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Saturday, April 30, 2016

My Investment Portfolio (April 2016)

STI ended the month at around the same level as last month, though it had been weak towards the end of the month. Otherwise, it had been an uneventful month with not much movements in most of the major stocks in the index.

For this month, I have attended the following AGMs/EGMs/briefings - AV Jennings, Biosensors, CEI, CapitaLand Retail China Trust, CapitaLand Mall Trust, CapitaLand Commercial Trust, CapitaLand, SembCorp Industries, Sarine Tech, NOL, UOI, Yeo Hiap Seng, GK Goh, Combine Will, First Sponsor, Hwa Hong, Koh Brothers, KingBoard Copper Foil, TSH and Haw Par.

For my top 30 holdings, Raffles Medical is a new entry to the list. The stock had done well for the past few months and it continued to do so, outperforming the other stocks. Not much changes to the other holdings in the list except for Metro and Shangri-La Asia, which had performed well for the past two months. Metro might be due to expectation of good full-year result to be announced in May and also maybe a special dividend that will be declared. For Shangri-La Asia, it had been sold down badly and the recent upside might be making up for the lost ground.

I have bought the following companies from the market this month - CapitaLand, IPC Corp, Keppel Corp, Koh Brothers, Metro, SembCorp Industries, TSH, UOL and Yeo Hiap Seng. I have also closed my position in MFS Tech.

I have participated in the following scrip dividend scheme this month - Global Investments.

I have also accepted the following voluntary delisting/cash offers this month - China Dairy and OSIM International. My stake in Biosensors was also being acquired via share amalgamation.

Next month will be a quiet month for me. As usual, I will do some catch-up reading on those annual reports that I have missed out in April. I will also be re-investing the dividends to be received in May prudently and slowly back into the market.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 April 2016)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Metro Holdings
3. Jardine C&C
4. Haw Par
5. Bonvests
6. Sarine Technologies 
7. Hong Fok
8. Hotel Grand Central
9. A-REIT
10. Hotel Royal
11. SGX
12. Singapura Finance
13. The Hour Glass
14. GK Goh
15. UOL
16. Bukit Sembawang Estates
17. ComfortDelgro 
18. Hong Leong Finance
19. Far East Orchard
20. Old Chang Kee
21. Keppel T&T
22. Hotel Properties
23. Sing Investment & Finance
24. CapitaMall Trust
25. Hiap Hoe
26. Isetan
27. Stamford Land 
28. VICOM
29. Raffles Medical
30. Spindex

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Mandarin Oriental  
4. Jardine Matheson
5. Dairy Farm 

Top Holdings (HK$ Denominated shares)
1. Shangri-La Asia
2. Fortune REIT

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Dongshan Group Ltd (formerly known as Greatronic Limited)
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
11. FerroChina - Under Liquidation
12. FirstLink Investments
13. NEL Group
14. Jets Technics
15. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
16. Hongwei Technologies Limited (In Provisional Liquidation)
17. FDS Networks Group
18. Aussino Group - In liquidation - Creditors' voluntary winding up
19. China Oilfield Technology

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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Thursday, March 31, 2016

My Investment Portfolio (March 2016)

STI ended the month at around 2840 points, regaining much of the lost ground from the loss early this year but still ended the quarter down as compared to the start of the year. Still, it is the best performing month this year after the January market crash. Markets were helped by news that the US Fed would not hike interest rate so soon.

For this month, I have attended the following AGMs/EGMs/briefings - Saizen REIT, Del Monte, 8Telecom, Envictus, Techcomp and Mermaid.

For my top 30 holdings, Spindex is a new entry after it had done well for this month. Shangri-La Asia is also another new name in the HK$ denominated list after I added more to the stock and also due to its decent run-up after announcing their full-year results. Not much changes to the other holdings in the list except for Sarine Technologies, which continued to be volatile in its price movements and moved up a few places this month.

I have bought the following companies from the market this month - Broadway, Combine Will, Elec & Eltek, GLP, Hiap Seng, Hong Kong Land, Hotel Royal, Hwa Hong, Jardine Strategic, Mandarin Oriental, Shangri-La Asia, UIC, UOL and Yeo Hiap Seng. No sell trade was done.

I have participated in the following scrip dividend scheme this month - CapitaLand Retail China Trust. I have also subscribed to the following rights issue - OUE H Trust.

Next month will be a very busy one for me as the hectic AGM season goes into full swing. Most companies with financial year ending 31 December 2015 will be holding their AGMs in April. As usual, I will be attending some of these AGMs to get some updates from those companies and their strategies and business outlook ahead.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 March 2016)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Jardine C&C
3. Metro Holdings
4. Bonvests
5. Sarine Technologies 
6. Haw Par
7. Hong Fok
8. SGX
9. Hotel Grand Central
10. A-REIT 
11. Singapura Finance
12. Hotel Royal
13. The Hour Glass
14. UOL   
15. Hong Leong Finance
16. Old Chang Kee
17. ComfortDelgro 
18. Keppel T&T
19. GK Goh
20. Bukit Sembawang Estates
21. Hotel Properties
22. Isetan
23. Far East Orchard
24. Hiap Hoe
25. Sing Investment & Finance
26. CapitaMall Trust
27. VICOM
28. Spindex
29. Stamford Land
30. CapitaLand

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Mandarin Oriental  
4. Jardine Matheson
5. Dairy Farm 

Top Holdings (HK$ Denominated shares)
1. Fortune REIT
2. Shangri-La Asia

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Dongshan Group Ltd (formerly known as Greatronic Limited)
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Japan Land - In liquidation - Members' voluntary winding up. Final meeting on 14 Apr 2016.
11. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
12. FerroChina - Under Liquidation
13. FirstLink Investments
14. NEL Group
15. Jets Technics
16. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
17. Hongwei Technologies Limited (In Provisional Liquidation)
18. FDS Networks Group
19. Aussino Group - In liquidation - Creditors' voluntary winding up
20. China Oilfield Technology

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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Thursday, March 17, 2016

SHS HOLDINGS W191216

For those holding the above company warrant, maybe it is time to consider converting them to shares. The record date for their upcoming dividend entitlement is as follows:

SHS HOLDINGS LTD. - 12 May 2016, 5pm. Final dividend 0.32cts per share, Special dividend 3.68cts per share.

Though the warrant expires on 16 DEC 2019, there seem to be no time value in it as it currently trades at around 7.6cts, with an exercise price of 20cts. Adding the exercise price to its current market price, it is still a bit lower than the current mother share market price.

The main reason I guess is because the warrant is currently deeply in the money, the time value of the warrant is almost zero. Which means, the intrinsic value of the warrant is simply market value of the warrant + exercise price.

For long term investors of SHS Holdings, I guess it is time to convert to lock in the dividends.

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Monday, February 29, 2016

My Investment Portfolio (February 2016)

STI ended the month at around 2666 points, a little bit better than last month but confidence is still weak. Markets had been digesting the full year results for companies with financial year ending December 2015. Overall, it had been mostly a weak set of numbers especially for companies in the Oil & Gas sector. Companies had also painted a cautious outlook but I guess the market might have discounted most of these bad news.

For this month, I have attended the following AGMs/EGMs/briefings - Zagro Asia, A-REIT and Petra Food.

For my top 30 holdings, United Engineers moved back to the top of the list after it announced the sale of MFLEX. Another major mover is CapitaMall Trust after investors bought back REITs in anticipation of lower possibility of interest rate hike. Isetan disappointed with a poor set of results and also cut its final dividend payout. Tat Seng is a new entry in the list after it announced a decent set of full-year results and also rewarded shareholders with a special dividend.

I have bought the following companies from the market this month - A-REIT, Bonvests, CapitaLand, Chuan Hup, DBS, Federal, GLP, Hiap Seng, Hong Kong Land, Isetan, Keppel Corp, Koyo International, SembCorp Industries, Shangri-La Asia, Sing Investment & Finance, ST Engineering, UIC and UOL. No sell trade was done.

I have accepted the following voluntary delisting/cash offers this month - Texchem-Pack and Zagro Asia. I have also participated in the following scrip dividend schemes - Cambridge, First REIT, Frasers Commercial Trust, Keppel REIT, MapleTree Commercial Trust, MapleTree Industrial Trust and MapleTree Logistics Trust.

Next month will be the start of the AGM season and some companies with financial year ending 31 December 2015 will be holding their AGMs. As usual, I will attend some of them to get some updates from these companies. I will also be looking to buy some undervalued blue chips as the recent market downturn had presented some opportunities to buy quality stocks at a decent price.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 February 2016)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Jardine C&C
3. Metro Holdings
4. Bonvests
5. Haw Par
6. A-REIT 
7. Hotel Grand Central
8. Singapura Finance
9. SGX
10. Hong Fok
11. ComfortDelgro 
12. Sarine Technologies
13. Hotel Royal
14. The Hour Glass
15. Keppel T&T
16. Old Chang Kee
17. GK Goh
18. Bukit Sembawang Estates
19. CapitaMall Trust
20. Hotel Properties
21. Hong Leong Finance
22. Far East Orchard
23. UOL   
24. Isetan
25. Sing Investment & Finance
26. Hiap Hoe
27. VICOM
28. CapitaLand
29. Stamford Land
30. Tat Seng

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Mandarin Oriental  
4. Dairy Farm
5. Jardine Matheson

Top Holdings (HK$ Denominated shares)
1. Fortune REIT
2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Greatronic Limited
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Japan Land - In liquidation - Members' voluntary winding up
11. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
12. FerroChina - Under Liquidation
13. FirstLink Investments
14. NEL Group
15. Jets Technics
16. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
17. Hongwei Technologies Limited (In Provisional Liquidation)
18. FDS Networks Group
19. Aussino Group - In liquidation - Creditors' voluntary winding up
20. China Oilfield Technology

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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Friday, February 26, 2016

Company Warrants Expiring in 2016 - Actions Needed

I need to remind myself all the outstanding company warrants that are expiring in 2016 in my portfolio which I will need to take action. I will update this list accordingly as I go along so that I won't forget about them.

WE HLDGS W160318, Expiry Date: 18 Mar 2016, Exercise price = $0.03, Conversion ratio 1:1 - Warrants expired worthless.
NTEGRATORW160603, Expiry Date: 3 Jun 2016, Exercise price = $ 0.014, Conversion ratio 1:1 - No action taken yet.
ASIATRAV W160715, Expiry Date: 15 Jul 2016, Exercise price = $0.273, Conversion ratio 1:1 - No action taken yet.
ROWSLEY W161003, Expiry Date: 3 Oct 2016, Exercise price = $0.18, Conversion ratio 1:1 - No action taken yet.
TECHOIL&GW161209, Expiry Date: 9 Dec 2016, Exercise price = $0.25, Conversion ratio 1:1 - No action taken yet.

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Saturday, January 30, 2016

My Investment Portfolio (January 2016)

STI ended the month at around 2629 points, continuing its downward movement from last month. Again, fears of China's economy hard landing and low oil prices were the major concerns. Investors sold down stocks across the board, making stock picking a difficult task in this market.

For this month, I have attended the following AGMs/EGMs/briefings - Transcorp, Frasers Commercial Trust, Frasers Centrepoint Trust, Envictus, Noble and F&N.

For my top 30 holdings, Jardine C&C moved back to the top of the list after it outperformed this month. A-REIT is another major mover upwards after I subscribed to its preferential offer. Koyo International dropped out of the list after I sold down the stock.

I have bought the following companies from the market this month - Advanced Holdings, Bonvests, CapitaLand, Chuan Hup, GK Goh, GL, Global Testing, Hong Fok, Hong Kong Land, Jardine Matheson, Jardine Strategic, Kencana, Keppel Corp, Khong Guan, Lantrovision, New Toyo, PM Data, SembCorp Industries, S'pore Shipping, Sunningdale, UIC, UOL, Wing Tai and YHI. I have also reduced my stake in Koyo International and closed my positions in OKH Global and Oriental Group.

I have subscribed to the following preferential offer - A-REIT. I have also participated in the following scrip dividend schemes - Boustead and UOB.

I have also accepted the following voluntary delisting/cash offer this month - Li Heng.

Next month will be a busy reporting season as most companies with financial year ending December 2015 will be reporting their full year results. I will (as usual) go through most of these results. With the market appearing oversold, I will continue to buy good quality stocks at a reasonable price. I might also switch out of lower quality stocks to finance some of these purchases.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 January 2016)

Top 30 Holdings (Sing$ Denominated shares)
1. Jardine C&C 
2. United Engineers
3. Bonvests
4. Metro Holdings
5. Sarine Technologies
6. Haw Par
7. Singapura Finance
8. A-REIT 
9. Hotel Royal
10. Hotel Grand Central
11. The Hour Glass
12. Hong Fok
13. SGX
14. Keppel T&T
15. Isetan
16. Bukit Sembawang Estates
17. ComfortDelgro
18. Hotel Properties
19. GK Goh  
20. Old Chang Kee
21. Sing Investment & Finance
22. Hong Leong Finance
23. Hiap Hoe
24. UOL  
25. Far East Orchard
26. CapitaMall Trust 
27. VICOM
28. Stamford Land
29. CapitaLand
30. First REIT

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Mandarin Oriental  
4. Dairy Farm
5. Jardine Matheson

Top Holdings (HK$ Denominated shares)
1. Fortune REIT
2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Greatronic Limited
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Japan Land - In liquidation - Members' voluntary winding up
11. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
12. FerroChina - Under Liquidation
13. FirstLink Investments
14. NEL Group
15. Jets Technics
16. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
17. Hongwei Technologies Limited (In Provisional Liquidation)
18. FDS Networks Group
19. Aussino Group - In liquidation - Creditors' voluntary winding up
20. China Oilfield Technology

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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Sunday, January 03, 2016

Investment Strategy for 2016

2016 is expected to be another tough year for investors, according to most analysts out there. With most bad news out there and expected lower corporate earnings for most S'pore listed companies plus lower GDP growth in S'pore, I do agree that it will be another rough year for investors. We have already endured a roller-coaster ride last year but be prepared to tighten your seat belts for another tough ride this year. As usual, stock picking becomes a crucial factor in this kind of market, and therefore I have identified some themes in 2016 that investors can take note of and hopefully pick some stocks that fit into these themes which can enhance your portfolio returns.

1. Transformation of public transport to bus contracting model. Already, LTA had started competitive tendering and awarded some contracts. I expect 2016 to be a transformative year as LTA continues to take over existing contracts to purchase buses and assets from transport operators. SBS Transit is expected to be the main player for this theme though ComfortDelgro as a whole and also SMRT should benefit as well.

2. Raising interest rate. We have seen some of the effects of this theme after Fed raises interest rate last December. REITs are expected to get hit from this theme but selected finance related stocks might benefit from the interest rate spread that they earn from raising interest rate.

3. Delisting and M&A. To play this theme, one have to identify companies which are being acquired or no longer needs the capital market. For delisting, I think it is worth looking at the s-chips space. I know that s-chips are not in favour now but there are a few delisting deals last year in this space and I expect more to come this year. Do look out for those s-chips which had been listed for many years and had not paid dividends for a long time and trading at depressed valuations with low or no volume being transacted everyday.

4. Market mis-pricing due to share consolidation. We have seen some of those stocks that had experienced high volatility after share consolidation. In fact, there are some stocks which had been mispriced immediately after consolidation and one can take advantage of this if he/she is sharp enough to acquire those stocks before they revert back to normal levels. With the deadline looming for stocks trading under 20cts in the MainBoard for the MTP requirement, they will have to consolidate or move to Catalist to avoid being on the SGX watchlist. Expect more share consolidations this year.

5. Commodity prices. It is difficult to play this theme as commodity prices had been very volatile in 2015. I have no idea whether commodity prices will recover this year or continue to go lower. Same for oil price and gold. Therefore, it is best to give this theme a miss unless you have the crystal ball to predict. I certainly do not have it. But for those who have the appetite for it, the pay off could be substantial if you made the right call.

As for my portfolio strategy, it will be as usual as per 2015. I will continue to:
1. Look for deep value stocks and overweight them.
2. Reduce/Eliminate underperforming and overvalued stocks.
3. Reduce the number of AGMs, EGMs etc.
4. Keep healthy.
5. The usuals.

Have a profitable 2016!

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A self-directed investor, looking to invest for retirement needs and bypass all those expensive financial planners/insurance agents. Investing is fun, profitable or most important of all, knowledge gained is useful for the rest of your life!

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