Current Portfolio

As of 18 September 2017

Number	Counter	Number of shares	Market Price (MP)	Value based on MP	Portfolio Allocation %
1	Raffles Medical	4300	$1.10	$4730	17.7
2	Capitamall Trust	2000	$2.07	$4140	15.5
3	ISEC	13000	$0.31	$4030	15.1
4	First REIT	2000	$1.35	$2700	10.1
5	Jumbo	4000	$0.540	$2160	8.1
6	NetLink Trust	2000	$0.830	$1660	6.2
7	Singapore O & G	3500	$0.47	$1645	6.2
8	Parkway REIT	600	$2.73	$1638	6.1
9	Singtel	400	$3.69	$1476	5.5
10	Religare HT	1500	$0.845	$1267.50	4.7
11	Singpost	1000	$1.25	$1250	4.7
	Total	-	-	$26,696.50	100%

As of 20 May 2017

Counter	Number of shares	Current market value per share	Approximate (due to fluctuations) Portfolio %	Initial cost per share	Unrealised P/L
ISEC	13000	$0.320	20.6%	$0.285	+$455
Capitamall Trust	2000	$1.96	19.4%	$1.90	+$120
Raffles Medical	2700	$1.38	18.4%	$1.48	-$270
First REIT	2000	$1.35	13.4%	$1.19	+$320
Parkway REIT	600	$2.57	7.6%	$2.20	+$222
Singtel	400	$3.73	7.4%	$3.72	+$4
Religare HT	1500	$0.920	6.8%	$0.95	-$45
Singpost	1000	$1.30	6.4%	$1.45	-$150

Comments:

Total current portfolio value: $20,220

As of 31 January 2017

Counter	Number of shares	Current market value per share	Approximate (due to fluctuations) Portfolio %	Initial cost per share	Unrealised P/L
Raffles Medical	2700	$1.44	16.7%	$1.48	-$108
Capitamall Trust	2000	$1.96	16.7%	$1.90	+$120
ISEC	13000	$0.290	16.1%	$0.285	+$65
Singapore O & G	3000	$1.21	15.5%	$1.22	-$30
First REIT	2000	$1.30	11.1%	$1.19	+$220
Singtel	400	$3.80	6.5%	$3.72	+$32
Singpost	1000	$1.47	6.3%	$1.45	+$20
Parkway REIT	600	$2.40	6.1%	$2.20	+$120
Religare HT	1500	$0.925	5.9%	$0.95	+$37.50

Comments:

-

As Of 31 December 2016

Counter	Number of shares	Current market value per share	Approximate (due to fluctuations) Portfolio %	Initial cost per share	Unrealised P/L
Raffles Medical	2700	$1.44	19.8%	$1.48	-$270
Singapore O & G	3000	$1.17	17.9%	$1.22	-$180
First REIT	2000	$1.28	13.0%	$1.19	+$180
Capitamall Trust	2000	$1.94	19.7%	$1.90	+$80
Singtel	400	$3.67	7.48%	$3.72	-$20
Singpost	1000	$1.53	7.79%	$1.45	+$80
Parkway REIT	600	$2.38	7.27%	$2.20	+$108
Religare HT	1500	$0.925	7.06%	$0.95	$37.50

Comments:

As most of you can see, my greatest unrealised P/L from the SGX comes from RMG. However, I have not regretted buying these shares, and what I regret is not buying the shares when they dipped further earlier. This company has been investing heavily for growth (RMH Extension, Holland V Medical Center, Shanghai Hospital), and although it may take awhile for them to break even on their investments and to demonstrate greater value for shareholders, I believe it is only a matter of time.

I have been asked why I have nearly invested as much in SOG in terms of %, well to be honest I was initially reluctant to invest in them, as their medical services is heavily concentrated on obstetrics and gynaecology (with oncology taking up a smaller part of their services). Furthermore, although the management appears to be good, they do not have a long track record unlike RMG and some other listed HC stocks.

 Let's take a look at the chart below:

(image credits: sbr.com.sg)

As you can see, the general total fertility rate has been generally trending downwards, up till recent times (aside from the spike at about 1987). Probably due to many factors: younger couples focusing on their careers, rising costs of living; to name a few. In other words, for SOG to continue to grow and create value for shareholders, they have to either:

1. Capture (increase) their market share at a rate FASTER than the rate of decline of births. 

2. Expand overseas

(note that this argument includes the assumption that they are not serving any foreign patients, which is unlikely, but since we do not have the exact stats, we just need to make do!)

With Regards to 1 - This is difficult, especially with more competition both in the public and private sectors. (More hospitals are being built, and an example of this is Ng Teng Fong Hospital [under JurongHealth]) Local Universities are also churning out an increasing number of medical graduates. There are even grants by MOH to encourage overseas singaporean medical students to return to singapore to practice, and they are in turn bonded to the public healthcare system. 

With Regards to 2 - This is possible, but unlikely to occur in the near future.

The trigger which led to my purchase in SOG shares was due to its recent branching into dermatology.

Dermatology has great potential. Aside from treating infections of the skin, a decent proportion of dermatological services provided are often aesthetic. From my personal observations, there is a rising trend of both youths and adults who are concerned about their personal appearance and are more wary about skin-health. This can be attributed to various reasons; rising incomes, celebrities etc. Furthermore, it was also reported on the Straits Times on the 14th of April, 2016, that there have been increasing number of men who are spending more on skincare products, which even includes make up! (I was a little pleased that my observations were somewhat affirmed when i read that article back then haha)

The amount of contributions the new dermatology segment has had to SOG is evidenced in their most recent financial report, which you can take a look on your own on their website if you're interested.

That is all from me at the moment, I am continually updating this page as well as my posts, so thank you so much for your patience with me and for reading them!

Best Regards,

A