Thursday, December 01, 2011

My Investment Portfolio (November 2011)

November 2011 was another quiet month. STI lost about 150 points to finish at around 2700 points as investors are still feeling nervous about the economy and Euro debt issues. For this month, I have attended the following AGMs/EGMs - Chemoil, KepLand, K-REIT, Pacific Healthcare, KXD, Sunright, GMG Global, Vicplas, Datapulse, FirstLink Investments, Beyonics, China Sky and TTJ. Of particular mention was the K-REIT EGM whereby the purchase of Ocean Financial Centre was approved via show of hands. A few retail investors (including me) plus an institutional investor had requested the voting to be conducted by poll, but it was thrown out eventually. There was also drama at Beyonics AGM as some shareholders walked out half-way through the meeting as they were unhappy that chairman called for a poll after a resolution on the directors' pay was defeated via show of hands.

There are some small changes in my top 30 holdings list this month. Noble Group dropped a few places after reporting disappointing 3Q results. PSL Holdings dropped out of the list after its share price suffered because of trading restrictions imposed by a broker.

I have bought the following companies from the open market this month - Asiasons Capital, Casa Holdings, Comm Design, Great Eastern, Hiap Hoe, Hotel Grand Central, Isetan, Kian Ann, PNE Micron, TTJ and Wing Tai. I have also made my first sale trades for this year - K-REIT rights and GMG Global rights.

I have participated in the following rights issue - LippoMalls. I have accepted the following voluntary offer - Unidux. I have participated in the following scrip dividend scheme - United Overseas Australia.

Due to my bad experience at K-REIT EGM, I have decided not to take up its rights issue and sold away all my rights entitlements. The reserved fund for K-REIT rights issue had been re-invested into small cap value stocks like Casa, TTJ etc instead. For next month, I will still take up some of my GMG Global rights entitlements and also do some reflections on my investment journey in 2011.

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

Top 30 Holdings (Sing$ Denominated shares)
1. Jardine C&C
2. F&N
3. SGX
5. Noble Group
6. Bukit Sembawang Estates
7. UIS
8. CapitaMall Trust
9. SembCorp Marine
10. Viz Branz
11. Metro Holdings
12. Singapura Finance
13. Sing Investment & Finance
14. Wheelock Properties
15. Bonvests
17. Hersing
18. SP AusNet
19. United Engineers
20. The Hour Glass
21. APB
22. KepLand
23. Transpac Industrial Holdings
24. Aspial
25. First REIT
26. ABR Holdings
27. Orchard Parade
28. Keppel Corp
29. Fragrance Group
30. Khong Guan Flour Milling

Top 5 Holdings (US$ Denominated shares)

1. Jardine Strategic
2. Dairy Farm
3. Jardine Matheson
4. Hong Kong Land
5. Mandarin Oriental

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
5. Challenger Technologies

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

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
11. Oriential Century - Under Voluntary Liquidation
12. Japan Land
13. Zhonghui
14. FerroChina

My Unit Trust Portfolio:



Blogger ZhuKoLiang said...

hi shifu,

why do you support voting of K-reit EGM by poll? i thought it would be better for us small fries using show of hands? I thought the K-reit got a huge % of major shareholder, i think is 70%? if this 70% vote yes, no matter how many the small frys vote no, resolution still pass?

what is very unpleasant about k-reit?

6:03 PM  
Blogger ghchua said...

Hi newbie_george,

The majority shareholders holding around 76% of K-REIT had abstrain from voting, since this is an Interested Party Transaction.

I was unhappy because our request for poll was rejected. I thought it would be more transparent to go for poll rather than show of hands.

2:41 AM  
Blogger JTK said...

Hi GHChua

As your portfolio is quite big, do you have any hedging on your long equity positions?

It seems like EU debt crisis may drag the global economy down and also the equity market down. On top of that, China is slowing down. Can you share your strategy to benefit from the looming recession?

By the way, what is your view on PSL Holdings? I don't understand why its valuation is high. Can it be considered as growth stock?


6:10 AM  
Blogger ghchua said...


Nope. I prefer natural hedge in my portfolio rather than using hedging instruments. Having a big portfolio is a hedge by itself since I won't be hit big by company specific problems. I am also well diversified across defensive, growth, cyclical sectors.

The strategy is really to be invested at all times and don't try to time the market. Most of the risks that you mentioned here had already been discounted and priced into the markets. Unless you see a type of big crisis like the recent Global Financial Crisis, the markets will not be going down in a big way. The key is really, as I've repeated a few times in my previous blog postings, is to stay diversified and invest regularly.

I think the market is getting excited when PSL Holdings said that it is diversifying into coal-mining business. Valuation wise, the market is pricing it as a mining business which explains its high valuation. Yes, you can consider it as a growth stock, provided of course it can met the expectation of the market.

7:25 PM  
Blogger ZhuKoLiang said...

oooo, let me guess.. i got come across a EGM before, let me recall... ya i think is friedlinks. FRIEDlinks wanted to buy into some unit trust fund call the sentosa fund.. i attended the EGM, and many of us shareholders generally disapproves this logistic company venturing into something different.

as such a show of hands was given, i was very surprised sitting at one group corner of people, all of them voted FOR. i asked around and some told me that these people r the employees of the company and they hold shares under the employee shares option.

although i was not there at Kreit egm, i somewhat believe those who for are sort of instructed to do it?
does Kreit has employee share option btw?

9:26 AM  
Blogger ghchua said...

Hi newbie_george,

I will not be surprised if there are a lot of employees at the EGM. But for transparency, they should do it via poll rather than show of hands. I am not against employees attending EGM if they are shareholder themselves.

12:29 AM  
Blogger  said...

Hi GHChua,

Noticed that you have quite a number of Unlisted counters, I have one of the counters too but unsure how to cash out, may I know how/what do you intend to do about such counters?

1:28 AM  
Blogger ghchua said...

Hi 心,

Unfortunately, it is difficult to cash out on those unlisted counters. You just have to wait and see what happens. Some of these companies are actually already dormant or in the process of being liquidated.

Some of these companies do have potential, but most of these are actually hopeless. One can only hope that they can inject new business and one day re-list them back on SGX or other exchanges.

11:08 PM  

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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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