Thursday, November 30, 2017

My Investment Portfolio (November 2017)

STI ended the month at around 3433 points, again ending above last month's closing. Although STI is somewhat muted near the end of the month, with Dow Jones hitting new highs, the local market somewhat benefited from the spillover effect. Bank stocks had been doing well, with expectation of interest rate hike.

For this month, I have attended the following AGMs/EGMs/briefings - Ocean Sky, Delfi, Sinopipe, Khong Guan, Vicplas, GLP and TTJ.

For my top 30 holdings, Jardine C&C returned to the top after I build up my position in the stock on share price weakness. Tat Seng is another mover in the list after Hanwell's 3Q17 results revealed that they are doing well. Keppel T&T also performed well after announcing that they will be doing a strategic review on their logistics assets. GK Goh also did well after booking in a decent gain from exiting most of their investment in euNetworks. Other stocks in the list that did well include Venture and PM Data. Best World, however did not do well after announcing their 3Q17 results, with Taiwan being a main drag in their numbers.

I have bought the following companies from the market this month - Bund Center, ComfortDelgro, Delfi, Far East Orchard, Global Testing, Hotel Properties, Hwa Hong, Jardine C&C, LTC Corp, Raffles Medical, Sabana REIT, Sinarmas Land, Singapore Reinsurance, Singapore Shipping, Singapura Finance, Stamford Land, Straits Trading, Teckwah, Thakral, TIH and UIC. I have also closed my position in Hengxin Tech after they announced voluntary delisting of their secondary listing status on SGX.

I have participated in the following rights issue this month - Koh Eco. I have also participated in the following scrip dividend schemes this month - Frasers Commercial Trust, Keppel REIT and UOA. My stake in Fischer Tech was also being acquired via scheme of arrangement.

With only one month left before the end of the year, there will not be much activity expected on the corporate front. As for my portfolio, I will be trying to make some minor changes before closing out for the year. In term of readings, I have quite a bit of catch up work to do after skipping some of them during the course of the year. I will also be spending the last few weeks of the year thinking through my strategy for next year and hope to navigate the markets better in 2018.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 November 2017)

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

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

Top Holdings (HK$ Denominated shares)
1. Shangri-La Asia 
2. Tan Chong International
3. 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
2. Z-Obee Holdings Ltd

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
22. Eratat Lifestyle - In Liquidation
23. Fung Choi Media - In Liquidation
24. P99 Holdings - In Liquidation

My Unit Trust Portfolio:



Blogger Sunny said...

Shifu Chua

It is a pity, passed BRC to the offer, but now, market price more than double. Holding MO till now, market price dropping everyday, don't know what to do? Shifu, any new development about MO?


6:14 PM  
Blogger ghchua said...

Hi Sunny,

BRC Asia was always going to be a tough decision for me, as they have stated that they wanted to maintain their listing status and therefore I have considered the offer for very long time before tendering. However, given the circumstances then and considering the fact that I do not know the intention of the new shareholders, I guess I have made a good decision to accept the offer. It is also not a core holding in my portfolio and therefore, although the share price might have doubled since then, the effect on my portfolio is not significant.

There is no news on MO since then. I guess the investment thesis for me in MO is still intact - i.e. it is an asset play with a good portfolio of hotels in key cities around the world and good management contracts for asset light income.

6:26 PM  
Blogger Sunny said...

Shifu Chua

Tks a lot for sharing us your thoughts. Looking at QAF, seems like a price to go in for long term play. Any idea?


8:38 PM  
Blogger Everlearning said...

Hi ghchua,

This year has been an uneventful year except trying very hard to fight the flu bugs every month. Prayerfully, next year I can cope better.

Eventually, many of my share holdings have delisted from SGX. I made some gains and losses: nothing spectacular to delve further. Except K1 Ventures to bid farewell finally.

As the year is nearing to an end and Christmas is around the corner, may I wish you and your loved ones "joy, love and peace" at this special season.

May the coming New Year 2018 be a wonderful year for all of us.

8:01 PM  
Blogger Chong said...

Hi ghchua,

I supposed you have attended TTJ AGM last month. I was unable to attend as I was overseas. Would like to hear your comments about their venture into the new business of WTE plant after attending the meeting. What is the likelyhood that this business will take off?


4:16 AM  
Blogger ghchua said...

Hi Sunny,

Sorry for the late reply. Had been quite busy with other stuff on hand lately.

I do agree with you that QAF looks attractive at current levels. There are two main reasons why its share price had been weak lately:

1. Meat segment in Australia (Rivalea) not doing well due to higher tax and lower average selling prices. The proposed IPO was also cancelled.
2. Lower stake in Gardenia Malaysia (in 2016, QAF had to reduce its stake for regulatory issues).

Therefore, we will be looking at much lower earnings for QAF in FY17 as compared to FY16, possibly down around 40% at least.

Is the selldown justified? It depends on how you look at it. If you are buying for the potential of Gardenia brand, then I think it is quite a decent brand in Asia. They are expanding in Malaysia, Philippines, China and possibly Indonesia as well. Therefore, obviously there is a brand value. However, one have to wait for long term for these expansion to be reflected in the earnings and for the share price to re-rate. Dividend yield is also ok provided that they don't cut the payout.

In conclusion, QAF is an earnings play not an asset play. Therefore, the attractive price is based on potential of future earnings on the Gardenia brand.

2:44 AM  
Blogger ghchua said...

Hi Everlearning,

How time flies! It had been another year that is ending soon.

Yes, K1 Ventures had been a great investment for me. The accumulative payouts throughout the years had been fantastic since they started the process to divest assets and distribute its proceeds back to shareholders. Hopefully, we can get more than its last traded price per share before the stock is being suspended. We will know the answer pretty soon.

Wishing you and your family good health, happiness and happy holidays!

3:27 AM  
Blogger ghchua said...

Hi Chong,

The WTE plant they are exploring is still in the very initial stage and will not contribute to TTJ's earnings so soon. They did not reveal much during the EGM but the technology they are looking is to look at new ways to process municipal waste to useable fuel. It is most likely to be outside Singapore and they are looking at India as their prospective JV partner is interested in.

However, they have said that there is no guarantee that they will enter into the JV.

3:35 AM  
Blogger Sunny said...

Shifu Chua

Tks so much for the reply about QAF. And wish you Happy New Year and good health in 2018!


3:03 AM  
Blogger ghchua said...

Hi Sunny,

Once again, thank you for supporting my blog in 2017.

Greetings to you too. May 2018 be a better year for you and your loved ones.

8:07 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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