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Saturday, February 28, 2015

My Investment Portfolio (February 2015)

STI ended the month at 3402 points, with the Greek debt issue had been solved at least temporary. It had been a short month due to the Chinese New Year holidays. Investors had been focused on companies with financial year ending 31 December 2014 releasing their full year results. The results released so far had been ok but nothing fantastic though.

For this month, I have attended the following AGMs/EGMs/briefings - Transcrop.

For my top 30 holdings, there were not much changes. Popular and Keppel Land are out of the list as I have accepted takeover offers for both companies. United Engineers also fell as TCC decided not to proceed to buy the company and/or its assets.

I have bought the following companies from the market this month - Amara, Best World, Bonvests, Bund Center, First Sponsor, Hotel Royal, SembCorp Industries and Tiong Woon. I have also sold Green Build and Lung Kee Bermuda.

I have accepted the following voluntary delisting/cash offers this month - CH Offshore, Keppel Land and Popular. I have also participated in the following rights issues - Darco Water and Yoma.

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

Next month, I will continue to go through those full-year results for companies with financial year ending 31 December 2014 in preparation for their AGMs to be held in April. I will also seek to re-invest those proceeds from voluntary delisting/cash offers slowly and prudently back into the market.
 
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 27 February 2015)

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

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land
3. Mandarin Oriental
4. Dairy Farm
5. Jardine Matheson

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

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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13 Comments:

Blogger Singapore Stock Picker said...

my only advice is when there is a rights issue, sell that company away. Save money...

4:05 AM  
Blogger Jane AM. said...

hi Mr Chua.. can I ask for your opinion pls? Osim - is it still good to buy now that it has fallen by so much?

thanks!

5:11 PM  
Blogger ghchua said...

Hi Singapore Stock Picker,

Thanks for your advice. My strategy with respect to rights issues is to evaluate each on its own merits/demerits and then decide accordingly. Rights issues are not necessary bad for shareholders if there is some purpose is raising those funds, be it for expansion, for paying down debt, for working capital etc. I also look at the price which the rights issue had been issued.

I didn't take up all the rights issues that is on offer for my holdings.

As to your suggestion to selling the company off once it announced a rights issue, I think that is too drastic a decision to make. After all, the decision to sell a company is not only based on it issuing rights shares, but other factors as well.

8:21 PM  
Blogger ghchua said...

Hi Jane AM.,

I didn't add onto my holdings in OSIM for a very long time and I am glad that you asked that question for me to review my thoughts on this company.

I do like OSIM and their branding strategy but I find that their PE is too high to justify their growth. If you look at the latest FY14 result, they only grow 1%. I need to see its strategy of opening more stores bear fruit and also their expansion of TWG Tea.

I am happy to hold onto what I have now in OSIM and won't be adding any shares in the near future.

8:27 PM  
Blogger Everlearning said...

Hi ghchua,

I can't thank you enough for helping me to go about subscribing Popular rights, but also excess rights as well, in 2010. You meticulously guided me how to apply for "excess rights" which I missed out in 2009.

I was inexperienced back then. That timely help I received from you would be remembered even Popular is delisted from the stock market.

Apparently this year is going to be a challenging one. I have to face issues like share consolidations, rights issues, etc... The worst could be some companies suspend for all sorts of reasons. From now on, I must tell myself to stay calm.



9:31 PM  
Blogger ghchua said...

Hi Everlearning,

As always, nice to hear from you again.

I think Popular should have return a decent amount for you despite it being a slow moving stock. Hope that you gained from that experience of subscribing for its rights issue.

I guess for some companies in my portfolio, there will be endless headaches if they keep on under-performing. Some of them had been in my portfolio for quite sometime and they had not been showing good results. Obviously, the easy way out is to sell them off but I still habour some hope in getting something from those stocks.

As for share consolidation, I think companies with share price below 20cts will face the same problem with the MTP. Having said that, shareholders of these companies will also have a problem of getting odd lots after consolidation. Yes, odd lots even after the 100 shares per lot trading had been implemented!

I guess it will be time for SGX to implement 1 share per lot after all these consolidation had been completed. I am looking forward to that day.

12:36 AM  
Blogger Jane AM. said...

thanks a lot, mr Chua, for yr analysis of Osim.. was just thinking whether it's worth it to grab a few more but I will hold for now.

Cheers, Jane.

6:56 PM  
Blogger [R]ay said...

Do you have any position in Civmec? Appreciate your thoughts on this counter.

1:12 AM  
Blogger ghchua said...

Hi [R]ay,

I don't own Civmec and therefore I am sorry that I couldn't give you my view on the company.

But from my experience of holding onto AusGroup, the Australian mining sector is undergoing big challenges lately due to the falling commodity prices. I think Civmec might also be affected since they are offering services to the mining sector.

10:58 PM  
Blogger David said...

Hi ghchua,

just a slight off topic. singapore entrepreneurship has been growing in recent years. I'd like to hear your thoughts abt it and whether it is good to invest in startups (as a venture capitalist?). If yes, how different will your approach be (across early funding and stage series funding)? Their PE will be significantly high as possible exit is IPO.

7:21 PM  
Blogger ghchua said...

Hi David,

I don't invest in venture capital directly though some of the companies listed on SGX which I am holding do invest in them. Examples, include TIH, Hotung, EnGro, Hwa Hong, GK Goh etc.

Venture capital investing is a different ball game altogether and most retail investors like me would not want to do so. Reason being there is not much liquidity and the big way to get out is via IPOs, which might not be possible depending on the company you invested in and whether you trust the owner.

As you have also stated, there are various stages of funding and unless you have deep pockets, you won't know how much you are going to put in and what is the time frame for your investment. There is also not much or no dividend to receive from your investments.

Of course, the rewards are high if you get it right but you must also be prepared to lose all your investment if things don't turn out well.

11:15 PM  
Blogger Sunny said...

Mr Chua

Is it possible to use CPF SA to buy STI ETF? If not, anywhere else to buy similar STI index tracking fund when there is a good chance in the future?

tks

1:31 AM  
Blogger ghchua said...

Hi Sunny,

Unfortunately, the answer to your question is no. CPF SA cannot be used to buy any pure equity related products. The closest one can invest using CPF SA is balanced funds.

10:42 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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