After 13 Years, I Sold My Endowment Policy!

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In a rare case of “happy endings” with insurance companies, I sold my NTUC endowment policy that I bought during my NS days to a company that buys them. After calculating the quoted value that REPS Holdings gave me (using the spreadsheet from InvestmentMoats) by e-mail, versus the internal rate of return on the total value of premiums paid till date, it was at an “acceptable” value of -1.53%, … [Read more...]

KrisEnergy Preferential Offer – Measured Risk Taking

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After raising money back in 2005, KrisEnergy is back at the deal table due to their upcoming notes this year. Seems that it was a pretty good deal for the shareholders, as the zero coupon bonds that were issued are secured. However, instead of a vanilla zero coupon bond mechanism, they moved the discount on the zero coupon bonds to the free warrants attached to the bonds. Pretty cleverly designed … [Read more...]

Sabana REIT Rights Issue – A Trap, or Simple Underperformance?

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Usually, REITs don’t issue rights at a severely discounted price to it’s NAV unless they are in financial distress, and the recent rights issue from Sabana was heavily discounted, but Sabana isn’t in a financially distressed position. So what gives? Well it turns out that having a REIT with a sponsor is a double-edged sword; particularly if the REIT made some purchases which are of a … [Read more...]

2016 SGX Portfolio Breakdown, and a Li Chun (立春) Idea

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So apparently I forgot to do a portfolio review at the start of 2016 (and I’m not sure why!), so I guess it’s opportune to do a breakdown now. Looks like my portfolio is heavily weighted on Finance, mainly due to the REITs which I’ve picked up over the years during the recovery from the 2008 crisis, and Producer Manufacturing, which is a little vague, and I will drill down that sector further … [Read more...]

FSMOne – New Trading Platform from IFAST

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Yes, a new platform has arrived in Singapore as announced in the newspaper today, and while most people did not see this coming, I have been following the company’s growth and development closely over the last year or two when they started to expand their business to overseas markets, being a shareholder of IFAST, so this doesn’t come as much as a surprise to me. So what’s up with FSMOne? Well … [Read more...]

Frasers Hospitality Trust Rights Issue – Opportune Time To Lower Gearing

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Sorry folks for the late post (almost a month!), as I was really busy with work and life. Anyway, Frasers Hospitality Trust declared a rights issue at the end of September, and I took up the rights issue with excess, as I believe that this was a prudent and pro-active measure by the management to lower their gearing and to fund an acquisition of a hotel in Australia. An interesting thing to … [Read more...]

Phillip SGX APAC Dividend Leaders REIT ETF – A Panacea For Low Yield?

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Normally, I’m not an active blogger due to my day job, which requires me to dabble in technology and finance, but when an interesting piece of news comes across my desk, I can’t pass up the chance to write. In case anyone hasn’t heard the news yet, Phillip Capital has launched an IPO for a REIT ETF to be listed on the SGX, and from the product fact sheet, the ETF shall track a list … [Read more...]

IREIT Global – Management Shuffle, with a Twist

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An interesting announcement by IREIT Global yesterday about the sale of the manager to a subsidiary of a private equity firm perked my interest to do a little bit of digging on the company being sold to, and to my surprise, there was a little twist to the deal. To recap, Tikehau Capital, a private equity firm, is acquiring 80% of the shares in the manager of IREIT Global, and once that is done, … [Read more...]

Soilbuild Business REIT Preferential Offer – Doing What’s Right?

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A few weeks ago, Soilbuild Business REIT announced a preferential offer, and this came as no surprise to me, as they needed cash to purchase a Bukit Batok property from their sponsor, despite after claiming 18 months’ worth of rental deposit from Technics Oil & Gas when they went into judicial management. Given the current state of the oil & gas sector, it appears that they have wisely … [Read more...]

Croesus Retail Trust & Mapletree Commercial Trust – Preferential Offers

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Phew, it’s been another busy month, and I was involved in my military reserve training at the start of the month (i.e. “NSmen ICT” or “reservist training” in the local lingo), so with my completion of that, I am free to write about the two cash calls which I participated recently, on Croesus Retail Trust and Mapletree Commercial Trust. The Edge article on CRT’s internalization move, kindly … [Read more...]

Sime Darby takes over Saizen REIT – Trustable Management?

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Whoops, it’s been more than two months since I’ve last blogged! I’ve been really busy at work, and July seems to be quite a relatively boring month for the market (relatively speaking), and hence there wasn’t anything that piqued my interest to comment about. However, today’s news on Saizen REIT was a shocker! Now, for those who aren’t aware, Saizen REIT was one of my picks in early 2015, and … [Read more...]

A Review Of Maybank-Kim Eng’s Monthly Investment Plan

On the back of the minimum commission charges being imposed by Standard Chartered, I’m writing this review of Maybank-Kim Eng (MBKE in short) Monthly Investment Plan as there weren’t any detailed study of this product. So how does this work? Well, it is similar to the plans offered by POEMS, OCBC and POSB, and has its own features. Every month on the 8th, MBKE will buy shares up to the amount … [Read more...]

When the Music Stops – No More Minimum Commissions on Standard Chartered

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Well, an era of no minimum commissions has ended for retail investors in Singapore – Standard Chartered has sent out love letters to clients like me, informing us of the change in commissions from August 2016 onwards: Right about now, unless you’re a priority banking client with SCB, panic should set in for you, dear reader. First off, stop panicking. Life still goes on. Despite the $10 or so … [Read more...]

OUE Hospitality Trust Rights Issue – Opportunity, or Fallacy?

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Sure-win lottery? I really wanted to write an article on this over the Labour Day weekend at the start of May, but somehow procrastination set in, and with my busy schedule, somehow I forgotten to comment on this rights issue. My humble apologies to my readers, and I promise that the next article would be of more interest. Well, basically, it’s another classic case of being unable to “digest” … [Read more...]

Investing with CPFIS – Keep It Simple

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After reading TurtleInvestor’s blog post on investing with his CPF money, I felt compelled to write my own post about my experience with investing using my CPF money. Sometimes, it’s best to leave things which is meant for a certain purpose alone – in this case, I’m referring to the CPF social security savings plan. The original idea for CPF when it was first introduced was to save for … [Read more...]

Orchard Road Report 1Q2016 – Budget Day For Yourself?

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While on my monthly stroll down Orchard Road today (mostly empty on the sidewalks, as almost everyone’s in a shopping centre or in the air-conditioned underpasses), a crowd outside the OCBC branch at ION Orchard drew my attention, so I stopped for a while to have a look-see. It turns out that the bank was having a mini-carnival, in which free coffee was being given out, and they were having a … [Read more...]

Saizen REIT – Free Shares, Free Money!

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In what seemed like a crazy year since 2015, this was literally one of the dark horses of my recent purchases. I hesitated to blog about this until the counter went XD today, as it was a risky trade in my opinion, and didn’t want to drag some readers into the ditch at a high price. As for the reason why I bought it back then? There was really nothing much to go on, except for the hope that the … [Read more...]

Buyer Beware – Ahma-nomics in Play

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Remember the old adage that when everyone and their mother is putting money into the stock exchange, we should all get out? Well, this has actually just started happened again. Just as Japan has their “Abenomics” policy, we have our own “ahma-nomics”, here in Singapore! I’m surprised that nowadays students have enough spare cash (most likely from their parents) to start investing – I’m not sure … [Read more...]

Ascendas REIT – A Case Of The Market Knowing Better?

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I actually picked up Ascendas REIT in the middle of December when they announced the preferential offer for units, but their offer was only launched in early January, with the offering results available in the middle of January. With the weak sentiment in the market, I managed to pick up Ascendas REIT cheaply for about $4 cheaper than subscribing to the preferential offer. However, given that … [Read more...]

Last Cash Calls For The Year – ARA Asset Management and Viva Industrial Trust

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As 2015 ends, there were two stocks which I picked up recently which raised equity through rights issues and preferential offers – ARA Asset Management Limited and Viva Industrial Trust. For ARA, it seemed like a pretty good opportunity to own a REIT manager, and not surprisingly, ARA’s share price fluctuated before, during and after the rights issue. Being used to this, I bought a small stake … [Read more...]