Saturday, August 1, 2026

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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