The Veiled Threat of Inheritance

This is a non-investment post.  Sharing an incident that happened in my life recently.

My wife and I were visiting my parents-in-law during the New Year.  My parents-in-law are a classic rags-to-riches story of the Merdeka Generation.  After graduation from NTU with an Accountancy degree, my father-in-law (FIL) started work as a property manager, earning a paltry income.  It was after he headed to China to work for a Singapore conglomerate, that his income improved significantly.  Over the decades, he managed to save a considerable sum of money.  My mother-in-law (MIL) did not complete her secondary school education, but has a knack for savvy property investment.  She took the saved money, invested in local real estate during the boom years and grew it multiple fold.  At present, my parents-in-law are sitting on net assets worth over 3 million dollars.

After exchanging pleasantries, my MIL popped a question to my wife out of the blue: is she (my wife) willing to accommodate my FIL to live in our HDB flat?

Now, my wife and I know this is a hypothetical question.  This scenario will never occur, unless my FIL is bedridden and my MIL passes away.  My MIL had commented once that she cannot tolerate our 'stingy' lifestyle.

My wife is a millionaire herself, much richer than me.  She has worked hard since graduation and saved every cent, never wasting it on frivolous stuff.  My wife has a stubborn streak, and is defiant against spouting 'sweet words' that she does not mean in her heart.  Even though filial piety dictates us to say "yes", we are well aware of the limited space in our HDB flat, and the inconveniences which will result in conflict.  So my wife tersely replied my MIL with a flat "NO".

What came next was expected, typical of a family drama.  My MIL responded with a barbed comment, telling my wife not to expect much from her share of the inheritance.

My wife and I have never dreamt of getting any inheritance from our parents.  We firmly believe in self-reliance and striving for our own goals.  There is satisfaction in exchanging honest effort for reward.

Being an outsider, I was not in a position to comment.  So I pretended to be reading my book, seemingly not paying attention, even though I heard every word of the conversation.

A few days later, my wife and I discussed the matter.  We agreed that our kids should NOT look forward to getting an inheritance from us.  They should work hard for their own financial future.

All through these years, we have told our kids that we are an average middle-income family.  Nothing in our daily habits betray any hint of our affluence.  We always advocate prudence and frugality when making lifestyle decisions.  Our kids have grown up in the HDB heartland eating hawker food, taking public transportation and wearing non-branded hand-me-downs.  The sole exception is our annual family holiday overseas.

My concern is whether my kids will morph to be 'revenge spenders', who splurge every cent of their salary in their adulthood, as they recall a sense of 'deprivation' in their childhood.  (I hope not!)

My wife and MIL are still on talking terms.  But when inheritance is a veiled threat, the harmony in the family can become broken.  Have you ever encountered a similar situation before?

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You have S-Reits. What about S-Banks?

Perhaps the worst kept secret in the financial world today is that the U.S. Federal Reserve wants to bring the benchmark overnight borrowing rate lower this year.

A lower rate means that banks will have to lower their loan rates, resulting in a compression of the Net Interest Margin (NIM) - the lifeblood of their profit.

For the uninitiated, NIM is the difference between the rate banks charge their borrowers versus the rate banks pay to depositors.  Banks cannot afford to lower their deposit interest rate too much.  Otherwise, depositors will flock to another bank.  This leads to the dilemma above.

Accordingly, broker analysts have started to downgrade their view of the local banking sector, as reported [here] and [here].

However, it is my belief that the Singapore banks remain an attractive investment proposition.

DBS 9M23 total income was S$15.2B (up 27% y/y); UOB was S$10.5B (up 28% y/y) over the same period; and OCBC was S$10.2B (up 24% y/y).  9M23 net profit was S$7.89B (up 35% y/y), S$4.3B (up 26% y/y) and S$5.4B (up 32% y/y) respectively.  Even if the NIM is compressed come 2H24 and loan growth stalls, the banks will still be highly profitable.

Unlike other global banks which suffered significant losses due to investment and trading, our local banks are cautious risk-takers and big brother MAS is always watching over their shoulder.  I wouldn't expect any rouge trader to bring the house down.

I read [here] that the three banks had the highest S$2.6B of net institutional selling in 2023.  When the professionals decide to park their funds elsewhere, they sell by the buckets and price retracement occurs.  This presents an opportunity for us retail investors to buy the bank stocks cheaper.

If you are big on S-Reits, I recommend to get some S-Banks (Singapore banks) exposure too, never mind that the quantum is large for the lot size.  The banks are in a strong position to grow and increase their payout over the long run.

If you worry about over-paying, you can use the Price-to-Book Value (P/B) Ratio as a yardstick to determine whether the bank stock is cheap or expensive.  The P/B ratio measures the market's valuation of a company relative to its book value.  For banks, it is considered a less volatile measure compared to the Price-to-Earnings Ratio.

The table below shows the P/B ratio for UOB, and is taken from Morningstar, which you can access for free [here]:

Source: Morningstar

UOB is currently trading at a P/B ratio of 1.04, close to its 5-year average of 1.05.  In layman terms, it is not exactly expensive *relative* to its history.  (Remember: valuation needs to be evaluated in a relative manner, either against its peers or compared to historical data.)

Circling back to my opening paragraph, all these institutional selling is banked on - pardon the pun - the U.S. Fed cutting interest rate.  What happens if U.S. inflation reverse its trend and head back up?  In all likelihood, the Fed will maintain the current rate, which is a boon for the banks.

Hope the above information is useful.

As usual, here is a disclaimer: I hold shares in DBS, UOB and OCBC Bank.  This post is NOT a recommendation to buy any stock.  Please do your homework and review your financial circumstances before making any investment decision.

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To Invest, Start With Lunch

This is a non-investment post.  Sharing a sneak peek on my life.

Working in the Central Business District has its advantages and disadvantages.  One advantage is that transportation is convenient, since it lies in the heart of the city.  If you like crowds, you will always find a lively atmosphere here during the daytime.  Just visit Raffles Place.

One disadvantage is that things tend to be expensive, for example, food.  Eating at a restaurant costs no less than 10 bucks.  Even takeaways cost north of 6 dollars.  For me, I usually take a walk to Hong Lim Food Centre at Upper Cross Street.  There is a particular economic rice stall that I usually patron.

This is my lunch for today.  Four dishes and rice cost only $3.60.  What a steal!

I usually bring my tupperware to pack lunch so that I can skip the Styrofoam box and cut down on environmental waste.  Additionally, I bring my mug to another stall to get my kopi siew dai.  It is my lunchtime fix, and it costs $1.  Yup, Starbucks doesn't get my business.

Overall, I spent $4.60 on my lunch, and I thoroughly enjoyed the food.  I repeat this routine daily.  On rare occasions when I meet up with my friends, I will be 'generous' with myself on spurging more for good food amid good company.  No reason to be Scrooge all the time.

I believe my minimal lunch expense is one reason why I can save a significant portion of my salary for investment.  Do your daily habits support or detract you from achieving your financial goals?

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Portfolio Summary for December 2023

As of 31 December 2023

CDP

Security	# shares	Price S$	%
DBS	400	33.41	4.17
UOB	400	28.45	3.55
OCBC Bank	700	13.00	2.84
SGX	2,700	9.83	8.29
ST Engineering	6,900	3.89	8.38
Powermatic Data	8,500	2.97	7.88
Micro-Mechanics	14,200	1.93	8.56
TheHourGlass	15,000	1.66	7.78
Sheng Siong	19,100	1.60	9.60
VICOM Ltd	21,500	1.43	9.60
Credit Bureau Asia	14,300	0.92	4.11
Nanofilm	21,600	0.915	6.17
HRnetGroup	21,900	0.715	4.89
TalkMed Group	14,500	0.38	1.72
China Sunsine	41,800	0.395	5.16
Kimly	27,000	0.32	2.70
HC Surgical	35,500	0.30	3.33
Silverlake Axis	15,000	0.28	1.31

Portfolio Market Value = $320,172
YTD Dividends Received = $13,139
YTD SBL Fees Received = $907

Trades
- Sold 10,100 shares of CapitaLand Investment.
- Sold 8,200 shares of SATS.
- Sold 11,700 shares of Genting Singapore.

SRS

Security	# shares	Price S$	%
DBS	100	33.41	2.62
UOB	200	28.45	4.47
OCBC Bank	900	13.00	9.19
SGX	1,300	9.83	10.04
ST Engineering	3,000	3.89	9.17
Powermatic Data	3,400	2.97	7.93
Micro-Mechanics	5,400	1.93	8.19
TheHourGlass	5,000	1.66	6.52
Sheng Siong	8,700	1.60	10.94
VICOM Ltd	5,500	1.43	6.18
Credit Bureau Asia	5,700	0.92	4.12
Nanofilm	5,500	0.915	3.95
HRnetGroup	7,500	0.715	4.21
TalkMed Group	5,800	0.38	1.73
China Sunsine	10,800	0.395	3.35
Kimly	5,800	0.32	1.46
HC Surgical	19,500	0.30	4.60
Silverlake Axis	6,000	0.28	1.32

Portfolio Market Value = $127,280

Trades
- Sold 2,600 shares of CapitaLand Investment.
- Sold 3,800 shares of SATS.

Singapore Savings Bonds

Security	Amount ($)	Avg Yld %
GX22120S	14,000	3.47
GX23010Z	15,000	3.26
GX23110V	20,000	3.32
GX23120Z	20,000	3.40

Portfolio Market Value = $69,000

Commentary:

Time flew by in the blink of an eye.  We have reached the end of 2023.  Markets started the year a little apprehensive, unsure how much higher the U.S. Fed will push interest rates.  Sentiment subsequently turned bullish as dovish comments from the Fed in December indicated that they are done with rate hikes [news].  There is also the prospect of rate cuts next year, which is welcomed by investors.  CME FedWatch Tool shows the market is pricing in a very high (87%) probability that the Fed will cut interest rate as early as March 2024.

Global equity markets were neatly split into two camps - big winners and big losers.  The S&P 500 Index went on a tear, locking in an eye-popping 24.2 percent gain, of which a large part is attributed to the Magnificent 7 stocks.  On the other hand, our local Straits Times Index headed south, but managed to break even on the last trading day of the year.  Other regional markets were a mixed bag.  The Hang Seng Index plummeted 13.8 percent and the CSI 300 Index lost 11.4 percent.  Conversely, the KOSPI Index and Nikkei 225 Index gained 18.7 percent and 28.5 percent respectively.

Performance of the S-Reits was weak in 2023, given the current interest rate environment.  The iEdge S-REIT Index managed to break even, having recovered from hitting the bottom in end October.  Taking dividends into account, the total return was a respectable 6.6 percent.  Most S-Reits have held up well so far, with distributions being steady.  I was tempted to add one or two S-Reits when they were trading at very attractive discounts.  Having S-Reit exposure will boost the yield in my portfolios.  In the end, I refrained from doing so, since S-Reits' traditionally high leverage runs counter to my preference for low gearing companies.

Looking into 2024, eyes will be on whether the Fed can steer the U.S. economy to a soft landing.  Geopolitics will also be front and centre stage on people's mind, with the Russia-Ukraine and Israel-Hamas wars still ongoing, Houthi rebels attacks in the Red Sea driving up shipping costs, as well as major elections in the U.S. and Taiwan.  Donald Trump making a comeback and the independence-focused DPP candidate Lai Ching-te winning the presidential race in Taiwan will likely stir up more hostility with China.  A recent Bloomberg article [here] also warns how the bull run of S&P 500 Index over the last decade is unlikely to repeat, with valuations currently being stretched.

On the domestic front, the GST will go up another 1 percent tomorrow (sigh).  The Basic Healthcare Sum will also increase from $68,500 to $71,500 [announcement].  I will top up as soon as the window opens, in order to take advantage of the tax relief.

I finally had time to review my portfolios' performance.  Made a decision to ditch the lower ROE stocks in favour of the stronger companies.  The number of holdings in my portfolios has been reduced to 18.  I sold my positions in CapitaLand Investment, Genting Singapore and SATS.

CapitaLand Investment posted a warning [here] that its full year PATMI will be severely impacted due to depressed property valuations caused by high capitalization rates. The property manager was quick to highlight that operating cashflows remained sound.

Genting Singapore share price gained a tailwind after Singapore and China announced an agreement for 30-day visa-free travel between the two countries [news].  An influx of Chinese tourists bodes well for its casino and theme park.

Of these three companies, SATS is the most disappointing.  The company's performance hasn't recovered fully post-pandemic.  It filed three consecutive years of losses.  SATS had to put out a clarification [here] to assure investors that it is in not in danger of being placed on SGX Watch List.  Nonetheless, the stock price languished and no dividend had been paid out during this period.  With the WFS acquisition, there is a huge debt overhang on the company.  The debt-to-equity ratio has ballooned ten times, which makes me feel uneasy.  I have lost hope of a quick turnaround.  Time to cut loss and move on.

I will deploy the freed up capital to other stocks in my portfolios.  Meanwhile, I am monitoring two other companies that caught my eye recently.  I will take a bite when the price is right.

The COVID-19 pandemic has shown that we cannot rely on dividends alone for income.  While there were some companies that kept paying dividends throughout the period, it is better to have different streams of income.  This is something which I will have to plan for.

January's SSB has an average yield of 3.07 percent, which is less than my requirement, hence I did not subscribe for it.  February's SSB issuance should have an average yield around 2.82 percent, which is lower than January's yield.  I will switch my focus back to the equity market.

Speaking of pandemic, I was inflicted with my first COVID-19 infection this month.  Came down with sore throat, high fever, cough and runny nose.  Thankfully, I had taken my COVID booster vaccine before I left for holiday in Australia, so the symptoms were not as drastic as I imagined.  There wasn't anything crucial or urgent at work, so I could afford to take a good rest.

As 2023 wound down, I reflected on my life.  I feel contented and at peace.  I have a loving wife and two active boys.  I enjoy good health (COVID aside).  I have a roof over my head and can afford a comfortable - though not lavish - lifestyle.  At work, I have helpful team mates and an understanding boss who values my contribution.

I don't feel any urge to keep up with the Joneses.  I am happy to stay in a HDB flat and not in a private residence.  There are many amenities around my neighbourhood, which make it convenient for our daily life.  I don't intend to invest in a second property either.  Watching my in-laws' woes as a landlord has made me wary.  While my peers own a car, I don't see the need to maintain one since I take the train to office in the CBD, my kids take the public bus to school and my wife simply walks to her workplace.  We can just call for a cab when needed.

DBS NAV Planner tells me I have crossed the million-dollar net worth mark, so I am secretly happy. :)

For those readers who have read my previous post [here] and know my history, I have come a long way since experiencing the most humbling moment of my life.  It is amazing how desperation can drive one's determination to climb out of the financial sinkhole.  I am grateful for the people who have helped me along the way and allowed me to accomplish what I have today.

If I can do it, I'm sure you can achieve your financial goals too!

I hope to be able to retire at the age of 55 (eleven more years).  I will then depend on my portfolios for income to sustain through my remaining years.  The best part is that I don't have to count on my kids for support.  I will be the last sandwiched generation within my family.

I am currently lagging behind my plan as I saved up more money and invested less this year.  My wife and I want to repay our HDB mortgage loan when the lock-up period expires in August.  Once the loan is paid off, the next biggest expense will be the university tuition fees for our kids.  My wife and I already have two fully paid endowment policies in place to cover a major portion of the cost, so we aren't worried.  A better life awaits when we become debt free.

Happy New Year 2024, my friends!

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Portfolio Summary for November 2023

As of 30 November 2023

CDP

Security	# shares	Price S$	%
DBS	400	31.74	3.43
UOB	400	27.22	2.94
OCBC Bank	700	12.54	2.37
SGX	2,700	9.43	6.88
ST Engineering	6,900	3.71	6.92
CapitaLand Investment	10,100	3.03	8.27
SATS	8,200	2.65	5.87
Powermatic Data	8,500	2.95	6.77
TheHourGlass	15,000	1.52	6.16
Micro-Mechanics	14,200	1.81	6.94
VICOM	21,500	1.32	7.67
Sheng Siong	19,100	1.56	8.05
Nanofilm	21,600	0.885	5.16
Genting Singapore	11,700	0.915	2.89
Credit Bureau Asia	14,300	0.905	3.50
HRnetGroup	21,900	0.70	4.14
TalkMed Group	14,500	0.39	1.53
China Sunsine	41,800	0.395	4.46
HC Surgical	35,500	0.28	2.69
Kimly	27,000	0.31	2.26
Silverlake Axis	15,000	0.27	1.09

Portfolio Market Value = $370,127
YTD Dividends Received = $12,563
YTD SBL Fees Received = $900

Trades
None

SRS

Security	# shares	Price S$	%
DBS	100	31.74	2.26
UOB	200	27.22	3.88
OCBC Bank	900	12.54	8.05
SGX	1,300	9.43	8.75
ST Engineering	3,000	3.71	7.94
CapitaLand Investment	2,600	3.03	5.62
SATS	3,800	2.65	7.18
Powermatic Data	3,400	2.95	7.16
TheHourGlass	5,000	1.52	5.42
Micro-Mechanics	5,400	1.81	6.97
VICOM	5,500	1.32	5.18
Sheng Siong	8,700	1.56	9.68
Nanofilm	5,500	0.885	3.47
Credit Bureau Asia	5,700	0.905	3.68
HRnetGroup	7,500	0.70	3.75
TalkMed Group	5,800	0.39	1.61
China Sunsine	10,800	0.395	3.04
HC Surgical	19,500	0.28	3.90
Kimly	5,800	0.31	1.28
Silverlake Axis	6,000	0.27	1.16

Portfolio Market Value = $140,159

Trades
None

Singapore Savings Bonds

Security	Amount ($)	Avg Yld %
GX22120S	14,000	3.47
GX23010Z	15,000	3.26
GX23110V	20,000	3.32
GX23120Z	20,000	3.40

Portfolio Market Value = $69,000

Commentary:

The S&P 500 Index went on a tear in November, soaring 8.9 percent. In contrast, the local STI hardly budged. I did not execute any trade this month. I did redeem one of my SSB holdings which was giving below-market return. At the same time, I subscribed for $20,000 of the latest issuance GX23120Z, which has an average yield of 3.4 percent. However, according to my analysis, January 2024's SSB yield may not be as high. I estimate an average yield of around 3.06 percent. Will switch focus back to the local bank stocks instead.

My family just came back from a weeklong trip in Australia. We drove and visited several places in Brisbane, Sunshine Coast and Gold Coast. These include The Ginger Factory, Paradise Country Farmstay, Movie World, Sea World, Tropical Fruit World and more. We had close encounter with kangaroos and koalas, and heard the eerie laugh of a cookaburra for the first time. It was a truly refreshing getaway. We are already thinking about our next trip, probably to New Zealand. (LOL)

Strawberry picking at Chambers Flat Strawberry Farm.

Coming to the end of the year, it is again time for the stacking exercise within our department. The ranking by our global managers will determine our bonus and salary increment for next year. I had proactively asked my assigned Enterprise Clients to provide feedback to my TL about my service. All of them gave glowing remarks, which I am slightly embarrassed. I am glad my clients appreciate ṭhe effort I have put in. Fingers crossed for a good bump up in compensation next year.

I guess many folks will be clearing their annual leave and going overseas. Here's wishing everyone Merry Christmas and safe travels!

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Portfolio Summary for October 2023

As of 31 October 2023

CDP

Security	# shares	Price S$	%
DBS	400	32.85	3.56
UOB	400	27.02	2.93
OCBC Bank	700	12.68	2.41
SGX	2,700	9.47	6.93
ST Engineering	6,900	3.76	7.03
CapitaLand Investment	10,100	2.94	8.05
SATS	8,200	2.46	5.47
Powermatic Data	8,500	2.65	6.11
TheHourGlass	15,000	1.65	6.71
Micro-Mechanics	14,200	1.80	6.93
VICOM	21,500	1.29	7.52
Sheng Siong	19,100	1.55	8.03
Nanofilm	21,600	0.93	5.45
Genting Singapore	11,700	0.86	2.73
Credit Bureau Asia	14,300	0.90	3.49
HRnetGroup	21,900	0.69	4.10
TalkMed Group	14,500	0.39	1.53
China Sunsine	41,800	0.40	4.53
HC Surgical	35,500	0.33	3.18
Kimly	27,000	0.305	2.23
Silverlake Axis	15,000	0.27	1.10

Portfolio Market Value = $368,884
YTD Dividends Received = $11,270
YTD SBL Fees Received = $898

Trades
- Bought 10,000 shares of TheHourGlass.
- Bought 3,700 shares of VICOM.
- Bought 2,700 shares of CapitaLand Investment.

SRS

Security	# shares	Price S$	%
DBS	100	32.85	2.35
UOB	200	27.02	3.86
OCBC Bank	900	12.68	8.15
SGX	1,300	9.47	8.79
ST Engineering	3,000	3.76	8.05
CapitaLand Investment	2,600	2.94	5.46
SATS	3,800	2.46	6.67
Powermatic Data	3,400	2.65	6.43
TheHourGlass	5,000	1.65	5.89
Micro-Mechanics	5,400	1.80	6.94
VICOM	5,500	1.29	5.07
Sheng Siong	8,700	1.55	9.63
Nanofilm	5,500	0.93	3.65
Credit Bureau Asia	5,700	0.90	3.66
HRnetGroup	7,500	0.69	3.69
TalkMed Group	5,800	0.39	1.61
China Sunsine	10,800	0.40	3.08
HC Surgical	19,500	0.33	4.59
Kimly	5,800	0.305	1.26
Silverlake Axis	6,000	0.27	1.16

Portfolio Market Value = $140,070

Trades
- Bought 7,500 shares of HRnetGroup.
- Bought 5,000 shares of TheHourGlass.

Singapore Savings Bonds

Security	Amount ($)	Avg Yld %
GX18070N	12,500	2.63
GX22120S	14,000	3.47
GX23010Z	15,000	3.26
GX23110V	20,000	3.32

Portfolio Market Value = $61,500

Commentary:

While the Russia-Ukraine war is still ongoing, another battlefront erupted in the Middle East between the Hamas group and Israel. Neither party seems to be willing to negotiate for peace. Thousands of civilian lives have been lost in the Gaza Strip. It is a horrendous tragedy.

I am grateful Singapore is in a stable geopolitical region. We have cordial relationship with our neighbours and we are relatively shielded from natural disasters, apart from the man-made haze. We are lucky. But we should never take this fortune for granted.

Global equity markets retreated in October. The S&P 500 Index ended the month down 2.2% but our local Straits Times Index tanked 4.7%. For investors who have been patiently waiting on the sidelines, this is a chance to deploy our capital at favourable prices. I took the opportunity to load up on shares of CapitaLand Investment, HRnetGroup, VICOM and TheHourGlass.

Besides stocks, I also subscribed for $20,000 of the latest SSB tranche. The average return of 3.32% is comparable to the dividend yield of most common stocks. Moreover, I like the relatively flat yield curve for this issuance. We earn 3.21% interest consistently for the first six years, before stepping up and ending the last two years at 3.63%.

Rumours on The Street is that the U.S. Federal Reserve will likely do one more interest rate hike. This means the yield may go higher. Conversely, this also means the borrowing cost is likely to stay elevated for some time. Be wary of companies with a high debt load and facing challenges generating cashflow. They are one step away from bankruptcy. Just look at the Chinese developers Country Garden and Evergrande.

October was also the month when my wife and I celebrated our twelfth wedding anniversary. Both of us took a day off from work, spent time shopping, and enjoyed a sumptuous meal. In the evening, I presented my wife with a beautiful floral bouquet. I was never known to be romantic, so it was a pleasant surprise. Sadly, the bouquet lasted only a short while before her Engineering habit kicked in and she started dissecting the bouquet to sort out the flowers. Haha.

Someone is shyly hiding behind the flowers. =)

School examinations are finally over. My kiddos are now enjoying themselves, waiting for the holiday to start. We have an Australian trip planned in mid-November. Going to tour Brisbane, Sunshine Coast and Gold Coast. The anticipation is building!

Until next time!

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Portfolio Summary for September 2023

As of 30 September 2023

CDP

Security	# shares	Price S$	%
DBS	400	33.64	3.78
UOB	400	28.50	3.20
OCBC Bank	700	12.81	2.52
SGX	2,700	9.75	7.39
ST Engineering	6,900	3.91	7.58
CapitaLand Investment	7,400	3.10	6.44
SATS	8,200	2.60	5.99
Powermatic Data	8,500	2.91	6.95
TheHourGlass	5,000	1.94	2.72
Micro-Mechanics	14,200	1.90	7.58
VICOM	17,800	1.48	7.40
Sheng Siong	19,100	1.52	8.16
Nanofilm	21,600	0.94	5.70
Genting Singapore	11,700	0.845	2.78
Credit Bureau Asia	14,300	0.92	3.70
HRnetGroup	21,900	0.735	4.52
TalkMed Group	14,500	0.40	1.63
China Sunsine	41,800	0.41	4.81
HC Surgical	35,500	0.365	3.64
Kimly	27,000	0.315	2.39
Silverlake Axis	15,000	0.265	1.12

Portfolio Market Value = $355,997
YTD Dividends Received = $11,040
YTD SBL Fees Received = $890

Trades
None

SRS

Security	# shares	Price S$	%
DBS	100	33.64	2.55
UOB	200	28.50	4.31
OCBC Bank	900	12.81	8.72
SGX	1,300	9.75	9.59
ST Engineering	3,000	3.91	8.88
CapitaLand Investment	2,600	3.10	6.10
SATS	3,800	2.60	7.48
Powermatic Data	3,400	2.91	7.49
Micro-Mechanics	5,400	1.90	7.76
VICOM	5,500	1.48	6.16
Sheng Siong	8,700	1.52	10.01
Nanofilm	5,500	0.94	3.91
Credit Bureau Asia	5,700	0.92	3.97
TalkMed Group	5,800	0.40	1.76
China Sunsine	10,800	0.41	3.35
HC Surgical	19,500	0.365	5.39
Kimly	5,800	0.315	1.38
Silverlake Axis	6,000	0.265	1.20

Portfolio Market Value = $132,153

Trades
None

Singapore Savings Bonds

Security	Amount ($)	Avg Yld %
GX18070N	12,500	2.63
GX22120S	14,000	3.47
GX23010Z	15,000	3.26

Portfolio Market Value = $41,500

Commentary:

In the blink of an eye, September has passed. Again, I sat pat on my hands and did not execute any trade this month. Markets remained rangebound, with Street talk about one more Fed rate hike before year end. There is also the concern of China's economic engine sputtering.

On the home front, I'm sure many welcomed the unexpected S$1.1 billion Cost-of-Living Support Package announced on Thursday [source]. A little relief in the face of persistent inflation and ahead of the 1% GST increase come 1 January 2024. (It is also a thinly veiled political measure to soften the ground before the General Election next year.)

In the previous post, I mentioned that I applied for a new Sales role. In the end, I didn't get the job. My junior in the same team got it.

Felt a stab in my heart.

Am I really that lousy? Doesn't my capability suffice?

Did some soul searching. Surely, I need to improve on my communication skills. But more importantly, I realised I had let work consume too much of my life. I was replying client emails late at night, logging in during weekends to clear stuff and having night calls with engineers. What for? I had fooled myself in the illusion of busyness and overestimated my contribution to the company.

It is a mistake to think the world will grind to a halt when you stop/quit/die. No one is indispensable. Time to make a course change in life. No longer will I do any work after office hours or on my leave days. I will re-direct the time and effort for my family as well as for my own wellness.

When I took a day off last Wednesday to spend quality time with my partner, I felt surprisingly at ease. (Actually, some serious sh*t happened to my client that day while I was away. Thankfully, my team mates handled it competently. LOL)

Heading into the last quarter of the year, I'm going to take time to re-align my priorities in life. My job is just a means to an end. I am on track to build up my retirement fund. By age 55, I hope to call it a day and travel the world. In the interim, I may find something that stirs my spirit and takes me on a whole new adventure.

On this thought, the stab in my heart isn't so painful anymore.

Till next time!

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