| Counter | Average Price | Yield on cost(%) | Weightage |
| Croesus Retail Trust |
0.8472
|
8.47
|
45.13%
|
| OCBC Bank |
8.6000
|
4.00
|
14.78%
|
| UOB Bank |
18.8800
|
4.00
|
8.11%
|
| Saizen REIT |
1.0013
|
5.99
|
1.72%
|
| Soilbuild Business REIT |
0.7628
|
8.46
|
1.64%
|
| First REIT |
1.1754
|
6.91
|
1.52%
|
| Starhub |
3.3200
|
6.00
|
1.43%
|
| Croesus Retail Trust |
0.8100
|
8.88
|
1.39%
|
| Keppel DC REIT |
0.9919
|
6.56
|
1.28%
|
| Cache Logistics |
0.9680
|
8.15
|
1.25%
|
| AIMS AMP Cap REIT |
1.3363
|
8.37
|
1.15%
|
| Capitaland Commercial |
1.3008
|
6.15
|
1.12%
|
| Ho Bee Land |
1.9800
|
2.50
|
0.85%
|
| SPHREIT |
0.9500
|
5.80
|
0.82%
|
| Fraser Centrepoint |
1.8550
|
6.19
|
0.80%
|
| Neratel |
0.5800
|
3.44
|
0.75%
|
| NOL |
1.2117
|
0.00
|
0.52%
|
| Mapletree Logistics |
0.9900
|
7.40
|
0.43%
|
| Ascendas Hospitality |
0.7350
|
7.89
|
0.32%
|
| IREIT Global |
0.6650
|
9.00
|
0.29%
|
| Lippo Mall REIT |
0.3200
|
9.90
|
0.27%
|
| STI ETF |
2.8058
|
3.50
|
14.46%
|
| Total |
6.38
|
100.00%
|
| Legend |
| CDP |
| SCB |
Total Invested Capital = $23,464.65
Total Expected Dividends/month = $123
Average Dividend Yield = 6.38%
I missed updating my portfolio in February, but I'll just do a quick one for the end of March, since right now, my portfolio transactions have pretty much stagnated as there is much lesser attractive positions to initiate ever since the start of the mini-rally over the past month or so. I would prefer to just sit back and just relax until the next blood bath arrives. The economic fundamentals have not changed, and fear is still pretty much in the market right now, its just now that the fear has been put aside and the market is looking for even the slightest reason for cheer to rally on the news. I am not saying for sure the market will crash even lower than before, hell, I wouldn't want that to happen either, even though I am prepared for if it were to happen of course.
Not much changes to my portfolio right now, only notable changes was the buying back of Ascendas Hospitality again when it suddenly went to $0.73 which I believed (and rightly so) was unsustainable. The only regret was not buying more, but the idea then was to buy more only if it went lower than my cost price, but it didn't.
The largest position I added in this month was Starhub, which I felt was at a reasonable valuation than the high $4++ earlier last year. Assuming dividends are to be sustained, as promised by the management, I would receive a 6% yield, pretty good I feel. However, I am prepared for a decline in dividends as it is clear that the current cash flow generation from its operations are not enough to cover its dividends. Market is currently expecting this given the persistent share price weakness in the stock. If prices were to correct heavily again, I would look to increase my positions. Since its pretty expensive as compared to the REITs, I would prefer to enter again only when it corrects by a large margin, that is why I emphasised on the word "heavily".
I had also took another smallish position on Neratel at $0.55, as prices came crashing down due to the cut in dividends, which was pretty large cut I felt. But currently, I think valuations for Neratel is much more attractive, despite it offering only a miserly 3.5%, based on my assumption that it pays 2 cents for the annual dividend, which I think should be the worst case scenario. 3.5% is pretty low compared to REITs and even telcos, but Neratel is still in a net cash position, despite spending heavily on capex, which is to be expected for the industry the company is in. The company I believe is trying to reduce the amount of cash removed to the company as it prepares for more capex whenever needed. I still believe in the company's growth prospects but still not too comfortable to take large positions on this counter just yet.
I have also accumulated another smallish position of OCBC at $7.86 as the results it has announced earlier in February was pleasing, which proved that the poorer results earlier last quarter was a one-off weakness. This brings my average price to around $8.60. This shall be it for now, I will only consider adding to positions if prices fall to below $7, which is unlikely in the short term unless shocking news like the subprime mortgage crisis back in 2008 were to show up again. Meantime, I am happy with my entry price.
I missed updating my portfolio in February, but I'll just do a quick one for the end of March, since right now, my portfolio transactions have pretty much stagnated as there is much lesser attractive positions to initiate ever since the start of the mini-rally over the past month or so. I would prefer to just sit back and just relax until the next blood bath arrives. The economic fundamentals have not changed, and fear is still pretty much in the market right now, its just now that the fear has been put aside and the market is looking for even the slightest reason for cheer to rally on the news. I am not saying for sure the market will crash even lower than before, hell, I wouldn't want that to happen either, even though I am prepared for if it were to happen of course.
Not much changes to my portfolio right now, only notable changes was the buying back of Ascendas Hospitality again when it suddenly went to $0.73 which I believed (and rightly so) was unsustainable. The only regret was not buying more, but the idea then was to buy more only if it went lower than my cost price, but it didn't.
The largest position I added in this month was Starhub, which I felt was at a reasonable valuation than the high $4++ earlier last year. Assuming dividends are to be sustained, as promised by the management, I would receive a 6% yield, pretty good I feel. However, I am prepared for a decline in dividends as it is clear that the current cash flow generation from its operations are not enough to cover its dividends. Market is currently expecting this given the persistent share price weakness in the stock. If prices were to correct heavily again, I would look to increase my positions. Since its pretty expensive as compared to the REITs, I would prefer to enter again only when it corrects by a large margin, that is why I emphasised on the word "heavily".
I had also took another smallish position on Neratel at $0.55, as prices came crashing down due to the cut in dividends, which was pretty large cut I felt. But currently, I think valuations for Neratel is much more attractive, despite it offering only a miserly 3.5%, based on my assumption that it pays 2 cents for the annual dividend, which I think should be the worst case scenario. 3.5% is pretty low compared to REITs and even telcos, but Neratel is still in a net cash position, despite spending heavily on capex, which is to be expected for the industry the company is in. The company I believe is trying to reduce the amount of cash removed to the company as it prepares for more capex whenever needed. I still believe in the company's growth prospects but still not too comfortable to take large positions on this counter just yet.
I have also accumulated another smallish position of OCBC at $7.86 as the results it has announced earlier in February was pleasing, which proved that the poorer results earlier last quarter was a one-off weakness. This brings my average price to around $8.60. This shall be it for now, I will only consider adding to positions if prices fall to below $7, which is unlikely in the short term unless shocking news like the subprime mortgage crisis back in 2008 were to show up again. Meantime, I am happy with my entry price.
On a side note, Saizen REIT has already dished out the full cost of my position in one dividend payout, payable on 29 March. This means that my largest position in the SCB account has been liquidated, as whatever is trading in the market are purely profits at the moment. Thus, the amount invested in income producing positions in my SCB has been reduced by quite a bit, and I am currently looking for other stocks to cover the shortfall. Starhub was one of the considerations in this case, partly the reason why I initiated the position.
For now, I would be simply sitting on my a** at the moment while playing the waiting game with the market. Do remember, patience is one of the greatest virtue when it comes to investing in the stock market.
Hi,
ReplyDeleteI agree. Patience is indeed a good virtue in investing and life.
Hi DK,
DeleteWelcome to my blog. (:
Indeed it is a virtue, I have come across your blog before too, and I know you possess that virtue too! Keep up the good work!
Best of luck to all of us!