Portfolio Summary for July 2026

As of 31 July 2026

CDP

Security	# shares	Price S$	%
DBS	440	74.02	3.85
UOB	400	43.40	2.05
OCBC Bank	700	29.13	2.41
SGX	3,200	24.46	9.26
ST Engineering	6,900	10.08	8.23
Azeus	5,600	10.15	6.73
Powermatic Data	13,800	3.23	5.27
Sheng Siong	19,100	3.34	7.55
Micro-Mechanics	18,400	2.68	5.84
TheHourGlass	19,600	2.76	6.40
UMS	39,000	2.28	10.52
VICOM Ltd	21,500	1.81	4.60
Nanofilm	36,100	1.06	4.53
Credit Bureau Asia	39,200	1.10	5.10
Info-Tech	41,400	0.94	4.61
Riverstone	40,500	0.84	4.03
HRnetGroup	21,900	0.74	1.92
China Sunsine	41,800	0.675	3.34
Kimly	27,000	0.39	1.25
HC Surgical	35,500	0.34	1.43
Audience Analytics	38,900	0.235	1.08

Portfolio Value = S$845,079
YTD Dividends Received = S$14,123
YTD SBL Fees Received = S$2,157

Trades
- Bought 5,600 shares of Azeus Systems Holdings.

SRS

Security	# shares	Price S$	%
Micro-Mechanics	5,400	2.68	8.89
TheHourGlass	5,000	2.76	8.48
Nanofilm	12,500	1.06	8.14
NetLink NBN Trust	108,000	1.01	67.01
HRnetGroup	7,500	0.74	3.41
HC Surgical	19,500	0.34	4.07

Portfolio Value = S$162,782

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	3.25%
GX23110V	S$20,000	3.21%
GX23120Z	S$20,000	3.30%
GX24060A	S$20,000	3.26%
GX24070S	S$20,000	3.26%
GX24080W	S$20,000	3.19%

Portfolio Value = S$129,000
YTD Coupons Received = S$2,664

Speculative Play

Security	# shares	Price US$
KORE US REIT	70,000	0.179

Portfolio Value = US$12,530
YTD Dividends Received = S$223

Trades
None


Commentary:

July had been a pretty uneventful month.

The Americans and Iranians continued to lob missiles at each other, despite a signed MOU. The Houthis opened a new warfront by attacking Saudi Aramco oil tankers in the Bab el-Mandeb Strait. The conflict in Ukraine has faded into the background with no ceasefire in sight. South Korean speculators went on helluva roller coaster ride as leveraged bets on SK Hynix and Samsung turned sour and margin calls forced liquidations. The much hyped SpaceX stock sank 20 percent below its IPO price, and the AI rally is starting to show cracks.

Yup, just another ordinary day in the history of mankind.

Checking on the markets, the S&P 500 Index inched down 0.1 percent MoM. The tech-heavy NASDAQ 100 Index ("NDX") dropped 6.6 percent MoM. The local Straits Times Index climbed 8.9 percent MoM. Meanwhile, the iEdge Singapore Next 50 Index ended up 0.9 percent MoM. The NDX drop looked so mild compared to the South Korea KOSPI Index, which plummeted 22.2 percent in July alone. What a bloodbath!

Two pieces of news concerning Singapore Exchange ("SGX") caught my eye this month. The local bourse operator sold their Scientific Beta division to global index provider STOXX for 23 million EUR [news]. Did you know SGX had paid 186 million EUR for Scientific Beta in Jan 2020? This is a shocking 87 percent loss on investment! On a positive note, SGX signed a new licensing agreement with another global index provider MSCI [news]. Glad to see that the company is working hard to fortify its derivatives business.

I initiated a new position in Azeus Systems Holdings ("Azeus"). Azeus is a IT services provider headquartered in Hong Kong and listed on SGX. Its flagship product is a board management software called "Convene". Azeus generates high ROA & ROE, has zero debt and enjoys a profit margin in the mid-twenties. As with most SaaS companies, Azeus has an asset-light model and predictable income on a recurring basis. Azeus' stock price soared from $2+ in 2021 to hit a peak of $17+ in July 2025. Since then, the price has been on a retreat. It suffered a sharp drop after announcing its recent result [here]. While FY2026 revenue dropped 2 percent YoY, net profit plummeted 19 percent YoY. This can be attributed to a significant increase in cost as Azeus made strategic investments in its R&D and salesforce. Nevertheless, Azeus operates on a subscription basis with its customers signing multi-year contracts, so its revenue base is sticky. The company is also looking to book a final one-off revenue of approx. HK$159.3 million for completing the Central Electronic Recordkeeping System project with the Hong Kong SAR government. One highlighted risk is Azeus' current dispute with a customer over their server license fee calculation, which may lead to a material impact on its FY2027 result. Another risk is the stock's low liquidity. It took me a few days to build up my position. Otherwise, Azeus is profitable and pays a regular dividend. I am happy to add this holding to my portfolio.

At work, my colleagues and I were asked to brush up our technical knowledge. We were given assignments on Python, SQL (Structured Query Language) as well as REST API (Representational State Transfer Application Programming Interface). This is on top of handling client production issues and churning out reports. I don't mind learning new stuff. It is just that when my workpile is full, there is really not much capacity left to engage in strategic initiatives.

At home, my younger boy suffered a devastating blow. His DSA-Sec application was rejected by Catholic High School without an interview. Thankfully, Hwa Chong Institution ("HCI") gave him an opportunity for a trial on 1 August. My boy was elated, and at the same time mindful that he is up against many competent candidates for the coveted spot at HCI. He will endeavour to put his best foot forward.

With the school Preliminary Examinations and the PSLE Oral Examination around the corner, the stress is starting to build up at home, for both parent and child. However, with three birthdays in the family in August, there is plenty of reason to unwind and celebrate.

Till the next time. Take care!

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Portfolio Summary for June 2026

As of 30 June 2026

CDP

Security	# shares	Price S$	%
DBS	440	65.40	3.58
UOB	400	39.76	1.98
OCBC Bank	700	24.79	2.16
SGX	3,200	24.08	9.57
ST Engineering	6,900	10.39	8.91
Powermatic Data	13,800	3.59	6.16
Sheng Siong	19,100	3.23	7.67
Micro-Mechanics	18,400	2.85	6.52
UMS	39,000	2.65	12.84
TheHourGlass	19,600	2.62	6.38
VICOM Ltd	21,500	1.78	4.76
Nanofilm	36,100	1.21	5.43
Credit Bureau Asia	39,200	1.14	5.55
Info-Tech	41,400	0.88	4.53
Riverstone	40,500	0.855	4.30
HRnetGroup	21,900	0.74	2.01
China Sunsine	41,800	0.685	3.56
Kimly	27,000	0.395	1.33
HC Surgical	35,500	0.375	1.65
Audience Analytics	38,900	0.235	1.14

Portfolio Value = S$804,814
YTD Dividends Received = S$13,463
YTD SBL Fees Received = S$1,434

Trades
- Bought 5,000 shares of Credit Bureau Asia.

SRS

Security	# shares	Price S$	%
Micro-Mechanics	5,400	2.85	9.51
TheHourGlass	5,000	2.62	8.10
Nanofilm	12,500	1.21	9.35
NetLink NBN Trust	108,000	0.975	65.09
HRnetGroup	7,500	0.74	3.43
HC Surgical	19,500	0.375	4.52

Portfolio Value = S$161,778

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	3.25%
GX23110V	S$20,000	3.21%
GX23120Z	S$20,000	3.30%
GX24060A	S$20,000	3.26%
GX24070S	S$20,000	3.26%
GX24080W	S$20,000	3.19%

Portfolio Value = S$129,000
YTD Coupons Received = S$2,094

Speculative Play

Security	# shares	Price US$
KORE US REIT	70,000	0.182

Portfolio Value = US$12,740
YTD Dividends Received = S$223

Trades
None


Commentary:

June has got to be the *worst* month for me this year, because I came down with COVID-19 infection. Again. Not sure how or where I contracted the virus, since I am cautious to wear a mask when taking public transportation. Must be in the office. Sigh.

Being quarantined at home, I had ample time to lap up financial content from YouTube. There were videos warning folks about buying into SpaceX, which debutted on the NASDAQ exchange on June 12. Peak FOMO is in the air - when a loss-making company can go public at four times oversubscribed, snatch the crown as the biggest IPO in history and its share price still climbs 50 percent post-listing, either I am missing something, or the investing crowd has been star-struck by Elon Musk and lost their rationality.

Another common theme on YouTube is about the current AI hype. The big names in tech - Google, Microsoft, Meta and Amazon - have committed over 700 billion dollars to build out their AI infrastructure. 700 billion USD! To put that number into context, Singapore's GDP is only 660 billion USD.

This video describes the paradigm shift happening to Big Tech right now:



At this point in time, it is unclear whether sufficient AI demand will materialise to offset those huge sums of capex. There is also the question of token pricing and whether enterprises will act fast enough to adopt the service. If the AI revenue generation is lower than anticipated, those hyperscalers are due for massive write-downs on their accounting books.

Now I'm not trying to be a doomsayer here, but it is good to pay attention to the first omen of trouble if you are one of the Mag7 shareholders.

Checking in on the broad market, the S&P 500 Index lost 1.1 percent MoM. The NASDAQ 100 Index sunk 0.2 percent in June. While the local Straits Times Index climbed 2.6 percent MoM, the iEdge Singapore Next 50 Index closed 1.4 percent lower for the month. The bullish momentum seemed to have fizzled out, possibly due to the liquidity soaked up by SpaceX IPO. OpenAI and Anthropic (owner of Claude) IPOs are also in the pipeline, which will further drain out the purchasing power.

By the way, if you think SpaceX's net loss of 4.9 billion USD is bad, OpenAI's pre-IPO document revealed that the creator of ChatGPT incurred a staggering operating loss of 20.9 billion USD last year [source]. The company is forecasted to burn through huge swathes of cash till 2030.

Equity markets aside, there was another event in the fixed income space that some investors may have overlooked - the Bank of Japan hiked its benchmark interest rate to 1 percent on June 16. The last time the interest rate hit this level was 31 years ago. Economists are forecasting another 25 basis point hike before the end of this year. This means the yen carry trade has gotten more expensive. If there is any sign of reversal in the markets, it can trigger a major selloff as the traders rush to unwind.

Meanwhile, the new U.S. Federal Reserve Chairman Kevin Warsh kept the Fed Funds Rate on hold during the June 17 FOMC Meeting. The market is pricing an 82 percent probability of a rate HIKE by the end of this year, according to CME FedWatch. Could this be the final nail in the coffin for an overstretched stock market rally?

Image Credit: Google Gemini

I bought more of Credit Bureau Asia this month as the stock repriced after a recent capital reduction event. Recent FY results show its business model is still intact, so I am okay to accumulate more shares in this company.

Lately, I have been asking myself why I chose to invest actively in specific stocks instead of taking the well-touted route of buying and holding diversified ETFs. I realise that I enjoy doing research on a company, finding out about its business, checking on its fundamentals and deciding whether I want to be a stakeholder or not. There is the sweet taste of success watching my buy convictions bring in money via dividends and capital appreciation. If the investment turns out to be a dud, at least I know I had followed my judgement, and it was a wrong call. There is no regret. Building your own portfolio can be intrinsically rewarding. It generates a level of satisfaction that merely investing in broad-market ETFs does not. The geek in me chows down business news for breakfast daily. Financial jargon like DDM, EBITDA and WACC do not cause my head to spin. I take an active seat in building my own wealth. I know stock picking is not for everybody, but to me, it sparks a sense of joy.

At work, my manager shared with me a piece of good news - my New Zealand-based enterprise client had signed the six-figure contract for my service. I am appreciative of their positive vote. I will do my best to support their operations over the next two years. I have also started to leverage on AI for my work. I used Claude to prepare a PowerPoint presentation on the observed 2026 trends in my industry. I used Google Gemini to generate graphics. (As they say, a picture is worth a thousand words. A well-placed image can convey meaning better than a few bullet points.) Knowing how to write an effective AI prompt is a valuable skill these days. I would like to do some vibe coding too, but there hasn't been a genuine business need yet. Haha.

At home, we submitted the Direct School Admission (DSA-Sec) application for my younger boy. In the end, we only applied to Hwa Chong Institution (HCI) and Catholic High School (CHS). We did not apply to National Junior College as I feel my son's portfolio isn't suitable for their STEM domain with a Sustainability focus. I hope the effort put in by my child over the past two years will be recognised, and that he will be granted a face-to-face interview. Whether my boy gets a Confirmed Offer, a Waitlist or a Rejection will depend on his on-site performance and his fate.

Signing off for now. Cheers!

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Crash Buying In Reverse - A Crazy Idea?

Lately, I had some free time on my hand, so I have been watching videos from local financial content creators on YouTube.  This is the first time I come across the concept of "Crash Buying", which essentially means to buy more of a stock/fund when its price drops to a certain level due to a market crash.

This behaviour struck me as odd, as this is the classical "catching a falling knife" scenario in standard finance.  While it is not flawed, this technique is non-ideal because it makes the following bold assumptions:

1. The stock/fund price did not fall because of permanent damage to its business;
2. The price eventually recovers above your purchase level;
3. One has sufficient dry powder to purchase meaningfully at each level;
4. One has the mental fortitude and discipline to buy each time the level is hit.

Here is an interesting thought experiment.  The graph below shows the S&P 500 Index during the COVID-19 pandemic after it dropped 10 percent (right-hand side of the chart is covered to simulate point-in-time):

At this point, do you have the courage to pull the trigger?  Note that the 10 percent drop was accomplished in a matter of *days*, not weeks or months.  So fast, so furious!  Questions abound: Am I crazy to buy now? Will it drop more? When will it recover?

Assume that you pulled the trigger, and the market continued to do its thing.  A plunge of 20 percent was hit:

Enduring the gut-wrenching paper loss, you wonder if you did the right thing.  At this point, more questions pop up: Do I buy more? Or wait? Is the market going to sink deeper?  So many questions!  So much uncertainty!

Like in a nightmare, the market continued to tank after your second purchase.  A drop of 30 percent was established:

Your account is now deep in the red.  You feel that you cannot take the stress anymore.  At this point, you are questioning the strategy.  Doubt clouds your mind as you ask yourself:Do I still deploy my dry powder? How much more pain must I endure? Is the world coming to an end?!

Image Credit: Google Gemini

So you see, it is NOT EASY to adhere to the Crash Buying strategy.  The fear can be destabilizing.  The pain is real as you provide liquidity to the market when institutional investors are scrambling for the exit.

I would like to propose an alternative framework, which may be easier on the stomach.  I call it "Crash Buying in Reverse", for lack of a better name.

The first step is to simply WATCH as the market crashes and burns.  We DO NOTHING until the price bottom is established, when the selling is all done and buyers start to tiptoe back into the market.

Wait until the market rises 10 percent from the bottom.  Then we deploy our first tranche of firepower:

Note that at this point, we still cannot be certain whether the market has recovered, or it is merely a dead cat bounce.  So we do not deploy all our capital.  Just a starting portion that one is comfortable with.

As the recovery takes hold, the market rises 20 percent from the bottom.  This is the point when we deploy our second tranche of firepower:

The market has lifted off significantly from the bottom.  Optimism is returning.  Institutional investors start to load up for fear of performance drag against the benchmark.  As more buying takes place, we continue to wait until the next level is hit - at the 30 percent rise from the bottom.  We then deploy our third tranche of firepower:

This strategy has a few advantages:

Firstly, it minimizes the guesswork of trying to pick the bottom.  We buy only when there is a clean sign of upturn.

Secondly, it eliminates the anxiety of waiting for the market to bounce back above our purchase price.  We are buying into strength.  If the market reverses downward along the way, we re-start the strategy from afresh.

Lastly, it follows the theory of momentum investing, where we bet that "winners keep winning".  In this case, the premise is that an up market will keep on going up unless acted upon by a downward force (think Newton's first law of motion applied to stock markets).

Fun fact: If you had bought at the 10 percent drop, you would have waited 93 days before the market recovered to your purchase level.  About three months, not too bad.  Then again, at the point of buying, you did NOT know how long you have to wait!

Now, I would like to categorically state that the above information is for education purpose only, and does not constitute investment advice.  I have not backtested this alternative framework against all crashes in history (though I am fairly sure this strategy does not require Panadol during execution).  As a fellow investor, I am just providing another perspective for your consideration.

Happy investing, my friends!

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Portfolio Summary for May 2026

As of 31 May 2026

CDP

Security	# shares	Price S$	%
DBS	440	62.84	3.39
UOB	400	37.60	1.85
OCBC Bank	700	23.40	2.01
SGX	3,200	21.88	8.60
ST Engineering	6,900	11.38	9.64
Powermatic Data	13,800	3.59	6.08
Micro-Mechanics	18,400	3.19	7.21
Sheng Siong	19,100	3.05	7.15
UMS	39,000	2.80	13.41
TheHourGlass	19,600	2.57	6.18
VICOM Ltd	21,500	1.77	4.67
Nanofilm	36,100	1.38	6.12
Credit Bureau Asia	34,200	1.13	4.74
Riverstone	40,500	0.93	4.62
Info-Tech	41,400	0.92	4.68
HRnetGroup	21,900	0.75	2.02
China Sunsine	41,800	0.67	3.44
Kimly	27,000	0.405	1.34
HC Surgical	35,500	0.38	1.66
Audience Analytics	38,900	0.25	1.19

Portfolio Value = S$814,526
YTD Dividends Received = S$10,748
YTD SBL Fees Received = S$1,352

Trades
None

SRS

Security	# shares	Price S$	%
Micro-Mechanics	5,400	3.19	10.26
TheHourGlass	5,000	2.57	7.66
Nanofilm	12,500	1.38	10.28
NetLink NBN Trust	108,000	0.995	64.03
HRnetGroup	7,500	0.75	3.35
HC Surgical	19,500	0.38	4.42

Portfolio Value = S$167,821

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	3.25%
GX23110V	S$20,000	3.21%
GX23120Z	S$20,000	3.30%
GX24060A	S$20,000	3.26%
GX24070S	S$20,000	3.26%
GX24080W	S$20,000	3.19%

Portfolio Value = S$129,000
YTD Coupons Received = S$1,187

Speculative Play

Security	# shares	Price US$
KORE US REIT	70,000	0.186

Portfolio Value = US$13,020
YTD Dividends Received = S$223

Trades
None


Commentary:

Sell in May and go away,
come back on St. Leger's Day.

Did you follow the adage and sold your holdings in May?

I did not.  Haha.

The saying came about because market returns tend to be weaker in the months between May and October, so one is better off taking profit than leaving it on the table.  However, I do not believe in such heuristics.  There is no guarantee that prices will be lower at the end of the year, and one will miss out on upcoming dividend payout.  It is a gamble, basically.

I like my portfolio nicely intact, thank you.

Despite the stalemate in negotiation between the U.S. and Iran, investors continued to pour money into the markets.  The broad S&P 500 Index gained 5.1 percent in May 2026.  The tech-heavy NASDAQ 100 Index soared 10.5 percent MoM.  The Straits Times Index however, only managed to clock a 2.5 percent gain MoM.  The iEdge SGX Next 50 Index fared no better, closing flat for the month.

Individual stock performance tells a different story.  Perhaps the S$6.5 billion Equity Market Development Programme has finally aroused interest in the big boys (and girls) within the asset management space.  Semiconductor plays like ASTI Holdings, AEM Holdings and UMS Integration are seeing increased activity, riding on a favourable AI tailwind.  Their shares closed up a whopping 83 percent, 41 percent and 28 percent respectively in May 2026.

As stocks prices remained elevated on the local bourse, I stayed on the sidelines and did not trade.  No reason for FOMO here.  There will be better opportunities to deploy my firepower.

Speaking of firepower, allow me to re-iterate one of my beliefs about investing: picking the right stock or fund is important, but not that critical as having the CAPITAL to construct your portfolio.  The harsh reality is that investing peanuts will only provide miniscule return in dollars and cents.  To make serious f***-you money (pardon the crudeness), you need a large base for good effect.  Compounding may be the eighth wonder, but it only becomes significant after a tipping point (some say the first $100,000).  The earlier you reach that tipping point, the better.  So instead of spending time to find the right investment strategy, you are better off finding the right strategy to cut your spending and save up more money.  You will be surprised by how many things you can live without.  Channel the extra dollars into your investment.  They are precious soldiers in building your fortress (read: portfolio) to tackle the financial onslaught of retirement.

Image Credit: Google Gemini

Image Credit: Jay Vas

At work, I went on a business trip to Hong Kong.  It was a good opportunity to catch up on things with my APAC colleagues in person.  I recall an interesting conversation over lunch with a Malaysian-born colleague working in our office at Central.  He lamented how expensive life is in Hong Kong.  My colleague cited this example: his baby was borne a month ago, and he had hired a confinement nanny to take care of both mother and child.  The cost amounted to *gasp* one full month of our salary!  Even after adjusting for standard of living, I will say the nanny is NOT CHEAP at all.  Such is the predicament of working in Hong Kong.  My colleague was also envious that I had paid off my mortgage.  He is currently renting a small apartment on Hong Kong Island for around 20,000 HKD a month.  It is a convenient place, since he only needs to take a 20-minute bus ride to the office.  But to own a property at the same location requires a huge upfront payment and a long mortgage tenure.  For most people, this feat can only remain a dream.

Caveat: I am not saying my colleague is poor though.  He already owns a landed property in Malaysia, fully furnished.  It is just that working as an expat in Hong Kong has its downside too.

The main course while en route via SIA to Hong Kong.
The prawns were fresh and succulent. Good job, SATS.

Family-wise, my younger son and I visited National Junior College, Catholic High School (CHS) and Hwa Chong Institution on consecutive weekends.  My son particularly liked CHS.  Unfortunately, the school does not offer Robotics explicitly as a DSA domain.  We discussed whether to apply under Science domain or Leadership domain, as my son is also a Peer Support Leader in his current school.  In the end, he applied to CHS under Leadership domain, as he felt there is a higher chance to secure an interview, given the self-initiated, organised and completed Mental Wellness projects he had done in his school.  Fingers crossed for a good outcome.

On a side note, I am looking forward to receiving the new tranche of CDC Vouchers in June.  Always happy to get some money back, after the taxman thanked me in April for my contribution to nation-building.

Until next time.  Take care, my friends!

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Portfolio Summary for April 2026

As of 30 April 2026

CDP

Security	# shares	Price S$	%
DBS	440	58.50	3.30
UOB	400	36.15	1.85
OCBC Bank	700	21.90	1.96
SGX	3,200	21.70	8.90
ST Engineering	6,900	10.72	9.48
Powermatic Data	13,800	3.41	6.03
Micro-Mechanics	18,400	3.34	7.88
Sheng Siong	19,100	3.03	7.42
TheHourGlass	19,600	2.35	5.90
UMS	39,000	2.18	10.89
VICOM Ltd	21,500	1.80	4.96
Nanofilm	36,100	1.46	6.75
Credit Bureau Asia	34,200	1.24	5.43
Info-Tech	41,400	0.975	5.17
HRnetGroup	21,900	0.745	2.09
Riverstone	40,500	0.745	3.87
China Sunsine	41,800	0.69	3.70
Kimly	27,000	0.395	1.37
HC Surgical	35,500	0.38	1.73
Audience Analytics	38,900	0.265	1.32

Portfolio Value = S$780,378
YTD Dividends Received = S$2,113
YTD SBL Fees Received = S$407

Trades
None

SRS

Security	# shares	Price S$	%
TheHourGlass	5,000	2.35	6.91
Micro-Mechanics	5,400	3.34	10.60
NetLink NBN Trust	108,000	1.01	64.12
HRnetGroup	7,500	0.745	3.28
Nanofilm	12,500	1.46	10.73
HC Surgical	19,500	0.38	4.36

Portfolio Value = S$170,114

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	3.25%
GX23110V	S$20,000	3.21%
GX23120Z	S$20,000	3.30%
GX24060A	S$20,000	3.26%
GX24070S	S$20,000	3.26%
GX24080W	S$20,000	3.19%

Portfolio Value = S$129,000
YTD Coupons Received = S$866

Speculative Play

Security	# shares	Price US$
KORE US REIT	70,000	0.20

Portfolio Value = US$14,000
YTD Dividends Received = S$223

Trades
None


Commentary:

April passed us by in the blink of an eye.

The equity markets have been resilent to the volatility in the Middle East, no less thanks to the strong set of earnings reported by AI-related companies.  The S&P 500 Index closed up 10.4 percent MoM in April.  The tech-heavy NASDAQ 100 Index gained a whopping 15.6 percent MoM.  On our shore, the Straits Times Index closed slightly up 0.6 percent MoM, while the iEdge Singapore Next 50 Index returned a positive 6.2 percent over the same period.

Crude oil - the engine behind the world's economy - saw its price went on a roller coaster based on news coming out of the White House.   The two main parties Iran and the United States have been throwing verbal threats at each other.  Both are wrestling for control over the Straits of Hormuz.  Contrast this situation to four years ago when the focus was in Europe instead.  Hardly anyone talks about the Russia-Ukraine war nowadays, even though it is still ongoing.  This is understandbly so, since the Middle East crude oil supply disruption has much greater impact on everyone's lives.

Some stocks in my portfolio hit their 52-week high in April, and my CDP portfolio value has risen considerably.  But it does not matter.  Unlike a professional fund manager whose livelihood is dependent on the AUM (asset [value] under management), a high portfolio value has no significance for me.  Instead, I pay more attention to the constituent company performance.  If there is no permanent damage to the business fundamentals, and the company continues to pay out a reasonable dividend from the earned profit, I am happy to hold the stock forever.  On the flip side, when stock prices are flying high, I feel the blues because there is less possibility to acquire the shares at a fair price.  I can only wait for retracement.

Speaking of money, my wife has convinced me to open a new POSB SAYE (Save As You Earn) Account, and put some of my savings to work, earning a higher 3.55 percent interest rate over the next two years.  While the total vested amount is not a large sum, it is still better than letting the money sit idle in my current account.  The yield on 6-month and 12-month SGST has been hovering around a paltry 1.4 to 1.44 percent.  With inflation above 1.7 percent, one is worse off rolling over short-term SGST.  Even the 10-year SGST is earning only 2.1 percent yield at the moment.  Stocks and property remain the best hedge against value loss over the long run, but each asset class comes with its own risks.  Non-income producing assets such as precious metals and cryptocurrencies may seem alluring to some people, but they are dependent on the 'greater fool' theory, i.e. someone willing to buy it at a higher price from you down the road.  This is a non-guarantee, and it requires guts & wisdom to sit through the huge price swings while earning zero return at the same time.  I admit that I am neither brave nor smart, hence I prefer to stay away from metals and cryptos.

In the office, I am starting to get more involved in client projects.  There are days when I dread waking up and going to the office.  I have to explain to clients the postmortem analysis on unpleasant incidents.  This is particularly sensitive and excruciating after they have suffered a financial loss due to the outage.  Such are the times when I will find renewed determination to achieve financial independence sooner and quit my job.  On other days, I feel like I can conquer the world.  There is the deep sense of satisfaction when I manage to solve a complex technical problem for the client.  Tackling these issues has become a source of joy for me, akin to tackling sudoku puzzles. (LOL) While the stress of the job is high, my employer - a global tech company - ensures that adequate compensation and benefits go along with it.  I have no complaint.

At home, I am having conversation with my younger boy about the potential schools to apply for DSA-Sec (Direct School Admission-Secondary) when the window opens on 6 May.  Several secondary schools are hosting their Open House over the next few weeks.  This is an opportunity to visit the campus, interact with the teachers & students, and gather intel about the school.  My son and I plan to visit National Junior College, Catholic High School as well as Hwa Chong Institution, where his older brother is currently studying.  I foresee a hectic schedule every weekend, shuffling between school visits, tuition lessons and household chores.

Signing off for now.  Take care, my friends!

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Portfolio Summary for March 2026

As of 31 March 2026

CDP

Security	# shares	Price S$	%
DBS	440	56.90	3.66
UOB	400	36.65	2.14
OCBC Bank	700	21.97	2.25
SGX	3,200	19.52	9.14
ST Engineering	6,900	10.81	10.91
Powermatic Data	13,800	3.16	6.38
Sheng Siong	19,100	2.82	7.88
TheHourGlass	19,600	2.29	6.57
Micro-Mechanics	18,400	2.29	6.16
VICOM Ltd	21,500	1.78	5.60
UMS	39,000	1.54	8.79
Credit Bureau Asia	34,200	1.24	6.20
Info-Tech	41,400	0.99	6.00
HRnetGroup	21,900	0.745	2.39
Riverstone	40,500	0.685	4.06
China Sunsine	41,800	0.63	3.85
Nanofilm	36,100	0.58	3.06
Kimly	27,000	0.385	1.52
HC Surgical	35,500	0.37	1.92
Audience Analytics	38,900	0.265	1.51

Portfolio Value = S$683,511
YTD Dividends Received = S$1,494
YTD SBL Fees Received = S$100

Trades
- Bought 4,100 shares of Credit Bureau Asia.

SRS

Security	# shares	Price S$	%
TheHourGlass	5,000	2.29	7.73
Micro-Mechanics	5,400	2.29	8.35
NetLink NBN Trust	108,000	0.965	70.38
HRnetGroup	7,500	0.745	3.77
Nanofilm	12,500	0.58	4.90
HC Surgical	19,500	0.37	4.87

Portfolio Value = S$148,089

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	3.25%
GX23110V	S$20,000	3.21%
GX23120Z	S$20,000	3.30%
GX24060A	S$20,000	3.26%
GX24070S	S$20,000	3.26%
GX24080W	S$20,000	3.19%

Portfolio Value = S$129,000
YTD Coupons Received = S$866

Speculative Play

Security	# shares	Price US$
KORE US REIT	70,000	0.177

Portfolio Value = US$12,390
YTD Dividends Received = S$223

Trades
None


Commentary:

We are three months into the year.

This is also the time when I get a bunch of letters in the mailbox to go for Annual General Meetings (AGM).  So far, I have not attended a single one.  The main reason is because my hectic work routine does not allow me leeway to do so, and my limited leave days are too precious to be spending three hours on shareholder resolutions that I can hardly influence.  That said, I hope I will have the opportunity to attend AGMs when I retire.  (I hear some AGMs provide good refreshments.)

After rocking the world with unilateral trade tarriffs, U.S. President Donald Trump dropped another bombshell - literally and figuratively - by declaring war on Iran.  The given reason was to force Iran to come to the negotiating table regarding their nuclear arms arsenal, but I suspect there is some other hidden agenda.  Now, the Iranian leadership is not going to crumble easily without a fight.  Missiles and drones have been sent to attack specific facilities in neighbouring countries, throwing the entire Middle East region into chaos.  With Iran controlling the Straits of Hormuz and impacting 20 to 25 percent of the seaborne oil trade, many countries, particularly those in Southeast Asia are forced to take measures to limit oil consumption.  The price of "black gold" is likely to stay above 100 USD per barrel in the foreseeable furture.  With it, the cost of transporting goods and hence, inflation will rise.  The war will only exacerbate the damage initiated by Trump tarriffs.

The indices have plunged below where they started the year.  The S&P 500 Index is now down 4.63 percent YTD.  The MSCI World Index is down 3.88 percent YTD.  An exception is our local Straits Time Index, up 5.15 percent YTD.  But the gain is mainly concentrated in the large cap stocks.  When we look at the iEdge Singapore Next 50 Index, it is down 0.88 percent YTD.

I took a bite on Credit Bureau Asia for my CDP portfolio.  I was hoping to accumulate more shares. Sadly, the low liquidity means I cannot do it without driving up the price.  Will continue to monitor and act when there is a chance.

In the office, my workload is starting to pile up.  When your role description is more qualitative than quantitative, it is tough to know the edge of the goal post.  It feels like fighting fire everyday without knowing when the blaze will end.  Nonetheless, I love the feeling of being useful and valued for my contributions made.  I hope it will translate to tangible reward down the road.

My younger boy participated in the recent FIRST LEGO League (FLL) Singapore (robotics competition).  His team came in second place overall.  After the disappointment from the World Robot Olympiad finals last year, the FLL win is a boost to his confidence.  His hard work had finally paid off.  When the Direct School Admission (DSA) programme opens for application in May, we hope to use Robotics as a domain to apply.  For now, we are scrutinizing him as he brushes up his Chinese Langauge competency through assessment book practices.

That's all, folks.  Take care!

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Portfolio Summary for February 2026

As of 28 February 2026

CDP

Security	# shares	Price S$	%
DBS	440	57.12	3.70
UOB	400	36.97	2.18
OCBC Bank	700	21.43	2.21
SGX	3,200	18.20	8.58
ST Engineering	6,900	9.97	10.14
Powermatic Data	13,800	3.33	6.77
Sheng Siong	19,100	2.63	7.40
TheHourGlass	19,600	2.46	7.11
Micro-Mechanics	18,400	1.98	5.37
VICOM Ltd	21,500	1.77	5.61
UMS	39,000	1.45	8.33
Credit Bureau Asia	30,100	1.27	5.63
Info-Tech	41,400	1.12	6.83
Riverstone	40,500	0.77	4.60
China Sunsine	41,800	0.76	4.68
HRnetGroup	21,900	0.75	2.42
Nanofilm	36,100	0.65	3.46
Kimly	27,000	0.40	1.59
HC Surgical	35,500	0.355	1.86
Audience Analytics	38,900	0.265	1.52

Portfolio Value = S$678,544
YTD Dividends Received = S$1,174
YTD SBL Fees Received = S$73

Trades
None

SRS

Security	# shares	Price S$	%
TheHourGlass	5,000	2.46	8.17
Micro-Mechanics	5,400	1.98	7.10
NetLink NBN Trust	108,000	0.99	71.00
HRnetGroup	7,500	0.75	3.74
Nanofilm	12,500	0.65	5.40
HC Surgical	19,500	0.355	4.60

Portfolio Value = S$150,585

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	3.25%
GX23110V	S$20,000	3.21%
GX23120Z	S$20,000	3.30%
GX24060A	S$20,000	3.26%
GX24070S	S$20,000	3.26%
GX24080W	S$20,000	3.19%

Portfolio Value = S$129,000
YTD Coupons Received = S$866

Speculative Play

Security	# shares	Price US$
KORE US REIT	70,000	0.215

Portfolio Value = US$15,050

Trades
None


Commentary:

With the passing of Lunar New Year, the festive spirit is gone and life has kicked into full gear.

A surprising twist occurred in February as the U.S. Supreme Court ruled against President Donald Trump's use of tariffs, rendering it illegal [news].  But Trump's team immediately jumped at another legislation and raised the global duty on imports into the United States to 15 percent the next day [news].  It is clear that Trump is not giving up without a fight.

After the stellar climb last year, the markets are taking a breather and heading lower.  The S&P 500 Index closed 0.87 percent lower MoM.  The tech-heavy NASDAQ 100 Index faced heavy selloff due to AI fears and slumped 2.32 percent MoM.  Meanwhile, the local Straits Times Index bucked the trend and closed 1.83 percent higher MoM.

The local banks handed in a mixed report card for Q4 2025.

DBS Group total income dropped 3.2 percent YoY to S$5.33 billion; net income, excluding one-time items, dropped 10 percent YoY to S$2.36 billion.  A final dividend of S$0.81 per share was declared, bringing the total dividend for the full year to S$3.06 per share.

UOB total income dropped 5.0 percent YoY to S$3.29 billion; net income dropped 7.4 percent YoY to S$1.41 billion.  A final dividend of S$0.71 per share was declared, bringing the total dividend for the full year to S$1.56 per share.

OCBC Bank total income rose 5.9 percent YoY to S$3.62 billion; net income rose 3.4 percent to S$1.75 billion. A final dividend of S$0.42 per share was declared, as well as a special dividend of S$0.16 per share.  This brings the total dividend for the full year to S$0.99 per share.

A new counter in my CDP portfolio, Info-Tech turned in a pretty good set of FY2025 result.  Total revenue rose 29 percent YoY to S$56.5 million.  Adjusted profit after tax rose 46 percent YoY to S$18.0 million.  A final dividend of S$0.0195 per share was declared, bringing the total dividend for the full year to S$0.035 per share.

The sole counter in my Speculative Playbook, KORE US REIT has finally declared a distribution of 0.25 US Cents per unit after a hiatus of two years.  The market reaction has been muted, much to my dismay.  I guess Trump's tariffs have thrown a spanner in the works, clouding the future of the U.S. economy, which in turn makes the prospect of U.S. real estate murky.  I am contemplating whether to sell off my holding at the current prevailing price, or hold on for better return when the storm clears.  No quick decision on this one.

As usual, I did not trade in February.  Markets are neither expensive nor cheap.  Saving up my capital for better opportunities down the road.

At work, I adjusted into my new role which involves collaborating with colleagues from other departments to solve clients' complex Production issues as well as to reply prospective clients' Request for Proposal.  Since it is a new job posting with no precedence, Management has only provided very general guidelines of the KPIs.  Annual performance evaluation will likely remain subjective among the ten of us in this role globally, depending on how much value we contribute to the firm.

At home, my two boys are tackling their Term Paper 1.  I have reminded them to stay on top of their studies and fortify their knowledge through assessment book practices.  I hope they have taken my nagging to heart.

Signing off for now.  Take care, my friends!

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