I attended my first in-person AGM since post COVID-19 pandemic, and I’d like to share what I learnt from the AGM. This company operated business segments in multiple countries and markets – mainly focused on property investments/development and retail.

Since Covid-19 pandemic, there were lockdowns and value losses. In the FY2023 report, 89% of the revenue came from retail division while 11% from property development and investments. The property division faced headwinds in China, Australia and Indonesia and suffered fair value loss on investment properties. This was worsened by higher finance costs due to higher borrowings and rising interest rates. At the AGM, a shareholder asked about what were the future business plans amidst economic slowdown and the CEO explained that the company has been a long term player in the China market and many concerns were mitigated by it’s local partnerships.

Another shareholder showed concern on the loss of revenue for a property which is undergoing major asset enhancement and the CEO explained that it was a necessary action as the property was too old and timely for renovation in order to get better future rental incomes. One unhappy shareholder talked about how they were making losses on its property ventures overseas and He asked if they would consider distributing back share capital to shareholders. He was silenced off by the CEO who challenged him as to whether he was posing statements or questions at the AGM.

After attending the AGM, these are my views on investing in this company. The data that I’ve analysed has showed that the company has lost it’s shine to operate effectively and efficiently and I will personally not buy more shares into this company.