My Investment Portfolio (September 2025)
STI ended the 3rd quarter of the year at 4300 points, up around 0.7% for the month, thanks to the last trading day of the month rally. In US, focus this month had been on the labour market for signs of Fed cutting interest rate. Eventually, it was cut by 25 bps. Locally, investors were focused on the measures being rolled out by MAS in order to unlock value in SGX listed companies and also the launch of iEdge Singapore Next 50 indices.
For my top 30 holdings this month, some changes was observed. PM Data, Metro Holdings and Singapura Finance returned to the list, replacing Koh Brothers, Yeo Hiap Seng and SBS Transit respectively. Main contributors include Sing Investment & Finance, Far East Orchard, UOL and F&N. Detractors include Hotel Properties, Singapore Land Group, SingTel and Samudera Shipping.
I have bought the following companies from the market this month - A-Sonic, ABR, AP Oil, Aspial Corp, Baker Tech, Bonvests, Brook Crompton, Bund Center, Captii, Casa, CDW, Credit Bureau Asia, Delfi, Digilife Tech, EnGro, F&N, Golden Agri, Hiap Hoe, HL Global, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, IPC Corp, Jardine C&C, Karin, Mandarin Oriental, Metro, New Toyo, OUE, Overseas Education, PNE Industries, Shopper360, Sin Heng, Singapore Shipping, Singapura Finance, Straco, Straits Trading, Sunright, Tuan Sing, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.
I have participated in the following scrip dividend schemes - Global Investments and Jardine Matheson.
My stake in Hai Leck had also been acquired via Scheme of Arrangement.
Next month, companies with financial year ending 30 June 2025 will be holding their AGMs. As markets had advanced quite a bit and continue to hit all-time highs this month, I will continue to invest at a much slower pace. As usual, I will be more conservative in terms of portfolio positioning and will also be holding more cash.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 September 2025)
1. iFAST
2. Sing Investment & Finance
3. Hotel Properties
4. Hong Leong Asia
5. Singapore Land Group
6. Hong Leong Finance
7. The Hour Glass
8. Hong Fok
9. Bonvests
10. Sembcorp Industries
11. Stamford Land
12. UOL
13. Far East Orchard
14. Wing Tai
15. LHT
16. SGX
17. Jardine C&C
18. DBS
19. UOB Kay Hian
20. PM Data
21. Multi-Chem
22. Bukit Sembawang Estates
23. Haw Par
24. SingTel
25. Metro Holdings
26. F&N
27. Global Testing
28. Hotel Grand Central
29. Singapura Finance
30. Samudera Shipping
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. Tan Chong International
2. Shangri-La Asia
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 6:06 PM
7 Comments:
Dear Mr. Chua,
I would love to hear your reasoning for buying Jardine C&C. Also, what is your thoughts on their recent purchase of an Indonesian gold mine via to their subsidiaries. Thank you.
Hi Jamesbond007,
Jardine C&C, besides its direct motor business, is really a conglomerate. With various interests in businesses, you can see them as an asset allocator. So, they would buy stakes in companies and then hold them for long term. Therefore, you must trust the management to deploy their capital into decent businesses and then watch them over the long term. I think they have done ok with those businesses. As for the gold mine, I haven't look into it in details so I would reserve my comments. I would normally watch how their business perform over the mid to long term after they have acquired them to see whether it make sense or not.
As for my reasons for buying Jardine C&C, it had been one of my long term core holdings. Therefore, I would just add onto it whenever I felt that it make sense.
Hi GH, can give some insights on the high debt that aspial has ?
Hi bamboo,
Those debt will be progressively paid down from the proceeds received from Australia 108 project. Also, they have put up 15 East Village retail units for sale in the market. With time, I think their gearing will come down.
Thanks GH !
Hi GHChua,
Can you share the rationale behind the purchase of Venture even though the price is going up? Is it for dividend?
And what is your view on Bund Center after a 57% profit drop?
Thank you
JTK
Hi JTK,
Venture had been generating decent cash flow and the balance sheet is quite strong with a decent amount of cash. Yes, they do pay a decent yield too. Share price is a function of the market, so as long as the valuation is ok, I don't see share price going up stopping me from buying a stock that I like.
For Bund Center, it is really an asset play with decent amount of cash in their balance sheet with minimal debt. I don't see profit drop as a big issue for an asset play stock as I am buying for its assets and not really earnings growth.
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