Interesting corporate proposal to raise funds from Mr Ong. Retail investors with fond memories of the Covid era will remember what was the knee-jerk, market reaction to Eddie’s PP news. Granted, this is a “stable, normal” REIT stock, but still, happy to see his involvement

Note: It is not difficult to observe that TAKAFUL, being a semi/mid tier "blue chip", is heavily guarded by local institutional funds. Movements are "computerised" or "unnatural" to say the least, hence it is futile to try looking at short-term share price movement to optimize entry/exit.

Personally, I compartmentalize and swing a "tactical" portion of my total holdings (eg. 20%). Selling when prices are apparently overextended and buying back at lower prices. I did this late Feb when markets were showing weakness, trimming at 3.40+ and buying back when the Iran war started (3.1-3.2). I've also trimmed this tactical portion at around 3.5 2 days ago. This is purely to

1）Try optimizing your cost price basis
2) Feel "involved" when my fingers feel itchy to trade

By no means it is significant or viable over a long term horizon

再补充一点，新加坡这个国家有”import inflation”的问题。由于没有天然资源，通胀压力会随油价而升（马来西亚补贴油价，影响较少）。新加坡金管局在最新4 月的报告表示让新币升值抗通胀，随着通胀压力发展，如果SORA跟着上，新加坡REIT吸引力会随之下降

永远不要人云亦云，要知道自己的income tax bracket , 扣除了，這個價位給你的NET yield 多少。再比较其他标的（Singapore REIT c38u, j69u, O5ru 都在5+%），除了一些有外汇风险的工业(mapletree industrial etc)

Project base case，相信现在的forward DPU也足以吸引本地基金，股价0.63-0.67 区间盘整是合理的projection. 当”税务问题”浮现，我们更应该反向思维。政策即使不好，出现了就算是移除不确定性

就像我对Takaful 的conviction, CLMT 未来可期，1-2 年能站上7楼，主要还是看柔佛的经济特区的发展，还有利率高低+公司继续PP/raise fund 收购更多工业的发展确实路线。如果project above average/best case, 0.700 不是问题，因为以这个增速0.700, 6+% yield 对epf 这种不受影响的基金是可以接受的

这个本身不是大问题，知道自己在做什么就好。

CLMT. 对于REIT ETF 我没太深入研究，也没有意见。可是要知道一篮子的产托，尤其是新加坡的一些大型产托，都有欧洲澳洲各地的全球性资产。这个会造成双重外汇风险（外国换新币一层，新币换回来马币多一层）。本身不是问题，

股票难免有利空因素，可是纵使如此，有些因素能”overpower” these negative sentiments

引用华尔街的一句话，CLMT will climb “a wall of worry”.