Monday, February 29, 2016

My Investment Portfolio (February 2016)

STI ended the month at around 2666 points, a little bit better than last month but confidence is still weak. Markets had been digesting the full year results for companies with financial year ending December 2015. Overall, it had been mostly a weak set of numbers especially for companies in the Oil & Gas sector. Companies had also painted a cautious outlook but I guess the market might have discounted most of these bad news.

For this month, I have attended the following AGMs/EGMs/briefings - Zagro Asia, A-REIT and Petra Food.

For my top 30 holdings, United Engineers moved back to the top of the list after it announced the sale of MFLEX. Another major mover is CapitaMall Trust after investors bought back REITs in anticipation of lower possibility of interest rate hike. Isetan disappointed with a poor set of results and also cut its final dividend payout. Tat Seng is a new entry in the list after it announced a decent set of full-year results and also rewarded shareholders with a special dividend.

I have bought the following companies from the market this month - A-REIT, Bonvests, CapitaLand, Chuan Hup, DBS, Federal, GLP, Hiap Seng, Hong Kong Land, Isetan, Keppel Corp, Koyo International, SembCorp Industries, Shangri-La Asia, Sing Investment & Finance, ST Engineering, UIC and UOL. No sell trade was done.

I have accepted the following voluntary delisting/cash offers this month - Texchem-Pack and Zagro Asia. I have also participated in the following scrip dividend schemes - Cambridge, First REIT, Frasers Commercial Trust, Keppel REIT, MapleTree Commercial Trust, MapleTree Industrial Trust and MapleTree Logistics Trust.

Next month will be the start of the AGM season and some companies with financial year ending 31 December 2015 will be holding their AGMs. As usual, I will attend some of them to get some updates from these companies. I will also be looking to buy some undervalued blue chips as the recent market downturn had presented some opportunities to buy quality stocks at a decent price.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 February 2016)

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

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
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. Jets Technics
16. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
17. Hongwei Technologies Limited (In Provisional Liquidation)
18. FDS Networks Group
19. Aussino Group - In liquidation - Creditors' voluntary winding up
20. China Oilfield Technology

My Unit Trust Portfolio:



Blogger [R]ay said...

Dear Mr Chua,

What was the price that you entered for UOL? I have read through their reports and their hotel arm in China's occupancy rate is not promising. Only Singapore has strong occupancy rate compare to the rest.

4:50 PM  
Blogger ghchua said...

Hi [R]ay,

Your concern is valid but I guess the hotel industry in China is suffering a downturn at this moment and everyone in the game is affected, including UOL. They have made impairment charge for Pan Pacific Tianjin. However, UOL do have bigger exposure in S'pore for the hotel segment of their business as compared to China and therefore I am not too concerned about China slower growth.

All in, I think I bought UOL at a reasonable valuation and it is one of the property stocks in STI that has a comfortable gearing level of around 27% and trading around 40% discount to its book value. Only Hong Kong Land in STI had a significant lower gearing level but Hong Kong Land do not have a hotel segment.

8:26 PM  
Blogger Unknown said...

Hi gh,

Did you sell Koyo before or after the plunge? And what's the reason to buy Koyo again in Feb after reducing it just one month ago in Jan?

8:21 AM  
Blogger ghchua said...

Hi Unknown,

I have reduced my stake in Koyo in Jan because of valuation concerns and also uncomfortable with its exposure in my portfolio as it is already one of my top 30 holdings. I didn't exit completely as I still like the stock due to their decent contracts being secured during the year.

Therefore, when the stock corrected in Feb, I seized the opportunity to add onto the stock on my reduced position as it was trading below NAV. But I have not increased my stake substantially this time round as I was waiting for their full-year results.

9:12 PM  
Blogger Lionel T said...

I'm amazed at how bad is your investment portfolio:from an investor opinion.

5:49 PM  
Blogger ghchua said...

Hi Lionel T,

I would be glad to engage you in a debate if you could elaborate why you felt that my investment portfolio is bad. I think it is more useful that way as we could share and learn from one another, rather than only an opinion without any details.

10:37 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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