Wednesday, October 31, 2018

My Investment Portfolio (October 2018)

In what had been one of the worst month in the global markets in recent times, the STI dipped below 3000 points briefly during the month before closing strongly at 3018 points. But still, the closing level is much lower than last month. Technology related stocks were among the biggest losers, especially those with exposure to China manufacturing plants. The usual concerns of interest rate, trade tensions and the falling US markets contributed to our market weakness.

For this month, I have attended the following AGMs/EGMs/briefing - Chuan Hup, CapitaLand Mall Trust, Spindex and Tai Sin.

For my top 30 holdings, Wheelock Properties dropped out of the list after it had been delisted from SGX following the close of their buyout offer by its controlling shareholder. I had subsequently executed my Sales Right after delisting. Best World did well after some buying from institutional investors ahead of their 3Q18 results. Spindex returned to the list after their 1Q numbers showed that their profit margin had recovered as yield from newer projects had stabilized. Meanwhile, STI index stocks like SGX dropped out of the list as they were affected by market selldown.

I have bought the following companies from the market this month - AIMSAMP Capital REIT, Amara, Asia Enterprises, Bonvests, Bukit Sembawang Estates, Bund Center, Far East Orchard, Hong Fok, Hongkong Land, IHH, Jardine C&C, Koh Brothers, Mandarin Oriental, Pacific Century, Singapura Finance, Sing Investment & Finance, Tan Chong International and Wing Tai. I have also reduced my stake in Global Invacom and closed my position in Raffles Infrastructure.

I have accepted the following voluntary delisting/cash offer this month - Chew's Group. I have also executed my Sales Right to require the offeror to acquire my shares in Wheelock Properties.

I have participated in the following preferential offer/rights issue this month - Hong Leong Asia.

I have also participated in the following scrip dividend schemes - China Everbright, Global Investments, Jardine Strategic, OCBC and QAF.

Next month will be another quiet one. As usual, I will have to catch up on my readings. I will also be looking to re-invest my proceeds from those cash offers and Sales Right back into the markets prudently. With markets having recovered a bit from the selldown this month, there will be opportunities to selectively add onto my confident positions but I will continue to position my portfolio defensively due to the higher volatility being exhibited by the markets lately.

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

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

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. CapitaLand Mall 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
27. Europtronic Group

My Unit Trust Portfolio:



Blogger Sunny said...

Shifu Chua

I haved handover my wheelock, Thanks a lot for guiding me.

For Kep T&T, not sure any update since last announcement of pritization?


3:42 PM  
Blogger ghchua said...

Hi Sunny,

You are most welcome.

For Keppel T&T, we have to wait for the scheme document together with the IFA report. Since scheme of arrangement needs to go through court approval, the process is expected to be longer than a normal general offer. The scheme meeting I think will be held somewhere in the early part of next year and if the scheme is approved by shareholders, it will take another few weeks or so for the scheme to be effective and then you will receive your proceeds.

6:09 PM  
Blogger Sunny said...

Shifu Chua

Regarding to script dividend if results in odd lot, will you still want to haveit? And especially if you are not sure you will hold the company for super long term.

Understand you got some Singpost, can share me some lights on its current and near future valuation wise?

4:21 PM  
Blogger ghchua said...

Hi Sunny,

I will normally opt for scrip dividend if I am comfortable with the company and wish to hold the stock for long term. The scrip dividend price will have to taken into consideration as well. For stocks that I do not intend to hold for long, I would normally not take up their scrip dividend unless it is priced attractively. I do not mind having odd lots though.

SingPost has taken longer than I expected to recover and I will not be in a hurry to add onto my current position. Its local mail business is declining and international mail do not provide the kind of margin and volume that the local mail business has. e-commerce is still struggling to be profitable and logistics business has very low margin. I think the market already factored in their weaker than expected results and expected valuation had been driven down. I do not have a fair value for the stock but based on what I have shared here, I think their business will take a much longer time to recover.

6:51 PM  
Blogger Sunny said...

Shifu Chua

Many thanks to your reply

1:14 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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