My Investment Portfolio (March 2025)
STI briefly touched 4000 points during the last trading day of the month but ended March at 3972 points, up around 2% for the month. Markets were worried about rising tariff wars, US recession fears and Russia-Ukraine conflict progress during the earlier parts of the month. But towards the end of the month, markets staged a relief rally due to US FOMC maintaining two rate cuts for 2025. Due to many concerns, volatility also increased though it stabilised towards the end of the month.
For my top 30 holdings this month, some changes were observed. Main contributors include Sembcorp Industries, Singapore Land Group, Haw Par and UOL. Top detractors include iFAST, Hong Fok and PM Data. Great Eastern and Singapura Finance dropped out of the list while SBS Transit and CapitaLand Integrated Commercial Trust returned.
I have bought the following companies from the market this month - A-Sonic, AF Global, Avi-Tech, Baker Tech, BBR, Bonvests, Bukit Sembawang Estates, Bund Center, Chemical Industries, Chuan Hup, City Developments, Delfi, Digilife Tech, EnGro, F&N, First Sponsor, Frasers Property, Fuji Offset, Goodland, GuocoLand, Hiap Hoe, Ho Bee Land, Hock Lian Seng, Hong Fok, Hong Leong Finance, Hotel Properties, Hotung, Innotek, Jardine Matheson, Koh Brothers, KSH, Lion Asiapac, Low Keng Huat, Lum Chang, Mandarin Oriental, MegaChem, Metro, New Toyo, Nippecraft, Noel Gifts, OUE, OUE Healthcare, PNE Industries, PSC Corp, Riverstone, Shangri-La Asia, Sinarmas Land, Sing Investment & Finance, Singapore Shipping, Singapura Finance, Stamford Land, Straco, Straits Trading, Tan Chong International, Trendlines, Tuan Sing, Tye Soon, Willas Array, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.
Next month, companies with financial year ending 31 December 2024 will be conducting their AGMs. As usual, I will try to attend some of these AGMs to get updates from my portfolio companies. With April being a traditionally low dividend paying month, I will slow down my purchases in the market in order to conserve cash for my expenses.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 28 March 2025)
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. Seatrium Ltd
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 7:53 PM
14 Comments:
Hi Mr Chua,
May I ask your opinion on Baker Tech and Delfi? For Delfi, what is your thoughts on the headwinds of high cocoa prices and weaker IDR on the business?
In addition, may I also ask for your opinion on Jardine Matheson? (why not Jardine C&C or DFI Retail)?
Thank you!
Hi Lyonnais,
I think for Delfi, I have discussed it in details previously in the comments section of previous posts, especially on the impact of high cocoa prices. You can refer to them for more details. But what I want to add here is that weaker IDR is not new to them. They have been operating in Indonesia for a very long time, surviving even crisis periods when IDR dropped suddenly. Gradual depreciation of IDR over the long term is part of the game though and they have managed it well.
For Baker Tech, it is an oil and gas company so oil price do play a part in their performance. Nevertheless, the stock is trading at a decent discount to its NAV with ample net cash in hand. In fact, its cash per share is around 55c. I do prefer it to other highly geared and overvalued O&G companies.
About Jardine Matheson, Jardine C&C or DFI Retail, I do own all 3 stocks in my portfolio. It is just that which of them is more undervalued and therefore I purchase them accordingly for allocation purposes in my portfolio. Obviously, the more undervalued ones will likely to have more frequent purchases than those that are not.
Mr chua
Apart from a stock being undervalued as part of ur stock selection do you now also consider if this trade war will have an impact to a company as part of your stock pick criteria. It does seem that this trade war drama will have a lasting and even permanent impact on some company's earnings especially those exposed to china. Or is this something you are willing to wait out as part of your value play?
Hi GH Chua,
What is your view on Sin Heng cash offer? Is the offer price a bit low in light of construction recovery in Singapore?
Thank you
JTK
Hi JTK,
On the surface, the offer doesn't look decent since it is way below its NAV and they also have a decent cash position. Yes, I am not even factoring their future earnings outlook if you believe that construction will recover. Let us wait for the IFA report before deciding.
But they are playing hard ball. The offer is final (no room to increase) and they are not extending the closing date the accept the offer. I guess they are just trying their luck to get as many shares as possible.
Hi mitchell,
There are few schools of thought for value investing. But the most that I subscribed to is deep value investing, which is selected for most (not all) of my stocks.
For deep value investing, company earnings had never been a big criteria when picking the stock. In fact, the company can be making losses or only earns a small profit. What is more important is the discount from the market price to the company's asset value, most commonly known as NAV/NTA. So, if you ask me about long term impact of trade war and all that, I think you will get the same answer from most people at this moment - i.e. I don't know. What I do know is that I am buying a company at a discount from its NAV/NTA, and executing my buying consistently and not trying to time the market.
Yes. This strategy involves a long term approach, and hoping that value will be recognized one day. Most of these companies are heavy on assets, and you can't tariff on fixed assets like hotels, properties etc. So, there might be second order effects, but I don't think it will result in a big revaluation down if the assets are well located.
Hi GH Chua,
Do u still own Credit Bureau Asia and have u interacted with the management team? Are they open to questions during and prior to the AGM?
Hi Janeo,
Yeap. I am still holding onto my CBA shares. I haven't attended any of their AGMs to date, so I cannot answer your questions. However, SIAS had sent some pre-AGM questions to them and they have replied. You can check SGX announcements page for more details.
Hi Mr GH Chua, noticed you purchase shares of Sinarmas Land in the month of Mar 2025.
May I know your view and opinion on Sinarmas Land cash offer?
Will you be accepting the offer?
Thank you.
Hi SNP,
Just to clarify. I have bought Sinarmas Land before the offer came out late during the month. Therefore, I didn't buy those shares for the offer, because I have no knowledge of it beforehand.
As to my view of the offer, I felt that it still undervalues the company. The IFA report had came out, and you are encouraged to go through it. The offer is deemed "Not fair but reasonable". Since SGX listing rules said that delisting can only proceed if the offer has been deemed "fair and reasonable" by an IFA, it will not be able to delist at the moment with the current offer unless it has the right and execute compulsory acquisition or it increases the offer price further.
However, do take note that the company had came out to announce that the free float is less than 10% currently. Therefore, there is a risk that the company might remain suspended for quite sometime after the offer closes if they do not restore its free float. But you can always execute your rights under Section 215(3) of the Companies Act, to require the Offeror to acquire your Shares at the Offer Price for each Share after the offer closes since the offeror holds more 90% of the shares.
I do encourage you to follow Great Eastern takeover offer to have a sense of how things will pan out if the shares are suspended after an offer that had been deemed "Not fair" by the IFA.
For me as things stand, I will not be accepting the offer.
Hi Mr GH Chua,
If there will be a revise in offer, will shareholders that had already accepted the current offer be entitled to the increase?
What is your opinion on the likely possible next development?
Thank you
Hi SNP,
Yes. If there is a revised offer during the current offer period, shareholders who had accepted the offer previously will be entitled to it. However, if the current offer closes and they came out with another offer let's say, 6 months later, shareholders who have accepted the current offer will not be entitled to it.
As for possible next development, I am not the offeror and so I can't read their mind. However, I have detailed out some possible scenarios in my last post to you here and you can read about it. It really depends on how much shares they have acquired after the current offer closes in order to determine their next course of action. Therefore, I have encouraged you to read on previous takeover offers like the Great Eastern one to have a sense of what can go on after an offer closes and the stock is suspended. There are other possible situations as well like the Boustead Projects offer.
Hi Mr GH Chua, the offeror has revised the offer price.
Will the IFA be making another evaluation and recommendation?
Will you be accepting the revised offer?
Thank you.
Hi SNP,
Yes. The IFA will make another evaluation and recommendation based on the revised offer price. Let's wait for their report.
If the IFA deemed the revised offer price as "Fair and Reasonable", it is very likely that I will accept the revised offer, since the stock will be delisted from SGX and I do not wish to hold an unlisted company. It is also possible that they will be able to execute compulsory acquisition, depending on the final acceptance rate after the offer closes.
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