Note 13: July Update

We see a return to form in July with growth of 1.7% MOM. Driven mainly by improved sentiments in the Singapore market as well as an increase in the Vice funds. The buying opportunities are still there, but they are in a zone which is neither too cheap nor expensive, which means less action. Singapore Singtel shares has slightly increase in values which gives me some breathing space. At the same time, the mid caps and small camps have also increased which contributed mainly to the improvement over last month. The market were fairly optimistic cautiously, but I am wary that the trade war might escalate. My shares of cash at this point in time is still around 15.6%
Hong Kong Hong Kong shares has seen improvement over last month, mainly the same reasons in terms of macro. I have been reviewing this portfolio for awhile, and have decided to be cautious and stick to the number of shares that I have with the same amount. As you know, I have been looking for investment in the following. I would want the dividends of this portfolio to be self sustaining in order for me re invest. • Dickson • Chen Hsong • International Art Optics • Wing Tai • Future Bright • Rosedale • SIS International • Keck Seng (New addition)
Malaysia (Nasi Lemak) The Malaysia portfolio somehow didn’t decline much vs last month. I believe that the Malaysia market is somewhat a counter balance to the global economy with it’s strong domestic demand. The only danger is Dr M shutting down the capital market, but that move could be devastating for them. Despite the negative sentiments, there are quite a number of shares at good value in this market. Malaysia, Vietnam, Thailand, Indonesia and Philippines are what I will considered the ASEAN Tiger 2.0. I have intention to build up funds for investment into this market as my knowledge increases. Meanwhile, the counter below is what I am looking at the current moment. • Keck Seng • Cheetah • Golden State • Poh Kong • Gul Holdings • Kumpulan • Berjaya Asset
Vice Portfolio My vice portfolio continues their growth MOM. A much improved performance from BAT has increased the value, mitigated by PMI’s decline.
Dividends as I mention have started coming in, I believe this has also increased the value for the portfolio. Looking at this. Beer • Heineken • Heineken Berhad • Carlsberg • Carlsberg Berhad • ABV • San Miguel • Thai Bev Alcohol • Diageo • Pernod • Remy Martin • Suntory • Brown-Forman Overall July has slight increased due to the Singapore and vice portfolio. I am adopting a wait and see approach while building up my war chest.

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