My Investment Portfolio (March 2023)
STI ended the first quarter of the year at around 3258 points, almost flat as compared to last month. Besides interest rate hike concern, investors now have the failure of banks and its contagion effect on the global financial system to worry about.
I have attended the following physical AGMs/EGMs/briefing this month - ESR Logos REIT.
For my top 30 holdings this month, GK Goh was one of the main movers after it resumed trading and received a voluntary general offer from its controlling shareholder. Sembcorp Industries and Delfi also continued their good run from last month. The three finance companies and iFAST in the list also held up quite well, despite turmoil in the financial sector. Meanwhile, EnGro and Haw Par dropped out of the list, mainly due to relative share price under performance as compared to others in the list.
I have bought the following companies from the market this month - ABR, Amara, Broadway, Bund Center, Chuan Hup, Credit Bureau Asia, F&N, Frasers Property, Global Investments, Goodland, GuocoLand, HL Global, Hong Leong Asia, Hong Leong Finance, Hotel Grand Central, Hotel Royal, Hotung, IHH, Indofood Agri, Khong Guan, Koh Brothers, Lum Chang, Mandarin Oriental, Metro, OUE, OUE Lippo Heathcare, Sinarmas Land, Singapore Land Group, Singapura Finance, SingTel, Trendlines, Tye Soon, Wing Tai, Yanlord and Yeo Hiap Seng. No sale trade was done.
I have accepted the following voluntary delisting/cash offers this month - Boustead Projects and Global Dragon. My stake in Colex had also been acquired via Scheme of Arrangement.
I have participated in the following preferential offer/rights issue - SATS.
I had expected a quieter market this month after the full-year results reporting season in February but I was wrong. Markets became more volatile due to news of bank failures and bailouts, although it seems to taper off towards the end of the month. With that in mind, I have increased my pace of buying to take advantage of market volatility. With next month being a low dividend paying month, I will have to allocate my funds more slowly before the May dividend payouts. I will also try to attend some AGMs in April to get updates from some companies that I have invested in.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 March 2023)
Top 30 Holdings (Sing$ Denominated shares)1. iFAST
2. Hongkong Land
3. Jardine Matheson
4. DFI Retail Group
Top Holdings (HK$ Denominated shares)
1. Shangri-La Asia
Top Holdings (Aust$ Denominated shares)
1. AV Jennings
1. Streettracks STI ETF
3. CapitaLand Integrated Commercial Trust
5. Best World
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 7:11 PM
8 Comments:
Hi Mr Chua,
May I ask your opinion on Global Investments? Seems prices have declined due to their holding of CS coco bonds. But given their large discount to NAV, do you think this is good value?
Thanks
Hi Lyonnais,
They have disclosed their holdings in CS CoCos, which amounted to around 2%+ of their NAV as at 31 December 2022. I think the decline is not only due to CS Cocos alone, but their overall allocation of Bank Cocos in their portfolio, which amounts to around 47%.
However, do that note that the above are 31 December 2022 numbers, and we do not know their current allocation. This plus their disclosure of only quarterly NAV figures makes it more difficult for investors to really gauge what is the overall impact of this incident.
I think overall, you are going to see higher risk premium being assigned to Bank CoCos. Which means, higher trading yield and lower price. There is also a recall risk as banks might not want to recall these bonds back on call date, as it is now expensive to issue new ones.
Having said that, there is a price for everything. Global Investments looks decent at current levels, but do be reminded of the risk involved.
Hi Mr. Chua, what is your reason for buying Frasers Property? Do you see it as a privitization play? Thank you!
Hi Jem,
I think I am a value investor at heart, so most stocks I bought in will be for value. Frasers Property, trading at a decent discount from NAV, would be one of them in my list.
As for privatisation, if it comes, it comes. If not, I will continue to hold onto the stock till value is being realized one day.
Hi Mr Chua,
Do you use the STI index as a benchmark against your portfolio performance? And do you reinvest all your dividends and capital gains back into your portfolio or use some for your personal/family expenses given that you are not a salary worker anymore?
Thanks and regards,
BeeT
Hi BeeT,
I don't use any benchmark for my portfolio. STI index might not be a good benchmark because my focus is on the mid and small cap segment of the market.
I don't reinvest everything back into the market, though I seek to reinvest most cash not allocated for my expenses. However, when there are not much opportunities, I will hold more cash. Yes, being not a salary worker means that there will be some adjustments that I need to make as compared to last time. But I have been a full-time investor for more than 10 years already, so I am quite comfortable in managing those cash allocation every month, whether back into my portfolio and/or for expenses.
Hi GH,
How to you define your Top 30 Holdings?
Regards,
Ed.
Hi edragon,
It is my top 30 holdings in my portfolio, sorted by market value at the end of each month.
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