Tuesday, February 28, 2017

My Investment Portfolio (February 2017)

STI ended the month of the year at around 3100 points, building onto its gain from last month as Dow Jones continued to post new highs.

For this month, I have attended the following AGMs/EGMs/briefings - Pacific Star (formerly known as LH Group), Fu Yu, China Flexible Packaging and AV Jennings.

For my top 30 holdings, most of the stocks in the list did well. The 3 finance companies moved up after MAS introduced a series of changes which might benefit their business as they can now do more stuff. Jardine C&C and CapitaLand also posted a decent set of results, with increased dividend being declared. Sarine Technologies reported a turnaround in their business. Tat Seng also surprised the market with a special dividend, while Amara make it to the list after announcing a special dividend as their results were boasted from gains for their EC project, CityLife@Tampines.The Hour Glass also reported a decent set of interim results which suggested that spending from the high end segment of the retail market might have shown early signs of recovery. Other stocks in the list which declared a special dividend when announcing full-year results include United Engineers, Bonvests, Hotel Grand Central, Hotel Properties and Colex. Spindex, meanwhile, returned to the list after controlling shareholder announced that they offered to take the company private via Scheme of Arrangement.

I have bought the following companies from the market this month - AV Jennings, Best World, CEI, ComfortDelgro, EnGro, FSL Trust, GuocoLand, Haw Par, Hotung, IPC Corp, Kingsmen, Koh Brothers, Mandarin Oriental, MTQ, Shangri-La Asia, Singapura Finance, TIH, UOA and UIC. I have also closed my position in AA Group shares that were received via conversion of their unlisted warrants.

I have also participated in the following scrip dividend schemes - CapitaLand Retail China Trust, First REIT, Frasers Commercial Trust and Keppel REIT.

Next month will be another quiet month as companies are done with their financial results reporting. I will go through some of those result announcements that I have missed out and also reflect on some of the results in order to make portfolio decisions with regards to those companies.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 28 February 2017)

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

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
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 Arthur Ong said...

Best World run up so high still a buy?

10:12 PM  
Blogger ghchua said...

Hi Arthur,

Glad that you have asked about Best World again which allows me to clarify my position. I have bought Best World years ago when they were only in ASEAN and at that time, they have faced problems expanding. Recently, they have made headways in Taiwan and also in China which explains why the market is excited about its growth potential.

Since then, I have been holding onto my shares and didn't make any major changes. Until last year in November, I reduced my position in the company by more than 60% as it had emerged in my top 30 holdings quite quickly, which makes me uncomfortable. I have some interesting ideas to switch my proceeds from Best World which I have since re-invested into them.

After that, I have added onto Best World via the unit share market as it is trading at a discount from the main board lot market but those are small additions which doesn't move the needle much. The main thing is that I have already de-risk my position in Best World and what I have now in my portfolio is very much lesser than what it was a few months back. Therefore, I am quite comfortable with my current exposure in the company for my portfolio.

Hope that the above clarifies.

8:47 PM  
Blogger Arthur Ong said...

You are good. Thanks.

2:35 AM  
Blogger retnuoc said...

Hi GH,

I have been following your blog for quite a while and really thank you for your sharing, it has been very helpful :)

May I know how do you make your investment decision? Is there any criteria to justify the purchase? (e.g. quality company, deep value discount). Do you have any target return?

6:36 PM  
Blogger ghchua said...

Hi retnuoc,

Thanks for supporting my blog!

The criteria for each individual stock varies, but most were bought because of value. I value tangible assets more than earnings growth. Which means, a company might be of good quality but if it is trading at high valuation, I will probably not buy it. There are some I buy for growth but these are really small minority in my portfolio.

Which means, those stocks that I overweight are most possibly slow moving, since there is little/no short term catalyst to move them as they are overlooked by the market mostly because of poor earnings outlook. But they might be gems as they hold good tangible assets which are undervalued by the market.

I don't have any target return for my portfolio because I believe if one gets his process right, the returns will come automatically. Let returns come to you, don't chase them. :)

8:58 PM  
Blogger Sunny said...

Dear Chua Sishu

Do you have Bonvest? Is current price attractive? What is the prospect for this company?


1:20 AM  
Blogger ghchua said...

Hi Sunny,

Yes, Bonvests is one of my top holdings in my portfolio. Its undervalued as they have quite a bit of assets. It also owns a stake in Colex, which is growing and securing good contracts with higher value. I suggest you take a look at their annual report to get more insights on the company.

6:51 AM  
Blogger TanAhKau said...

Dear Chua
I noted that you are an investor of Firstlink Investments.
I like to talk to you privately if possible about Firstlink.
Please contact me at chinaskyshareholder@gmail.com
Mr Tan

12:57 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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