My stocks portfolio - Sep 2014
1 October 2014 | 5:47 am

Excluding dividends, my portfolio of local stocks was down by 1.81%. My portfolio had underperformed the overall market in the month of September 2014. However, the performance was adjusted lower to a negative of 1.18% after taking dividends into account. Ever since I started tracking its performance from the start of 2010, my holding period returns had translated to 9.67% in annualized return.

It was another month of further consolidations for my local portfolio. I boosted my cash level by selling off a couple of stocks. Currently, my local portfolio is made up of majority in reits and some growth stocks in sectors of small to middle capitalizations.

A lot of investors or traders are wary of the negative impact of rising interest rates on highly leveraged stocks like reits. Most of them have short term memory or have never looked at history before. The period of 2003 to 2007 was a period of rising interest rates but still there are a number of reits which thrived during that time. US economy is still fragile so it is likely that the rise in interest rate to be a gradual one. I expect a short term pullback in prices of reits but I don’t think the pullback is in the magnitude of 2013 fall. Nevertheless, I intend to increase my stake in reits further if the pullback is more than expected.

In the US market, I have opened a small position in LVS. This gaming stock is poised for a rebound after going down more than 20% from its peak price. Overall, LVS is still a cash generating company and valuations have become more appealing.

Here is a summary of transactions for my local stocks that I made in the month of September 2014.

Sold Roxy Pacific, at 96.79% gain (including dividends)

Sold Kingsmen Creatives, at 26.62% gain (including dividends)

Sold SATS, at 24.08% gain (including dividends)

Sold STE, at 13.2% gain (including dividends)

Sold MGCCT, 2.53% gain (including dividends)

Sold MTQ, at 2.51% gain (including dividends)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.93% 0.73% 9.71%
2014 -2.44% 1.36% 2.58% 2.99% 3.52% 1.39% 0.25% -0.09% -1.18%
Annualised Return = 9.67%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 38.80% PARKWAY LIFE CASH 21.94%
CAPITAMALL TRUST CASH 5.45% RAFFLES MEDICAL CASH 49.23%
CDL HOSPITALITY CASH 1.32% RIVERSTONE CASH 101.28%
CHINA MILK * CASH -100.00% SILVERLAKE AXIS CASH 143.60%
FIBRECHEM * CASH -100.00% STARHILL GLOBAL CASH -5.44%
FAR EAST HOSPITALITY CASH -17.40% STARHUB CASH 58.77%
FIRST REIT CASH 45.77% VALUETRONICS CASH 55.70%
FRASERS CENTREPOINT CASH 13.25% SIA ENGG CPF -2.91%
FRASERS COMMERCIAL CASH 1.63% CAPITAMALL TRUST CPF -0.77%
KEPPELCORP CASH 198.55% PARKWAY LIFE CPF 3.48%
OSIM CASH 16.07%

My stocks portfolio - Aug 2014
31 August 2014 | 3:25 am

Inclusive of dividends, my portfolio of local stocks remained unchanged whilst STI was down by 1.4% at the end of August 2014. Overall, my holding period returns had translated to 10.13% in annualised return since start of 2010.

I continue to liquidate some of my local stocks and especially the bigger capitalization stocks to boost my cash level further. After a round up of 2nd quarter earnings announcements, most of our local blue chip stocks had reported lower or flattish earnings. I found that the earnings outlook from the ST index stocks doesn’t look favorable in the mid-term and couple with the overdue Bull Run in the US market; I expect another financial crisis to come soon.

In the meantime, I am gradually increasing my exposure into the US market. I am targeting US stocks that have strong earnings momentum but of course they must be trading at cheaper valuations than the overall market. Currently, I am holding shares of Apple and Gilead Sciences. After experimenting myself with a couple of short term trades, I found that I am more comfortable with just buying the stocks and holding them for longer periods. I can spend less time monitoring the US market and the returns can be more rewarding in the longer term.

Here is a summary of the transactions that I made in the month of August 2014.

Sold Teckwah, at 58.96% gain (including dividends)

Sold SIA Engineering (Cash), at 44.82% gain (including dividends)

Sold partial SATS, at 0.84% gain (excluding dividends)

Sold partial STE, at 0.68% loss (excluding dividends)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.93% 0.73% 9.71%
2014 -2.44% 1.36% 2.58% 2.99% 3.52% 1.39% 0.25% -0.09%
Annualised Return = 10.13%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 41.18% PARKWAY LIFE CASH 24.05%
CAPITAMALL TRUST CASH 10.42% RAFFLES MEDICAL CASH 54.27%
CDL HOSPITALITY CASH 0.11% RIVERSTONE CASH 103.43%
CHINA MILK * CASH -100.00% ROXY PACIFIC CASH 73.34%
FIBRECHEM * CASH -100.00% SATS CASH 2.10%
FAR EAST HOSPITALITY CASH -13.85% SILVERLAKE AXIS CASH 126.67%
FIRST REIT CASH 44.00% STARHILL GLOBAL CASH -2.45%
FRASERS CENTREPOINT CASH 20.15% STARHUB CASH 59.92%
FRASERS COMMERCIAL CASH 5.39% ST ENGINEERING CASH -3.85%
KEPPELCORP CASH 209.92% VALUETRONICS CASH 73.22%
KINGSMEN CREATIVES CASH 17.34% SIA ENGG CPF -3.54%
MAPPLETREE GCC CASH 1.39% CAPITAMALL TRUST CPF 3.90%
MTQ CASH 0.42% PARKWAY LIFE CPF 5.27%
OSIM CASH 18.72%

My stocks portfolio - Jul 2014
3 August 2014 | 6:09 am

Despite STI going up by as much as 3.64%, my portfolio of local stocks was relatively flat by the end of July 2014. Overall, my holding period returns had translated to 10.35% pa in annualised return since the beginning of 2010. This annualised return includes dividends collected so far.

My portfolio had underperformed because two of my aviation related stocks reported declining profits in the financial report of 2nd quarter 2014. Rising operating costs, lower air passenger travels and negative sentiments from the MH17 incident had also exacerbated the fall in the share prices of SATS and SIA Engineering. I continue to raise my cash levels by reducing some of my stock holdings in rotation. Overall, I am still about 85% to 90% invested in the stock market.

Because of the structural shift in the economic policy of the Singapore government to reduce the reliant of foreign workers, many companies here are complaining of higher operating costs. Slower economic growth is also expected of this country. As such, I am starting to overweigh overseas stocks by looking at opportunities outside of Singapore.

Here is a summary of the transactions that I made in the month of July 2014.

Sold partial ARA, at 37.66% gain (excluding dividends)

Sold partial FCT, at 16.26% gain (excluding dividends)

Sold partial Kingsmen, at 15.78% gain (excluding dividends)

Sold partial MTQ, at 12.11% gain (excluding dividends)


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.93% 0.73% 9.71%
2014 -2.44% 1.36% 2.58% 2.99% 3.52% 1.39% 0.25%
Annualised Return = 10.35%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 36.42% RAFFLES MEDICAL CASH 51.55%
CAPITAMALL TRUST CASH 8.76% RIVERSTONE CASH 101.28%
CDL HOSPITALITY CASH 6.18% ROXY PACIFIC CASH 73.34%
CHINA MILK * CASH -100.00% SATS CASH 1.43%
FIBRECHEM * CASH -100.00% SIA ENGG CASH 26.38%
FAR EAST HOSPITALITY CASH -11.31% SILVERLAKE AXIS CASH 114.44%
FIRST REIT CASH 44.59% STARHILL GLOBAL CASH -1.25%
FRASERS CENTREPOINT CASH 16.55% STARHUB CASH 64.16%
FRASERS COMMERCIAL CASH 5.77% ST ENGINEERING CASH -0.17%
KEPPELCORP CASH 211.63% TECK WAH CASH 42.53%
KINGSMEN CREATIVES CASH 17.97% VALUETRONICS CASH 96.57%
MAPPLETREE GCC CASH -1.29% CAPITAMALL TRUST CPF 2.34%
MTQ CASH 5.81% PARKWAY LIFE CPF 7.07%
OSIM CASH 26.67% SIA ENGG CPF -2.06%
PARKWAY LIFE CASH 26.16%

My stocks portfolio - Jun 2014
3 July 2014 | 3:12 am

My portfolio of local stocks was up 0.78% on a price basis but it was up 1.39% after taking dividends into account at the end of June 2014. Overall, my holding period returns translate to 10.48% pa since beginning of 2010.

STI is currently trading at a PE ratio of 13.77 which is quite low as compared to the valuation in the US market. I can that say that the downside risk of STI is low unless there is a new financial crisis that emerges. Even though STI was slightly down last month, a number of the smaller cap stocks continue to move higher. It is no surprise as some of the smaller cap stocks have reported good financial results compared to the bigger cap stocks.

Raffles Medical, Silverlake and Riverstone were the biggest movers in my last month portfolio. I took partial profits in Silverlake and Valuetronics to lock in some gains so as to increase my cash level. I will continue to move my stocks into cash if any of the smaller cap stocks continue to outperform. I am interested to watch Valuetronics movements in the next few weeks as a number of brokerage houses have raised the target prices of this manufacturing company. Currently, the stock is trading near its all-time high and it is going to go XD in the next few weeks.

Here is a summary of the transactions made in the month of June 2014.

Sold partial Silverlake Axis, at 103.13% gain (excluding dividends)

Sold partial Valuetronics, at 57.19% gain (excluding dividends)

I did mention that I have started trading in the US market in the beginning of the year. That trading portfolio weighs about 10% of my overall stocks portfolio. It was a good experience with Interactive Brokers so far as the platform provides me with many useful order types that I have never tried before with my local brokerage accounts. As a short term trader, some of the order types are really necessary as part of my risk management plan. My strategy in the US market is basically to buy stocks with strong earnings or technical momentum. After trading for a period of nearly 6 months, my US stocks portfolio has gained nearly 18% outperforming all of my benchmarks. I attach below a cumulative performance of my US portfolio compared to its benchmarks.


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.94% 0.73% 9.69%
2014 -2.44% 1.36% 2.58% 2.99% 3.52% 1.39%
Annualised Return = 10.48%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 41.18% RAFFLES MEDICAL CASH 57.76%
CAPITAMALL TRUST CASH 9.04% RIVERSTONE CASH 99.14%
CDL HOSPITALITY CASH 6.78% ROXY PACIFIC CASH 77.90%
CHINA MILK * CASH -100.00% SATS CASH 5.81%
FIBRECHEM * CASH -100.00% SIA ENGG CASH 37.25%
FAR EAST HOSPITALITY CASH -11.82% SILVERLAKE AXIS CASH 125.73%
FIRST REIT CASH 40.44% STARHILL GLOBAL CASH -1.25%
FRASERS CENTREPOINT CASH 13.85% STARHUB CASH 60.69%
FRASERS COMMERCIAL CASH 2.00% ST ENGINEERING CASH -0.17%
KEPPELCORP CASH 206.80% TECK WAH CASH 39.17%
KINGSMEN CREATIVES CASH 14.18% VALUETRONICS CASH 55.70%
MAPPLETREE GCC CASH -7.19% CAPITAMALL TRUST CPF 2.60%
MTQ CASH 17.94% PARKWAY LIFE CPF 5.72%
OSIM CASH 18.72% SIA ENGG CPF 6.36%
PARKWAY LIFE CASH 24.58%


My stocks portfolio - May 2014
3 June 2014 | 5:13 am

May 2014 was another good month for my portfolio of local stocks. On a price basis, my portfolio has returned me 2.90% in that month. Inclusive of dividends, my portfolio was up 3.52%. These returns were higher compared to STI gain of 0.96%. Overall, my holding period returns translate to 10.35% pa since beginning of 2010.

A couple of my stocks like Capitamall Trust, Frasers Centrepoint Trust, Valuetronics and Silverlake Axis had risen significantly in the month of May 2014. Valuetronics and Silverlake Axis are stocks that have history of paying out good dividends over the years. The share price of Valuetronics was boosted after the company reported a remarkable turnaround after disposing its loss making licensing business. After a full and a half year of write downs, the company is now back on track to focus on its profitable but low margins businesses. Silverlake Axis on the other hand had won multiple awards at the Asian Banker Summit.

I just made two transactions in the month of May 2014. I sold MTQ after the company declared bonus shares. My holdings are held in SCB so I don’t wish to end up in odd number of shares. But after doing a careful re-evaluation, I realised I had made a foolish decision to sell the shares. A few days later, I ended up buying MTQ shares in multiple of 5 lots. As a result, my new average price of MTQ has gone up to $1.780. Valuations wise, MTQ remains attractive. Management has also done an excellent job so far in managing their cash flows coupled with a very low level of debt. I am looking forward to the contributions of their new business in Bahrain.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.94% 0.73% 9.69%
2014 -2.44% 1.36% 2.58% 2.99% 3.52%
Annualised Return = 10.35%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 39.59% RAFFLES MEDICAL CASH 42.25%
CAPITAMALL TRUST CASH 14.28% RIVERSTONE CASH 93.79%
CDL HOSPITALITY CASH 5.26% ROXY PACIFIC CASH 79.42%
CHINA MILK * CASH -100.00% SATS CASH 5.14%
FIBRECHEM * CASH -100.00% SIA ENGG CASH 35.89%
FAR EAST HOSPITALITY CASH -9.79% SILVERLAKE AXIS CASH 93.75%
FIRST REIT CASH 41.03% STARHILL GLOBAL CASH -0.06%
FRASERS CENTREPOINT CASH 15.05% STARHUB CASH 61.85%
FRASERS COMMERCIAL CASH 2.38% ST ENGINEERING CASH 1.67%
KEPPELCORP CASH 202.25% TECK WAH CASH 37.50%
KINGSMEN CREATIVES CASH 17.34% VALUETRONICS CASH 51.81%
MAPPLETREE GCC CASH -3.97% CAPITAMALL TRUST CPF 7.54%
MTQ CASH 20.19% PARKWAY LIFE CPF 6.17%
OSIM CASH 23.58% SIA ENGG CPF 5.31%
PARKWAY LIFE CASH 25.10%


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