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Thursday, March 29, 2018

My Investment Portfolio (March 2018)

STI ended March 2018 down from last month at around 3427 points. Again, it had been another volatile month in terms of trading. Concerns on investor minds include trade conflict between US and China, rate of interest rate hike, currency volatility etc.

For this month, I have attended the following AGMs/EGMs/briefing - Far East Hospitality Trust and Mermaid Maritime.

For my top 30 holdings, it had been another month of volatile movements. PM Data and LHT returned to the list. PM Data had benefited from a positive analyst report earlier in the month though it had somewhat cool down after that. Another big mover in the list had been Best World. Otherwise, with the exception of STI component stocks in the list, other stocks held up quite well despite the selloff.

I have bought the following companies from the market this month - Bonvests, Boustead Projects, Bund Center, F&N, GL, Global Investments, Hong Kong Land, Hotel Properties, Jardine C&C, Lum Chang, Mandarin Oriental, Metro, OUE, Sembcorp Industries, SIA Engineering, Sing Investment & Finance, Tan Chong International, UOB Kay Hian, Wheelock, Yeo Hiap Seng and Yoma. I have reduced my stake in Jardine Strategic, Sakae and Transcorp. I have also closed my positions in 8Telecom, Acesian Partners, Jiutian Chemical, Lifebrandz, NutryFarm, Shanghai Turbo and OEL.  

I have participated in the following preferential offer/rights issue this month - ESR-REIT and FJ Benjamin.

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

Next month will be a busy one for me as companies with financial year ending 31 December 2017 will be holding their AGMs. As usual, I will be attending some of these AGMs to get updates on some of these companies. With markets expected to continue to be volatile going forward, I will be investing more prudently while mindful on its downside risk.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 March 2018)

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

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
4. A-REIT
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
25. K1 Ventures - In Liquidation
26. Jaya Holdings - In Liquidation

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

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15 Comments:

Blogger Passive Income Guy said...

A nice diversified portfolio but have you considered investing in Us or european stocks?

12:38 PM  
Blogger ghchua said...

Hi Passive Income Guy,

Nope. I think SGX listed companies is enough for me at this moment. I do have exposure to overseas markets like US and Europe via unit trusts.

9:04 PM  
Blogger Passive Income Guy said...

Ok. I don't have a huge portfolio at the moment but I'm watching some Asian stocks in order to diversify away from Us and European.

1:00 AM  
Blogger An Koh said...

Hi Mr Chua,

I remember you have Vard shares? Sorry if I am wrong.

A telegram group www.t.me/vardsg has been created to get a proxy of 10% of total shareholdings that is 118 million of Vard Holdings to block Fincantieri' s effort to delist VARD during an EGM.

Thank you,
Andy

5:38 PM  
Blogger ghchua said...

Hi Andy,

Yes. I am still holding onto some Vard shares. Don't worry, I will be submitting the proxy form to the registrar before the EGM to vote against the delisting.

11:45 PM  
Blogger Everlearning said...

Hi ghchua,

I knew this share holding DATAPULSE was quite problematic and shareholders have been receiving instruction as to fill up the form for the EGM. I just received the latest fill up form that has all the ticks "Against" from 1 to 8, and "For" 9 & 10. The former form "How You Should Fill Up the Form" is most "For" except Proposed Business Diversification "Against".

Sorry to ask you to share your view on this matter of tug-of-war situation shareholders are facing with at this point of time.

Thanks in advance.

3:08 AM  
Blogger ghchua said...

Hi Everlearning,

For Datapulse, it is two groups of people fighting for control of the company.

One group is the current controlling shareholder, with the CEO saying about the potential of their diversification into the new hair care business. However, there had been various articles looking at the circumstances in which they gained control of the company and also the seemingly fast acquisition of the new business.

Another group proposes to remove all the current directors and place themselves on the board. They are against the diversification into the hair care business. They also said that they will distribute most of the cash left in the company.

Personally, I think Datapulse current business of media storage is dying. But it doesn't mean that they have to inject any business so quickly. I choose to believe that returning most of the cash back to shareholders should be a much better move rather than going into something that is uncertain. The hair care business do not have a listing history and we have seen many private companies failing when they were injected into a listed company.

Therefore, I will not support the CEO's view and will direct my proxy to vote against all his instructions with the exception of resolution 10 which is the special dividend.

11:51 PM  
Blogger Everlearning said...

Hi ghchua,

I am also not convinced about the new business they want to inject into. Many share counters in the past had done something like that also because they were not willing to share the surpluses with minority shareholders. In the end, they made losses and simply wrote-off as impairment losses.

If the decision I made is for the good of many, I will stand together with the like-minded shareholders.

If only I knew ... many times I asked myself why I have these kind of companies in my portfolio ... I will say again "If only I knew ..." I will never, ever have put my hard-earned money with them...

2:42 AM  
Blogger ghchua said...

Hi Everlearning,

We can make a difference. Vote against the diversification and also vote out the whole group of directors currently on board at Datapulse. Datapulse got a decent amount of cash in the company after selling off their properties. I believe that returning cash back to shareholders and liquidation is a good option rather than taking the risk and going into an unknown business with no listing track record.

10:44 PM  
Blogger Jamesbond007 said...

Hi Glen, what is your view on hong fok. Sizable amount in your portfolio. Ops wise, making losses, apparently due to high directors' fees.

8:41 PM  
Blogger ghchua said...

Hi Jamesbond007,

I think when YOTEL Singapore is fully operational for the whole year as in this FY, operationally they should do better. High director fees had been an issue for quite sometime, and basically investment properties revaluation gain contributed partly to the higher reporting profit, hence higher bonus.

Hong Fok had always been an asset play, not earnings play. Therefore, the thesis for investing in it should be on the basis that it is trading at a substantial discount from NTA. Earnings growth should be a bonus rather than anything else.

11:38 PM  
Blogger Sunny said...

Shifu Chua

MO came up again, any news or gossip says anything of HK hotel would been sold or redeveloped?

Thanks

5:05 AM  
Blogger ghchua said...

Hi Sunny,

As far as I am concerned, I would not want to comment on gossip. There is nothing on the news front also. Therefore, I will not be doing anything on MO at this moment.

12:55 AM  
Blogger Sunny said...

Chua

UOBKH, is giving script div, if i do nothing, i will receive cash as dividend, right?

script or cash, which will be more worthwhile in your view? especially consider WYC also buy fr open market fr time to time.

tks

4:01 PM  
Blogger ghchua said...

Hi Sunny,

Yes. The default option is cash. So, if you don't do anything, you will be taking cash dividend.

I will definitely take the scrip dividend. Reason being the scrip dividend issue price is around 8% discount from the market price. Most importantly, the scrip dividend price is also priced at around 30% discount from UOB Kay Hian's latest reported NAV of around $1.77 per share. In fact, I think UOB Kay Hain should not be trading below NAV at all, taking into consideration its wide network of brokers not only in Singapore but in the region like Malaysia, Thailand etc. Plus, the brand value of the UOB name had been ignored by the market and its leading market position in Singapore as one of the largest broking house.

8:52 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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