"May 18" - SG Transactions & Portfolio Update"














No.

Counters

No. of Shares

Market Price (SGD)

Total Value (SGD) based on market price

Allocation %

1.

Vicom

27,000

6.05

163,350.00

25.0%

2.

M1

75,000

1.80

135,000.00

20.0%

3.

Fraser Logistic Trust

100,000

1.05

105,000.00

17.0%

4.

Far East Hospitality Trust

125,000

0.68

84,375.00

12.0%

5.

Ho Bee Land

30,000

2.55

76,500.00

12.0%

6.

Starhill Reit

100,000

0.70

70,000.00

11.0%

7.

Tuan Sing

40,000

0.42

17,000.00

3.0%

8.

Warchest

-

-

6,000.00

1.0%

Total

657,225.00

100%



We are just a month away from finishing the first half of this year.



This has been an incredibly fast year as we move month after month with a simple blink like that.



From the traveling front, we've also completed a family trip to Taiwanearlier this year in March and we just had a long weekend staycation at JB during the labor day holiday.



I will also have my another trip next week to Phuket hence the early updates again :)



On the same front, I have also finally reached the milestone of accumulating 300,000 krisflyer miles this month which we will be using for our longer trip in the future. It'll be enough for a return plane ticket for the 4 for us to LA.





Anyway, for this month updates, I have divested my Comfortdelgro and allocate them mostly to Vicom which I blogged overhere. Vicom went higher but Comfortdelgro went even much higher so I guess that's how life is treating me. Nevertheless, it's a decision that is made so life goes on from there :)



I have also added my position in Far East Hospitality Trust (FEHT) which I blogged overhere. I think hospitality is bottoming and based on the recent result I cover it appears that the thesis is running, so I am happy with the decision here.


The number of companies in my portfolio is getting smaller and smaller. They are shrinking to levels that I don't have to monitor them very often but it's a level I am comfortable with all of the holdings.



Net Worth Portfolio

The portfolio has increased from the previous month of $653,910 to $657,225 this month (+0.5% month on month; +9.5% year on year).

This is also the fourth time in the five months that the portfolio managed to once again break the all time record high.

A quick check on the return from the sgxcafe shows that this year return is at 2.9%, lagging the STI index. But I am not really worrying too much on this aspect.

Family's Portfolio

From last month onward, I have decided to also include the family's portfolio portion in order for easier reconciliation on the cdp statement.

1.) Wife's Portfolio

I have sold CDG at a higher price than my share at $2.19 and have allocated them to FLT.








No.


Counters


No. of Shares


Market Price (SGD)


Total Value (SGD) based on market price


Allocation %

1.

FLT

13,000

1.05

13,650.00

67.0%

2.

Sasseur Reit

8,000

0.79

6,320.00

33.0%

Total SGD

19,970.00

100.00%



2.) Baby B1.0 Portfolio (Age: 4 years and 1 month)








No.


Counters


No. of Shares


Market Price (SGD)


Total Value (SGD) based on market price


Allocation %

1.

FLT

13,000

1.05

13,650.00

67.0%

2.

Singtel

700

3.50

2,450.00

33.0%

Total SGD

16,100.00

100.00%



3.) Baby B2.0 Portfolio (Age: 1 years and 4 month)

I added a bit of funds into buying more FLT share for this month.








No.


Counters


No. of Shares


Market Price (SGD)


Total Value (SGD) based on market price


Allocation %

1.

FLT

3,000

1.05

3,150.00

48.0%

2.

Singtel

1,000

3.50

3,500.00

52.0%

Total SGD

6,650.00

100.00%



4.) Mum's Portfolio







No.


Counters


No. of Shares


Market Price (SGD)


Total Value (SGD) based on market price


Allocation %

1.

FLT

6,000

1.05

6,300.00

100.0%

Total SGD

6,300.00

100.00%



Final Thoughts

Most of the companies will be paying out dividends so it'll be raining cashflow this month and it's the best time to save up in time for rainy days.



I'll be using most of the proceeds for the FLT rights which will be the main focus this month. I will write more on that once it is more conclusive.


Thanks for reading.



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$VICOM(V01.SI) $M1(B2F.SI) $Ho Bee Land(H13.SI) $StarhillGbl Reit(P40U.SI) $Tuan Sing(T24.SI) $Frasers L&I Tr(BUOU.SI)

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39 likes
27 comments
testing12345678

what a big portfolio ... bigger than another annoying guy's here at IN.

some qns:
1) how u decide the sizing of each stock
2) u holding to starhill? it's dropping, no end in sight
3) u don't buy any growth stock?

Sporeshare

Reply to @3Fs : ok noted tks! I am looking to add if FCT goes further down towards 1.30-1.32 level. Good yield + stable dpu.

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gagnant76

Just curious, You truncate your market price to 2 decimal place right? Otherwise some of the total value (SGD) looks wrong. Also, is it possible to indicate your average price of your portfolio?

3Fs

Reply to @gagnant76 : Hi I actually use sgxcafe to validate the total market value. Maybe its a bit off but nothing out of the world off I hope. Thanks for pointing out though.

gagnant76

thanks for sharing... nice planning for the family

sysy

Thanks for sharing!
enjoy ur phuket trip :)

Dividend_Warrior

Planning to subscribe to the FLT preferential offering too. Can't wait for the result tomorrow! :)

CoryLogics

Pretty strong concentration of stocks. Hope your selection is good !

theintelligentinvestor

Looking good, bro! I am also at around +3.6% ytd. Also like you, not too concerned on stock price performance, as the businesses earnings are still strong. Thanks for sharing!

theintelligentinvestor

Reply to @3Fs : Thanks! Hopefully we are right in our assessment. :)

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wellhandy

wow! has @InvestingNote already hooked @3Fs up?

3Fs

Reply to @InvestingNote : Bro Shanison, you know most of them too!! You are so well network and know most of them too I believe ;)

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Spinning_Top

Thanks for sharing here!

3Fs

Reply to @Spinning_Top : Thanks Spinning bro

LFO

Wow, staunch FLT supporter. Thanks for sharing.

3Fs

Reply to @Look : Welcome :)


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SPH Reit's recent Q1FY19 results show something promising for the retail rent sector as they managed to negotiate for a 10.1% positive rental reversion for the renewed leases that expire in Q1FY19 for the Paragon properties.

The Orchard central area continues to bounce back strongly on the back of strong high occupancy and the low supply pipeline for the next upcoming 5 years.

This is the latest I have extracted from the URA website.




The office space is doing well from what we see on the price and rental index, but that only takes up 5% of the total NPI for Starhill, so that isn't very significant.


The biggest move would need to come from the Singapore retail from their Wisma Atria and Ngee Ann City properties, which takes up 50% of the total NPI.


If this moves, the share price will move accordingly, usually in the same correlation.


Thus, my turnaround play would have to depend on this one.



Starhill has a next Toshin rental review in Jun 2019, which I think will be the key for a positive rental reversion that follows that to SPH Reit.

I think we should see better days ahead for Starhill performance.

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M1 - Potential GO Dejavu ?

By now, you would have probably heard the news buzzing around surrounding the potential buyout for M1 takeover with two of its largest shareholder Keppel T&T which owns 19.3% and SPH which owns 13.5% dealing with a potential buyer on the cards.


There’s not much details on the news that have been shared and I can understand why investors are eager to follow up on the story given that this feels like dejavu all over again. In early last year, the 3 big shareholders, namely Axiata, Keppel T&T and SPH went through a similar strategy review when the shares were trading back then around $2.15. Unfortunately, the deal seems to be off and from the way I read the deal, it seems that Axiata has not agreed to the selling while the latter two has preference over divesting their non-core assets.


In a similar statement made by Axiata yesterday (original script below), it appears that Keppel and SPH decide to proceed ahead with the review given that a successful deal with the two would mean that the acquirer would own a shareholding of above 30%, which would trigger a mandatory GO deal.







Axiata’s Original Statement Issuance (25th Sep 2018)


Axiata Group Bhd (“Axiata” or “the Group”) refers to the announcements made today by Keppel Corporation Ltd (KCL) and Singapore Press Holdings Ltd (SPH) to the Singapore Exchange on their joint consideration of a possible transaction involving M1 Limited (“M1").


Axiata had on 17 March 2017 and 18 July 2017 previously announced publicly that it was undertaking a strategic review of its stake in M1 jointly with KCL and SPH. Post the said strategic review, Axiata has deliberated with both companies where we made our position clear regarding any corporate action.


The announcements today by KCL and SPH, as we understand it, may reflect developments from the 2017 strategic review and post discussion, which now has resulted in Axiata not being an active participant in the new corporate exercise.


Axiata will consider all appropriate and viable options that will enhance our own shareholders’ value depending on the official proposal to be made by KCL and SPH.


What is the term of a mandatory GO in Singapore?


The threshold for triggering a mandatory GO for a listed company in Singapore is when a person acquires shares resulting in him or his parties owning 30% or more of the listed company’s voting rights.


The offer price to the rest of the shareholder must be at least the highest price paid by the acquirer during the offer period or if after the offer period, then the acquirer must increase the offer price to the price paid by the acquirer.


The minimum acceptance condition must be approved by at least 75% of the rest of the shareholders based on their voting shares. This is the reason why Axiata plays such an important role here because it owns 28.7% of M1 and my understanding is the deal could be off if Axiata backed off from the strategic review once again. This is the problem when you have so many different parties as part of your big shareholders.


For M1 to continue to remain listed on the market, it must at least retain 10% or more of their voting shares to be held by the public.


What does it means for you (investors)?


This could go down to be quite tricky for minority shareholders.


It appears that to me Keppel T&T is interested to buy up the stakes of SPH and they would make a GO for the rest of the shareholders.


Either that scenario will happen or Keppel and SPH are trying to divest their shares in M1 as they have previously said they wanted to focus on their core areas. For Axiata however, the shareholding in M1 seems to be key to them given it gives them recurring income as part of the associates and from the reports I read, it appears that they are valuing M1 at the valuation of $2/share in their books.


Hence, I believe this is a key critical price for the deal should it go through.


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Ho Bee Land - Q1 FY18 Results & Thoughts

Ho Bee has just announced its Q1 results for FY18 which was closely expected with no big surprise.




Rental income is the segment which I am monitoring closely and it continued its strong uptrend with a 6.1% year on year. This was due to the purchase of Lombard street which was reported in the Q4 of last year. If we compare quarter on quarter, it is stable at $37.7m, which was unchanged from previous quarter. This comes in at $150m annualized.



The sale of development properties is the swing factor here. In this quarter, sale of development properties come from the sale of the site in Gold Coast, Australia which the company reported a $2.6m gain on profits.



The share of profits from their associates in Shanghai continues to perform well, though it dropped 12.8% year on year. This doesn't contribute to a cashflow until the associates declare and distribute dividends at the end of the year.



The main drop in the nopat this quarter is due to the absence of one-off divestment sale of investment property, which last year they did to sell Rose Court. Without these absence, nopat would be year on year stable.



The company makes 7.42 cents in earnings per share this quarter and is on course to repeat the same feats as last year. NAV increases higher this quarter to $4.79 from $4.70 in previous quarter.



The big wild card lies in their development sale of their Sentosa properties (Seascape & Turquoise) which they've started to market out in March at a psf of $2,170. The last revised down they wrote off in their book was done at $1,450, so the ASP of above $2k psf now should result in a gain once they've managed to sell it out.




The other interesting development is the EUR90m that they've invested in a European fund overseas where they are looking at a Munich development to be redeveloped into a Grade A office of more than 500,000 square feet. This reminds me of the back then Metropolis before it was completed.



It does also seems like there are many players venturing into the Europe right now, perhaps it's a gem there in the making.


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