Portfolio - September 2019

With this, our portfolio update will be back on track :) StashAway update has been scheduled to be published tonight and the backlog will be our expenses update and travel posts.

Our portfolio decrease by 0.19% to $420,854 - $2,985.54 of capital withdrawal and $2,195.93 of capital gain. 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"Cash Flow" is the amount of money being injected/withdrawn from the portfolio (buying stocks = +ve cash flow while selling stocks and collecting dividends = -ve cash flow)

SOLD
- APAC Realty (12,000 units) @ $0.51

After holding for an average of 391 days and collecting $870 of dividends, we have sold all our shares at a loss of -$2,631.95 which is about -17.6% and annualized -16.6%.

You can be right one moment and wrong the next. We first entered bought the stock (12,000 units @ $0.86) around 2 years ago (Oct 2017) - APAC Realty. Within 2/3 months, we were on 25% capital gain when the price went up to $1.08. Then came the cooling measure and it became a horror show (one of my top 5 worst investments) by the end of 2018 - Portfolio Performance in 2018. Along the way, we bought more 8,000 units @ $0.57 and sold them shortly @ $0.665.

Their latest quarterly result was simply too bad. Although revenue was just 28% lower, the profit had shrunk by 63%! The increase of 154% in marketing and promotion expenses wasn't translated to an increase in revenue shows a lot about the current property market sentiment... In addition, the depreciation of assets and finance costs due to the acquisition of a new property last year (wrong move) will be recurring, hence "eating" into the revenue. You can read more about it here in TTI's analysis - APAC REALTY – ACQUISITION OF ERA CENTRE IS CASHFLOW NEGATIVE.

It is no surprise that their EPS has also decreased by 62.4%. This meant that the previous dividends they had payout will no longer be sustainable and they have already reduced the latest dividends. I believe they will be cutting more, hence the decision to sell them now.

BOUGHT
- Soilbuild REIT (6,000 units) @ $0.53

Nothing new, I blogged about this previously - Soilbuild Business Space REIT (Not) Bad Preferential Offering. We were given 2,700 rights which I exercised all of them, applied in excess another 3,300 and were given full allocation.

There were 2 other companies that had issued rights and I shall give a quick update on the actions we took:
Keppel DC REIT - Exercised and oversubscribed
Chip Eng Seng - Letting it expire because of issues in corporate governance. You can read more about it here - Corporate governance: More teeth and substance needed. In addition, the exercise price >= market price which makes it pretty unattractive and the rights worthless. I could not even sell it in the market.

Dividends
The total dividends collected this month is $164.29. The breakdown is as follows:

Company	Symbol	ExDate	Shares	Total
Keppel DC REIT	AJBU	23-Sep-19	3,000	$54.29
OUE Limited	LJ3	11-Sep-19	11,000	$110.00

Total dividends collected for 2019: $15,744.85
Average dividends per month for 2019: $1,749.43

StashAway

KPO

CZM

Capital: $23,000.00
Current: $‭25,510.69‬

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
- Portfolio - September 2019 - $420,854

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