Friday, August 31, 2018

My Investment Portfolio (August 2018)

STI ended the month at around 3213 points, down around 3% from last month. It had been another challenging month for investors, especially those in the emerging markets as trade war fears accelerated further with Turkey becoming the latest addition to the list. On the local front, companies with financial year ending 30 June 2018 reported their full year results but it had been a mixed bag with cautious outlook statements.

For this month, I have attended the following AGMs/EGMs/briefing - Delfi, Del Monte and Straits Trading.

For my top 30 holdings, the main mover had been Bukit Sembawang Estates as the stock recovered from the selldown last month, due to news of  'well-received' private preview of its freehold condo project, 8 St Thomas. Stamford Land also held up well this month as the company begin to buy back its shares from the market. DBS and Best World dropped out of the list due to market volatility, being replaced by SGX and CapitaLand. I will continue to build on my top 30 holdings list by adding onto some of the more defensive positions going forward.

I have bought the following companies from the market this month - Amara, Asia Enterprises, Bonvests, City Developments, Ellipsiz, F&N, Far East Orchard, Frasers Property, GL, Global Investments, GRP, Hong Fok, Hong Leong Finance, Hongkong Land, Hotel Properties, Isetan, IHH, Keppel T&T, SIA Engineering, Singapura Finance, Tan Chong International, UIC and Yeo Hiap Seng. I have also reduced my position in Camsing Healthcare.

I have accepted the following voluntary delisting/cash offers this month - Europtronic, Techcomp (listed shares and private company) and Vard. I have also participated in the following scrip dividend scheme - Frasers Commercial Trust.

I will be receiving some interim dividends from companies with financial year ending 31 December 2018 next month and will be re-investing some back into the markets. With markets continue to be volatile, I will maintain a more defensive position going forward. I will also have to catch-up with some readings as it will be a quiet month with not much AGMs going on.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 August 2018)

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

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Mandarin Oriental
3. Hongkong 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. K1 Ventures - In Liquidation
25. Jaya Holdings - In Liquidation
26. DMX Technologies - In Liquidation

My Unit Trust Portfolio:



Blogger JTK said...

Hi GHChua,

Can you share the rationale behind the following stock purchases?

Asia Enterprises - Steel business. High PE.
Ellipsiz - Disposed Probe Card Business. New investment opportunities?

Global Investments - Balanced mutual fund. Good Management?
SIA Engineering - Aircraft Maintenance. High PE.

Thank you

2:36 AM  
Blogger ghchua said...


Sure. Let me go through them one by one.

1. Asia Enterprises. Company is cash rich, with zero borrowings and trading way below NTA. High PE is because they have only just recovered from marine and offshore downturn and therefore profit is small. Company has good track record of paying dividends every year, even during bad times.

2. Ellipsiz. Trading below NTA, company is cash rich after selling their Probe Card business. I believe that they might pay out more dividends as there is still quite a decent amount of cash in their balance sheet.

3. Global Investments. Trading at 30% discount from NAV, with decent yield. Yes, I think the manager is quite ok and the discount is not justified, although it is a closed end fund. Similar to UIS, I think there might be a chance for the discount to be narrowed in future and hopefully, it can be liquidated at NAV to realize value for shareholders.

4. SIA Engineering. PE might seem high for this one but it is trading at around 4%pa dividend yield, which I think is decent. They have been disrupted by newer airplane engines not there not requiring frequent checks and also some engine manufacturers themselves setting up their own maintenance arm. However, most of their business are still from SIA, which I think is sticky. Also, I believe that there is a small chance that SIA might take the company private in future.

Hope that the above helps.

3:33 AM  
Blogger JTK said...

Hi GH Chua,

Thank you very much for the insights.

5:10 AM  
Blogger Royston said...

Impressive portfolio but perhaps its good to review one's stockfolio to filter out those underperforming ones.

Learn value investing at Value Investing Singapore

12:41 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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