Portfolio – Q417

My portfolio (at cost) of S’pore stocks for Q417 close,

Note : Stocks are arranged in descending order of % holdings

 
Summary
The STI closed at 3402.92, +18.13% from end 2016. Using cost as a reference, my portfolio stats (vs 2016),

• Size (Stocks Only) : +12.07% (Cost) / +15.07% (Market Value)
  
• Portfolio Performance (Includes Cash) vs End-2016 Mkt Value : 0.02% (Unrealised) + 1.26% (Realised) + 3.11% (Div) = +1.06%
  
• Further Breakdown of Realised P&L : +0.67% (Stocks Bought before 2017) + 0.59% (Stocks Bought in 2017)
  

So, +4.4% vs +18.13% (STI), grossly under-performed the STI! Even worse if we include Dividends of ~3% for STI.

For Q4, I continued to stay inactive. As planned, I reduced my holdings in FCOT (continued strength with every sell) and bought SingPost to average down my high-priced ones. I also added some KIT and entered Singtel as prices weakened.

For Q118, I may become a bit more active but intend to stay cautious as STI hits above 3500. I’ll continue to reduce FCOT if it strengthens further towards NAV $1.58, although it seemed to be taking a breather for now. The expected Equity Fund Raising for new assets purchase by end-Jan may present an opportunity to buy / sell. I also intend to buy more SingPost, RafflesMed & Singtel on price weakness. SingPost ought to have seen the bottom in EPS and contributions from SPC completion will likely see a slight improvement in Q4, followed by a better improvement in Q1 with a full Q contribution. The risk is further write-downs from their US investments. As for RafflesMed, we may start to see some improvement in EPS from 2018, with the completion of Raffles Hospital Extension expected in end-17. BUT, any uptick in share prices is more likely to come after the completion of their China Hospital projects. I’m also watching KIT to accumulate more for long term hold. The attraction is the possibility of a sale in their Basslink stake, which is the current drag in their portfolio, with it’s high gearing.

Portfolio Changes (vs Q317)

• New Additions : Singtel
  
• Increases : KIT, SingPost
  
• Decreases : FCOT
  
• No Change : RafflesMed, Kingsmen, King Wan, F&N, Genting, Starhub, M1
  
• No More : —
  

Exchange Rates (for Q417)

• IDR (Indonesia Rupiah) -2.03% : LMIR – Continued to weaken, -7.21% for the year
  
• AUD (Australia $) -1.97% : AusNet, A-HTrust, Singtel, FLT – Flipped to -ve this Q ; -0.14% for the year
  
• JPY (Japanese Yen) -1.77% : continued to weaken for Q4, -4.8% for the year
  
• USD (US $) : -7.5% for the year!
  
• EURO : +4.9% for the year!