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Thursday, February 28, 2019

My Investment Portfolio (February 2019)

STI ended February 2019 at around 3212 points, up slightly from last month. Tensions over India and Pakistan, concerns over China-US trade deal and US-North Korea summit disagreements were some of the news driving the markets this month. There were also some share price reaction on companies which reported their full year results.

For this month, I have attended the following AGMs/EGMs/briefing - Keppel Infrastructure Trust and Delfi.

For my top 30 holdings, Amara and CapitaLand returned to the list after posting decent full year results. Other positive movers include Haw Par and Far East Orchard. Hiap Hoe and GK Goh, however, disappointed with their marked to market losses on investment in financial assets while Jardine C&C result missed estimates. Companies in the list which declared special dividends this year on top of their normal ordinary dividend include Best World, Haw Par, Hotel Properties, Hong Fok, Singapura Finance, Hotel Royal and Amara.

I have bought the following companies from the market this month - Asia Enterprises, Bund Center, EnGro, GK Goh, Far East Orchard, HRnetGroup, IPC Corp, Koh Brothers, Metro, Pacific Century, Penguin, Tan Chong International and Teck Wah. I have also closed my position in Halcyon Agri.

I have accepted the following voluntary delisting/cash offer this month - M1. I have also participated in the following preferential offer/rights issue this month - Tee International.

I have participated in the following scrip dividend schemes - AA Reit, Frasers Commercial Trust and Mapletree Logistics Trust.

Next month will be another month with not much activities as companies with financial year ending 31 December 2018 will be completing their full year result reporting on 1 March 2019. As usual, I will be doing some catch-up readings. I will also be going through some of the full year result announcements again in preparation for the upcoming busy April AGM season.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 28 February 2019

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

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. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Beauty China - Under Liquidation
6. Memory Devices
7. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
8. FM Holdings
9. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
10. FerroChina - Under Liquidation
11. FirstLink Investments
12. NEL Group
13. Jets Technics
14. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
15. Hongwei Technologies Limited (In Provisional Liquidation)
16. FDS Networks Group
17. Aussino Group - In Liquidation - Creditors' voluntary winding up
18. China Oilfield Technology
19. China Milk Products Group - Under Liquidation
20. Pacific Healthcare
21. Eratat Lifestyle - In Liquidation
22. Fung Choi Media - In Liquidation
23. K1 Ventures - In Liquidation
24. Jaya Holdings - In Liquidation
25. DMX Technologies - In Liquidation
26. Europtronic Group

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

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8 Comments:

Blogger Clement Ong said...

Hi ghchua,

Could I find out what is your estimate of the value of hotel grand Central at present? Thank you.

1:41 AM  
Blogger ghchua said...

Hi Clement,

For Hotel Grand Central, since they revalued their hotels frequently, we can just simply take the reported NAV as a rough guide on the value of the stock. Last reported NAV based on FY18 result is $1.90.

2:17 AM  
Blogger Jamesbond007 said...

Like yr Sing top holdings except Best World, which I feel uncomfortable as its accounts are reportedly almost impossible to verify. High risk?

6:48 AM  
Blogger ghchua said...

Hi Jamesbond007,

For Best World, I think the problem is not verifying their accounts. They have said that their sales in China are mostly cash settled, so auditors should be able to verify those cash. Also, they have increased their dividend so I think the cash is real. The problem is really, trying to understand their business model in China. They have said that they used the franchise model, but it seems that how their franchisee operates and how much they earned had been difficult to understand and verify.

Anyway, I didn't add onto my Best World position since I accumulated it a few years ago. In fact, I have sold down a bit in 2016. But its share had continued to perform well since then, partly due to the growth in their China operations.
http://ghchua.blogspot.com/2016/11/my-investment-portfolio-november-2016.html

Yes, Best World is a high risk stock. But since my portfolio is well diversified, I think I can afford not to sell it down anymore and see how it goes. Rather, I will try to add onto my other positions so as to reduce my exposure to this stock over time.

6:25 PM  
Blogger Sunny said...

Dear Shifu Chua

Kep T&T comes out $1.91, UT I haven't received any letter yet. Can please share any update if there is?

Thanks

6:45 AM  
Blogger ghchua said...

Hi Sunny,

They have despatched the scheme document. It should be able to reach you soon. Meanwhile, you can download the scheme document at the link below:
https://links.sgx.com/1.0.0/corporate-announcements/3QRHAW4SY7X4TNM9/0af682bd6b6c22036be135c9e06e5f0b3ef90bcf986db6afc654a11aeacc7bee

The scheme meeting will be held in 2 Apr 2019. If approved, you should be able to receive the proceeds in early May 2019. The indicative dates are in the scheme document.

7:40 AM  
Blogger ChallengerShareholders said...

Hi ghchua,

I'm a minority shareholder of Challenger and I feel that that their proposed delisting offer at $0.560 is too low. I've set up an email challengershareholders@gmail.com to gather minority shareholders. We need 10% to veto the resolution. Pangolin fund, a 2.90% shareholder has indicated that they will vote no. If you're still holding Challenger shares, I would be keen to get in touch with you to see if we can work together to get them to give us a higher offer.

Thank you and looking forward to hearing from you soon.

9:26 AM  
Blogger ghchua said...

Hi ChallengerShareholders,

Appreciate your effort to gather minority shareholders of Challenger. Yes, I am still holding onto my Challenger shares.

Just want to understand the situation before I proceed further. Did you manage to get in touch with Pangolin fund to get them to join the group? Otherwise, with a group of small minority shareholders, the company might just ignore our request even if we write to them. I also understand that the AGM is coming soon next month and we could talk to them too during/after the AGM.

I have experienced long drawn out unsuccessful delisting experiences recently with Vard and LTC Corp. I do not wish to expand my efforts again and ended up being out-voted again by the majority shareholders.

7:23 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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