This morning I added some additional shares in VTech (HK:303) to the portfolio. While their most recent result was adversely affected by a combination of reduced demand in Europe and North America for their products and increased cost pressures, both factors were less significant than I would have expected. My expectation is that revenues will continue to grow - the tablet for children product is particularly interesting.
The balance sheet is very sound with USD128.5 million in net cash on hand (about HK$15 per share) and the interim dividend was maintained at the same level as last year.
I paid an average of HK$78.10 per share.
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