Cory Diary : Trading Log 2021-0808

Do quite a number of trades recently for a number of reasons. So I thought is good time to document my thoughts as my portfolio hits ATH and want to secure my profits for some counters and some rebalancing. Take note this is from memory so I could make some errors so please DYODD as usual.

CICT

Cleared my position when the price bounced back some after Ex-Dividend. My opinion is that opening up certainly will help the malls. Considering I have positions in both FCT and MCT, I could be more focus. CICT still has possible opportunity externally but I decided not to wait. I may come back to look at it again if they work this out well. Don't get me wrong. CICT is still a stable stock to own for dividend but I am looking for more growth and I feel FCT and MCT will likely do better in the long run.

Nothing is better than a picture. This is where I should focus for longer term. Hope this explain my changes with time. Is quite obvious.

DBS Holding & OCBC Bank

With MAS finally lifting of Dividend Curb, the stock is now back to 33 cents for coming quarter. DBS price went past $31. I took the opportunity to take some profit off the table instead. One of the main reason is that the earning has comes down before allowances. I still have large holding in the bank. I also take the opportunity to clear off my OCBC balance shares the same time. A wonderful ride with banks this year with DBS registering the largest gains YTD and indirectly pushing up the STI Index.

SGX

The result of SGX is not so good. Lower rev and profit. What's surprise me is the interests return from Treasury income took a hit due to lowering interest rates. I didn't see this coming. The stock is quite promising. My investment in the stock is I have the gut feel is quite undervalued. When it hits $12, I did not sell. Frankly, I do not know when to sell because I am not ready for it. So the financial report kind of hit it on my head. I decided to take some profit off the table. Again I am still well vested in SGX and will continue to monitor a bit.

Cory

2021-0808

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Recent Trade Actions 20170903

The market has been a little boring. I try to fill my time and not subject myself to unnecessary trades which has been creeping into my profits which currently cost about 0.6% of my portfolio.

So what I did ? Has been active recently on my "Retirement Hobbies". Realized that I have been circling around them after grown tired after a period of frantic activities. :-) One of my hobbies that I have been in it hits more than 20 years i think. Sorry I don't keep track of them like what I do on my trading.

C. sodalis

Did a major clean up using Soda flour and Lime powder to massage the glass. The Aquarium tank looks as good as new.

There are two new species I bought recently. C. sodalis. A very shy fish species. The other C. duplicareus. Apologies for any mis-spelling. One of my favorite.

C. duplicareus

As for my recent trades,


LMIR

Cleared my holding in LMIR. Reason being i have less time to monitor the coming volatility of it. Another being I have 13% returns from it this year which is a good time to lock it.


DBS

Start vesting in small amount. Still wary on the strong STI. However this help to track a little closer to Index which is still far from it.


CAPITAMALL TRUST

Has moved up to my expected level. Excellent run since I last blogged a few times on this Reit. The return and future expectation are intact. To manage my exposure, I reduced some but is still my core holding.


Lastly, Singtel entered some correction phase. I did nothing. I also notice NetLink NBN Tr has held up well after stabilization period. I did some other counters trade as well but will blog when i think of it. To end it all, my Xirr non-fixed is around 11.6% this year return alone. STI 13.8% excluding dividends. So I am just a little shy but am still happy it stays this way till year end.



Cheers

Cory
20170903

Cory Diary : Did DBS got SWIBER'ed

The Swiber collapse put a possible dent of $350 M into DBS after secured. Unsecured asset to me doesn't mean no value, just much lesser especially during a poor market condition. Even then, I am surprise the total loan exposure is in the tune of $700 M. In my previous reading just 2 weeks ago on Q1 DBS result, it has a profit on $1.234 B. It has an allowance in the report of $170 M.

If is a one-off thing, it could a good thing to buy on dip. However is it ? DBS has to put it whole segment of this portfolio under review again. Q2 may be exciting to read if they allow !

Another question in my mind is whether the Market has fully downgrade Banking from last year level. If so, what we are seeing now is just market sentiments. What we do know is that Oil Price doesn't look like recovering anytime soon. Shale Oil is there as check and balance to the "Evil Cartel". To put it simply, Shale Oil could possibly be the product of QEs. An industry build up from debts and more debts. And once is build up, it put a lid on the cartel every time the oil price attempt to go up.

What this simply mean is that it is going to be a long winter for the oil and gas industry. Question is how long ? For a start, the cost structure as i mentioned previously is not right for the industry. They need to re-size their cost not just the headcount. Anyone want to order offshore rig must be insane.  Are we hoping Keppel and SBM at the mean time be able to do an "Apple Magic" ? Supporting industry like MTQ has a strategy to buy time while company like Swiber attempted a too big to fail stunt.

During this time who will benefits from low oil price ? Start thinking.


Cory
20160731

Cory Diary : Reading DBS GROUP HOLDINGS LTD First Quarter 2016

DBS Stock Price 8th July '16 : $15.70 since the low of $13.02 Feb and high of $21.43 July last year. That's +17.1% from bottom and -36.5% respectively from top. That's more than one third drop in price.


DBS First Quarter 2016

Retail income increased 29%. Loan and Deposits up 35%. Investment product flat.
Strong results. Used 8th July price to compute below.

Non-Performing Loans (NPL) 1.0%
Past quarters increased from 0.9% to 1.0%. Percentage increase 11%.

NAV $16.39
Increases $1.09 from $15.30 2015Q1. That's 7.1% up.
BV will be 0.96.

EPS
$1.92 annualised. That's 12.2 % earning yield. PE 8.5.

Dividends
Regular Dividends assuming 60 cts (Yield 3.82%,  Shares 2,502,742,178) that will be at least $1.5 B annual distribution. 1Q16 earning alone is $1.2 B. Attractive room for Capital Growth.

Conclusion
Overall appears the company is doing well. The steep drops in stock price is puzzling to me. The current price is trading at $16.10.


Cory
20160719