Thursday, April 26, 2018

Ho Bee Land - Q1 FY18 Results & Thoughts

Ho Bee has just announced its Q1 results for FY18 which was closely expected with no big surprise.



Rental income is the segment which I am monitoring closely and it continued its strong uptrend with a 6.1% year on year. This was due to the purchase of Lombard street which was reported in the Q4 of last year. If we compare quarter on quarter, it is stable at $37.7m, which was unchanged from previous quarter. This comes in at $150m annualized.

The sale of development properties is the swing factor here. In this quarter, sale of development properties come from the sale of the site in Gold Coast, Australia which the company reported a $2.6m gain on profits.

The share of profits from their associates in Shanghai continues to perform well, though it dropped 12.8% year on year. This doesn't contribute to a cashflow until the associates declare and distribute dividends at the end of the year.

The main drop in the nopat this quarter is due to the absence of one-off divestment sale of investment property, which last year they did to sell Rose Court. Without these absence, nopat would be year on year stable.

The company makes 7.42 cents in earnings per share this quarter and is on course to repeat the same feats as last year. NAV increases higher this quarter to $4.79 from $4.70 in previous quarter.

The big wild card lies in their development sale of their Sentosa properties (Seascape & Turquoise) which they've started to market out in March at a psf of $2,170. The last revised down they wrote off in their book was done at $1,450, so the ASP of above $2k psf now should result in a gain once they've managed to sell it out.


The other interesting development is the EUR90m that they've invested in a European fund overseas where they are looking at a Munich development to be redeveloped into a Grade A office of more than 500,000 square feet. This reminds me of the back then Metropolis before it was completed.

It does also seems like there are many players venturing into the Europe right now, perhaps it's a gem there in the making.

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Wednesday, April 25, 2018

Far East Hospitality Trust Q1 FY18 - Results Review and Thoughts

Far East Hospitality Trust (FEHT) released their first quarter results for FY18 this morning which I thought I'll give a quick review on it since I made the purchase earlier this month.

You can find the link to that article here.



FEHT posted a 3.8% increase in the gross revenue and 4% increase in the NPI which sees a stronger hotel performance this quarter due to the better reversion of the master leases.

This is in line with the thesis that I have.

From the result, we also see that hotel performance has bottomed in the previous quarter and it is starting to reverse for a turnaround starting this quarter. Demand for the hotel segment increased through higher occupany from 88.1% to 89.6% while both the Average Daily Rate and Revpar have also increased by 1.6% and 3.3% respectively. 

That is certainly a positive sign boosted by the higher demand and the lower supply.

Special demand such as the Biennial Singapore airshow in Feb 2018 will also definitely help.


There was also some encouragement with the service residence number, while they are not as good as I expected.

Previously, there were a couple of hospitality Reits which has reported lower service residence number so I was mostly worried about this segment of the business.

Still, it was good to see the year on year improvement on the occupancy rate and Revpar as the segment performed better in this quarter. ADR is still dropping though and the company continues to cite the lower corporate demand as companies continue to cut their costs.

In terms of capital management, the company has a gearing of about 35.1%, after the acquisition of Oasia downtown which will contribute starting 2 April 2018. The average costs of debt remained low at 2.5% and the spread between the fixed and floating rates were at 40.8% and 59.2%.

Overall, I am very satisfied with the performance of the Reits in this quarter and the thesis should play out nicely that we will see a growing performance in the years to come both organically and inorganically.

The company will distribute 0.94 cents / share which will go xd on the 3rd May and payable on the 12th Jun.


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Monday, April 23, 2018

Frasers Logistics Trust (FLT) Ventures Into Germany and Dutch Acquisitions

At around this time last year, FLT makes 7 Aussie assets acquisition and added them into their portfolio of the logistics predominantly located in parts of Australia.

This time round, they've gone a lot bigger by deciding to acquire 21 industrial properties, comprising of 17 properties in Germany and 4 properties in Netherlands which has a predominantly freehold land tenure.

The appraised value for these properties is valued at S$984.4m by independent valuers, and the agreed purchase price is at S$972.8m. This represents approximately 1.2% discount to the appraised value of the properties.

After deducting for the liabilities and debt facilities of the holding company, the purchase consideration after net is approximately around $515.4m. This is the amount that FLT has to come up with to acquire the 21 assets.



Assets Portfolio

The assets are spread across the different cities of Germany and Netherlands, with predominantly in Frankfurt, Stuttgart and Munich.

Majority of the land tenure are freehold in nature and this is common in what we see in Europe based on our understanding from Ireit and Hobee.



The properties are leased with 93% occupancy with an average WALE of 8 years. This increases the WALE of the portfolio from the current 6.4 years to 7.1 years based on post-acquisition.

I find the acquisition and properties solid because the Gross Initial and Net Yield for both the German and Netherlands properties are higher than the market prime yield in general.


This together with the NPI linked leases and long WALE I think bodes well for the acquisition.

DPU Accretive

The goal is to make the acquisitions accretive so both management and unitholders are happy with the situation.

I can see why some unitholders are sad that the yield accretive are only marginally higher in nature but this is what good management should be doing - to grow the AUM of the portfolio and at the same time marginally increasing the DPU while at the very same time protecting the balance sheet of the company.

If the company wants, they could have take this up through all the debts and we can have a higher DPU but it'll be bad for longer term.




Financial Modeling

We know that the company has initiated an EGM on the 5th May to pass on the few proposed resolution before they can come up with the pricing on the preferential offering/rights issue.

The fact that they are only making this marginally yield accretive makes things easier for the management from the financial modeling point of view.

First, we know that the company needs to come up with S$515.4m worth of cash consideration for the purchase of the 21 properties net adjusted for liabilities, while the rest would be funded via inter-company loan agreement between the two SPVs.



Given FLT is trading at a premium to their NAV right now, it is more appropriate for the company to issue the financing via the equity since it also allows unitholders to participate in the growth.

The most likely scenario is a private rights issue for a 1 for 3 at a price for $1, which would yield the acquisitions slightly accretive. The good thing is we are far away from 94 cents so it is unlikely that they will issue that low which would make the yield destructive.




Final Thoughts

I think this is a good exposure to board FLT into a much bigger company with a lot bigger market cap after the acquisition.

Post-acquisition, the company will have 82 property assets that are held across Australia and Europe with a large portfolio value of $2.9B.

Statistics have shown that solid Reits who've done placement or rights at a premium to its NAV generally tends to do very well, so it'll only be a matter of time before we see the share price goes back to where they belong. If one cannot stand this minor noise we are undergoing, then I don't know how else you can get exposure to a good Reit.

I have a lot of exposures in this company, myself holding 100,000 shares and with the rest of my family members holding 35,000 shares on the rest, if this is a 3 for 1 at $1, then I am expecting to have a much larger position post the rights issue.

But this is something that I am definitely comfortable with holding.

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Sunday, April 22, 2018

Everyone's A Winner In The Bull Market, Right?

The bull market has been rampant in the past 10 years that our wealth gets accelerated function exponentially.

This leads us to think that wealth can only move in one direction and it leads to that much easier to achieve financial independence by pro-rating your financial model accordingly.

The risk is decluttered as one grows a sense of safety net thinking their model works that no one else could ever think of in the past.

Let's illustrate it with the 3 examples.



Toto Lottery

This is a lottery system that's being rigged openly by the government with the odds going against the favor of the buyer.

Despite knowing the odds, there are queues everywhere for dreamers to struck that once in a lifetime deal, provided they are extremely lucky.

The smart person who thinks the bull market favor the system anyway decide to take the "premium" and pocket the money. Anyway, everyone's a winner in the bull market unless proven otherwise right?

That's definitely a solid passive income, receiving week after week, until the day your luck runs out.

Insurance

Everyone hates the word when it comes to insurance.

It doesn't has a vibe as much as Singaporepools and you cannot shout "huat" as loud as much as you wanted the money.

Of course, it's a risk tool, more than what half the population thinks as a wealth tool.

Insurance company typically gets bigger over time as underwriter keeps coming up with new products that attracts new buyers.

This is also the reason why Warren Buffett likes the insurance industry so much. 

Their main attractive point isn't necessary from the deal of the premiums they collect but rather the float in advance for claims to be paid later on, if there is that is. An insurer's float is the true mechanism of the company's survivability.

Speak of that present value of money.

Selling Put Options

Derivatives is an interesting play to those who understand the product.

It isn't for the faint hearted or beginners because it appears a lot easier to common folks than what it should be.

It combines a flexibility concept of both the Singapore pools and Insurance advantageous point that you can be part of it.

It sells on the idea of consistent passive income which attracts many people because you can get ideas that are frequent in nature.

Because the timeframe is also usually short, annualized returns are usually extrapolated in nature. 

Many strategies are proven a winner in the bull market until it's proven otherwise.

We are way due for a nice reset in the ecosystem of our community.

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Saturday, April 21, 2018

Setting Foot in REITs 2018

Real Estate Investment Trusts (REITs) is a popular investment vehicle favored by local investors in the recent years. Even with the volatile market outlook, REITs is expected to perform in a stable trend with higher returns. However, with the recent rise in interest rate, should investors look at rebalancing this asset class within their portfolio?

In conjunction with the 4th edition of REITs Symposium – the largest REITs event in Singapore – we rounded up 3 of the industry influencers to hear their views on the local REITs landscape for 2H2018. Brian Halim from A Path to Forever Financial Freedom, Kenny Loh from My Stocks Investing and Rusmin Ang from The Fifth Person.

1. With the rate hike intensifying, investors are worried that REITs may not be the most ideal asset class to invest in as it is yield-oriented. Do you think the investors’ worries are unfound? 

Brian: In my opinion, the worries are not without justification. Indeed, companies that are typically geared with debts (such as REITs) will face a higher cost of borrowing now that the interests are going up. But they are not as simple as that. Firstly, most REITs have hedged their borrowings through a fixed rate and only a small part is floating. This happens to most REITs who have refinanced their loans sometime in 2017 in the wake of higher interest rate. Secondly, higher interest rate symbolizes the economy is doing well. With this, most REITs can secure a higher rental reversion and pass on the costs to the tenants. Therefore, it is not as straightforward that higher interest rates would mean bad for REITs in general.

Rusmin: It’s true that higher interest rates may affect borrowing costs but if we look at the big picture – when the economy is doing well, interest rates, salaries, and spending will go up alongside. In turn, the income and asset inflation of REITs will catch up as well. During the last gradual interest hike between 2004 to 2007, we saw Singapore REITs posting higher appreciation in rental incomes across various REITs sectors such as office, retail and hospitality. Their share prices also performed relatively well back then. So, I think those Singapore REITs with a higher percentage of their loans at fixed rates will remain relatively stable and attractive for investors who want to build consistent passive income.

2. Of the many sub-sectors in REITs, which appeal(s) the most to you personally and why? 

Brian: I am bullish on hospitality REITs as I think the bottom is over and they should do well in the next few years. This is especially so with the higher demand of hotels from the tourist boost by STB policy as well as completion of Terminal 5 and Jewel by 2020. We have also seen a bottoming in the RevPAR (Revenue Per Available Room) of many hotels as reported from hospitality REITs such as CDLHT, FEHT and OUEHT.

Kenny: For my long-term core portfolio, I have two sub-sectors, i.e. Healthcare and Data Center. I favor these two sectors as they are less sensitive to economic cycles. The demand of healthcare is on a definite rise due to aging population. Technology disruption, Artificial Intelligence, Big Data, Fintech and Cloud Computing need big data storage and processing space in high specs data centers. In general, these two sub sectors have longer WALE (Weighted Average Lease Expiry) and more stable and predictable distribution per unit. As for my short-term satellite portfolio, hospitality sector is my top pick as the current valuation and distribution yield are attractive. Hospitality sector is very cyclical and thus it is more suitable for a tactical play instead of long term holding.

Rusmin: I personally like healthcare and retail REITs. Healthcare REITs usually lease their properties based on a triple net lease structure with built-in rent escalation. They typically have longer leases (i.e. 15 years) and as a result, pay very stable distributions to unitholders regardless of economic cycles. On the other hand, Retail REITs have shorter tenancy leases (two years). In the recent years, they have shown resilience and enjoyed high occupancy rates despite the tough retail market. When the retail market starts to recover, there is room for appreciation in both rental income and distributions.

3. REITs ETF – should this be an alternative approach to REITs investing? 

Brian: The REITs ETF provides a convenient basket of REITs at a go. Depending on one's knowledge on the different type of REITs sectors, it would be much easier to get the ETF as part of the overall basket.

Kenny: REITs ETF is definitely a good alternative for investors who have very low capital but want to have a diversified REITs portfolio, investors who have limited knowledge about REITs and/or investors who do not have enough time to analyze individual REITs and monitor the stock market and economic news. For investors who know how to analyze individual REITs and have the time to study the market, they can DIY their own REITs portfolio to maximize the distribution yield and achieve capital gain at the same time.

4. Do you think the introduction of tax transparency for S-REITs ETF will set an uneven footing for the other players in the market? 

Kenny: The introduction of tax transparency for S-REITs ETF will boost additional yield and this is a positive news to investors. Compared to S-REIT ETF, there are not many investments or stocks out there which can provide consistent return of more than 5% p.a., with a diversified portfolio which is backed by tangible real estates.

Rusmin: With the new tax transparency extended to S-REIT ETFs, we are likely to see more funds flowing into the Singapore REITs market. With higher market participation, it will improve both the valuation and liquidity of the REITs market in Singapore.

5. In 50 words, please share what is REITs to you. 

Brian: REITs is essentially a trust vehicle platform created to own or hold many different kind of property assets across the countries for investors to get dividend rental income yield consistently every quarter / semi-annual.

Kenny: I am a REITs lover as REITs provide stable passive income and backed by tangible real estate, if a right diversified portfolio is constructed. I use the distribution pay out from my REITs portfolio to pay off my expenses. Everyone should include REITs into their own retirement portfolio due to the high return, flexibility and liquidity. 

Rusmin: REITs give retail investors the ability to invest in large commercial properties like offices, malls, hospitals, etc without needing heavy capital outlay or mortgages. Many of these properties are best in their class and managed by professionals. Our role as investors is passive, but we still enjoy receiving rental income on a regular basis. 

No matter you are a seasoned investor or a working adult just starting to explore investment, REITs is one asset class that you can keep your eyes peeled.   

As an exclusive for Foreverfinancialfreedom’s readers, register for REITs Symposium via this link and get a 30% discount today! Simply key in the promo code FOREVERFINANCIALFREEDOM to enjoy this promo!



About REITs Symposium 2018 REITs 

Symposium 2018 is the 4th edition of the event and this year, more than 70% of REITs companies will be present at the show. 

In this one-day event, attendees get to hear from CEOs of selected companies where they will also showcase their investment merits at respective booths. Guest of Honor, Mr Lee Yi Shyan, Chairman of OUE Hospitality REIT Management will also be sharing on the REITs outlook of 2018. 

Other than a chance to hear from industry experts on topics like – REITs with overseas assets and opportunities of REITs ETF – during panel discussions, attendees also get to meet up close and personal with the management team of the participating REITs. 

For more information and full program, check out the website here!


Friday, April 13, 2018

Recent Action - Far East Hospitality Trust

With the proceeds from the divestment from Comfortdelgro which I blogged earlier, I had also purchased 125,000 shares of Far East Hospitality Trust (FEHT) at a price of 68 cents.

This is a company that I once used to own, then divested, then move the funds around, and now back again to the same company. 

I am looking for something with a decent yield, predictable near term both organic and inorganic growth outlook and preferably a Reit, so I thought this company fits the bill for now. I am also bullish on the sectors as I think the Revpar has seen a bottoming in FY17 and looks good to grow over the next few years.




1.) Inorganic Acquisition of the Oasia Hotel Downtown

FEHT made an acquisition from its sponsor on the Oasia Hotel Downtown which was only completed last year for a fee of $220.1m.

The premise is a 314 room upscale hotel located in the Tanjong Pagar area near my office.

The acquisition is funded via debt which means this will automatically be yield accretive, raising NPI pro-forma by 4% higher. Upon completion of the acquisition, gearing has increased to 37.5%.

Revpar for the hotel is currently at SGD170, and the premise will be under Master lease structure for the next 20 years.

2.) Supply of new hotels decreasing

Hotel supply in the past 5 years have increased at a CAGR of 4.9% and has increased faster than the rate of tourism arrival.

By theory of economics, we knew supply > demand means the ADR and Revpar would go down.

In 2018, this increase in supply is expected to slow down to 750 additional rooms, which translates into only 1.1% increase.

There will obviously continue to be pressure, but should demand surge higher than that, we should see a rebound in the hotel and service apartment segment.



3.) Village Hotel, The Outpost Hotel and The Barracks Hotel at Sentosa

This is a joint venture with its sponsor which FEHT owns 30% stake at the moment worth $133m.

This 839 room mega project will be completed in 2019, and will cater to the middle market of people who is looking to stay at the Sentosa area. I find this quite interesting project.

It's still early days but at 4% NPI this should bring in about $6m worth to distributional income every year.


Final Thoughts

ADR and Revpar for the hotel segments dropped marginally to $155 and $136 respectively in FY17 and I believe we will see a rebound in this segment starting FY18.

ADR and Revpar for the service apartment are more affected as it dropped to $219 and $175 respectively in FY17. I think this has probably more room to fall as longer stay tenants number are not strong and doesn't seem to rebound yet.

Current yield is at 5.8% for FY17 based on 3.9 cents, and am expecting a 4% increase through inorganic growth of Oasis acquisition, as well as another 4% increase in rebound of Revpar for the hotels segment. Hence, I would be expecting a net yield of 5.8% x 1.04 x 1.04 = 6.2% yield for FY18, which is still fairly decent. We should see better numbers for hospitality stocks though.


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Wednesday, April 11, 2018

Reits Symposium - 19 May 2018

Readers of this blog would know that my strategy in investing has a preference towards investing in dividend companies and because of this, REITS would be one of the assets that I look at closely as it will continue to form a big part in my portfolio. On the current equity portfolio, 41% of the assets is allocated to REITS, which shows the level of confidence I have in this asset class.

One of the main reason I like about REITS is it is a proxy to investing in real estate asset class with affordability and almost anyone can own them with just a few hundred dollars to start with. in addition, REITS also provide a consistent stream of income base through dividends they pay out to supplement the monthly income that I receive from my current job.

While there has been many REITS events over the past couple of months, REITs Symposium is by far the largest REITS event that is jointly conducted by ShareInvestor and REIT Association of Singapore (REITAS) in 2018. This year, it will be the 4th edition they have conducted where over 70% of the listed REITS will be present. Some of the key management personnel of these companies, such as the Chief Executive Officer and Chief Operating Officer will also be there.



A quick run-down of the programme shows how impressive they are in inviting their guest speakers which boasts the likes of Mr. Lee Yi Shyan (Chairman of OUE Hospitality REIT), Mr. Chan Kum Kong (Head of Research and Products of Singapore Exchange) and Dr. David Kuo (CEO of The Motley Fool Singapore).

The key theme about investing in REITS for this year will be the impact of interest rate hikes. We know that with the rise in the interest rates, the cost of debt for most companies will increase, in particular asset classes such as Reits with a gearing rate that are typically within the 30-45% range. It will be interesting to hear from the management how they will be handling the higher borrowing costs, whether in the form of higher rental escalation or lower borrowings.

I see this like an event such as the AGM where you get to meet the management first hand, hear from the man himself and ask burning questions that you have to the management at their respective booths.

Furthermore, there will be 2 panel discussions which will touch upon topics such as:
  • Investment merits of REITS with overseas assets
  • Unlocking opportunities in REITS ETF

For preferential offering for readers, you might want to key in "FOREVERFINANCIALFREEDOM" when you purchase via this link here at a rate of $14, which is 30% cheaper than if you purchase for a walk-in. 


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Tuesday, April 10, 2018

Recent Action - Comfortdelgro & Vicom

I just want to fill in quickly an update I just made since I just made a portfolio update not too long ago for the month.

I divested all my position at Comfortdelgro at a price of $2.09 today for an overall -9.1% loss (inclusive of dividend). Year to date however, this divestment has returned me a positive 5% gains since the start of the year.



I've been reading and following the development about Grab and Uber since last year and to be honest there are structural issues which I was slow to act upon. With the advent of these technology low capex disruptor, it is a cut throat industry to be in right now, with margins coming in at multi years low. Even Chairman Lim has acknowledged this when he mentioned in the recent interview that they are expecting the vehicle margins to erode further and that they would be looking to new business to supplement their income stream.

The latest news being an acquisition of S$30.2m on the patient transport in Australia and the bus charter in Aussie.

CDG continues to make acquisitions their main priority and to be frank it is difficult to gauge the internal returns they were expecting based on the number of their many small acquisitions.

Even with the uber saga out of the way, the company will continue to face an overhang with their continuously high capex intensive nature and I don’t know if this is still the way forward 10 years later. I think if new technologies can come in and attack the private vehicle, they will soon do it with the buses and conquer other areas too.

Being a strong blue chip in the region, and backed by strong institutionals, I think it’ll continue to do fine, generating profits year after year and distributing dividends to their shareholders. The only worry from here is probably how the management is bringing the company forward on this. I have so far remained a shareholder almost only in the hope of their 5% dividend yield and am not expecting anything much more from the growth part.

Since the start of the year, the selling has somewhat abated and is one of my top performer in the portfolio. It’s a bit ironic that I decide to divest at this point in time but I thought it was a somewhat decent exit and lessons learnt from there.

I documented in my 2017 end of year portfolio that I was slow to act upon the development of the incoming news and I was somewhat forced to average down thinking that the market has mispriced them irrationally. I still think though that anything at $2 and below represents a good deal for a 5% yield and a good trade range, this has somewhat becomes my trading stocks like ST Eng and Singtel which I have continuously enter and exit at multiple various prices.

With this out of the way and with the proceeds, I went to buy 2 counters which I think is more defensives, higher dividend yield (and payout) and better outlook certainty I can forecast.

The first company is Vicom (I will blog about the second company in the next post)

Vicom is an existing position that I already have and I have accumulated more at a price of $6.05.

This is in line with my personal strategy of accumulating a stock with a higher than 5% yield.

FY2017 was a challenging year for the company as it saw a 4% decline in their inspected vehicles which dropped from 488,186 to 468,807 vehicles. In the recent annual report, Chairman Lim commented that de-registration is expected to slow down in the next few years ahead which likely means that we would see a bottoming in progress for FY17. 

We should see a better FY18 numbers with de-registration slowing down and inspection numbers to slowly go up.

While earnings per share for FY17 came in at 29.90 cents, free cash flow came in at $28.9m which translates into 32.6 cents/share. This is mostly due to the depreciation of assets which was added back into cashflow. The company paid a full year dividends worth of 36 cents/share for FY17 which was higher than their free cash flow but I think with the strength of their balance sheets and organic growth returning, I am expecting FY18 payout to be the same. This equates to a 6% yield based on my current price.

I’ll blog about my other company buy tomorrow which has an equally high yield and payout.

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Friday, April 6, 2018

"Apr 18" - SG Transactions & Portfolio Update"

No.
 Counters
No. of Shares
Market Price (SGD)
Total Value (SGD) based on market price
Allocation %
1.
Comfortdelgro
85,000
2.08
176,800.00
27.0%
2.
M1
75,000
1.73
129,750.00
20.0%
3.
Fraser Logistic Trust
100,000
1.10
110,000.00
17.0%
4.
Ho Bee Land
30,000
2.51
75,300.00
12.0%
5.
Starhill Reit
100,000
0.73
73,000.00
11.0%
6.
Vicom
8,000
6.04
48,320.00
7.0%
7.
Singtel
7,000
3.42
23,940.00
4.0%
8.
Tuan Sing
40,000
0.42
16,800.00
3.0%
9.
Warchest
-
-
         0.00
0.0%
Total
653,910.00
100%

It it time for another month of reporting which means an update on the portfolio.

I've not been spending time lately monitoring the market as there are plenty of other things and errands to run on the personal front so it's been mostly untouched.

After coming back from my trip to Taiwan in March, I've been catching up for my work in the office and have to run errands to Jakarta again earlier this week. I've read the news about the Tariff war between the US and China but didn't take much interest in it. I believe this is just a noise which relates to nothing in the long run in the scheme of things.



For this month, I've added another 3,000 shares of Singtel after seeing some opportunities the other day to add. I didn't have a lot of thesis in Singtel and neither do I have the funds to add a lot, so this is simply a buy at the current valuation waiting for institution to value them back up. Meanwhile, the dividend is attractive to me and I believe they will maintain their current payout.

On another front, I was also allocated 8,000 shares of Sasseur Reit which I manage to allocate them to my wife's account. I've managed to recently convinced my wife to buy some companies with her savings so she's starting out a little in the recent times. I'll manage it for her directly under my own accounts.



Net Worth Portfolio

The portfolio has increased from the previous month of $644,100 to $653,910 this month (+1.52% month on month; +24.8% year on year).

This is the third time in the four months that the portfolio managed to break an all time record high. This is also the first time it managed to break the $650k barrier mark. Despite the constant up and down of the market volatility, I am not so worried as the portfolio is trending in the right direction.

A quick check on the first 3 months return also show that the portfolio is performing slightly better than the STI return, so not all hope is lost. I am still very confident that the portfolio will end 2018 very strongly with the companies that I have.

Family's Portfolio

From this month onward, I am also going to include my family's portfolio as I am handling more accounts under the same CDP account which makes me the need to do the reconciliation at times with the CDP statement. 

So I thought it'll be better to publish it clearly.

1.) Wife Portfolio

I am allocating my wife's savings into Comfortdelgro, a company which I am more familiar with and easier to monitor. I also allocated my recently added Sasseur Reit as part of her portfolio as she is mainly interested in dividend companies.

No.
 Counters
No. of Shares
Market Price (SGD)
Total Value (SGD) based on market price
Allocation %
1.
Comfortdelgro
6,500
2.08
13,520.00
68.0%
2.
Sasseur Reit
8,000
0.80
  6,400.00
32.0%
Total SGD
19,920.00
100.00%

2.) Baby B1.0 Portfolio (Age: 3 years and 8 months)

No change here but with dividends up and coming in May, I will be looking to add further to his current holdings.

No.
 Counters
No. of Shares
Market Price (SGD)
Total Value (SGD) based on market price
Allocation %
1.
Comfortdelgro
6,500
2.08
13,520.00
85.0%
2.
Singtel
700
3.42
  2,394.00
15.0%
Total SGD
15,914.00
100.00%

3.) Baby B2.0 Portfolio (Age: 1 years and 3 months)

No change here but with dividends up and coming in May, I will be looking to add further to his current holdings.

No.
 Counters
No. of Shares
Market Price (SGD)
Total Value (SGD) based on market price
Allocation %
1.
Comfortdelgro
1,000
2.08
2,080.00
35.0%
2.
Singtel
1,000
3.50
3,500.00
65.0%
Total SGD
6,580.00
100.00%

4.) Mum's Portfolio

Also bought for my mum Comfortdelgro which dividends are coming up shortly.

No.
 Counters
No. of Shares
Market Price (SGD)
Total Value (SGD) based on market price
Allocation %
1.
Comfortdelgro
3,000
2.08
6,240.00
100.0%

Total SGD
6,240.00
100.00%


Final Thoughts

I am running out of ammo for the equity side so I am looking very much forward to the upcoming dividends as well as the bonus from the company which will add more to the firepower.

Meanwhile, I hope everyone will stay safe during this volatile market.

Thanks for reading.

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