Monday, April 30, 2012

My Investment Portfolio (April 2012)

April 2012 was a quiet month for investors. STI ended where it had started the month down around 1%. Activity was focused on penny stocks rather than big cap ones. Most of the news were on AGMs conducted during the month.

For this month, I have attended a record 24 AGMs -Excelpoint, M1, NOL, FSL Trust, StarHub, MIIF, Dutech, SP Corp, Great Eastern, Pan Utd, Colex, SembCorp Marine, Singapore Reinsurance, Food Junction, Jardine C&C, Haw Par, UOI, SHC Capital, PSC Corp, Food Empire, Hotel Royal, Hiap Hoe, Midas and Multi-Chem.

For my top 30 holdings, not much changes this month as most of them are big and mid cap stocks.

I have reduced my stake in PSL Holdings warrants obtained from the rights issue to lock in its intrinsic value. I have also further reduced my stake in PSL Holdings. I have bought the following companies from the market this month - Colex, Eu Yan Sang, FJ Benjamin, IFS, Intraco, Lum Chang, Nam Lee and Sing Investment & Finance.

I have participated in the following rights issues - Global Investment, Pacific Andes and PSL Holdings.

For next month, I will still be reading those annual reports that I have missed out in April. There are still quite a number of reports that I have not started reading them as my focus in April are on those which I intend to attend their AGMs. May 2012 is also a month of dividend payout, as most companies will be paying out final dividends after their AGMs in April. I will be looking out for more investment ideas to re-invest those dividend back into the market prudently.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 April 2012)

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

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

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 - Under Liquidation
5. General Magnetics
6. Fastech Synergy
7. Beauty China
8. Memory Devices
9. Jurong Tech
10. FM Holdings
11. Japan Land - Under Members' Voluntary Liquidation
12. Zhonghui - Under Judicial Management
13. FerroChina - Under Liquidation
14. FirstLink Investments
15. Maveric Ltd - Under Members' Voluntary Liquidation

My Unit Trust Portfolio:


Blogger JTK said...

Hi GHChua

What do you think about Lum Chang Share-Buy-Backs? Is it unvalued?
I think Construction is a cyclical industry and it may not be the right time to invest in Construction Companies now.
The same might be true for property developers since the price of the properties is almost at the peak.

What is your opinion on the property and construction cycles?

It seems like you really like the finance companies as you keep on adding them to your portfolio.
Maybe you see something which I don't see.

I do like Eu Yang Seng business but the current price does not look cheap. Can you share your view on that?

Thank you.

7:58 AM  
Blogger ghchua said...


There are few parts on your questions which I will try to address them.

1. Lum Chang - There are still jobs around for construction companies. There are public projects like MRT downtown line etc which the company is involved. They are also invloved in property developments in Malaysia. Share buyback should send a signal to the market that the stock is undervalued.

2. Property and construction cycles. It is difficult to time cylces per se and I normally hold stocks throughout cycles. The key is to invest in good companies that can ride through cycles rather than trying to buy/sell stocks based on cycles.

3. Finance companies. I do like finance companies as they are conservatively managed and do not have "toxic" foreign assets like big banks. They do have a niche in their business.

4. Eu Yan Sang. I like it because it is a value-growth company, rather than a pure value play. Therefore, though the price is not cheap, it is not expensive either if you look at its growth potential. They are trying to go upstream as well and margins should be higher going forward.

10:08 PM  
Blogger Everlearning said...

Hi ghchua,

The month of May is a month of great dividends for me too.

Having been in the stock market for nearly 4 years (in August to be exact); as compared to you: a much more experienced investor, I am still learning to ride through the ups and downs in the market without wavering.

This year, I have some shareholdings that are "free": after deducting the dividends that were collected in the past years.
This alone is enough to calm my nerves in the jittery world of investments.

5:15 PM  
Blogger Unknown said...

Hi Ghchua,

I went to mine first AGM (Genting) and second Hiap hoe,so sad didn't meet you. Are you the few who threw questions in the AGM? I will try to attend more AGM in future that for sure.

Will also take part in my first scripdividendscheme for coming HotelGrandCentral and Internet Tech after seeing your post on scripdivsch so many times.

Month of May is also the most dividends i will be collecting,we need to reinvest carefully to good value stocks.

Anyway thanks again to Ghchua for his value postings,cos never in my life i will be khongGuan shareholders if not for his posts here.

8:10 PM  
Blogger ghchua said...

Hi Everlearning,

Great to hear that you are doing well in your DIY investment. Keep up your good work and enjoy your dividends this month! Do remember to re-invest some back for more future dividends. :)

Hi Unknown,

I didn't ask any question during the Hiap Hoe AGM but the few that asked were quite experienced investors. I normally ask questions during AGMs for companies which are not well attended. For Hiap Hoe, those investors had been long term investors and so I let them do the "job". :)

Yes, scrip dividend is a good way to re-invest into your existing companies with no brokerage costs. If you are confident of your current holdings, you should be re-investing your dividends back into them. Having said that, I will also look at the price they offer for scrip dividend. So, I will participate in most but not all scrip dividend schemes.

11:02 PM  
Blogger Unknown said...

Hi GHChua, met you at Fujian Zhenyun AGM, and I have published an article that mentions you & yr Qs. Check it out at www.nextinsight.net

CT Leong

3:18 AM  
Blogger ghchua said...

Hi CT,

Had read the article. Thanks for publishing it.

4:53 AM  
Blogger Sanye said...

Hi ghchua,

Sorry to post a question here, as it is not ready related to your post.

What is your opinion on SP Ausnet's right issue? Are you participating?


8:41 PM  
Blogger ghchua said...

Hi Sanye,

I don't think I will be participating in SP AusNet rights issue, since I had been taking their scrip dividend.

9:48 PM  
Blogger ghchua said...

Hi Sanye,

I have made a last minute decision to participate in SP AusNet rights issue. This is because compared to its current market price, its rights offer price is attractive. Sorry for the late decision, because the market price had not been attractive for me to take up the offer until the very last day.

However, I didn't take up all my rights offer, as I have opted for permanent scrip dividend.

12:07 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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