Cory Diary : Trading Log 2020-0814

Due to Work-From-Home, Trading has increased despite very busy hours with my new born as I will managed time in-between caring for her as a relaxation instead of sleep. I will need to change this before sleeplessness becomes a norm.

SGX

Over months I have built-up a position in this counter after the large drop due to MSCI discontinuation. My thoughts is that this is financial, exchange, digital and Covid Proof. And the market over-reacted. Considering the situation in Hong Kong right now, I think MSCI moves probably not so good politically.

Below is the new interface of SGX Portfolio page. This is good improvement. Do note only track shares accredited to it. 

Yield wise, the increase in DPU is a positive move of SGX. And I am looking into their growth opportunities. Personally i feel they have many opportunities in the fintech future.

VICOM

The yesterday report of lower returns are not unexpected as the information is publicly known previously. My last position was June prior to the share splits so I did not sell at the top. I would think this may reflects on SBS Transit as well so avoided any new position on it. Both counters will be interesting to monitor.

DBS

Continue to average down on DBS as I feel the dividends able to provide is no brainer investment which is much better than my Reits. This is in-addition to the profitability. Unfortunately, MAS direction results Bank reducing their payout to 60% caught me by surprise in the sense Singapore Local bank gives me the impression that they are much more conservative in their operations compared to their oversea counterparts. So if any business is worth to lend, they would have the money.

The only risk which I have mentioned multiple times are Digital Banking Licenses which is an unknown risk which could put another big dent on Temasek earning after Keppel, Singtel, SBI, SBM, SAT, SIA ... are performing relatively poor. My list needs to be validated as I am using my untrained memory. Do the additional licenses timing be adjusted further or should it be curtailed ?

ACCORDIA GOLF TR

The long wait has finally arrived with the buy over of all the golf assets with a further price increase thanks to some key shareholders. From here, I learn that to have this folks are great. 

Relieved myself of recent increased position and some partial sale of existing holding as I am not very familiar with the entire returns process or any uneventful. The hope for remaining is we can have new surprises or my unknown that can further improve existing stakes as I will walk to the end probably as a learning experience.

The con of the buy over is that this counter provide good yield which will put a dent to my dividend plan. So I am in the process to mitigate but need to care that risk is also managed.

ASCENDAS REIT

Cleared all my positions when it run up recently. Manage to buy back in stages to build it back up after Ex-dividends. Due to this move, my dividend received has been reduced by more than 75% from this counter in exchange for capital gains. My final position is slightly smaller in shares from starting and overall I think a slight net increase compared to if I have done nothing. The experience is a not so fruitful exercise. Broker happy and I do not have loss.

The reason I buy back most of my shares are due to Ascendas is I feel is a key stake in any dividend portfolio. The yield has comes down slightly due to Covid but largely due to price increases. For later reason, one should not use yield to justify not buying back as it will be a big mistake. The counter is no longer my top position but certainly my best profit counter YTD.

There are more trades on others but I think today I have talked enough.

Cory

2020-0814

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 ?


STI ETF

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.


OCBC

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

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.


NETLINK NBN TR

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.


VICOM

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.


KOUFU

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.


CRCT

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.


ASCOTT RESIDENCE TRUST

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


ASCENDAS REIT

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.


Cheers

Cory
2020-0215

Cory Diary : Cory Portfolio Re-balance - aftermath of MNACT sale

Cory Portfolio Re-balance

Mapletree NACT is one of Cory Striker and Dividend producer. One of Cory Core position in the portfolio. However the Black Swan event in Hong Kong provides some jittery to Cory fragile heart. After a black eye, decided to release it for better nights and securing profits. The pain is felt as not only Cory needs to look for growth compensation but also dividend support. At the same time to mitigate the risk.

To cover the gap, four new / add positions are made. Namely,

Sph Reit - Average Dividends Stability
iReit Global - Strong Yield with high level risk. Small position.
Vicom - Average Dividend Stability and Strong Defensive (expanded significantly)
Aims Apac Reit - Good Dividends with slightly higher risk

follow by sale of Sheng Siong. Long time lover who provided 5 years of good returns.

What an exercise ! Thank you Hong Kong ! I will be back when time is ripe.

Further investment is made to further expand existing STI ETF and DBS allocation for longer term investment on lows. This significantly protects the portfolio when dividend stocks slowed down and STI ignited recently.

Lastly, further expanded Ascendas Reit to the right proportion to other Reits lifting the theoretical dividends to $51k for Year 2020 positioning. Yes, is time to prepare. Have you ?


Cory

2019-0914

Cory Diary : Trades - 2019-0809

I have been looking further into banks but find it not easy to buy more considering the interests rates are being talked down. Getting more Reits are a bit tricky. CMT and FCOT do have some lows past few weeks period but I do not have a chance to investigate further with my recent hospitalization. CMT yield is quite low so my keenness is limited and happy with what I have currently. Buying high yield with weak fundamental is risky. I rather leave my cash alone. They aren't the same league as Ascendas, Frasers, Mapletree or Capitaland breeds ...

STI Index

STI Index has seen rather dynamic swings whereas Cory portfolio has been rather mute. Other than Reits stability, I found could be the bonds which I have expanded to lock in some of my gains. A detail checks on my record I did do a smallish cash injection via my the other trading account. I did another cash injection  when STI went low again recently. This move up my STI Index allocation to more than 12% of my portfolio. This will also align to my interests if STI decides to move back up.

VICOM

As you may know, I have been ranting how small my exposure is in this counter. So I do some buying which boost my Portfolio Yield despite the price has run up this year. I feel there is sufficient positive to have a large stake in. I am more interested in their other businesses. So a bet there will be some growth while able to continue to support the dividend yield (excluding special dividends). This is quite an illiquid counter. You can't buy much and I suspect you can't do much shorts as the counter can spikes and you will be caught with pants down for a long time.

SIngtel

I have been holding from averaging down on Singtel till i see sufficient signs. The last one is the quarterly report which is kind of below expectation. This mean I need to wait for another quarter to review. Meantime, I reduce my stake further to lock in some gains YTD to buy more into Vicom. I almost decide to sell the remainder of Singtel to manage my counter numbers but decides otherwise as there could be rebound that I will hate to miss.

Netlink BNB Tr

As you may be aware . I am back on securing some from this counter. Frankly, the feeling is good as the price goes back up quicker than I expected. So is just a small moon in my bubble chart. Nevertheless, I am glad to be able to get some.

My family and I are very well vested in Singapore. We hope Singapore continues to prosper. So our wishes may this continues !

Happy National Day, Singapore !

Cory

2019-0809

Cory Diary : Investment Updates 2018-1215

Trades

SSB Switch
Redeem SSB batch starting 1% rate for 2.01%. And a higher 2.45% effective rate.


First Reit

Reviewed First Reit investment for all the years and it still in good positive despite losses this year. If the sponsor sold off remainder of the 10%, the skin in the Reit doesn't appear to be good. Is not like they have a lot in the first place. Spending too much time on this drama for me to follow through so I thought it maybe better for me to move on. As it look like the rebound has stabilized, decided to switch out remainder of it. This will likely make my portfolio more robust for 2019. Ouch ! Nevertheless. House cleaning is never easy.


Frasers Cpt Tr

With sale of some more CMT Reit as it goes up, I use some of the excess  fund to collect FCT which I thought is valued cheaper. I am not sure the last quarterly reported result is normal though or is it beginning of the end. Sorry for the "horror headline" especially from one who just returned to vest on this. Reits generally are not cheap. It can get more expensive due to low rates though despite rate increase by FED.


STI Index
I did a sell trade again on the Index of the recent increment lots with the constant volatility originally meant for some exposure to the banks. Hope I can catch another smallish ride. I prefer to have larger stake in this.


VICOM
I am back on this. Not much discount though. Not easy to get. It will take a larger correction in the general market to put a dent i guess.


Cheers

Cory
2019-1214