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!

---

Enjoyed this post? Never miss out new posts by subscribing here.

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!

---

Enjoyed this post? Never miss out new posts by subscribing here.

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!

---

Enjoyed this post? Never miss out new posts by subscribing here.

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!

---

Enjoyed this post? Never miss out new posts by subscribing here.

Portfolio Summary for January 2026

As of 31 January 2026

CDP

Security	# shares	Price S$	%
DBS	440	59.20	4.02
UOB	400	38.27	2.36
OCBC Bank	700	21.23	2.30
SGX	3,200	17.63	8.71
ST Engineering	6,900	9.80	10.44
Powermatic Data	13,800	3.29	7.01
Sheng Siong	19,100	2.72	8.02
TheHourGlass	19,600	2.24	6.78
Micro-Mechanics	18,400	1.68	4.77
VICOM Ltd	21,500	1.65	5.48
UMS	39,000	1.34	8.07
Credit Bureau Asia	30,100	1.27	5.90
Info-Tech	41,400	0.865	5.53
Riverstone	40,500	0.765	4.79
HRnetGroup	21,900	0.745	2.52
China Sunsine	41,800	0.73	4.71
Nanofilm	36,100	0.57	3.18
Kimly	27,000	0.43	1.79
HC Surgical	35,500	0.38	2.08
Audience Analytics	38,900	0.25	1.50

Portfolio Value = S$647,410
YTD Dividends Received = S$0
YTD SBL Fees Received = S$41

Trades
None

SRS

Security	# shares	Price S$	%
TheHourGlass	5,000	2.24	7.66
Micro-Mechanics	5,400	1.68	6.20
NetLink NBN Trust	108,000	0.98	72.38
HRnetGroup	7,500	0.745	3.82
Nanofilm	12,500	0.57	4.87
HC Surgical	19,500	0.38	5.07

Portfolio Value = S$146,235

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$547

Speculative Play

Security	# shares	Price US$
Kep Pacific Oak REIT	70,000	0.245

Portfolio Value = US$17,150

Trades
None


Commentary:

January whisked us by in a hurry.

As US President Donald Trump back-pedaled on his threat to take Greenland by force, investors heaved a sigh of relief.  Spot gold price hit a peak of US$5,417 on 28 Jan before retracing.  Spot silver price did even better, spiking to US$116 before doing a sharp reversal.

The stock market indices had a fairly good run in the first month of 2026.  The S&P 500 Index logged a 1.37 percent gain MoM.  The tech-heavy NASDAQ 100 Index logged a 1.20 percent gain MoM.  The local Straits Times Index logged an eye-popping 5.57 percent gain MoM.  Even the new iEdge SGX Next 50 Index achieved an admirable 2.33 percent gain over the same period.

As the Singapore equity market soared to new heights, I continued to stay on the sidelines.  I am not one to chase after momentum, so this is not the right opportunity for me to act on.  Meanwhile, I will simply be a spectator and build up my dry powder at the same time.

At work, I was formally introduced into the new senior role which I was placed on trial last year.  Somehow, I am feeling a bit stressed by the responsibilities, since this is out of my comfort zone.  Nonetheless, there are some unpleasant aspects of my current role that my manager has agreed to relieve off my shoulders, so I am glad.  I will put in my best effort.

At home, my younger boy is preparing for his PSLE this year.  We will also apply for DSA when the window opens.  Hope for a smooth academic year ahead for my two boys.

Signing off for now.  Wishing my friends a Happy & Prosperous Lunar New Year!

---

Enjoyed this post? Never miss out new posts by subscribing here.

Portfolio Summary for December 2025

As of 31 December 2025

CDP

Security	# shares	Price S$	%
DBS	440	56.36	3.97
UOB	400	35.06	2.25
OCBC Bank	700	19.76	2.22
SGX	3,200	16.96	8.42
ST Engineering	6,900	8.42	9.31
Powermatic Data	13,800	3.20	7.08
Sheng Siong	19,100	2.63	8.05
TheHourGlass	19,600	2.25	7.07
VICOM Ltd	21,500	1.64	5.65
Micro-Mechanics	18,400	1.62	4.78
UMS	31,200	1.42	7.10
Credit Bureau Asia	30,100	1.30	6.27
Riverstone	40,500	0.87	5.65
Info-Tech	41,400	0.78	5.17
China Sunsine	41,800	0.80	5.36
HRnetGroup	21,900	0.75	2.63
Nanofilm	36,100	0.585	3.38
Kimly	27,000	0.39	1.69
HC Surgical	35,500	0.365	2.08
Audience Analytics	38,900	0.26	1.62

Portfolio Value = S$624,131
YTD Dividends Received = S$18,656
YTD SBL Fees Received = S$777

Trades
- Bought 41,400 shares of Info-Tech Systems Limited.

SRS

Security	# shares	Price S$	%
TheHourGlass	5,000	2.25	7.80
Micro-Mechanics	5,400	1.62	6.06
NetLink NBN Trust	108,000	0.965	72.24
HRnetGroup	7,500	0.75	3.90
Nanofilm	12,500	0.585	5.07
HC Surgical	19,500	0.365	4.93

Portfolio Value = S$144,273

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	2.95%
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$4,146

Speculative Play

Security	# shares	Price US$
Kep Pacific Oak REIT	70,000	0.235

Portfolio Value = US$16,450

Trades
None


Commentary:

In the blink of an eye, Year 2025 has come to a close.

What an eventful year it has been.  In the political arena, U.S. President Donald J. Trump announced sweeping tariffs on both friends and foes alike, throwing the global economy into disarray.  At the same time, the war of words escalated between U.S. and China.  New Japanese Prime Minister Sanae Takaichi joined the fray, angering China with her parliamentary remarks that a potential Chinese attack on Taiwan could constitute a "survival-threatening situation" for Japan, potentially requiring a military response.  There has been rumour that Chinese President Xi Jinping told his military staff to be ready for the Taiwan invasion by Year 2027 [news].  The situation has never been more volatile.  (This video [link] summarizes what may happen if the Taiwan invasion occurs.)

Despite the wild swings due to the U.S. tariffs, global equity markets performed admirably well and ended 2025 on a high note.  The S&P 500 Index closed up 16.4 percent YoY.  The MSCI World Index returned 19.5 percent over the same period.  Even our local Straits Times Index ("STI") found a tailwind, logging a positive 22.7 percent YoY.

One-year chart of the Straits Times Index. (Source: TradingView)

One interesting observation is that the iEdge Singapore Next 50 Index, which tracks the performance of the next fifty largest companies listed on the SGX Mainboard (excluding the thirty largest companies by market capitalization) performed better, logging a positive 26.7 percent return in 2025.

This hints of investor participation in the broader Singapore stock market, not just in the main STI constituents.  There is some doubt though whether the momentum can be sustained [commentary].

In the fixed income space, the U.S. Federal Reserve implemented three 25-basis point rate cuts in September, October and December 2025 respectively.  This led to the fall in interest rate on our shores.  Gone are the days when SGD fixed deposits can earn a yield above 3 percent.  With SSB and SGS Treasury yield hovering in the paltry 1+ percent range, and Singapore's core inflation hitting as high as 1.2 percent [news], there is little margin for consolation.  I doubt I will be buying these bonds anytime soon.

On the commodities side, gold price continued its stellar trajectory past US$4,500 per ounce before hitting a selloff near the year end [source].  There is a report stating that central banks' purchase of the yellow metal had picked up significantly in the last few months of the year [report].  Likewise, silver also found a following among investors.  Silver spot price rose more than two-fold from US$30 to US$78 per ounce [source].  This reeks of speculative fervour in the market.  The precious metals have become even more precious.  That said, I am not a fan of non-productive assets, so gold and silver do not have a place in my portfolio.

Conversely, cryptocurrencies like Bitcoin went on a roller-coaster ride, going as high as US$124k before ending the year lower at US$88k [source].  Ethereum followed suit, hitting a peak of US$4.8k before closing lower close to US$3k [source].  The extreme volatility in cryptocurrencies is too much for my weak heart.  You can call me old-school, but I wouldn't touch cryptos with a ten-foot pole.

Best-selling author Robert Kiyosaki offers a different perspective on holding precious metals and cryptos:



However, I do not think public trust in state institutions is going to disappear overnight.  So...not a reason for me to get on board the bandwagon yet.

2025 had shaped up to be a fruitful year for my personal life too.

At the workplace, my boss put me on trial for a new senior role in the team.  It involved co-ordinating effort between different stakeholders in the company to resolve client issues effectively.  I believe I had placed my best foot forward.  Whether my performance had been up to mark or not, I will know during my annual job review in February 2026.

In the family, my older boy is coping well in HCI.  His academic result is satisfactory so far, and he was chosen to be a student councillor, which was what he had set out to achieve in 2025.  My younger boy had performed well in his P5 studies too.  He participated in a few Robotics competitions through the year, representing his school as well as outside.  I am glad he received the Edusave Scholarship Award and the EAGLES Award this year.  I hope my younger boy will qualify for DSA-Sec come June 2026, and that he will score well for his PSLE, which is a major milestone for every child in Singapore.

My CDP portfolio closed the year with a market value of S$624,131.  This is a significant change from the same time last year (2024: S$431,135).  One reason is because I have invested in a few new counters in 2025.  I would have liked to put more money to work in the market, but valuations are a bit stretched at the moment, especially for the local bank stocks.  I shall be patient and wait for a more opportune time.  (Sure, I may miss out on the fat dividends, but note that the market operates in cycles.  As retracement occurs, there is *always* a better opportunity down the road when Mr. Market comes knocking.)

In December, I initiated a new position in Info-Tech Systems Limited ("Info-Tech"), a Singapore-headquartered company supplying HRM software to mid-market firms in Singapore, Malaysia, Hong Kong and India.  Info-Tech charges customers upfront and renders its services over the subscription period.  Based on its reported results over the past few years, this asset-light company has a visible recurring revenue stream, healthy margins and double-digit ROE.  Info-Tech is also net cash at the moment, which is appealing.  My positive experience with Silverlake Axis Limited in the past (now delisted) is also one reason why I favour software companies.

DBS digiWealth (former NAV Planner) puts my current net worth somewhere around S$1.77M:

This is an uptick from S$1.45M in 2024.  I shall continue to build up my source of dividend income as I grow older.  I aim to retire (or at least semi-retire) after my 55th birthday.  That is when my kids are grown up and can take care of themselves, and I can pursue my interest to travel and see the world.  Less than a decade to go!

That's it, folks.  Before I sign off, let me share a piece of good news: the CPF Basic Healthcare Sum has been adjusted to S$79,000 in 2026.  If you have spare cash, this is a good chance to top up your Medisave Account and earn some tax relief at the same time.

Wishing you a wonderful start to the Year 2026, my friends!

---

Enjoyed this post? Never miss out new posts by subscribing here.

Portfolio Summary for November 2025

As of 30 November 2025

CDP

Security	# shares	Price S$	%
DBS	440	54.20	4.08
UOB	400	33.98	2.33
OCBC Bank	700	18.50	2.22
SGX	3,200	16.86	9.24
ST Engineering	6,900	8.30	9.81
Powermatic Data	13,800	3.00	7.09
TheHourGlass	19,600	2.25	7.55
Sheng Siong	19,100	2.72	8.90
Micro-Mechanics	18,400	1.65	5.20
VICOM Ltd	21,500	1.62	5.96
UMS	31,200	1.39	7.43
Credit Bureau Asia	30,100	1.27	6.55
Riverstone	40,500	0.825	5.72
Nanofilm	36,100	0.655	4.05
HRnetGroup	21,900	0.735	2.76
China Sunsine	41,800	0.785	5.62
Kimly	27,000	0.385	1.78
HC Surgical	35,500	0.34	2.07
Audience Analytics	38,900	0.25	1.67

Portfolio Value = S$584,007
YTD Dividends Received = S$17,516
YTD SBL Fees Received = S$580

Trades
None

SRS

Security	# shares	Price S$	%
TheHourGlass	5,000	2.25	7.77
Micro-Mechanics	5,400	1.65	6.16
Nanofilm	12,500	0.655	5.66
HRnetGroup	7,500	0.735	3.81
HC Surgical	19,500	0.34	4.58
NetLink NBN Trust	108,000	0.965	72.02

Portfolio Value = S$144,710

Trades
None

Singapore Savings Bonds

Security	Amount	Coupon Now
GX22120S	S$14,000	3.58%
GX23010Z	S$15,000	2.95%
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$3,260

Speculative Play

Security	# shares	Price US$
Kep Pacific Oak REIT	70,000	0.24/td>

Portfolio Value = US$16,800

Trades
None


Commentary:

Did you grab any good offer on Black Friday?

Alas, unlike the exciting deals on Shopee, I did not find any tantalising stock buy.  As the markets traded rangebound, I stayed on the sidelines and focused on my work instead.  A quick look at the indices - the S&P 500 Index closed flat in November, while the tech-heavy NASDAQ 100 Index sank 1.6 percent for the month.  Our local Straits Times Index bucked the trend and climbed 2.2 percent over the same period.

JPMorgan recently put out a note, saying that DBS could get “unjustifiably expensive”, and UOB may face volatility over the next six months [news].  At a current forward P/E of 13.55 compared to the 5-year average P/E of around 10, DBS price is indeed on the high side.  Caveat emptor is the word of the day if you are looking to load up on the local bank stocks.

After some back-and-forth between the Democrats and Republicans, U.S. President Trump signed the latest spending bill, finally ending the longest U.S. government shutdown in history.  Debate is ongoing whether the Fed will cut interest rate during its last meeting for the year on 9-10 December.  Punters believe there is a high 86 percent chance of doing so, according to CME's FedWatch.

On the home front, both of my kids have ended their academic year and are enjoying a well-deserved break from school.  That said, my wife and I still insist on them finishing up their assessment books.  The six-week holiday does not imply forgoing their revision.  I want my kids to keep their knowledge sharp, so that they can start next year on a good footing.

Additionally, I try to pack activities for my two boys, so that they will not idle their time away.  My older boy still has his Sunday fencing lesson with his coach at the club.  Additionally, he will make his debut at the National Age Group 2025 (chess competition) in December, organised by the Singapore Chess Federation.  I hope my boy gets a good FIDE rating for an amateur.  Lastly, I have signed him up for a weeklong cooking class for teens, organised by Camp Asia.  I hope he learns some decent kitchen skills, which will come in handy when my wife and I are busy at work.

Meanwhile, my younger boy is training for the FIRST Lego League Singapore (robotics competition), which is held in March 2026.  I have also signed him up for a DSA Preparatory Programme, in which the coach will guide my boy to prepare his portfolio, as well as train him in handling the DSA interview competently.  Our goal is to secure a coveted spot in HCI, where his older brother is currently studying.  Finally, I enrolled my younger boy in a crash course for Mandarin public speaking, so as to brush up his oral skills for the PSLE next year.

Speaking of PSLE, the 2025 result was announced last Tuesday.  I read several heart-breaking recounts by parents who felt guilty that they had not prepared their kids well for the examinations.  There were also stories about children crying after receiving their results, as they scored worse than expected.  Selecting the six choices for secondary school posting has become a national sport of strategic positioning, judging from the hundreds of Facebook posts from parents seeking validation on their list of secondary school choices for their kids.  The stress is intense and real.

Erm, enough of the sombre stuff.

On a lighter note, we are one month to the end of the year.  December is my favourite month, when the festive spirit is in the air, and my clients & bosses start to clear their annual leave.  Work should be lighter in the office (I hope).  Looking back to the first eleven months, I am grateful that 2025 has been relatively smooth for me, save for a bout of illness that had me down in the dumps, and the usual work stress that comes from serving a demanding Enterprise Client.  All in all, no complaint for how things have turned out.

Signing off for now.  Here's wishing my friends an early Merry Christmas and a wonderful start to the New Year!

---

Enjoyed this post? Never miss out new posts by subscribing here.