Portfolio Review 4Q16

One transaction completed:

1. Cambridge

• Buy
  Gearing has been progressively lowered through periodic repayment of debt and is around 33.4% after the latest round of paying down approximately S$20.0 million on 17 February 2011 (cf. gearing level of >40% in the early part of 2010, see From the Beginning...), but continues to offer high yield of >9% at ~50cents
  Cessation of Distribution Reinvestment Plan -> no DPU dilution resulting from DRP ("Distribution Reinvestment Plan
  The Manager has been informed by the Ministry of Finance on 17 December 2010 that the Distribution Reinvestment Plan (“DRP”) for REITs will not be extended beyond 31December 2010.")
• Sell
  Lack of sponsor coupled with challenging outlook for local industrial rentals amidst oversupply concerns

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 2Q13 for 6, Portfolio Review 4Q13 for 7, Portfolio Review 2Q14 for 8, Portfolio Review 2Q15 for 9, Portfolio Review 2Q16 for 10, and Portfolio Review 3Q16 for 11 and 12):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Croesus RTr
7. CDL HTrust 
8. OUE HTrust 
9. FCL 3.65%b
10. Hyflux 6%Perp
11. SoilbuildBizReit
12. FCOT
13. AIMSAMP
• Buy
  Presence of sponsor and optimism over venturing into developing built-to-suit properties

Next portfolio review due after 31 March 2017.

Note to self: only simple P/L calculated


Thank goodness for dividends... yet again

Deja vu? This is beginning to be a familiar refrain - once again decided to absorb some capital loss in rebalancing the portfolio while at the same time reaping the benefits of staying invested and collecting income.

In terms of looking ahead at 2017, amidst the aftermath of Brexit and a changing political scene, it is anyone's guess how the economy will pan out. Well, I should be keeping an eye on any large movements and be ready for more rebalancing in case of any impact on overall portfolio value / dividends stream.

Wishing everyone good fortune =)

Portfolio Review 3Q16

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, Portfolio Review 2Q15 for 10, and Portfolio Review 2Q16 for 11):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust
9. OUE HTrust
10. FCL 3.65%b
11. Hyflux 6%Perp
12. SoilbuildBizReit
• Buy
  Resilience of business park rentals relative to logistics/industrial properties
13. FCOT

• Buy
  Stability of contributions from local technopark and overseas Australian properties

Next portfolio review due after 31 December 2016.

Note to self: only simple P/L calculated. Excluding dividends, combined paper and transacted P/L recovered to net positive this quarter, one year on from first instance of portfolio paper loss in 3Q15

Portfolio Review 2Q16

Currently holding on to 11 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, and Portfolio Review 2Q15 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust 
9. OUE HTrust 
10. FCL 3.65%b
11. Hyflux 6%Perp

• Buy
  Diversification into perpetuals

Next portfolio review due after 30 September 2016.

Note to self: only simple P/L calculated

Portfolio Review 1Q16

Currently holding on to 10 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, and Portfolio Review 2Q15 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust 
9. OUE HTrust 
10. FCL 3.65%b

Next portfolio review due after 30 June 2016.

Note to self: only simple P/L calculated, and not including ongoing OUE HTrust rights issue

Portfolio Review 4Q15

One transaction completed:

1. Sembmarine

• Buy
  High beta with decent yield amongst STI component stocks (cf. SIAS article)
  Record order book estimated at more than S$13b as of end December 2012
  Price driven down by recent bad news (i.e. Q3 profit decline on margin concerns and Jurong Shipyard accident)
• Sell
  Prolonged pessimistic outlook for oil price

Currently holding on to 10 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, and Portfolio Review 2Q15 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust 
9. OUE HTrust 
10. FCL 3.65%b

Next portfolio review due after 31 March 2016.

Note to self: only simple P/L calculated


Thank goodness for dividends... again

2015 was again a year when dividends was the main support for my portfolio, as I slowly tend towards a largely hands-off approach in investing, instead relying on the quarterly and semi-annual streams of passive income.

In terms of base capital, my loss on Sembmarine (realised this year in 2015) dwarfs that for Sabana (realised in 2014) by far. Ouch, really painful lesson for me, talk about catching a falling knife indeed...

Here's to a better 2016 !