Wednesday, November 30, 2016

My Investment Portfolio (November 2016)

STI surprised many investors this month by closing up 90 plus points at 2904, despite Mr Trump's surprise win in the US presidential election. It had been a very volatile month in terms of stock market action, with news flow coming in thick and fast before, during and after the US presidential election.

For this month, I have attended the following AGMs/EGMs/briefings - Delfi, AA Group, Khong Guan, Vicplas and TTJ.

For my top 30 holdings, it had been quite volatile too. Best World dropped out of the list after I sold down the stock this month. CapitaLand Mall Trust and First REIT are also out of the list after REITs had been sold down across the board due to US interest rate hike concerns. PNE Industries re-entered the list after investors bought the stock before their full-year result release. Hotel Properties had moved up the list after substantial shareholder Mr Ong increased his stake in the company. Old Chang Kee is also another positive gainer after a brokerage house had initiated a report on the stock.

I have bought the following companies from the market this month - AF Global, Amara, Captii, CDL H Trust, Chuan Hup, ComfortDelgro, Delfi, EnGro, FSL Trust, Hong Leong Finance, IPC Corp, Keppel Corp, Multi-Chem, Nikko STI ETF, NSL, Perennial Holdings, SembCorp Industries, Sing Investment & Finance, SingTel, Stamford Land, Straits Trading, Tan Chong International, Thakral and UOL. I have also reduced my stake in Best World and MYP.

I have participated in the following scrip dividend scheme this month - UOA. I have accepted the following voluntary delisting/cash offer this month - China Auto Electronics.

I have also participated in the following rights issues - Charisma Energy, China FlexPack and MYP.

December is expected to be another slow month as the year draws to a close. Most people will be on holiday, and markets are expected to see lesser action due to holiday breaks in between. It is also a good month to review and reflect on the year that is ending soon, take stock and get ready for another new year of investment journey.

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

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

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. 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
20. China Milk Products Group - Under Liquidation
21. Pacific Healthcare

My Unit Trust Portfolio:



Blogger Sunny said...

Dear Chua

At what price, do you think AF is a good buy for long term?


7:12 PM  
Blogger ghchua said...

Hi Sunny,

I think AF Global is ok at current levels, considering the price had corrected quite a bit since Mr Koh made an offer for LCD around two years ago.

9:24 PM  
Blogger ozxinvest said...

Good day GH Chua,

I have noticed you have been buying up Amara for the past few months even when it's dividend payout is not attractive for the past few years. As you are a long time shareholder of the company, may I know your thoughts and views on Amara?

Best Regards

9:43 PM  
Blogger ghchua said...

Hi ozxinvest,

This year will be a good year for Amara, mainly because of TOP of their fully-sold EC project, CityLife@Tampines. Also, with the opening of Amara Bangkok, it will also contribute to their revenue this year. Amara Signature Shanghai will also be opening soon and that will add on to their revenue.

This stock will need time and patience because hotel operations are capital intensive and new hotels normally don't make money straight away. Therefore, I expect hotel earnings to continue to be weak despite higher revenue. As for dividend, it is not that attractive as I am buying Amara as an asset play stock and not for dividend play.

10:36 PM  
Blogger ozxinvest said...

Hi GH Chua,

Thanks for your insights. Would you think the management would give out any special dividend from the gains made by the EC project from your experience with the company? As I think they do not have any more ongoing projects except the boutique Condo at Jalan Mutiara. Or maybe the 2 sites acquired at Newton and the joint venture in Myanmar (no updates at all) ? Would you happen to have any info from the past AGM you have attended? Appreciate your opinions on these inert projects.

10:59 PM  
Blogger ghchua said...

Hi ozxinvest,

Not sure about special dividend but they do pay out a small amount of special dividend during good years. However, I don't expect to be a big one though.

As for M5 at Jalan Mutiara, I don't think it is moving as property market in S'pore is currently not doing well.

As for those new projects, I guess I would have to attend their AGM next year to enquire about them. I did not attend their AGM this year.

11:36 PM  
Blogger ozxinvest said...

Thank you

6:09 AM  
Blogger sunny said...

Buying stamfordland is an asset play at current price should be relstively safe, however, would be happy if you could share your view!

Many thanks

12:34 AM  
Blogger ghchua said...

Hi sunny,

Indeed. I think Stamford Land do have good assets in Australia and their re-developments should also return some profits. The problem is that shareholders might not be patient enough to wait for value to be realized, as in the case of many asset plays. Also, the cut in dividend payout for the past FY might not sink in well for many shareholders, resulting in the stock's underperformance for the past one year. I hope that my patience will pay off one day in Stamford Land and had been adding into my position for the past one year.

7:51 PM  
Blogger edragon said...

Hi GH,

Would be pleased to know what are the important points discussed in the Delfi AGM and your take on the discussions.


11:51 PM  
Blogger ghchua said...

Hi edragon,

I attended their result briefing, not their AGM. Their AGM will be next year.

I think one of the important point that had been discussed for Delfi briefing is that they managed to increase their margin with product re-sizing and price increase. This is indeed a good news and if you had followed the company, you would have noticed that their margins had fallen for the past few quarters. This had re-affirmed my view that their Delfi brand is quite strong in Indonesia in order to undertake such an exercise and also not hurting their revenue.

Delfi indeed is unique in such that it had a good brand, wide distribution network in Indonesia and also growing presence in the Philippines. I like the company and added onto my position in November.

9:42 PM  
Blogger edragon said...

Hi GH,

Thanks you for the information.

I can think of another 2 Companies that command local support similiar to Delfi in Indonesia are Thai Beverage in Thailand and F&N in Malaysia/Singapore and in the future maybe the rest of Asean.


1:18 AM  
Blogger Everlearning said...

Hi ghchua,

This year has been my most inactive year in equity investments. But,I am actively following your blog even I had made no comments in the last few months.

I have a feeling that I might have been chickened out with the many troubles faced by retail investors in the equity market due to the ever-changing rules that adversely affected their holdings in their portfolios. But, this is solely or sorely just one of the reasons I do not wish to reinvest into the current market...

May you have a blessed Christmas and a bountiful Chicken(Rooster) year in 2017! May the Lord grant us "health, happiness and a happy home" in the New Year to come! Shalom!

6:57 PM  
Blogger ghchua said...

Hi Everlearning,

Indeed, this year had been tough for retail investors and even tougher for a full-time investor like me. Volatility in the markets had been great for traders, but it goes nowhere for long term investor like me. The STI is only up around 3% since start of this year and the Trump rally since then had taper off.

For long term investor like me, I guess it is best to switch off from market noises. I continue to add onto my stronger stock positions, while eliminating underperfoming stocks in my portfolio. For underperforming stocks, I need to access whether it is worthwhile getting rid of them as sometimes, their value is too small and not even enough to pay for brokerage fees.

Hope that you won't give up on the S'pore stock market and continue your investment journey. Wishing you happy holidays and more returns in 2017!

7:28 PM  
Blogger Sunny said...

Dear Chua

Happy New Year! Wish you a great year ahead!

5:04 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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