March is a comparatively busy month for me both at work and in the market.
Dividends received
MLT @ $296.01
MIT @ $285.30
Ascendas REIT @ $1,038.86
CICT @ $331.92
CLCT @ $349.50 (last dividend)
Total received for March 2026: $2,301.59
This amount is slightly higher year on year.
Transactions
1) This month marks the end of my relationship with CapitaLand China Trust aka CLCT after holding it for 6 years.
I've sold all my 15,000 units at $0.675. Overall loss incurred is -47.24% including cumulative dividends over the years.
This is following my review of portfolio done in January this year.
What prompted me to sell is the structural deterioration in the REIT's performance, continuous challenging macro environment and most importantly, I don't see an improvement in sight in the near future.
Performance of the REIT manager is nothing short of shocking. Rental reversion is in the negative territory across the three segments of retail, logistics park and business park.
Retail, which is traditionally their largest portfolio contributor, seen a fall in both revenue and occupancy rate.
Consequently DPU fell nearly 15% compared to 2024.
As such I have to make the decision to cut this bleeding counter from my portfolio and reinvest the proceeds into other more resilient and promising counters.
It is a painful but necessary decision.
2) Using the proceeds from above sale and dividends received, I added more CapitaLand Integrated Commercial Trust (CICT) at $2.37 and $2.30.
This brought my average price to $1.93. An average up.
Dividend yield on average cost: 6%.
CICT is one of the few REITs that performed admirably in my opinion. Their latest financial results show a solid performance with both revenue and NPI increasing year on year. Occupancy rate remains high at nearly 97%.
I also like the fact that gearing remains below 40% with ICR increasing YoY. Equally important, cost of debt went down to 3.2% and is set to go down even further to about 3.0% in FY2026. Nice!
No qualms in increasing my holdings in this counter which currently makes up about 9.2% of my portfolio.
3) Also using the proceeds and dividends, I bought into Centurion Accomodation REIT (Cent Accom REIT) at $1.09.
This is a counter that I have been wanting to buy after failing to get any allocation during IPO.
Based on a prudent IPO projected dividend amount (they have apparently exceeded this forecasted amount), my yield on cost would be 6.03%.
Even after taking 10% off - the REIT has stated after 2027 they would pay out at least 90% of distributable income instead of the 100% now, my yield would be 5.43%. Still quite decent.
So long as Singapore remains a foreign worker-based economy, I'm optimistic about this counter. Looking to build up this holding in tranches.
4) I also applied for the UI Boustead REIT IPO this month and got allocated 3,200 units. The listing couldn't come at a worse time with the war in Middle East raging on.
Share price of this counter went downhill on day one of listing and has remained below the IPO price although I feel this is a reaction to the macro environment rather than structural issues with the counter.
Can add more depending on my funds and opportunities with other counters.
5) ABVX put option that I wrote last month has expired. Premium in the pocket remains intact.
6) Bought ABVX at $119.77 and $102.76 post-earnings. First came across this counter when it was mentioned by Doc TTI. Wasn't in a hurry to enter then as I wanted to wait for the earning release.
It's not about the numbers - For biotech companies at this stage, the financial numbers are pretty meaningless. What I wanted to read is the management comments and business updates. And these didn't disappoint.
Two points I picked up in the updates:
- Firstly, a Chief Commercial Officer is appointed and the Chief Scientific Officer is leaving. I interpret this as: the company do not foresee any issue with Obefazimod and the planned NDA application in the 2nd half of the year. Even if no buyout materialised, the company is prepared to market the drug themselves.
- Secondly the Data Safety Monitoring Board found no new safety signals in the latest ABTECT Phase 3 maintenance trial.
First point spells confidence. Second point further reinforce the first.
The potential of Obefazimod doesn't just ends here. Because of the delivery mechanism, the drug has high potential of application in most other inflammatory diseases as well. The company is concurrently running trials on Obefazimod for Crohn's disease now with the 12-week induction data expected in second half 2026.
The more due diligence I do for this counter, the more excited I am. This drug is like a game-changer in that it reduces inflammation in the first place by deregulating the release of cytokines which are pro-inflammatory proteins in our body.
This is radically different from the immunosuppressants that are usually prescribed in current practice which can cause a host of other issue because of weakened immune system.
So in my opinion even if no buyout occurs, the commercialisation of the drug by Abivax themselves isn't a bad thing too.
Risk of this investment is obviously the failure to get NDA approval for Obefazimod. However this is probably a low risk and I am mitigating with position sizing.
The question now is how much of the good news has been priced in already. My feel is not fully yet. So I will continue to add and build up for this counter.
7) Took partial profits off my MSFT holdings at $370.28 partly because of the recent price weakness and partly to fund my planned purchases of ABVX.
MSFT has been a multi-bagger for me and I still hold the counter after this partial profit-taking.
Conclusion
Same
strategy applies for all counters. Since the current war situation is so
dynamic - market can move in any direction in the blink of an eye based
on one social media post from Donald Trump, I will continue to buy in tranches and at the same time mitigate risk with position sizing.
