A Little Talk about My Portfolio

Primary Holdings

Sim Lian Group

Sim Lian Group is a respectable property developer that is purchased because I believe it is trading at a huge discount to its cashflow. The dividend yield is very high at the moment-- which is deceiving because the yield is derived from a special bonus last year.

The biggest reason why this company is a little different from other small-scaled property developers-- check out the board members and you will know what I mean. I leave the fun to you..
  

Capitaland Commerical Trust

The stock is trading at a significant discount to its net asset value. Recently they have acquired the whole of CapitaGreen and is expecting it to be accretive for shareholders. This bring debt-to-equity at 37%, which is not all that bad.

The property yield of CCT is actually weaker than Fraser Commerical Trust, but on the whole the quality of CCT's properties is higher, so I am not so concerned. Holding on to my paper losses at the moment and waiting for a good chance to average down.

Secondary Holdings

VICOM

 A needless fear among investors for this stock, which is down-trending. The main rationale for buying this stock is for the quality of its dividends. When a friend of mine draw attention to me about it trading at 52-week low, I took up a small position without much consideration.

Singapore Shipping Company

Small company, some debts, decent cashflow, but single-customer. Based on cashflow over the years, it is considered cheap at 0.27x and but there are some concerns with its business fundamentals, namely an inexperienced CEO (family business, ahem), and single-customer risk.

DBS

DBS was purchased because it is trading at 0.9x book value. Not one of my proudest purchase since I did very little homework. It is a easy one to make since this is Singapore's biggest and one of Asia's biggest. I don't expect terrific gains.

UOL

Trading at below book value and strong management. Even if Mr. Wee leaves the business, it will still go on strongly. However, the rental and property developing business is facing headwinds regionally, and earnings should remain suppressed. I have taken up a small position just in case the price becomes more favorable, and I can build on my position.
 

Sing Holdings

With the latest quarter report, it appears that Sing Holdings is now debt-free, but have a variable asset in Account Receivables and unsold properties. It will be very interesting to see what it does for the rest of the year. Any company that is debt-free and a 0.5 book value per share should be quite safe for long term holding.

Small Holdings

Ascendas Hospitality Trust

This stock is trading at below book value. It has a pretty patchy property yield as the trust is still so young (property accumulation stage), so the dividends should offset some risk. Staying vested and waiting on the side lines for a change in its story.

CapitaMall Trust

This company's property yield is extremely impressive but it is trading at a significant price over book value. I will add on to my position should fear take over the market again, as it was with much regret that I did not partake in this during this Feb's great correction. I am eager to make this one of my main holdings.