Friday, May 31, 2019

My Investment Portfolio (May 2019)

STI ended May at around 3117 points, erasing almost all the gains built up since the start of the year. Bad news were all over the place. Escalation of trade tension between US and China, Brexit issues, Huawei issues, poor economic data etc were some of the news that surfaced this month. STI index stocks were mostly sold down, with banks being the main laggard. Technology stocks were also being sold down. The statement - Sell in May and go away, seems to be applicable again this year.

For this month, I have attended the following AGMs/EGMs/briefing - Delfi, UOB International Growth Fund and Low Keng Huat.

For my top 30 holdings, Best World had been removed from the list after the stock had been suspended, pending outcome of its special audit. Keppel T&T is also out of the list after it had been acquired by the offeror via Scheme of Arrangement. New entries include The Hour Glass and SBS Transit. PM Data had been a major positive mover after they have announced a decent set of full year results. UOL, however, had been a major laggard following a sell down on STI index stocks this month.

I have bought the following companies from the market this month - AF Global, Bonvests, Bund Center, Far East Orchard, GK Goh, Hong Fok, Hong Leong Finance, Hotel Grand Central, LHT, Lion AsiaPac, Mandarin Oriental, Pollux, Singapura Finance, Sing Investment & Finance, Stamford Land, UIC, Yeo Hiap Seng and Yongmao. I have also closed my position in Sitra.

I have accepted the following voluntary delisting/cash offers this month - Fabchem China, Kingboard Copper Foil and Sevak (partial offer). My shares in Keppel T&T and PCI had also been acquired via Scheme of Arrangement.

I have participated in the following preferential offer/rights issue this month - First Sponsor (Series 2 Convertible Securities with Warrants) and Frasers Centrepoint Trust. I have also participated in the following scrip dividend schemes - AA Reit,  China Everbright, Far East Hospitality Trust, Frasers Commercial Trust, Global Investments, Jardine Matheson, Jardine Strategic, Mapletree Industrial Trust, Mapletree Logistics Trust, OCBC, Oxley, Raffles Medical, Tai Sin, Tuan Sing, UOA and UOB Kay Hian.

Unfortunately, there had been a cash drag in my portfolio this month as dividends collected had not been able to reinvest back into markets as quickly as I would have liked to. With increased jitters in markets, I will continue to position my portfolio more defensively. I will also spread my investments more slowly in order to apply time diversification as well.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 May 2019

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

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. Tan Chong International
2. Shangri-La Asia
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
5. SBS Transit

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. DMX Technologies - In Liquidation
25. Europtronic Group

My Unit Trust Portfolio:



Blogger Sunny said...

Shifu Chua

Is UOB Growth Fund a global fund or something else? Is it managed by UOB who has a good record? Is it a good time to go in or better go in in phases from long term view? Can use CPF? Which platform is offering better deal for fund, UOB, FSM or DollarDex?

If we look at property stock listed in SG, many are under book value, are you holding or adding it for hoping these stocks could be privertised one day as usually their dividend is so so?


5:21 PM  
Blogger Chong said...

Hi ghchua,

I would like to hear your views on FSL trust under the new trust manager since their non-renounceable preferencial rights issue was just over.

7:27 PM  
Blogger ghchua said...

Hi Sunny,

UOB International Growth Fund is a global equity fund. It is not included for CPF Investment currently as it is now in a process of merging into another global fund, United Global Quality Growth Fund. I think for a global fund, it is ok to consistently invest into it via DCA since they are well diversified. For platform wise, I think online platforms like FSM and Dollardex are low cost so should be ok to invest through them.

I think one should not only look at dividend yield when investing in property stocks. Various other factors like pre-sales numbers, discount to NTA, % of recurring income etc should also be in the equation. Privatization is a bonus when it comes. Otherwise, I think their asset backing offers a safety during bad times (especially for those with more investment properties rather than development assets) and therefore downside should be limited.

8:26 PM  
Blogger ghchua said...

Hi Chong,

The new trust manager wishes to use the money from preferential offer to buy new ships to renew their fleet, since the current ones are getting older and might not be able to secure good rates going forward. However, I feel that they are a bit speculative since the new builds do not have contracts in place, and they have to look for charters themselves.

8:29 PM  
Blogger Sunny said...

Shifu Chua

Never anticipated that AF could pay so a fat & special dividend, ah? Not sure if repeatable? what was the scenario behind? Was the payment on cash or script?

12:56 AM  
Blogger ghchua said...

Hi Sunny,

If you look at the track record of AF Global dividend payout since Aspial and Fragrance took over the company, you would not be surprised of their recent payout.

The payout was fully in cash, mainly from the proceeds from the disposal of their Crowne Plaza London Kensington hotel in UK.

4:11 AM  
Blogger Everlearning said...

Hi ghchua,

I read with interest about Challenger not able to delist because of the unity of minority shareholders voted against it.

It is really heartening to hear of such news although I am not a shareholder of this stock. I rarely bother much of the movements in the stock market for over 5 years since that very year I thought I might have to bid my final farewell.

I am now experiencing another kind of challenges in life, but isn't this what life is all about? We may see the rainbows after the rains or we may not. Anyway, I know whenever I drop a line or two in the comment box, I am certain you always welcome me.

1:54 AM  
Blogger ghchua said...

Hi Everlearning,

Nice to hear from you again. Indeed, it is the combined effort of minorities which resisted the delisting attempt for Challenger by the offeror, despite the IFA opinion that the offer is "fair and reasonable". Frankly speaking, it was a great effort by Pangolin to gather the minorities to make it happen.

Hope that you are dealing well with all the challenges thrown to you in life. After all, what is life without challenges? As long as we keep faith in what we are doing, I am pretty sure that we will be able to overcome all those challenges and came out better from it.

2:32 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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