Wolf Money(portfolio update end Nov 2025)
My thoughts and prayers to the victims and families affected by the Wang Fuk Court fire in HK. May God grant you solace and strength in your road to recovery. Amen 🙏
Ole Ole Ole Ole
Singapore football had its finest moment recently with the qualification for the Asian Cup 2027. Let me join my countrymen in congratulating our Lions for a job well done. The continental championship will be held in Saudi Arabia. There might be good reason for booking an air ticket to Saudi Arabia for some sightseeing since our national team is in the main draw of the AFC Asian Cup.
Gavin Lee did a fantastic job in sending our team to the Asian Cup. He deserves to be given the head coach job permanently. I hope he can create another miracle in the AFC Asian Cup. Many congratulations to the new Lions head coach.
Although our footballing skills are still a few ranks below the traditional powerhouse of Japan and South Korea. There shouldn’t be any excuse not to score a few shock results against the giants of Asian football in the tournament. Maybe a repeat of a goalless draw against Japan, like what we did in 2015 or an odd win against one of the Middle Eastern teams. We must dream big.
I hope the continued progress is not constrained by the lack of funding. Sports associations must give their best support to our football team during good times and also in bad times. Taking photos to enjoy the fruit of labour, basking in the limelight of victory is not the only way of showing support for the team. The majority of the S-league players are struggling financially. A mapped career path should be implemented for young footballers. Football, like movies, are high risk, high reward ventures. Budget shouldn’t be at the top of the agenda when football association meet. Just like the falling viewership of traditional media. Newspapers and free-to-air tv shows a lack of ambition on their part to expand beyond our local viewership due to budget constraints. The New York Times and Korean drama should be our aspiration. No sport unites the population more than football. It will be disappointing if we never make full use of this golden opportunity to push our football agenda further and higher.
We should be playing against better opponents. I have lost count of the times we played Cambodia over the past 10 years in international friendlies. There is no glory in defeating Cambodia with a handsome scoreline of 3 vs 0 which we all come to expect. There is definitely a lot of embarrassment if we lose to the Cambodia team. Is the frequent Cambodia games a way for the association to meet their kpi for number of wins? Or the Cambodia team is cheaper to host? I don’t know. Budget constraints shouldn’t be a factor anymore since we have a multi-billionaire FAS president on board. Singapore footballing standard can only get better by playing North Asian and Middle Eastern teams regularly.
We have to organise ourselves with better physicality. We need players who can last the 90 mins match, running! Some players were reduced to walking pace at the 3/4 mark during the decider against Hong Kong. If our team is not as skillful as some top teams, at least we can try to outrun them for ball possession. We still have a full year to prepare for the competition. It is of national importance that The Lions give a good showing at the competition. My best wishes for The Lions in Saudi Arabia 2027. No idiots please. Paging for Super-Sub Steven Tan, Lim Tong Hai and Malek Awab standby for national duty. 🤪
Lone Wolf Fund(LWF)
Portfolio as at end of Nov 2025
1.) Cash
*Stocks are not rank in accordance to capital invested.
Commentary
The US market correction is finally bestowed upon us. It was saved by Nvidia and one of the Fed governors. Most affected are those AI-related theme stocks. If one is not in AI related, they should be fine as the correction is not as sharp as those “favours of the day” crowd favourites. The Singapore market is less affected by the sell-down, but Lone Wolf Fund had a poor showing in November due to weaker share price in Thai Beverage. LWF was down 1% for the month, pushing down the YTD return to 16.5%(unleveraged, dividends and cash yield excluded).
Fu Yu Corporation
My initial purchase was to get to know the company better. After gathering some feedback from people who are vested in the company. My conclusion, it does have issues to solve. Then again, If the company didn’t have issue to deal with, the shares wouldn’t be trading at such low valuations.
From an outsider that doesn’t have any knowledge, I am looking at Fu Yu as a turnaround play. The company should have a head start of $8.1m next year due to one off charges taken during FY25, which hopefully doesn’t happen again in FY26. The recent 3rd quarter results announcement was stronger than the previous two quarters. The cost will come down due to the closure of the Zhuhai factory this year. The factory had been a drag on Fu Yu earnings contributing to more than half of the company’s pre-tax losses. A charge of $3m for the closure was made this year. The smart factory in Singapore is showing early signs of improvement. The Singapore manufacturing business is about half of Fu Yu revenues.
Comfortdelgro(sold)
It was a tug of war with my emotion to sell the shares in the company. There is only one company that pulls the heartstrings. That company happens to be CDG, for the many wonderful family times during my travels on public commute.
After spending close to $870m acquiring companies, the boost to CDG’s profit is minimal. If management had put $870m into an investment grade bond generating a low 3%. The coupon would have been more profitable than the acquisitions bring. Plus the $24m in additional interest cost per year(estimated). CDG’s financial performance would have been better without those acquisitions. The management acquisitions calculus has to be sharper and superior. A rise in normal dividends in place of expensive acquisitions would have put the company and shareholders in a better position. If the acquired companies failed to perform. The dreadful situation of having to do a charge off on those acquisitions will be an unpleasant situation given the large goodwill paid for those acquisitions. I wish the company well with good intentions. LWF made a small profit in CDG from its latest sale.
Thai Beverage PCL
I can proclaim Thai Bev as the most turnover counter in my portfolio over the past 5 years.
On the fundamental basis, Thai Bev solid fundamentals are not in question. I can’t say for the quality of policies coming out from the latest Thai administration. The policy flip-flop on alcohol consumption is in a mess, even though restrictions on alcohol sales are the right thing to do for public health reasons. Alcoholism is a problem in Thailand. I once heard story from a friend who was a GM for a Thailand factory. It is common for workers to drink a can or two before turning up for work. It is part of their daily ritual. Another couple of bottles will be drunk in the afternoon during lunch. Ending the work day with some happy hour drinking before everyone heads home is an essential Thai way of life. The Thai government decided to reverse the ban after a few days, fearing the ban could impact the already weak tourism sector, which contributes a large proportion of Thai GDP and job creation.
The policy flip-flop projects an image of an unstable government which erodes confidence in attracting investment into the country. If it goes on for longer and at regular frequency. The crown as the 2nd largest economy in ASEAN will be in jeopardy, taken over by Vietnam within the next few years.
To be fair to Thai Beverage, it has been a tough year for the country, which can be summarised by the long list of unpleasant events below.
1.) The Queen’s death
2.) Scam related events affecting tourism especially Chinese coming to Thailand
3.) Political merry-go round
4.) Policy flip-flop on alcohol regulations
5.) Massive floods in the southern part of Thailand due to La Niña effect
6.) Weak economy growth
7.) Trade war
8.) Thailand arm conflict with Cambodia
9.) Earthquake
Thailand went through some very tough times in 2025. All the above events affected Thai Beverage business to some degree. One can be hopeful 2026 will be a peaceful year for Thailand.
Given all the problems facing Thailand, the drop in Thai Beverage profit was to be expected. Just to recap, net profit was down 6.8% for FY 25. The key question going forward is, can they bounce back in FY26? One can be hopeful again. I did a summary of the results conference call a couple of days ago. A snapshot of the meeting here.
My trade on Thai Bev is my own experiment, no one should follow. LWF latest trade on Thai Bev had resulted in a 1% drawdown to LWF’s return. Brokerage fees are equalised by Comfortdelgro’s gain. I wouldn’t rule out further buying and selling the shares in the future.
Summary
The market correction, in my opinion, is a good thing. It lowers down the risk of a big crash. A 5% to 10% pull back will flash out the speculative money in the market. If you are a long-term investor, a correction may just give you better value when deploying capital. I will be doing my end of year review next month. Do watch out how I fare in 2025. Lone Wolf Investor will be taking a month’s break to do some travelling. Update of the blog will be irregular. Till we meet again. Happy Holidays. God Bless. 🙏
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Disclaimers
All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.
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