CDP
| Security | # shares | Price S$ | % |
|---|---|---|---|
| DBS | 300 | 33.00 | 2.55 |
| UOB | 300 | 29.76 | 2.30 |
| OCBC Bank | 700 | 12.37 | 2.23 |
| SGX | 2,700 | 8.71 | 6.21 |
| iFast | 5,700 | 4.91 | 7.20 |
| SATS | 8,200 | 2.79 | 5.88 |
| ST Engineering | 6,900 | 3.66 | 6.49 |
| CapitaLand Investment | 7,400 | 3.68 | 7.00 |
| Micro-Mechanics | 11,100 | 2.01 | 5.74 |
| Powermatic Data | 8,500 | 2.43 | 5.31 |
| Nanofilm | 15,400 | 1.61 | 6.38 |
| TheHourGlass | 5,000 | 2.18 | 2.80 |
| Vicom | 11,800 | 1.87 | 5.67 |
| Sheng Siong | 13,000 | 1.69 | 5.65 |
| ComfortDelGro | 11,200 | 1.18 | 3.40 |
| Credit Bureau Asia | 14,300 | 0.975 | 3.59 |
| Genting Singapore | 11,700 | 1.12 | 3.37 |
| HRnetGroup | 21,900 | 0.815 | 4.59 |
| HC Surgical | 35,500 | 0.35 | 3.19 |
| China Sunsine | 41,800 | 0.47 | 5.05 |
| TalkMed Group | 14,500 | 0.41 | 1.53 |
| Kimly | 27,000 | 0.33 | 2.29 |
| Silverlake Axis | 15,000 | 0.33 | 1.27 |
Trades
- Subscribed 4,300 new shares of SATS.
SRS
| Security | # shares | Price S$ | % |
|---|---|---|---|
| OCBC Bank | 900 | 12.37 | 7.76 |
| SGX | 1,300 | 9.40 | 8.51 |
| iFast | 2,100 | 4.91 | 7.18 |
| SATS | 3,800 | 2.79 | 7.39 |
| ST Engineering | 3,000 | 3.66 | 7.65 |
| CapitaLand Investment | 2,600 | 3.68 | 6.67 |
| Micro-Mechanics | 3,100 | 2.01 | 4.34 |
| Powermatic Data | 3,400 | 2.43 | 5.76 |
| Nanofilm | 5,500 | 1.61 | 6.17 |
| Vicom | 4,700 | 1.87 | 6.12 |
| Sheng Siong | 8,700 | 1.69 | 10.24 |
| ComfortDelGro | 6,900 | 1.18 | 5.67 |
| Credit Bureau Asia | 5,700 | 0.975 | 3.87 |
| HC Surgical | 19,500 | 0.35 | 4.76 |
| China Sunsine | 10,800 | 0.47 | 3.54 |
| TalkMed Group | 5,800 | 0.41 | 1.66 |
| Kimly | 5,800 | 0.33 | 1.33 |
| Silverlake Axis | 6,000 | 0.33 | 1.38 |
Trades
- Subscribed 1,600 new shares of SATS.
Singapore Savings Bonds
| Security | Amount ($) |
|---|---|
| GX18070N | 12,500 |
| GX22120S | 14,000 |
| GX23010Z | 15,000 |
Commentary
It is an understatement to say that March was turbulent. The financial world was shell-shocked. Two U.S. banks (Signature and SVB) and one Swiss bank (Credit Suisse) went under. SVB suffered from the classic bank run, while Credit Suisse had to be bailed out by rival UBS and the Swiss regulator.
The situation surrounding Credit Suisse raised many eyebrows. Holders of the bank's AT1 (Additional Tier One) bonds were completely wiped out, but shareholders got a respite through an exchange of 1 UBS share for every 22.48 Credit Suisse shares.
For the first time in my life, equity holders actually survived ahead of bondholders. Clearly, this is an exception, not a precedence. The Monetary Authority of Singapore had to step out and make a statement that "shareholders will absorb losses before bondholders, according to the hierarchy of claims in the event of a liquidation." [news]
As the market gyrated between fear and hope - fear that a Fed-induced recession is imminent; and hope that the Fed will cut interest rates later this year, I stayed on the sidelines and buried myself in work.
I applied for my portion of SATS right shares. I also applied for additional right shares but did not get my full amount. According to the company, the rights issue was 173% oversubscribed, which was a pleasant surprise. I thought investors were pessimistic about the airport services operator, given the low share price. What was even more perturbing was that on the day of the new share issuance (March 29), the share price did not drop to the TERP. Rather, it SOARED, ending the day 21 cents higher at $2.76. Many short sellers must have been caught off guard and badly burnt.
The average yield for the latest tranche of SSB is 3.15%, but I did not apply. I took up the offer by Great Eastern instead. I invested S$20,000 into the recent GREAT SP Series 10, an one-year endowment policy with a guaranteed return of 4%. A little income before I use the money to pay down my mortgage.
The Fed had decided to notch up the interest rate by 25 bps. Heading into Q2, it is possible we will see cracks appear in certain segments of the economy. Companies without strong cashflows that have binged on cheap debt during the previous decade will be in trouble. As Buffett quipped, "Only when the tide goes out do you discover who's been swimming naked."
The situation surrounding Credit Suisse raised many eyebrows. Holders of the bank's AT1 (Additional Tier One) bonds were completely wiped out, but shareholders got a respite through an exchange of 1 UBS share for every 22.48 Credit Suisse shares.
For the first time in my life, equity holders actually survived ahead of bondholders. Clearly, this is an exception, not a precedence. The Monetary Authority of Singapore had to step out and make a statement that "shareholders will absorb losses before bondholders, according to the hierarchy of claims in the event of a liquidation." [news]
As the market gyrated between fear and hope - fear that a Fed-induced recession is imminent; and hope that the Fed will cut interest rates later this year, I stayed on the sidelines and buried myself in work.
I applied for my portion of SATS right shares. I also applied for additional right shares but did not get my full amount. According to the company, the rights issue was 173% oversubscribed, which was a pleasant surprise. I thought investors were pessimistic about the airport services operator, given the low share price. What was even more perturbing was that on the day of the new share issuance (March 29), the share price did not drop to the TERP. Rather, it SOARED, ending the day 21 cents higher at $2.76. Many short sellers must have been caught off guard and badly burnt.
The average yield for the latest tranche of SSB is 3.15%, but I did not apply. I took up the offer by Great Eastern instead. I invested S$20,000 into the recent GREAT SP Series 10, an one-year endowment policy with a guaranteed return of 4%. A little income before I use the money to pay down my mortgage.
The Fed had decided to notch up the interest rate by 25 bps. Heading into Q2, it is possible we will see cracks appear in certain segments of the economy. Companies without strong cashflows that have binged on cheap debt during the previous decade will be in trouble. As Buffett quipped, "Only when the tide goes out do you discover who's been swimming naked."
Enjoyed this post? Never miss out new posts by subscribing here.
No comments:
Post a Comment