Shares investment Feb 12

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A short update from my last 2-part post:

(1) After reading some write-ups and comments in a forum and pondering over them for quite sometime, I've decided to cut down on investment in REITs. Main reason is the practice of the manager of REIT being rewarded for any purchase/sale of property, on top of being continually remunerated as a % of value of assets in the REIT. This could encourage some sort of churning, couldn't it? Of course in practice, a manager has to justify the purchase/sale. Nevertheless, where previously I thought of investing chiefly in REIT, now I am going to minimise the investment. I thought of arbitrarily taking the debt/asset ratio of 30% as a criteria for me to invest or not but later changed my mind because it is a tad low. So later I upped it to 35%. REIT with ratio lower than 35% has some room to raise fund via debt, rather than from rights or private placement which almost certainly lower the share price in the near future. This matters to me because I do not forsee having sufficient fund to buy more to lower the average purchase price should there be rights issue.

(2) As a result of temporarily adopting the debt/asset ratio of 30% criteria, I have disposed of Starhill Global REIT. I now regret since its ratio is below 35% and has been giving me good dividend yield :( Oh well.

(3) Among the 5 REITs in my portfolio, the one I'm eyeing to dispose of is Suntec REIT since its debt/asset ratio is above 35%. However, I would sell it only after its share price rises above my purchase price. Meanwhile, I'll just collect dividends from it.

(4) I sold SPDR STI ETF because it gave me profit within a month of purchase! Although it was only a small profit, I sold it because I was suspicious of the share market's exhuberance at that time. True enough, it fell significantly after end of October. I would have gotten back in if not because of lack of money (as I'm trying to buff up further my emergency fund).

(5) I've added SIA Engineering and Singpost as part of my continuing effort at diversification (especially since I'm cutting down on REITs).

(6) So currently I have investment in 12 counters:
  • Second Chance Properties
  • AIMS-AMP Industrial REIT
  • Boustead Singapore Ltd
  • CapitaCommercial Trust
  • CapitaRetailChina REIT
  • First REIT
  • M1
  • SBS Transit Ltd
  • SIA Engineering
  • SP AusNet
  • Singpost
  • Suntec REIT


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