Feb 18, 2020

Cory Diary : Equity Allocation Feb'20 - Part 2

This is in continuation of Part 1. (link)

The world is greeted with promising cure for Novel Coronavirus(2019-nCoV) aka Wuhan Virus using the plasma of recovered patients. I thought this piece of news is quite credible and provide hopes for the dying. There are already numerous promising solutions made but the death rate keeps climbing. 

One key statistic is that the death rate outside Wuhan is like 0.1%. What this mean is that the "best cure" is simply to not overwhelm the medical facilities and therefore critical to nip the problem in the bud. However the mix of outbreak with propaganda or to be termed exactly Politics is Toxic. They ends badly. There is large similarity with Chernobyl ( There's a 2019 historical drama television miniseries produced by HBO and Sky UK) which may have speed up the downfall of Soviet Union. 

Just a month before I don't' even know Wuhan is in Hubei. Is sad that thousands of people lives are lost due to possible political reason to delay the communications. Hope WHO do not go through this spiral of joining the political game and just focus on Health. Japan maybe in the brink to fall if WHO and Japan do not get their act together. The risk is Olympic may not happen. And this will be really bad.

As a reminder the blog articles are my learning experience and is on personal perspective and there could be error. I aren't financially trained and is based a lot of commonsense and risk mitigation which may not be effective 😊.

In this part II, I would proceed with remainder of SG portfolio


One of the powerful Reit in Singapore with a boost of recent DC acquisition in US. This is not nice story but real example of having a strong sponsor. With current stock price, further acquisition that is accretive is not hard. We could be seeing further growth. What's more this growth segment in US provides geographical diversification. I have a habit to do trading around my holdings ( usually partials ). This breaks when the market is in over zealous mode and I left with nothing to sell. At one point this year I took profit and end up with zero exposure which is oddward for a dividend player. Glad to have this stock building up again after more than 40% XIRR last year. Hopefully I have chance to further my exposure. MIT does has more alpha. 


Small but stable, AA Reit provides a nice niche in the SG Reit segment. The management has been able to continue to keep up with the dpu with continuous development. At near to 7% yield, one cannot have enough till capped by portfolio sizing. Being small also means the price is more volatile to news of the company. I am not supportive for one to have significant exposure even if the story is very good unless we have very high confidence. I am yet reach the level where I can sleep with it. Maybe I could if my net worth is doubled.


Another counter of strong yield with exposure to Germany but Singapore dollar denominated. The minor risk for my assumption is the Euro earning. Other than that a large part of their properties are dependent on a single tenant. So this is sized appropriate into the portfolio as part of a group of diversified high yield Reits. Strongly suggest people who are interested to read their presentation report which gives good idea of their properties, tenants and financials. They have been reporting about 5% reduction in DPU past quarter. So I aren't surprise this quarter report the same too. The price continues to creep upwards and is now slightly more than 6% yield. That's more than 2 weeks of daily green to arrive at this point. The current market environment would be able to support this pricing since yield is relative with risk in context but ex-dividend soon.


This is a high yield trust. The income is less stable. Back on this portfolio and currently awaiting for it being acquired in which the timing now looks bad. Similar to above two, sized appropriately to the level it will not damage the portfolio badly if there are bad surprises. There is no distribution this quarter as is on half yearly basis. One of the concern I have is that Wuhan Virus containment doesn't look well manage in Japan. This may have an impact on Tokyo Olympic if they do not get their act together. In all my counter I would consider this position riskiest. If one is to look at the radar chart, at 5% point is a little too much. A better allocation will be around 3.5% range. Yes, I am greedy on this one and usually quite bad luck on this one too.


This Reit continues to be a key workhorse to provide sustainable dividends. It has emerged top position in the portfolio. In last SARs, CMT did well 18 years ago so I think it won't fall too far bad this time. The oil price is quite tamed and this will help manage their cost structure. As long SG is thriving, their malls will play a key role in our local life and grow. Quite hard to imagine most of the locals not to have a lifestyle around malls in tiny Singapore.

On relative valuation wise, a close comparison is FCT which is valued much higher compared to CMT. So there is good opportunity for price appreciation if too large a gap is driven. Having say that I have not been touching FCT for long time .... ... ... .

CMT at almost 5% yield, with stable DPU, chances are this stock can and will provided the much needed cash flow and this kind of support my property loan ie. 2.6%. So this is still quite attractive but I wouldn't  want to solely just depend on CMT. This also support my decision not to pay down my loan proactively and why tapping the maximum amount of home loan even when one could pay if we want to. To get the maths right, we have to actively utilize the cash for relatively safe investment.


Not much luck on this one. After taking pain to build this up to one of key allocated position, I have to quickly release most of it back to the market. One of the key reason not to hold is due to it is already Ex-div last Dec. ( due to acquisition ). Weakness of AUD is a concern. The Australia economy is not in good shape and probably for years to come. With the slightly higher yield than CMT and much fewer properties, is not hard to pick this one out for needed cash in warchest. The left over is more for some diversification into Australia asset and income. 

For the past few trading days the portfolio seen MIT, Vicom and iReit spiking up while Ascendas and CMT holding well. The counter balance between counters is an Art. Rotating around the holding is Fun. However the baseline is still around the core concept of dividend investing. There is still much to be learned. With that I end my take on the portfolio. 

Hope you have fun in yours !



Feb 15, 2020

Cory Diary : Equity Allocation Feb'20 - Part 1

Has been a long time since I last post on SG Overall Equity Position. There has been quite a change since last posted. The change is huge and this won't be the last. Every time I tell myself not to do that but my survival instinct fails me. However don't get me wrong. I like the fun and so is my broker for the fees.... . So is a mutual thing. 😂

The equity allocation is pretty detail imo and I hope by sharing my experience will helps people on portfolio management and as a record for myself on where I could improve on. Is my sincere believe that one has to build up alternative sustainable income stream to be better in the future. Our future. Don't wait till we need it. Is still work in progress for that matter.

However, the blog articles are my learning experience and is on personal perspective which may not fit you or the conclusion can be wrong since is an ever learning process. So read it with a pinch of salts.

SIA 3.03% 240328

Since last record earning, I have not do enough "Parking" to my Fixed segment of my portfolio. This portion of my portfolio is like a reserve that provide buffers in time of needs so growing them is important. Manage to double my SIA Bond recently. If we are to use YTM to compute yield one may arrive roughly 2.4x%. That is a little misleading considering the coming interest in march. So I view it as a steal. Am I right ?


Did some roughly 25% par down recently when Wuhan first emerge. Even though Wuhan Virus is not as damaging to the market like Sars did the last time this has contribute some to the warchest. Will the situation get worst is anybody guess. But I am happy to hold the remaining 75% through if that happens as it is providing one of core dividend contribution. Yield wise is not as good as Reits so this put the portfolio in better yield shape.


This counter is wiped down as I feel the management is not as strong as DBS. Furthermore with Digital Banking, the impact may be a surprise to existing players who are not aggressive enough. Considering I did do a scrip, the remaining will be odd lot for long time to come. I thought this could be with me for long enough time despite the overhanging digital baking concern but Wuhan thing changes my plan.


DBS allocation has been reduced a little. Contributing some funding to the warchest. Is still quite size-able in the portfolio. If there is impact from Digital Banking, the only horse I would bet is DBS. The current yield is good and could be under-valued. I would like to expand if there is opportunity.


Sold off 40% recently when the price run up. At roughly 5% yield for a slow growth stock I thought this make sense. The 60% remaining gives a good enough dividends contribution for now and do provide stability support on portfolio value when the market turns. There maybe some upside but it will only be significant if we could see long term consumer segment contribution on the retail ends and not be impacted by 5G roll-out.


This stock has been providing solid returns over the years. Last year 34% XIRR. Since  last year I have been steadily reducing my exposure 2 lots at a time with the recent one just yesterday. Is always seller remorse situation.  The remaining 50% will be difficult to sell. Hopefully market allows me to build the allocation back. Their recent result is good and will provide robust dividends for the portfolio.


Initiated a position on this. This stock has been hit by Wuhan. In normal situation, it may not be easy to get this price. Therefore this is a position for possible gain after this whole thing is over and be a growth stock for the portfolio.


Initiated a position on this as well which has corrected quite significantly due to Wuhan event. Same thing, in normal situation especially for a Reit, it is quite impossible to get at current price.  There is an inertial of whether one should wait longer but for me there aren't many Reits of good standing that can provide this yield. The down side risk is the short leases and therefore possible risk of renewal which I do not have much knowledge on. The Reit dividend distribution is half yearly and it just Ex-dividend.


Blogged previously. No longer in the portfolio. (link)


This was largest position and with increasing stock price this year, I decided to take profits to build up my warchest. Remaining 25% left as core for dividends. Depending who we ask, the learning from this episode is that I could have oversold my position. It was so significant prior to the sale due to increasing price and that kind of unnerve me that I wanted to realize it asap. The current yield is 4.9% which is quite good for this Reit. If we are to look at the Radar map, the stock is clearly not in right allocation size. A mistake imo.

Want to go on but  it will be 2am soon. I will leave the rest for part 2.



Feb 7, 2020

Cory Diary : Performance 7th Feb'20

Is like weeks since my last posting. After registering strong return in the month of January 2020, Wuhan Virus finally get into my nerve. For the past few weeks I have sold enough shares that i have never done before that I hit my elevated selling limit set by my brokerage for a day. So moving forward I will be on buying mode since what has left behind will be the baseline that I would want to hold vested.

Today Tracker is the latest I got after the market closed today. Currently there is about 2% gap between Cory and STI Index.There is some roller-coaster ride since the Wuhan saga comes into play. How this ends will be interesting. 
From the chart, one key learning is I did not manage to catch the rebound up-swing of STI Index and Bank enough. As you know they took a step back today. This is something I like to digest on how to read them correctly and take decisive action.

Another action I took is I have kick-started my the other trading account which has lower fees. There will be some saving mitigated. The other advantage is that I will have two burners when needed.

Finally, one stock I like to mention is Ascott Reit from Ascendas-h tr shares. Last year I sold about half of Ascendas-h Tr shares. And decided to clear my remaining shares that was converted to Ascott Reit. Nothing against this Reit except that I did not choose this previously and market condition do not suit me to continue holding something that I am not in tune to it.

Little Daughter keeps me fun and busy. 😉