Tuesday, June 30, 2020

My Investment Portfolio (June 2020)

STI closes this month at around 2589 points, up slightly as compared to last month. Fear of Covid-19 virus numbers spiking again after countries re-opening their economy had been a major concern this month. US market volatility and upcoming Singapore general election next month also on most investors mind. Investors had been cautious, with activities centered mostly on penny stocks towards the end of the month.

For my top 30 holdings, VICOM did well after doing a stock spilt. The Hour Glass returned to the list after reporting a decent set of full-year results. Jardine C&C though had been a major laggard. Not much changes had been observed for the other stocks in the list.

I have bought the following companies from the market this month - AF Global, Bukit Sembawang Estates, Chuan Hup, ComfortDelgro, Dairy Farm, Heeton, Hiap Hoe, Hong Fok, Hotel Grand Central, Jardine Matheson, Jardine Strategic, Koh Brothers, Lion AsiaPac, Mandarin Oriental, Metro, NSL, OUE, Pacific Century and SingTel. I have closed my positions in AnAn and Samko Timber and also reduced my stake in Ecowise.

I have also accepted the following voluntary delisting/cash offers this month - Dynamic Colours, Elec & Eltek and Lafe Corp.

Next month, companies holding their virtual AGMs in June will mostly be paying out their dividends. As usual, I will re-invest some of those dividends cautiously back into the market. I will also be holding some cash as a conservative approach, as companies are expected to reduce or even drop dividend payments going forward. It remains to be seen how big is the impact of Covid-19 on their upcoming results, but initial signs had not been good and I continue to remain prudent in my portfolio positioning.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 June 2020)

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

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

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

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



Blogger Unknown said...

what's your view of NSL? Another K1 ventures in making?

12:36 AM  
Blogger ghchua said...

Hi Unknown,

My personal view is that NSL is in a process of liquidating assets and returning cash consistently back to shareholders, despite making losses. As to your point of whether they are similar to K1 Ventures, I do not know what similarities you are referring to. If you are referring to eventual liquidation of all NSL assets and delisting like K1 Ventures, I am not sure whether it will happen. Also, the time frame is unknown even if you anticipate that it will happen. Therefore, there is a holding cost here.

My thesis when deciding to invest in NSL is not for liquidation. Rather, I feel that it is undervalued with respect of the assets and cash balance they are holding in their balance sheet. Liquidation is a bonus for me, but even if there is no liquidation and they continue to operate, I think there is value in the stock at current levels.

Hope that the above clarifies.

1:58 AM  
Blogger Guru said...

May I seek on your comments to buy singtel?

4:11 AM  
Blogger ghchua said...

Hi Guru,

I think every now and then, I do try to add some blue chip stocks into my portfolio just to see whether they can outperform the index.

For Singtel, I think the stock had been sold down since they announced their full year result plus a cut in dividend payout. With capex needed to set aside for 5G investments, I do not expect them to increase their dividend payout in the near future.

That being said, the stock is offering around 5%pa dividend yield at current levels. Quite a decent yield despite the cut. So, it is a case of buy on weakness rather than anything else. I am still quite neutral on the stock.

4:53 AM  
Blogger Guru said...

Thanks for the detailed comments!

7:23 PM  
Blogger steven goh said...

can know any reason why accept offer for dyna color ?

8:45 PM  
Blogger ghchua said...

Hi steven,

For Dynamic Colours, the offeror already got more than 90% of the shares. If you don't accept the offer, your shares will still be acquired via compulsory acquisition when the offeror exercises their rights at a later date.

9:51 PM  
Blogger steven goh said...

but i can't find in the statement stated 90% acceptance.

7:07 AM  
Blogger ghchua said...

Hi steven,

Please refer to their announcement below:


"As at 5.00 p.m. (Singapore time) on 22 June 2020, the Offeror owns, controls or has agreed to
acquire not less than 90% of the total number of issued Shares as at the date of the Offer (other
than those already held by the Offeror, its related corporations or their respective nominees as
at the date of the Offer and excluding, for the avoidance of doubt, any Shares held in treasury).
Accordingly, the Offeror is entitled to, and will in due course, exercise its rights of
compulsory acquisition under Section 215(1) of the Companies Act to compulsorily
acquire all Shares of the Dissenting Shareholders on the same terms as those offered
under the Offer"

8:18 AM  
Blogger Sunny said...

Shifu Chua

Not sure how the final result and when I can receive any payment from E16 offer?

8A1, a newly listed company, is it a value play? What's your take on it's dividend, valuation and growth and worth collection? This company is very brave, list among Covid 19 outbreak.

Thanks 😊

3:02 AM  
Blogger Sunny said...

Shifu Chua

How is PM DATA doing, is it competitive with other Saas company in China or even US? It's share very thinly traded. Are Y venture and V2Y in the same category business, data processing? Only know Kep DC is doing very well in data center warehouse type of business.

4:35 AM  
Blogger ghchua said...

Hi Sunny,

Elect & Eltek offer has not closed yet. As they haven't reached the acceptance condition, the offer is still not unconditional. Therefore, there is no payment yet.

I don't really look at IPOs, so no comment on them. My personal view is that IPOs are normally overpriced and companies do not have a listing history. Therefore, it is not my investment style to look at newly listed companies unless I am very familiar with them.

PM Data is not really a software company. Rather, they are more of a hardware company, designing, manufacturing and selling of wireless modules, in particular for Qualcomm chips. It is certainly different from Keppel DC REIT as they are a landlord leasing out data center spaces.

8:00 AM  
Blogger WTK said...

Hi Ghchua,

I believe that you would be spending more time looking at the financial report rather than attending the shareholder's meeting cancelled or restricted by the ongoing pandemic situation.


7:59 PM  
Blogger ghchua said...


There is no point attending those virtual AGMs conducted currently during this period by companies, in replacement of physical AGMs. This is because almost all of them doesn't allow you to ask questions during those virtual AGMs. Therefore, it would be better to read those minutes of meetings posted on SGX website by companies, and also their answers to questions posted by shareholders and SIAS posted before those AGMs.

1:44 AM  
Blogger WTK said...

Hi Ghchua,

My take is that we make decision in accordance to the AGM and other relevant information such as the minute of meetings. Usually, I seldom sell the counters after I buy them given that I am into dividend investment. This is akin to "buy and hold" strategy which allows the counters to generate dividends along the way. I adopt the mindset of not overleveraging the proceeds into the specific counters so that the risk are spread across the counters in the investment portfolio. Such way gives me the peace of mind whilst I focus on the things of interest.


8:54 PM  
Blogger ghchua said...


I think your approach to investing is quite a decent one. Sometimes, being away from the market, you are not exposed to daily doses of market news and movements which my affect your investment decisions. Therefore, the approach of staying invested at all times, collecting dividends along the way and re-investing them back into the markets sounds simple but it is actually difficult to execute. You must have the discipline to see through the process.

I think you will do well with your investment approach. All the best!

9:56 PM  
Blogger WTK said...

Hi Ghchua,

Actually, it is not difficult to execute such plan. I will make it a point to make the purchase on the specific day of the month and key in the buy order. When I was in the full employment, this was executed the day after crediting of the monthly salary. Since I have left the full-employment, I still maintain the same day for easy reference.

There are pro and cons of the full-employment. The pros is the continuous stream of monthly capital for me to channel into the investment portfolio. The cos is the lack of the excess capital. Novethless, I know that I cannot have the whole piece of cake and eat it. There is bound to have some form of compromise. However, I know that leaving the full employment leave me free to pursue the things of my interest which does not generate the same amount of capital as per the full-time employment. Happiness is the utmost importance.

As long as the generated dividend is able to cover my annual expense, I am content to maintain such circumstance. In the event if the expense is not fully covered, I try to reduce it (if possible). If this is not possible, it is ok for me to take some part-time gig to cover the shortfall. The options are plentiful to opt for.

We only live once. It makes sense for one to live life to the fullest on a daily basis.

My two cents worth of views.


6:44 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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