Friday, June 28, 2019

My Investment Portfolio (June 2019)

STI ended the first half of the year at 3321 points, up from last month. Anticipation on hope of US-China trade deal, lower interest rate environment etc fueled market recovery. Though markets seems to have factored in some good news, I continued to be defensive in my portfolio positioning as interest had been seen in only selected big cap stocks like banks, property stocks and high yield counters like REITs and telcos.

For this month, I have attended the following AGMs/EGMs/briefing - General Magnetics and Challenger.

For my top 30 holdings, Isetan and SGX had been major movers in the list. For Isetan, the company announced that they will not renewing lease of Westgate mall outlet. SGX also announced restructuring to pursue growth. CapitaLand Mall Trust returned to the list as REITs performed well this month due to anticipation of lower interest rate going forward. Property stocks like UOL, Bukit Sembawang Estates and CapitaLand also performed well. Not much changes seen in the other stocks though.

I have bought the following companies from the market this month - Bonvests, Bund Center, Delfi, GK Goh, Global Testing, Heeton, Hiap Hoe, Hongkong Land, HRnetGroup, Koh Brothers, KSH, LHT, Lian Beng, Lum Chang, Mandarin Oriental, Pacific Century, Pollux, Sin Ghee Huat, Sing Investment & Finance, Singapura Finance, Stamford Land, UIC and Yeo Hiap Seng. I have also reduced my stake in Transcorp and closed my positions in KTL Global and Sen Yue.

I have accepted the following voluntary delisting/cash offers this month - Boardroom and Memtech.

Next month, companies with financial year ending 31 March 2019 will be conducting their AGMs. As usual, I will attend some of these meetings to get some updates from them. Also, I will continue to seek to re-invest slowly back into the markets, with emphasis on capital preservation.

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

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

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
26. China Sun Bio-chem Technology

My Unit Trust Portfolio:



Blogger Unknown said...

Why did U acceptboardroom offer?

2:35 AM  
Blogger Denver said...

I am a newbie investor, I just happen to saw that most of your stocks seems to be bought due to they are trading at a discount of the book value. I am more of a dividends growth investor, I am just curious do you intend to hold them for short term capital appreciation or intend to hold Long term for growth in dividends.

9:58 AM  
Blogger ghchua said...

Hi Unknown,

As you might have read, Boardroom's free float is now less than 10% and the offeror will not be taking any action to restore its free float. Which means, the stock will be delisted soon and shareholders who did not accept the offer will be left holding an unlisted company.

As I do not like to hold unlisted companies, I have decided to accept the offer and move on. The offer is also quite reasonable, considering that Boardroom will not be doing so well in the next one or two years at least, due to integration costs and increased staff costs from their new purchases.

Long term wise, I still like Boardroom due to the asset light nature of its business. Therefore, I have shifted my funds to offeror GK Goh to continue my exposure to the company.

7:41 PM  
Blogger ghchua said...

Hi Denver,

I have a mixture of various type of stocks in my portfolio but as you might have read my blog posts, I have decided to position my portfolio more defensively in recent years. Which means, my focus will be on stocks trading at a discount from their book value as you have correctly pointed out.

For stocks trading at a discount to their book value, the focus has never been on dividends or growth in dividends. Rather, it is on capital preservation. Stocks in this category are normally asset heavy and/or not doing well in their business. Some might pay a small dividend but it is difficult to anticipate dividend growth unless they unlock value to sell some of their assets to return cash to shareholders. The flipside is that stocks in this category are less volatile and therefore, one can hold on for long term and hope for value to be unlocked and/or business to recover one day. Some might be taken private by the controlling shareholder due to lack of market interest, which means you can exit at a premium from its last traded price one day. So, my time horizon for holding these stocks is for very long term.

For dividend growth stocks, I guess you are looking at stocks which exhibits growth in profits and dividends consistently, These stocks are normally asset light, pays a good portion of their profits out as dividends to shareholders. It is certainly quite different from those stocks that I am mainly targeting. I do add some of these stocks in my portfolio once in a while as you might have noted.

7:58 PM  
Blogger Denver said...

Ohh I see, thanks for clarifying my doubts.

8:16 PM  
Blogger Denver said...

Just started my own blog denversgportfolio.blogspot.com pls feel free to give any advice

10:23 PM  
Blogger faith said...

Hi Mr Chua,

I am really impressed by your well-diversified portfolio. You must well be collecting a 6 digit income by now. One thing that puzzled me is you don't seem to have any healthcare stock? Please advise.

Thank you.

1:45 AM  
Blogger ghchua said...

Hi Faith,

I do have healthcare stocks in my portfolio but they are not in my top 30 holdings. Reason being their valuation are not cheap enough for me to consider buying more shares of these companies. But my top holding Haw Par do have healthcare segment of their business due to their products from Tiger Balm brand.

Having said that, if you are referring to pure healthcare companies, I do prefer healthcare stocks with physical assets like hospitals. So, stocks like Raffles Medical, Parkway Life REIT, HMI and IHH are my top healthcare stocks in my portfolio.

4:24 AM  
Blogger Sunny said...

This comment has been removed by the author.

5:30 AM  
Blogger Sunny said...

Shifu Chua

Do you have Propnex or APAC or both? Are they good buy at current price as sales seems to slow down? MF think APAC is below EV, how true is it?

How about UE, seems big main SSH are having actions, not sure any result will be good to minority? Is it good buy now?

MF says Singtel is not cheap as cash flow growth is only 1% PA but value is at 4%. Some funds are diverting out, some individuals thinks it always gets cheaper coming to Oct... What is your take?


5:37 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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