Thanks for the post Rob. For Singapore - times are tough but the...

Thanks for the post Rob. For Singapore - times are tough but the management of COVID and limited lockdown will likely be good for Singapore in the long term. The current business restrictions make in store retail difficult although the F&B look to be doing ok (excluding clubs) However, with limited tourism & a probably permanent shift to WFH I'd be cautious about placing too much emphasis on the SG lending book as we don't have strong historical evidence on the lending health & quality.

The recent surge of cases in HK caused the SG->HK travel bubble to be delayed which is bad for both cities although it likely puts further pressure on solvency in HK which may continue to boost Ci1's home performance.

While i'm not a huge fan of Jimmie's LinkedIn posts, they seem to have dialled down a bit which is good to see. I can appreciate that the leadership might be frustrated with reduced share performance as this makes acquisitions via shares more expensive. As leadership hold significant holdings themselves it is worth noting that any acquisition that is not value dilutive.

My view has been their corporate diligence has improved over the last 12 months, which is reflective in the quality of the quarterly and annual report.

Agree with concerns around advisor appointments - seems like a merry-go-round currently. While they seem to have some credibility it's difficult to understand, as you've said, exactly how they are going to add value to Ci1. Look forward to hearing more from you in future, especially if your concerns change materially.

If I could comment metaphorically it would be this. 2020 was a slipped disc for the economy and the central banks actions along with government stimulus has been the morphine to numb the pain. 2021 we're going to have to start weening off cheap & free money and I suspect we will have a somewhat fragile economy for the next 12-36 months as a direct result of both COVID & our response to mitigate.