My Investment Portfolio (June 2025)
STI ended first half of the year at 3964 points, up around 1.8% for the month and up around 4.7% year to date. Markets were up during the early part of the month on stronger than expected payrolls result and President Trump’s push to cut interest rate. Also, anticipation of trade deal conclusion between US and China further added to the positive outlook. However, escalated tensions in the Middle East towards the middle of the month capped its upside though it recovered as the month closes.
For my top 30 holdings this month, most stocks in the list did well. Hong Leong Asia and UOB Kay Hian are the new entries into the list, replacing F&N and SBS Transit. Main contributors include The Hour Glass and Tat Seng. Laggards include Hotel Grand Central and Jardine C&C.
I have bought the following companies from the market this month - AF Global, Baker Tech, Banyan Group, Bonvests, Brook Crompton, Bund Center, Chuan Hup, Delfi, Digilife Tech, EnGro, F&N, Far East Orchard, Frasers Property, Golden Agri, GuocoLand, Hiap Hoe, HL Global, Ho Bee Land, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, Innotek, IPC Corp, Jardine C&C, Khong Guan, Metro, PSC Corp, Qian Hu, Riverstone, Secura, Singapore Shipping, Singapura Finance, Stamford Tyres, Straits Trading, Sunright, Tuan Sing, Tye Soon, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.
I have accepted the following voluntary delisting/cash offer this month - Ban Leong.
My stake in PEC had also been acquired via Scheme of Arrangement.
Next month will be another AGM season, with companies having financial year ending 31 March 2025 holding their AGMs. It will also be another low dividend paying month. As usual, I will continue to re-invest those dividends back into the market at a slower pace, in anticipation of the various headwinds ahead.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 June 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
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 5:45 PM
5 Comments:
Hi GH, do u see Shangri as deeply undervalued and any potential catalyst that may help in it share price (other than recent mgt change)
Hi Bamboo,
Yes. Shangri-La Asia is deeply undervalued. If you look at its RNAV of around HK$23+, the stock is trading at around 0.2x RNAV only.
For a company with such a portfolio of high quality hotels and brand, it is certainly cheap. They have resume paying dividends since the Covid pandemic fallout, but it seems that its share price didn't recovered much since then.
I think the main reason is their big exposure to China. Unless China recovered in a big way, it is difficult to see the market re-rating the stock. Therefore, if you ask me about catalyst, then China property market recovery is crucial for it.
Tks for quick reply , as always
Hi GH, i noticed there seems quite a bit of debt for tye soon and it's cost of financing is also rather high. Other than it's price to book, do u seem its business improving
Hi Bamboo,
It is the nature of their distribution business to fund inventories using debt and payables. I would say it is a steady business, and they are profitable and paying dividends in most years. They have quite a long history of operation, so I believe that they have the knowledge and experience in running the business. Yes, the business margin is low, but they have manage it well throughout the years.
I think the discount to book value is attractive for a company with such a long track record.
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