Monday, October 31, 2022

My Investment Portfolio (October 2022)

STI ended October 2022 at around 3093 points, down a bit as compared to last month. It had been a volatile month for STI, with the index dropping below 3000 points during the month. However, it bounced back towards the end of the month. As usual, inflation and rate hike concerns continued to weigh on the markets. Also, with expectation of global economic downturn coming, investors had started to sold down stocks based on earnings projection. The China situation added into market concerns as well, as slowing growth plus zero Covid policy had dampened investor interest.

I have attended the following physical AGMs/EGMs/briefing this month - SGX, Pacific Century, Micro-Mechanics, Santak, Lum Chang, Lion AsiaPac and Sakae.

For my top 30 holdings this month, Samudera Shipping did well as they released a set of positive profit guidance. DBS returned to the list as the banks are expected to report better results due to higher interest rate environment. Hotel Royal dropped out of the list as investors sold down the stock after it announced a rights issue.

I have bought the following companies from the market this month - Amara, AP Oil, Asia Enterprises, Bund Center, Chuan Hup, ComfortDelgro, Delfi, F&N, Far East Orchard, Frasers Property, Global Investments, Hong Leong Asia, Hong Leong Finance, Hongkong Land, Hotel Grand Central, Hotel Royal, IHH, Indofood Agri, Innotek, Isetan, Kingsmen, Koh Brothers, Low Keng Huat, Mandarin Oriental, Metro, Nam Lee, Ossia, OUE, Overseas Education, Sakae, SBS Transit, Singapore Land Group, SingTel, Trendlines, Tuan Sing, XMH, Yanlord and Yeo Hiap Seng. I have also reduced my stake in Ocean Sky.

Next month will be a quiet month for me. With only two months of the year left, it might be a good time to stay low and do some reflections before the year ended. Hopefully, the prospects for 2023 will be better.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 October 2022)

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

Top 5 Holdings (US$ Denominated shares)
1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson
4. DFI Retail Group
5. TZ Da Ren Tang

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
28. Equatoriale Holdings
29. China Haida



Blogger Unknown said...

Good day, Mr Chua

Congratulation on your Samudera holding, notably bought in June and Sept 2020. This has turned to be a multibagger. Samudera has reached a peak of S$1.27 in Aug 2022. It has became your No 4 in your Top 30 holdings in July/Aug 2022.

I have some Samudera shares, am at dilemma about a rightful exit given its cyclical nature. it has been a good ride, a shipping super-cycle that happened once every 60 years. I have difficulty accepting that $1.27 is the all time high (the ceiling) for the next 60 years.

Please share with me your thought on your initial acquisition rationale and what would be your likely exit consideration. Thanks in advance.

Best regards, VB-Yoyo

8:20 PM  
Blogger ghchua said...

Hi Yoyo,

Nice to hear from you here.

I think my initial rationale for purchasing Samudera was really because it was trading below book value, conservatively financed and they also have investment properties valued at cost in their books. Most importantly, they paid dividends almost every year for the past 20 years. That was really about it. I do not attempt to predict market or shipping cycles.

Yes, some stocks are cyclical, but I normally let them run on its own, unless they broke my allocation limit for a single stock in my portfolio. Thereafter, I will do a review and see whether I have to reduce my exposure to it. So, my exit consideration might not be full exit, but rather a partial one to reduce my exposure.

So far, Samudera had not broken my allocation limit for a single stock. Therefore, I have no intention to make any changes to it. I will also not be adding onto it as it is no longer cheap.

9:49 PM  
Blogger Unknown said...

Hi Mr Chua,

May I ask your thoughts on both Delfi and F&N?

For F&N, are you buying because they are trading under book or do you perhaps have any insights in their underlying businesses?

8:52 PM  
Blogger ghchua said...

Hi Unknown,

For Delfi, I think it is a decent company, riding on Indonesia growth story with their strong brands and also agency networks. Valuation wise, it is not expensive and it is also a dividend paying stock. The company is also not shy to pay higher dividends in line with higher profits throughout the years.

For F&N, yes, it is trading below book but it is also a dividend paying stock. With 5c dividend declared this FY, one is looking at around 4%pa yield. I don't have further insights on them except from their reported results. Dairies segment is still their largest profit contributor, while Printing & Publishing continues to be a drag.

11:58 PM  
Blogger JTK said...

Hi GHChua,

Can you share your view on Frasers Property which debt seems quite high?
The Global Investments share price keeps dropping although there are several share buybacks recently. What is the rationale behind your purchase?

Thank you

8:01 PM  
Blogger ghchua said...


Frasers Property is trading way below its NAV of $2.64. As to your concern on gearing, they had manage to reduce some lately. It is still within their target level, considering that they have a big portfolio of investment properties which generate recurring income. They have also increased their final dividend from 2c to 3c per share, reflecting their confidence in cash flow of the company.

Global Investments is trading at more than 20% discount below its last reported NAV of 16.63c per share as at 30 September 2022. The drop in share price might be due to the drop in value of those financial assets that they are holding, since global markets had corrected this year and credit spreads had widened. However, the company is debt free and they mainly invested in Bank Co Cos, listed equities and bonds. Therefore, though market price dropped, I don't see any big default risk in their portfolio.

Both companies are bought because of their decent valuation.

9:24 PM  

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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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