Monday, March 31, 2014

My Investment Portfolio (March 2014)

STI ended the month at 3188 points. Good news out from US and China seem to support the market this month coupled with not much bad news from the Ukraine-Russia front. The last week of the month was particularly strong for STI.

For this month, I have attended the following AGMs/EGMs/briefings - Qian Hu and Roxy Pacific.

For my top 30 holdings, there are some minor changes. Hong Fok and Far East Orchard moved up quite a bit after I added more into them this month. ABR Holdings is a new stock in the list after its good share price performance lately. Noble Group is also another main mover which performed well this month. Low Keng Huat dropped out of the list as investors sold down the stock after their full-year result announcement.

I have bought the following companies from the market this month - CapitaLand, CapitaMalls Asia, Chip Eng Seng, Far East Orchard, GuocoLeisure, Heeton, Hong Fok, Lum Chang, OUE, Popular, Singapore Reinsurance, Straits Trading, United Engineers, UOB Kay Hian, UOI, UOL and Zagro Asia. There is no sale done this month.

I have subscribed to the following rights issues - AIMS AMP Industrial REIT, GP Batteries, Swing Media and WE Holdings

I have also participated in the following scrip dividend schemes - Cambridge, CapitaRChina, First REIT, Frasers Commercial Trust, MapleTree Commercial Trust, MapleTree Industrial Trust and MapleTree Logistics Trust.

Next month will be a busy one for me as it is the AGM season. Companies with financial year ending 31 December 2013 will be conducting their AGMs in April. I will attempt to go through as many annual reports as possible and also attend some of the AGMs. Hopefully, I will be able to cover as much AGMs as I possibly can. There is also another capital reduction from F&N to be distributed and I will seek to re-invest the proceeds prudently back into the market.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 March 2014)

Top 30 Holdings (Sing$ Denominated shares)
1. Sarine Technologies
2. United Engineers
3. Jardine C&C
4. Haw Par
5. Old Chang Kee
6. Metro Holdings
7. Bukit Sembawang Estates
8. Aspial
9. OSIM International
10. SGX
11. Bonvests
12. A-REIT
13. Sing Investment & Finance
14. Noble Group
15. Hong Fok
16. MTQ Corp
17. Hiap Hoe
18. Hotel Grand Central
19. Far East Orchard
20. VICOM 
21. Hotel Royal
22. CapitaMall Trust
23. SembCorp Marine
24. Keppel Land
25. Hong Leong Finance
26. Hotel Properties
27. The Hour Glass
28. SP AusNet
29. Singapura Finance
30. ABR Holdings

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 Australia Stock Portfolio
1. GPS Alliance Holdings Limited

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)
16. Shanghai Asia Holdings - In liquidation - Members' voluntary winding up
17. Jets Technics
18. UIS - In liquidation - Members' voluntary winding up
19. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
20. Hongwei Technologies Limited (In Provisional Liquidation)
21. FDS Networks Group
22. Aussino Group

My Unit Trust Portfolio:



Blogger Mansred Koh said...

Hi, can I ask what price did u get for vicom n UE? do you think it is a good price now?

1:52 AM  
Blogger ghchua said...

Hi Mansred,

I don't think sharing the price that I bought these two stocks help in the discussion, but rather looking ahead at the prospects of these two companies and whether they are trading at good value.

For VICOM, the market had priced in the fact that it is a steady growth stock and it is currently trading at a PE of more than 15x and more than 3x book value. The key point here is whether you are willing to pay for growth. Their vehicles inspection service business is steady but low margin business and their non-vehicle (aka testing biz) under SETSCO is high margin but more volatile biz.

The key point about VICOM is that they had manage to increase their dividend payout year after year with low capex. I think it is a sustainable biz though there are some concerns on the reduction of number of old cars in the market due to lower COE in future. I continue to like the stock and will hold onto it.

If you don't believe the growth story for VICOM or you think that growth will be muted going forward, you should not buy the stock at current level. Having said that, I know a lot of value investor had sold out too early in VICOM, thinking that it is not a growth stock. So, it is up to your judgement.

For UE, it is a different story as it is more of an asset play than a growth story. It is currently trading at a discount from book value even after the recent run-up. The story about UE is well covered in the media and the market does not like their purchase of WBL. However, I do like the fact that they have good assets across retail, commercial, industrial and mixed development space. They also have a good engineering and construction arm under UE E&C, which there were market news that they might want to dispose it.

UE at current level is still cheap, considering that they still have yet to combine WBL to their existing assets and complete their re-structuring. Most possibly, they will dispose some of the non-core assets in WBL so that the group can be more lean. I continue to like the stock and had in fact participated in their last rights issue to increase my stake in the company.

1:52 AM  
Anonymous Anonymous said...

why china sunsine?

7:11 AM  
Blogger Everlearning said...

Hi ghchua,

I often marvel at the amount of time you have to spend in reading up the stocks you own in your portfolio. Every stock has a story to tell and when you tell it, it interests me tremendously. Although I don't own these counters, maybe, some day I might include them in my investment.

Apparently I am not afraid of making mistakes but compromising morals made me shudder.

Investing in the stock market is not as simple or as transparent as it seems. So far so good, I am not caught in those volatile stocks that caused illusions to many of late.

be purchased at the first place

7:46 PM  
Blogger ghchua said...

Hi jiaxu,

Sorry for the late reply as I was busy going through annual reports and also attending AGMs this month. It had been a very busy month for me and therefore I might be late replying comments in my blog.

For Sunsine, I had in fact been holding this stock for quite sometime and added a bit to it recently. I like the fact that they have been paying dividends for 7 straight years since IPO, with minimum 1cts per share being declared for the past few years. That is an achievement considering the fact that they have been spending money increasing their capacity.

They have also been able to grow their customer base and come out with new products, with the introduction of anti-oxidant 6PPD a good example. Their customers are mainly major tire makers as they supply rubber accelerators.

Of course, there are challenges and volatility of raw material prices hit their profit margin lately. I must say that this stock is not one of my major holdings but it had been one of the better s-chips out there.

10:47 PM  
Blogger ghchua said...

Hi Everlearning,

As usual, thanks for your comments.

One has to do his/her homework before committing into stock investment. Even after doing all these work, there is no guarantee that you will be successful in your investment but your chances are higher since you have confidence in your picks.

Investing is hard work. There is no short cut to success. The amount of time I set aside to read annual reports, attend AGMs etc is a lot. But that is expected from a full-time investor, who do not have other work commitments.

I always tell people that if they are serious in investment, they should do it full-time. Look at those mistakes that I have made when I do it part-time last time. Hopefully, I have learn my mistakes and become a better investor as time goes by.

10:59 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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