That's IT with AK71.

OK, amusing blog title? Go ahead, please laugh.


Muahahahaha!


LOL!


ROFL!


Fell off your chair? I hope you were not sitting on a high chair.


After all, AK71 and IT don't mix well. ;p

So, what is this blog post about? It is just to record some observations as to which OS and web browser are number 1 now amongst the readers of ASSI. Statistics are for the last one month:

Number 1 OS is still Windows although at 49%, it is probably not as dominant as before.

Android has a very small lead over iPhone. Actually, reading blogs on a phone must be quite demanding. I don't know why people do it. Of course, with bigger screens available from Samsung and HTC, for examples, perhaps, that is why Android has a slight lead.

Nonetheless, Apple is one against so many. If we add iPad and iPod, then, Android is beaten. Apple is just an amazing company.

What about browsers? It has always been Internet Explorer for me. Only when I started blogging a few years ago did I learn about other browsers. So, being the dinosaur that I am, I am a bit surprised to find that Internet Explorer is number 3 in my blog stats.

Number 1 browser is Safari with a 27% share and number 2 browser is Chrome with a 25% share. My good old trusty Internet Explorer has a 20% share.

Even though I am a "know almost nothing" guy when it comes to IT, these numbers are still interesting to me and tell me how things are changing rapidly (and that I am probably being left behind).

Related post:
ASSI: 10 quarterly reports in 1 blog post.

Yongnam: Profit guidance 3Q 2013.

Yongnam's share price declined more than 10% early this morning. Reason? The management issued a profit guidance. It is more like a fair warning that the latest quarter's results will be negative and that investors should not be too optimistic. This is due to:

1. Cost overruns from 3 on-going projects, paring operating margin to new lows

and

2. A significant one-off loss on disposal of some fixed assets.

So, what did I do? Thanks to an SMS alert from a friend, I did a quick read of the announcement before buying more at 24c a share.



I believe that Yongnam's position in the construction industry is not shaken. It owns a large inventory of reusable steel struts which are valuable assets as they also present a high barrier to entry in Yongnam's niche in the industry.

The decline in share price has presented a good opportunity for me to buy into the business at a discount to NTA. I cannot see how it is a bad idea to own what Yongnam has at a discount.

Of course, cost overruns and suffering losses are unpleasant but we are buying a business with an eye on its future. So, it is important to question if such instances will become the norm? Will they happen again and again in the future? Will they be persistent?

I am of the belief that these are one-off events and that Yongnam's balance sheet will not be negatively impacted in any big way. Overall, Yongnam will still remain profitable for the year although it will pale in comparison to the year before.

Yongnam's future is bright as they will be a beneficiary of the government's drive to double the MRT network in Singapore and there will be work aplenty until 2030. Even if there should not be any iconic projects (which is unlikely), Yongnam will probably have quite a bit of work to keep them busy in the years ahead.

When one-off events like this send Mr. Market into a manic depression, they present a chance for me to buy a business with a proven track record and a bright future at a discount.

Some of us might remember there were times when Mr. Market was very optimistic about Yongnam (for example, on the Myanmar airport projects). Its share price rose to be much higher then. That was probably a bad time to buy.

Please note that I am not glossing over the challenges that Yongnam is facing. Like other construction companies, Yongnam is having a hard time with cost pressures.

With a 3Q loss, they might or might not pay a dividend for the year although a lower DPS should not be demanding. Without major CAPEX in the year, this is a possibility.

See:
Profit guidance: 3Q 2013

Related post:
Yongnam: A chance to accumulate cheaper.