My Investment Portfolio (August 2023)
STI ended August at around 3233 points, down more than 4% as compared to last month closing. US government credit rating downgrade spooked the markets during the early part of the month. Also, Singapore GDP numbers came out below expectations and continued concerns on state of China's economy and property sector worried the markets. This plus raising bond yield and rating downgrade of US banks added to further market weakness. However, Singapore inflation data came out better than expected, which allowed the market to recover back some of those losses towards to end of the month.
For my top 30 holdings this month, Delfi did well after announcing a decent set of 1H23 results which beats market expectations but gave up some of those gains towards the end of the month. Hotel Properties also did well after getting approval from URA for their proposed redevelopment of their assets located along Orchard Road and Cuscaden Road. Among the laggards, Samudera Shipping continued its weakness in share price after announcing their 1H23 results. Wing Tai also traded down after they announced a profit warning ahead of their FY23 results. The Hour Glass was sold down after news that Rolex had bought retailer Bucherer. Meanwhile, Tat Seng returned to the list after announcing a higher than expected interim dividend payout.
I have bought the following companies from the market this month - AF Global, Alliance HC, Asia Enterprises, Bonvests, Brook Crompton, Cosmosteel, EnGro, F&N, Frasers Property, Goodland, GuocoLand, Heeton, Hiap Hoe, Ho Bee Land, Hong Leong Asia, Hong Leong Finance, Hotel Grand Central, Hotung, Huationg Global, IFS Capital, Indofood Agri, Jardine Matheson, Khong Guan, Koda, Lum Chang, Metro, Noel Gifts, OUE, Pacific Century, SBS Transit, Shangri-La Asia, Silverlake Axis, Sing Holdings, Singapore Land Group, Singapura Finance, Straits Trading, Tai Sin, Tan Chong International, TIH, UOA, Venture, Wing Tai, Yanlord and Yeo Hiap Seng. No sale trade was done.
I have participated in the following scrip dividend scheme - Jardine Matheson.
Next month will be a quiet month with not much corporate activities. As usual, I will spend sometime to go through some of those full-year result announcements that I have missed for companies with financial year ending 30 June 2023. I will also continue to seek value in the market and re-invest prudently.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 August 2023)
Top 30 Holdings (Sing$ Denominated shares)2. Hongkong Land
3. Jardine Matheson
5. DFI Retail Group
Top Holdings (HK$ Denominated shares)
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. Fung Choi Media - In Liquidation
21. DMX Technologies - In Liquidation
22. Europtronic Group- In Liquidation
23. China Sun Bio-chem Technology
24. Attilan Group
25. Transcorp
Labels: Portfolio
posted by ghchua at 5:46 AM
8 Comments:
Dear Mr Chua,
What do think of Venture? Do you think its a promising stock to buy? Thank you.
Faith
Hi faith,
It had been quite sometime since I last added onto Venture and I think the stock is now quite attractive after being sold down lately. Which is why I added onto my position during last month.
One should actually view Venture as a high volume and high mix manufacturing company. Which means, it is not like most other manufacturers out there which is either high volume but low mix or low volume but high mix.
What is the difference, you might ask. Well, it allows Venture to operate across different manufacturing segments and still command a decent margin. Though profits had come down, their cash flow is still strong which allows them to maintain their dividend payouts.Company has a strong net cash position which should allow them to tide through these tough times.
Hi Mr Chua, what do u think of investing in DBS / UOB? Both banks have very high dividend yield and it seems that it is cheaper now (nearer support price).
Hi David,
I am not a big fan of the banks, though I do hold their shares. Rather, I like finance companies more as they are cheaper and trading below book value.
For DBS/UOB, though their yield is high, do remember that we are near the end of the interest rate hike cycle. Which means their net interest margin might not go much higher. Also, loan growth have slowed somewhat and if the economy gets worse, there might be more that needs to be set aside for bad loans.
If you ask me to choose one, I would prefer UOB as it is trading at a cheaper valuation and also they might see more synergy from their Citibank retail business acquisition. But my exposure to UOB is mostly indirectly, through my holdings in Haw Par.
Hi, what is the odd of a successful enbloc for the investment properties of Noel Gifts? If the enbloc failed, what other options they have to realize the value of these properties?
Hi Unknown,
The odds are quite high as Noel Gifts holds quite a number of units in 50 Playfair Road, which means they have higher voting rights to decide the outcome. However, do take note that nothing is certain as you will not know how others will vote.
If enbloc fails, other options include redeveloping it with partners or themselves.
Hi Ghchua,
There is a reduction in 2023 dividends as compared for 2022 dividends. I believe that it is prudent for the management to reduce the dividend as a cash buffer.
WTK
Hi WTK,
The reduction of dividend is probably due to their gift business, which isn't doing too well. However, my thesis for investing in Noel Gifts has always been their investment properties. As long as their gift business is not making big losses, its fine with me actually.
Previous years they do give higher dividends mainly from selling their properties and/or fair value gains from those properties.
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