Friday, April 29, 2022

My Investment Portfolio (April 2022)

It was another volatile month for STI. The usual worries like raising inflation, interest rate hike, war in Ukraine etc continues to drag the markets down. STI closed below 3400 points at around 3356 points for the month.

For my top 30 holdings this month, iFAST lost its top spot in my portfolio as their 1Q2022 results missed analysts' expectations. GK Goh was another major drag as the stock went ex-dividend. Frencken was another big drag, with the stock being sold off. Samudera Shipping and Jardine C&C were the major winners, with the latter benefiting from Astra's good performance.

I have bought the following companies from the market this month - AF Global, Amara, AP Oil, Bonvests, Bund Center, Chemical Industries, Frasers Property, Goodland, Heeton, HL Global, Hong Leong Asia, Hotel Royal, Indofood Agri, Khong Guan, Koh Brothers, KSH, Metro, OUE Lippo Heathcare, Trendlines and Yeo Hiap Seng. I have also reduced my stake in ESR-REIT.

I have participated in the following scrip dividend scheme - Jardine Matheson. My units in ARA Logos had also been acquired via Scheme of Arrangement.

With upcoming dividend payouts from companies holding their AGMs this month, I will slowly plan to redeploy them back into the markets prudently going forward. As markets are still quite volatile, I might be deploying them much slower than usual. Therefore, some cash drag will be expected, as I seek to navigate these uncertain times.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 April 2022)

Top 30 Holdings (Sing$ Denominated shares)
1. The Hour Glass
2. iFAST
3. Hong Fok
4. Global Testing
5. Hong Leong Finance
6. GK Goh
7. Samudera Shipping
8. Metro Holdings
9. Hotel Properties
10. Sing Investment & Finance
11. PM Data
12. Bonvests
13. Jardine C&C
14. Hotel Grand Central
15. Yeo Hiap Seng
16. Stamford Land
17. Far East Orchard
18. EnGro
19. Hiap Hoe
20. Singapura Finance
21. Bukit Sembawang Estates
22. CapitaLand Integrated Commercial Trust
23. Haw Par
24. LHT
25. A-REIT
26. Hotel Royal
27. Tat Seng
28. Amara
29. Frencken
30. UOL

Top 5 Holdings (US$ Denominated shares)
1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson
4. Dairy Farm
5. Tianjin Zhongxin Pharmaceutical

Top Holdings (HK$ Denominated shares)
1. Tan Chong International
2. Shangri-La Asia

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF
2. CapitaLand Integrated Commercial Trust
4. Keppel Corp
5. Challenger

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. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
9. FerroChina - Under Liquidation
10. FirstLink Investments
11. NEL Group
12. Jets Technics
13. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
14. Hongwei Technologies Limited (In Provisional Liquidation)
15. FDS Networks Group
16. Aussino Group - In Liquidation - Creditors' voluntary winding up
17. China Oilfield Technology
18. China Milk Products Group - Under Liquidation
19. Pacific Healthcare
20. Eratat Lifestyle - In Liquidation
21. Fung Choi Media - In Liquidation
22. DMX Technologies - In Liquidation
23. Europtronic Group
24. China Sun Bio-chem Technology
25. Attilan Group
26. Transcorp
27. Koon Holdings  - Under Liquidation



Blogger Janeo said...

Hi GH, do u mind sharing ur rationale on purchasing Bonvests and Bund Center?

7:24 PM  
Blogger Unknown said...

Hi GH, do you still see value in Amara & AF Global? If so, do you think their NAV gives good protection? Can you kindly share your investment thesis in both of them? Which is a better buy in your opinion?

Also, I would like to ask you the same for Sinarmas Land (if you have a position in them)

Many Thanks.

9:11 PM  
Blogger ghchua said...

Hi Janeo,

I think with regards to both stocks, they are undervalued based on RNAV basis. As you can see, both are holding assets like offices and hotels etc, which are cheap as compared to its market value.

Hi Unknown,

I think both Amara and AF Global are cheap based on RNAV basis. Amara is more of a operator as they are holding onto hotels, offices and malls. AF Global is one that might be looking at unlocking value from their assets, therefore we have to be patient.

I do have Sinarmas Land and they are more of a developer mainly in Indonesia with huge land bank. Obviously, the risk is much higher and therefore they are trading at a larger discount than most other Singapore property developers.

9:39 PM  
Blogger Elizabeth said...

Hi Mr Chua,
Please can U share why U had reduced your stake in ESR-REIT?

thanks & warm regards, Elizabeth

11:47 PM  
Blogger ghchua said...

Hi Elizabeth,

Those ESR-REIT units were from ARA Logos scheme of arrangement and some from ESR-REIT preferential offer last year. As you might have known, ESR-REIT used units and cash to merge with ARA Logos to form ESR Logos REIT.

It is not my intention to hold more ESR-REIT than what I have before the above events. Therefore, I have decided to reduce my position back to my original stake.

1:17 AM  
Blogger Elizabeth said...

Noted with much thanks
Thanks for sharing
warm regards, Elizabeth

10:27 PM  
Blogger Janeo said...

Hi GH, did u by any chance attend and took notes during Tye Soon's agm?

5:48 PM  
Blogger ghchua said...

Hi Janeo,

Unfortunately, no.

6:11 PM  
Blogger Unknown said...

Hi Mr Chua, may i know what is your view on the sph reit mandatory offer? Thanks.

4:33 AM  
Blogger ghchua said...

Hi Unknown,

I don't hold SPH Reit and therefore I might not be able to give you a good view. But normally for mandatory offers, the offer price won't be good as the offeror makes the offer to satisfy takeover code only. For this case, it is a chain offer as SPH holds SPH Reit. Therefore, on surface, it looks like a low ball offer to me.

6:24 AM  
Blogger Unknown said...

Hi Mr Chua, thanks for your input.

6:41 AM  

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A self-directed investor, looking to invest for retirement needs and bypass all those expensive financial planners/insurance agents. Investing is fun, profitable or most important of all, knowledge gained is useful for the rest of your life!

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