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Tuesday, January 31, 2017

My Investment Portfolio (January 2017)

STI ended the first month of the year on a weak note, although it still managed to close above 3000 points due to gains made earlier in the month. Banking and property stocks were the main drivers, though concerns about US President Mr Trump's policies still worry the markets.

For this month, I have attended the following AGMs/EGMs/briefings - SingPost, PNE Industries, F&N, Frasers Centrepoint Ltd, Chew's Group and UPP.

For my top 30 holdings, not much changes although Keppel T&T did not do well after announcing their full-year result despite an increase in dividend payout. ComfortDelgro is another stock that is under pressure due to depreciation in UK pounds and also competition in S'pore. Properties companies in the list did well though.

I have bought the following companies from the market this month - AV Jennings, Best World, ComfortDelgro, Elec&Eltek, F&N, Federal, FSL Trust, GP Batteries, Haw Par, Hotung, IPC Corp, Jadason, Koh Brothers, Mandarin Oriental, Metal Component, Nikko STI ETF, Sabana REIT, Sing Investment & Finance, UIC, UOB Kay Hian and Wing Tai. No sale trade was done.

I have participated in the following rights issues - Sabana REIT and Tat Hong. I have also accepted the following voluntary delisting/cash offers this month - Aztech and Vard Holdings.

I have converted the following unlisted warrants to shares - AA Group.

February will be the full-year result reporting season for companies with financial year ending 31 December 2016. I will be following the result release from the companies in my portfolio closely.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 January 2017)

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

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land
3. Dairy Farm
4. Mandarin Oriental
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
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. 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:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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14 Comments:

Blogger Arthur Wang said...

Care to share your buying criteria?

"I have bought the following companies from the market this month - AV Jennings, Best World, ComfortDelgro, Elec&Eltek, F&N, Federal, FSL Trust, GP Batteries, Haw Par, Hotung, IPC Corp, Jadason, Koh Brothers, Mandarin Oriental, Metal Component, Nikko STI ETF, Sabana REIT, Sing Investment & Finance, UIC, UOB Kay Hian and Wing Tai. No sale trade was done."

12:25 AM  
Blogger ghchua said...

Hi Arthur,

Most stocks were bought because of value. For example, you would see a few tech stocks, some property counters, some financial stocks (but not banks) etc in the list. Have to go to each individual specific stock if you like to know more but that would take quite a bit of time so I just do a summary here.

For Best World, I bought in because of mis-pricing in the unit share market. As my regular readers might know, sometimes I do buy growth stocks but I am very careful not to overpay for growth. It is this reason that I haven't bought any healthcare stocks for quite sometime except for Haw Par.

1:08 AM  
Blogger sunny said...

Chua Shifu

I got a bit of UIC, hope Wee will offer to privertize it soon, and the Philippo tycoon will counter offer it.

BTW, how is a reasonable price to sell to either of them?

Regards

6:23 PM  
Blogger ghchua said...

Hi Sunny,

I think for UIC, a price that is near its NTA will be a reasonable one, though being realistic, I think selling at around 0.8x NTA should be a good benchmark though. Last reported NTA was $4.35, so anything above $3.50 should be a decent price.

If you are looking for more, then you might need a bidding war.

10:49 PM  
Blogger Sunny said...

Chua Shifu

UE, OCBC have come up nicely, Congrates! it seems a deal is near and the offer price should be better than previously estimated by UOBKH, I guess...

11:08 PM  
Blogger Sunny said...

Shifu

Whats your take about Frase L&T's and Stamford Land's future since Australia has launching ppty cooling measures?

tks

11:13 PM  
Blogger Sunny said...

Chua Shifu
Lippo offers 0.042cent a piece to Healthway Medical, I think its too cheap. What is your take on this offer? Do you have Healthway?

tks

3:28 AM  
Blogger ghchua said...

Hi Sunny,

I think we have to look at assets that these companies are having in Australia and their long term potential. I don't think these companies are priced that expensive by the market anyway, and therefore property cooling measures should not affect them in the long term. For Frasers L&T, their rentals are long term in nature and that will support the yield.

I don't have Healthway so can't comment on the company as I am not familiar with it.

10:24 PM  
Blogger Sunny said...

Chua Shifu

Saw u bought MOIL, but but not HKLand, beside valuation, any other consideration. Thinking Europe will have election, will MOIL have more up n dowms later? SG may soften ppty cooling , will hkland benefit more? not sure hong kong will follow sg to soften cooling? How about both's prospect in future?

2:00 AM  
Blogger ghchua said...

Hi Sunny,

In my view, both are quality stocks that you should have it in your portfolio and they are members of the Jardine group of companies.

I do agree with you that MOIL had its challenges and Europe is one of the factor. However, do take note that they are quite diversified and Europe only takes up around 25% of their revenue. Also, most of their hotels under development that is coming on stream soon are not in Europe, so that percentage might come down further. MOIL result had also been affected in Asia, so it is not only in Europe that they have experienced lower rates and occupancy.

Overall, I think you have a adopt a long term view when investing in MOIL. It is trading at around 50% of its NAV and I do think that it is cheap considering its brand and location of their hotels in key cities around the world.

For HK Land, I do have a decent position in my portfolio so I did not add onto it. Besides S'pore and HK, they do have good exposure to China as well. Again, it is a stock that is trading around 50% discount from its NAV and I do think that it is a long term play. Though development profits are lumpy, I think HK Land's prime investment properties portfolio mostly in S'pore and HK will limit their downside due to their steady rental income from these commercial properties.

For prospects, both have their own challenges in the near term as you have pointed out. But I do believe that both can ride out these challenges and emerge stronger in the future due to their track record and also strong parent.

2:19 AM  
Blogger Arthur Ong said...

Can share how you see the value for a stock. For e.g. Best World. The value is it because of low PB, PE or ?

6:48 AM  
Blogger Sunny said...

Chua Shifu

Thanks a lot for taking your precious time to reply. Cong rates for your long term holding of fin co stocks like H L, Singapura Fin & Sing Investment & Finance. Do you have any more interest to add in if there is price correction? Which is the smallest in scale? Which is more generous of giving out dividend? Who has sounder balance sheet?

Wish to have your view

Many thanks

5:27 PM  
Blogger ghchua said...

Hi Arthur,

I think I have replied to your query on Best World previously. I was bought because of mispricing between the unit share market and the main market.

10:43 PM  
Blogger ghchua said...

Hi Sunny,

Yes, I have interest to add onto my holdings in finance companies if they are cheap. They are currently trading below NTA and therefore presents value.

As to which one I like most, I think I like Sing Investment and Finance more as they have better margins. But for scale, Hong Leong Finance might be bigger. In terms of balance sheet strength, I think they are similar and you might wish to refer to their capital adequacy ratio as disclosed in their annual report. In terms of size, Singapura Finance is obviously the smallest among the 3.

Dividend yield varies but Hong Leong Finance pays an interim dividend but the other two only pays a final dividend. But they should be trading at around 3%-4%pa dividend yield currently.

Things to take note when looking at these companies are the net interest margin, the impairments or allowances they made (whether specific or collective etc). I think I will have a good idea of where they stand after they announced their full-year results. So far, only Sing Investment have announced their results.

10:50 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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