My Investment Portfolio (November 2021)
November 2021 was going to turn out to be a quiet month as there is not much news flow in the market until near the end of the month, when rapid spread of a new Covid variant virus strain from Africa named Omicron appeared. Investors sold down the markets, and STI ended near 3040 points, losing more than 100 points this month.
For my top 30 holdings, most of the stocks in the list was down due to the news of a new Covid virus strain. However, most of them did not correct as much as STI as they are defensive stocks. The Hour Glass though, continued its good run this month.
I have bought the following companies from the market this month - Asia Enterprises, Bonvests, Brook Crompton, Captii, Colex, ComfortDelgro, Credit Bureau Asia, Delfi, EnGro, F&N, Far East Orchard, First Sponsor, Frasers Property, GK Goh, Great Eastern, GuocoLand, Hafary, Heeton, HL Global, Hong Fok, Hong Leong Finance, Hotel Properties, IFS Capital, Intraco, IPC, Karin, Kingsmen, Lum Chang, Metro, Ossia, OTS Holdings, SBS Transit, shopper360, Sin Heng, Wing Tai, XMH Holdings and Yanlord. I have closed my positions in AsiaMedic, Asiatic, CFM, Moya Asia and SHS. My stake in PSL had also been cancelled via selective capital reduction.
Market volatility had increased towards the end of the month and risk of investing in markets seems to be higher than usual. However, over the long term, we should not be distracted by short term market movements. Just have a plan in place and follow through it. I will continue to invest in the markets, though with focus on value and also selected bombed out blue chip stocks.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 November 2021)
Top 30 Holdings (Sing$ Denominated shares)1. iFAST
1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson
4. Dairy Farm
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 Integrated Commercial Trust
4. Keppel Corp
5. Challenger
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. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
9. FerroChina - Under Liquidation
10. FirstLink Investments
11. NEL Group
12. Jets Technics
13. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
14. Hongwei Technologies Limited (In Provisional Liquidation)
15. FDS Networks Group
16. Aussino Group - In Liquidation - Creditors' voluntary winding up
17. China Oilfield Technology
18. China Milk Products Group - Under Liquidation
19. Pacific Healthcare
20. Eratat Lifestyle - In Liquidation
21. Fung Choi Media - In Liquidation
22. K1 Ventures - In Liquidation
23. DMX Technologies - In Liquidation
24. Europtronic Group
25. China Sun Bio-chem Technology
26. Attilan Group
27. Transcorp
Labels: Portfolio
posted by ghchua at 7:07 PM
11 Comments:
Hi Mr Chua, may i know what is your view on the Digital Core Reit IPO. Thanks.
Hi Unknown,
I don't normally go for IPOs as they do not have any listing track record. Therefore, I do not have any views on them.
Having said that, I do not like Reits with only US assets, simply because most (if not all) of them have not performed well since listing. I guess I will only look at Digital Core Reit post listing.
Hi Mr Chua, thanks for sharing your view.
May I know what's your view of Stamford land right issue?
Hi Unknown,
I guess it is priced at a decent discount from its last traded price, but the issue is that it is coming at 9 for 10. Which means, a lot of existing shareholders might not be able to take up the rights issue and will sell the shares now to either release funds for the rights issue or just get out of the stock to prevent dilution.
Anyway, I am neutral on this rights issue. Obviously, they need some funding for development projects that they are going to undertake. At the same time, they are also trying to sell their hotels to unlock value and realize cash. Therefore, this rights issue might be a stop gap effort to get in some cash while waiting for those hotels to be sold.
Anyway, the controlling shareholders had underwrite the whole rights issue. If you don't take up your rights, they will mop up all the excess rights shares out there.
I'm a bit skeptical about this right issue. Like what u said, 9 for 10 right issue, many existing shareholders may not fully take up or even choose to exit completely. In this case, the founder can scoop up much excess rights at low price and increase his stake significantly at super low cost yet without triggering the GO.
Hi Unknown,
I mean, you should be happy that the founder is underwriting the entire rights issue. Yes, he wants to increase his stake in the company at a low price. But you can also subscribe to your rights issue too. Nobody is stopping you to follow the founder to buy more shares.
As to triggering of GO, I mean he can offer you a GO at the rights issue price but how many shareholders will accept the offer? Like the Sembcorp Marine case study, Temasek triggered a mandatory GO via the rights issue at 8cts per share, but not many takers out there. Ultimately, it is the price that they are offering rather than the GO. You can always sell your shares in the market at the same price or even more.
The rule states that one will trigger a GO only when you and concerted parties crosses 30%, or buy more than 1% if you hold between 30% and 50%. For Stamford Land, they have already crosses 50% mark so no mandatory GO is required.
Morning Mr. Chua, I wonder why SL needs to call for the rights issue when it has more or less fully sold its Macquarie Park Village projects recently.
Appreciate your insight.
Anyway, I took the opportunity to increase my stake in SL yesterday.
Thank you.
Hi Jamesbond007,
I think for official reasons, you can read their announcement with respect to the rights issue. I think I will not repeat again here.
Unofficially, my view is that the controlling shareholders might want to increase his stake in the company further, as they have underwritten the whole rights issue. Those shareholders who did not take up their rights entitlements will end up being taken up by them.
Hi Ghim Hock, I recall asking you about your rationale for buying Intraco a few months back. Congrats on the price increase!
Hi Jem,
Thanks. I guess it needs a catalyst for Intraco to be noticed by the market.
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