Sold Hong Kong Land

Couldn't resist a quick trade on Hong Kong Land for a 10% gain.

My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. Sports Toto
4. Saizen 
5. Accordia
6. IREIT Global
7. FCL
8. Boustead
9. Ho Bee Land

Sold M1, Added FCL

Sold M1, no change to fundamentals. Still undervalued at current prices. However decided to sell to transfer funds into more undervalued stocks.

Added Fraser Centre point Limited.  Another fundamentally strong property counter, who owns blue chip properties both in Asia Pacific & even europe.  At current prices, it looks like really under valued, at less than 70% of NAV. Near term risks remain with plenty of headwinds in the property sector.  But with the margin of safety provided at current prices, with excellent track records, blue chip properties, clear earnings visibility, ability to recycle assets into REITs,
this is enough for me to take the plunge and ride out the near term volatility.  Current dividend yield is close to 6% which helps to make my wait bearable.

 My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. Hong Kong Land
4. Sports Toto
5. Saizen 
6. Accordia
7. IREIT Global
8. FCL
9. Boustead
10. Ho Bee Land

Sold TTJ, Added HongKong Land

Sold TTJ, no change to fundamentals. Still undervalued at current prices. However decided to sell to lock in >10% profits to transfer funds into more undervalued stocks.

Added Hong Kong Land today.  A fundamentally strong property counter, who owns blue chip properties both in Singapore & Hong Kong.  At current prices, it looks like really under valued, at less than 60% of NAV. Near term risks remain with plenty of headwinds in the property sector.  But with the margin of safety provided at current prices, with excellent track records, blue chip properties and low gearing ratio, plus a potential catalyst in getting listed into MSCI Index, 
this is enough for me to take the plunge and ride out the near term volatility.  Current dividend yield is at ~3% which to be honest, is too low by my standards, but I do subscribe to a dividend growth theory for Hong Kong Land.

 My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. Hong Kong Land
4. Sports Toto
5. Saizen 
6. Accordia
7. IREIT Global
8. M1
9. Boustead
10. Ho Bee Land

Added Ho Bee Land

Added Ho Bee Land today.  A fundamentally strong property counter, who owns properties both in Singapore & overseas.  At current prices, it looks like really under valued, at 50% of NAV. Near term risks remain with plenty of headwinds in the property sector.  But with the margin of safety provided at current prices, excellent track records, and possible commercial REIT spin off over the horizon,
this is enough for me to take the plunge and ride out the near term volatility.  Current dividend yield is at 2.5% which to be honest, is too low by my standards, but I do subscribe to a dividend growth theory for Ho Bee.

 My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
5. Saizen 
6. Accordia
7. IREIT Global
8. M1
9. Boustead
10. Ho Bee Land

Added Boustead

Added Boustead back at 80cents.  A fundamentally strong company with multiple business in energy, property and ESRI.  At current prices, it looks like really under valued. Near term risks remain with plenty of headwinds.  But with the margin of safety provided at 80 cents and its positive medium terms prospects, this is enough for me to take the plunge and ride out the near term volatility.  I also expect it to continue to give out approx. 5% dividend yield which will make the ride bearable...
My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
5. Saizen 
6. Accordia
7. IREIT Global
8. M1
9. Boustead

Added M1

Added M1.

At $2.95 currently, PE 15, 6.3% dividend yield, its looks at fair value.  I am also cautiously optimistic that M1 will get its fair share of the smart nation project.  Personally I find the fears of the 4th Telco overplayed. Essentially I view M1's growth narrative optimistically and I still have faith in its economic moat over its current biz and market share. Hence I decided to add this to my portfolio.  Of courses, there are risks. I am taking a calculated risk.

My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
6. Saizen
7. Accordia
8. IREIT Global
9. M1

Added IREIT Global

Added IREIT Global.

At 68c currently, with NAV over 72c, it looks undervalued. Rough calculation says that I am looking at a close to 9% dividend yield.  The properties are freehold with stable blue chip tenants and there is a new acquisition that is being funded by debt and rights issue, which would diversify the tenant mix, lowering is reliance on its single biggest tenant, and should boost yield slightly.  I find this narrative compelling enough and decided to add this to my portfolio.  Of courses, there are risks, such as currency which is significant. I am taking a calculated risk.

My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
6. Saizen
7. Accordia
8. IREIT Global

Added Accordia Golf Trust

Added Accordia Golf Trust.

At 64c currently, with NAV 92c, it looks undervalued. Rough calculation says that I am looking at 9% dividend yield.  There is a expansion plan on the horizon, of up to 50 billion JPY, which they are looking to fund it through taking on more gearing, that could potentially boost this yield over the next couple years.  I find this narrative compelling enough and decided to add this to my portfolio.  Of courses, there are risks, such as currency but I suspect JPY could be nearing or have already bottomed out. And other issues and uncertainties remains, but I am taking a calculated risk.

My portfolio now comprise:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
6. Saizen
7. Accordia

Sold Kingsmen

Kingsmen fundamentals remain solid.
Needed the cash for something else, in order to maintain current war chest, I decided to sell.
Realised profit of 10%.

My portfolio is now left with:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
6. Saizen REIT

Sold Fraser Centre Point Trust

FCT's fundamentals remain solid. But sold to lock in profits of about 30%.
As mentioned in last post, splurged part of my war chest on a big ticket item.
So am trying to rebuild my war chest now.

My portfolio is now left with:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
5. Kingsmen Creative
6. Saizen REIT

Sold Hock Lian Seng

Hock Lian Seng fundamentals remains sound, I sold to lock in profits approx. 70% of purchase price.
I suppose there is a saying it is never wrong to take profits? =P
Supposed to be building up my war chest, but unfortunately I gave into temptations and find myself splurging my cash on some big ticket item... =S

My portfolio is now left with:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Sports Toto
5. Kingsmen Creative
6. Saizen REIT
7. Fraser Centrepoint Trust

Sold Boustead & Sembcorp

Decided to sell both which were recent purchases.
Not because fundamentals have changed, in fact they remain strong.
But I need the cash, so I am forced to cut loss =(
I was greedy and went in without sufficient margin of safety.
Lesson learnt, cannot be greedy, only go in with big enough margin of safety =)

My portfolio is now left with:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Hock Lian Seng
5. Sports Toto
6. Kingsmen Creative
7. Saizen REIT
8. Fraser Centrepoint Trust

This portfolio is giving me a dividend yield of 7.5%, and all were purchased with what I think (or I hope) with comfortable margin of safety.  I intend to hang on to them for the long term.

Added Boustead

Added Boustead recently.  A fundamentally strong company with multiple business in energy, property and ESRI.  At current prices, it looks like it is at fair value. At recent Value Investing Summit, 8 Investment Holdings showed how Boustead's plans to de-merge and REIT listing are expected to help Boustead "unlock its value" in the near future. I find this narrative compelling enough and decided to add Boustead back into my portfolio.

This is my portfolio going into the new Lunar New Year:

1. China Merchant Pacific
2. Naratel
3. TTJ
4. Hock Lian Seng
5. Sports Toto
6. Kingsmen Creative
7. Saizen REIT
8. Fraser Centrepoint Trust
9. SembCorp Industries
10. Boustead

Happy Lunar New Year, may everyone be well and happy in the new year =)