$$$ KPO and CZM $$$: Portfolio - August 2019

Monday, October 14, 2019

Portfolio - August 2019

Hi everyone! It has been a long time (about slightly more than a month)! We just came back from Canada recently and it was so pretty!

We flew to the USA on Cathay Pacific First Class due to the error fare

Visited the Lincoln Memorial in Washington DC

Niagara Falls from the Canada side

We rented a campervan to travel around

Moraine Lake in Banff National Park (Our favorite!)

Keep a lookout for CZM's travel posts! They will take a while though because we are still pretty busy with our house renovation (there were some complications/miscommunication between the ID and carpenter -.-) and planning for our next trip (RTW). You can read more about the RTW trip here - Quick Update - Too Busy to Blog.

Our portfolio increase by 0.20% to a new high $421,644 - $7,939.82 of capital injection and $7,093.64 of capital loss. The one in blue is the StashAway portfolio, green is SGX and the total is in black.

If you prefer to look at numbers, this is the raw data used to generate the above bar graph. These numbers are as of the last day of the month.

"Cash Flow" is the amount of money being injected/withdrawn from the portfolio (buying stocks = +ve cash flow while selling stocks and collecting dividends = -ve cash flow)


- HKEX:3988 - Bank of China (10,000 units) @ HK$3.00
- HKEX:939 - CCB (10,000 units) @ HK$5.68

We decided to take a look at Hong Kong after months of rioting and started with the Hang Seng Index components. Similar to Singapore, there is no dividend withholding tax in Hong Kong (as corrected by both Evilbdboi and maru in the comments - there is a 10% withholding tax on H shares), so we filter by looking at companies >5% dividend yield that will be sustainable. Soon we were left with a few big names and interestingly, we realized the valuation of the banks was more attractive as compared to Singapore's banks (lower PB, higher yield, etc.).

As you can see, the payout ratio is at a low 30%+. Comparing other metrics, CCB's and BOC's non-performing loan is at 4.4% and 5.1% vs DBS at 6.9%.

We eliminated HSBC because their payout ratio was much higher. Anyway, these are H shares (China stocks listed in Hong Kong) and when you compare it with the A shares (listed in either the Shanghai or Shenzhen stock exchanges), it seems to be "discounted/cheaper" too. You can read more about it here - Investopedia - H-Shares vs. A-Shares: What's the Difference?

The total dividends collected this month is $3,033.52 (shiok!). The breakdown is as follows:

Company Symbol ExDate Shares Total
APAC Realty Limited CLN 28-Aug-19 12,000 $90.00
City Developments Limited C09 23-Aug-19 700 $84.00
Wilmar International Limited F34 21-Aug-19 2,000 $60.00
Raffles Medical Group Ltd BSL 19-Aug-19 14,000 $70.00
First Real Estate Investment Trust AW9U 14-Aug-19 11,009 $236.67
Sheng Siong Group Ltd OV8 14-Aug-19 18,000 $315.00
Parkway Life Real Estate Investment Trust C2PU 7-Aug-19 2,000 $65.40
Frasers Logistics & Industrial Trust BUOU 6-Aug-19 10,200 $249.90
Far East Hospitality Trust - Stapled Units Q5T 6-Aug-19 10,316 $93.87
Ascott Residence Trust A68U 6-Aug-19 11,000 $377.40
Starhill Global Real Estate Investment Trust P40U 6-Aug-19 12,000 $132.00
Mapletree North Asia Commercial Trust RW0U 5-Aug-19 5,000 $97.49
SPDR STI ETF ES3 5-Aug-19 13,000 $831.99
DBS Group Holdings Ltd D05 5-Aug-19 800 $240.00
Suntec Real Estate Investment Trust T82U 2-Aug-19 5,000 $78.25
Mapletree Commercial Trust N2IU 1-Aug-19 500 $11.55

Total dividends collected for 2019: $15,580.56
Average dividends per month for 2019: $1,947.57




Capital: $22,250.00
Current: $24,776.00

You might be interested in previous months update too:
Portfolio Performance in 2018 - $354,145
Portfolio - January 2019 - $376,381
Portfolio - February 2019 - $379,814
Portfolio - March 2019 - $400,263
Portfolio - April 2019 - $400,263
Portfolio - May 2019 - $392,934
Portfolio - June 2019 - $415,611
Portfolio - July 2019 - $420,798
- Portfolio - August 2019 - $421,644

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)


  1. there is 10% for HSCEI component if I am not wrong BOC is one of them

    1. Hi Evilbdboi,

      Are you referring to dividend withholding tax??

    2. Posted to quickly, did not see EvilDboi wrote the same thing. Here is an article in the south china morning post explaining the tax: https://www.scmp.com/article/972570/hk-holders-h-shares-pay-10pc-dividend-tax

    3. Oh my, we didn't know that. Thanks for pointing it out! I have updated the article on the 10% withholding tax for H shares.

  2. Hi KPO! When will portfolio for September be released? Looking forward to it.

    1. Hi Unknown,

      I am working on the September update now but will only schedule it to be published tomorrow. Glad to hear that!

  3. Dividends from your bank of China holdings will be subject to 10% tax. This tax is levied by China on HK listed mainland companies. Div yield still attractive though.

    1. Hi maru,

      Yes, still attractive. lol. I did a quick calculation. Even with a 10% withholding tax, assuming constant dividend, the yield on cost for both CCB and BOC will be around 6%.