Investment Decision Journal
A dated record of changes in conviction, ranking, portfolio action and research architecture. The purpose is to distinguish changes in facts from changes in price, sentiment or research scope.
Multi-market publication structure established
Decision: Keep SGX research active while preparing separate JPX and US market sections.
Existing research from prior chats will be refreshed before publication. The homepage will show migration status rather than naming stale or artificial placeholder picks.
Rankings separated by market
Decision: Do not publish a global ranking until SGX, JPX and US research has comparable freshness and price assumptions.
Quality, valuation and expected return remain separate. Cross-market capital allocation can be added later as a deliberate portfolio decision.
Initial SGX ranking established
Ranking: Food Empire → Sembcorp → Singtel → Stoneweg Europe → Alpha Integrated REIT → AIMS APAC REIT.
Food Empire ranked first for balance-sheet-adjusted organic compounding. Sembcorp ranked second for valuation-driven upside. Singtel was classified as the lower-risk core option.
Next research work
- Refresh and migrate selected Japan companies.
- Refresh and migrate selected US companies.
- Alpha Integrated REIT: test whether operational recovery reaches DPU.
- Sembcorp: assess Alinta integration and post-deal leverage.
- Food Empire: verify capacity utilisation, margins and cash conversion.
Journal rules
- Record the price and date used.
- State whether the change comes from fundamentals, valuation, portfolio fit or research scope.
- Preserve the previous conclusion.
- Define the evidence that would reverse the new decision.
- Do not treat old chat research as current without refreshing it.