Screenshot 2019-04-19 at 10.26.48 PM

I was approaching another zero action month when CWT International announced that it failed to pay interest of its loan. Mapletree Logistic Trust has issued statement that they are currently not affected as CWT has been paying its rent and there are no arrears. Also, even in the event of a default, MLT could probably negotiate directly with the end-users. So my head thinks its a non-event but my gut does not feel totally at ease.

Rebalancing REIT Portfolio

My gut won the battle last Thursday and I divested my stake at $1.42, making a gain (including dividend) of 15% for an approximate holding period of a year. The cash obtained was deployed yesterday to buy more of Mapletree Industrial Trust at $2.07 and Capitaland China Retail Trust at $1.52. I also took the opportunity to finally initiate a small position in Keppel DC Reit at $1.49.

A new position in Singapore O&G

Came across Evergreen_Investor post on Singapore O&G on InvestingNote and decided to read up their annual reports over the long weekend. I think the group has done well in growing the business since their listing in 2015. Briefly, these are what I like.

  • Capturing the market in O&G with growth in babies delivered.
  • Expanding into Paediatrics
  • Number of Specialists have gone up from 7 in 2014 to 14 in 2018
  • Net profit margin of 26% for 2018.
  • Debt free with cash of about 4.5 cents per share

So I decided to take a small stake at $0.395, making it the third medical stock in my portfolio. This will be my second time holding the counter. The last time round in August 2017, I only held it for a month and was lucky to make a tiny gain of 2%. Hopefully, the relationship will last longer this time round. To fund this purchase, I reduced my stake in Raffles Medical Group at $1.07, incurring a loss of 17%. RMG remains in the core list with a position size fo 5.4%.