This is an update to my Singapore stock portfolio for May, with closing prices as of last Friday. I put the portfolio as of last week so that it takes into account my newest acquisition Croesus Retail Trust. For previous month, please see

My Singapore Stock Portfolio End February 2013

My Singapore Stock Portfolio End December 2012

My Singapore Stock Portfolio Mid November 2012

 

img singapore stock portfolio may 2013

 

Mapletree Greater China Trust and Croesus Retail Trust

While I haven’t been looking at the current REITs, the new IPOs of Mapletree Greater China Trust and Croesus Retail Trust did pick my interest. I got some lots from balloting for MGCT and purchased from the open market as well at about $1.03-$1.04. I didn’t manage to get any lots for CRT, so I purchased from open market at about $1.13. For more info about MGCT and CRT see

Croesus Retail Trust IPO

Mapletree Greater China Commercial Trust IPO

 

First Resources and Golden Agri

Other additions include palm oil plantations First Resources and Golden Agri. The recent continued weakness in CPO prices allowed me to purchase First Resources at a good price and further average down on Golden Agri. While we do not know how long the oversupply situation is going to last, some analysts predict this year 2nd half, some later, I believe in simply buying on weakness. Fundamentally, the long term outlook for edible commodities such as CPO is still bullish as population growth is the biggest catalyst.

Palm Oil Plantation Stocks Tree Maturity Profiles

 

Vard

The stock price weakness for Vard (formerly STX OSV) is certainly surprising, given that the market clearly knows even the $1.22 offer price was a discount to the intrinsic value. New owner Fincantieri makes it known that they do not intend to rock the boat, so I took the opportunity to average down. As you can see the proportion remains at about 12%, despite the drop in price. I was waiting for it to breach below $1, but it never did. Research houses have the target price as high as $1.80+, we will see how this year’s results turn out. For more info, see

Vard Investor Relations Q&A with Private Investor

STX OSV General Offer Ends

Ernst & Young Report Recommends STX OSV Shareholders to Reject $1.22 Offer

 

United Engineers

This is an interesting one, when most of the developer are bullish in prices, United Engineers stock price retreated, even though there was a big dividend coming up. The idea behind United Engineers was simple, to buy it for the investment properties like as if it was a property investment company. The RNAV of the investment properties is at $6.60, while the stock is trading at $3. Taking into account other assets and debt, it is trading at a hefty discount to its RNAV. The dividend yield is about 3.3% and it has been pretty consistent for the past few years.

 

For further information, you may be interested in:

Croesus Retail Trust IPO

Mapletree Greater China Commercial Trust IPO

Palm Oil Plantation Stocks Tree Maturity Profiles

Vard Investor Relations Q&A with Private Investor

STX OSV General Offer Ends

Ernst & Young Report Recommends STX OSV Shareholders to Reject $1.22 Offer

My Singapore Stock Portfolio End February 2013

My Singapore Stock Portfolio End December 2012

My Singapore Stock Portfolio Mid November 2012