My Investment Portfolio (May 2026)

STI ended May at 5037 points, up around 2.5% for the month. The Middle East situation had continue to drag on this month, with stalemate between the parties involved though a peace deal is said to be close to being signed. In US, CPI numbers increased as compared to previous month. Markets had also been focused on trade talks between China and US. Meanwhile, Artificial Intelligence (AI) and semiconductor rallies continue across the board. Volatility in the markets had reduced as compared to last month.

For my top 30 holdings this month, most in the list did well, tracking the market upwards. Hiap Hoe, Singapura Finance and Yeo Hiap Seng returned to the list, replacing Samudera Shipping, LHT and GuocoLand. Main contributors include Hong Leong Asia, The Hour Glass, Frencken, DBS, PM Data, ST Engineering and Bukit Sembawang Estates. Detractors include Singapore Land Group, Hong Leong Finance, UOL, Koh Brothers, Tat Seng, Jardine C&C and Haw Par.

I have bought the following companies from the market this month - Anchun, AnnAik, AP Oil, Asia Enterprises, Baker Tech, Bund Center, Captii, ComfortDelgro, Delfi, EnGro, F&N, Far East Orchard, Golden Agri, Ho Bee Land, Hock Lian Seng, Hong Fok, Hong Leong Finance, Indofood Agri, Intraco, IPC Corp, Jardine C&C, Jardine Matheson, Karin, Metro, MTQ, MYP, Noel Gifts, OUE, OUE Healthcare, Overseas Education, PNE Industries, Raffles Medical, Shopper360, Singapore Shipping, Singapura Finance, Stamford Tyres, Straco, Straits Trading, Tuan Sing, Tye Soon, Union Steel, Vibrant Group, Vicplas, Wing Tai and Yeo Hiap Seng. I have also reduced my stake in MDR Limited (warrants). 

I have participated in the following preferential offer/rights issue - MDR Limited.

I have also participated in the following scrip dividend schemes - AIMS APAC Reit, CSE Global, Global Investments, Tuan Sing, UOA and Yeo Hiap Seng.

Next month will be expected to be another quiet month, with the football FIFA World Cup ongoing and the mid-year school holidays. As usual, with the dividends received from this month, I will continue to invest prudently back into the markets. With many headwinds ahead despite lower volatility in the markets, my focus will still be on seeking value while limiting growth.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 May 2026)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hong Leong Asia

3. Hong Fok

4. UOB Kay Hian

5. Singapore Land Group

6. Sing Investment & Finance

7. The Hour Glass

8. Frencken

9. Hong Leong Finance

10. UOL

11. Hotel Properties

12. SGX

13. Wing Tai

14. Bonvests

15. Koh Brothers

16. DBS

17. Sembcorp Industries

18. Stamford Land

19. PM Data

20. ST Engineering

21. Jardine C&C

22. Bukit Sembawang Estates

23. Far East Orchard

24. Tat Seng

25. Multi-Chem

26. Hotel Grand Central

27. Hiap Hoe

28. Haw Par

29. Singapura Finance

30. Yeo Hiap Seng

Top Holdings (US$ Denominated shares)

1. Hongkong Land
2. Jardine Matheson

3. TZ Da Ren Tang
4. 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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
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. Equatoriale Holdings  

21. China Haida

22. Chaswood Resources

My Investment Portfolio (April 2026)

STI ended April at 4912 points, up around 0.5% for the month. The conflict in Middle East and oil price had again been in the spotlight this month, triggered by ceasefire agreement, blockade of the key Strait of Hormuz and talks on ending the war. Volatility in the markets had decreased though as compared to last month.

I have attended the following physical AGMs/EGMs/briefing this month - Far East Orchard, Seatrium, TIH and Hotel Grand Central.

For my top 30 holdings this month, most in the list did well, tracking the market upwards. Koh Brothers is a new entry while Frencken and Samudera Shipping returned to the list, replacing SingTel, SBS Transit and Singapura Finance. Main contributors include UOB Kay Hian, Hong Fok, Tat Seng and Far East Orchard. Detractors include Wing Tai and Jardine C&C.

I have bought the following companies from the market this month - Anchun, AvePoint, Avi-Tech, Baker Tech, Brook Crompton, Captii, CDW, CFM, Credit Bureau Asia, ES Group, F&N, Far East Orchard, Federal International, Frasers Property, GP Industries, Heeton, Hiap Tong, Ho Bee Land, Hock Lian Seng, Hong Fok, Hong Leong Finance, Hosen, Hotel Grand Central, Hotung, Indofood Agri, Jardine C&C, Jardine Matheson, Karin, Koh Brothers, Mewah, MTQ, New Toyo, Noel Gifts, OUE, Overseas Education, PNE Industries, Qian Hu, Riverstone, Singapore Land Group, Singapore Shipping, Straco, Straits Trading, Tan Chong International, Tuan Sing, Tye Soon, Union Steel, Vibrant Group, Wing Tai and Yeo Hiap Seng. No sale trade was done.

I have participated in the following preferential offer/rights issue - CapitaLand Ascendas REIT.

I have participated in the following scrip dividend scheme - Jardine Matheson.

My stake in AF Global had also been acquired via Scheme of Arrangement.

Next month, companies with financial year ending 31 December 2025 will be mostly paying out their final dividends after holding their AGMs in April. With Middle East concerns, markets are expected to remain volatile going forward. As usual, I will re-invest those dividends back into the market prudently, while spreading my purchases to minimize risk. 

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 April 2026)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Singapore Land Group

3. UOB Kay Hian

4. Hong Fok

5. Sing Investment & Finance

6. Hong Leong Asia

7. Hong Leong Finance

8. UOL

9. The Hour Glass

10. Koh Brothers

11. Tat Seng

12. Hotel Properties

13. SGX

14. Wing Tai

15. Frencken

16. Bonvests

17. Sembcorp Industries
18. LHT

19. Jardine C&C

20. Stamford Land

21. Far East Orchard

22. DBS

23. Haw Par

24. Hotel Grand Central

25. PM Data

26. Multi-Chem

27. Bukit Sembawang Estates

28. Samudera Shipping

29. ST Engineering

30. GuocoLand

Top Holdings (US$ Denominated shares)

1. Hongkong Land
2. Jardine Matheson

3. TZ Da Ren Tang
4. 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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. SingTel

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. Equatoriale Holdings  

21. China Haida

22. Chaswood Resources

My Investment Portfolio (March 2026)

STI ended first quarter of the year at 4885 points, down around 2.2% for the month. The conflict in Middle East had been in the spotlight this month, triggered by an attack on Iran resulting in surge in oil price. Disappointing job data in US also added to the pressure on the markets as risk of stagflation increased. Meanwhile, US Fed holds interest rate as expectation on rate cuts decreased. Volatility in the markets had increased further as the Middle East conflict had been more prolonged than initially expected.

For my top 30 holdings this month, most holdings tracked the market down as they reacted to the conflict in Middle East. Tat Seng, Hotel Grand Central and Singapura Finance returned to the list, replacing Hiap Hoe, Samudera Shipping and Frencken. Main contributors include UOB Kay Hian, Hong Fok, SGX, Sembcorp Industries and ST Engineering. Detractors include Hotel Properties, UOL, Stamford Land, Bukit Sembawang Estates, Far East Orchard and GuocoLand.

I have bought the following companies from the market this month - ABR, Anchun, AP Oil, AvePoint, Baker Tech, Bonvests, Brook Crompton, Bund Center, Captii, Chemical Industries, ComfortDelgro, Credit Bureau Asia, EnGro, F&N, Far East Orchard, First Sponsor, Frasers Property, Global Testing, GP Industries, Hiap Tong, Ho Bee Land, Hock Lian Seng, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotel Royal, Hotung, Indofood Agri, Intraco, IPC Corp, Jardine C&C, Karin, Metro, Mewah, New Toyo, OUE, OUE Healthcare, Overseas Education, Pan Hong, PNE Industries, Qian Hu, Raffles Medical, Singapore Land Group, SingPost, Singapura Finance, Stamford Tyres, Straco, Straits Trading, Tan Chong International, TIH, Tuan Sing, Union Steel, UOA, Yanlord, Yeo Hiap Seng and YHI. No sale trade was done.

I have participated in the following scrip dividend scheme - Raffles Education.

Next month, companies with financial year ending 31 December 2025 will be conducting their AGMs. I have increased my pace of purchases this month due to market selloff. However, I still maintain a defensive stance for my portfolio construction and hold a decent amount of cash in anticipation of more volatility going forward.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 March 2026)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Singapore Land Group

3. Hong Leong Asia

4. Sing Investment & Finance

5. Hong Fok

6. Hong Leong Finance

7. UOB Kay Hian

8. The Hour Glass

9. UOL

10. Hotel Properties

11. Wing Tai

12. Jardine C&C

13. SGX

14. Sembcorp Industries

15. Bonvests

16. LHT

17. Stamford Land

18. Tat Seng

19. SingTel

20. DBS

21. Haw Par

22. ST Engineering

23. SBS Transit

24. Bukit Sembawang Estates

25. Hotel Grand Central

26. PM Data

27. GuocoLand

28. Far East Orchard

29. Multi-Chem

30. Singapura Finance

Top Holdings (US$ Denominated shares)

1. Hongkong Land
2. Jardine Matheson

3. TZ Da Ren Tang
4. 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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. SingTel

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. Equatoriale Holdings  

21. China Haida

22. Chaswood Resources

My Investment Portfolio (February 2026)

STI ended a shorter February trading month at 4995 points, up around 1.8% for the month. In US, potential appointment of new US Fed chief had been announced. This had resulted in weakness in gold and strength in USD. Tech stocks were also sold down earlier in the month, due to worries on AI spending by companies. Election results in Japan and Thailand were also in the news. In Singapore, Budget 2026 had been in focus as well, particularly to those measures that affected the equities market. Towards the end of the month, US-Iran tensions and new US tariff rate added to the uncertainty. Volatility in the markets had continued to increase since the start of the year.

I have attended the following physical AGMs/EGMs/briefing this month - Delfi.

For my top 30 holdings this month, there were some major changes as our market react to result announcements from companies. Hiap Hoe, SBS Transit, Frencken, Multi-Chem and ST Engineering returned to the list, replacing Global Testing, Lum Chang, Hotel Grand Central, Straits Trading and F&N. Main contributors include The Hour Glass, Jardine C&C, SGX, LHT and SingTel. Detractors include iFAST, Hong Leong Finance, Bonvests, DBS and Bukit Sembawang Estates.

I have bought the following companies from the market this month - AnnAik, AvePoint, Avi-Tech, Baker Tech, Bonvests, Bund Center, Credit Bureau Asia, F&N, Far East Orchard, First Sponsor, Frasers Property, Global Investments, Global Testing, Golden Agri, Heeton, Hiap Tong, Hock Lian Seng, Hong Leong Finance, Hotel Grand Central, Hotel Royal, Hotung, Indofood Agri, Jardine C&C, Karin, Khong Guan, Metro, MTQ, MYP, New Toyo, OUE, Overseas Education, Pollux, PSC Corp, Qian Hu, Raffles Medical, Singapore Shipping, Straco, Sunright, TIH, UOA and Yeo Hiap Seng. No sale trade was done.

I have participated in the following scrip dividend scheme - Starhill Global REIT.

I have accepted the following voluntary delisting/cash offer this month - Low Keng Huat.

My stake in Spindex had also been acquired via Scheme of Arrangement.

Next month will be another quiet one with not much corporate activities as investors digest those full-year results from companies with financial year ending 31 December 2024. I will continue to go through some of those result announcements that I have missed out in February. With STI breaking 5000 points this month, I will continue to be more defensive in my portfolio positioning and also hold more cash going forward.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 27 February 2026)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hong Leong Asia

3. Singapore Land Group

4. Sing Investment & Finance

5. UOL

6. The Hour Glass

7. Hotel Properties

8. Hong Leong Finance

9. Hong Fok

10. Wing Tai

11. UOB Kay Hian

12. Jardine C&C

13. Stamford Land

14. Bonvests

15. GuocoLand

16. Bukit Sembawang Estates

17. SGX

18. LHT

19. SingTel

20. Far East Orchard

21. Sembcorp Industries

22. DBS

23. Haw Par

24. Hiap Hoe

25. PM Data

26. SBS Transit

27. Samudera Shipping

28. Frencken

29. Multi-Chem

30. ST Engineering

Top Holdings (US$ Denominated shares)

1. Hongkong Land
2. Jardine Matheson

3. TZ Da Ren Tang
4. 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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. SingTel

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. Equatoriale Holdings  

21. China Haida

22. Chaswood Resources

My Investment Portfolio (January 2026)

STI ended the first month of the year at 4905 points, up more than 5.5% for the month. In US, focus initially had been on developments in Venezuela, Greenland and Iran. Also, new tariff issues re-surfaced. Precious metals including gold and silver rallied on geopolitical uncertainties plus USD weakness. Meanwhile, US Fed holds interest rate steady.

For my top 30 holdings this month, most stocks tracked the market upwards. Lum Chang is a new entry while Global Testing and Straits Trading returned to the list, replacing Multi-Chem, Yeo Hiap Seng and Singapura Finance. Main contributors include iFAST, Hong Leong Asia, UOL, Wing Tai, UOB Kay Hian, Bukit Sembawang Estates and GuocoLand. Detractors include Stamford Land, Jardine C&C, Samudera Shipping and LHT.

I have bought the following companies from the market this month - ABR, Alliance HC, Asia Enterprises, AvePoint, Avi-Tech, Bonvests, Brook Crompton, Bund Center, CFM, Chemical Industries, Credit Bureau Asia, Delfi, Digilife Tech, F&N, Far East Orchard, First Sponsor, Global Investments, GP Industries, GRP, Hiap Hoe, Hock Lian Seng, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, Karin, Metro, MindChamps, MTQ, New Toyo, Nippecraft, OUE, Overseas Education, PNE Industries, PSC Corp, Raffles Medical, Singapore Land Group, SingPost, Singapore Shipping, Singapura Finance, Stamford Tyres, Straco, Straits Trading, Sunright, TIH, Tye Soon, UOA, Yeo Hiap Seng and YHI. No sale trade was done.

My stake in Mandarin Oriental had been acquired via Scheme of Arrangement.

Next month, most companies with financial year ending 31 December 2025 will be announcing their full-year results. As usual, I will go through some of those result announcements. I have slowed down my purchases this month as markets continued to run up and hit new highs. With more volatility, uncertainty and headwinds expected ahead, stock selection becomes more crucial as one attempts to navigate the markets in the Year of the Fire Horse. Gong Xi Fa Cai!

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 January 2026)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hong Leong Asia

3. Sing Investment & Finance

4. Singapore Land Group

5. Hong Leong Finance

6. UOL

7. Hotel Properties

8. Hong Fok

9. The Hour Glass

10. UOB Kay Hian

11. Wing Tai

12. Bonvests

13. Stamford Land

14. Bukit Sembawang Estates

15. GuocoLand

16. DBS

17. Far East Orchard

18. Jardine C&C

19. Sembcorp Industries

20. SGX

21. Haw Par

22. PM Data

23. Samudera Shipping

24. LHT

25. Global Testing

26. SingTel

27. Lum Chang

28. Hotel Grand Central

29. Straits Trading

30. F&N

Top Holdings (US$ Denominated shares)

1. Hongkong Land
2. Jardine Matheson

3. TZ Da Ren Tang
4. 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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Nam Lee

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. Equatoriale Holdings  

21. China Haida

22. Chaswood Resources

My Investment Portfolio (December 2025)

STI ended the year at 4646 points, up more than 2.5% for the month and up more than 22% for the year. In US, focus initially had been on private jobs report and the case for interest rate cut. Eventually, US Fed delivered a third consecutive round of rate cut for the year. Otherwise, it had been a quiet month with not much news flow.

I have attended the following physical AGMs/EGMs/briefing this month - Spindex.

For my top 30 holdings this month, most stocks tracked the market upwards. Samudera Shipping and GuocoLand returned to the list, replacing EnGro and Metro Holdings. Main contributors include iFAST, Singapore Land Group, Hong Leong Asia, UOL, Bukit Sembawang Estates and UOB Kay Hian. Detractors include Hotel Properties, Jardine C&C, Sembcorp Industries and SingTel.

I have bought the following companies from the market this month - A-Sonic, AnnAik, AP Oil, Aspial Corp, Baker Tech, Bonvests, Brook Crompton, Bund Center, Chemical Industries, ComfortDelgro, Credit Bureau Asia, Delfi, EnGro, F&N, Far East Orchard, Federal International, First Sponsor, Heeton, Hiap Hoe, Hock Lian Seng, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, IPC Corp, Karin, Koh Brothers, Metro, Mewah, MindChamps, OUE, OUE Healthcare, PNE Industries, PSC Corp, Shangri-La Asia, Sing Holdings, Sing Investment & Finance, Singapura Finance, Stamford Tyres, Straits Trading, Sunright, TIH, Tuan Sing, Tye Soon, Union Steel, UOA, Wing Tai, Wong Fong, Yeo Hiap Seng and YHI. No sale trade was done.

I have participated in the following preferential offer/rights issues - Keppel REIT and Lippo Malls Indonesia Retail Trust.

STI ended another year on a positive note despite another year of volatility. I will still be staying invested going into the new year, but will be holding onto some cash as markets again reached new highs during the year. As usual, I will continue to work on my stock selection and portfolio management. As for physical AGMs/EGMs, I have further reduced my attendance this year to more selected ones but will still be attending some next year. I look forward to meeting some of you out there again at AGMs/EGMs next year.

Wishing all my readers out there an amazing 2026. Happy New Year!

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 December 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Sing Investment & Finance

3. Singapore Land Group

4. Hong Leong Finance

5. Hotel Properties

6. The Hour Glass

7. Hong Fok

8. Hong Leong Asia

9. Stamford Land

10. UOL

11. Bonvests

12. Jardine C&C

13. Samudera Shipping

14. Wing Tai

15. Sembcorp Industries

16. DBS

17. Bukit Sembawang Estates

18. Far East Orchard

19. UOB Kay Hian

20. LHT

21. SGX

22. PM Data

23. Haw Par

24. SingTel

25. Multi-Chem

26. Hotel Grand Central

27. Yeo Hiap Seng

28. GuocoLand

29. F&N

30. Singapura Finance

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. SingTel

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. Equatoriale Holdings  

21. China Haida

22. Chaswood Resources

My Investment Portfolio (November 2025)

STI ended November at 4523 points, up more than 2% for the month. In US, focus initially had been on ending the government shutdown. Lack of US government data due to shutdown also increased volatility in the markets, due to uncertainty on US Fed rate decision in December and also economic indicators. Meanwhile, concerns over the valuation of AI related companies also surfaced during the month. Towards the later part of the month, tensions between China and Japan also added to market uncertainty but it recovered some lost ground due to expectation of a US interest rate cut in December.

I have attended the following physical AGMs/EGMs/briefing this month - IPC Corp.

For my top 30 holdings this month, there were mixed performances among them. EnGro and Singapura Finance returned to the list, replacing GuocoLand and Samudera Shipping. Main contributors include The Hour Glass, UOL, Jardine C&C, SingTel and Haw Par. Detractors include iFAST, Hong Leong Asia, Sembcorp Industries and Metro Holdings.

I have bought the following companies from the market this month - ABR, AnnAik, Avi-Tech, Baker Tech, Bonvests, Brook Crompton, Bund Center, ComfortDelgro, F&N, Far East Orchard, First Sponsor, Frasers Property, Golden Agri, Heeton, Hiap Hoe, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, Karin, Koh Brothers, MindChamps, New Toyo, Overseas Education, PNE Industries, Pollux, Raffles Medical, Shopper360, Sing Investment & Finance, Singapore Land Group, Singapore Shipping, Straco, Straits Trading, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.

The year is coming to an end with only one month to go. With many investors going on holidays in December, I expect next month will be a more quiet one with lower trading volume. It is also a good time to take stock, do a review of the year and plan ahead for the challenges expected in 2026.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 28 November 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Sing Investment & Finance

3. Hotel Properties

4. Singapore Land Group

5. Hong Leong Finance

6. The Hour Glass

7. Hong Fok

8. Stamford Land

9. Jardine C&C

10. Hong Leong Asia

11. Bonvests

12. UOL

13. Sembcorp Industries

14. Wing Tai

15. Far East Orchard

16. SingTel

17. LHT

18. DBS

19. SGX

20. Haw Par

21. UOB Kay Hian

22. PM Data

23. Multi-Chem

24. Bukit Sembawang Estates

25. Yeo Hiap Seng

26. Hotel Grand Central

27. F&N

28. Metro Holdings

29. EnGro

30. Singapura Finance

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. SingTel

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