Tuesday, April 30, 2019

My Investment Portfolio (April 2019)

STI ended April at around 3400 points, up almost 190 points from last month. The good run had mostly been led by the blue chips, though disappointing China manufacturing numbers towards the end of the month had capped further upside.

For this month, I have attended the following AGMs/EGMs/briefing - Pacific Century, Keppel T&T, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust, Sembcorp Marine, iFAST, Koh Brothers, CSE Global, FSL Trust, Far East Orchard, GK Goh, Yeo Hiap Seng, Hiap Hoe and Fortune REIT.

For my top 30 holdings, UIC returned to the list, after announcing that they are increasing their stake in Marina Centre Holdings Private Limited and Aquamarina Hotel Private Limited. These acquisitions are expected to be positive to their earnings going forward. DBS returned to the list after announcing a set of decent 1Q19 results and also declaring quarterly dividend payout. Best World had been the main laggard again in the list, after short sellers reports had dampened investor confidence further on their business model in China.

I have bought the following companies from the market this month - Bund Center, Far East Orchard, Hiap Hoe, Isetan, Sin Heng and Yeo Hiap Seng.

I have also converted my First Sponsor Series 1 Perpetual Convertible Securities to shares.

Having gone past the busy April AGM season, May should be a more quiet month for investors. Nevertheless, I will catch up on my readings and redeploy the expected scheme proceeds from Keppel T&T and PCI. I will also be working on re-investing those dividends to be collected from companies with financial year ending 31 December 2018 who held their AGMs in April prudently back into the market. Going forward, I will continue to position my portfolio more defensively, as markets had gone up quite a bit since the start of the year and expect more volatility ahead.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 April 2019

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

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

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

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:



Blogger Kh said...

May i know the reasons of you buying sin heng?
Though Sin heng is now more conservative (i.e less gearing), the ROA of the rental of cranes is not that fancyful

9:47 AM  
Blogger ghchua said...

Hi Kh,

Valuation looks decent for Sin Heng as it is trading at around 70% discount from NTA. ROA for rental is low because of market downturn, especially in the oil and gas sector. Also, cranes have to be depreciated yearly, which contributed to the low ROA.

One thing that stands out for me is that Sin Heng have dealership right with Japanese and European counterparts.

2:16 AM  
Blogger Chong said...

Hi ghchua,

Not sure if you have Sinwa in your portfolio. I missed both the EGM in Jan/Feb this year and also the AGM recently. So not sure what is the intention of the management (eg. Mike Sim)in the long run. They will be distributing 19 cents this month and I heard from some that they have the intention to distribute another 11 cents later this year. Share price seems to have factored in the cash that they have now, but not sure what is going to be the upside. Thus, I am unsure whether to hold on to it or just sell it away.

Hope to hear from you.


9:27 PM  
Blogger ghchua said...

Hi Chong,

The upside is really on finding a new business that could be injected into the company, as a listed shell have some value. As for Mike Sim, I think his intention is to retire after this.

I think it is no harm holding onto it and see what business they could inject into the listed shell. If you don't like the new business, then you can consider selling off your stake.

11:23 PM  
Blogger Elizabeth said...

Hi Mr Chua,

would you know of any updates on K1 Venture or the latest status?

thanks, elizabeth

5:38 AM  
Blogger ghchua said...

Hi Elizabeth,

You might have received the latest update from the liquidators of K1 Ventures, which included detailed description of their summary of work performed since their appointment and also summary of scope of work that they will be performing going forward.

Basically, most of the work had already been done and going forward, there is still some recovery work, winding up and tax clearance that needs to be done. Of course, holding a final meeting after completing all these works. The final dividend distribution will be around 0.735cts per share, which will be paid out upon completion of the liquidation process. The payout for the final dividend is expected to be towards end of 2019 or early 2020.

8:25 PM  
Blogger Elizabeth said...

Hi Mr Chua,

Thanks very much for replying & the updates...
yes..I vaguely remember receiving a letter from them but think I had misplaced it...

warm regards..elizabeth

3:41 AM  
Blogger Sunny said...

Shift Chua

Have you ever thought of buying S&P 500 ETF listed in SGX? Can share your point of view?

Thanks 😊

5:08 AM  
Blogger David said...

hi ghchua, based on the recent huawei ban. will it affect the market? especially the semi conductor biz. what will you be looking out for?

7:42 AM  
Blogger ghchua said...

Hi Sunny,

For my cash investments, I try not to get involved in other markets though I have some holdings due to some corporate actions from SGX listed companies. For CPF Investments, yes, I do have exposure to S&P 500 via Infinity US 500 Stock Index Fund, which feeds into Vanguard® U.S. 500 Stock Index Fund.

7:55 AM  
Blogger ghchua said...

Hi David,

The recent Huawei ban will definitely affect the market in the short term, though long term impact to me is less clear. As I am not investing based on short term market movements, I will just ignore these noises.

For semi-conductor stocks, I have maintained an underweight position for a very long time. I do not like this sector due to its volatility and short cycles. I don't think any of my top 30 holdings in the list is involved in this sector, though I have some small positions in companies in this sector in my portfolio. I will continue to position my portfolio defensively going forward as stated in my blog posts and therefore will maintain my underweight position in semi-conductor stocks.

8:03 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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