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Sunday, May 01, 2011

My Investment Portfolio (April 2011)

April was quite a quiet month in terms of news across the global front. However, election fever hots up in Singapore and trading volumes had been low since Nomination Day. Obviously, investors had been attending rallies and following election news rather than trading the market.

For my top 30 stock holdings, there is not much changes, except for a new entry - OKP Holdings. I had increased my stake in the company due to conversion of its warrants to shares, in anticipation of its upcoming dividend payout.

I have bought the following companies from the open market this month - Casa Holdings, Forland Fabrictech, Hotel Grand Central, Hiap Hoe, Hong Fok, LHT Holdings, Multi-Chem, PCA Tech, PNE Industries, Sakae Holdings, Sing Investments, Straco and Superior Multi-Packaging.

To take advantage of the upcoming dividend payout from companies after the AGMs, I have converted the following deeply in-the-money company warrants to shares - Allied Tech, Juken Tech, Natural Cool, Old Chang Kee and Riverstone. I have also participated in the following rights issues - Cambridge REIT.

Next month, most companies with financial year ending 31 December 2010 will start paying out their final dividend to shareholders. I will continue to adopt value investing to prudently re-invest those dividend payout back into the market.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 April 2011)

Top 30 Holdings (Sing$ Denominated shares)
1. Noble Group
2. Jardine C&C
3. SembCorp Marine
4. F&N
5. SGX
6. A-REIT
7. CapitaMall Trust
8. KepLand
9. Bukit Sembawang Estates
10. OSIM International
11. Cosco Corp
12. Transpac Industrial Holdings
13. K-REIT Asia
14. Viz Branz
15. Hersing
16. Metro Holdings
17. CapitaCommercial Trust
18. Keppel Corp
19. Pacific Andes
20. CapitaLand
21. Wheelock Properties
22. ABR Holdings
23. CDL H-Trust
24. Low Keng Huat
25. Genting Singapore PLC
26. OCBC Bank
27. ARA
28. VICOM
29. APB
30. OKP Holdings

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

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

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

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 (listed on SEHK)
1. Peace Mark Holdings

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Greatronic Limited
4. China Printing & Dyeing Holdings
5. General Magnetics
6. Fastech Synergy
7. Beauty China
8. Memory Devices
9. Jurong Tech
10. FM Holdings

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

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19 Comments:

Blogger ZhuKoLiang said...

ya all now about the erection..

in this erection, i will vote for any panty, err i mean party, except lightning party..

let's stop them from further increasing the CPF retirement age, so that ghchua can withdraw the CPF earlier.. :D

3:51 AM  
Blogger ghchua said...

Hi newbie_george,

I think the government should trust us to manage our own retirement monies prudently rather than trying to implement policies which changes over time like the CPF regulations. Frankly speaking, there had been too many changes lately and it affects my investment plan. For example, restriction of the first $20K of CPF-OA monies which cannot be used for investment, increasing minimum sum, restriction the usage of CPF-SA monies for investment etc.

Ultimately, the best solution is to educate our citizens money management and investment concepts. MoneySense had done ok to date, but more needs to be done to make our citizens more investment savvy.

7:21 PM  
Blogger ZhuKoLiang said...

ya, I think if I m not wrong, these r the following actual reasons why they implement the change:

1. they lost money in angmoh stock market

2. got many elderly retire/ pass away. they must vomit out the cash which they dun have

3. got many PR balek kampung, give up PR, wana withdraw cpf... so they not enough $$$

so they implement the first 20k rule, n bluff u that they wana help u in your personal finance, duwan u anyhow gamble it to stock market...

1:17 AM  
Blogger ZhuKoLiang said...

oops. sorry about the comments..

8:18 AM  
Blogger Everlearning said...

Hi ghchua,

Good morning! Finally, i succeeded in getting 100 shares from the Unit Share segment (after months of waiting).

Thanks for pointing out to me this possible way of getting some blue-chips slowly. Using SBPlan has one setback; the brokerage firm buys for you at a certain date and if the stock shoots up on that day, you pay more to get less shares.

5:20 PM  
Blogger ZhuKoLiang said...

u got 100shares of which counter?

3:49 AM  
Blogger hc said...

Can share how to buy from the unit share market? I am using iOCBC and it does not have this feature.

10:41 PM  
Blogger ghchua said...

Hi hc,

You can use POEMS unit share feature by Phillips Securities. Brokerage charge is $10 minimum.

You can also call your broker at OCBC Securities to transact in the unit share market but I believe that the brokerage will be more.

11:30 PM  
Blogger edragon said...

Hi GH,
I always wondered about the reasons that you do not invest in any China funds or any shares in Chinese Companies.
Regards,
ed.

2:03 AM  
Blogger ghchua said...

Hi edragon,

I do invest in China stocks listed on SGX. But I had maintained a very underweight position since there is higher risk involved when investing in these companies. I am sure you have heard about those problems with s-chips due to accounting issues.

As for unit trusts, I don't buy China funds simply because I have exposure to them via Asian equity funds. My strategy for using single country funds is to overweight some of my better ideas, and China is certainly not one of them.

8:55 PM  
Blogger edragon said...

Thanks for the reply, GH.
Do you have any METRO W110922 and if you do, would you convert it to shares for the upcoming dividends and rights?
BTW, do you know the contact details for the forms to convert this warrant to shares?

7:40 PM  
Blogger ghchua said...

Hi edragon,

I have already converted those warrants sometime back, since it is already deep in-the-money and its effective gearing is very low. Which means, a movement in the underlying shares will most possibily not result in great movement in the warrants. For these kind of warrants, it is better to convert early and enjoy the dividends.

You can get the contact details for the warrant agent at:
http://www.sgx.com/wps/portal/marketplace/mp-en/listed_companies_info/warrant_all-in-one_info

WARRANT AGENT

Name TRICOR BARBINDER SHARE REGISTRATION SVCS
Telephone No. 6236 3333
Fax No. 6236 4399
Address 8 CROSS STREET #11-00
PWC BUILDING
SINGAPORE 048424

9:32 PM  
Blogger JTK said...

Hi ghChua

Is there any criteria to differentiate the value stocks and growth stocks? And especially how to identify undervalued stocks?

Thanks
JTK

3:42 AM  
Blogger Jack Phang said...

Thank you for your sharing... There are still a lot of things to be learned from you.

I also welcome you to visit my blog - http://www.jackphanginvestment.com when you are free.

Thanks and have a nice day. :)

8:32 PM  
Blogger ghchua said...

Hi JTK,

The main criteria when people look at growth stocks is PE ratio. If it is high, most possibly the market had priced it for growth. Another way is to look at the ROE and profit growth of the company for the past few years. If it is high, most possibly it is also a growth stock.

For value stocks, I am looking for price discount to book value and low PE ratio. To identify value stocks, try to look closely at the assets that they are holding in their balance sheet. Whether they are recorded as cost or marked to market. Some of those very old companies listed on SGX are potential candidates for undervalued companies because they are holding onto those land/properties bought many years ago. You can start your research on these companies.

12:00 AM  
Blogger ZhuKoLiang said...

hihi shifu,

fyi, i received a sms from DBAssVickers securities that they have a POOmotion of every 3 cash upfront trade --> give u 1 free trade.

also, citibank has lowered their $22 to $18 le.

7:37 PM  
Blogger JTK said...

Hi ghChua

Thank you for the explanations.

Benjamin Graham suggested to use 10-year EPS for PE calculation as earning may fluctuate year on year. However, it may be a bit troublesome and some companies do not have that data.
Normally how do you calculate the PE? Rather which kind of PE would you use for stock selection/filtering?

If I understand it correctly, Book value of the companies are quite stable. So should PB be used to value the Cyclical companies?

Regarding the assets, are you referring “Property, plant and equipment” under Non-current assets?

Can you share the rationale behind your Sing Investment purchase? Dividend stock?

Thanks
JTK

5:49 AM  
Blogger ghchua said...

Hi JTK,

For SGX listed companies, I am afraid that you will not be able to find many companies with 10 years listing record PE numbers. What I did is not mathematical but just a rough estimate by looking at their previous two to three years numbers. The most important part is whether they can sustain the numbers going forward, and not only looking at historical PE ratios. Also, try to understand why the PE numbers are high/low. Is it because of earnings or share price being beaten down? It is more important to look at the reasons behind the numbers rather than the numbers itself.

Cyclical companies do have wide fluctuation in share price, depending on whether they are doing well or not. Examples include shipping and property stocks. For these companies, it is important to buy well below book value (if you can). So, yes, you can use book value but do give it a good discount when deciding what to buy.

Yes.

Sing Investment is more of a value stock because of its discount to book value.

2:01 AM  
Blogger ghchua said...

Hi newbie_george,

Yesp. I do notice the promotion when I logged into the platform. But do not over trade just because of the promotion. Rather, you should ignore the promotion and just buy what you need to buy.

2:03 AM  

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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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