Portfolio - March 2018

Current Portfolio (31/03/2018)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	SingTel	500	3.37	1,685.00	17.84%
2.	Wilmar Intl	500	3.18	1,590.00	16.83%
3.	ComfortDelGro	700	2.05	1,435.00	15.19%
4.	Starhill Global REIT	1,700	0.73	1,241.00	13.14%
5.	Far East Orchard	800	1.48	1,184.00	12.54%
6.	AIMS AMP Cap REIT	400	1.36	544.00	5.76%
7.	Guocoland	200	2.08	416.00	4.40%
8.	Singapore Saving Bonds	1	500.00	500.00	5.29%
9.	Warchest	1	850.00	850.00	9.00%
	Total SGD:			9,445.00	100.00%

Happy April Fool!

March had been a really really busy month for me. Hence, explaining the lesser amount of post that is on my blog. March is also a really interesting month having Trump wanting a trade war and imposing sanctions on China.

I remember exactly a month ago in previous portfolio update, I've mentioned that I wanted to build a bigger position with REIT to increase my dividend income for the year. I'm also looking to do some portfolio adjustment.


Indeed, my wish came true earlier in March and my itchy fingers had gotten better of me once again when Starhill has fallen to 71 cents. I took the opportunity to accumulate 1,200 shares of Starhill Global REIT at 71 cents from Mr Market.

I'm buying some dustbins in Wisma!

Read: SGR's Analysis (FA, TA) - Buying some dustbins in Wisma


I've also done a CPF OA-SA transfer in this month, emptying my OA account in the process which I've briefly covered in a post earlier. Though I would say that this is not directly related to my monthly portfolio update, but I decided that I will write briefly about this in this update.

It is common to be hearing complains such as "My hard-earned cash are all locked up in the CPF" or "I want my 20% salary in cash, why did they take it away? I'm working hard for it!" or even "CPF is a Ponzi Scheme!!!".

Source: CPF

Once again, as a Singaporean, we must bear in mind that the CPF system is actually a benefit to us and we're entitled to this privilege. Perspective is important.

Do be reminded that CPF OA-SA transfer is IRREVERSIBLE and it is very important to consider your own situation before doing anything. I repeat once again, I'm not an advocate for CPF. 

Read: My 19 Year Old CPF Account - For Millennials and Young Adults

Source: Grab

CDG: Aside from this, Grab has also confirmed on the acquisition of Uber in Southeast Asia. It is reported that Uber will in exchange receive 27.5% stake in Grab.

CDG-LCR's deal is currently in the second stage of review by the Competition Commission of Singapore. Hence, I do not see anything materializing yet. It will just simply tell us that Uber and Grab is no longer competing, but not CDG.

On a side note, Uber seem victorious having to cash out and tap onto Grab's growth for it's earning. I believe that this is an attempt by Uber to tidy up their balance sheet before rolling out on it's IPO next year. Well, this is business.

You may wish to read more on CNN's report about Grab-Uber's merger here.


A deeper look into my portfolio:
Taking a serious look at my portfolio today, it seems like I'm soon attaining my target I've set for myself earlier on hitting my first 5 digits in portfolio before 1H2018. Just as I'm doing so, I've also took this opportuinty to calculate my actual capital injected this far since the start of 2017.

Take note that my portfolio I've stated here excludes CPF, emergency funds or monies required for expenses. In the capital injection computation below, I've also excluded the funds under 'Warchest' a.k.a Opportuinity Funds as they have yet been deployed.

Funds that are recycled from sales & cryptocurrencies gain are also computed and adjusted below.

Overall Portfolio Performance (as of 31/03/18):
Total (Capital Injection) in 2017 = S$ 5,882.09 + 684.70 = 6,566.79
Total (Capital Injection) in 2018 = S$ 1,377.22

Total Capital Injection 2017 & 2018 = S$ 7,944.01

Realized P/L = 19.39% or S$ 1,586.35 (Based on cost)
Unrealized P/L = -2.58% or - S$ 204.59 (Based on cost)
Cum. Dividends = S$ 119.23
Realized + Unrealized P/L + Dividends = $ 1,472.67 (18.53% base on cost)

Current Portfolio Value: S$9,445.00 (+10.95% m.o.m due to capital injection, dividends and portfolio performance)

CAGR = 16.66% (Based on start date at 14/02/17) - Days Count: 410
XIRR = 34.49% (This high % you see here is due to the wild card from Crypto in 2017)

Both XIRR and CAGR % is on a very high side due to the relatively short duration that I'm in the market. As the time goes on, the % will reduce significantly. A big contributing factor is due to crypto currency gain which takes up a significant part of my portfolio. I'm lucky and fortunate to have profitted from this event, but this is just an one-off event.

A simple bear market will be more than sufficient to wipe out all the % you see on top.

Current Cash Position (based on Opportunity Funds + SSB) = 14.39%

Aside the $850 in warchest, a pretty significant portion has been channeled to accumulating some shares during the recent market weakness.

 

Dividends received in March: $12.70
Total dividends received in 2018: $39.91
Average dividends/month: $3.32

You may also subscribe to receive my latest email updates here. 

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

Portfolio - January 2018

Current Portfolio (31/01/2018)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	ComfortDelGro	700	2.10	1,449.00	18.52%
2.	Far East Orchard	800	1.50	1,200.00	15.12%
3.	Wilmar Intl	300	3.20	960.00	12.09%
4.	AIMS AMP Cap REIT	400	1.37	548.00	6.90%
5.	Singtel	140	3.54	495.60	6.24%
6.	Guocoland	200	2.26	452.00	5.69%
7.	Starhill Global REIT	500	0.77	385.00	4.85%
8.	Cryptocurrency Funds	1	1,076.71	1,076.71	13.57%
9.	Singapore Saving Bonds	1	500.00	500.00	6.30%
10.	Warchest	1	850.00	850.00	10.71%
	Total SGD:			7,937.31	100.00%

This is the first monthly portfolio update for year 2018. For this month, there have been a slight recovery on the counters I own along with some profit booking session from cryptocurrency. With these events, the overall portfolio value had increased by 6.15% month on month.

STI historic graph

In this month, DJIA has continued to scale further and breaking it's all time high with it's pricing at 26,076 while our local STI on the other hand, also had a bull run and broke it's 3600 resistance days ago, before finally closing at 3,534 today. STI broke it's 5 year high price and currently, it's heading  higher.

Now..this situation today is starting to look a little bit like 2008.
 

Yes, it's snowing and the snow is really pretty and heavy in Japan, and not soon later, I will be back to the sunny land somewhere along the equator. There is no capital injection this month. On a side note, I've also revealed in my post earlier on The 19 Year Old Year Review, Reflection and 2018 Resolutions that I'm trying to build up a sizable cash position. You might have noticed that I have added another column on my portfolio on 'Warchest'. Also, shared in the same post, the war chest here is a separate war chest that is established for the purpose of building a more sizable cash position. Probably this 'war-chest' should be better called 'opportunity funds'

I've also done some portfolio balancing this month of which I have shifted some funds over from the cryptocurrency funds onto the new war chest and also divesting FCOT. Should I not do this balancing, the cryptocurrency funds would had officially became my greatest holding in January, taking up a whooping 25% of my entire portfolio. Take note that this is not due to injections and I've only injected once into my cryptocurrency funds. The big increase is due to the strong performance of the cryptocurrency market and the trading activity that had taken place.

On a side note, I've also jumped into Singapore Saving Bonds (SSB) from the previous issue and was allocated with S$500.00 of SSB. With the interest at 1.55% for the first year, the SSB is a relatively good place to park your money there. The no capital loss along with the flexibility in your funds is the real shiny points here when speaking about the SSB.

The purchase of SSB to me serves as a small form of diversification and I view it as a very good place for me to temporarily park my funds in. This is also done to balance out the volatility of my portfolio. You may wish to read more from the link below to my earlier post about the SSB.

Read: Singapore Saving Bonds (SSB) - 1.55%

FCOT announced it's 1Q18 results and had since declared a 2.40 cents distribution for the period. It had since went XD. With this result in hand, it had poses a 4% decrease in DPU yoy. At the same price today, I feel that FCOT is no longer cheap and is moving towards the over-value region despite trading at a 5% discount to NAV. With that in mind and the uncertainties ahead together with the beautiful run, I've officially divested FCOT at 1.46 on XD. I will still be receiving my latest cash distribution of S$7.39 on 1 March from FCOT. As for the small little balance of script dividends that I'm having, I guess, that will be my 'legacy' positions in FCOT.  Haha!

The divestment of FCOT had given me a profit of 8.29% or S$33.10 (without dividends) and 15.66% or S$62.53 (with dividends) based on my purchase price at 1.295 earlier last year.

FCOT's results presentation here.

Read: Portfolio Update - Divestment of FCOT and SSB Allotment 

SGR had also announced it's result earlier on 29/01/18. Similarly to FCOT, it's DPU is down by 7.1% yoy with the declared distribution at 1.17 cents. The decrease is mainly due to lower NPI received from it's Australia properties, and fortunately, it is slightly pulled up by the appreciating Ringgit. A simple calculation will gives me an annualized dividend of 6% based on the latest closing price of SGR at 0.78. It is a hold for now. XD will fall on 6 Feb, while distribution will be paid on 28 Feb.

SGR's financial statement here and results presentation here.

In this month, I've also received $21.36 worth of dividends from Singtel and AIMS AMP Cap REIT's advance distribution.

Dividends received in January: $21.36/-

Current Portfolio Value: S$7,937.31 (+6.46% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for January: S$ 0/-
Total dividends received in 2018: $21.36
Average dividends/month: $1.78

Portfolio - December 2017

Current Portfolio (31/12/2017)

No.	Counters	No. of Shares	Market Price (SGD)	Total Value (SGD) based on market price	Allocation %
1.	ComfortDelGro	700	1.98	1,386.00	18.54%
2.	Far East Orchard	800	1.50	1,200.00	16.05%
3.	Wilmar Intl	300	3.09	927.00	12.40%
4.	AIMS AMP Cap REIT	400	1.36	544.00	7.28%
5.	Singtel	140	3.57	499.80	6.68%
6.	Guocoland	200	2.24	448.00	5.99%
7.	Frasers Com Tr	308	1.49	458.92	6.14%
8.	Starhill Global REIT	500	0.775	387.50	5.18%
9.	Cryptocurrency Funds	1	1,626.22	1,626.22	21.75%
	Total SGD			7,477.44	100.00%

Right before anything, HAPPY NEW YEAR everyone :)

The month of December is always the month when many are extremely busy, having their holidays and celebrating joyous occasions like X'mas and New Year. In this special month, most people will also take a look back at their year, reflecting on the year and plan for the coming year.

This is my first year doing so, penning them down and have since published them last month. Fortunately for me, in the year of 2017, I manage to hit my targets I've set for myself even after revision of targets. I will attribute this to the crypto-market that I'm vested in that brings me closer and outperforming my targets.

Read: 2017 Overall Portfolio Performance

If I were to purely base on my equities holding (which they are performing badly in the year of 2017), I would still hit my target but with more capital injection. With the crypto-market in my favor, it helps and creates more cash in my war-chest waiting to be deployed when Mr Market is depressed.

In this month, I've "lost" out on BIG gains from the crypto market due to the withdrawing of capital as well as booking of profits. I'd probably have another 200-300% profit. But well. Money not earn does not equate to money lost. So I should be smiling and not be greedy!

Cryptocurrency started with roughly 10% of my portfolio and today, with the ever-surging bull market, it has became my biggest position with the heaviest weight in my portfolio. As written earlier (here), I've withdrawn my capital and locked in 100% gains from this event. The funds for now (1000 USD) is siting in my DBS MCA account while the balance are vested in crypto. This event had changes the status of my crypto holdings to "free-hold". The total crypto-market capitalization in this month had almost tripled with BTC surging to 19k, ETH over 800 and LTC over 300. Not forgetting the others that surge like BCH which now takes up almost USD 60 billion and many others.

I've also written briefly (here) that I will be setting up a separate war-chest to increase on my cash holdings and this funds here will be deployed in a situation whereby Mr Market is depressed.

Back to my equities holding..

The value of my equities holding has fallen mainly due to stocks going XD like Singtel and AA REIT along with the fall of prices in heavyweight champions like CDG, Wilmar and FEO.

CDG had announced on it's strategic alliance with Uber earlier this month, and I've briefly written about them here. The acquisition of 51% stake in LCR comes as a really big surprise to me and personally, I'm having a bit of mixed feeling here. At this point, they are still in the process of finalizing on additional partnership opportunities.  Shortly after the release of this news, CDG shot up to 2.08 from 1.90. But this doesn't last long and they had fallen back to the 1.9x range nearing the end of the month. At this price range, I feel that it is decently priced and some value can be seen here.

Wilmar had once again broken it's support and goes down to the price I've bought them and hovering around the 3.1 range. This provides me with another good opportunity to accumulate them. Just last week, they've announced on the acquisition of Perennial Real Estate Holdings Limited, increasing their stake from 16-20% as well as the establishment of new subsidiary for flour mining and sona oil.
Wilmar's operation is indeed very very extensive and at this price, they are once again trading below it's NAV. I personally see big growth in Wilmar in the coming future and at this current price, they're undervalue. I'm looking to accumulate more shares from Wilmar and will be writing more about them shortly.

Wilmar's announcement on acquisition can be found here.

FCOT had also announced earlier this month on the 50:50 acquisition of Farnborough Business Park with FCL, which is situated in United Kingdom. I view this transaction positively onto the fact that it had provided them diversification into another market. Coupling with GBP that is down due to Brexit, the recovery of UK market will be able to bring this acquisition to another level. This event will also create additional recurring income for FCOT, which will bump up the DPU. However, at this very moment of writing this, the news on HP's lease renewal had not be released. Based on my earlier post (here), I would assume that HPS would vacate from ATP. However, I believe that the job to find new tenants will be heavily dependent on it's management and for now, it will be nice to keep a look out. Should the news on HPS vacating be released and if it were to trigger a sell-down, I would probably be looking to accumulate more shares of FCOT.

FCOT's acquisition announcement can be found here.

Singtel on the other hand had recently went XD. With the closing price on 29/12/17 at 3.57. It translates to a price of 3.67 prior XD. At this price, I see some value and some buying opportunity. Similarly, I've written about Singtel (here) last month. A simple TA on Singtel shows that is it slightly bearish. Singtel, today, falls into my buying list and I'd be glad to accumulate more shares from them. I'm pretty positive on Singtel's growth.

Seems like there's a decent buying opportunity for most of my counters I hold here and soon, I will be writing on which share I'd be accumulating in January. 

Dividends received in December: $10.20/-

Current Portfolio Value: S$7,477.44 (+7.75% m.o.m due to capital injection, dividends and portfolio performance)

Capital Injection for December: S$ 0/-
Total dividends received in 2017: $111.23
Average dividends/month: $9.27