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Friday, December 30, 2022

My Investment Portfolio (December 2022)

STI ended December and the year at 3251 points, advancing around 4% for the whole year as compared to 2021. Markets initially cheered on China's easing of Covid-19 measures early in the month. But recessionary concerns and rate hike fears limited the upside.

For my top 30 holdings this month, Hotel Properties did well after announcing disposal of commercial units at Ming Arcade via collective sale. Some of the stocks in the Top 5 Holdings (US$ Denominated shares) list like Mandarin Oriental, Hongkong Land, Jardine Matheson and DFI Retail Group also did well due to Hong Kong and China reopening. Sembcorp Industries also made it to the list after benefiting from higher energy prices this year due to inflation and its strategy to reduce carbon footprint and improve gearing. Among the laggards, Samudera Shipping was again sold off due to weaker container shipping rates. 

I have bought the following companies from the market this month - AF Global, Amara, Bonvests, Bund Center, Chuan Hup, City Developments, ComfortDelgro, Credit Bureau Asia, EnGro, F&N, Frasers Property, GK Goh, Global Dragon, Heeton, Hong Leong Asia, Hong Leong Finance, Hotel Grand Central, IPC, Koh Brothers, Lum Chang, Metro, OUE, Sinarmas Land, Sing Investment & Finance, Singapore Land Group, Singapura Finance, Stamford Land, Tuan Sing, Wing Tai and Yeo Hiap Seng. No sale trade was done.

I have participated in the following preferential offer/rights issue - CSE Global.

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

It had been an eventful and volatile year. Having said that, I continue to stay focused on my portfolio and mostly invested in value plays. Also, I have resisted on adding new stocks into my portfolio and there were fewer new additions this year. Still, my portfolio suffered some major drawdown during some period of the year where there had been widespread selloffs. Again, having zero leverage on the portfolio helps, as I have not been forced to sell off any stock in my portfolio to meet margin calls. I will continue to maintain zero gearing for my portfolio going forward.

Next year is expected to be another tough year for investors, as interest rate is expected to be higher for longer. However, there will always be opportunities in the markets. I will continue to seek value, while looking out for growth stocks that offer decent valuation. 

Wishing all my readers out there a profitable Year 2023. Happy New Year!

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 December 2022)

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

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. Keppel Corp
3. CapitaLand Integrated Commercial Trust
4. CapitaLand Ascendas REIT
5. Best World

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

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10 Comments:

Blogger 1 said...

Hi Mr chua
Can have ur current thoughts on cdg?? Seems to have broken all lvs of support. Bad news pounding it one after another. Seems the company is going nowhere as new ceo steps in (another scholar from saf like sph). Is this a losing investment like sph? Does ur thesis on cdg still stand? Tyvm.

11:10 AM  
Blogger ghchua said...

Hi 1,

Yes. It had indeed been very disappointing that ComfortDelgro is underperforming. My initial thesis is that it was a reopening play, with recovery in Singapore ridership and they do have a strong balance sheet and a net cash position.

However, it seems that their overseas investments had been a big drag. Efforts to unlock value from those investments had also been unsuccessful so far. This plus the weakening of the currencies in those countries that they are operating in might affect their numbers. However, I still expect a decent set of full-year results and dividend payout.

Do also note that ComfortDelgro is also a heavily targeted stock by short sellers. This had been the case since they had been dropped from STI index due to lower market cap. I think the selling pressure will still persist, at least in the short term.

8:03 PM  
Blogger Unknown said...

Hi Mr Chua, may i know will you be accepting the offer for chip eng seng? Thank you.

9:17 PM  
Blogger ghchua said...

Hi Unknown,

I am still holding onto my Chip Eng Seng shares currently. However, I intend to accept the offer if the acceptance rate goes near to 90%. Because it means that they will be near to compulsory acquisition and there is no point holding on as the company will be delisted very soon.

2:05 AM  
Blogger Elizabeth said...

Hi, Mr Chua
Please Can you advise what we should do with Second Chance's warrants - W230308?
thanks very much
Elizabeth ng

6:25 AM  
Blogger ghchua said...

Hi Elizabeth,

The warrant exercise price is 25c, so you should only exercise them and convert to shares when the share price is trading higher than 25c.

Given that the current share price of Second Chance is around 25cts (cum dividend), after ex-dividend, the share price is likely to be around 24cts.

Therefore, it doesn't make sense to convert those warrants at all. Hence, no action should be taken. They are likely to expire worthless.

7:18 AM  
Blogger Elizabeth said...

Thanks very much, Mr Chua
greatly appreciate your advice

6:30 PM  
Blogger Jamesbond007 said...

Hi Mr.Chua,
On Isetan, how do you see a long-term investor benefiting from it if the company's performances continue as its past years, with its retained earnings somewhat wiped off. Apart from this, its dividend payouts and profitability are somewhat miserable. Also, the company has not been able to find a buyer for lease-decaying Wisma Atria property. Would appreciate your views. Thank you.

8:35 PM  
Blogger ghchua said...

Hi Jamesbond007,

With the return of tourism and easing of pandemic measures, I think they will do ok for their retail biz. For investment property like Wisma Atria, rental had actually gone up. For prime area properties like in Orchard, they should hold their value well even if the lease is decaying. The lease has still around 39 years to go, and they have time to sell the property.

The past few years had been tough for retail biz like Isetan due to Covid-19. But the company has no debt and they are not in a hurry to dispose their investment properties.

I guess for a value stock like Isetan Singapore, I am not buying it for dividend yield. If you want yield, you should buy a REIT. A value stock can sometimes do nothing for many years, but when the catalyst arrived, it will more than return for your holding cost after many years. We just need to be patient.

10:10 PM  
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1:57 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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