My Investment Portfolio (July 2025)
STI ended July at 4173 points, up more than 5% for the month. STI had managed to hit another all-time high this month but weakened towards the end of the month. Focus on the market this month had been on US spending bill and “reciprocal” trade deals with US. Locally, MAS appointment of the first batch of EQDP asset managers had boasted some mid and small cap stocks. Meanwhile, US Fed kept interest rate on hold.
I have attended the following physical AGMs/EGMs/briefing this month - SIA Engineering.
For my top 30 holdings this month, most stocks in the list did reasonably well. F&N and SBS Transit returned to the list, replacing PM Data and CapitaLand Integrated Commercial Trust. Main contributors include iFAST, Hotel Properties, Singapore Land Group, Far East Orchard, Samudera Shipping, Jardine C&C and Haw Par. Laggards include LHT and SingTel.
I have bought the following companies from the market this month - A-Sonic, AP Oil, Aspial Corp, Avi-tech, Baker Tech, Bund Center, Captii, Casa, Chemical Industries, Chuan Hup, ComfortDelgro, Digilife Tech, EnGro, First Sponsor, Frasers Property, Global Investments, Golden Agri, Heeton, Hiap Hoe, HL Global, Hong Fok, Hotel Grand Central, Hotung, IFS Capital, Indofood Agri, IPC Corp, Jardine C&C, Karin, Khong Guan, Koyo, Mandarin Oriental, Metro, New Toyo, Ocean Sky, OUE Healthcare, Overseas Education, Pan Hong, Pollux, Qian Hu, Riverstone, SHS, Singapore Shipping, Singapura Finance, Stamford Tyres, Straco, Teho, Tuan Sing, Venture, Wing Tai and YHI. No sale trade was done.
I have accepted the following voluntary delisting/cash offer this month - CosmoSteel.
I have participated in the following preferential offer/rights issue - Cosco Shipping.
I have also participated in the following scrip dividend scheme - ISDN.
Next month will be another financial reporting season, as companies having financial year ending 31 December 2025 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 slowly back into the markets, while remaining prudent in deploying them during these volatile times.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 July 2025)
Top 30 Holdings (Sing$ Denominated shares)
Top Holdings (HK$ Denominated shares)
Top 30 Holdings (Sing$ Denominated shares)
1. iFAST
2. Hotel Properties
3. Sembcorp Industries
4. Hong Leong Finance
5. Sing Investment & Finance
6. The Hour Glass
7. Hong Fok
8. Singapore Land Group
9. Bonvests
10. Stamford Land
11. LHT
12. Wing Tai
13. Far East Orchard
14. SGX
15. Samudera Shipping
16. Bukit Sembawang Estates
17. UOB Kay Hian
18. UOL
19. DBS
20. Hong Leong Asia
21. Jardine C&C
22. Hotel Grand Central
23. Haw Par
24. Multi-Chem
25. Yeo Hiap Seng
26. F&N
27. SingTel
28. ST Engineering
29. Tat Seng
30. SBS Transit
Top 5 Holdings (US$ Denominated shares)
1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson
2. Hongkong Land
3. Jardine Matheson
4. TZ Da Ren Tang
5. DFI Retail Group
5. DFI Retail Group
Top Holdings (HK$ Denominated shares)
1. Shangri-La Asia
2. Tan Chong International
Top Holdings (Aust$ Denominated shares)
1. AV Jennings
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)
1. AV Jennings
Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF
1. Streettracks STI ETF
2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust
3. CapitaLand Integrated Commercial Trust
4. CapitaLand Ascendas REIT
5. Seatrium
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)
21. Equatoriale Holdings
22. China Haida
23. Chaswood Resources
Labels: Portfolio
posted by ghchua at 6:20 PM
11 Comments:
dear sir,
i noticed you didnt buy wilmar, any reason ah?
Hi Jimmy,
No particular reason, just that it is not as cheap as compared to other comparable companies out there.
Thank you
Hi Mr Chua,
What is your view on PSC Corporation? I note you do own Yeo Hiap Seng and F&N, but not PSC Corporation. Thank you.
Hi Jamesbond007,
I do own PSC Corp in my portfolio. In fact, if you refer back to my previous blog posts, I have added onto my position in June this year. It is just that PSC Corp is currently not in my top 30 holdings list.
I think with CDC and SG60 vouchers, PSC Corp will benefit from increased spending on the essential products that they distribute to the minimarts and supermarkets and also their own brand products in Singapore. Also, their China Packaging business, Tat Seng, should be able to continue to generate steady dividends for PSC Corp.
The stock is still trading below its NAV and it is profitable. Therefore, its valuation is decent at current levels.
Hi mr Chua it’s me again I am a dividend investor. recently with the market run up I have some counters sitting on more than 20% capital gains. Now quite confused whether to sell as it will take 5 years or more to earn the capital gains. Any advice?
Hi Jimmy,
I am not really a pure dividend investor, so can't really give you detailed advice. But generally, I don't look at whether each individual stock is overvalued or not in order to determine whether to sell a stock. Rather, I look at it from a portfolio perspective, meaning whether the whole portfolio is overvalued or not.
Having 20% capital gain doesn't mean that a stock is overvalued though to sell, as there are many factors to determine whether a stock is expensive. Therefore, you should look at what determines whether a dividend stock is expensive or not before making your decision.
Hope that the above make sense to you.
Hi Mr Chua,
Good day to you. I am an investor in Overseas Edu, recently they posted profit guidance which is quite disappointing in the current rather bullish market overall. I see you have added some position last month, presumably before the announcement made end of July?
Anyways, have you attended any of their AGMs? I would like to consult you on your take and opinion on their management as to whether they are good at their job and are they keen to expand their business or remain satisfy with their way of doing business.
Despite moving to their new school compound for a decade or so, they can't seems to increase their student intake with reasonable growth. It's always when things seems to turnaround with debts coming down and they will then surprise us with bad results. Is it because of the hedge position they have taken against rising interest rate that causes the expected lower EBIT? Do you think this will continue to affect their subsequent results and dividend?
Do you think it's still a good investment? Thank you and always appreciate your kind response.
Hi Tan,
I did not attend any of their AGMs but I guess the controlling shareholders are conservative people. This can be seen at the way they manage their balance sheet. I added onto my position lately because the shares had came down and it is trading at a higher discount from NAV.
Yes, they do hedge their interest rate exposure through swaps. But not all are fixed, some are floating. I dunno about the extent of these derivative losses and so have to see their result. But if you look at their past results, they have been booking losses on these derivatives. So, yes, this do affect their result but do note that it is a non cash item.
As for student intake, it had been coming down. The extent of it we have to wait for the result, but I normally look at the "Fee received in advance" line in the balance sheet to have an indication of upcoming revenue from fees. I know it will be down already, but by how much, we shall see.
As for dividends, it will definitely be cut if their profit is down. But they normally pay quite a high percentage of their profits out as dividends, around 80% of their EPS.
I think whether a stock is a good investment, it differs from individuals. Some like companies with growing profits, some (like me) like companies which are trading at decent discount from NAV etc. I cannot say for everybody and it really depends on each investor and their risk appetite.
Hi Mr Chua
Thank you for your insights on OFS. :)
Hi Tan,
OFS 1H25 result is out. The numbers, as expected are weak as revenue dropped around 5.3% but expenses are up around 2.8%. Around $1 million losses on derivatives.
But the key is to try to look at the forward numbers. So, the "Fee received in advance" line under current liabilities in the balance sheet is what I normally look at. The number is $14,263m. If you look at their 1H24 balance sheet, the number was $14,950m.
So going forward, I expect the revenue to drop further. But it should not be a big drop, probably around 5% thereabouts. I think the key for them is still to lower the expenses and continue to pay down debt.
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