Portfolio - February 2018

Current Portfolio (28/02/2018)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	SingTel	500	3.38	1,690.00	19.66%
2.	Wilmar Intl	500	3.23	1,615.00	18.79%
3.	ComfortDelGro	700	2.03	1,421.00	16.53%
4.	Far East Orchard	800	1.48	1,184.00	13.77%
5.	AIMS AMP Cap REIT	400	1.37	548.00	6.37%
6.	Guocoland	200	2.12	424.00	4.93%
7.	Starhill Global REIT	500	0.73	365.00	4.25%
8.	Singapore Saving Bonds	1	500.00	500.00	5.82%
9.	Warchest	1	850.00	850.00	9.89%
	Total SGD:			8,597.00	100.00%

February had been a really exciting month this far. Having to see the market entering a slight correction after a long bull run, Chinese New Year and the fall of several blue chips prices like SingTel and Wilmar which directly challenged my portfolio.

Taking a sneak peak, my cash positions + SSB comes up to about 16% today. As mentioned earlier, this war chest established in my portfolio here is a seperate war chest from the one I'm using to purchase counters, and it will only be utilize when I plan to gobble up some things or when Mr Bear comes out from the bush. I'm still trying to build on this "opportunity funds" here as mentioned in my post back in The 19 Year Old Review, Reflections and 2018 Resolution

Being 84% vested in the market today...? Hmm....

When entering 2018, I mentioned that I will be doing some portfolio balancing works to strip the then-heavyweight champion off his belt. Today, in this update for February, attentive readers would have found out that I have kicked him out of the ring completely. 

Also, many would have remembered my role and game-play in that arena.
I've linked up some related post below, hence, to the newer readers or those who are unaware, you might wish to drop by those post :)

Maybe I need to learn more about hodling...

Read: 
Portfolio - December 2017 
Break from crypto-trading and back to crypto-trading 
A month as a cryptocurrency trader - Results 
A week as cryptocurrency trader - Results


The funds from cryptocurrency had been sitting in my DBS MCA for the longest time as I have not been trading for awhile due to my tight schedules and the settling back on to the sunny island. As such, I've relocated the funds inside to buy some shares from SingTel during the recent sell-down.

I like SingTel's hi!Card mascot!

Those who also remembered this will know that my 'crypto funds' had been in free hold status since December. Crypto had given me free shares of SingTel? It surely did. In fact, there's a little more. But once again, I will attribute it to the luck that is circulating around me and I hold no crystal ball. Nothing to shout about a pico-investor here and surely, this gains from crypto will be completely wiped out when SingTel collapses and loses value when SingTel's prices fall!! 

For now, I'm sitting out for awhile, and when I'm free, I will be back for some trades.
As such, from this portfolio update onwards, I'll not be labeling the funds for trading, and when I'm up for some trades, I will be writing about them separately.

Aside this, I'm also looking to build up my positions on REITs to increase my dividend income for the year.

Read:
Increasing stake in SingTel by 250%
SingTel's Technical Analysis

ComfortDelGro had declared a dividend of 6.05 cents/share that will be going through XD on 3 May. Pay date will fall on 14 May. There's no increase and dividend remain flat to 2017's final dividend. UberFlash was launched earlier last month. CD-Lion City Rental had also entered the 2nd phase of CCS review and might take up to 120 days for the proposed joint-venture between CDG and Uber to take place. Rumors had also surfaced about Uber selling it's SEA operations to Grab. Now it's starting to get interesting.

With regards to the result that is released on 13 Feb, there had been a decrease in revenue by $88.6m from FY16 to 17, which is mainly contributed by the decrease in taxi business. Under the help of it's public transportation business, the situation is not as devastating as it seemed. Off it's balance sheet, we see a decrease in their cash position, with it's gearing remain flat.

Chart 10 - CDG's result presentation

Despite having a lower CAPEX in 2017 over 2016, the declining business had caused the FCF to look bad. Adding on to their acquisition that CDG had made earlier, the cash outflow for FY17 is greater than it's inflow, resulting in a negative cash flow. Having that said, a fraction of the dividends today is paid by it's retained earning from the past year. Should CDG not conduct the acquisition, the FCF will be positive and CDG will be able to afford the dividend with more comfort.

Due to the acquisition, CDG has lesser cash on hand today (net cash: $273.9 million), I believe that this amount is not superb but for now it looks decent and CDG still has some bullets on hand.


Nonetheless, we should see how this acquisition might turn out to in the coming days. If it's a lucrative one, we shall see this acquisition bringing in more revenues and earnings to the company, despite the smaller margin, which will eases the situation here. EPS for FY17 had dropped by 5.3% to 13.95 cents. At the price of 2.00, CDG will be priced at 14.3 times their earning.

TODAY article on CDG-Uber tie up pertaining to CCS review can be found here.
CDG's result presentation ending 31 Dec 17 can be found here.
CDG's Financial Statement ending 31 Dec 17 can be found here.


Wilmar had released it's result on 22 Feb. I've written about Wilmar twice this month on both fundamentally and technically and I felt that the price today for Wilmar is still attractive. I've decided to cash in a little on the day it's result is released and have accumulated 200 shares of Wilmar at 3.12.

I've been queueing for the longest time at 2.97 and did not manage to get it. Taking the 7 cents into consideration which will be paid out on 16 May 2018 (XD on 3 May 2018), this comes up to a 3.05. This action has pushed Wilmar up to my 2nd biggest holdings officially. I'm looking to accumulate more shares from Wilmar as a general in my portfolio to lead the troop forward.

It is very important for one to remember why they are investing in Wilmar, and what is it for. This will requires patience.

Read: 
Analysis on Wilmar
Technical Analysis on Wilmar 

FEO had also released it's result on 22 Feb. It is reported that there is a drop of 66.8% in earnings from a year ago. Profit is also lower, but however, they managed to offer the usual 6 cents dividend for this financial year. I'd say that FEO is really lucky and have their projects all falling nicely into places while they pay their dividend such as the recognition of Habourfront Balmain's profit this time round. The fall in profit however, was nothing much to shout about as property developer's earning are lumpy.

Page 10 of 15 - FEO Q42017 Announcement

The student accommodation that FEO is building is something that will bring in recurring income for them to better cushion them off when their developments are not in line for the profits to be recognized. This will allow them to pay off dividends more comfortably as compared to relying on realized earnings from the sales of it's property developments and I look forward to the student accommodation in Brighton to provide them with more recurring income.

As mentioned earlier in my early post on FEO that investors in FEO must be very patient as this is an asset play whereby such investors are looking for the price to goes up to some level near it's NAV. This comes with a kicker where there is no certainty that it will realize in any time. Hence, this 4% yield or 6 cents will be the angbao for the moment before any wishes come true. This is a hold for now.

FEO's full year result can be found here.
TheEdge's Report on FEO result can be found here.

Read:
Portfolio Update - Far East Orchard

Days running short before my 1H2018 target of S$10,000!
Do you think I hit that target? Hmmmm...

Dividends received in February: $5.85/-

Current Portfolio Value: S$8,597.00 (+8.31% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for February: S$629.62
Total dividends received in 2018: $27.21
Average dividends/month: $2.26