Friday, January 31, 2020

My Investment Portfolio (January 2020)

STI closed the first month of the year at 3153 points, down more than 2% from last month. The month started well but concern over the spread of Wuhan coronavirus virus dominated market fears towards the end of the month. Most stocks had been sold off, especially those with exposure to China and in the tourism and hospitality related sectors. Healthcare stocks did well initially but were also sold off at the end of the month.

For this month, I have attended the following AGMs/EGMs/briefing - Frasers Centrepoint Trust and Frasers Commercial Trust.

For my top 30 holdings, Spindex returned to the list. Most of the other stocks in the list lost ground though, due to market selloff on fears of Wuhan coronavirus virus. CapitaLand Mall Trust was in the news after announcing the proposed merger with CapitaLand Commercial Trust.

I have bought the following companies from the market this month - Asia Enterprises, Amara, Bonvests, Bukit Sembawang Estates, Chuan Hup, Dairy Farm, Delfi, F&N, Far East Orchard, Global Testing, Guocoland, Hotel Grand Central, Hotel Royal, HRnetgroup, Intraco, Jardine C&C, Jardine Strategic, Khong Guan, LHT, Lion AsiaPac, Mandarin Oriental, Metro, NSL, Sembcorp Industries, Sin Heng, Sing Investment & Finance, Singapura Finance, Tan Chong International, UIC and UOB Kay Hian. I have closed my position in Adventus and have also reduced my stake in Ntegrator.

I have participated in the following rights issues this month - Asia Medic and Vibropower. I have also accepted the following voluntary delisting/cash offer this month - Citic Envirotech.

Having positioned my portfolio defensively since last year, the selloff in the market this month had been a remainder for me to beware of black swan events. It is still early days yet to determine the full impact of this Wuhan coronavirus virus. However, I have stepped up my pace of buying as some stocks have corrected to decent levels. The key is still to spread my purchases across stocks and at various price points. I am also careful not to introduce a lot of volatile stocks into my portfolio, as that might hurt it if the market goes through another round of sell down.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 January 2020)

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

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

Top Holdings (HK$ Denominated shares)
1. Shangri-La Asia
2. Tan Chong International

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
27. Attilan Group

My Unit Trust Portfolio:



Blogger WTK said...

Hi Ghchua,

Your consistent purchase of the share counter ensured that you remain invested in the market and earned the dividend along the way. I believe that this is the right way of remaining invested in the market at all time. This will give one the peace of mind as the direction is clear.

My two cents worth of views.


10:02 AM  
Blogger ghchua said...


Thanks for your views.

I think having a consistent process to tackle volatile markets is important. I see some people tracking the Wuhan virus outbreak numbers daily to time their entry into markets. That might work, but for me personally, I do believe in consistently investing into the markets to gain exposure. Yes, I may get hit when markets encountered a significant sell down, but I mitigate it by introducing less volatile stocks into my portfolio, while keeping a lookout for more volatile ones when they are trading at attractive levels.

I guess at the end of it, one have to be consistent in their process and remain vested in whatever market conditions to enjoy the fruits of long term investing, if you believed that markets will do ok in the long term.

6:38 PM  
Blogger Sunny said...

Shifu Chua

Vicom will split 1 to 4, what u do think current valuation is and prospects are?I don't have any exposure yet.


12:36 AM  
Blogger Sunny said...

Shifu Chua

Broadway Ind is restructuring, not sure what result will be like? Any idea of valuation wise? Do you have any shares in this com?

One more is Shangri-la, it's dropped a lot. Valuation wise, is it a good entry point for long term? Not sure about its dividend history?

1:06 AM  
Blogger ghchua said...

Hi Sunny,

You have asked about 3 stocks here. Maybe I shall start off and say that I am vested in all 3 of them and therefore my views might be a bit biased.

Vicom - I think stock spilt or not, it doesn't change the prospects of a stock. Vicom had been a steady kind of business, with decent cash flow and paying out almost all of its cash from operations as dividends to shareholders. This is because they have a clean balance sheet with zero debt. So, if you are looking for growth or value, you might be disappointed as there is not much huge growth potential. Neither it is a value stock as it trades way above its NAV. But it has a good moat and has the largest market share in the vehicle inspection market here in Singapore. I would classify it as a steady dividend yielder.

Broadway Ind - This is more of an asset play and special situation stock. I was expecting them to sell off their HDD business eventually and their factories and pay shareholders a big dividend. However, it seems that the HDD business has yet to turnaround so might have to wait for a while.

Shangri-la Asia - Obviously, being in the hospitality sector with exposure to Hong Kong and Singapore, they have been affected by the recent Hong Kong demonstrations and the latest virus outbreak. It is pretty cheap now actually, trading way below its actual NTA. Dividend is a bit low as it is an asset heavy stock. I can't comment whether it is a good entry point now, but for long term investors, I think valuation at current levels is pretty decent.

1:49 AM  
Blogger Sunny said...

Shifu Chua

Broadway, if giving out a big dividend ($0.085 per past reference), how much shall be a reasonable?


11:35 PM  
Blogger ghchua said...

Hi Sunny,

Not too sure as they have not sold their HDD business yet. So, depending on how much they can fetch, it is still too early in the game to talk about dividend.

12:56 AM  
Blogger WTK said...

Hi Ghchua,

My take is that it will be prudent to initiate some stake in the counters regardless of the circumstance. Ride the wind along the way.

I quote an example. I remained invested in FSL Trust since 2010.This is being through all the ups and downs despite all the peers' discourgment and their advice of offsetting this counter when it was at the all-time low due to weak prospect of the counter. As till to date, I still have the paper loss of abt $10K. I remain invested during all circunstance and not affected by the turbulence of the counter. This is due to the diversifcation of the proceeds into various stock cunters.


9:25 PM  
Blogger ghchua said...


I guess stock diversification and time diversification as well is important for a long term investor who wishes to remain vested across market cycles.

Different stocks will perform differently across different cycles, unless there is a big crisis. Having said that, being consistently invested at different times will allow one to stay focused and remain vested.

10:30 PM  
Blogger WTK said...

Hi Ghchua,

I believe that it does not matter in respect of the big crisis. I go for the generated dividend (which will cover the expense). I have manageable expense due to the minimalist lifestyle (which I desire). The big crisis will mean an opportunity to acquire the stock counters at a bigger price. This will be an advantage for one with the full-time employment though I am no longer having such advantage due to my exit from the full-time employment sometimes last year.


3:29 AM  
Blogger ghchua said...


Yes, for a full time investor like you and me, it is difficult to take advantage by buying big during crisis. Therefore, the key is to have a portfolio of stocks which yield decent dividend to pay for expenses every month. At least there is no temptation to sell during huge market downturn.

For me personally, I have been buying consistently every month regardless of crisis or not. I can't predict market movements. What I can do is to consistently participate in the market and hopefully it will turn out well in the long term.

3:22 AM  
Blogger Sunny said...

Shifu Chua

Any update on Man Oriental corp action, like delist, merger or converting to office...?


5:42 PM  
Blogger ghchua said...

Hi Sunny,

Nope. No update so far from Man Oriental.

6:56 PM  
Blogger Sunny said...

Shifu Chua

Sembcorp 5c dividend will be issued out only in Sept, what is a long wait! If I attend AGM, will question the chairman if he is sleeping during working for last 3 years or what? Is his pay justified by company performance... Very sad to see a solid company is sort of going under like now. Any solve longing?


12:50 AM  
Blogger ghchua said...

Hi Sunny,

Sembcorp Industries dividend will be paid in May 20. I think you have gotten the date wrong. Also, their interim dividend for this year had already been paid out. The May 20 payout will be for the final dividend of 3cts per share.

I think the stock had been disappointing because their overseas investments had not turned out well. Having said that, the stock is cheap at only around 0.6x PB, and hopefully, they can recover in future years. Also, there is a wild card in their Marine business as there is a chance that they might sell the business.

4:49 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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