，就是升了官不专横跋扈，丢了官不低三下四；发了财不要为富为仁，受了穷不要人穷志短。

中，就是既不让天下人负我，我也不负天下人；既不好高骛远，也不自暴自弃。

中，就是不卑不亢，不左不右……

The Zebralogy of knowing who you are .

The long waited Personal Financial Investment is here on a good hot Saturday afternoon !

The crowd ....(who's that lady ? ) 

Please proceed .....to snacks collection point to have your refreshments. Please have your tag on your wrist too to proceed in the snack point . Thank you . 

A welcome speech given by Mr Roland , co-founder of  Wealth Directions .

Our local financial bloggers showing support !

Now comes to my main objective of coming to the event ( i only attend the first half of the event , there are other great speakers as well like Calvin of Dr Wealth and Lionel of Cheerful Egg )  , introducing Mr Jared Seah aka SMOL .

As the first speaker for the event , SMOL left a deep impression with his opening  introduction of hokkein song besides his sparkling head .

SMOL further captured the crowd attention by stating there are no presentation slides , and he is the presentation , so all focus on him . ( i knew that's his style and the grasshopper style , to think on the ball , roll on the ball .)

SMOL illustrated on the topic by telling the story of  zebras herd . How the front herd of zebra looks much stout compared to the middle of zebras that looks more scrawny . How the survived front herd flaunt with their winning trophies ( claws and marks by lions ) . How the scrawny zebras smells assess front and back of the herd . 

SMOL ended the topic by asking the crowd to visualise themselves as zebras for a minute walking in the grassland with lucky bastards hippos on the mud and tally giraffes. 

Now where will you stand ?  

Oh wait a minute , where are the lions then ?  Hehe. 

Encore Encore .. here's a bonus :  The only lady speaker for Cimb securities " Ms you know" .

  

A moment of sharing.

Inspired by our local blogger MoneyHoney , i had donated part of my dividends to Singapore Children's Society .

 

Christmas is a time of feasting and gifts exchanging as well as a moment of sharing to people who are in need.

Wishing All a Merry Christmas and Happy New Year ! 

3Ds Plan . No more no less !

Do you find yourself  at times no plan ( bo chup? ) or over plan ( chup ka liao ?) Both would create results that are undesirable in reality .

Here are the 3Ds to guide you along

Dream it 

Having an idea of what you need/want is always important.For a warrior to start a journey to the destination , you need food , weapons  and know what kind of situation a warrior will face during the journey. Now the warrior is set to go !

Design it 

On the journey , the warrior faces a dragon and he is going to fight it . The warrior needs to know not only the weakness and strengths of the dragon , but also his own weakness and strengths. Then coming out with a strategy to fight the dragon to his advantage with the arsenals he had on hand . 

Deliver it 

Of course , the dragon is not a wood dragon that is going to let what the warrior do what he wants. The warrior is facing the reality of the dragon is much bigger size than him , just a hit from the dragon will take him down , just a puff and the warrior will turn into ash . The warrior needs to deliver what he can inorder to kill the dragon.

Similarly in life , we need to deliver what we ought to deliver . No ? See this. 

Can't beat Market ? Just stay faithful .

Goh Eng Yeow came out with an article on September 28, 2014  with Dollar-Cost Average  investing through plans offered by POSB , OCBC , POEMS for long term to reap returns that can outpace inflation.

What is Dollar- Cost Average ?

In my context  , Dollar -Cost Average means purchasing shares with certain fixed amount of money on a regular basis ( every monthly and almost the same date ) regardless of share price. Thus more shares are bought when share price is low and less shares are bought when share price is high .

An example would be Capitamall Trust (CMT) which i have been accumulating  with POEMS Share Builder Plan  as shown :

You could see the shares difference bought  between April and May 2013. Highlighted yellow would be the dividends reinvestment made with purchase. ( Do note that Poems Share Builder Plan makes the purchase every 18th of the month, if the date falls on a weekend or public holiday , it will be on the next working day . You will normally be able to see how much you shares bought given a few working days ( 2 to 3 working days.)  after the purchase has been made.)

For Dividends Reinvestment wise , it will be added with your fixed amount onto your next month of purchase . One example would be the recent Aug 2014, the Dividend payable date for CMT on Aug 2014 is 29th . Share Builder Plan activate its buying on every month 18th , Thus the Dividends Reinvestment will accumulate on with the next buy , which shows the sudden increase of shares on Sept 2014.

What are the Pros and Cons of Dollar-Cost Average ?    

Pros

• You do not have/need to time the market, just leave it to your brokerage or firm. 
• You can invest with minimum of $100 per month to accumulate you shares. 
• You may amend your amount of money  along the way.
• You may reinvest your dividends to accumulate more shares thus compound effect.( DRIP)
• Your average price are likely not to be highest compared to the highest point of the share. 

Cons

• You can't time the market. ( the job becomes  your brokerage or firm.)
• You need lots of patience, stay faithful to your conviction and ignore scaremongering from news , friends and family.
• Your average price are likely not to be lowest compared to the lowest point of the share.
• There are  administrative , dividends or other charges normally for such plans .
• The account is normally held by brokerage /firm/banks custodian instead of CDP ( The Central Depository) which you may not be able to attend AGM ( Annual General Meeting ) , receive ARs ( Annual Reports ) , Dividends may not be credited on time ( share payable date) into your bank account.  

  

What is DRIP ? 

Drip means Dividends Re-Investment Plan. It is a plan that is offered by corporation , firm that allows you to reinvest your cash dividends to get additional shares on the payment date.

Drip is like a pail collecting drips of water. Though it is a slow process , but for every drip of water into the pail , the pail becomes fuller . You want to make sure the frequency of drip is constant or more , so that the pail becomes fuller with lesser time . There comes with the quality of water drip which is another story. 

Bruce Lee mentioned in his quote " Empty your mind . Be formless , shapeless . Like water . You put water into a bottle , and it becomes the bottle . You put into the teapot , it becomes the teapot . Water can flow , or it can crash . Be water , my friend ! " 

What i say ? " Drink more water , my friend ! "     

 

Crash got sound . Sex also got sound ?

This post contains "expletive" contents. You are responsible for your own thoughts and actions after reading this post .The writer bears and assumes no responsibility for the aftermath of your thoughts and actions .  

If you are below 18 years old or is uncomfortable or offended with it . Please do not continue reading it .   

Either wise , please continue to read more and let your thoughts run "wild " and "free " through this post.

Well was inspired by SMOL's post to come out with this. 

Coming out from Warren Buffett quote :  " A bull market is like sex . It feels best just before it ends ."

Crash got sound . Sex also got sound ? 

Only when the tide goes out do you discover who's been swimming naked . 

What do you think and How have you learnt ?

A trip to Ikea .

It has been a long time since i made a trip to Ikea , and yesterday was a trip down with a friend to run his errand . As you know , Ikea's layout is a "strategic " maze as depicts  below shown .

Well the above picture is solely for entertainment purpose. What amazes me was the infrastructure of Ikea .

Lighting

Ikea brilliantly used lighting as a direction guide ( arrow sign reflected on the floor ) to guide the crowd instead of the usual board and signs .

One of the lighting products featured were auto sensor dimmer lights that can be installed into your wardrobe. The lights were be automatically dimmed once the sensor senses the closing of wardrobe and lighted on opening/sliding of wardrobe .( Girls would love this added on feature when they are in their walk in wardrobe.)

Another important component that lighting constitutes to Ikea would be the Open Concept of Warehouse to the public.

It is important in this case , as having a good lighting in the Open Concept Warehouse means big safety .

Open Concept Warehouse

Let's come to the Open Concept . Other than the Open Concept  display area of different furniture themes.
The second last stop would be the Open concept Warehouse.( Last stop of course would be the cashier to bill your purchase.)

The Open Concept Warehouse to public ensures 2 things : Clear wide path and Easy access to regular items purchased .

Clear wide path without obstruction is the basic aspect of safety to the Open concept Warehouse.

Items that are regularly purchased are segregated in the racks and shelves with lighter/portable items on the bottom to ensure easy access and heavier items on the top (  If you intend to get the heavier stuff , you could engage the help of the transport service staff .)

The racks and shelves are clearly labelled with rack no and section no as well for each particular item.



Now let's made payment at the cashier counter !

Other than Meatball , how about beer for you before we leave ? 

*Disclaimer : This is not a sponsored post or under any form of advertisement . This is my personal view after a trip to Ikea that inspires me to write.  

The life story of paper boat

A young man asked an old man : " What can we do to achieve our dreams and goals  successfully in a one's short life span ? "

On the ground , the old man picked up a white piece of paper and folded into a paper boat .

The paper boat was then gently sailed along with the flowing direction of the river bank.

On the paper boat's journey , there were glittering flowers along the side of bank breezing with the wind seemly to catch the attention of the paper boat . The paper boat ignored and continue its journey .

The old man said : " There are too much temptations in one's life ...money ...woman ..power and status.Through the process of reaching goals , engaging into unethical and illegal because of money , obsession into beauty that causes the fall of a man ,to abuse because of power and becoming inpatient along the way of gaining status.That is why some people are unable to be like the paper boat ignoring all the temptations and quietly sailing towards its destination !"

"Rough Analysis " on CMT .

This would be a "rough analysis" on CMT ( Capital Mall Trust )  , the main focus would be on the portfolio lease of CMT which would also be "rough " . Below are only small part of Citi Asean Investor Conference 2014 .  More info and fundamentals could be found here

For the next 2 years ( 2015 , 2016)  as you can see , CMT would face the most number of  leases expiry .

The income per month compared to past and forecasted years is more than 10 % . 

I am quite surprise that Tampines Mall , IMM Building  and Lot One Shoppers'  Mall attributes quite an amount to the Mall income . The 3 locations are considered to be located at far end of Singapore respectively.  

Respective AEI phases would be going for IMM Building and a proposed AEI to Tampines Mall. The Tampines Mall , IMM Building  and Lot One Shoppers'  Mall are the "pioneers " of CMT Portfolio and certainly attributes to a heavy core of CMT . 

With upcoming further enhancements to the "pioneers " , it is assuring that the performance of portfolio would be brought to another level with all else remains equal . 

Small-Time Interim Portfolio

Stock Portfolio Tracker is courtesy from http://www.investmentmoats.com/

Market Price and Value is as of 9/6/2014

It is mid of year and thus Small Time have came out to update the portfolio as an interim of half yearly basis .

Small-Time total market value for portfolio is about 13k plus ( Where is the other 5-6k plus ? )

Small-Time has been accumulating a "secret " counter since October 2012 which adds up of 5-6k plus as of now through the Poems SBP ( Share Builders Plan ) .

What is Poems Share Builders Plan ?

You can go here for more information .

Valuetronics have been Small-Time best performing stock so far with unrealised profit of 100% as of now.

Small-Time may invest more on Valuetronics ( Strong Cash Flow with Positive ICM Business outlook ) if price drops to nav price or more . A Dividend of 0.16hkd + Special Dividend 0.04 hkd  would be paid on August .

Small-Time would like to do nothing as of now .