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Thursday, March 31, 2016

My Investment Portfolio (March 2016)

STI ended the month at around 2840 points, regaining much of the lost ground from the loss early this year but still ended the quarter down as compared to the start of the year. Still, it is the best performing month this year after the January market crash. Markets were helped by news that the US Fed would not hike interest rate so soon.

For this month, I have attended the following AGMs/EGMs/briefings - Saizen REIT, Del Monte, 8Telecom, Envictus, Techcomp and Mermaid.

For my top 30 holdings, Spindex is a new entry after it had done well for this month. Shangri-La Asia is also another new name in the HK$ denominated list after I added more to the stock and also due to its decent run-up after announcing their full-year results. Not much changes to the other holdings in the list except for Sarine Technologies, which continued to be volatile in its price movements and moved up a few places this month.

I have bought the following companies from the market this month - Broadway, Combine Will, Elec & Eltek, GLP, Hiap Seng, Hong Kong Land, Hotel Royal, Hwa Hong, Jardine Strategic, Mandarin Oriental, Shangri-La Asia, UIC, UOL and Yeo Hiap Seng. No sell trade was done.

I have participated in the following scrip dividend scheme this month - CapitaLand Retail China Trust. I have also subscribed to the following rights issue - OUE H Trust.

Next month will be a very busy one for me as the hectic AGM season goes into full swing. Most companies with financial year ending 31 December 2015 will be holding their AGMs in April. As usual, I will be attending some of these AGMs to get some updates from those companies and their strategies and business outlook ahead.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 March 2016)

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

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

Top Holdings (HK$ Denominated shares)
1. Fortune REIT
2. Shangri-La Asia

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. Dongshan Group Ltd (formerly known as 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. Final meeting on 14 Apr 2016.
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:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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13 Comments:

Blogger Dividend Knight said...

Hi,

Just curious. How much dividends do u receive per month on average?

2:09 AM  
Blogger ghchua said...

Hi Dividend Knight,

It defers from month to month. Normally, I will have more dividends in May than any other months. As for the amount, I don't think I will be comfortable in stating the exact amount, but would like to say that my portfolio yield is around 3%pa.

I am not exactly a dividend investor and I do invest in stocks that don't pay good dividend mainly because of value rather than yield. If I want a high dividend portfolio, I can easily switch to mostly REITs but I don't think I want to do that as I am looking for capital gain too.

5:57 AM  
Blogger Eric Ho said...

Hi - which in your opinion are the most interesting AGM you attend, both from a management presentation and also other highlights?

Thanks.

8:42 PM  
Blogger ghchua said...

Hi Eric,

I think it depends on what you view as interesting. For me, normally I go for those AGMs which I have issues to bring up and also try to understand more on their business and prospects. For highlights, some of the AGMs can be quite hostile, especially for those that are not performing well as shareholders might have some complaints and also disagreements with the board and management on the way things are being handled in the company.

For presentation, it might surprise you but most companies don't do presentation for their AGMs. Only some of those bigger companies do that though some small caps will do presentation as well.

I guess I am not going for the most interesting AGM, but rather those which I find that I will be able to get more out of it in terms of better knowledge on the company and also getting to know more about the people behind those companies.

10:06 PM  
Blogger Everlearning said...

Hi ghchua,

Three months have gone by so quickly this year and without actively participating in the market, I have already received half the amount of my usual dividends collected in a typical year. Thanks to Saizen Reit's special dividend, but the stock value is significantly reduced: likewise 8 Telecoms and MFS Tech.

In your view, how should I regard these share counters in my overall portfolio? Ever since the MTP was implemented, I am more hesitant in putting my hard-earned savings into share investments. To me, it has somehow allowed greater manipulation and fluctuation in the market. It is only my personal opinion.

I am glad that your blog has continued to be as inspiring as before. I believe there might be some out there that differ in your style of investment but personal opinion oftentimes is very subjective: as the saying goes "one man's meat is another man's poison" or one man's trash is another man's treasure.

For sure, I have followed your blog for the last 8 years and would continue to do so. Thanks and many more thanks for your unwavering effort to keep your blog in existence.

7:13 PM  
Blogger ghchua said...

Hi Everlearning,

I think for some of those counters affected by MTP, you would have to judge them on a case-by-case basis. Most of them would have to do share consolidation, but some of them tried to attempt to reach the 20cts mark by improving their results. Ultimately, good companies will be re-rated by the market whether they are affected by MTP or not. There are some companies which continue to do well even after share consolidation as they are affected by MTP. Examples include CEI, Memtech, Fischer Tech etc.

For your examples, I think they are not really bad counters as they have sold off their core business and paid back all the capital to shareholders. Therefore, it is only logical that their share price will drop significantly after the payout to reflect the fact that they have little cash and no core business left. For Saizen REIT and MFS Tech, they would have to liquidate and delist if they cannot find a new business. For 8Telecom, there is still hope as they have a small telecom related business left in S'pore but may have to do a lot more to grow the company significantly to avoid doing share consolidation.

However, in each of these cases, you have to access accordingly whether you want to sell off your stake or wait for liquidation to get back your remaining capital in the company if they cannot find a new business. I have since sold off all my stake in MFS Tech this month as I think they will not be able to find a new business and the only option is liquidation, which the current market price is much more than the cash per share they have in hand in the company. I am keeping Saizen REIT and 8Telecom though and wait for further new developments. I know that the market had been speculating on MFS Tech and there are sometimes big intra-day fluctuation with decent volume, but I am not into that. I just ignore it and stand firm on my analysis.

Thanks once again for being such a firm supporter of my blog and I will do my best to keep it going for as long as I could.

2:05 AM  
Blogger K said...

Hi GH,

Do you have a target on the returns for your investment portfolio including dividends? 6%, 10%, 15% or more?

Thanks.

11:25 PM  
Blogger ghchua said...

Hi K,

Not really. I don't have specific target for returns for my portfolio. I prefer to look at my process of investing and let the result take care of itself.

However, I do monitor my dividend cash flow and make sure that it cover my expenses every month as I am a full-time investor and do not have any other income sources, except for a small token amount from this blog via advertisements.

I also monitor my expenses closely so that they won't overshoot which means I do not have to draw down my capital to pay for my expenses every month.

3:29 AM  
Blogger Unknown said...

That sounds quite tough. For me in mid to late thirties, my dividends can also adequately covers my monthly expenses. On top of this, the day job pay becomes a bonus. Thus effectively I can save minimally 100% of the salary as employee. Not as stretched as yr case.

8:01 AM  
Blogger ghchua said...

Hi Unknown,

Because I am a full-time investor and do not draw any salary, I need to monitor my cash flow closely. It is not that my dividends cannot cover my cash flow, it is just that dividends do not come in equal amounts every month and I need to make sure that I have a cash buffer. What I do is that during months when dividend payout is high, I will reserve some cash for future expenses during months when dividend is low. But overall, dividend payout is still able to cover my expenses every year so I do not need to draw down my capital.

10:35 PM  
Blogger David said...

Hi GhChua,

Based on your observation and experience, does major elections have any effects on the market? If so, which are the ones that are relative to such events?

1:16 AM  
Blogger ghchua said...

Hi David,

I think elections do affect the markets in some ways, especially those held in big countries like US. However, I think these are short term effects which might not concern long term investors like me. Ultimately, any new government in place will have to implement policies that are business friendly so that companies can grow in the long term and people have good jobs. Otherwise, they will be voted out in the next election.

10:15 PM  
Blogger Sooyean Hoo said...

Hi Ghim Hock,
Sooyean Here.
This is a good read. Thanks I have learnt of more high yield stocks from here. I did one of my analysis. There are indeed some good stuffs. Thanks for the inspirations.

1:48 AM  

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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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