My Investment Portfolio (August 2024)
STI ended August at around 3442 points, down less than 0.5% as compared to last month. Markets corrected during early part of the month due to a combination of factors - fear of US economic recession, Japan's rate hike, unwinding of the carry-trade and tech stocks earnings disappointments. Volatility had also increased significantly during the early part of the month. However, markets seemed to have calmed down after that and recovered most of its lost ground with lower volatility as the month progresses. Expectations of Fed interest rate cut had increased significantly.
I have attended the following physical AGMs/EGMs/briefing this month - Isetan and Delfi.
For my top 30 holdings this month, Isetan was suspended from trading, pending the scheme being effective. Main contributors include the two big cap REITs in the list, due to market's expectation of impending rate cuts. iFAST was a main laggard but it retained its top position. Tat Seng and F&N returned to the list, replacing underperformers Metro Holdings and Singapura Finance.
I have bought the following companies from the market this month - ABR, AP Oil, Chemical Industries, Chuan Hup, Delfi, EnGro, Far East Orchard, First Sponsor, Global Testing, Goodland, GuocoLand, Hiap Hoe, HL Global, Ho Bee Land, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotel Properties, Hotung, IFS Capital, Intraco, Low Keng Huat, Mandarin Oriental, Metro, OUE, SBS Transit, Secura, Singapore Land Group, Stamford Land, Straits Trading, Tai Sin, Tuan Sing, Tye Soon, Wing Tai, Yanlord, Yeo Hiap Seng and YHI. No sale trade was done.
I have also participated in the following scrip dividend schemes - Mapletree Logistics Trust, Mapletree Industrial Trust, Starhill Global REIT and Boustead Singapore.
Next month will be a quiet month as the financial result reporting season for companies had ended. As usual, I will be focusing on my portfolio and looking at ways to seek more value in the market. With expected volatility ahead, I will continue to position my portfolio more defensively.
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 August 2024)
Top 30 Holdings (Sing$ Denominated shares)2. Hongkong Land
3. Jardine Matheson
5. DFI Retail Group
Top Holdings (HK$ Denominated shares)
1. AV Jennings
1. Streettracks STI ETF
3. CapitaLand Integrated Commercial Trust
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. 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)
Labels: Portfolio
posted by ghchua at 7:11 PM
6 Comments:
Hi Mr Chua, just wondering why did you buy Secura?
Hi BeeT,
I think the company is quite conservatively managed. It has around $16 million in cash and most of them had been placed in fixed deposit to earn high interest. Contrast that with their bank borrowings of only around $2.5 million, the company is in a decent net cash position.
Although their business is tough and not really profitable, it is reflected in its valuation, trading at less than 0.5x NAV. I believe that it is good value at current levels, as long as they don't burn much cash from their business. Hope that Cyber Security segment can grow well and be their new catalyst to drive profit growth.
Thanks for your answer, Mr Chua.
Hi Mr. Chua
I've read that you had in previous months purchased Silverlake Axis, although its not within your top 30 holdings.
Silverlake Axis has recently announced a privatisation offer, with $0.36 per share cash offer and alternate option for $0.30 per share cash offer + one redeemable preference share (RPS), mandatorily redeemable 5 years after issue at $0.18.
The alternate option with RPS looks very attractive, almost too good to be true..
I hope to seek your views on what are the risks of this RPS option. Thanks in advance for your insightful sharing.
Hi Charlie,
I guess the main risk of RPS is default risk. As it is an unlisted entity, we do not know the financial strength of the company in details. I think for further details, we have to wait for IFA recommendation. There should be some information on the RPS in the IFA report and then we can made our decisions then. No hurry now since 36c is not the final offer.
Thanks for the reply Mr Chua.
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