Thursday, January 31, 2013

My Investment Portfolio (January 2013)

The year got into a good start as STI powered ahead 3.65% to end at around 3300 points. Although things are pretty much the same on the economic front, investors seem to be on a "risk on" mode as large volume can be seen in small cap stocks.

For this month, I have attended the following AGMs/EGMs/briefings - Comm Design, Technics Oil & Gas, MFS Tech, Olam, Straits Trading, WBL, Thai Village, Sinobest, Etika, BRC Asia, Pacific Andes, PNE Industries, PNE Micron, Nam Lee and Casa Holdings.

For my top 30 holdings, Low Keng Huat and SP AusNet returned to the list due to good share price performance. Sarin Technologies was another big movement in the list.

I have bought the following companies from the market this month - Chew's Group, Colex, Far East Orchard, GK Goh, Guthrie GTS, Hong Leong Finance, Hotel Royal, IFS, Koon, Lung Kee (Bermuda), Nam Lee, OUE, Transview and Tuan Sing. I had also reduced my stake in Aspial in anticipation for the upcoming rights issue.

I have accepted the following voluntary delisting/cash offers - Kinergy and SC Global. I have also subscribed to the following rights issue - Ramba Energy.

I have participated in the following scrip dividend schemes - Aspial, Far East Orchard and MTQ Corp.

Next month will be a busy reporting month as most companies with financial year ending 31 December 2012 will be reporting their full-year results. I will be going through their result announcements as well as their comments on the outlook and business prospects for this financial year.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 January 2013)

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

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- Under Liquidation
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. NEL Group
16. LMA - Under Liquidation

My Unit Trust Portfolio:



Blogger faith said...

Hi GH Chua,

Please advise on which of your value stocks yield an annual dividend of above 6%. Thank you.


12:06 AM  
Blogger ghchua said...

Hi faith,

We should not look at dividend yield alone when picking stocks. But rather, we should also look at its business model and see whether the dividend is sustainable.

There are quite a number of stocks listed on SGX with yield above 6%pa.

Most of them are REITs, Business Trusts and some selected small cap stocks. Do note that these yield figures are historical and it doesn't mean that they will continue to be high yielding going forward.

9:05 PM  
Blogger Everlearning said...

Hi ghchua,

Just like to wish you a happy and prosperous Lunar New year!

It took me quite a while to get well from my recent flu. I had to rest for quite some time before I could fully recover. I hope to resume hospital visitations soon as this has become a routine to me now.

I am thankful that I am up and could have the reunion dinner tonight; a time where the old and young gather to share a feast and fun together on a Chinese traditional custom at the elder's home.

5:31 PM  
Blogger hyom hyom said...

I just dropped by your blog and read this regarding engineering
I didn't leave because it was hard.
I left because it was no longer worth it.

This is rather demoralizing. I think engineering is cyclical and fortunes may rebound one day for people like us?

Anyway, I wish you every success in your new endeavors as a full-time investor. I also agree with you that what you are doing now is much more likely to be financial rewarding personally.

However, I would end with the final note (hope you won't be offended) that investing is not a socially useful activity. If all our bright minds (including yours) go into investing, who is going to build and operate the businesses for investors to invest in? But then, to avoid sounding hypocritical, I admit that I am doing investing part-time because I do not see a bright future ahead in my own engineering career.

I really hope I won't be forced to join you one day.

6:19 AM  
Blogger ghchua said...

Hi Everlearning,

A happy CNY to you! Hope it doesn't come too late though. Had been busy for the past few days. Hope that you, your loved ones and close friends are coping well with life.

Hi hyom,

I don't think it was demoralizing to read that two statements that I had made about Engineering/IT. In fact, it is the actual fact for a life as an Engineer. I don't want to paint a rosy picture about an Engineer's career and let people misunderstood. I think we have discussed about the unfortunate life of an Engineer during our previous private email exchanges and I guess I had said enough. As for investing as a non-socially useful activity, I think we have also discussed that in depth previously and we shall leave it as that.

Thanks for your best wishes. I am certainly more happy being a full-time investor currently. Financially, I am still doing ok. To sum it up, being a full-time investor is hard because you never know what will strike the markets and you have no safety net to fall back on. But at least I felt it is worth it. :)

5:33 AM  
Blogger hyom hyom said...

Hi ghchua,

I am not sure if engineering will still be as gloomy in the next ten years as it was in the past ten years for people like us. But I am pretty sure you will do well in the next ten years as a full-time investor. Those who follow your blog will probably share my confidence.

I have no doubt you are happier today :) but Chinese new year may be pretty tough when relatives who don't read your blog doubt your decision to become a full-time investor. It is socially difficult when people kay poh and ask too many questions for a full-time investor.

May I ask if your investment style has changed in any way after a full year as a full-time investor?

5:54 AM  
Blogger hyom hyom said...

Hi ghchua,

Do you use any investment tools to raise your productivity? I am using SI Station which is going to expire soon. I am looking for better alternatives now.

Not sure if I have asked you before but I ask this question to experienced investors because raising productivity is always on my mind. What investment tools do you use?

By the way, I am reading a book entitled "The Value Investors" by Ronald Chan. One of the investors "Cheah Cheng Hye" founded the Value Partners because he wanted to do things in an upright way different from the financial pirates in the WallStreet-like work environment that he previously worked in. Maybe you can consider setting up your fund when you have built up some reputation. A fund manager can do lots of good for his clients when they can retire comfortably and can afford to send their kids to the best schools because of the gains scored by the fund manager.

5:27 PM  
Blogger ghchua said...

Hi hyom,

Engineering will be gloomy going forward mainly because of two main reasons:

1. Companies closing their R&D centres here in S'pore are not coming back anytime soon. Examples are my two previous companies. They are only having a sales team and some tech support people for Asia Pacific side of the business here in S'pore.

2. Availability of cheap foreign talents on EP. That will cap our local Engineers pay for quite sometime.

I don't think my investment style had changed much since I started doing investing full-time. However, I do have more time to look into my holdings and understand more about them. Which means, I am now more confident to make meaningful purchases on some of my better ideas.

11:14 PM  
Blogger ghchua said...

Hi hyom,

I don't use specific tools to do my stock screening, though I do refer to the Shares Investment book from time to time. Ultimately, the story behind the numbers is more important than the numbers themselves. For the story, one have to do the hard work of reading annual reports, circulars and attend meetings to understand more.

Setting up a fund in S'pore is not so easy. One is subjected to MAS regulations and disclosure. I don't think I will be doing it in the near future but it is an option that I could consider if I can get like-minded individuals to do it together with me. It is certainly not in my agenda right now to set up a fund.

11:18 PM  
Blogger Unknown said...

What du u do for exercise and keep fit?

3:29 PM  
Blogger HC Y said...

Hi , I visit your blog regularly and can see that NAV is one of your key criteria in stock pick. I was wondering if you had checked out NSL ltd( previously Natsteel), i'm interested in accumulating but do want hear your advice and if you had studied its business.

8:44 PM  
Blogger Unknown said...

how is your portfolio in cash and cpf? may i ask?

happy new year

4:13 AM  
Blogger ghchua said...

Hi Unknown,

I did some jogging to keep fit. As for my portfolio, as I did not compute my returns, I do not have a figure on its performance.

Nevertheless, I have some idea on how it is performing by looking at its market value every now and then. I could only say that it had been doing ok to date.

8:57 PM  
Blogger ghchua said...

Hi HC Y,

Thanks for being a strong supporter of my blog!

I do have a very small stake in NSL and it is mainly involved in construction products, environmental services, Engineering and chemical. It had been paying quite decent dividends for the past few years.

For FY12, they are affected by fire incident of their petrochemical associate in Thailand. I dunno whether they will maintain their dividend payout of 10cts per share this year. Their full-year result will be out by the end of this month, so keep a lookout for it.

9:04 PM  
Blogger Unknown said...

where do u jog? singapore road is quite smelly.

typo...i was asking how big is yr equity portfolio.


6:45 AM  
Blogger ghchua said...

Hi Unknown,

I normally jog on a jogging track, though I do roads once in a while and also in parks.

I don't think I would want to reveal the size of my portfolio, though for those who followed my posting every month, they should have a rough idea of how big is my portfolio, based on the number of holdings that I have.

9:20 PM  
Blogger Gary Lee Shareholder said...

hi jimmy

this is gary. met you at Gen Mag & OLAM. Have something to ask you.

Can email me?

1:53 AM  
Blogger ghchua said...

Hi Gary,

I have already emailed you.

9:24 PM  
Blogger Ashley said...

Hi GHChua,

I enjoy reading your blog.

Given your diversified portfolio,how much time do you spend monitoring them?

Also noted that you have Sinobest. Would you be accepting the cash offer?

10:04 PM  
Blogger ghchua said...

Hi Ashley,

Thanks for supporting my blog!

I am a full-time investor currently and I do spend quite a bit of time reading up on companies both inside and outside my portfolio. I also did some portfolio allocation strategies whereby I decide how much to overweight and underweight stocks in my portfolio. Therefore, I don't think I spend a lot of time monitoring the share price of the stocks in my portfolio, but rather doing stuff that could enhance my knowledge on companies. I also spend time going through annual reports and circulars.

I don't think I will be accepting the cash offer for Sinobest.

10:06 PM  
Blogger Ashley said...

Hi GH Chua,

Thanks for your selfless sharing.

Could you share your reason for not accepting the Sinobest cash offer?

I have an investment portfolio accumulated through the years which needs some spring cleaning. Could I seek your advice on this through PM?

Many thanks in advance.;)

11:47 PM  
Blogger ghchua said...

Hi Ashley,

If you read the IFA report on the offer, it is fair. But it is not attractive enough for me to accept the offer.

You can email me at chua73@singnet.com.sg. I will see how I can help you.

12:17 AM  
Blogger Ashley said...

Hi GH Chua,

I agree that the Sinobest offer is not attractive and have not accepted it too.

Many thanks. Have PM you:)

2:32 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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