Saturday, April 30, 2016

My Investment Portfolio (April 2016)

STI ended the month at around the same level as last month, though it had been weak towards the end of the month. Otherwise, it had been an uneventful month with not much movements in most of the major stocks in the index.

For this month, I have attended the following AGMs/EGMs/briefings - AV Jennings, Biosensors, CEI, CapitaLand Retail China Trust, CapitaLand Mall Trust, CapitaLand Commercial Trust, CapitaLand, SembCorp Industries, Sarine Tech, NOL, UOI, Yeo Hiap Seng, GK Goh, Combine Will, First Sponsor, Hwa Hong, Koh Brothers, KingBoard Copper Foil, TSH and Haw Par.

For my top 30 holdings, Raffles Medical is a new entry to the list. The stock had done well for the past few months and it continued to do so, outperforming the other stocks. Not much changes to the other holdings in the list except for Metro and Shangri-La Asia, which had performed well for the past two months. Metro might be due to expectation of good full-year result to be announced in May and also maybe a special dividend that will be declared. For Shangri-La Asia, it had been sold down badly and the recent upside might be making up for the lost ground.

I have bought the following companies from the market this month - CapitaLand, IPC Corp, Keppel Corp, Koh Brothers, Metro, SembCorp Industries, TSH, UOL and Yeo Hiap Seng. I have also closed my position in MFS Tech.

I have participated in the following scrip dividend scheme this month - Global Investments.

I have also accepted the following voluntary delisting/cash offers this month - China Dairy and OSIM International. My stake in Biosensors was also being acquired via share amalgamation.

Next month will be a quiet month for me. As usual, I will do some catch-up reading on those annual reports that I have missed out in April. I will also be re-investing the dividends to be received in May prudently and slowly back into the market.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 April 2016)

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

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. Shangri-La Asia
2. Fortune REIT

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. 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. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
11. FerroChina - Under Liquidation
12. FirstLink Investments
13. NEL Group
14. Jets Technics
15. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
16. Hongwei Technologies Limited (In Provisional Liquidation)
17. FDS Networks Group
18. Aussino Group - In liquidation - Creditors' voluntary winding up
19. China Oilfield Technology

My Unit Trust Portfolio:



Blogger David said...

Hi ghuchua, do you have a tradehero acct? would like to follow you if you have one.

11:02 PM  
Blogger ghchua said...

Hi David,

Nope. I don't have one.

1:29 AM  
Blogger Sunny said...

Dear Chua

PHealth has an exist offer, what shall we do? the offer is so cheap...

6:18 AM  
Blogger ghchua said...

Hi Sunny,

Yes, the exit offer was low but it is better than no offer. Company had not been able to turn profitable after so many years and also some restructuring. Very disappointing.

Have to wait for the offer document and then I will decide. But if we don't accept, then we will be holding an unlisted company. My experience with unlisted companies so far had been very bad. Basically, these companies can just ignore minorities because they are no longer listed. They still have to hold their AGM but they only need to send you a set of audited accounts every year and that's about it. I don't even know what is happening in these companies in most cases.

7:01 AM  
Blogger Mamma's Boy said...


I had shares from MFS Tech which I didn't sell off before it was de-listed. What can i do with those shares?


11:11 PM  
Blogger Low said...

Hi Chua,

I also have the China Oilfield Technology share which was delist last year and gotten a cert with the price of HK$ 0.5/ unit. May I know how do you deal with the certificate?
Can encash or how?


2:32 AM  
Blogger ghchua said...

Hi Mamma's Boy,

MFS Tech already suspended. You would have to wait for the whole liquidation process to be completed and there will be a final meeting. After that, the final proceeds will be paid to shareholders and the company will be dissolved.

5:47 AM  
Blogger ghchua said...

Hi Low,

I think you have mistaken. The price that you said on the share certificate that they sent to you is actually the par value of the share, and not the amount that you can encash.

For unlisted companies, it is very hard for you to sell your shares as there is no market value. Furthermore, China Oilfield Technology has no operating business at all and therefore it makes it even harder for a buyer to be interested in your shares.

I guess you just need to keep your share certificate and hope for the best. For me, I have already wrote off all my investment in this company.

5:52 AM  
Blogger Low said...

Hi Chua,

Thanks a lot for your kind advice.

Then this will be my second misery. The first one was China Sun Bio chem, which I don't receive any cert(probably their status is still suspended even after >4 yrs).

A good lesson learn from taking on penny stock.


8:50 AM  
Blogger ghchua said...

Hi Low,

For China Sun Bio Chem, yes, it is currently suspended but I think it will be hopeless as well. Normally, there is not much hope for companies that had been suspended for trading for very long time. If there is hope, someone would have tried to save the company to resume trading within the first two years of suspension. Furthermore, if there is no audited accounts presented to shareholders when the stock is suspended, it also means that the state of affairs there is messy and therefore difficult to recover. Sometimes, it is even difficult for liquidators to liquidate and dissolve the company as they might have no money to pay the liquidators and/or there are assets that are unaccounted for and not worth the effort to even track these assets.

I think for penny stocks, it is ok to invest in them but the key is to diversify widely. Because these companies are small, there is a chance that they might go under. Coupled with the risk of investing in companies that are not based in S'pore, it is certainly not worthwhile to invest in only a few penny stocks unless you really know the people and business very well.

For me, diversification had saved me from the misery of penny stock losses.

7:49 PM  
Blogger Low said...

Hi Chua,

Yes I agreed with you. Diversification.

I particularly love penny stocks for its potential to gain high profit. Of course when handled not careful enough, the outcome it's v painful.

Now just wondering when the market crisis going to strike. As we shall retreat and empty our holding as fully as possible. Now I still have some counters stuck don't bear to sell off yet.

5:16 AM  
Blogger AllThEwAy said...

Hi Chua,

Are you holding on to Jet Technics by choice? I realised my dad has a stock certificate for it and was wondering if there was any way to get sell it at the moment.

9:28 AM  
Blogger ghchua said...

Hi AllThEwAy,

Jet Technics was delisted from SGX a few years ago without an exit offer and frankly speaking it was a nightmare stock for me. The stock is currently unlisted and it is very difficult to sell the shares. Furthermore, I have not received any audited accounts from the company since it had been delisted. I suspect your dad will need to write off this investment.

You can read on some of the information that SGX provided with regards to the company:

SGX: Reprimands So Tat Wing, Chairman And Managing Director Of Jets Technics.

14 Oct 2013 10:23
Singapore Exchange Limited reprimands Mr So Tat Wing, Chairman and Managing Director of Jets Technics International Holdings Limited, for breaches of the SGX-ST Listing Rules in relation to the Company's failure to make a reasonable cash exit offer to its shareholders to date...

8:56 PM  
Blogger alicia yeo said...

Hello Mr Chua
Congrats metro gained yesterday

10:15 PM  
Blogger ghchua said...

Hi alicia,

Thanks. I think Metro had a good track record in their China investments plus they still earn a decent stream of income from their investment properties, mostly in China as well.

However, the outlook for China economy seem to slow down a bit and their residential property development in S'pore is also slowing down. It also remains to be seen whether they can be as successful as China for their investment in UK. For the retail side, it had always been challenging but they have manage to minimize losses.

Having said that, the company had a strong balance sheet and in a good net cash position to whether the storm ahead. With a decent dividend yield, I will hold onto the stock and it remains one of my top holdings of my portfolio.

8:37 PM  
Blogger SJ said...

Hi Mr Chua,

I came across this discussion on penny stocks and will like to seek your opinion on Ezra and KOP Limited that I am vested in.

Many thanks.

4:58 PM  
Blogger ghchua said...

Hi SJ,

The short answer is that I don't like both stocks, but KOP looks like there is potential for it to turnaround but Ezra is in a very difficult position to recover. As you might have read, Ezra had been selling assets at this depressed environment and there might be more asset sales going forward. I don't know how much debt it still have to service and it will be a long wait before it can eventually recover. Even then, it might not be able to recover back to its peak as most of their assets are now not 100% owned and therefore earnings will be lesser.

10:32 PM  
Blogger Jen K said...

Hi Mr Chua,

Thank you for sharing your thoughts. I probably have to cut loss on Ezra fast.

10:23 PM  
Blogger ghchua said...

Hi Jen K,

I don't think you should make a rush decision to cut loss fast or take profit fast. Ultimately, investing is for long term and sometimes, though the prospects of a stock might not be good, you can still hold onto it if it is trading at depressed valuation.

For Ezra, though the prospects of the company is not so good, I am still holding on as it is cheap at current levels. Unless you expect the company to go under or unable to pay its debts, it is still ok in terms of valuation. But I will not be adding more into the stock due to the challenges that I have highlighted previously on the company. There is a large supply glut and falling demand in the industry that Ezra is operating in at this moment.

8:51 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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