Note 8: May Update


Overall
This month has been pretty turbulent at least with the overall sentiments not being favourable. However, I believe that Mr Market might have been over reacting to what have happen in the Malaysia political scene, the uncertainty over the North Korea – USA situation, as well as the last week of change in government in Italy. On a more specific segment, the Vice portfolio has yet to recover from the plunge post decline in PMI’s lacklustre performance.

Singapore
This month is mainly a month for dividends collection, it might have explained for many traders/investor to bail out or take their profits, which in turn, leads to decline in the value of the shares. I generally frown upon profit taking post dividends. It just doesn’t make sense at all.
My portfolio is mainly affected by declines in Singtel, and some Nets-Nets. With the competition in the local market, Singtel will be in for a tough time. Unfortunately, I do not see any useful or better investment opportunities in the Singapore market as we speak even though I am looking some key counters depending on the situation. I still believe that the market isn’t as easy as few years back, but I am still looking at investing more into the shares I have mentioned. I have also increased my holdings for OUE, as I try to reduce my diversification or diworsifciation
Hong Kong
The market in HK has been pretty kind to me. So far, Hong Kong market is the only portfolio that I have followed the value approach faithfully. I have recently entered into Great Eagle in May after the sales of Oriental Watch. Due to the lack of excess funds in HK/Greater China funds, I have decided to use an approach which focus on investing into value shares at a higher turnover. This also mean that I have reduced my intrinsic value for the counter, and holding them on a lower time period. Luckily, HK has a lot of value shares which enable me to use this tactic.


I am already monitoring a few stock such as
·         Dickson
·         Chen Hsong
·         International Art Optics
·         Wing Tai
·         Soundwill
·         Future Bright
·         Rosedale
·         SIS International (New addition)

 Malaysia
Karex has went down heavily again. This shows the importance of the need to really understand the value of a business. Like I mentioned, I take responsibility for this fiasco. I realised that the value approach give u an anchor on what is the real value, that enables you to be calm in period of turmoil. For Karex, I am at a loss of what is the real value other than it’s NAV. The Malaysia market has suffered from quite a fair bit of foreign investment outflow due to the election results. I am not putting much money into Malaysia market this year. I would like to save up for around 20k before I invest in a basket of value stocks. Like I said previously, Malaysia is a great counter balancer to your portfolio,  I have already shortlisted a few of their shares such as
·         Keck Seng
·         Cheetah
·         Golden State
·         Poh Kong
·         Gul Holdings
·         Kumpulan (New addition)
·         Berjaya Asset (New addition)

Vice Portfolio
This little experiment isn’t going too well. So far, it has plunged 10% ytd. I believe that it might get worse before we get better. Seems like I need to save up.
Overall
The overall performance hasn’t been the most fantastic this year. Challenges seems to come from ASEAN. However, I have to wait to see how Mr Market opens up and wait for the right opportunities.

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