Friday, June 01, 2012

My Investment Portfolio (May 2012)

May 2012 was a bad month for investors. STI ended at below 2800 points as Europe debt problems again surfaced as reasons for investors to stay away from the markets. Market volume was low in most days.

For this month, I have attended the following AGMs/EGMs - Junma Tyre, Petra Food 1Q result briefing, Fujian Zhenyun, Hoe Leong, Stamford Tyres, Mercator Lines, Jacks International, Pacific Healthcare, Cortina, Oceanus and Low Keng Huat.

For my top 30 holdings, not much changes is observed this month.

Armed with dividend payouts from companies with financial year ending 31 December 2011, I have bought the following companies from the market this month - Amara, BBR Holdings, Bonvests, Cache, Chip Eng Seng, Fischer Tech, GK Goh, Hanwell, Harry's Holdings, Haw Par, Hoe Leong, Hor Kew, Hotel Royal, IFS, International Press Softcom, Isetan, Internet Technology Group, Keppel T&T, Koyo, LHT Holdings, Lion Teck Chiang, Lum Chang, Mandarin Oriental, MITech, Ocean Sky, Pacific Century, Roxy Pacific, Singapura Finance, Superbowl, Tai Sin, United Engineers and Wheelock Properties. As usual, there is no sell trade done.

I have accepted the following voluntary cash offer - Adampak. I have also participated in the following scrip dividend schemes - Jardine Matheson, Jardine Strategic and Nam Lee.

For next month, I will be going through some of the companies that had reported their full-year results for financial year ending 31 March 2012, in preparation for their upcoming AGMs in June and July. I will also be doing some catch-up reading for some annual reports that I missed out last time round. Finally, I will also be looking to re-invest the remaining dividends collected in May and upcoming dividend payouts in June.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 May 2012)

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

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 Everlearning said...

Hi ghchua,

Although it seems like the market is continuing to be bad for investors; you and I who do not sell our shareholdings are unlikely to be greatly affected because we are still unlikely to sell.

I have been adding some more shareholdings to my exisiting portfolio with the dividends collected in the month of May, and I notice that you have not added any shipping counters? Would you mind sharing a little on these because my overall portfolio was adversely affected by them?

To you the dips are still not an attractive call for you to buy currently?

I do hope you could share some insights with me and thank you in advance for your advice.

3:08 AM  
Blogger ngcheeki said...

Hi ghchua,

I was not able to make it for the Low Keng Huat AGM, may you kindly share with me some of the discussions/summaries?

Many Thanks.

7:03 AM  
Blogger athulican said...

When can I invest in ghfund?

8:36 AM  
Blogger ghchua said...

Hi Everlearning,

I don't really like shipping stocks, which explains why I didn't add onto my existing holdings.

I got a few of them which really gone under, like Berlian Laju and Omega Navigation.

I also got caught by shipping trusts.

The ones that did ok also didn't do well during downturn. To me, shipping is a very tough industry. High fuel costs, low freight rates etc.

Depreciation costs and also the need to replace the fleet with newer ones also meant huge capital expenditure.

I have adopted a buy and hold strategy for all my shipping stocks. Sad to say, most of them disappointed.

The shipping cycle is also not in a favour of investors. Typically, in a 10 years, there will only be 3 good years and 7 downturns. The odds are staked against us.

Even if you time the cycle accurately, you must make sure that the company that you invested in won't go under during the downturn.

8:25 PM  
Blogger ghchua said...

Hi ngcheeki,

Yes. There were some questions during the AGM.

First was on Paya Lebar Square project. A shareholder asked when will the retail said be launched. They did not commit on the date and said that not decided yet.

Parkland Residences DBSS project not doing well. Only around 50% sold. Company cited competition from recent BTO project launches. THey might have to reduce their price to sell the remaining units.

Their hotels are doing well. No plans to sell them at this moment.

Warehouse at 43 Sungei Kadut sale was delayed as JTC did not approve it. Company appealing to JTC and discussion still ongoing.

A shareholder asked company to do scrip dividend and share buyback mandate. Company said they will take it and discuss at the next board meeting.

8:26 PM  
Blogger ghchua said...

Hi athulican,

Nope. ghfund is not for sale. It is my own investment portfolio. :)

8:26 PM  
Blogger Frank said...

Hi ghchua,

Would like to know what is your decision on Wingtai,should we stay put or exercise it? Also on hotel grand central will you take the scrip dividend?

Can you give advice on my portfolio,wingtai which is one of my largest stock weighing 25% out of my 36 Stocks. My idea is to cash out 20% of wingtai stock to reinvest on other value stocks to balance my overall portfolio.

Next I'm glad to be PMdata shareholder for queuing the last 6mths. Bought at $0.111 for 15 lots.

My question is am i on the right track to build my portfolio by diversification as i noticed the commission ate onto it?

Lastly do you think i should buy on the bluechips or growth stock on the next dip as i have mostly holding on small to midcap stocks. thanks.

4:25 AM  
Blogger ghchua said...

Hi Frank,

Wing Tai - I won't be accepting the partial offer.

Hotel Grand Central - Yes, I will take up the scrip dividend. Its scrip offer price is attractive and very much below NAV.

25% weightage for a single stock in a portfolio is way too high. I normally have a limit of not more than 3% position for any stock in my portfolio.

I don't think commission is an issue if you buy and hold stocks. The key is not to minimize commission but rather try not to have too much activity in your portfolio by engaging in frequent buying/selling of stocks.
Frankly speaking, if you hold stocks for very long term, the dividends collected throughout the years would have offset any commission that you would have paid.

Having blue chip stocks in your portfolio is good if you want to track the index closely. Blue chip stocks are mostly liquid stocks which means that they will recover strongly when the market recovers. Therefore, it is a good idea to buy them on dips.

For growth stocks, it depends on what stocks you are looking at. Some stocks promise you good growth story, but fails to deliver even when market recovers. Therefore, you must choose your candidates wisely.

9:58 PM  
Blogger Frank said...

Hi ghchua,

Bad news Eastern Holdings Ltd offer at $0.18 per share, seemed like not really a fair deal. What do you think ghchua.

7:33 AM  
Blogger ghchua said...

Hi Frank,

Yes, there are certainly many companies that will be going private and taking advantage of the current market condition to do it. There is no better time than now as there are fear in the market, no thanks to the Euro debt crisis.

It is disappointing personally for me as I have held Eastern Holdings for a very long time. Its RNAV should be more than 30cts, since their investment properties are valued at cost less depreciation on their balance sheet.

Business wise, I see potential in their new storage logistics business.

I think shareholders should reject the offer as I don't think the offer price fully value the company's assets, let alone their business.

8:11 PM  
Blogger Frank said...

Hi ghchua,

Regarding to Eastern Holding,have you sell or shall we wait?

Hope to meet you in coming AGM 27th june Duty Free International,29th june Singapore Post,10th July CitySpring,EGM 3th July Fragrance.

Add HourGlass and Hor Kew to my portfolio. Can You share more details in Hor Kew business?

9:44 AM  
Blogger ghchua said...

Hi Frank,

There is no hurry to sell Eastern Holdings at all. I will wait for the offer document to arrive and the view of IFA before deciding.

I am not a shareholder of Duty Free and I will not be attending SingPost AGM, as I will be attending FirstLink Investments AGM instead. I don't think I will be going for Fragrance EGM as there is nothing much except for approving the bonus issue. I will be attending CitySpring AGM though.

You can find more details about Hor Kew at their website:

2:09 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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