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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.

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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Thursday, December 31, 2015

My Investment Portfolio (December 2015)

STI ended the year at around 2882 points, above last month but down 14% for the year. STI had the "honour" of being the worst performing South East Asia market index for the year. For the month of December, there is not much activity as most investors were on holiday.

For this month, I have attended the following AGMs/EGMs/briefings - SPH, LippoMalls Trust, Ezra, Kencana, Fortune REIT, First REIT and Second Chance Properties.

For my top 30 holdings, Sarine Technologies was again a big mover but this time gaining ground. CapitaLand returned to the list after a decent share price performance as their China developments is expected to do well when they report their full-year results. A-REIT was a poor performer after they announced a fund raising exercise to acquire new assets.

I have bought the following companies from the market this month - AIMS Property, Chuan Hup, First Sponsor, GLP, Hong Kong Land, Hotel Royal, Hotung, IPC Corp, Isetan, Kencana, Keppel T&T, Lion AsiaPac, LTC Corp, Nam Lee, S'pore Shipping, ST Engineering, Stamford Land and UIC. I have closed my positions in Eastern Holdings and Technics Oil & Gas.

I have subscribed to the following rights issues - ARA and CSC. I have also participated in the following scrip dividend scheme - AusNet Services.

Next month will be the start of the new year and market activity is expected to pick up slowly. Companies with financial year ending 30 September 2015 will also be holding their AGM and I will be attending some of these to get some updates. I will also reserve some cash to subscribe for the upcoming A-REIT preferential offer.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 December 2015)

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

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, December 27, 2015

Review/Reflections for 2015

I think most investors would agree with me that 2015 is a bad year for equity investors. The year started well and in April, STI was well above 3400 points. Unfortunately, a series of bad news including China market correction, Greek crisis, US rate hike, slump in oil prices, devaluation in regional currencies etc had contributed to a weaker performance in subsequent months and STI is expected to close well below 3000 points as we approach the end of the year.

I have stay invested in the market throughout this period with dividends being mostly re-invested back into my widely diversified portfolio but the sell-off was across the board and therefore, I expect to end this year in the red. Though I did not compute the returns of my portfolio, I guess I have suffered some setback in terms of portfolio value this year.

Again, I have lost some companies through M&A activities this year, the most high profile being Keppel Land. I have also closed out positions in some overvalued counters like Green Build, E2-Capital and Singapore Windsor. I have also reduced my stake in some trusts and REITs like AusNet Services, Keppel REIT, Ascott REIT, Cambridge and MapleTree Logistics Trust. Overall, I would like to maintain my exposure to REITs and trusts to not more than 10% of my portfolio, as they are prone to calling for rights issues and I do not wish to be caught in a situation where I have to fork out more money for their cash call.

I did not do much for my CPF-OA unit trust portfolio except for adding onto my Japan, Indonesia, Asian Smaller Companies and Global Emerging Markets funds from the dividend payouts for my CPF-OA stock holdings. As I am unemployed, I do not have CPF contributions every month and therefore there is a limit onto how much I can grow my CPF-OA unit trust portfolio. I will continue to be selective in terms of my CPF-OA unit trust allocation with overweight positions in Asia and Global Emerging markets. As for my CPF-OA stock portfolio, it is a subset of my cash stock portfolio and therefore I will continue to hold onto them. There is also a limit on my CPF-OA stock portfolio due to the CPF stock investment limit imposed by the CPF Board. I do not expect to grow my CPF-OA stock investment portfolio in a big way.

For my CPF-SA investments, I will still hold onto the existing 3 balanced funds as I have maxed out my CPF-SA investment limit imposed by the CPF Board. Again, with no contribution every month and a limit imposed, I do not expect to grow this portfolio in a big way.

I have continued meeting like-minded investors in two investment groups this year and we have shared many ideas and thoughts. Once again, thanks for the company and I really enjoyed those exchanges this year.

I have attended a lesser number of AGMs, EGMs, briefings etc this year and my health improved as a result. I have dedicated quite a number of days for rest and recovery this year in-between these meetings. Thank you, fellow investors that I met for your exchanges of ideas and discussions. It had been a fruitful experience chatting with you all over food and drinks at these meetings.

This had been the most toughest year for me since I turned into a full-time investor around 4.5 years ago. Having said that, it is during these tough times that you learn more about yourself, the robustness of your investment process and also your will to last the journey. I have certainly done so and hope that all you readers out there will too as we grow together to become a better investor.

It had been a year to forget in terms of investment returns and therefore I can't wait to say goodbye to 2015. Hope that 2016 will be a better year for all you investors out there. Happy holidays and hope to share with you all my portfolio activities in 2016!

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Sunday, December 20, 2015

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 - No action taken yet.
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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Monday, November 30, 2015

My Investment Portfolio (November 2015)

STI ended the month at around 2850 points, losing much more than the lost ground gained last month. Markets continued to be weak, with the likely US rate hike plus weakness in China market due to investigation in the country's largest brokerages. Also in S'pore, expected weaker growth and lower corporate profits plus MAS warning on risks for local lenders doesn't help market sentiments.

For this month, I have attended the following AGMs/EGMs/briefings - Albedo, Petra Food, Sunright, Vicplas and Khong Guan Flour Milling.

For my top 30 holdings, Sarine Technologies was again a big mover downwards as the selldown continues. Old Chang Kee performed well as their half year results was good. Cash flow remains strong. Bonvests held up well against the market selldown as their investment in Cordlife is expected to yield positive results in this financial year.

I have bought the following companies from the market this month - Bonvests, City Developments, Far East Orchard, GLP, Hiap Hoe, Hotel Royal, Isetan, Koda, Parkson Retail Asia, Shangri-La Asia, Sunningdale, UIC, Yanlord and Yeo Hiap Seng. No sell trade was done.

I have accepted the following voluntary delisting/cash offers this month - Novo Group and Sunray Holdings. I have also converted the following warrants to shares - Sinarmas Land.

I have participated in the following scrip dividend schemes - Cambridge, MapleTree Commercial Trust, MapleTree Industrial Trust, MapleTree Logistics Trust and UOA.

Next month will be another slow month as it is the last month of the year and most people will be on holiday. I will continue to be defensive in my portfolio positioning, as the downturn in the market is expected to be much longer this time round. I will also reserve some cash to subscribe for the upcoming ARA rights issue.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 November 2015)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Bonvests   
3. Jardine C&C
4. Haw Par
5. Metro Holdings
6. Koyo International  
7. Singapura Finance
8. Hotel Grand Central
9. SGX 
10. Hotel Royal
11. Old Chang Kee      
12. The Hour Glass
13. A-REIT
14. Bukit Sembawang Estates
15. ComfortDelgro
16. Hong Leong Finance
17. Isetan
18. Hong Fok
19. Hotel Properties
20. Keppel T&T
21. Sing Investment & Finance 
22. GK Goh
23. Sarine Technologies 
24. Far East Orchard
25. Hiap Hoe
26. UOL 
27. VICOM
28. Stamford Land
29. CapitaMall Trust
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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Monday, November 09, 2015

Company Warrants Expiring in 2015 - Actions Needed

I need to remind myself all the outstanding company warrants that are expiring in 2015 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.

METECH INW150627, Expiry Date: 27 Jun 2015, Exercise price = $0.02, Conversion ratio 1:1 - Warrants expired worthless.
WE HOLDINGS LTD W150805, Expiry Date: 8 Aug 2015, Exercise price = $ 0.003, Conversion ratio 1:1 - Warrants exercised and converted to shares.
WE HLDGS W150827, Expiry Date: 27 Aug 2015, Exercise price = $0.03, Conversion ratio 1:1 - Warrants expired worthless.
HEETON W150903, Expiry Date: 3 Sep 2015, Exercise price = $0.70, Conversion ratio 1:1 - Warrants expired worthless.
ASIATIC W150925, Expiry Date: 25 Sep 2015, Exercise price = $0.0175, Conversion ratio 1:1 - Warrants exercised and converted to shares.
SINARMASEW151118, Expiry Date: 18 Nov 2015, Exercise price = $0.10, Conversion ratio 1:1 - Warrants exercised and converted to shares.
GRP LTD W151127, Expiry Date: 27 Nov 2015, Exercise price = $0.08, Conversion ratio 1:1 - Warrants expired worthless. (For CPF Investment Account)
LIONGOLD W151217, Expiry Date: 17 Dec 2015, Exercise price = $1.1717, Conversion ratio 1:1 - Warrants expired worthless.

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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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