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Old Chang Kee: Holey curry puff.

Monday, May 14, 2012

Asked my colleague to help me buy a curry puff from Old Chang Kee earlier as I didn't want to leave the office. Weather is too warm!

No, I didn't take a bite before I took these photos. You can tell that the exposed egg white and potato chunks are rather burnt. This is a holey curry puff...

This is proof that every curry puff is hand made and each one is different. ;-p

Related posts:
1. Old Chang Kee: Filling not enough.
2. Old Chang Kee: Initiated a long position at 26c.


Ray said...

nah, no luck. From the look of the chart, downtrend still very much intact.

AK71 said...

Hi Ray,

Old Chang Kee?

Ray said...

hmm, sorry... i thought i was posting on Wilmar thread. lol.

AK71 said...

Hi Ray,

Haha.. OK. I was so excited by your comment, I went to check on Old Chang Kee's share price, thinking I could buy more on the cheap. ;p

Ray said...

but Old Chang Kee's chart looks like a correction is in place. Chart shows that price will be weak for the coming days. Good time to pick up? :)

AK71 said...

Hi Ray,

I don't use TA for Old Chang Kee. Impossible with volume the way it is. ;)

I would buy as long as its share price is 26c or lower.

Amongst the F&B companies I researched, Old Chang Kee is the most profitable. :)

INVS 2.0 said...

Hi Ak71,

I thought you are going to complain OCK for that hole. :D

I said...

that curry puff looks amazingly good :P

Anonymous said...

Your colleague took a bite ;)

Ah John said...

Hi, AK, I visit here again as I think you should blog something because market changes a lot these days. Though you enjoy curry puff now :)

Unknown said...

I think how to hand make. They got to sell thousand. I believe it is make by machine.
Eat economy rice is healthy with more green.
I have bad eating habit when young, i dont eat veg, so i got pile and end up operation, now the pile does not come back anymore, and my motion is perfect.
Eat more veg with less oil with a cup of red wine to provide anti oxident.


AK71 said...

Hi INVS 2.0,

Haha.. Since I am a shareholder, I have decided not to make a fuss out of this. ;p

This blog post is for fun and laughter. :D

AK71 said...

Hi Isaac,

I had to go click on your profile to find out who you are. Lazy, lazy. Never sign off. ;)

You could consider bringing the OCK frachise to the U.K. ;p

AK71 said...


I went and took a look at your blog. I enjoyed your latest blog post regarding the things people say in local investment forums. ;p

You are BJ, aren't you? My memory is somewhat patchy.

AK71 said...

Hi Ah John,

I don't have very much to say, having said something earlier already:

Should have sold in May and gone away?

My portfolio is such that I would receive regular cashflow. So, short term price fluctuations don't bother me much.

If prices go significantly lower, it is better for me as I would be able to deploy my war chest to buy even more. :)

AK71 said...

Hi Victor,

Haha.. I don't have OCK curry puffs every day. You should see some of the other stuff I eat. OK, I will try to be healthier in my diet. Thanks. ;)

AK71's food...

As for anti-oxidants, I eat whole fruits and vegetables. I also take Vitamin C tablets daily.

Fruits which are cut or fruit juice lose their anti-oxidants within 5 minutes exposed to air. It is probably the same with wine. ;)

wdwyl said...

Be aware some of the food stall don't wash their veggi; they pluck and just cook. I saw some cooked food stall did that. Also, be aware of the 'black gold' the unhealthy oil used in cooking. Best is to have home cooked food..


AK71 said...

Hi Bewildered,

I am sure you are right. I shudder... Best is to avoid eating out...

Yihhtan said...

Hi AK,

Good to know you have also researched on OCK. OCK is also on my to buy list.

My only concern is their high capital expense. FY 31 Dec 2010, CAPEX is 20m against NPBT of 24m. And FY 31 Dec 2011 CAPEX 10m against NPBT 28m. I guess this is due to their expansion drive in Spore and across Asia. What your thought?

Hope to buy some on the cheap.

Cheers, YHTan

AK71 said...

Hi YHTan,

Yes, start up costs are quite high as they expand their network. I am very confident that OCK will continue to do well and a growing network will contribute to higher topline figures for sure.

The counter suffers from low liquidity. So, it is not easy getting some shares at a good price. I was lucky and can only hope to be lucky again. :)

Ray said...


I remember that u posted that u believe OCK is defensive. Stating that people wont shun buying curry puff even when economy is bad.
How are their books looking?

AK71 said...

Hi Ray,

I believe OCK has strong branding and it is unlikely people would cut down on their favourite curry puffs, spring rolls, fish balls, yam cakes etc. ;p

It is a little like Warren Buffet's Dairy Queen and See's Candies, imo.

Many F&B companies I have researched are not doing very well because the high rental is a killer here. They also employ more service staff per outlet. OCK operates mostly food kiosks with maybe 2 or 3 workers per kiosk. OK, in busier locations, maybe 4. ;)

I like their numbers. :)

Yihhtan said...


I'm one odd fellow who likes illiquid counter :)


AK71 said...

Hi YH,

They don't bother me too if they are for keeps. ;)

tt said...

hi AK71! i saw an older comment where u mentioned that you have a box near the upper right hand corner titled "books i've read". i can't seem to find it....
really blind!

AK71 said...

Hi tt,

Oh, that box. I removed it a long time ago because it slowed down the blog's loading speed too much.

You are really combing my blog. :)

FoodieFC said...

Hi AK71

I can't help but comment that OCK's curry puff standard has dropped tremendously. The last I heard their curry puffs are factory-made.

The hole only proofs that their QC needs improvement whether it is factory or hand made.

But, I would agree that OCK is a good buy. Their business is quite good! Even in China.

AK71 said...

Hi FoodieFC,

As a consumer of OCK products, I want more! As a shareholder of OCK products, I want to give less... Oh, the conflict in me! ;p

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