Portfolio - July 2020

I recently blogged about Our Baby Journey so far, do take a look if it is something that interests you.

Unfortunately, our portfolio has fallen below the $500k milestone after just 1 month. It decreased by -3.02% to $487,135 - $8,623.00 of capital withdrawal and $6,554.95 of capital loss. This includes $35,294 of leverage/debt (gearing ~7.8%).

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"Cash Flow" is the amount of money being injected/withdrawn from the portfolio (buying stocks = +ve cash flow while selling stocks and collecting dividends = -ve cash flow)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
- Sheng Siong (18,000 units) @ $1.64

We decided to sell all our Sheng Siong shares (18,000 units) at $1.64 today and it has been our top/best investment after all these years.

After holding for about 1358 days (~3.7 years) with an average price of $0.907, we have almost doubled our capital with an absolute return of 94.54% and an annualized return of 19.58%. You can read more about it here - Bye Sheng Siong! Hi SATS!

BOUGHT
- SATS (4,000 units) @ $2.84
- STI ETF (1,000 + 1,000 units) @ $2.65 and $2.58
- IWDA (11 units) @ US$62.38

We bought SATS as we see it as an opportunity to accumulate a good business when it is in crisis/undervalued. It should recover eventually, just not in the near future. We also bought more STI ETF to average down our previous investment.

I have "force" myself to buy $1,000 SGD worth of IWDA. We have decided to set some rules for the monthly IWDA investment:
- Current average price: $57.357
- If the market price is above our average price, buy $1,000
- If the market price is below our average price, buy $2,000
- Must buy by last trading day of the month

As an introduction, IWDA (iShares Core MSCI World UCITS ETF) is an accumulating (does not distribute dividends) world ETF managed passively by iShares. This has multiple purposes:
1. Capital Growth - Determine if simply buying a diversified world ETF will outperform StashAway/Endowus
2. Leverage Collateral - It has 70% LTV which will increase eventually increase our ability to borrow more or prevent a margin call

Anyway, IWDA is highly recommended by ShinyThings from HWZ. You can refer to this summarized version here.

On a side note, we can invest in such a small amount because there's no minimum commission for SCB priority customers which makes our investment very cost-effective.

I have also decided to increase my SRS contribution to $1,400 per month with the intention of maxing it by year-end.

Our Monthly DCA for July - $4,550
$1,000 Cash - StashAway Risk Index 22%

$800  KPO's SRS - StashAway Risk Index 36%

$250 CZM's SRS - StashAway Risk Index 14%

$800 KPO's SRS - Endowus Loss Tolerance -60%
$1,000 Cash - Syfe REIT+ (100% REIT)
$700 Cash - Syfe Equity100 (100% Equities)

Dividends
The total dividends collected this month is $1,126.99. The breakdown is as follows:

Company PayDate Shares Total SSB Jul 2018 1-Jul-20 500 $5.47 Sheng Siong Group Ltd 7-Jul-20 18,000 $324.00 City Developments Limited 16-Jul-20 1400 $196.00 Chip Eng Seng Corporation Ltd 16-Jul-20 8,000 $320.00 Mapletree Industrial Trust - Units 28-Jul-20 81.33 $2.26 China Construction Bank Corp. - Class H 30-Jul-20 5,000  HK$1,573.83

Total dividends collected for 2020: $9,714.86
Average dividends per month for 2020: $1,387.83

StashAway

KPO

CZM

Capital: $37,200‬.00
Current: $‭‭‭‭44,125.15

If you are interested in StashAway, do use our referral link. You get $10,000 free management fees for 6 months and we will get $16!

If you want to extract those transactions information from StashAway, do take a look at this article - StashAway Transactions Parser.

Endowus

Capital: $7,450.00
Current: $‭‭‭7,464.31

If you are interested in Endowus, do use our referral link for our readers! You will get S$10,000 managed free for 6 months ($20 equivalent) and we will get $20 too!

Syfe

Capital: $3,000.00
Current: $‭‭‭3,903.90

We have also started an Equity100 portfolio which is still at the funding stage due to some oversight in crediting/investing my money after verifying that the fund came from my bank account.

If you are interested in signing up, do use our referral code (KPOBONUS) for some cash incentive! Invests $500 and more and we will receive a $10 bonus each. Invests $10,000 and more and we will receive a $50 bonus each. Invests $20,000 and more, we will receive a $100 bonus each!

If you want to extract those transactions information from Syfe, do take a look at this article - Syfe Transactions Parser.

You might be interested in these blog posts too:
- Portfolio Performance in 2019
- 2019 Net Worth
- Portfolio - December 2019 - $463,297
- Portfolio - January 2020 - $455,071
- Portfolio - February 2020 - $442,216
- Portfolio - March 2020 - $415,071
- Portfolio - April 2020 - $459,037
- Portfolio - May 2020 - $470,665
- Portfolio - June 2020 - $502,313

- Portfolio - July 2020 - $487,135

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.)

Bye Sheng Siong! Hi SATS!

We decided to sell all our Sheng Siong shares (18,000 units) at $1.64 today and it has been our top/best investment after all these years.

After holding for about 1358 days (~3.7 years) with an average price of $0.907, we have almost doubled our capital with an absolute return of 94.54% and an annualized return of 19.58%.

We felt that Sheng Siong is currently trading at a pretty high valuation and the market seems to be overly optimistic. Sheng Siong Q1 financial report has been very impressive, almost doubling its profit/EPS when compared against the same period last year.

However, when we looked at the breakdown, the increase in revenue is mostly due to the "hoarding" effect whenever PM Lee gave his speeches. lol.

Anyway, if we were to look at the last few years, Sheng Siong has been trading at an average/median PE of 20-21. Based on the current price and its average/median PE, the market is expecting its EPS for 2020 to increase by 55% to 7.86 cents as compared to 5.04 cents last year. It just didn't look realistic when we forecast it, hence it felt overvalued when we were looking at it.

Will it goes higher? Maybe, just look at Tesla!

We have also decided to redeploy a bit of the cash from the sale of Sheng Siong to buy SATS (4,000 units) at $2.84. SATS came tumbling down from its high of $5+ due to COVID-19 where it even reported losses for the last quarter (ending 31 March 2020). The management was also being very prudent by cutting dividends by ~68%! We decided to buy it as we see this as an excellent opportunity to accumulate a good business (it is essentially a monopoly in Singapore) and it is a recovery play. I can see it returning to $5 once a vaccine is found but can't say the same for SIA especially after its right issues.

Similarly, I computed its average/median PE which is around 19-20. Based on the current price and its average/median PE, the market is expecting its EPS to decrease to 13.9 cents. In my opinion, this is still quite optimistic as its Q1 losses should be a lot more when travel restriction is placed around the world compared to the last quarter when it was just beginning.

In addition, there were multiple share buy back around ~$2.90 which could be a sign that the company is undervalued. You can read more about share buy back here - Why Would a Company Buy Back Its Own Shares?

Unfortunately, SATS has dropped quarterly reporting so we can only wait till around October for its half year financial statement to get a better overview of its business.

What's the worst that can happen? Getting kick out of STI lor like SPH. lol.

You can take a look at the above spreadsheet here.

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.)

Portfolio Update - February 2018

Our portfolio decrease by 0.95% to $314,586 - $7,789.56 of capital injection and $10,810.46 of  capital reduction.

The month ended better than expected, it was definitely much worst before CNY - Red Red Market for Chinese New Year!

SOLD
- None

No need to panic sell!

BOUGHT
- Sheng Siong (2,000 units) @ $0.925
- STI ETF (1,000 units) @ $3.40
- Lion-Philip S-REIT ETF (3,000 units) @ $1.016
- First REIT (109 units) @ $1.3656

Sheng Siong has been one of CZM all-time favorite stock as it is defensive in nature. Regardless of how the economy is doing, we still need food and daily necessities to survive. We last bought Sheng Siong in August 2017 and that was around the time Amazon entered our market. It is evident that the increased competition online did not have much of an impact in Sheng Siong FY 2017 result with EPS increasing by 11.3%! The older generations are still more resistant towards getting grocery online (they think it is not fresh). Having said that, the lack of an online presence is a concern as we have seen how technology has disrupted what used to be a solid cash business such as SPH and Comfort Delgro. Let's see how it goes.

We bought some way overdue STI ETF during the dip/correction. The last time we bought it was in September 2017 @ $3.27 and before that was March 2017 @ $3.14. As you can see, we are not buying it every quarter despite it being one of our goals. It is difficult to DCA without a proper system because when you see the price going higher, you will not want to pay more for the same stuff. You will wait and see/hope that the price drops slightly...

The Singapore Budget 2018 was announced this month and while everyone is talking about the increase in GST, we prefer to talk about the tax transparency that was extended to REIT ETF - New Singapore Budget, New REIT Strategy! With that, we will be making another attempt to do DCA in Lion-Philip S-REIT ETF on a monthly basis.

First REIT had a DRIP (Dividend Re-Investment Plan) where investors can choose to take the cash dividends or take the shares at a discounted rate of $1.3656 (not so much of a discount if we look at it now). The cons of participating in DRIP is that you will almost always end up with odd lots but one can reinvest the dividends efficiently without commission.

Dividends
February is one of my favorite month! The total dividends collected this month is $1,386.78. The breakdown is as follows:

Company	Symbol	ExDate	Shares	Total
Far East Hospitality Trust	Q5T	22-Feb-18	10,156	$98.51
Singapore Post Ltd	S08	9-Feb-18	7,000	$35.00
Thai Beverage Public Co Ltd	Y92	8-Feb-18	6,000	$106.29
OUE Commercial Real Estate Investment Trust	TS0U	6-Feb-18	8,000	$183.20
Starhill Global Real Estate Investment Trust	P40U	2-Feb-18	12,000	$140.40
Ascott Residence Trust	A68U	1-Feb-18	7,600	$283.48
SPDR STI ETF Units	ES3	1-Feb-18	10,000	$530.00

Total dividends collected for 2018: $2,019.83
Average dividends per month for 2018: $1,009.92

StashAway

Capital: $5,000
Current: $4,968.91 (IRR: -1.4%)

The UI is slightly misleading, showing green when it is losing money. lol.

Health - KPO Needs to Lose Weight
Date: 2018-03-02
Weight: 72.0 kg (The effect of CNY... Put on weight for the first time.)

BMI: 24.0

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 :)

Portfolio Update - August 2017

Our portfolio grew by 3.20% to $266,765 - $5,182.17 of capital injection and around $3,095.83 of capital growth!

BOUGHT

- Sheng Siong (2,000 units) @ $0.935
- Raffles Medical (6,000 units) @ $1.10

Amazon first launched its services in Singapore last month and immediately, we saw weakness in Sheng Siong price and decided to accumulate more. We surveyed both our parents and they said "online grocery not fresh". lol. This article by Singapore Business Review - Why Sheng Siong can shrug off threats from Amazon states that "Singapore's online grocery retail market remains small at less than 2% or $96m of modern grocery retail sales of $6b".

I did a review on our 3 worst performing stocks last month:
- Bleeding Stocks - QAF [Part 1]
- Bleeding Stocks - Raffles Medical [Part 2]
- Bleeding Stocks - Ezion [Part 3]

During the review, Raffles Medical fundamentals were still intact and it seems to be undervalued as compared to its peers. So we went ahead to accumulate more/scoop the bottom but it looks like a falling knife now >.< Regardless, life goes on :)

The total dividends collected this month is $1,274.63. The breakdown is as follows:

Company	Symbol	ExDate	Shares	Total
QAF Ltd	Q01	28-Aug-17	3,000	$30.00
Croesus Retail Trust	S6NU	24-Aug-17	6,801	$276.12
Raffles Medical Group Ltd	BSL	21-Aug-17	7,000	$70.00
Wee Hur Holdings Ltd	E3B	17-Aug-17	5,000	$15.00
Singapore Post Ltd	S08	16-Aug-17	4,000	$35.00
Far East Hospitality Trust	Q5T	11-Aug-17	10,156	$98.51
Lippo Malls Indonesia Retail Trust	D5IU	10-Aug-17	4,000	$36.00
Sheng Siong Group Ltd	OV8	10-Aug-17	12,000	$248.00
OUE Commercial Real Estate Investment Trust	TS0U	08-Aug-17	8,000	$110.40
Starhill Global Real Estate Investment Trust	P40U	03-Aug-17	12,000	$141.60
Singapore Telecommunications Ltd	Z74	01-Aug-17	2,000	$214.00

Total dividends collected for 2017: $8,042.2
Average dividends per month for 2017: $670.18

StashAway
Capital: $1,000
Current: $1,005.98 (0.60%)

Initially, I scheduled $500 to be transferred to StashAway on the 1st of every month. However, when the monthly statement came last month, it did not capture the transaction made on the 1st. Hence, I shifted the transfer to the 25th of every month. I am currently waiting for the monthly statement (should be this week) and I will publish another article to give you guys more insight into it. Depending on what is shown/captured in the monthly statement, if we are comfortable with it, we might increase our monthly contribution.

I have also written 3 other articles on StashAway last month:
- Who has the lowest fees? StashAway vs Smartly vs AutoWealth
- Effects of Fees on Return - StashAway vs Smartly vs AutoWealth
- A Coffee Session with Michele Ferrario - CEO of StashAway

Health - KPO Needs to Lose Weight
I have not been very strict with the low carbs diet. When I told my mum not to cook rice/noodle for me going forward, she scolded me and said that I am being unhealthy. The next morning, she heated up a Bak Chang (粽子) for my breakfast and today she cooked fried noodle. lol. I am not complaining because I know I am very fortunate to have my mum take care of everything. Haha.

On the bright side, I have been drinking Vitasoy/Mr Bean soy milk without sugar for lunch for the past few days. Not too bad but I do get hungry much earlier. My colleagues are asking if I am depressed and if my diet is a result of CZM leaving/changing job (we used to work in the same company). lol.

Date: 2017-09-07
Weight: 80.7 kg
BMI: 27.0

Woah. I am a bit shocked. It has only been 3/4 days.

Portfolio Update - Feb 2017

I just realized our blog has reached its first tiny milestone - 1,000 page views! Thank you everyone!

We are proud to announce that we have hit our 1st short term goal this month - our portfolio is now greater than $200,000 :) With that, we have applied to become Standard Chartered Priority Customer. That means we have lower commissions (0.18% as compared to 0.20% previously) and most importantly, the minimum commission of $10 no longer apply. One of our strategy is to use DCA (dollar cost averaging) to buy 1 lot (1000 units) of STI ETF every quarter and we were quite annoyed by the fact that we will have to pay the $10 (KPO mentality) so we sort of put it on hold back then when it was around $2.9X >.<

February is the month where both of us got our bonuses for slogging our lives away for the past year. Hence, we had more $$$ than usual and invested $15,000 in the followings:
- Raffles Medical (4000 units)
- Soilbuild REITS (10,500 units)
- Sheng Siong (3000 units)

We decided to buy more Raffles Medical because its price fell further since we last bought it. However, after we bought it, it fell even more >.< Before buying more Soilbuild REITS, my average price was around $0.733. I decided to average down and at its current price ($0.645), there is definitely room for capital growth (NAV $0.72) and dividend yield is around 9%. Both our parents did not receive any phone call when they were watching 缤纷万千在昇菘 The Sheng Siong Show for the past few weeks. As their son/daughter, we learnt from their mistakes and buy more of the shares to collect dividends instead. Ignoring the above investment, our portfolio grew by about 1.8% this month. Not too bad but I am expecting next month to be bad because interest hike is coming to town again. All my REITs will bleed...

The total dividends collected this month is $1,170.11. The breakdown is as follows:
- STI ETF: $424
- Croesus Retail Trust: $234.82 (I chose DRIP instead)
- OUE Commercial REIT: $200
- Far East Hospitality Trust: $112
- Starhill Global REIT: $88.20
- Viva Industrial Trust: $41.28
- Singapore Post: $35
- Lippo Malls Indonesia Retail Trust: $34.80

Total dividends collected for 2017: $1,931.36
Average dividends per month for 2017: $160.95