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Largest investments updated (4Q 2019).

Friday, October 11, 2019

From my last couple of blogs, readers would be able to get an idea of what might have changed in my portfolio.

Since the last blog, however, I have made another significant investment or, more accurately, reinvestment.

What am I talking about?


Some readers might remember that I reduced my investment in Wilmar significantly in 3Q 2019 in the month of July, booking a pretty decent capital gain in the process.

Wilmar lost its position as one of my largest investments in 3Q 2019 as a result of that move.

I explained that the move was based on technical analysis (TA) and not because I thought Wilmar was no longer a fundamentally good investment.

That meant I would be building up my investment in Wilmar again when the time is right.

I still like Wilmar as an investment today and if you are curious as to the reasons, you might want to read the following:

1. 3Q 2018 passive income: Wilmar.

2. Accumulating Wilmar...

My investment thesis remains, more or less, unchanged.

Wilmar is an amazing business that has gone unappreciated for a long time.

With the IPO of its Chinese subsidiary in the works, Mr. Market is beginning to appreciate the value that is locked within Wilmar.

Since reducing my investment significantly in July, I have been waiting to increase my investment in Wilmar again. 

Although I wondered if we could see $3.10 or even $3.00 a share again, using TA, I decided that buying at $3.60 a share or lower might be a good idea.

This is because even though Wilmar's share price has retreated, the 200 days moving average (200dMA) in its chart is still rising.

The 200dMA is a long term moving average and as it is rising, it should provide a stronger support.

The rising 200dMA is at $3.54, approximately.

Of course, TA simply shows us where supports could be found.

TA cannot tell us if the supports would be tested or not.

So, what to do?

Start buying at $3.60 a share, maybe.

TA also cannot tell us if the supports would hold or not.

So, what to do?

Make sure we don't throw in everything including the kitchen sink.

Anyway, informed by some simple TA, making use of Mr. Market's current depression, I significantly increased my investment in Wilmar so that it is again one of my largest investments.

So, together with Wilmar, what are my largest investments now?

$500,000 or more:

If you are laughing, I hope it is for the right reason.

Largest investments updated (3Q 2019).

From $350,000 to $499,999:

Nothing has changed here.

Yes, AK is so boring.

From $200,000 to $349,999:
*Centurion Corporation Ltd.
*Accordia Golf Trust.
*Development Bank of Singapore.
*OCBC Bank.
*IREIT Global.

So, from having only two members, this group's membership has tripled in size, now boasting six members.

Increasing my investments in Accordia Golf Trust, DBS and OCBC meaningfully moved them up from the lower bracket.

The fourth new member, IREIT Global, made the biggest jump as it makes its first appearance in this list by skipping the lower bracket altogether.

Read related posts at the end of this blog if all these sound new to you.

From $100,000 to $199,000:
*Ascendas H-Trust.
*Wilmar International.

Wilmar returns as one of my largest investments by joining the lowest bracket in the list.

If Mr. Market continues to feel depressed about Wilmar, I would probably be buying more.

Now, remember, when we invest, we have to take into consideration our circumstances and not "suka suka" ride on other's coattails.


Cannot find AK's coattails?

That is because AK doesn't wear a coat lah.

La la la la... lah. ;p

On a serious note, remember to "eat bread with ink slowly."

Don't know how?

How to have peace of mind as an investor?

Yes, peace of mind is priceless.

Related posts:
1. 3Q 2019 passive income: Numbers.
2. 3Q 2019 passive income: IREIT.


Bananamint said...

Hi AK, do you have a website you use to perform TA? Or is it a software you have purchased?

thank you!!

AK71 said...

Hi Bananamint,

I use the free charting software that my broker provides with the online trading platform.

Purchase a charting software?

Spend money?

Eeeeks! Noooooo... :p

Invest Sg said...

Hi AK, thanks for the your investment portfolio updates.. was hoping you will publish but pai-seh to ask la :)

AK71 said...

Hi Invest Sg,

Since I was going to blog about recently increasing my investment in Wilmar, I thought might as well do this. ;)

Glad you like it. :)

Unknown said...

Hi AK,

What about APPT? you sold off everything?

AK71 said...

Hi Unknown,

You will find the answer in this blog:
Sell into the rally and stay invested.

konmmo said...

Thanks for the update AK.

It was also probably good for you to take a break from your gaming!

AK71 said...

Hi konmmo,

Your name suggests that you are into MMOs too.

Gambatte! ;p

nch said...

hi AK, hope you are doing well. Can you talk to yourself when you have the time about the book-building exercise by AIMS Financial Group, it was priced at the low end of the range @ 1.35. This caused a drop in the px today when the trading halt was lifted.


AK71 said...

Hi nch,

Well, for those who don't know, see: HERE.

This is just the sponsor selling some of their holdings to some investors @ S$1.35 a unit.

Therefore, it is a non-dilutive placement.

AA REIT closed 11 cents lower or 7.4% lower at $1.37 a unit probably as a knee jerk reaction today.

More savvy investors who have been waiting to get in would probably look at this as a buying opportunity.

If I didn't already have such a significant investment in the REIT, I would probably buy some too.

Invest Sg said...

Hi AK,

Thanks for the info. Happy to have added a bit more at the same price paid by the high quality institutional, sovereign wealth, family office and high net worth investors across Asia Pacific and Europe ;)


AK71 said...

Hi Invest Sg,

Although the unit price is not cheap cheap, we are rubbing shoulders with some savvy investors here. ;)

keng said...

Hi AK,

Somewhat surprised that you are replying to comments after quite a number of days :)

Thanks for clarifying on the secondary placement for AA REIT. I've added a little as well.

AK71 said...

Hi keng,

I like to keep people guessing sometimes.

Bad AK! Bad AK!

Well, I even surprise myself sometimes. ;p

keng said...

How about surprising all by holding AK & Friends 2019? :D

AK71 said...

Hi keng,

That would be too much of a surprise.

Shocking even.

I have a weak heart. ;p

RayNg said...

Hi AK,

Just realise that is no longer in your quarterly portfolio.

So you have divested all or under <100K category.


AK71 said...

Hi RayNg,

I am afraid I don't know what you are referring to.

I have never included investments which are smaller than $100,000 in size in my blogs on largest investments in my portfolio.

There are many investments which are smaller than $100,000 in size in my portfolio.

RayNg said...

Hi Ak,

My bad. I am referring to SingTel.

SingTel use to be in your >500K category in 2018-3Q.

p.s I am trying to HTML tags but somehow it was truncated.

AK71 said...

Hi RayNg,

Oh, that can happen, of course. ;)

I am still invested in SingTel but it is a much smaller position now.

As it has become a free of cost investment, I am quite comfortable with holding on to this position as SingTel continues to transform.

Largest investments (3Q 2019).

Anonymous said...

Hi AK,

Just curious at which price point do you think Comfort will become attractive to YOU again based on the latest quarter result (DPU Cut)and the existing virus affecting sentiments.

AK71 said...

Hi Joe,

Isn't it more important to ask when would it be attractive for you? ;)

Well, I think ComfortDelgro's stock offers good value now.

Mr. Market is pricing ComfortDelgro like the Wuhan coronavirus is here to stay. :p

Ok said...

Hi Ak, wondering whether you chose distribution units over cash for AA reit as i read that it implemented distribution reinvestment plan?

AK71 said...

Hi Ok,

Unless I can make some money by accepting the DRP, I always choose cash. ;)

AA REIT: Distribution Reinvestiment Plan.

Ok said...

Hi Ak thanks. Just wondering why you said it has to own 54 lots or more to make economic sense in arbitraging by selling units that you would get as dividends to Mr Market at a higher price, how did you derive the figure 54 in your earlier blog, appreciate your sharing.

Ok said...

DRP is dilutive, so shouldnt unit holders not sell off the units they get as cash in lieu?

AK71 said...

Hi OK,

That reference I gave you was for something I blogged about in 2013.

It is just a case study and the numbers have no bearing on my situation today.

The blog should be quite self explanatory.

To sell or not to sell depends on our motivations and beliefs.

That blog from 2013 hinged the decision on whether there was an opportunity for arbitrage.

Unknown said...


Wilmar has breached $3! May I know if you have been nibbling?


AK71 said...

Hi Elaine,

My reason for reacquiring Wilmar (i.e. the IPO in China) is probably invalidated for now.

However, the world still needs to eat and Wilmar is a big player and is not going to vanish.

If I see insiders buying, I would probably buy some too. ;)

Unknown said...


Thank you for sharing your thoughts! There are some actions yesterday ... :-)

The following companies, in which Mr Kuok Khoon Hong is deemed interested in, have acquired a total of 200,000
shares in Wilmar International Limited ("Wilmar") in the name of a bank nominee via market transactions at
$3.1397 per share:
(a) HPRY Holdings Limited - 100,000 shares, (b) Hong Lee Holdings (Pte) Ltd – 50,000 shares and (c) Longhlin Asia
Limited - 50,000 shares


AK71 said...

Hi Elaine,

You have found the answer. ;)

PY said...

Hi AK,

Wilmar share price keeps dropping, and no end in sight, not sure is it on a long term downtrend even though the company is still performing. Do you believe the counter is still undervalued? Can share your thoughts. Thank you.

PY said...

Hi AK,

Wilmar share price keeps going down, no end in sight. Can share your thoughts, do you think the company is still undervalued?

AK71 said...

Hi PY,

Wilmar is definitely undervalued but it doesn't mean that its share price couldn't go lower.

The long term support for Wilmar is at $3.00 per share and it could be tested again if the $4.00 support cannot be reinstated.

Keeping some powder dry for that possibility. ;)

Wilmar's interim dividend.

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