Following a disappoint earnings result, I have sold off all my shares in Sinotrans Shipping (HK:368) at prices ranging from $2.37 to $2.26. It was a decision reached with some hesitation as (i) the company continues to have a very strong balance sheet and (ii) the Baltic Dry Index has been edging up recently as the US and Europe continue their recovery. There was also a broker report released post-results which rated the company a sell with a price target of $1.85. In any event, I decided that my money was better invested elsewhere.
This was one of my larger investments and I made a net profit of 39%.
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