The Straits Times Index, Singapore's stock market barometer, has officially fallen into bear territory, defined by a 20% drop from all time highs. Concerns about China's economy, and by extension the global economy, as well as an impending US interest rate hike are the macro factors depressing worldwide equity markets.
Closer to home, the haze has been quite a pain, and might cause a minor slowdown in our local economy. Back in 2013, the haze caused an estimated loss of US$50 million to our economy. This one, though slightly less severe, seems to be more prolonged, and my guess is that the economic damage would be even more than what we had in 2013.
On the home front, my trusty 9 year old car's clutch (yes, I love my manual cars) and flywheel needed to be replaced, and soon after, one of my brakes started leaking brake fluid, causing it to require a brake replacement. All this has put a large dent in my disposable income. But I guess its one of the prices we pay for the convenience of owning a car in land-scarce Singapore.
The ongoing slump in the local stock market did throw up a few buying opportunities. Over the past month, I picked up another 3000 shares of Cache Logistics Trust, 1000 shares of VICOM, as well as 1000 shares of Singtel. Notably, no new significant company information has surfaced, just general market malaise causing the depressed prices.
I picked up Cache due to its attractive pricing of at or close to book value, reasonably long weighted average debt maturity as well as lease expiry. I've wanted to pick up VICOM for a while due to its large share of the vehicle inspection market in Singapore, with it bringing rather stable recurring income. I picked up more Singtel shares today, due to the steep drop in prices over the past 2 days. Though a 4th telco is in the pipeline, Singtel would be the least affected by it among the 3 major telcos in Singapore due to its large and diversified business.
In other parts of the portfolio, my longtime holding SATS is now a new addition in the Straits Times Index, and prices have been elevated recently, possibly by large capital inflow from index funds. Ascendas REIT also made a large A$ 1 billion purchase of a logistics portfolio in Australia. Though I think it didn't get the properties at that good a price, the low Aussie dollar, the high quality properties as well as the freehold land make it a decent long term purchase.
So my current local portfolio stands as such:
| Stock | Shares | Market Value (S$) | % of Portfolio |
| SingTel | 6000 | 21,300.00 | 13.55% |
| SATS | 4000 | 15,920.00 | 10.13% |
| SIA Engineering | 4000 | 14,720.00 | 9.36% |
| Keppel Corp | 2000 | 13,500.00 | 8.59% |
| ST Engineering | 4000 | 11,840.00 | 7.53% |
| Sembcorp Ind | 3000 | 10,350.00 | 6.58% |
| Ascendas Reit | 4000 | 9,120.00 | 5.80% |
| CapitaCom Trust | 6000 | 7,950.00 | 5.06% |
| CapitaMall Trust | 4000 | 7,560.00 | 4.81% |
| Cache Log Trust | 7000 | 6,860.00 | 4.36% |
| VICOM | 1000 | 6,000.00 | 3.82% |
| ComfortDelGro | 2000 | 5,600.00 | 3.56% |
| SingPost | 3000 | 5,100.00 | 3.24% |
| Keppel DC Reit | 5000 | 5,050.00 | 3.21% |
| Boustead | 6000 | 4,650.00 | 2.96% |
| Suntec Reit | 3000 | 4,470.00 | 2.84% |
| Super Group | 4000 | 3,060.00 | 1.95% |
| Keppel Reit | 3000 | 2,820.00 | 1.79% |
| Boustead Proj | 1800 | 1,314.00 | 0.84% |
| Portfolio Value | $157,184 |
| Dividends (Sep) | $390.00 |
| Average Monthly Dividends | $687 |
Cheers!
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