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Thursday, January 01, 2015

Investment Strategy for 2015

2015 is expected to be more or less the same as 2014, at least according to experts out there. GDP growth will be muted and the S'pore economy will experience growth but not a lot. In this environment, it will be difficult to have a board based kind of rally we have experienced a few years back after the financial crisis, but rather stock picking on selected stocks which might outperform others in this market.

Therefore, my portfolio strategy for 2015 will be as follows:

1. Look for deep value stocks and overweight them. This strategy has served me well in 2014 and I will continue with this strategy. I have not avoided the downturn in commodities and oil related counters in 2014, but the overweight and focus on value stocks had somewhat allowed me to reduce the volatility of my portfolio. Many stocks in the property sector, finance, retail and hotel stocks are in this category.

2. Reduce/Eliminate underperforming and overvalued stocks. I will adopt this new strategy for 2015 as I need to reduce some of these stocks and realize some cash and also reduce the number of stocks in my portfolio. Of course, it must make sense to sell underperforming stocks such that I don't pay high brokerage as some of these stocks might not be meaningful to sell, since you would end up paying brokerage only and left with nothing. For overvalued stocks, it will be on a case by case basis as not all overvalued stocks in my portfolio need to be sold. Some of these are growth stocks and they might be able to outperform the market even with their high valuation. Of course, I will continue to monitor the progress of these stocks and will not eliminate them immediately. Rather, I would short-list them first and monitor well before taking action. I might adopt a strategy of reducing my holdings in them first before selling them off completely, if I am not sure whether it makes sense to eliminate them completely.

3. Reduce the number of AGMs, EGMs etc. I have been a full-time investor for 3.5 years now and had attended quite a number of AGMs since I turned full-time. Therefore, I had a good idea on how some companies in my portfolio will perform as I am quite comfortable with their business model and the main people behind those companies. There is no need for me to attend a company's AGM and EGMs every year and I would rather focus more time on my portfolio. Having said that, attending AGMs is still an important part of my overall investment strategy and I will not discard it. However, due to the fact that I am working alone and it is sometimes quite hectic travelling from one AGM venue to another in a single day, I would have to reduce the number of AGMs that I will be clocking for one year. I will not have an official target on how many I will attend this year, but it will be definitely lesser than the previous few years.

4. Keep healthy. I have fallen sick a few times last year and that resulted me in missing a few AGMs. I will go for quality rather than quantity this time round, with ample rest in between AGMs. As you might have known, AGMs sometimes come together especially during the period in April whereby there are so many companies holding it. I would have to pace myself better this time round so that I won't get to miss some interesting AGMs that I wish to attend. Investment is a marathon, not a sprint. It is ok to miss some meetings but I must take care of my health so that I can last this journey. The medical expenses for falling sick will also reduce my investment capital so it is not worth it.

5. The usuals. I will be interacting with my investment groups, read up on investment books/periodicals, participating in scrip dividend schemes and rights issues, look out for M&A deals etc. Yes, the usual activities that had served me well throughout my years as an investor. I will also attempt to attend some investment seminars this year.

All said, I wish all of you readers out there many more returns and a profitable 2015.

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Wednesday, December 31, 2014

My Investment Portfolio (December 2014)

STI ended the year up 6.24% to close at 3365 points. Some window dressing efforts had pushed the index up near the end of the month, though slumping oil prices continue to affect oil-related stocks. Overall, there is not much news on the corporate front, typical for the last month of the year.

For this month, I have attended the following AGMs/EGMs/briefings - Mermaid Maritime, Communication Design International, Miyoshi and Second Chance Properties.

For my top 30 holdings, Singapura Finance returned to the list after I subscribed for its rights issue last month and those rights shares had been credited this month. UOL returned to the list after its better performance compared to other stocks near the top 30 list. Keppel T&T dropped out of the list after investors sold down the stock as they are concerned that the company might have to compensate SGX for its trading system downtime at its data centre. Otherwise, there is no major movements in the list.    

I have bought the following companies from the market this month - Ascott REIT, Avi-Tech, Bund Center, Chosen, GuocoLeisure, Hanwell, Hiap Hoe, Hotel Royal, Jardine Strategic, Keppel Corp, Keppel T&T, LHT, Mun Siong, MYP, Nam Lee, Saizen REIT, SembCorp Industries and Yoma. I have reduced my stake in Singapore Windsor to partly fund some of these purchases.

I have participated in the following scrip dividend schemes this month - AIMS AMP Capital Industrial REIT, AusNet Services, Boustead, Cambridge Industrial Trust, MapleTree Commercial Trust, MapleTree Industrial Trust and Sabana REIT. I have also accepted the following voluntary delisting/cash offers this month - ECS and Forterra Trust.

The first month of 2015 will have some AGMs for companies with financial year ending 30 September 2014. I will be attending some of these AGMs to get some updates from those companies. It will also be a low dividend paying month. Therefore, I will seek to conserve my cash and re-invest slowly and prudently back into the market.
 
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 December 2014)

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

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Dairy Farm
3. Mandarin Oriental
4. Hong Kong Land
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. KXD Digital Entertainment - In liquidation - Compulsory winding up (Insolvency)
16. Jets Technics
17. UIS - In liquidation - Members' voluntary winding up
18. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
19. Hongwei Technologies Limited (In Provisional Liquidation)
20. FDS Networks Group
21. Aussino Group
22. Sunray Holdings

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

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Friday, December 26, 2014

Review/Reflections for 2014

The year is ending soon and it is a good time to do another review piece. Bascially, not much had changed for my portfolio though markets had been volatile this year. There are plenty of market noises this year from Ebola outbreak to Hong Kong demonstrations to Russia invading Ukraine and of course, fall in oil price.

Thoughout these events, I stay vested in the market, collecting dividends along the way and re-investing some back into it. The fall in oil price had hit some oil-related counters and I had also increased my stake in some blue chip companies like Keppel Corp and SembCorp Industries this month.

However, I do lost some companies this year due to M&A activities. Stocks like Goodpack, Lee Kim Tah, CapitaMalls Asia, Singapore Land etc are now history and out of my holdings. Companies do come and go, but it is sad to lose some of these companies through privatisations.

This year also seen me joining another investment group. Actually, this group is a sub-set of the main investment group I had been joining for the past few years. It had been great interacting with fellow like-minded investors in these two groups. You know who you are, and I thank you all for making my investment journey more enjoyable and less lonely.

I have attended more than 90 AGMs, EGMs, briefings etc this year. Though it fell short of my target of around 100, it is still a reasonable amount considering the fact that I fall sick for a period of time this year. I have met the usual faces and also new ones. Again, thanks for all of you whom I met during these meetings for making it an interesting interaction and exchange of investment ideas.

I had been a full-time investor for 3.5 years now. The years of being a corporate employee is clearly over. My market value in the employment market is now almost zero. I think I have reached a point of no return. Clearly, my focus is on my portfolio and investment going forward.

Again, I didn't compute my portfolio return but I think this year should be an average year for me. Though my portfolio didn't lose much value, I don't think it had gain much too due to many volatile days in the markets. Having said that, I do think that my strategy of staying invested had taken emotions out of the markets which makes me sleep better at night.

I hope that 2015 will be a great year for investors and all you readers out there. I certainly hope so and hope to share with all of you my activities in my portfolio every month at this blog. 

Do take care and enjoy your holidays!

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Wednesday, December 10, 2014

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 - No action taken yet.
WE HLDGS W150827, Expiry Date: 27 Aug 2015, Exercise price = $0.03, Conversion ratio 1:1 - No action taken yet.
HEETON W150903, Expiry Date: 3 Sep 2015, Exercise price = $0.70, Conversion ratio 1:1 - No action taken yet.
ASIATIC W150925, Expiry Date: 25 Sep 2015, Exercise price = $0.0175, Conversion ratio 1:1 - No action taken yet.
SINARMASEW151118, Expiry Date: 18 Nov 2015, Exercise price = $0.10, Conversion ratio 1:1 - No action taken yet.
GRP LTD W151127, Expiry Date: 27 Nov 2015, Exercise price = $0.08, Conversion ratio 1:1 - No action taken yet. (For CPF Investment Account)

LIONGOLD W151217, Expiry Date: 17 Dec 2015, Exercise price = $1.1717, Conversion ratio 1:1 - No action taken yet.

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Sunday, November 30, 2014

My Investment Portfolio (November 2014)

STI ended this month up to close at 3305 points.With fewer news on the corporate front as the year draws closer to the end, investors were mostly reacting to news on the economic front and oil price. Oil producers' cartel decision not to slash output resulted in many stocks related to the oil and gas industry having a bad month in terms of share price performance.

For this month, I have attended the following AGMs/EGMs/briefings - Sunningdale, MFS Tech, LippoMalls, Fraser Centrepoint, Straits Trading, Fung Choi, Keppel REIT, Keppel T&T, Khong Guan and TTJ.

For my top 30 holdings, Singapura Finance dropped out of the list as I have applied for the rights issue but those shares had not been credited yet. GK Goh moved quite a few places up as the stock benefited from the news that EuNetworks had been subjected to a general offer as it holds around 9% stake in the company. EnGro Corp is a new entry to the list as I also added more to the stock this month. OSIM International returned to the list due to share price recovery after being heavily sold down last month. Otherwise, there is no major movements in the list.    

I have bought the following companies from the market this month - AV Jennings, Bund Center, Design Studio, EnGro Corp, Hiap Hoe, Intraco, Isetan, Saizen REIT, Shangri-La Asia, Sinarmas Land, Singapore Reinsurance, Stamford Land and Yeo Hiap Seng. There is no sale done this month.

I have participated in the following scrip dividend schemes this month - Boardroom, First REIT, Frasers Commercial Trust, MapleTree Logistics Trust and United Overseas Australia. I have also accepted the following voluntary delisting/cash offers this month - Lee Kim Tah and CityBar Holdings (formerly known as St James Holdings).

I have participated in the following rights issue - Singapura Finance.

December will be a quiet month as there are not many AGMs/EGMs. Also, most fund managers will be going on holidays and therefore the market is expected to be quiet. Having said that, it is a good month to take stock of my holdings, review and reflect on 2014 before the year ends.
 
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 November 2014)

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

Note: Singapura Finance rights shares not credited yet and Hour Glass share price is based on pre stock spilt.

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Dairy Farm
3. Mandarin Oriental
4. Hong Kong Land
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. KXD Digital Entertainment - In liquidation - Compulsory winding up (Insolvency)
16. Jets Technics
17. UIS - In liquidation - Members' voluntary winding up
18. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
19. Hongwei Technologies Limited (In Provisional Liquidation)
20. FDS Networks Group
21. Aussino Group
22. Sunray Holdings

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

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Friday, October 31, 2014

My Investment Portfolio (October 2014)

STI ended this month down to close at almost the same level as last month. The market had been very volatile as it had to digest news from the economic front, Ebola outbreak updates, US Fed meeting decision etc. The fall in oil price also affected oil-related stocks. It seems that markets had been reacting to newsflow everyday rather than focusing on company fundamentals. Markets were down for most of the month until the last week when news of Bank of Japan stimulus package managed to drag STI back up to nearly the level at the close of last month.

For this month, I have attended the following AGMs/EGMs/briefings - Karin, St James, Top Global, GuocoLeisure, Ryobi Kiso, Saizen REIT, China Yuanbang, Chuan Hup, Sim Lian, Santak, LCD Global Investments, Hupsteel and Singapura Finance.

For my top 30 holdings, due to market volatility, there had been quite a few changes. OSIM International dropped out of the list after the company reported 3Q 2014 results that were below market expectations. Aspial is also out of the list after I sold down the stock this month. PNE Industries returned to the list after a small volume being done at a high price, thereby pushing up its closing price. Keppel T&T and OUE are new entries to the list after I accumulated these two stocks for the past few months.  

I have bought the following companies from the market this month - AP Oil, CFM, Frencken, GK Goh, Hanwell, Hiap Hoe, Hong Kong Land, Isetan, Keppel T&T, KSH, Lum Chang, Mandarin Oriental, Mun Siong, Popular, Saizen REIT, Singapore Reinsurance and Venture. I have reduced my stake in Aspial to partly fund some of these purchases.

I have participated in the following scrip dividend schemes this month - Aspial, Global Investments, OCBC and Vibrant Group. I have also converted the following company warrants to shares - GRP, Hai Leck and Nobel Design.

November will be a month whereby companies with financial year ending June 2014 will be paying dividends to shareholders. I will prudently re-invest those dividends back into the market. I will also reserve some funds for the upcoming Singapura Finance rights issue.
 
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 October 2014)

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

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Dairy Farm
3. Mandarin Oriental
4. Hong Kong Land
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. KXD Digital Entertainment - In liquidation - Compulsory winding up (Insolvency)
16. Jets Technics
17. UIS - In liquidation - Members' voluntary winding up
18. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
19. Hongwei Technologies Limited (In Provisional Liquidation)
20. FDS Networks Group
21. Aussino Group
22. Sunray Holdings

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

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Thursday, October 23, 2014

Company Warrants Expiring in 2014 - Actions Needed

I need to remind myself all the outstanding company warrants that are expiring in 2014 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.

WEE HUR W140222, Expiry Date: 22 Feb 2014, Exercise price = $0.25, Conversion ratio 1:1 - Warrants exercised and converted to shares.
ASIATRAV W140717, Expiry Date: 17 July 2014, Exercise price = $0.245, Conversion ratio 1:1 - Warrants exercised and converted to shares.
GBLYELLOW140910, Expiry Date: 10 Sep 2014, Exercise price = $0.107, Conversion ratio 1:1 - Warrants expired worthless.
NOBEL DESW141021, Expiry Date: 21 Oct 2014, Exercise price = $0.23, Conversion ratio 1:1 - Warrants exercised and converted to shares.
TIH W170519, First Exercise Date: 19 Nov 2014, Exercise price = $1.28, Conversion ratio 1:1 - Warrants not exercised.

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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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