2021 Portfolio Review (Part 2)

Stock Market is a dangerous place. However, placing money in the bank would also erode value as the bank interest is near to nothing.

Portfolio Restructuring 2021:

A. Foundation Stocks (3, max 10%):
1. SGX
2. ParkwayLife Reit
3. UOB

B. Core Stocks (10, max 5%):

Decent dividends and healthy safety margin (%) from my break-even cost (including dividends):

1. Keppel DC Reit (102%)
2. OCBC (41%)
3. FCT (31%)
4. Frasers L&C Tr (77%)
5. AIMS APAC Reit (38%)
6. Mapletree Com Tr (43%)
7. Ascendas Reit (23%)
8. Starhill Global Reit (35%)
9. ST Engg (18%)
10. Mapletree Indust Tr (0%) (new addition in 2021, no safety margin built up yet)

C. Reserved list for Core Stocks (4, max 5%):

Decent dividends with healthy safety margin (%) from my break-even cost (including dividends). Not buying more and holding for further action.

1. CapitaLand I Comm Tr (51%) (Gearing > 40%)
2. Suntec Reit (34%) (Gearing > 40%)
3. Netlink NBN Tr (35%) (Growth opportunity other than from the so "big" Singapore?)
4. Cromwell Reit Euro (16%)

D. Turbo-chargers (3, max 3%):

Dividends boaster with healthy safety margin (%) from my break-even cost (including dividends):

1. KepPacOak Reit (43%)
2. Keppel InfraTr (43%)
3. Sasseur Reit (29%)

E. Bonds and ETFs:

Not looking at bonds and ETFs until now.  Will research and probably increase allocation for this type of asset class in the future.

F. Deadwoods to trim:

To get rid of:

1. SingTel, current 0% gain (My first stock. Terrible, only at breakeven after so many years!)
2. CDL HTrust, current 16% gain
3. Sembcorp Indust, current 15% loss
4. Frasers Property, current 5% loss

Also, I will do quarterly review on the above allocation.

Wishing everyone Happy New Year and a Healthy and Prosperous 2022.

2021 Portfolio Review (Part 1)

Working >50% time at home with minimal social gathering and meet-ups with friends, 2021 sped by like a rocket.  I am not an artistic person and never imagine that I will be doing ART every week...(before going back to office).

Stayed in hospital for a week (not covid).  This was a wake-up call for me. I start exercising 4-5 days a week, when not going back to office. Do feel improvement in personal health and fitness. 

Well, time to do a final review on my portfolio's performace in 2021.

Top 30 positions of my portfolio at end 2021:
1. SGX
2. ParkwayLife Reit
3. UOB
4. Keppel DC Reit
5. OCBC
6. FCT
7. Frasers L&C Tr
8. AIMS APAC Reit
9. CapitaLand I Comm Tr
10. Mapletree Com Tr
11. Mapletree Indust Tr
12. Ascendas Reit
13. Keppel Corp
14. SPH Reit
15. Suntec Reit
16. CDL HTrust
17. Starhill Global Reit
18. SingTel
19. ST Engg
20. CapitaLand Invest
21. Keppel InfraTr
22. Bukit Sembawang
23. Cromwell Reit Euro
24. VICOM
25. Netlink NBN Tr
26. Sembcorp Indust
27. Frasers Property
28. UOB AP GRN REIT ETF
29. KepPacOak Reit
30. AstreaIVB4.35%

Total dividends collected in 2021: $19,218.30
Average monthly dividends: $1,601.52
Portfolio yield: 4.64%

Added in 2021:

ARA LOGOS Log Tr, MINT, SGX, ParkwayLife Reit, UOB,  KDC, Cromwell Reit, MCT, SPH Reit, ST Engg, AIMS APAC Reit, UOB AP GRN REIT ETF.

Sold in 2021 (part of portfolio restructuring):

1. ARA HTrust (41.5% loss) (from initial investment including dividends):
- Victim of the Covid pandemic, zero dividend...... 
- Gearing near 50%, may ask for money......

2. SATS (42.1% gain)
- Another victim of the Covid pandemic, zero dividend......
- Took profit and money re-deployed to SGX and ParkwayLife Reit.

3. SIA Engg (30.5% loss)
- Another victim of the Covid pandemic, zero dividend......
- Trimmed as part of portfolio restructuring.
- Money re-deployed to UOB.

4. Silverlake Axis (32.2% loss)
- Trimmed as part of portfolio restructuring.
- Money re-deployed to UOB.

Good-bye (Delisted/Merger/Restructured):

1. Accordia Golf Trust (26.8% gain)
- Final payout received and delisted.

2. CapitaLand (31.7% gain)
- Restructured to new CapitaLand Invest.

3. ARA LOGOS Log Tr (55.5% gain)
- I have no confidence on the proposed merger with ESR Reit.
- Took profit and money re-deployed to ST Engg.

Top Dividend Contributors: 

1. SGX (10.8%):
- SGX is the top counter in my portfolio and no surprise that it is the top dividend contributor.  SGX has dividend payout every quarter, almost like a REIT.

2. UOB (6.6%):
- Good old UOB continues paying dividends.

3. FCT (6.2%):
- This sub-urban retail reit is doing fine in this difficult year.  3rd dividend contributor despite only #6 in my portfolio. 

In 2020, the top 3 dividend contributors accounted for 26.7% of my total dividends.  In 2021, the top 3 dividend contributors accounted for 23.6% of the total dividends.

Next, some New Year fun and amusement. 

Dividend Yield Winners (龙虎榜):

1. KepPacOak Reit (8.63%):
- Could be next merger with......

2. Prime US Reit (8.52%) 
- possible merging to form a bigger US REIT?

3. Sasseur Reit (8.45%)
- Small turbo-charger holding.

A return gain or loss will only be realised when I sell.  The current unrealised return winners and losers:

Unrealised Return Winners (英雄榜):

1. Keppel DC Reit (102.3% gain):
- Added more this year to make up core stock weightage.

2. SGX (81.9% gain):
- Added more in 2021, funded from SATS.

3. Frasers L&C Tr (77.4% gain):
- Looking to add more in 2022.

Unrealised Return Losers (狗熊榜): 

1. Duty Free Int'l (52.2% loss)
- Tiny holding, not worth selling..... 

2. Sembcorp Indust (14.9% loss)
- Deadwood to remove...

3. Keppel Corp (9.5% loss)
- Still got hope?

I have too many counters and I decided to do a restructuring to my portfolio (more of this on Part 2......) 

Wishing everyone Happy New Year and a Healthy and Prosperous 2022.

2020 Portfolio Review

2020 was an unprecedented year. Many of us never expect that the medical advancement of mankind would ever face another pandemic like the Spanish flu 100 years ago...   

Well, time to do a final review on my portfolio's performace in 2020.

Top 30 positions of my portfolio at end 2020:
1. SGX
2. ParkwayLife Reit
3. UOB
4. FCT
5. Keppel DC Reit
6. OCBC
7. CICT
8. Frasers L&C Tr
9. SATS
10. AIMS APAC Reit
11. Keppel Corp
12. Mapletree Com Tr
13. Ascendas Reit
14. CDL HTrust
15. Suntec Reit
16. SingTel
17. SPH Reit
18. Capitaland
19. Keppel InfraTr
20. Starhill Global Reit
21. VICOM
22. Bukit Sembawang
23. Netlink NBN Tr
24. Sembcorp Indust
25. ST Engg
26. SIA Engg
27. ARA LOGOS Log Tr
28. Cromwell Reit Euro
29. Frasers Property
30. AstreaIVB4.35%

Total dividends collected in 2020: $15,399.93
Average monthly dividends: $1,283.33 (10.1% down cf. 2019)
Portfolio yield: 3.92%

Well, 2020 was an unprecedented year. Many companies cut or stop dividends altogether and first time my annual dividend collected declined compared with previous year.

Good-bye (deadwood):

1. SPH (41.1% loss) (from initial investment including dividends):
- Past dividend angel but now a dinosaur going down the road to extinction. 
- I am just too slow in clearing it out......

2. Sembcorp Marine
- Free shares from Sembcorp Industries......

Good-bye (Delisted/Merger):

1. Frasers Com Trust (64% gain):
- Merged with Frasers L&I Trust. 

2. Accordia Golf Trust (23.4% gain):
- Will miss this Japanese Trust......

Top Dividend Contributors: 

1. SGX (12.1%):
- SGX is the top counter in my portfolio and no surprise that it is the top dividend contributor.  SGX has dividend payout every quarter, almost like a REIT.

2. UOB (8.5%):
- Good old UOB continues paying dividends.

3. AIMS APAC Reit (6.1%):
- This is a small but good REIT, hope there will be no merger or dislisting of this Reit in 2021.  3rd dividend contributor despite only #10 in my portfolio. 

In 2019, the top 3 dividend contributors accounted for 24% of my total dividends.  In 2020, the top 3 dividend contributors accounted for 26.7% of the total dividends.

Next, some New Year fun and amusement. 

Dividend Yield Winners (龙虎榜):

1. ARA HTrust US (10.46%):
- Distressed hospitality trust......High yield due to the depressed stock price......

2. ARA LOGOS Log Tr (9.68%) 
- ARA brand name again?  Though need to pump in money for the first right issue in 2021......

3. Prime US Reit (9.07%)
- Small holding.

A return gain or loss will only be realised when I sell.  The current unrealised return winners and losers:

Unrealised Return Winners (英雄榜):

1. Keppel DC Reit (165.4% gain):
- Did not add more as I already have sufficient exposure to the REIT sector.

2. SGX (101.1% gain):
- Will stay for dividends and growth.

3. Mapletree Com Tr (58.8% gain):
- Did not add more as I already have sufficient exposure to the REIT sector.

Unrealised Return Losers (狗熊榜): 

1. Eagle HTrust (100% loss)
- Consider this a total loss..... 

2. Duty Free Int'l (49.6% loss)
- Keep in cold storage.

3. ARA HTrust US (46.7% loss)
- Keep in cold storage.

Luckily these are the last 3 positions in my portfolio......

Wishing everyone Happy New Year and a Healthy and Prosperous 2021.

Portfolio Review - My REIT performance

So the long awaited black swan, in the form of the invisible coronavirus, has finally arrives...

The event this year is unprecedented.  How could we ever imagine such things as cross-border travel and businesses would come to almost a complete halt? 

I have been through the Lehman brothers' crash, although my portfolio was very much smaller at that time.  My REIT counters accounted for almost half of my portfolio this time, and it is time to do a review on their performace so far.

1. Industrial Reits
 Grade A: Keppel DC Reit, Ascendas Reit, Frasers L&C Tr.
- Strong performance, still above my average price.

Grade B: Aims APAC Reit.
- In green territory, still above my cost price (with dividends collected).

Grade C: Cromwell Reit, ARA LOGOS Log Tr.
- In red territory, even with dividends accounted for.

Comment: Performance varies depends on the type and brand names.  Cromwell Reit just does not have buffer from the dividend collected.

2. Healthcare Reit
Grade A: ParkwayLife Reit.

Comment: Least affected and as strong as ever.  ParkwayLife Reit has climbed to number 4 in my portfolio.
 
3. Commercial Reit
Grade A: Mapletree Comm Tr.

Grade B: Suntec Reit, Kep Pac Oak Reit.

Grade C: Prime US Reit.

Comments: Prime US Reit just does not have buffer from the dividend collected. Performance of Commercial Reits down the road remains uncertain as WFH concept may become common.

4. Retail Reit 
Grade B: CMT, FCT, Starhill Global Reit, Sasseur Reit, SPH Reit.

Grade C: Lendlease Reit.

Comment: Retail Reits badly affected and there is no Grade A performer here. And don't kid ourselves that everything will return to normal soon.

5. Hospitality Reit 
Grade C: CDLHT, FEHT, ARA HT.

Grade D: Eagle HT (Dead).

Comment: Worst hit type of Reits.  Though the Malaysian workers staying in Singapore offer minor relief to the hospitality sector.  No sight on recovery.

6. Business Trust
Grade A: Netlink NBN Tr.

Grade B: Keppel Infra Tr, Accordia Golf Tr.

Comment: Infrastructure Trusts seem not much affected as they provide essential services.  Impact on AGT uncertain but does not look good.

The prices on most of the Reits are very tempting, but I am not buying as I have quite a substantial exposure already.

2019 Portfolio Review

I am becoming lazy to doing updates...

Time flies and 2019 is gone.  All my tradings are done and all dividends are collected.  It is time to do a final review on my portfolio's performace in 2019.

Top 30 positions of my portfolio at end 2019:
1. SGX
2. UOB
3. CMT
4. SATS
5. OCBC
6. FCT
7. Keppel DC Reit
8. ParkwayLife Reit
9. AIMS APAC Reit
10. Keppel Corp
11. CDL HTrust
12. Mapletree Com Tr
13. SPH
14. Suntec Reit
15. SingTel
16. SPH Reit
17. Frasers Com Tr
18. Ascendas Reit
19. Starhill Global Reit
20. Capitaland
21. Frasers L&I Tr
22. Keppel InfraTr
23. Bukit Sembawang
24. SIA Engg
25. Sembcorp Indust
26. VICOM
27. ST Engg
28. Frasers Property
29. Cache Log Tr
30. Netlink NBN Tr

Total dividends collected in 2019: $17,124.43
Average monthly dividends: $1,427.04 (7.2% up cf. 2018)
Portfolio yield: 4.78%

Top Dividend Contributors: 

1. SGX (10.29%):
- SGX is the top counter in my portfolio and no surprise that it is the top dividend contributor.  SGX has dividend payout every quarter, almost like a REIT.

2. UOB (7.64%):
- UOB has became 2nd in my portfolio.

3. AIMS APAC Reit (6.22%):
- Hope there will be no merger change to this Reit in 2020.

In 2018, the top 3 dividend contributors accounted for 23% of my total dividends.  In 2019, the top 3 dividend contributors accounted for 24% of the total dividends. So, not much diversification achieved this year.

Next, some New Year fun and amusement. 

Dividend Yield Winners (龙虎榜):

1. Sasseur Reit (9.54%):
- Small reit from China.....

2. KepPacOak Reit (9.50%) 
- Commercial reit from USA.....

3. Duty Free Int'l (9.43%)
- My only holding outside the mainboard.  


A return gain or loss will only be realised when I sell.  The current unrealised return winners and losers:

Unrealised Return Winners (英雄榜):

1. Keppel DC Reit (97.6% gain):
- Unfortunately I did not buy more as I did not expect it to rise up so much in value.

2. SGX (88.4% gain):
- Will stay for dividends and growth.

3. Mapletree Com Tr (71.1% gain):
- Unfortunately I did not buy more as I did not expect it to rise up so much in value.

Unrealised Return Losers (狗熊榜): 

1. Duty Free Int'l (41.4% loss)
- I probably should not have wandered outside the mainboard. 

2. Eagle HTrust (31.4% loss)
- Keep in cold storage.

3. Sembcorp Industries (27.4% loss)
- Keep in cold storage.


Wishing everyone Happy New Year and a Prosperous 2020.