My Investment Portfolio (July 2022)
STI ended July at 3211 points, up around 3+% as compared to last month. US Fed hiked rates by another 75 basis points, but investors saw hints on moderation of rate hikes moving forward.
I have attended the following physical AGMs/EGMs/briefing this month- Azeus, Mapletree Industrial Trust, Mapletree Logistics Trust, SingPost, Singapore Kitchen Equipment and GP Industries.
For my top 30 holdings this month, Samudera Shipping was a major mover as the company reported a decent set of half year result. iFAST also reported, but disappointed the market. Nevertheless, the stock recovered as they started to buyback their shares. Jardine C&C half year result was also decent, aided by Astra. Not much major movements was observed in the other stocks in the list.
I have bought the following companies from the market this month - AF Global, AIMS Property, Amara, Bonvests, Brook Crompton, Bund Center, Captii, Chemical Industries, Chuan Hup, Credit Bureau Asia, Delfi, EnGro, F&N, Far East Orchard, Frasers Property, GK Goh, Goodland, HL Global, Hong Leong Asia, Hotel Royal, Indofood Agri, Isetan, Khong Guan, Mandarin Oriental, OUE Lippo Heathcare, Overseas Education, Pan Hong, Pollux, Shopper360, Sinarmas Land, Singapore Land Group, Singapura Finance, TC Auto, Tiong Seng, Trek 2000, Trendlines, Wing Tai, Yanlord and Yeo Hiap Seng. No sale trade was done.
I have accepted the following voluntary delisting/cash offers this month - Hwa Hong and TTJ.
With the relaxing of Covid-19 safe management measures, I have started to attend physical events again this month after an absence of 2.5 years. It was great to meet up with fellow investors physically again, and we certainly have a lot to catch up. Going forward, I will continue to attend these physical events as far as possible. Though markets are getting less volatile this month, there are still a lot of headwinds ahead. I will continue to be defensive in positioning my portfolio going forward. Price discipline will be very important when buying those short listed companies in my list.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 July 2022)
Top 30 Holdings (Sing$ Denominated shares)1. The Hour Glass
2. Hongkong Land
3. Jardine Matheson
4. DFI Retail Group
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. DMX Technologies - In Liquidation
23. Europtronic Group
24. China Sun Bio-chem Technology
25. Attilan Group
26. Transcorp
Labels: Portfolio
posted by ghchua at 9:27 PM
11 Comments:
Hi,
can you share a bit more about the delisted shares in your portfolio.
What are the lessons and what are key takeaways there ?
Thanks.
Hi Small steps,
Sure. Most of these companies are already dormant. But there are a few that are still active, and one that continue to pay dividends even after delisting. I do not have much information for most of these companies, as they no longer hold any AGMs or send any audited accounts to me.
Key takeaways and lessons are many. Each company has their own set of problems and issues. Ultimately, you have to go in with your eyes open. Diversification saves the day, I must say.
Hi GH, why don't you buy Ho Bee?
Hi GH, if I may add on, why not buy or add on OUE as well?
Hi Jem,
I do hold Ho Bee in my portfolio. It is just that it might not be as cheap as other stocks that I am looking at, and therefore I did not increase my position in it.
Hi Jamesbond007,
If you track back, I did add onto my holdings in OUE at various times this year and also in 2021 as well.
This comment has been removed by the author.
Hi GH,
Are you related to morph investment? I found that your portfolio is highly resembled with their holdings. Just curious.
Hi Unknown,
I do not know Morph Investment personally, though I have met their representative before at AGMs. I guess their investment approach is more towards value and asset based, and since I am basically more of a value investor, I think we do share some similarity in picking stocks. After all, Singapore market is quite small and there are really only a limited number that satisfied those criteria.
Having said that, do take note that I am not entirely a value investor. I do have some growth stocks in my portfolio and that is where the difference lies between me and Morph Investment.
Hi GH,
Hope you are well.
I saw that you had added Credit Bureau Asia to your positions in some months. You mind sharing what's your thesis here? It seems to have a moat in Singapore and Malaysia and is looking to further expand their business through tie-ups and JVs in Vietnam/Myanmar etc.. However, its current growth ratio does not seem to justify the high PE ratio.
Thanks and regards,
BT
Hi BT,
Sorry. I think I missed out this post and I realized that I didn't reply you for your question on CBA.
I think the merits of CBA is their leading position in Singapore and it command a healthy margin and decent cash flow. It is also the sole licence holder in Myanmar and Cambodia, which gives them a first mover advantage in these growing markets. I guess you can view CBA as an asset light and growing business, but unlike most growth companies, they do pay out decent amount of cash as dividends as their business is cash generative. The upside are on their overseas markets, while downside is capped by the Singapore business.
As for their PE ratio, I guess the market is pricing it based on their potential for growth plus cash flow from their current businesses.
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