My Investment Portfolio (May 2024)
STI ended May 2024 at 3336 points, up more than 1% as compared to last month. A lot of stocks had went ex-dividend this month on SGX, which explained their lackluster performance. Volatility had came down in the markets too. There were also some portfolio rebalancing of stocks by funds due to MSCI Singapore Index review changes towards the end of the month.
For my top 30 holdings this month, Great Eastern was a new entry to the list after the company received a voluntary unconditional general offer from OCBC. Samudera Shipping continued its good run from last month after news that global freight rate has gradually increased. Other main contributors include Bukit Sembawang Estates and Multi-Chem. Global Testing meanwhile returned to the list. Sembcorp Industries though was the main laggard.
I have bought the following companies from the market this month - AF Global, Bonvests, Brook Crompton, Bund Center, City Developments, CosmoSteel, F&N, Frasers Property, HL Global, Ho Bee Land, Hong Leong Asia, Hotel Grand Central, IFS Capital, IPC Corp, Jardine Matheson, Khong Guan, Koda, Koh Brothers, KSH, Metro, Pan Hong, Shangri-La Asia, Singapura Finance, SingTel, Stamford Tyres, Taka Jewellery, TIH, Tye Soon, UOL and Yeo Hiap Seng. No sale trade was done.
I have participated in the following preferential offer/rights issue - The Trendlines Group.
I have also participated in the following scrip dividend schemes - Yeo Hiap Seng, Mapletree Logistics Trust, UOB Kay Hian, Tuan Sing, Straits Trading and Global Investments.
Next month will be another quiet month. As usual, with the dividends received from this month, I will be investing prudently back into the markets. With many headwinds ahead despite lower volatility in the markets, my focus will still be on seeking value while limiting growth.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 May 2024)
Top 30 Holdings (Sing$ Denominated shares)2. Hongkong Land
3. Jardine Matheson
5. DFI Retail Group
Top Holdings (HK$ 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. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)
Labels: Portfolio
posted by ghchua at 3:46 AM
8 Comments:
Hi Mr Chua, I have some rather poor performing counters such as Metro, Singapore Land, Bonvests etc and notice that they are in your top 30 holdings. I would like know whats your views on these counters, if you are keen to share.
Hi Robin,
Yes. Some of the stocks are underperforming, but it is hard to pin point issues on some of them. Even if you know some of these issues, market might have already priced in some of these issues so it might not be feasible to sell them. In fact, it might be a good time to buy more of these stocks. It all boils down to valuation.
Take for example Metro. Market had sold down the stock due to issues in China, UK etc. My take is that China side they have problems on the development side, but the malls are still generating income, though not as good as last time. So, my view is that I am still positive on the stock in the long run, though there will be some short term pain.
Singapore Land. This one is puzzling. This is because their investment properties are in Singapore, generating decent income. Gearing is also quite low. I guess the market might have priced in slower residential sales in the coming years. But valuation wise, it looks ok to me.
Bonvests. Again, this one is holding into decent assets in Singapore, like Liat Towers in Orchard Road, hotel etc. Yes, earnings had came down but that is mainly due to higher interest cost.
I guess I can go on and on but each poor performing counter had their own issues. But ultimately, my aim as an investor is to focus on value, rather than short term earnings expectations by the market. I believe focusing on value itself will allow one to adopt a long term investment mindset, rather than short term market performance.
Hi Mr. Chua,
Now that the IFA Report stated that OCBC's offer price for GE Holdings is fair but not reasonable, do you intend to hold on to your holding?
Also, under what condition could OCBC delist
it? Thank you.
Hi Mr. Chua, correction. Should be not fair but reasonable. Thank you.
Hi Jamesbond007,
I will be holding onto my shares and wait and see what happens.
SGX had already said that an offer must be "Fair and Reasonable" for a company to be delisted. Therefore, GE Holdings would not be able to delist, unless they gave an exit offer in future that is deemed "Fair and Reasonable" by the IFA. Having said that, there is a risk that the stock might be suspended indefinitely due to insufficient free float.
However, if OCBC receives more than 90% acceptance from the remaining minorities, then they can compulsory acquire the remaining shares and delist from SGX.
Hi Mr. Chua,
Thank you.
Hi Mr. Chua, I have another queries.
If OCBC shareholding crossed 90% within the offer period, will SGX proceed to suspend trading of GE Holdings even before 12 Jul?
Also, is OCBC required to provide a daily update of its shareholding, particularly,as it continues to build up its stake (either by open market purchase or acceptance by minority shareholders)?
Thank you.
Hi Jamesbond007,
I don't think so. The stock is likely to continue trading until the offer closes.
Yes. Daily updates had been provided since the IFA report had been out. I don't see any changes to the arrangement currently.
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