My Investment Portfolio (July 2024)
STI ended July at 3455 points, up more than 3.5% as compared to last month. Led by the 3 banks and fund inflows, STI had one of the better performing month this year, though the markets had cooled down towards the end of the month due to tech stocks selloff. Focus by the markets this month had been on the upcoming US Presidential election, inflation data, timing of monetary policy easing and geopolitical conflicts. Volatility had also increased for the month, though it had tapered off a bit towards the end of the month.
I have attended the following physical AGMs/EGMs/briefing this month - Mapletree Logistics Trust, Best World and Metro Holdings.
For my top 30 holdings this month, Great Eastern was suspended from trading when its free float dropped below 10% after the unconditional offer from OCBC closed. Main contributors include iFAST, PM Data and Multi-Chem. Samudera Shipping was a main laggard after announcing their 1H24 result that disappointed the market. Frencken and Global Testing also underperformed and they dropped out of the list as investors sold down tech related stocks. SingTel returned to the list after a long absence, as they plan to pay higher dividends. The two REITs are back into the list, as investors became more positive on impending interest rate cuts.
I have bought the following companies from the market this month - Bonvests, Brook Crompton, Bund Center, Captii, Chemical Industries, Chuan Hup, City Developments, F&N, First Sponsor, GRP, GuocoLand, Hiap Hoe, HL Global, Ho Bee Land, Hock Lian Seng, Hong Fok, Hong Leong Asia, Hong Leong Finance, Hotel Grand Central, Hotung, Huationg Global, Indofood Agri, Intraco, IPC Corp, Jardine C&C, Karin, Koda, KSH, Lion AsiaPac, Lum Chang, Mandarin Oriental, Metro, MYP, Nam Lee, Overseas Education, Pan Hong, SBS Transit, Secura, Shangri-La Asia, Sin Heng, Sinarmas Land, Singapore Land Group, Singapore Shipping, Singapura Finance, Stamford Land, Straits Trading, Tan Chong International, TIH, Tuan Sing, Tye Soon, Wing Tai and Yeo Hiap Seng. I have also closed my position in Camsing Healthcare.
I have accepted the following voluntary delisting/cash offer this month - Second Chance Properties.
Next month will be another financial reporting season, as companies having financial year ending 31 December 2024 will continue reporting their half year results. As usual, I will be going through some of those results. I will also continue to re-invest dividends received back into the markets, while remaining prudent in deploying them.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 July 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 6:42 PM
7 Comments:
Hi Mr Chua
I noticed your regular purchases of Yeo Hiap Seng shares and would like to know your reasons for it.
In regard to GE Holdings, what do you intend to do?
Thank you in advance for your sharing and insights.
Hi Jamesbond007,
For Yeo Hiap Seng, I think the value of the shares lies in the amount of cash that they are holding in their balance sheet, plus their legacy assets (big pieces of farm lands) mostly in Malaysia. As long as they don't burn cash, I think the margin of safety is ok for the stock.
My current intention is to continue to hold onto GE Holdings.
Thank you.
Hi Mr Chua, Please can you share your views / insights on the following counters: (notice U are still regularly buying these stocks)
1. Chuan Hup
2. GuocoLand
3. Ho Bee Land
4. Hock Lian Seng
5. Hong Fok
6. Hotel Grand Central
7. Hotung
8. IPC Corp
9. KSH
10. Sinarmas Land
11. Tuan Sing
12. Wing Tai
Thanks very very much, Elizabeth Ng
Hi Elizabeth,
I think it will be too long a post for me to list my views on each of the 12 counters that you have listed here. But in summary, they do exhibits one common characteristics - They are all trading below book value, with some as low as 0.2x PB.
With the exception of Hock Lian Seng, most of the counters had been on a downtrend, which represents good value to me.
Also, most in the list are holding onto physical assets like properties and hotels, which provide downside protection when there is a market crisis.
A few of them in the list are also privatisation candidates and/or having opportunities to sell assets to unlock value, which might return some cash back to shareholders.
Hope that the above is a good summary, without going into details of each individual stock.
Hi GH Chua,
I realised you have been keeping Hong Leong Finance in your portfolio. Can you share why do you prefer a finance company to eg, ocbc bank? Thanks!
Faith
Hi Faith,
I do have OCBC in my portfolio currently but it is not in my top 30 holdings. My overweight position of a finance company over a bank is really because of one main factor - Valuation. Hong Leong Finance is currently trading at around 0.5x book value while OCBC is at above 1x book value.
Of course, one can say OCBC has a higher ROE and growth potential in various countries than a finance company based only in Singapore. But I prefer to look at the downside rather than the upside. What happened when there is a recession or market crash?
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