Wednesday, September 1, 2010

My stocks portfolio - Aug 2010

Based on total invested capital, my stocks portfolio was down by 4.65% at the end of August 2010. Total portfolio gain adjusted to 3.39% after taking all dividends into account. My holding period return was -1.38% for the month of August 2010. Since the beginning of the year, my overall holding period returns translate to 10.61% in annualized return.

There were 3 transactions for the month of August 2010.
Sold Design Studio at 5.5% gain (exclude dividends)
Sold KS Energy at 35.7% loss (exclude dividends)
Bought Pteris Global, average price at $0.219
Bought Hock Lian Seng, average price at $0.298

I have accepted the offer of $0.65 from Depa Interiors to buy over my Design Studio shares. I wish I could hold on to the shares of this undervalued counter but sadly I think Depa Interiors has accumulated more than 90% of the issued shares on the last few days of the offer period. Anyway I am glad that I did some averaging down as the share price tumbled below 50 cents. If I didn’t average down, I would have suffered a slight loss.

I decided to get rid of my loss making investment in KS Energy. I bought this company shares near its peaked price during my early investing days. Nevertheless I managed to average down a little bit when the stock price bottomed. Like what the management has iterated, the company is currently plagued with major restructuring exercises, high debts which impacted the company bottomline and assets which are not under any charter. My investment loss in the company is 32.8% if I were to include dividends collected.

I bought Pteris Global with part of the cash raised from the sale of Design Studio and KS Energy shares. They are one of the top integrated solution providers of airport logistics systems. Behind the efficient and success stories of Singapore Airport is Inter Roller (former name of Pteris Global), which had designed systems from baggage handling to in-flight catering for all of our airport terminals. I believe the company is deeply undervalued based on the expertise and track records that they possess. I think they have the potential to secure more and higher value contracts in the future. Improvements in air tourism data will likely spur the upgrade and construction of new airport terminals around the globe. Here I present the quarterly new orders for the company. It is evident that new orders are coming in and I hope the company can reclaim back its glory moments like prior to financial crisis.

($M)Revenue New OrdersOustanding Orderbook
3Q2009$18.138 $22.000 $142.000
4Q2009$24.931 $26.000 $143.000
1Q2010$21.995 $29.000 $148.000
2Q2010$29.821 $88.000 $208.000


I remain bullish on the prospect of infrastructure construction in Singapore. Thus the other construction counter that I bought was Hock Lian Seng (HLS). I have chosen this company over OKP, Koh Brothers and Lum Chang because of lower PE multiples, higher order books and its debt free status. Currently HLS is holding on to cash equivalent to 29 cents. Since HLS is in such a strong financial position and with ample headroom to raise debt, I think they are suitable to win large contracts in excess of $200M. In the recent National Day Rally speech, PM Lee said the government will spend $60B to double our rail network. I am quite confident HLS will garner a slice from these construction initiatives.

I received total dividends of $544.42 on the month of August 2010.

MonthHolding Period ReturnAnnualized Return
Jan-10-1.75%10.61%
Feb-101.36%
Mar-102.98%
Apr-104.36%
May-10-7.12%
Jun-104.40%
Jul-104.49%
Aug-10-1.38%


StockModeUnrealised P/L (SGD)StockModeUnrealised P/L (SGD)
ARA CASH40.74%MACQ INT INFRA CASH-45.10%
ARMSTRONG CASH256.00%MERMAIDCASH-40.51%
ASIATRAVELCASH-1.94%NOBLE GROUPCASH-0.76%
CAPITACOMMCASH58.55%NEPTUNE ORIENT LINESCASH45.03%
CAPITALANDCASH57.09%PLIFE REIT CASH102.30%
CAPITAMALLS ASIACASH-0.94%RAFFLES EDUCATIONCASH-67.03%
CHINA MILKCASH-67.74%ROTARY ENGRGCASH-9.54%
CITYSPRINGCASH20.45%SATSCASH65.28%
COURAGE MAR CASH-26.59%SGXCASH18.09%
CSE GLOBAL CASH145.50%ST ENGGCASH40.47%
FIBRECHEM CASH-88.71%STARHUBCASH14.53%
FORTUNE REITCASH42.67%TAI SIN CASH-32.18%
FRASERSCTCASH29.18%TAT HONG CASH16.07%
GENTING SPCASH138.36%TIONG SENGCASH-5.77%
HEALTHWAYCASH41.03%UOB-KAY HIAN CASH-21.56%
HG METALCASH-36.31%VICOM CASH51.33%
HOCK LIAN SENGCASH-2.68%VANGUARD EMER MRKTSCASH-11.47%
JAYA HLDG CASH-50.04%iSHARES MSCI EAFECASH1.02%
K-GREENCASHNABH GLOBALCPF-20.15%
KEPLANDCASH211.90%COSCOCORPCPF-46.22%
KEPPELCORPCASH131.33%SIAENGGCPF-13.02%
LEE METALCASH-3.30%

3 comments:

Eclectic Investor said...

Mind to exchange the blog link?

My Blog :-
special-situation-investing.blogspot.com

Send me an email :-
choonlin.lee@hotmail.com

Anonymous said...

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Kannan said...

A very good posting.