Wednesday, July 31, 2019

My Investment Portfolio (July 2019)

STI closed at around 3300 points this month, slightly lower than last month. However, the sell off accelerated towards the end of the month as markets were concerned on Hong Kong protests, upcoming US Fed meeting and also continuation of US-China trade standoff. Volatility also increased as we approached the end of the month.

For this month, I have attended the following AGMs/EGMs/briefing - Ascendes India Trust, A-REIT, Ascendes Hospitality Trust, Mapletree Logistics Trust, Mapletree Industrial Trust, SATS, Singpost, Yoma, AA Reit, Bukit Sembawang Estates, Stamford Land and Metro.

For my top 30 holdings, EnGro and The Hour Glass returned to this list. Isetan did well again this month. Jardine C&C, though had been a major laggard in the list as the sell down of Jardine group of companies affected it due to Hong Kong protests.

I have bought the following companies from the market this month - AF Global, Asia Enterprises, Bonvests, F&N, GK Goh, Heeton, Hiap Hoe, Hong Leong Finance, Hongkong Land, Hotel Grand Central, Hotel Royal, Hotel Properties, Intraco, Koh Brothers, LHT, Lum Chang, Mandarin Oriental, Samudera, Shangri-La Asia, Singapura Finance, Stamford Land, UIC, UOB Kay Hian, Yeo Hiap Seng and YHI. I have also closed my positions in AEI, China Kunda, Edition, GKE and LCT.

Next month, most companies with financial year ending 31 December 2019 will be announcing their half year results. As usual, I will be looking at some of these announcements. As markets are becoming more volatile again, I will be more prudent when looking at investment opportunities.

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

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

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. Alpha Professional Holdings Ltd (formerly known as 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 Sunny said...

Shifu Chua

Do you have soilbuild biz reits? Its sg industry ppty is not doing well now or maybe in the near future. It is issuing rights to buy Grade A office in Australia. Not sure it is worthwhile to buy some mother share and apply rights, then get rights... And not sure how much is the conversion price per right and when is the latest date for conversion?

Would you mind to share your take?


8:25 PM  
Blogger ghchua said...

Hi Sunny,

I am sorry I can't give you any advice on Solidbuild Biz Reit as I don't follow it closely. I don't own the REIT but if I could recall, it had a bad track record as its clients had defaulted on some of their leases, including Technics Oil & Gas, NK Ingredients etc.

I think going into Australia is not new to me. Some industrial REITs had already beginning to diversify outside Singapore as it is tough to find good yielding assets here. It should not be a reason for you to go for the rights just because of that. Rather, you should look at the overall portfolio of the REIT and see whether it makes sense for them to do so, as going overseas will introduce another set of risk into the trust like currency, tax etc.

11:51 PM  
Blogger Sunny said...

Shifu Chua

I always want to have Haw Par, not sure at what price is good enter point? Others than that, I m looking at is Sembcorp n Singpost, think they are reaching historical low valuation area. Can have your take? Thanks 😊

4:25 PM  
Blogger ghchua said...

Hi Sunny,

I don't have fixed price points for stocks in my list to buy. Basically, what I normally do is to have a rough estimate of the value of the stock based on my understanding and also the published NTA/NAV value.

For Haw Par, it has always been undervalued as its sum of parts is less than its traded share price. For years, its strategic stake in UOL and UOB had been undervalued by the market and also the growth in its healthcare business via the Tiger Balm brand.

However in recent years, the market had started to realize the value of the company and priced it higher rather than giving it a big holding company discount. It is still attractive at current levels, and most importantly, it is not a volatile stock and therefore can be a safe stock to buy and hold for long term.

For Sembcorp and Singpost, both stocks had been sold down but they are more volatile than Haw Par. Both had been sold down because they each have their own set of problems and also they have cut their dividend payout in recent years. For Sembcorp, the issue had been their marine business and whether they can unlock their value in the utilities side. For Singpost, their US e-commerce misadventures will continue to drag them down until they sold those loss making businesses.

Both Sembcorp and Singpost are attractive at current levels, but I will keep my allocation to them light due to their recent poor track record.

7:15 PM  
Blogger Sunny said...

Shifu Chua

Believe you have some Chip Eng Seng who is issuing rights, 1 for 4. I dont have any mother share, I am thinking of getting mother that is having baby as this is a good company that is for long run. Can I have your take and are you going to take the right issue?


8:10 PM  
Blogger ghchua said...

Hi Sunny,

I don't think I will be taking Chip Eng Seng rights issue as the rights issue price is very near the current share price. As for the future of the company, although they have good assets in their books, there is a change in controlling shareholder and I need to monitor them further before taking any action on my existing holdings in the company.

9:56 PM  

Post a Comment

<< Home


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!

Powered by Blogger