A busy month for me at work and not so busy on the investment front until last week. Some key counters have reported or updated their quarterly results. I will just do a brief highlight and share my simplistic opinions on them. I will also share what I bought and sold for the month.
Companies Update
Income Generating Counters
| Counter | Position | Avg Price* | Dividend (yoy) | Current Yield |
| Micro-M (CPF) | 8.5% | $1.85 | 6 cents (+20%) | 3.6% |
| PLife | 6.2% | $3.25 | 3.57 cents (+6.7%) | 3.4% |
| MINT | 4.0% | $2.60 | 3.28 cents (+3.8%) | 4.4% |
| CLCT | 3.9% | $1.35 | 3.33 cents (-30.2%) | 4.6% |
| SGX (CPF) | 3.2% | $8.71 | 8.0 cents (+6.7%) | 3.2% |
| KDC | 2.8% | $2.37 | 4.795 cents (+20.5%) | 3.1% |
As seen from the table above, with the exception of CapitaLand China Trust, all have announced a higher DPU for the quarter. Micro-M is benefitting from a semi-conductor up cycle and continues to surprise with another increase in dividend. KDC also continues to get good return from its acquisition and should continue to do well due to demand of data centre. Not overtly concern about CLCT drop in dividend which is attributed to the current situation. Things should look better for the coming years with contribution from the business parks.
Frasers Centrepoint Trust and Mapletree Commercial Trust provided a quarterly update. While both are still not out the woods from Covid-19 situation, they are holding up well and things should look brighter going forward.
Growth Counters
| Counter | Position | Avg Price* | Rev (yoy) | NP (yoy) | FCF (yoy) | EPS (yoy) | PE (5y) | PCF (5y) | PEG (5y) |
| AAPL | 2.6% | $78 | 111B (+21%) | 29B (+29%) | 35B (+24%) | $1.68 (+35%) | 36 (19) | 26 (14) | 3.1 (1.8) |
| ISRG | 2.3% | $540 | 1.3B (+4%) | 360M (+2%) | NA yet | $3.02 (+1%) | 85 (55) | 64 (43) | 5.4 (3.6) |
| SBUX | 1.9% | $88 | 6.8B (-5%) | 620m (-31%) | 1.5B (+5%) | $0.53 (-28%) | 170 (35) | 72 (24) | 1.5 (2.1) |
As expected, Apple has a blazing quarter with both products and services growing in double digit. Installed base continues to grow and that will help support the growth in its services for years to come. With the broad market on a high since the second half of last year, Apple is valued more expensive to its past 5 years average. Nonetheless, if it can keep up with its above 20% growth, then I think they are fairly valued and a good company to continue to hold on.
ISRG is recovering from the impact of Covid-19. It might take another year of two before it can be back at its growth path. The valuation does look scary due to weak results over the past year. Forward PE is 56 is nearer to its historical valuation. I continue to believe in its leadership it has for robotic surgery and hence will continue to hold on to my tiny stake.
SBUX is also on the road to recovery. Quarterly results is improving from previous two quarters and hopefully they can continue on this trend in the coming quarters. The positive is its International segment is growing. Again, it definitely look expensive if we value it based on past year’s results but forward PE of 33 is more palatable.
Actions Taken
Sold Punts and Added to Long Positions
The two punts which I bought in December made a return faster than I expected. As such I decided to sell them for a small gain of 10% on Lumen and 15% on Jardine C&C. The Jardine proceed is used to purchase more KDC which brings my average price to $2.37. As for the proceed from Lumen, it is used together with the injection of some cash to buy the counters in the next section.
With the slight correction near the end of the month, I also decided to continue to add more AEM and SGX with CPF, bringing my average price to $3.54 and $8.71 respectively.
Small Portfolio to ride on 5G Trend?
Recently I subscribed to Motley Fool’s Market Pass which came with a 5G playbook. After reading the report, I decided to start a small portfolio with counters that might directly or indirectly benefit from the increase use of 5G in years to come. There are about nine ideas from the playbook and more from articles on Motley Fool’s website. Some of which I already have and others I am not interested in. Finally decided put in about 8k to plant the following 6 new seeds. I have to qualify that I do not know the real impact of 5G on them but I believe that they will do well in the long term even if the impact is minimal.
Ending Remarks
It’s a good start to the year with most counters that I am holding reporting good numbers and progress. Looking forward to more results release in the coming month.
Towards Financial Independence 
Thanks for sharing, nice post!
Thanks for reading 🙂