Friday, May 31, 2013

My Investment Portfolio (May 2013)

STI retreated in May 2013 to close at 3311. It was a very nervous month for investors as volatility in Japanese stock market, worries about Fed cutting back its bond purchases etc dominated market news.

For this month, I have attended the following AGMs/EGMs/briefings - Tee International, Petra Food, Jacks International, Ascendas Hospitality Trust, Ascott REIT, Low Keng Huat and Straits Trading.

For my top 30 holdings, the big mover had been Bonvests as I added more into the stock. Transpac Industrial Holdings and Fragrance also returned to the list due to their outperformance relative to other stocks.

I have bought the following companies from the market this month - 8Telecom, BBR Holdings, Bonvests, City Developments, EnGro Corp, Far East H Trust, GK Goh, Hiap Hoe, Hong Leong Finance, Hong Fok, Keppel T&T, Koh Brothers, Koyo, Lantrovision, LC Development, Lian Beng, Lum Chang, Mandarin Oriental, Metro Holdings, MultiChem, Nam Lee, PNE Industries, Popular, San Teh, Sin Ghee Huat, Yanlord and Zagro Asia. There is no sale done this month.

I have subscribed to the following rights/NRO issues - AV Jennings, GSH Corp, MacCookPSF and Rickmers. I have also accepted the following voluntary delisting/cash offers - WBL Corp. I have also received the final proceeds for my LMA shares and therefore it had been removed from the unlisted company portfolio.

I have participated in the following scrip dividend schemes -  Jardine Matheson, Jardine Strategic and MapleTree Logistics.

Unfortunately, I couldn't re-invest all my dividend proceeds this month and therefore there is some cash drag in my portfolio. However, volatility in markets do present some opportunities and therefore I will continue to seek to re-invest those remaining dividends next month. June 2013 is also expected to be a quiet month in terms of AGMs/EGMs and I shall also spend some time to do some catchup readings on books and periodicals.

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

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

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. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Japan Land - In liquidation - Members' voluntary winding up
11. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
12. FerroChina - Under Liquidation
13. FirstLink Investments
14. NEL Group

My Unit Trust Portfolio:



Blogger Sculpture Collector said...

China Printing & Dyeing Holdings has already liquidated...

3:38 AM  
Anonymous Anonymous said...

why do u use the term cash drag from yr uninvested dividends?
dou mean u always invest to 100% of yr total portfolio?

8:01 AM  
Blogger ghchua said...

Hi Sculpture Collector,

Thanks for your update. I will proceed to remove the company from my unlisted company portfolio.

Hi jiaxu,

Yes. I will always seek to be almost 100% invested at all times.

8:17 PM  
Blogger edragon said...

Hi GH,

Nice meeting you at LKH AGM almost at the end.

Please enlighten about Transpac Industrial Holdings' outperformance and can they maintain this performance or just plain lucky.

Thanks for your comments.

8:52 PM  
Blogger ghchua said...

Hi Ed,

I don't think Transpac Industrial Holdings performance is plain lucky. Their track record speaks for itself. Looking at their divestments and distributions given out throughout the years, early investors are basically holding their shares at $0 cost.

For a venture capital fund like Transpac, you need people with experience and track record. And with the fund being overseen by Kin Chan and gang from Argyle Street Management, you can be quite sure that they will taken care of as they also put their own money in some of these investments.

9:46 PM  
Blogger edragon said...

Hi GH,

Thanks for reply on Transpac.

What do you think about the recent events of Chip Eng Seng especially the resignation of the CFO.


7:57 PM  
Blogger Chong said...

Hi ghchua,

Believed you have already known that Auric has done a GO for Food Junction. Would like to hear your views. Thanks.


6:48 PM  
Blogger ghchua said...

Hi edragon,

I can't comment on the resignation unless I know specific details and reasons why he resigned. Sometimes, people might want to change their job every now and then.

Hi Chong,

Yes. I think the offer price is fair, considering FJ had underperformed lately. However, I do think that given time, FJ should be able to turnaround as they focus back on their food court business rather than experimenting on various new brands which did not bear fruit last time.

If you are talking about Auric point of view, I think it is better that they take FJ private so that they can restructure the company more easily and has more leeway. From FJ minority shareholder point of view, it is indeed sad that the company had been offered to be taken private when I think it might have seen the worst.

FJ is not really a bad business, it is just that it had been hit by impairment losses of the goodwill of those brands. Given time, it should be able to turnaround.

8:05 PM  
Blogger Chong said...

Hi ghchua,

Thank you for your prompt reply. So would you accept the offer immediately or wait to see if Auric will be able to get 90%?

The issue is whether Auric is seeing the slowly turn around of FJ and want to take it private? It would be unfair to all of us retail investors. As far as I know of, the 1 concept which really works for FJ these 2 years is
One market. Everytime I passed by during lunch time. There is a real queue and lots of tables occupied.

As for MEDZs, although management keep saying business is good at Orchard Central, I didn't find it so for the 2 times I passed by during lunch time on weekdays. Needless to say about the one at Millenia walk.

Hope to hear from you.


2:06 AM  
Blogger ghchua said...

Hi Chong,

As you might have known, I have a well diversified portfolio and therefore I do not have a huge stake in any single company. Therefore, I can afford to wait for any offer that comes along. Personally, my head tells me to wait but I think many shareholders will throw in the towel. Which means, I will wait but will accept the offer if Auric gets 90%.

The reason is quite simple. The market didn't rate FJ at all as seen from its share price as it had been trading below its NAV, despite the good cash flow generation from its business. The market is focused on earnings growth and unfortunately, FJ didn't provide that for the last few years.

3:45 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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