Monday, September 30, 2013

My Investment Portfolio (September 2013)

STI closed at 3167 points by the end of September 2013. It was a volatile month for investors. Markets had cheered as US decided to postpone tapering but worries about Europe political woes and US government shutdown towards the end of the month pulled back some of the gains.

For this month, I have attended the following AGMs/EGMs/briefings - Fortune REIT, SGX, MIIF, GK Goh, Lian Beng, TEE International and China Sky.

For my top 30 holdings, Guthrie GTS dropped out of the list as I have accepted the takeover offer. United Engineers returned to the list as I had subscribed to its rights issue. Noble Group returned to the list as it recovered some of its losses last month.

I have bought the following companies from the market this month - AP Oil, Auric Pacific, Banyan Tree, BBR Holdings, Biosensors, Bonvests, City Developments, ComfortDelgro, Elec & Eltek, Far East H Trust, GP Industries, Haw Par, Hoe Leong, Hong Fok, Hwa Hong, Intraco, Isetan, Jason Marine, Lantrovision, Metro Holdings, Nam Lee, Pacific Century, PCI, PNE Industries, San Teh, SembCorp Industries, Sinarmas Land, Thai Village, Transview, UIS, UOL and Yeo Hiap Seng. There is no sale done this month.

I have accepted the following voluntary delisting/cash offer this month - Guthrie GTS. I have also participated in the following scrip dividend scheme - DBS Group Holdings.

I have subscribed to the following rights issues - Asiatic Group, Mermaid Maritime, Pacific Healthcare and United Engineers.

October 2013 is expected to be a busy month for me as companies with financial year ending 30 June 2013 will be holding their AGMs. I will be going through their annual reports and attend some of these AGMs to get updates from the board and management.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 September 2013)

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

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
15. KXD Digital Entertainment - In liquidation - Compulsory winding up (Insolvency)

My Unit Trust Portfolio:



Anonymous Anonymous said...

gd day mr chua. nice to see u again every month.
the market seems bright these days.
noted again u are on a buying spree again and no sale done for sep. really impressed by yr firing power.
do u have mortgage payment obligation presently? or have fully paid the house? thanks and good nite

8:13 AM  
Blogger ghchua said...

Hi jiaxu,

No, I do not have any mortgage payment currently.

Basically, I re-invested the proceeds from Guthrie GTS back into the market. So, there is no need to sell anything to buy more shares.

7:01 PM  
Anonymous Anonymous said...

i guess u dun like property?

why the choice for bonvests?

is quite illiquid

7:31 AM  
Blogger ghchua said...

Hi jiaxu,

I do have quite a bit of property companies in my portfolio. My top holding currently, Bukit Sembawang Estates is a property developer. I have other property exposure via REITs, United Engineers, Metro, Aspial, Superbowl, Hong Fok, Far East Orchard, Low Keng Huat etc. Therefore, I don't understand where you get the idea that I don't like property stocks.

I guess Bonvests is a value play for re-development of Liat Towers. Its hotel assets including Sheraton Towers Singapore Hotel are also undervalued on its books. I also like its industrial business under Colex. As for the illiquidity of the stock, I guess it is one of the problem with value stocks and there is nothing I can do about it.

10:13 PM  
Anonymous Anonymous said...

hi ghchua, I am referring to physical property house not property related stocks. sorry for not being clear.
I guess u r not vested in any mortgaged property?
bonvests seems like a gd buy.

7:17 AM  
Anonymous Anonymous said...

are u concerned by the usa govt shutdown as a pre-warning signal to more deep meltdown in the market in the months ahead?

7:32 AM  
Blogger ghchua said...

Hi jiaxu,

Nope. I am not vested in any mortgaged property.

As you might have known, I normally ignore market noises. I just wrote some of the market news on the first part of my portfolio review every month. However, my buy/sell actions would normally be focused on those companies that I am interested in, rather than reading market news to make my decision.

12:28 AM  
Anonymous Anonymous said...

thanks for the reply. like yr style. agree. economic news are too but a waste of time to me.

good luck to yr investing journey my friend

6:53 AM  
Blogger Everlearning said...

Hi ghchua,

Good morning! It is always a pleasure to read your blog monthly and also share what is happening with our shareholdings.

What has happened in the past week gave every investor an opportunity to learn or relearn their investment in the stock market.

To me, the stock market is a precarious and perilous place to park our hard-earned money to earn a better interest or dividend. However, there is no better place than a stock market, just coming out from my own experience.

Thanks for telling me not to give up this investment. At times, I am disappointed with the management of my shareholdings; but it is understandable that not all are insincere and dishonest.

Just keep telling myself to continue investing in good companies and weeding out the bad ones. Just curious, how come I bought into them at the first place.

8:07 PM  
Blogger ghchua said...

Hi Everlearning,

Thanks for supporting my blog!

Indeed, one really have to do their own homework carefully when investing in the stock market. Never speculate or be prepared to lose most of your fortunes.

I am really surprised that many retail investors don't attend AGMs and yet they can invest in companies. AGMs are a good event for investors like us to judge whether the people behind the companies are good or not. Behind every company there is a story and it is up to one to believe it. But you must be able to tell the better ones from the normal or lousy ones. That is where you overweight those better ideas and get alpha from the market.

9:59 PM  
Anonymous Anonymous said...

hi ghchua, did u happen to see some ah pehs in the agm drawing lines on the annual report in the agm? I was always wondering why? do u have any idea?

8:09 AM  
Blogger ghchua said...

Hi jiaxu,

I have no idea. Maybe they are drawing trendlines for moving averages using Technical Analysis? Just guessing....

1:30 AM  
Blogger TT Tan said...

Mr Chua,
I must applaud u for being so open and sharing with all.

I stumbled upon ur blog when looking at some public listed info.

I am an engineering graduate, NUS 1985, started investing 18 yrs ago but STILL working hard, can't retire :-)

12:50 AM  
Blogger ghchua said...

Hi TT Tan,

Thanks for visiting my blog! Hope you enjoyed your stay here.

I guess I will continue to share as long as I am able to, since the spirit of my blog is really to learn from one another. By sharing and debating on investment ideas, one can actually learn more than just keeping to oneself.

2:03 AM  
Blogger AMA said...

Thks Mr Chua for your sharing.What do you think is a good number to from a core holding given that there are not many good idea in a small market like Singapore?
I have Bukit Sembawang as my holding as well. Noticed that there are 2 other interested parties apart from OCBC ie Hong Leong and aberdeen asset.A number of properties companies have been taken private . Wonder if this will be next.

4:52 PM  
Blogger ghchua said...


I guess there are many ideas even in a small market like S'pore. However, most of the better ideas are in the small/mid cap space which might be beyond most people as some of these are family owned companies which require more research to understand the company and the people behind it. Some of these stocks are also not very liquid, which might limit the amount that you can buy at any one time.

For a core focused holding, I think around 20-30 stocks might be a good start. But I am a diversified investor and therefore I like to hold a lot of stocks.

Bukit Sembawang is currently sitting on a sweet spot as they have already pay down all their bank loans. They are also not in a hurry to acquire land as they have existing land bank to build and sell at their own pace. As for privatization, your guess is as good as mine.

8:14 AM  
Blogger AMA said...

Good morning Mr Chua,
I noticed that you hold semb marine and keppel corp but not sembcorp industries.Is there any reason?
I find the balance of utililty business and marine business in SCI a good way to hedge against volatility in earnings and also like their emphasis on EVA. They are also cash rich and has a relatively high ROE.Appreciate your thoughts.

6:59 PM  
Blogger ghchua said...


I do hold SembCorp Industries in my portfolio but it is currently not one of my top 30 holdings. It had been always one of the stock in my core top 200 list and currently is in my top 50 list after I added more onto the stock one or two months ago.

Note that I only show my top 30 holdings here and it doesn't mean that I only hold 30 stocks. I currently have more than 500 stocks in my portfolio.

7:40 PM  
Blogger AMA said...

Hi Mr Chua,
Wow, 500 stocks!How do you find the time to monitor them all?I hold a full time job and find it difficult to keep tap on more than 20.
Would you adise on ETF for diversification instead?

9:13 PM  
Blogger Unknown said...

As of January 2010, SGX has 640 mainboard listings and 134 catalist listings.

total = 774
so >500 stocks is covering more than 64% of the entire population.

basically my gut feel tells me mr chua is throwing a wide all-in net.

but through months or years, he has become sharper and shaper.

this is the trial & experience tactic..if one never dip into the pool, one never know how to swim

am I rite mr chua sir?

7:36 AM  
Blogger ghchua said...


There is no need to monitor each stock so closely since I have a portfolio of more than 500 stocks which is well diversified. In fact, I had partitioned my 500+ stocks basically into 3 main categories - i.e. one group which require close monitoring, one group which you can monitor once in a while and one group which you do not need to monitor at all.

Why the last group you might ask? This group might be those that had already gone down so much that I had given up on them. So, I basically do not need to monitor them as their market value is too low to waste time looking at them.

Unfortunately, there is no ETF that cover the whole S'pore market. I wish there is one.

7:53 AM  
Blogger ghchua said...

Hi Unknown,

When I was working last time, I do not have time to monitor the stock market but I wanted to cast my net wide to participate in the whole market to reduce company specific risk. Therefore, I bought stocks across the board.

As time goes by and I become a full-time investor and with more confidence, I began to over-weight my better ideas. But I still keep a core list of around 200 stocks which I think is investment grade and can be added consistently every month.

Have I become sharper and a better investor throughout the years? I had disclosed my top 30 holdings and my stock purchases every month on my blog. So, it is up to my readers to judge and not for me to comment. :)

8:06 AM  
Anonymous Anonymous said...

hi mr chua,

your already is an etf as it covers almost all the stocks.

is yur 500+ all within sgx or also include overseas markets?

I am not sure if u disclose all yr purchase every month because I seem to noted u didn't declare one or two counters u bought in a particular month?

u can comment on yr time to date net p&l as it is so hard for us readers to gauge yr performance

8:12 AM  
Blogger ghchua said...

Hi jiaxu,

My funds are all invested in SGX listed companies initially. I have some stocks listed on other exchanges because some of the SGX listed companies gave me shares of companies listed on other exchanges as dividend. Otherwise, I don't invest in companies listed overseas.

If you could point out a particular stock that I missed out, do state it out here so that I could correct my posting. However, if you only based on my top 30 holdings, a new entry does not always mean that I bought the stock. It could also mean that its share price had appreciated such that it had become a top 30 holdings while others fell out because their share price had depreciated.

I didn't compute my P&L and therefore I could not put it up here. As I've explained before, putting up my P&L requires a big effort. I have around 500+ stocks and I have to track all the dividend payouts, rights issues, bonus issues, share consolidation, stock spilt, stock purchases/sale etc to come out with an accurate number so as not to mislead my readers.

I prefer to focus on my process rather than looking at returns. I strongly believe that if I get my process right, the returns will take care of itself.

9:20 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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