Portfolio Summary for July 2021

As of 31 July 2021

CDP

Security	# shares	Price S$	%
DBS	700	30.41	7.55
OCBC Bank	1,500	12.30	6.54
SGX	1,200	11.88	5.06
SATS	3,900	4.01	5.55
ST Engineering	4,100	4.01	5.83
CapitaLand	5,400	4.03	7.72
Singtel	6,100	2.27	4.91
Powermatic Data	5,000	3.13	5.55
Micro-Mechanics	1,300	3.17	1.46
ComfortDelGro	7,900	1.57	4.40
Sheng Siong	9,600	1.57	5.34
Genting Singapore	11,700	0.81	3.36
TheHourGlass	15,400	1.54	8.41
HRnetGroup	21,900	0.795	6.17
China Sunsine	31,000	0.51	5.61
HC Surgical	35,500	0.545	6.86
Silverlake Axis	60,800	0.265	5.71
Kimly	27,000	0.415	3.97

Portfolio Value = $282,006

Trade Actions
- None

SRS

Security	# shares	Price S$	%
OCBC Bank	900	12.30	14.45
SGX	1,300	11.88	20.16
SATS	2,200	4.01	11.51
ST Engineering	1,700	4.01	8.90
Singtel	2,000	2.27	5.93
Sheng Siong	8,700	1.57	17.83
HC Surgical	19,500	0.545	13.87
Silverlake Axis	21,300	0.265	7.37

Portfolio Value = $76,624

Trade Actions
- None

Commentary:

I did not make any trade for the month of July. The stock prices stayed higher than my ideal entry range. Thus, I saved up my excess cash as dry powder.

The market cheered the lifting of dividend cap on local banks by MAS [news]. Analysts expect the three banks to increase the dividend payout on the next earning release [news]. With the tapering of the Jobs Support Scheme (JSS) while COVID-19 is still ravaging globally, some firms in tourism-sensitive industries like SATS will face a more arduous journey ahead. In its 1Q FY22 business update, the airline caterer reported its PATMI would have been a loss of S$35.6m if not for government reliefs [announcement].

Medical group HC Surgical Specialists reported improvement in its result, with full year profit almost double y-o-y [announcement]. The company bumped up its dividend from 0.7 cents a share to 2.3 cents a share. I also had a pleasant surprise from rubber chemical maker China Sunsine Chemicals, which issued a positive profit guidance (read: substantial increase in net profit) ahead of its earning release on 13 Aug [announcement].

August will be a busy month to watch, as most local big caps report their results for the first half of the calendar year. Among those on my list include OCBC (4 Aug), DBS (5 Aug), SGX (5 Aug), ST Engineering (12 Aug), Genting Singapore (12 Aug), CapitaLand (13 Aug) and ComfortDelGro (13 Aug).

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Portfolio Summary for June 2021

As of 30 June 2021

CDP

Security	# shares	Price S$	%
DBS	700	29.81	7.64
OCBC Bank	1,500	11.95	6.56
SGX	1,200	11.18	4.91
SATS	3,900	3.93	5.61
ST Engineering	4,100	3.87	5.81
CapitaLand	5,400	3.71	7.33
Singtel	6,100	2.29	5.11
Powermatic Data	5,000	3.20	5.85
Micro-Mechanics	1,300	3.12	1.48
ComfortDelGro	7,900	1.64	4.74
Sheng Siong	9,600	1.58	5.55
Genting Singapore	11,700	0.835	3.57
TheHourGlass	15,400	1.58	8.90
HRnetGroup	21,900	0.69	5.53
China Sunsine	31,000	0.515	5.84
HC Surgical	35,500	0.495	6.43
Silverlake Axis	60,800	0.235	5.23
Kimly	27,000	0.395	3.90

Portfolio Value = $273,288

Trade Actions
- Bought 3,200 shares of Sheng Siong Group.

SRS

Security	# shares	Price S$	%
OCBC Bank	900	11.95	14.63
SGX	1,300	11.18	19.77
SATS	2,200	3.93	11.76
ST Engineering	1,700	3.87	8.95
Singtel	2,000	2.29	6.23
Sheng Siong	8,700	1.58	18.70
HC Surgical	19,500	0.495	13.13
Silverlake Axis	21,300	0.235	6.81

Portfolio Value = $73,498

Trade Actions
- None

Commentary:

The local market has been trading in a range for the month of June. However, this is still higher than my preferred entry level, hence I did not execute many trades. I did add more Sheng Siong shares to my CDP portfolio when the price retreated from the spike last month. There is a jubilant mood among investors as the economy recovers. Many believe interest rates will remain low till next year, despite 'transient' signs of inflation.

It has been eighteen months since the COVID-19 coronavirus first struck. How things have changed. I have been working from home for more than a year. My grocery shopping is now done in the wee hours of the morning, so as to avoid crowds. And my kids are getting competent in navigating the Internet, doing Google searches, attending Zoom meetings and submitting scanned written homework online. While I miss traveling, I have used my free time to pick up Bahasa Melayu and watch video documentaries.

How has life changed for you?

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Portfolio Summary for May 2021

As of 31 May 2021

CDP

Security	# shares	Price S$	%
DBS	700	30.03	8.09
OCBC Bank	1,500	12.36	7.13
SGX	1,200	10.33	4.77
SATS	3,900	3.92	5.88
ST Engineering	4,100	3.87	6.10
CapitaLand	5,400	3.66	7.60
Singtel	6,100	2.41	5.65
Powermatic Data	5,000	2.66	5.12
Micro-Mechanics	1,300	3.14	1.57
ComfortDelGro	7,900	1.70	5.17
Sheng Siong	6,400	1.59	3.91
Genting Singapore	11,700	0.845	3.80
TheHourGlass	15,400	1.23	7.29
HRnetGroup	21,900	0.66	5.56
China Sunsine	31,000	0.54	6.44
HC Surgical	35,500	0.48	6.55
Silverlake Axis	60,800	0.245	5.73
Kimly	27,000	0.35	3.63

Portfolio Value = $259,974

Trade Actions
- Sold 28,200 shares of Nam Lee Pressed Metals.

SRS

Security	# shares	Price S$	%
OCBC Bank	900	12.36	15.24
SGX	1,300	10.33	18.40
SATS	2,200	3.92	11.82
ST Engineering	1,700	3.87	9.01
Singtel	2,000	2.41	6.60
Sheng Siong	8,700	1.59	18.95
HC Surgical	19,500	0.48	12.82
Silverlake Axis	21,300	0.245	7.15

Portfolio Value = $72,988

Trade Actions
- Bought 21,300 shares of Silverlake Axis.

Commentary:

Another month has passed in the blink of an eye. The selldown in May did not materialise to a big extent, which was admittedly disappointing due to a dearth of suitable buying opportunities. Market was rangebound, with no impetus to climb or decline. Talk of the town has been around the volatility in Bitcoin price, and whether the U.S. Fed will be forced to raise rates to counter inflation. (At the moment, it looks to be no.)

A few conglomerates reported their fiscal results in May. Of particular note was SATS, which would have reported a heavy loss if not for government support. The board had opted to omit the final dividend, which (to me) was a prudent move. The company should not needlessly compromise its current cash-rich position. It is anybody's guess how long the COVID-19 pandemic will last.

SingTel booked an exceptional charge of S$1.18 billion to write down its struggling Amobee and Trustwave divisions, while its new CEO cited plans for a "strategic reset" to drive recovery and growth for the telco giant. Research analysts had dubbed this as a "kitchen-sinking exercise" and are generally optimistic on the future direction. I look forward to a successful execution of the new strategy.

The Hour Glass reported resilient fiscal results despite the pandemic. More pleasantly, the board declared a final dividend of 4 Singapore cents per share, which is double of the previous year. The stock price had soared as a result.

Nam Lee Pressed Metals reported a good set of results. 1H FY2021 revenue was up 63% YoY, gross profit was up 139% YoY. The stock price reacted positively to the news. However, as the company no longer fits into my investment mandate, I squared off my position with a tiny profit.

I also nibbled some Silverlake Axis shares for my SRS portfolio. The most recent result is still palatable, and as the company described in its 3Q FY2021 highlights, "the industry has come to realise that there is no quick end to the pandemic and they have started to budget and plan for an expansionary future". This bodes well for the company.

Stocks aside, it is depressing to see Singapore still mired in the pandemic with a string of unlinked community cases daily, despite the heightened measures. I can't help but ponder why Hong Kong, the European Union and the U.S. were not particularly hard hit by the same B1.617.2 variant. Is it ill luck of the draw, or have Singaporeans been too complacent and negligent in combating the spread of the virus?

It is my wish - which I am sure is everybody's - for Singapore to overcome this current wave of transmission. As the Prime Minister and Minister Lawrence Wong have indicated, COVID-19 may become endemic and impossible to get rid of completely. We will have to live with it. Swab and booster jab could be a fair routine in the new normal.

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Quite pleased with Kimly 1H FY2021 result

Popping a short note to say I am quite happy with Kimly's 1H FY2021 result. Net profit more than doubles to S$21.7 million, up 106.2%.

Dividend declared 0.56 Singapore cents per share, up from 0.28 Singapore cents previously.

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Portfolio Summary for April 2021

As of 30 April 2021

CDP

Security	# shares	Price S$	%
DBS	700	29.91	7.87
OCBC Bank	1,500	12.20	6.88
SGX	1,200	10.45	4.71
SATS	3,900	4.06	5.95
ST Engineering	4,100	3.86	5.95
CapitaLand	5,400	3.72	7.55
Singtel	6,100	2.50	5.73
Powermatic Data	5,000	2.67	5.02
Micro-Mechanics	1,300	3.33	1.63
ComfortDelGro	7,900	1.72	5.11
Sheng Siong	6,400	1.55	3.73
Genting Singapore	11,700	0.865	3.80
TheHourGlass	15,400	0.945	5.47
HRnetGroup	21,900	0.65	5.35
China Sunsine	31,000	0.565	6.58
HC Surgical	35,500	0.475	6.34
Nam Lee Metal	28,200	0.33	3.50
Silverlake Axis	60,800	0.245	5.60
Kimly	27,000	0.32	3.25

Portfolio Value = $266,090

Trade Actions
- None

SRS

Security	# shares	Price S$	%
OCBC Bank	900	12.20	16.19
SGX	1,300	10.45	20.03
SATS	2,200	4.06	13.17
ST Engineering	1,700	3.86	9.68
Singtel	2,000	2.50	7.37
Sheng Siong	8,700	1.55	19.89
HC Surgical	19,500	0.475	13.66

Portfolio Value = $67,807

Trade Actions
- None

Commentary:

The stock market swayed sideways for most of April. As none of the stocks hit my desired entry level, I did not do a single trade throughout the month. DBS reported stellar 1Q2021 results today. In fact, a fair number of stocks on my watchlist reported better YoY results. The stock market rose correspondingly to the rosier outlook.

But just when the hope of normality is increasing with the ongoing vaccination regime, there came the grim news of a COVID-19 cluster appearing in Tan Tock Seng Hospital, with many folks now under quarantine. We are certainly far from out of the woods yet. It is anybody's guess how the entire saga will end. While humanity will likely persevere and overcome this pandemic, the consequences will be significant.

The adage of "sell in May and go away" may prove to be prescient this year.

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Portfolio Summary for March 2021

As of 31 March 2021

CDP

Security	# shares	Price S$	%
DBS	700	28.79	7.69
OCBC Bank	1,500	11.75	6.72
SGX	1,200	9.97	4.56
SATS	3,900	4.35	6.47
ST Engineering	4,100	3.89	6.08
CapitaLand	5,400	3.76	7.74
Singtel	6,100	2.44	5.68
Powermatic Data	5,000	2.57	4.90
Micro-Mechanics	1,300	3.19	1.58
ComfortDelGro	7,900	1.71	5.15
Sheng Siong	6,400	1.54	3.76
Genting Singapore	11,700	0.92	4.11
TheHourGlass	15,400	0.945	5.55
HRnetGroup	21,900	0.67	5.60
China Sunsine	31,000	0.525	6.21
HC Surgical	35,500	0.435	5.89
Nam Lee Metal	28,200	0.325	3.50
Silverlake Axis	60,800	0.245	5.68
Kimly	27,000	0.305	3.14

Portfolio Value = $262,210

Trade Actions
- Bought 20,800 shares of Silverlake Axis.

SRS

Security	# shares	Price S$	%
OCBC Bank	900	11.75	15.91
SGX	1,300	9.97	19.50
SATS	2,200	4.35	14.40
ST Engineering	1,700	3.89	9.95
Singtel	2,000	2.44	7.34
Sheng Siong	8,700	1.54	20.15
HC Surgical	19,500	0.435	12.76

Portfolio Value = $66,480

Trade Actions
- None

Commentary:

This will be a short entry, because I did not do much trading. I only bought additional shares of Silverlake Axis for my CDP portfolio as the price floated down. Most of the time, I am just monitoring the stocks while sitting pat on my idle cash. The market seemed to have priced in a rosier future six months down the road. No doubt the multi-ministry COVID-19 Task Force's decision to ease workplace restrictions and the ongoing vaccination regime around the developed world is giving hope to investors that the worst is behind us. However, I choose to remain cautious and disciplined - only pull the trigger when the stock price is within my target range.

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Portfolio Summary for February 2021

As of 27 February 2021

CDP

Security	# shares	Price S$	%
DBS	700	26.64	7.64
OCBC Bank	1,500	10.99	6.75
SGX	1,200	9.99	4.91
SATS	3,900	4.40	7.03
ST Engineering	4,100	3.76	6.32
CapitaLand	5,400	3.18	7.04
Singtel	6,100	2.35	5.87
Powermatic Data	5,000	2.70	5.53
Micro-Mechanics	1,300	3.07	1.64
ComfortDelGro	7,900	1.61	5.21
Sheng Siong	6,400	1.56	4.09
Genting Singapore	11,700	0.855	4.10
TheHourGlass	15,400	0.88	5.55
HRnetGroup	21,900	0.56	5.03
China Sunsine	31,000	0.485	6.16
HC Surgical	35,500	0.425	6.18
Nam Lee Metal	28,200	0.315	3.64
Silverlake Axis	40,000	0.24	3.93
Kimly	27,000	0.305	3.37

Portfolio Value = $244,058

Trade Actions
- Bought 3,200 shares of Sheng Siong Group.

SRS

Security	# shares	Price S$	%
OCBC Bank	900	10.99	15.10
SGX	1,300	9.99	19.82
SATS	2,200	4.40	14.78
ST Engineering	1,700	3.76	9.76
Singtel	2,000	2.35	7.17
Sheng Siong	8,700	1.56	20.72
HC Surgical	19,500	0.425	12.65

Portfolio Value = $65,510

Trade Actions
- None

Commentary:

The Lunar New Year came and went just as fast. I usually think the year (i.e. hard slog) begins when the CNY festivities are over. Nonetheless, February is a good month as that is when my performance bonus comes in, and it was much better than expected this time. I am thankful my boss appreciates my contribution over the past year. However, for the new workyear, I am given a challenging client account to service. I can only see hardship down the road. (Sigh.)

Investments wise, I only added one position in February. Sheng Siong Group reported stellar FY2020 performance as the supermarket operator clocked higher sales, partly due to COVID-19 lockdown and Work From Home while maintaining healthy gross margins. I'm happy that the Board decided to distribute a higher DPS (3 cents). Together with the previous DPS (3.5 cents), this translates to a trailing-12-months dividend yield of 4.2 per cent based on current price. This is a satisfactory level to me, and I decided to add to my position.

Looking forward, I doubt there is any more impetus for the market to rally higher, so we will likely see the market hover around these price levels. Current Street talk is about the ongoing COVID-19 vaccination in Singapore, but I have my reservations that this event will make any difference in the near term. Many countries are still reeling from 2nd, 3rd and Nth wave of infections, so it may take a few more years before normality resumes. Perhaps the old normal is no longer coming back. Companies that are cash strapped, debt laden, with outdated business models and unable to adapt will face tough times ahead.

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