Sunday, June 30, 2013

My Investment Portfolio (June 2013)

STI was sold down to 3150 in June 2013. It was another bad month for investors as markets are worried about bad loans in the China banking system, in addition to the usual worry of interest rate hike. High yielding liquid stocks like REITs and stocks with exposure to China are targets of major sell down. Also, the haze and news of a contractor for MRT project being in financial stress had caused some of the construction stocks to be hit as well.

For this month, I have attended the following AGMs/EGMs/briefings - Chemical Industries, Rowsley, Ascendas India Trust, Transit-Mixed Concrete, Ascendas Hospitality Trust, F&N and A-REIT.

For my top 30 holdings, the major mover had been Guthrie GTS as the major shareholders made an offer to take the company private. United Engineers had been sold down as investors reacted to the news of its rights issue. Hiap Hoe is a new entry as it outperformed some of the other stocks which dropped out of the list. Singapura Finance, MTQ Corp and Superbowl returned to the list as they remained steady despite the volatile market.

I have bought the following companies from the market this month - CapitaMalls Asia, Chip Eng Seng, Far East Orchard, FJ Benjamin, GP Industries, HupSteel, IFS, K1 Ventures, Lantrovision, Lum Chang, LHT, Pacific Century, Popular, SembCorp Industries, Sin Ghee Huat, Tat Seng and Transview. There is no sale done this month.

I have participated in the following scrip dividend schemes this month - AIMS AMP Industrial REIT, Cambridge, DBS, Hotel Grand Central, MapleTree Industrial Trust, QAF, Raffles Medical, Tuan Sing and United Overseas Australia. I have also converted the following warrants to shares - Top Global.

July 2013 is one of the worst month in terms of dividend payout from companies and therefore I am not expected to make much purchases. However, F&N is expected to make a capital reduction of $3.28 per share at the end of July and I will reserve some of it to finance United Engineers rights issue. There will be AGMs held for companies with financial year ending 31 March 2013 and I will be attending some of them.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 28 June 2013)

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

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 faith said...

Hi GH Chua,

I need some advise from you. I had bought some Gold ETF at 175-180. If you were me, would you still hold them or sell them off now? Please advise. Thanks a million!

7:33 AM  
Blogger Singapore Stock Picker said...

Hey GH Chua,

What do you think of FJ Benjamin? They do not seem to be growing their bottom line despite the opening of MBS...

2:13 PM  
Blogger Everlearning said...

Hi ghchua,

I notice that your February and April entries are missing, what happened?

Yesterday, I registered online and checked out investorServe website. I was given some shares in GPS Alliance Holdings Ltd through my holdings in Koon.

I have no idea what to do with this shareholding. When I am in doubt, I just won't bother about it but somehow feel uneasy.

Any advice from you?

5:11 PM  
Blogger ghchua said...

Hi faith,

I can't answer your question because I don't know your intention of buying gold.

If you are buying for inflation hedging or portfolio protection, then you should hold on if it is still your purpose.

If you are buying for investment, I don't think I like gold because there is no cash flow from gold as it pays no dividend unlike stocks. You are basically only waiting to sell at a higher price to make profits out of it.

If you are buying for price speculation, then you should have a cut-loss or take profit target.

8:20 PM  
Blogger ghchua said...

Hi Singapore Stock Picker,

I bought more FJ because it had corrected into a decent price range for me. Yes, they will not be doing well in the short term because of their costs incurred in expanding to new countries like Indonesia, China etc. But I really like the fact that they are investing money to expand their own brand, rather than depending only on retail distribution as rents gone up and margins are being squeezed. I have only a small position in FJ and I hope that it turns out well.

8:20 PM  
Blogger ghchua said...

Hi Everlearning,

The entries are there, just that the archives are not very well organized. The archives are created based on the month that I posted the entry, which is a bit messed up if I posted an entry that is not on the month of my portfolio review. Therefore, you should refer to archive "March 2013" for my February entry and archive "May 2013" for my April entry. Alternatively, you can access the link directly:

The listing prospectus of GPS is here:
Their company webpage is here:
GPS had already listed on ASX. The last traded price can be accessed here:

Looks like it had dropped a bit from its IPO offer price of A20cts. You can buy/sell your GPS shares with a local broker here that deals on ASX like Phillips Securities. But you must provide them with your Securityholder Reference Number (SRN) when buying/selling your shares. I haven't done much research on the company to give you advice, but normally I won't sell a company so soon after they IPO. You need to give them some time to see whether they deliver what they promised to do.

8:30 PM  
Blogger Everlearning said...

Hi ghchua,

Thanks for providing me the necessary details and information of GPS Alliance Holdings Ltd.

I have never ventured beyond SGX counters. This is my first exposure to overseas' shareholding and it just gives me a little jittery. Hopefully, no charges will impose on me for having it there.

1:11 AM  
Blogger ghchua said...

Hi Everlearning,

I have fixed the problem that you have mentioned. You should now be able to find February and April 2013 entries in their respective archives.

1:13 AM  
Blogger Everlearning said...

Hi ghchua,

Once again, thanks for retrieving your monthly archives in systematic order for your readers.

I had a couple of times of repeated food poisoning this year alone. The worst was I kept vomiting for nearly 2 days and was given an injection to stop it. I was told to go immediately to A&E should my body adversly rejected the vaccine.

I had another bad experience after I recovered. This time I fainted and followed by severe diarrhea for a short while. It was another case of food poisoning.

I am just thankful to God for being protected by Him that nothing serious happened through these experiences.

Years back, I experienced another food poisoning - same symptons but when I looked up, my ceiling was spinning round and round before my eyes. Quite scarry indeed!

There is always something to learn from one's setback or ill health, one is less likely to take things for granted: being able to stay alive is already great gains and blessed!

7:38 PM  
Blogger Chong said...

Hi ghchua,

Thank you for your answer regarding Food Junction last month. Just want to check if you are holding on to Cheung Woh. If you are, just wonder if you attended it's AGM end of last month. I was unable to attend it due to the bad weather of haze.



6:58 PM  
Blogger ghchua said...

Hi Everlearning,

Thanks for sharing your food poisoning experience with me. Indeed, we should be contended with what we have currently and not to take things for granted. I wish you the best of health in the years ahead.

Hi Chong,

Yes, I am a shareholder of Cheung Woh but I didn't attend their AGM this year as I was at Rowsley AGM. Was thinking of making a trip to Tuas after Rowsley AGM but dropped the idea as the timing was quite tight.

But I attended their AGM last year and they came across as decent people who are focused on the business. They have shifted some of their operations out of S'pore to save costs. Last year was a bad year for them, but this financial year they should do better.

8:46 PM  
Blogger faith said...

Hi GH Chua,

Do you think I should sell my reits judging from the fact that interest rates may be increased anytime soon? I noticed you still have First Reit in your top 30 holdings though the price has dropped tremendously. Please advise. Thank you.


6:43 PM  
Blogger ghchua said...

Hi Faith,

First Reit had dropped out of my top 30 list due to its underperformance. I agree with you that interest rate increase might affect Reits in general but it doesn't warrant a sell to me unless the effect is drastic. This is because interest rate movement is only one of the moving parts for Reits. Others include whether they have good pipeline of assets, whether they can increase revenue etc.

Ultimately, like it or not, interest rate risk will be there and it is up to the Reit managers to manage it. They can lock in long term fixed rates or swap their floating rate exposure to fixed ones to reduce interest rate risk. If you are still not comfortable, I suggest you read the annual report and look through the part on sensitivity analysis on interest rate movements and how they affect First Reit.

11:50 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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