Portfolio - November 2017

Current Portfolio (30/11/2017)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	ComfortDelGro	700	2.00	1,400.00	20.17%
2.	Far East Orchard	800	1.50	1,200.00	17.29%
3.	Wilmar Intl	300	3.12	936.00	13.49%
4.	AIMS AMP Cap REIT	400	1.35	540.00	7.78%
5.	Singtel	140	3.73	522.20	7.53%
6.	Guocoland	200	2.08	416.00	5.99%
7.	Frasers Com Tr	308	1.45	446.60	6.44%
8.	Starhill Global REIT	500	0.76	380.00	5.48%
9.	Cryptocurrency Funds	1	1,098.69	1,098.69	15.83%
	Total SGD			6,939.49	100.00%

It has started to snow in Japan and snow is piling up right outside my window! November had been a very interesting month thus far, having to see STI reaching 3,4XX and learning pretty much on the crazily volatile crypto market. Also, on a side note, I've been pretty busy over the last 2 weeks due to work and having that said, I've not been able to trade frequently.

I've also decided to include my Cryptocurrency funds into my portfolio. As the funds are in USD, I'll be converting them into SGD based on DBS forex rates prior to jotting them down. And as of today, USD/SGD Buying back rate from DBS stands at 1.3327. As such, with my funds of 824.41 USD, it will be equivalent to S$1,098.69. 

Currently, at this point, I do not hold any position with any coin, hence they're all in USD. And I'll be able to cash them out into SGD at any point of time.

The month of November is also a dividend racking month. I've received dividends from Starhill Global REIT, Guocoland and have subscribed to FCOT's script dividend. No share transaction this done this month. 

On a side note, my SGX portfolio is being slapped and most of them fell this month and some companies are falling into my radar for more accumulation. Fortunately the gains from cryptocurrency is pulling it up healthily. Seems like I must be gearing up for a shopping session soon.

Singtel has announced it's 2Q18 financial report earlier this month and declared a special dividend of 3.0 cents for the successful divestment of Netlink Trust on top of it's usual interim dividend of 6.8 cents. It is known that the dividend payout for FY2016 and 17 has exceeded the FCF generated by a mere percentage for the respective years, which comes into question if the dividend of Singtel is sustainable.

I believe that this is due to the upgrading works to their infrastructure to accommodate with the latest 4.5G network which will boost data speed by 200x. It has since be completed in August 2017 (link here) and they're planning to roll out this service soon. Hence, I believe that the CAPEX for the coming years should decrease, improving their FCF. Along with the recovery of it's regional associate, I believe that the FCF will be better in the coming years. 

A big question also comes in when Singtel's mobile business in Singapore is under threat by the entrant of 4th Telco - TPG. However, as Singtel derives only 11.5% of it's revenue from this business segment. I feel less threatened. 

This one time event of divestment gain from Netlink Trust has also bumped up the FCF, improving it's situation. This also creates more cash for Singtel, which they would be able to use the proceeds and channel it into other investments.

Singtel continues to be in my watch-list and I'm a happy shareholder of Singtel. 

I'm prepared to accumulate more shares of Singtel should the price fall.

Read: Singtel - Special Dividend of 3.0 cents per share

Cryptocurrency is something that I had my toes dipped into this month and I've been trading them. However due to my schedules, I've not been trading very much recently. I've learnt pretty much from the crazily volatile market as well as reaping myself a small little gain, all thanks to beginner's luck. This week had been a bloody week for the crypto and most are in reds. I view this as a healthy event where traders are taking profits off their tables.

I've entered the game with 500.00 USD and today, I'm having 824.41 USD in my cryptocurrency funds. This translates to a 64.88% gain over the past 2 weeks. On a side note, USD has depreciated against the SGD and the rates are getting from bad to worse.

Here's an overview of my crypto transactions:

And summary here:

Taking DBS Buying OD rate of 1.3327, if I were to convert them into SGD, I will be receiving S$1,098.69 back from my initial capital of S$684.70.

DBS Forex Rates (01/12/17)

Translating them into %, the P/L in USD = 64.88% while P/L in SGD = 60.46%.

Should I convert the sum into SGD, it will means that the trades are having a P/L for 60.46%

Some may notice here that, if I were to hold any pairs, I'd probably have a better P/L off trading it. Oh well. I must not be greedy and be thankful for the beginner's luck. 

Read: A week as a cryptocurrency trader - Results

AIMS AMP Capital REIT has also announced a private share placement last week and will be giving an advance distribution for FY2018 Q3 till 30/11/2017. A dividend of 1.91 cents will be distributed on 17/01/18. Proceeds will be used to pay off debt, creating additional debt headroom for future acquisition and AEIs.

This private placement will actually cause the shares to be slightly diluted and impacting on the upcoming DPUs. In another words, I foresee that there will be a decrease in the upcoming DPU, as the same pie is being shared by more people now. However, should there be some positive rental reversion, this event could be waived off, let's hope that AA REIT will be baking a bigger pie for more this time round!

With reference to the receipt of new units created from the private placement, this exercise has created 42,145,500 new units in AA REIT. Adding onto their existing outstanding issued share at 639,980,000 units. This will bump the total units up by 6.52 % to 682,125,200 units. Revised NAV from latest financial report (30/09/17) following the 6.52% increase should be 1.2713. Upcoming yield should the performance stay flat will be hovering around 7.29% based on the price of 1.35.

Receipt of new units created form private placement can be found here.

Dividends received in November: $27.33/-

Current Portfolio Value: S$6,939.49 (+14.55% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for November: S$684.70 
Total dividends received in 2017: $101.03
Average dividends/month: $8.42

 

Portfolio - October 2017

Current Portfolio (31/10/2017)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	ComfortDelGro	700	2.02	1,414.00	23.34%
2.	Far East Orchard	800	1.55	1,240.00	20.47%
3.	Wilmar Intl	300	3.39	1,017.00	16.79%
4.	AIMS AMP Cap REIT	400	1.445	578.00	9.54%
5.	Singtel	140	3.75	525.00	8.67%
6.	Guocoland	200	2.39	478.00	7.89%
7.	Frasers Com Tr	304	1.385	421.04	6.95%
8.	Starhill Global REIT	500	0.77	385.00	6.36%
	Total SGD			6,058.04	100.00%

October has been a very busy yet interesting month for me. For the SGX market, it has a bullish month for and also a no-dividend month for me. All my counters had ran up slightly. STI too had a run up and it is now priced at 33XX. 

On the other hand, I've also dipped my toes into Cryptocurrency in late October after reading much on them. Crypto investing is very risky and there is no value tied to the coin. Having that said, I'm prepared to lose every cents that I'm invested in Cryptocurrency. I've entered the crypto world with a small bet of 500 USD along with 2 intentions, to learn from the crazily volatile market and hopefully, to build a bigger war-chest. Soon, I will be updating a little more about my venture into the crypto world along with my portfolio.

Read: Cryptocurrency? I'm in too

It is already been a month that I'm in Japan and soon it will begin to snow here. As I'm typing this, I'm packing up for my trip to Tokyo tomorrow. Do drop by my new page on traveling and join me as I explore around Japan.

In this month, I've also achieved one of the goals I've set for myself earlier this year - to achieve a portfolio + war chest amounting to $5,475 (this magical number is obtained from allocating $15/day x 365 days). 

Read: My first pico milestone - Conquered!

I had initiated a position of 800 shares in Far East Orchard at 1.515. The initiation of Far East Orchard belongs more to an asset play. FEO is trading at a big discount of 48% to their book value at the point of initiating a position with them. HF Balmain and The Rivertrees Residence has since been fully sold and the profits for the sales will be recognized in the upcoming financial reports. FEO has climbed up slightly since I've entered a position with them. I'll be looking out for their Q3 financial announcements. Do note that as this is more of an asset play, there is no guarantee that the value of FEO will be unlocked any time soon. 

You may wish to click on the link below to read more about my analysis on Far East Orchard and my thesis supporting it. Hopefully, with the badly bruised hospitality sector recovering along with the run in property developer, it will be brighter for Far East Orchard.

Read: Portfolio Update - Far East Orchard

ComfortDelGro will be releasing their Q3 financial results on Friday, 10 November 2017. I believe that this will trigger another possible sell-down of the stock by investors in view of the poorer results due to the taxi drivers from CDG that jumped-ship to Grab. On a side note, DTL3 has commence with its operation. The DTL3 will now connect commuters from Chinatown - Sungei Bedok to places like Bukit Panjang, Newton and Sixth Avenue. It is also some time and the news on strategic alliance with Uber has yet to be released. I'll be keeping a close look on ComfortDelGro.

DTL route

Read: Accumulating ComfortDelGro, Portfolio Update - ComfortDelGro & Wilmar

Frasers Commercial Trust (FCOT) has also announced last week on their distribution for 4Q2017 with a final distribution of 2.41 cents. The total distribution are in-line with FY2016. However, there is a small drop in distribution as compared to 4Q2016 (from 2.45 to 2.41 cents). It will soon be made known if HPS vacating from Alexandra Technopark, in which I believe that HPS will vacating to their new premises. I view this as a positive thing for FCOT for the opportunity to engage in AEI to ATP as well as to "diversify" their tenant base.

FCOT's Press Release for Q4 FY2017 can be found here.

Read: Frasers Commerical Trust (FCOT) - HP Vacating from Alexandra Technopark

AIMS AMP Capital REIT has also announced on their distribution for FY2018 Q2. The distribution 2.55 cents is 7.5% down from FY2017 Q2's 2.75 cents. Gross revenue is down by 1.3% due to lower rental and recoveries from 20 Gul Way as four phases of the property reverted to multi-tenancy leases. However, having that said, AA REIT till date, is still a relatively good investment for income.

Starhill Global REIT has also announced on their final distribution for FY2017 Q4 of 1.2 cents. I'm monitoring SGR pretty closely and if time comes for the share price to go down, I'll likely be accumulating more shares from SGR and I'm doing the same thing for Singtel.

Dividends received in October: $ 0/-

Current Portfolio Value: S$6,058.04 (+27.73% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for October: S$1,212.00
Total dividends received in 2017: $73.70
Average dividends/month: $6.14

 

Portfolio - September 2017

Current Portfolio (30/09/2017)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	ComfortDelGro	700	2.08	1,456.00	30.70%
2.	Wilmar Intl	300	3.18	954.00	20.12%
3.	AIMS AMP Cap REIT	400	1.41	564.00	11.89%
4.	Singtel	140	3.68	515.20	10.86%
5.	Guocoland	200	2.27	454.00	9.57%
6.	Frasers Com Tr	304	1.38	419.52	8.85%
7.	Starhill Global REIT	500	0.76	380.00	8.01%
	Total SGD			4,742.72	100.00%

 

My work has just ended and I'll be heading to the airport in a few hours time, which I will be flying to Japan for my attachment program. Have been rather busy lately with work, the packing of luggage, running some errands before my trip and the completion of my Class 2B license. *Congratulations to myself.* The month of September is filled with different surprises. 

ComfortDelGro's subsidiary - SBS Transit has lost the bid for being the operator for Thomson-East Coast Line (TEL) and Land Transport Authority (LTA) has awarded SMRT Trains the contract to operate the Thomson-East Coast Line (TEL) for an initial nine-year period. The TEL will open in stages starting from 2019. This results in a sharp decline of price on 15/09/17 closing with a drop of 6 cents to 2.12 and touching a low of 2.09 in the midst of the trading day and further shredding 11% throughout the next week. I took this opportunity to accumulate another 500 shares of ComfortDelGro at 1.99, which is about 10% down my last price, and bringing down my average price down to 2.07. 

ComfortDelGro's share price had since went up, closing at 2.08 on Friday, 29/09/17. CDG had since became my greatest holdings till date.

It's good to note that there should be another blow to CDG should the alliance between Uber fall through. I'll be happy to accumulate more of Comfort at a lower price.

Read: Accumulating ComfortDelGro

Frasers Commercial Trust (FCOT) has also announced on the 22/09/17 on the much awaited departure of Hewlett-Packard from their premises in Alexandra Technopark. It is announced that HP Enterprise will be leaving and vacating 178,873 sqft from ATP. There's still 302,920 sqft of space that HP Singapore is occupying in ATP, which currently FCOT is in the discussion with on the renewal of their lease. There's a great chance they HP Singapore will be vacating from the premises as well to their newly BTS facility in Depot Road. 

So taking the worse scenario, the anchoring tenant HP, which constitutes to about 17% of FCOT's GRI vacating from ATP, we should be looking forward to a reduced dividends in the coming year. It will be on the management on how they will overcome this problem now. I'll be waiting for the updates from FCOT about HPS.

Read: Frasers Commercial Trust (FCOT) - HP Vacating from Alexandra Technopark

Dividends received in September: $10.00 (AIMS AMP Cap REIT - pay date 21/09/17)

Current Portfolio Value: S$4,742.72 (+24.59% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for September: S$995.00
Total dividends received in 2017: $73.70
Average dividends/month: $6.14

“We don't have to be smarter than the rest. We have to be more disciplined than the rest” 

Warren Buffett

 

Portfolio - August 2017

Current Portfolio (31/08/2017)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	Wilmar Intl	300	3.32	996.00	26.17%
2.	AIMS AMP Cap REIT	400	1.405	562.00	14.76%
3.	Singtel	140	3.70	518.00	13.61%
4.	Guocoland	200	2.38	476.00	12.50%
5.	ComfortDelGro	200	2.29	458.00	12.03%
6.	Frasers Com Tr	304	1.395	424.08	11.14%
7.	Starhill Global REIT	500	0.745	372.50	9.79%
	Total SGD			3,806.58	100.00%

In the month of August, I've initiated a position in ComfortDelGro & Wilmar on their price weakness recently and has blogged about it here. August is also a dividends harvesting months whereby most the stocks I own, pays out dividend. Purchased CDG & Wilmar on XD, hence I will not be receiving dividends from them.

I've accumulated 200 shares of CDG at 2.17. Understand that the amount of shares I buy is extremely small and fees incurred will plays a part in my average price. However, as I'm adopting a buy-and-hold approach, sales transaction will not exactly takes place. Whenever possible, I'll add onto my holdings. 

After the news about the possible alliance between Uber & CDG has been announced which the market is very positive about, ComfortDelGro's share had a run up to 2.3

I've also accumulated 300 shares of Wilmar at 3.10, which in turns become my greatest position. Wilmar has been falling sharply after they announced their results, and piercing through their 50D and 200D MA. It's good to note that Wilmar's business is very extensive which I believe will do well in the future, and the price I paid for is below the it's NAV, which provides a margin of safety. I'll be keeping a look out on their coming financial reports. Similarly, they had a run up to 3.3 recently.

A good investment is one at the right price.
 
Guocoland, a position which I've initiated in April this year had a significant run up too. However, It's still trading at a significant discount to its NAV. It's also good to note that TPC/Guoco Tower has commenced it's leasing has since secured tenants such as ING Bank and Uber. With office's market in Singapore bottoming out, as well as it's other developments such as Martin Modern, Wallich Residence, Changfeng residence, this will translate to a greater earning power for Guocoland. By any chance, if there is a correction for their recent run up, I'll be more than glad to add onto my holdings with Guocoland. I've also blogged about their recent FY2017 results here. Currently, they're still trading at a significant discount to their adjusted NAV of 3.18 and RNAV of 3.63. They've also declared a 7 cents dividend that will be paid on 21 November 2017.

Singtel and Starhill Global REIT has also paid dividends this month amounting to $20.88
I've subscriber to their script dividends for FCOT, which I've received 4 units (DRP @ $1.37/share) and $1.72

Hence, a total dividends received for this month (including script dividend from FCOT) = $28.08 ($22.60 cash + 4 units of FCOT)


Current Portfolio Value: S$3,806.58 (+65.26% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for August: S$1,364.00
Total dividends received in 2017: $63.70
Average dividends/month: $5.30
  

“ Price is what you pay, value is what you get. ”

Warren Buffett

  

Portfolio - July 2017

Current Portfolio (08/08/17)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	AIMS AMP Cap REIT	400	1.425	570.00	24.66%
2.	Singtel	140	3.77	527.80	22.91%
3.	Frasers Com Trust	300	1.395	418.50	18.17%
4.	Guocoland	200	2.02	404.00	17.54%
5.	Starhill Global REIT	500	0.77	385.00	16.72%
	Total SGD			2,303.30	100.00%

This is my first portfolio update for this blog.


In this year, I've bought 5 counters on 5 different occasions, and no sales transaction have been done. I understand that as my portfolio is extremely small, the brokerage fees and taxes will play a big part in my average price. As such, my investment approach is to hold to them as long as possible, with exception to scenarios whereby the company is entering an unfavorable situations with gloomy outlook, and when opportunities arises for me to add onto them, I will do so. All the price computed are inclusive on brokerage fees and tax. Dividends is recognized at Pay-date. Upcoming dividends recognized after XD.

I will also be updating by portfolio once every month.

As discussed in the first post, I hope that by the end of 2017, I will have a portfolio value of $5,475 (derived from $15 x 365 days). 


I'll be generally doing an overview of my journey thus far since the start of 2017.

Transactions:

1. AIMS AMP Capital REIT:
Purchased this counter in February at an average price of 1.39.
Dividends received from this counter: $22.20
Upcoming Dividends: $10.00 (pay date: 21/09/17)

2. Singtel:
Purchased this counter in April at an average price of 3.84
Dividends received from this counter: -
Upcoming Dividends: $14.98 (pay date: 17/08/17)

3. Frasers Commercial Trust:
Purchased this counter in April at an average price of 1.33
Dividends received from this counter: $7.52
Upcoming Dividends: $7.20 (script)

4. Guocoland:
Purchased this counter in April at an average price of 1.90
Dividends received from this counter: -

5. Starhill Global REIT:
Purchased this counter in March at an average price of 0.76
Dividends received from this counter: $5.90
Upcoming Dividends: $5.90

Total dividends received (as of 08/08/17): $35.62
Average dividends/mth: $2.96/month
Upcoming dividends (August): $28.08