Well market has been on a tear for quite awhile now. From Trump winning the election on Nov 5th, this is the 3rd month market has been on an upswing. Dow has cross 20K, STI has cross 3,100 points and my portfolio has cross 250K.
I have taken the chance in this bull market to reduce some of my position in Kepcorp, Pico, Chow Tai Fook and Bank of China. I have added a REIT (it has been a long while since I have a reit in my portfolio). This REIT in question is Hui Xian REIT listed on HK and its the only RMB listed REIT on the HKSE. I believe a 9% yield is sufficient to cover the risk exposed to China Malls. With gearing at a low of 20% and way below its NAV, to add the cream to the tip of the iceberg, it,s managed by ARA. Current price comes to me as a steal. After comparing it with Singapore listed China REITS, I am not too sure why its trading a such a valuation but it,s a risk I am willing to take for the yield I am benefiting.
Since the bull run, I have been liquidating my holdings bit by bit. I have even contemplated selling my entire stake in PICO however probably my love for this company has stopped my from doing so. The management has been doing an excellent job growing the company.
On the news front, PICO, Food Empire and Riverstone has all had their result announced. All of them have grown their revenue steam, profit of Riverstone has fallen due to higher commodity prices (something that cannot be controlled) all else equal, they are better off. PICO and Food Empire has done well on all fronts with PICO providing higher dividend from last year. Food Empire has also surprise by giving some dividends. I expect them to keep the cash though.
Here’s my portfolio performance for the month of Feb.
No. of Shares
Total Value based on Market Price (Base Currency)
Total Value based on Market Price (SGD)
Riverstone Holdings Ltd
Low Keng Huat
Bank of China
Chow Tai Fook
Hui Xian REIT