June 2026 Updates

Dividends received for the month of June come from:

 

1) MIT @ $278.10

2) MLT @ $296.50

3) CICT @ $378.10

4) NLT @ $284.55

 

Total: $1,237.25

 

Total received for first half of the year amounted to $6,614.25. This is slightly higher than the $5,824.36 received from the same period last year.

 

As long as there is no big surprise for the next half year, total dividends for the year should exceed $10k again with the amount higher than last year's too.

 

Portfolio value remained fairly stable month-on-month at quarter of a million dollars since there is no trade done in June:

 

This is about $40k higher than the portfolio value of $210,704.37 from the same period last year. Around $27,500 is from capital injection and dividend reinvestment. The rest comes from portfolio growth. 

Total investment amount should reach beyond $200k by end of year.

 

Next month has various AGMs coming up again. Hope to find time to attend, at least for the MLT AGM.

 

On the US front, I've added ABVX again at $96.80. This counter is facing some headwinds recently due to the report of cancers in the recent maintenance trial.

The volatile price movements give rise to nice opportunities in the options market.

 

I closed an earlier short put with $99 strike for a net premium of $2.17.

Then I initiated another short put at $93 which just expired with $5.08 premium in the pocket. Not bad for a week's holding.

 

Last night I sold another put at $65 strike expiring on 2nd July 2026 for a premium of $2.90.

 

The good news from ABVX released later in the night provided the reassurance investors needed and as a result the share price shot up >35% at this point of writing. That's good. But I wouldn't mind for the volatility to continue longer so I can further build up my position while getting juicy premiums from the options.

April 2026 Updates

Relatively quiet month for me investment-wise.

Actions include:

1) Wrote another Put on ABVX at $98 strike price, expiring 8th May 2026. Received premium of $2.50.

2) Received DBS dividend of $615.60.

3) Received Ascendas REIT dividend of $558.75.

4) Applied for Ascendas REIT PO allocation + excess. Received full amount of the 1,100 units applied.

5) Added ABVX at $109.02.

Earnings season again. Another disappointing quarter from MIT with overseas assets being the drag. The 8% lower DPU YoY is quite a big drop. 

Another Mapletree unit that is raising alarm bells in me is MLT with their Mumbai acquisition. Many Singaporean companies struggle to do well in the Indian market. Hopefully MLT will be the exception. 

On the flip side, luckily Ascendas REIT's result is not bad overall with their >10% rental reversion.

Portfolio value remains stable.

Fund balance: around $2,200 with incoming dividends expected in May.

March 2026 Updates

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.

Wrapping Up for 2025

Quick wrap up for a year that flew past for me. 

 

Family

This year we went to Bali again for our year end holiday. We stayed 4 nights at the mountainous region of Ubud this time which we really love (last year we stayed entirely at Kuta). Our room opens up to this view:

On the last 2 days we stayed at Kuta to be nearer to the airport. We managed to visit Waterbom Bali this time. I suspect I might just make Bali a yearly visit from now on 🤭.

School work-wise, daughter got an award for Mathematics at the end of school year. Guess it's a good end for her Primary 1.

 

I've never been worried about her school work. It's her stubbornness and temper that I'm concerned with. I seriously think she inherited those from me.

Son's also getting better at being focus at his work. I would like to think his happy-go-lucky character is a blessing.

 

I will be very happy as long as they remain healthy and develop good character. The latter is always my focus when I'm teaching them.

Work

My company remains the main focus. It has been 8 years since I started the business bootstrapped. While it has its ups and downs through the years including surviving Covid, our mission in providing solutions in emission control and protecting our planet never change.

I would consider 2025 a so-so year for the company. While the numbers are not that great compared to past years, the highlights are constant repeat orders from a client - a testament to their trust in us, and a breakthrough into the public sector with a prominent government agency onboard.

I'm looking forward to 2026.

Side line 1:

My side gig as a personal trainer yields better than expected income for 2025. While I was aiming for $20k from this in the beginning of the year, the actual income achieved amounted to $23,640.

 

Not bad considering I only dedicate weekday mornings to this.

This is helped by the signing up of a private client who was introduced to me by her family member who in turn was already training with me.

I find this really fulfilling.

In fact another of his family member contacted me yesterday to enquire about my training schedule.

 

Side line 2:

 

I just embarked on this in October 2025, as an adjunct lecturer in a local IHL. I am only taking two classes per week for now. Income achieved amounted to $2,000.

I'm starting to get the hang of teaching and the administrative work but I must say this side gig is taking too much of my time. Way more than what I expected.

I will most likely continue for the next semester which should be less of a learning curve by then.

CPF

Throughout the year I have made voluntary cash top up to my CPF SA. Total top ups amounted to $5,590. These are taken from the side gig incomes.

In December I also made a transfer from OA to SA to achieve the FRS amount. This is done to take advantage of the higher interest in SA in order to further secure my retirement expenses.

Of course the downside is I have lesser amount to use should I decide to purchase another property in the near future. It is because of this consideration that I have taken so long to make this decision.

Personal Social Responsibility

 

For this year, my choice of causes remain the same: the young, the elderly and the environment.

 

This is just a small gesture to contribute back to the society on a regular basis.

 

Other than this yearly donation habit, part of the reason why I went into adjunct teaching is also to inspire the younger generation. I am teaching the subject of sustainability which is my area of expertise and which is closely related to my work and passion.

If I can motivate more young people to live sustainably and equip them with the knowledge to do so, there is a better chance our future generations can have a decent quality of life.

 

"Sustainability is meeting the needs of the present without compromising the ability of future generations to meet their own needs.” (Brundtland Commission)

 

Last but not least, my wife and I also donated our household CDC vouchers to Tzu-Chi Foundation (Singapore).

 

Investment

2025 was a mini breakthrough year for me in terms of dividends.

For the first time since tracking, my annual dividends collected crossed the 5 figure mark.

My number of holdings increased to 12 counters. A number not seen since years back.

I invested about $29k in 2025 which is more than the estimated $20k figure foresaw in the beginning of the year. This amount is largely from my side gig incomes. I didn't really touch my savings or main income for investment this year.

Local portfolio value also hit a new high of $235k.

Cumulative dividends since tracking amounted to $62,714.56.

Total portfolio value (SG, HK, US) amounted to $257k.

In December the last batch of dividends came in from SingTel ($656), MIT ($286.20) and MLT ($295.86).

I also bought CapitaLand Invest (CLI) @ 2.61 in December. This feels like a renewed relationship as I have sold this counter few years back when it was still known as CapitaLand.

 

For non-REITS, other than CLI I also bought ComfortDelGro (CDG) and Venture this year. Lastly I also added more DBS and OCBC.

 

For CDG it's another reacquaintance.

 

Best performers in 2025:

 

1) DBS (+131.22%)

2) OCBC (+108.49%)

3) SingTel (+41.90%)

Worst performers in 2025:

1) CLCT (-41.39%)

2) MLT (-5.73%)

3) MIT (-4.89%)

 

CLCT continued to be the worst performer. Same position as last year although there is a slight improvement compared to 2024 (-46.24%).

For the last two years I have tried to divert my portfolio away from REITs by adding other equities. In 2026, I will adopt a more balanced view with a mixture of both asset classes as I feel the worse is over for REITs.

Having said that I will still be prudent with my cash by holding a certain percentage of it due to the present geopolitical risks and the whims of Trump. This will be achieved by only investing from my side incomes while leaving my main income and savings untouched. Same strategy as 2025.

I will probably only deploy the latter income sources if (a) a compelling buy case arises or (b) more clarity on the geopolitical situations arise e.g. concrete end of the wars, step down of office by Trump, etc. However the trick is to remain nimble as is always the case in investing especially so in this era where dynamics change ever so quickly.

For the US / HK portfolio, I will continue to concentrate force on the tech sector since my outlay is relatively small for too many counters. In the US market, I will continue to build a position in MSFT and NVDA. For HK market, I might add more 9988 if it hits $120.

Talking about MSFT, it is the second multi-bagger achieved in this portfolio with a P&L of +179.18%.

Worst performer: PYPL (-68.44%)

September 2025 Updates

September is traditionally a bountiful month for me in terms of dividends received. This year is no different.

 

Total of $1,720.02 is received from the following:

 

1) Ascendas Reit @ $137.72

2) MIT @ $261.60

3) MLT @ $295.37

4) Venture @ $150

5) CICT @ $501.84

6) CLCT @ $373.50

 

This brings the dividends received YTD to just shy of $10k.

 

In the local market, I did not made any transaction. Applied for 10,000 units of Centurion Accomodation Reit (CA Reit) but got zero allocation. Did introduced this IPO to a friend and he got allocated 1,000 units. Instant profit if he were to cash out now like the institutional investors.

 

I am not surprised at the popularity of this counter though. Was telling my friend I rated NTT DC Reit a 4 out of 10 previously and CA Reit is at least a 7 or 8 for me.

 

In fact I had already set my mind to apply for this IPO halfway through the prospectus.

 

Nevertheless one thing I've learnt from the market over the years is that opportunity always comes back.

 

I guess this time round I didn't get allocated for a reason. But I will be monitoring closely for the chance to add when it arises.

 

In the US market, I averaged up on NVDA by adding @ $170.88 to my existing holding. This one is a keeper and I'm pretty sure it will be the next multi-bagger for me after MSFT.

 

Work-wise, I also received the confirmation letter for my 2nd side hustle. From October onwards I will be teaching in one of our local institution of higher learning as an adjunct lecturer.

 

Hope it will be a fun and enriching journey for me and the students. If it turns out well, I will dedicate more hours to this in subsequent semesters.

 

See how it goes. Excited.

June 2025 Updates

Received dividends from Netlink NBN Trust, Mapletree Industrial Trust, Mapletree Logistics Trust and Ascendas Reit.

NLT: $281.40

MIT: $268.80

MLT: $318.67

AReit: $894.11

Didn't make any trade this month. 

June also seen the start of the slow down in my side line as more and more clients go on their summer break. 

Every year June to August is like that since majority of my clients is ang moh.

Nevertheless it's not a bad thing as I was rather occupied with my environmental management business which is my main work. 

Coming July which is officially the 2nd half of the year, hopefully there will be buying opportunity soon.

Current amount available for investment (excluding main warchest): $5,155.00.

Portfolio value at point of writing: $210,704.37.

 

Edit: Added Ascendas Reit dividends which came in after the original post.

A Review of 2024

 

Happy New Year everyone.

 

Quick review of 2024 and looking forward to a better 2025.

 

Family

 

Overall not a bad year for us. Only thing is jie jie kept falling down and hurt herself. It got so frequent that we are thinking if there is something wrong with her legs or other parts of the body. This is worrying for my wife and I.

 

There was once I saw her fell down in front of me. She just fell to her knees and I thought that was it. But suddenly her body started to lean forward and her head fell to the ground as well. This process is like happening in slow motion right in front of me.

 

The superstitious side of me even started wondering if something unseen is disturbing her. Yes, my worry got to that extent.

Hopefully 2025 onwards will be a better year for both jie jie and didi.

Some personal reflection for me: I realised I have been getting short tempered nowadays and sometimes my reaction can be rather extreme. This is definitely not good and I really got to constantly remind myself to be more chill moving forward.

 

On a bright side, we just came back from a family trip to Bali. Last trip there was 10 years ago with wifey and we didn't have kids then.

 

Had a good time for this 5-days holiday over Christmas although we nearly missed our return flight.

Our hotel is 15 min from the airport. But the trip took nearly an hour because of traffic. Our flight is scheduled for 9.05 pm and we reached the airport around 8.50 pm and the boarding gate at 9.10 pm.

Luckily the flight itself is also delayed and we managed to join the queue.. in waiting. The flight eventually took off around 10.05 pm.

Lessons learnt:

1) I checked-in online the night before and it turned out to be the best decision because by the time we reached the airport, the check-in counter was already closed. Had we not checked-in beforehand, we would not be able to go through the customs, delayed flight or not.

2) Always cater for extra extra time for Bali especially during weekends.

 

Today is also the first day at their new school for both kids. I accompanied didi while wifey accompanied jie jie. New environment, new teachers. Both seem to be coping well.

I hope they enjoy the process of learning and not be fixated on the end results because if they achieve the former, the latter will take care of itself.

 

Investments

 

SGD

 

Have been adding on a monthly basis whenever possible over the past year.

 

Although the plan in the beginning of the year was to diversify and reduce the REITs concentration in my portfolio, only one of the purchases was for a non-REIT - Netlink NBN Trust, which I bought on two separate occasions. The rest of the purchases was for Ascendas REIT, MIT and MLT. I also subscribed and applied for excess for CICT PO.

 

If I have stuck to my plan in 2024, portfolio performance would perhaps, be even better. Really got to be more disciplined and execute my plan this year which is again, to reduce the REITs concentration.

 

I started tracking my portfolio performance in 2016 and hence cumulative dividends is recorded from that year onwards.

 

As of writing, Ascendas REIT is my biggest holding at around 20% by market value.

Best performer is DBS at +119.91% followed by OCBC at +88%.

Worst performer is CLCT at -46.24%.

 

Summary of my holdings and performance as follows.

 

USD / HKD

 

Did some cleaning up of this portfolio in the last two trading days of the year.

Took profit off AAPL (+54.93%)

Took partial profit off MSFT (+47.08%)

 

Got rid of GREE (-99.21%). The speculation of this counter is one of the biggest mistakes of my investing career so far.

 

Cut loss on BABA (-33.73%) because macro outlook remains murky and rounds of stimulus and pep talk by the central government failed to lift the share price. They have also recently did a drastic price reduction on Qwen, which is their AI tool for enterprises. This move is probably meant to gain market share domestically and I believe it will help to a certain extent. I am never a fan of price war and whether this will spark one with other players like Baidu remains to be seen. However one thing is certain, margin for this segment for Alibaba will be compressed by this move.

Portfolio Value (SGD equivalent): $16,626.37

Overall

Total Portfolio Value: S$188,452.35

Business

 

Business so far has been average after the record performance last FY. Still got two more months to go before closing. I am hopeful one of the government contracts we are negotiating will come through soon.

 

Collaboration for the new technology is moving forward albeit on a slower pace than I would like to. We are collaborating with one of the local institutes of higher learning. Maybe that's just how academics work but on and off I need to push them along to move things faster.

 

Nevertheless this is the engine for our next phase of growth and I am determined to make this work.

 

Side Line

Did a tabulation and realised I generated S$19,500 over the past year from my side line as a personal trainer. Not bad considering I dedicated only week day mornings to this hustle. No evenings, no weekends, no holidays. Those are strictly for my family and personal time.

This figure should be higher in 2025 as more private clients are starting to sign up with me. They are mainly referred through word of mouth as I do not actively advertise my service.

I would say most if not all the clients are either c-suite or rich tais tais who are generally not bothered by the price and would not haggle over it so that makes things easier. I just need to focus on helping them achieve their goals.

My current allocation for this side income is:

50% goes to investment

25% goes to SA top up

25% goes to discretionary spending

Moving forward this will remains.

Donation

 

Personal donation is a yearly ongoing affair for me. Other than the monthly GIRO contribution to certain charities, I will usually make ad hoc donations towards year end as well.

 

Same as previous years, this year I have chosen to donate to causes close to my heart - the young and the elderly.

Hopefully this post will inspire readers too.

 

Other than personal donation, I have also donated on a company-level with the latest one in July 2024. This will continue as long as the business continues to be profitable.

Summary of September 2024

Investment

 

$1,904.02 collected in dividends from Ascendas Reit, MIT, MLT, CLCT and CICT. Lol all the acronyms. 

Also collected 200 scrips from MLT and 1,800 rights + excess from the recent CICT PO.

For MLT, I elected to receive partial scrips with partial cash. The scrip price of $1.276 is attractive and more so given the expected rise in share prices as a result of Fed's rate cut. Partial cash is for avoidance of odd lots.

For CICT, it was an average up for me. I elected to subscribe for the rights and apply for excess for a total of 1,800 units. I received the full allocation today. While the rights price of $2.007 is quite high relative to my average price, it was attractive in comparison to the market price with a view of impending rise in share price.

With the averaging up from this addition, my average price for CICT now stands at $1.80 which is still yielding a good 5.8% in yearly income.

These are the only additions to my portfolio for this month. There are still some bullets left which are ready to be fired anytime when a target pop up.

Highlight of my portfolio for this month must be SingTel which is finally reaping the rewards after the strategic reset. Of course the banks and Reits are also outstanding. 

Meanwhile my investment in BABA is finally turning green. Glad I stayed with my conviction. 

Actually Alibaba reminded me of SingTel. They are not bad fundamentally speaking. Just some wrong moves over the years which were corrected or are in the process of correcting. Look at SingTel. After Mr Yuen rectified the issues brought about by his predecessor, the market rewarded SingTel accordingly. 

Overall September is good month for me and I believe, for most investors as well. 

However as we approach year end we should keep in mind the customary window dressing and look out for opportunities to add.

Also not to forget the tensions in Middle East. Iran just fired about 200 missiles at Israel this morning. This is a reminder of how dynamic the world is today. 

Business

 

Another good month for my side hustle as a freelance personal trainer. Apart from the clients allocated from my gym, I have started to train a client outside of the gym. This is a referral from word of mouth and since this is my own client, I am able to charge more per session.

My main business in the environmental management sector is also keeping me busy. Jobs are coming but the project value is low.

The new growth driver that I mentioned in previous posts is gearing up well. Just had a second meeting with a local university on the co-development of this technology. 

I am rather excited by this. 

 

Family

We have found a new school for our son for the next three months before he goes to Kindergarten next year.

We have pulled him out of his previous nursery as we suspected he has been traumatised by an assistant teacher there. We have decided to bring this up with ECDA. 

Summary of July 2024

No dividends collected this month.

Added Mapletree Industrial Trust @ $2.10 and Mapletree Logistic Trust @ $1.26. Have blogged about this in an earlier post.

Looking to add some non-Reits for the next couple of months. Double "S" maybe?

Must say I have been pleased though not surprised with SingTel's recovery in share price recently. I have blogged several times in the past on my confidence in SingTel, their potential catalysts and the actions they are doing to turn things around.

Mr Yuen has done an excellent job so far in pulling the company out from the previous doldrums and pushing the company to greater heights by future-proofing the business. Of course the value realisation dividend which will be on a recurring nature, is a big welcome for the loyal shareholders (me included).

This month's income for my side hustle hits another record high which puts it close to 1/3 of my main income. This means more fund for my investment again.

Last but not least, I am happy to finally complete my Masters programme.

Did not attend the commencement ceremony earlier this month and instead opted to collect my scroll from the school after that. Reckoned it's the right choice. Attending the ceremony would means waiting for 2 - 3 hours to go up on stage for that 30 seconds.

When I dropped by to collect my scroll from the school last week, from the time I alighted from my car and back to my car, it took less than 5 min.

Summary of my performance

GPA: 4.47/5

Graded A+ for my thesis

Biggest takeaway is of course the knowledge and network gained.

It gives me some sense of accomplishment, knowing I have managed to juggle between my studies, full time job, my side hustle, my two kids and my investments for the past two years.

 

Mini achievement unlocked for someone in his early 40s I guess.

MIT vs MLT. Which To Choose?

As mentioned in an earlier post in June, I have more funds to add to my portfolio this month.

 

Coupled with my aim this year to veer my portfolio to be less Reits-concentrated, I did two rounds of stock screening to uncover suitable counters for further study.

The screening did shown some promising counters on first glance. However I eventually decided against adding into these due to various reasons such as low trading liquidity, outlook of business, unsustainable / irregular dividend payment or the business nature simply doesn't align with my values (as is the case for one of the counters).

 

Long story short, I went back to look at my existing holdings and decided to take this opportunity to average down on couple of them.

 

I would have added into Ascendas Reit if it is not the top position in my portfolio now.

 

So I looked into Mapletree Logistics Trust and Mapletree Industrial Trust.

All three mentioned are among the fastest to recover during an upturn.

Anyway I did a quick study on the annual reports of MLT and MIT to guide my decision.

 

Sharing below summary for readers and fellow investors.

 

Notes: Data gathered from respective FY23/24 annual report. Both MIT and MLT did EFR in this period.

 

Sentiments from the findings

1) Both are well managed in terms of maintaining their portfolio occupancy, achieving positive rental revisions, increasing their distributable income and managing their debt profiles --> increasing income and well-managed debt are two of the most important attributes for any business aren't they?

 

2) However they are affected by certain macro factors e.g. in the case of MLT, China's oversupply of warehouse spaces.

 

3) Interest rates and Forex effect are and will always be something to look out for. In my opinion the management of these metrics is what set the good Reits apart from the mediocre ones.

 

4) Especially in times like now, points 2 and 3 above form the basis of analysis for Reits investment.

5) Buy into MIT if you believe in the future of DCs and don't mind the concentration risk in geography.

6) Buy into MLT if you believe in the importance of logistics and don't mind the potential slight drop in DPU yield while waiting for the chinese assets to recover.

My personal mantra has always been technology develops the world (DC) and logistics moves the world (globalisation and commerce). In this century there's simply no avoiding either.

Hence I did the best thing I can in this situation. I added to my holdings for both counters in around equal quantum - MIT @ $2.10 and MLT @ $1.26.

Quick tip: If you do not have time or do not want to go through the entire annual report, it would be useful to at least read through the Chairman and CEO message to unitholders.

Summary of June 2024

Collected scrips + dividends from MLT and dividends from MIT and NLT this month.

Closed my Syfe portfolio with a small profit after a slightly over three years experimentation. 

Another record income achieved for my side hustle as a personal trainer.

Combining all the above, what this means is that I have a higher than usual fund for investing into my portfolio this month.

Have not added anything yet since my recent stock screening did not yield any mouth-watering prospects.

 

Price of the REITs I'm currently holding are attractive and tempting though I have mentioned earlier this year (I think) that one of my aims in 2024 is to make my portfolio less REITs concentrated.

Another option is the US market where some of my counters are inching to 100% gain.

NVDA is hot! Waiting for a pullback towards $96 region.

Will update in subsequent post for any trades made.

Summary of February 2024

Following my purchase of Mapletree Logistics Trust in January, I continued my purchasing in February when opportunity presented itself.

 

My queue for Netlink NBN Trust @ $0.84 got filled at the end of trading hours. This is an addition to existing position and an average up at that. Coincidentally, last month's purchase of MLT was also done on the 29th.

 

2929. Huat Ah!

 

This purchase price translates to a dividend yield of more than 6.2%.

 

Have been monitoring the market every day as usual. There was a dip in price earlier this month for majority of the counters in my watchlist - if I remember correctly, the dip lasted only for the trading hours before lunch on that particular day.

 

I wasn't in time to make my move then due to work. Nevertheless this week NLT presented a comfortable price for me to add and eventually I got it after queuing for two days.

 

This price is slightly lower than the $0.845 that Netlink NBN Management executive director and CEO paid for his purchase of 100,000 units on 16th Feb. 

 

Another reason is the announcement of the S$100 million investment from the government into the national broadband network upgrade.

 

While the details on how this will impact NLT's financials are not clear at this moment, I believe this NBN upgrade will at least stabilise NLT's profitability and provide visibility on its business outlook in the next 2 - 3 years.

This helps to allay my concern on the sustainability of NLT's dividend payout moving forward.

On a side note, next month should see some dividends coming in from various counters including MIT, MLT and CLCT. As usual, will reinvest into the portfolio to let compounding works its magic for me.

With that, till next time. Cheers.