Saturday, August 1, 2009

My stocks portfolio - Jul 2009

My overall portfolio was down by 16.02% at the end of July 2009. Total portfolio loss adjusted to 11.22% after taking dividends into account.

There were 6 transactions for the month of July 2009.
Exercise Capitacomm RIGHTS, new average price at $0.883
Exercise Neptune Orient Lines RIGHTS, average price at $1.317
Exercise Pacific Andes RIGHTS, new average price at $0.175
Bought SGX (PSBP), new average price at $5.802
Sold China Hongxing at 70.5% loss
Bought Frasers Centrepoint Trust, average price at $1.076

I am glad with Capitacomm RIGHTS result. Being patient and after buying diligently really pays off to me. I managed to bring down my average price from as high as $2.008 to $0.883. I always believe in buying with small amount of capital into a single stock. For example if I have a lump sum of money to buy into a particular stock, I will put half of that money into the targeted stock while keeping the remaining sum on hold. I am ready to buy more if ever the stock price falls substantially lower thus giving me a chance to bring down my average price. If ever the stock price rises, then it is positive news to me. So I can use the remaining money to buy other value stocks.

Neptune Orient Lines (NOL) RIGHTS result was also a rejoicing one to me. If you follow my blog, you will notice that I don’t hold any NOL shares previously. I purposely bought some odd number of shares prior to Ex-RIGHTS date and then applied for excess shares when exercising my RIGHTS.

From NOL latest operation update, shipping revenue made a sharp decline from its previous peak. I don’t need to catch the exact bottom, but at current level there is already a good margin of safety to buy NOL. If you compare with the previous recession in 2002, the average revenue per FEU (Forty-foot Equivalent Unit) bottomed around US$2000. Therefore it is sensible to buy into a leading global shipping company like NOL now. I believe their shipping revenue can potentially get better from here on.

NOL operation update - Dec 2003

NOL operation update - Jun 2009

Finally I decided to sell away my China Hongxing shares at a loss of 70.5%. There are multiple reasons for the sale. First of all, the fundamental reasons of me buying this stock because of its growth and dividend play are not valid anymore. I find its brand Erke losing market share from the bigger players like Li Ning and Anta. The company profit margins are also deteriorating. Despite holding a huge pile of cash, I am disappointed that the management does not give out any dividends recently. I believe that it is a typical behavior of a Chinese company which prefers to hold on to cash and then giving an impression that the cash may or may not be real. Some other reasons for the sale are to reduce my exposure to China S-Shares listed on SGX and at the same time raising some cash to participate in the other companies RIGHTS exercises.

My third RIGHTS exercise result for the month of July came from Pacific Andes. I received a decent amount of excess shares thus bringing down my average price to $0.175. This stock shall be the next in my sell list with similar reasons like China Hongxing.

I bought Frasers Centrepoint Trust (FCT) to add into my collection of REITS. I am impressed with the property income generated by FCT over the years. Occupancy has remained relatively stable since the previous crisis because of its resilient portfolio of suburban retail shops. I work in the north region of Singapore and regardless of economic conditions I always notice a strong crowd at Northpoint and Causeway Point. After acquisitions of new malls which are still in the pipeline, I believe FCT can generate higher property income going forward.

I received total dividends of $28.72 solely from iShares EAFE for the month of July 2009.

StockModeUnrealised P/L (SGD)StockModeUnrealised P/L (SGD)
ARA CASH-30.04%PAC ANDES CASH62.86%
ARMSTRONG CASH80.00%PAC ANDESW110722 CASHNA
CAPITACOMMCASH-3.17%PLIFE REIT CASH30.60%
CAPITALAND (PSBP)CASH53.48%RAFFLES EDUCATIONCASH-22.06%
CHINA MILKCASH-31.45%ROTARY ENGRG LTD CASH1.39%
COSCOCORPCASH-61.19%SATSCASH24.41%
COURAGE MAR CASH-27.88%SGX (PSBP)CASH50.29%
CSE GLOBAL CASH73.52%ST ENGGCASH15.45%
FIBRECHEM CASH-88.71%SWIBERCASH-54.09%
FRASERSCOMM CASH-81.97%TAI SIN CASH-40.77%
FRASERSCTCASH-4.28%TAT HONG CASH37.76%
FSL TRUST CASH-48.71%UOB-KAY HIAN CASH-17.29%
GENTING SP CASH29.20%VICOM CASH3.66%
JAYA HLDG CASH-63.36%VANGUARD EMER MRKTSCASH-18.69%
KEPLANDCASH109.78%iSHARES MSCI EAFECASH8.28%
KEPPELCORPCASH116.85%BH GLOBALCPF-33.66%
KS ENERGYCASH-15.58%COSCOCORPCPF-55.41%
MACQ INT INFRA CASH-57.48%SIAENGGCPF-44.61%
NEPTUNE ORIENT LINESCASH26.04%

1 comment:

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