Wednesday, November 02, 2011

CMR purchased

This morning I added some more shares in China Metal Recycling (HK:773) to the portfolio. The combined effect of the very strong interim results, bullish forward looking statements from the company, insider buying, a sound macro environment, industry consolidation and, most recently, a very aggressive price target released by one research house made a compelling case for adding to my position. I paid HK$7.96 for the additional shares.

In an effort to avoid running down the cash too far, to fund the purchase I sold some of my shares in each of CMOC (HK: 3993) at HK$3.56, Herald Holdings (HK:114) at HK$0.90 and AUPU (HK:477) at HK$0.62.

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