Only recently, I decided to do this detailed review for my paid subscribers. My intention of doing this is to guide you on how I manage portfolio as a supplement to the book I have written about dividend investing – grab a copy here!

My goal for this portfolio is to generate dividend income that exceeds my expenses. My stock selection criteria are based on the book I have written, here are some of it:

• Increasing dividend per share for the past 5 to 10 years

• Business model that generates recurring income

• Relatively strong earnings power

• Decent economic moat or competitive edge

  ---

⚠️Disclaimer: Word of Caution!

Please DO NOT take this as a buy or sell signal. When it comes to investing, it is important to have your own judgement. Despite my detailed analysis, mistakes may occur, and blindly following could lead you to make similar errors and financial losses. Furthermore, I AM NOT a licensed financial advisor. I’m merely sharing my experiences and opinions only.

Additionally, please note that I hold positions in these discussed stocks, and my view may be biased as a result.

Summary

• Solid overall returns: Despite recent geopolitical pullbacks impacting YTD performance, cumulative ROI remains strong at 36.2%.

• Strategic exit from MY REITs: Phasing out local REITs due to the new tax ruling and pivoting to high-catalyst stocks like Heineken Malaysia.

• Holding steady on SG REITs: Weathering interest rate headwinds while keeping cash ready for "no-brainer" valuations.

• Resilient HK fundamentals: Despite broader market pullbacks, core holdings continue to show strong financials and are delivering solid year-over-year dividend hikes.

Overall Performance Snapshot

As of 31 Mar 2026, my portfolio’s Net Liquidation Value stands at RM 132,977.38. Year-to-date (YTD), I’m down 🔻1.74% while the FTSE Bursa Malaysia Emas Index is up +0.40%. I’m using FBMEMAS Index as benchmark because it comprises of the 30 component stocks in KLCI, top 70 mid cap stocks and top small cap stocks in Main Board. This gives a much accurate view on how Malaysia market performs.

• ROI since inception = 36.2%

• Total dividend generated YTD = RM2,043.31

• YTD portfolio dividend-yield = 1.7%

This represents a decrease of 15% compared to last year’s 1Q 2025 dividend. This decreased mainly because TIME declared a lower special dividend as compared to last year.

At the time of writing, I’m at 95% invested with cash holding of 5%. Below are my detailed holdings as of 31 Mar 2026:

Performance Review of Each Market

#1: Malaysia Holdings

It’s been a tough market lately. Even when factoring in dividends, my YTD return is sitting in the red at 🔻3.87%. The ongoing US-Israel conflict with Iran has spooked the markets, causing the majority of my stocks to surrender their recent highs and suffer a pullback.

On top of that, there is a mini-correction in Malaysian REITs on 19th March 2026. This comes right after the government scrapped the 10% withholding tax shield and shifted to personal tax rates. I recently did a deep dive into what this means for dividend investors — you can read it here.

• Sunway REIT 🔻13.16%

• IGB REIT 🔻8.35%

Given the new tax structure, I am gradually exiting my Malaysia REIT positions. I have already exited my stake in IGB REIT and will soon be doing the same for Sunway REIT.

With the on-going war, inflation is definitely coming back and this means interest rate hike might be on BNM’s card. This is bad news for my position in RCE Capital. Since their business revolves around borrowing money to lend to civil servants, any jump in interest rates immediately drives up their funding costs and eats into their profits.

As of 3Q26, RCE Capital’s non-performing financing ratio is still above 4% and there’s a slight decline in financing receivables as well.

That said, I’m not worried about this because there are two mitigating factors:

• The 7% salary hike for civil servants should ease the company’s high non-performing financing ratio.

• As of 1Q26, OPR still maintained at 2.75%. This will continue to lower RCE Capital’s funding costs to its borrowers.

I will continue to hold this position until there’s new opportunity.

One major bright spot I’m excited about this quarter is Heineken Malaysia. Its parent company dropped one massive news on 24th March 2026 that they are phasing out their Singapore brewery and moving that production over to Malaysia and Vietnam. This is a huge volume catalyst that sets up Heineken Malaysia for solid growth moving forward.

I expect its dividend to gradually increase as well given that the company payout ratio has been consistently at 100%.

In addition, there are still positive impact coming from Visit Malaysia 2026 campaign to ease some losses in beer volume from excise duty hike.

Overall, it is a volatile quarter for Malaysia market. But volatility is good because then I can find more opportunities for investment.

#2: Singapore Holdings

As highlighted in my previous post, my position in this market are mainly REITs and will not change for the time being.

As explained above, the US-Isreal war against Iran has led to fear of interest rate hike due to rising inflation. This does not bode well with Singapore REITs considering their high borrowings.

Year-to-date, the iEdge S-REIT index has dropped 8.9%. As such, my holdings in both FCT and MIT underperforms with year-to-date decline of 🔻6.4% and 🔻6.3%. Since inception into this market in Oct 2023, I have incurred a ROI of 🔻9%.

In this pullback period, the best course of action is to hold my current position and not doing anything. I will only add when:

1. Both of my holdings drop to a “no-brainer” valuation level; and

2. I have surplus capital to deploy.

At this moment, I do not plan to sell my positions. Both are still generating a yield-on-cost of above 5% in 2025. I do expect the same yield this year as well.

That said, there may be opportunities emerging if the overall S-REIT market continues to fall. I’m watching this Keppel DC Reit closely and will enter once it hit my target price.

#3: Hong Kong Holdings

This part of my holding has been very lucrative. My strategy here involves selling put options until I am being assigned shares at my preferred price on companies that I would like to invest in. This allows me to generate income while waiting for the stock price to come down to my target entry price.

My initial capital when I first entered this market in Nov 2024 was HK$22,150 (~RM12,000). Since then, I have injected new capital of HK$26,737.68 (~RM13,903.60) into this portfolio. Thus, my total capital invested is HK$48,887.40 (~RM25,903.60).

Below is the cumulative performance snapshot as of 31 Mar 2026:

• Income from selling PUTs = HK$2,856 (~RM1,485.12)

• Income from dividends = HK$1,261.42 (~RM655.94)

• Profit from closing CALL option = HK$2,342 (~RM1,265.85)

• Unrealized profit from current position = HK$4,488.68 (~RM2,334.11)

Total profit generated = HK$10,948.10 (~RM5,693.01)

ROI since inception = 22.4%; incl. unrealized gains from current holdings

Because of the on-going war, Hong Kong market has been affected as well. Hence, my position in both Ping An and China Tower underperforms.

As explained earlier, the best course of action I can do right now is to “hold”.

Ping An recently announced its full year result for 2025, below snapshot shows the company’s strong financial performance:

While revenue grew only 2.1%, its operating profit after tax (OPAT) grew 10.3%. This indicates their cost management is good for an insurance company that is this big.

Additionally, it announced a final dividend of RMB 1.75 (or approx. HK$1.98) that will be paid in July 2026. This brings the total payout for FYE 2025 to RMB 2.70 per share, delivering a nice 5.9% bump from last year.

Over the past 10 years, this company has been consistently increasing its DPS.

Because of these positive points on Ping An, I don’t intend to sell my position. In fact, I intend to add if the price retraces further.

As for China Tower, below is my updates:

Special Situation Play: China Tower

Read more

Only recently, I decided to do this detailed review for my paid subscribers. My intention of doing this is to guide you on how I manage portfolio as a supplement to the book I have written about dividend investing – grab a copy here!

My goal for this portfolio is to generate dividend income that exceeds my expenses. My stock selection criteria are based on the book I have written, here are some of it:

• Increasing dividend per share for the past 5 to 10 years

• Business model that generates recurring income

• Relatively strong earnings power

• Decent economic moat or competitive edge

  ---

Disclaimer: Word of Caution!

Please DO NOT take this as a buy or sell signal. When it comes to investing, it is important to have your own judgement. Despite my detailed analysis, mistakes may occur, and blindly following could lead you to make similar errors and financial losses. Furthermore, I AM NOT a licensed financial advisor. I’m merely sharing my experiences and opinions only.

Additionally, please note that I hold positions in these discussed stocks, and my view may be biased as a result.

Summary

• Portfolio delivered steady income growth, with cumulative ROI of 38.6% since inception.

• Dividend income rose 39.2% YoY to RM7,104, driven mainly by TIME, Sunway REIT, Ping An Insurance, and CIMB, lifting yield to 5.8%.

• Malaysia and Hong Kong performed strongly, supported by dividend growth, option income, and recent rally in Ping An.

• Singapore lagged due to REIT headwinds, but dividend remained resilient.

Overall Performance Snapshot

As of 31 Dec 2025, my portfolio’s Net Liquidation Value stands at RM 135,334.71. This 2025, I’m up 14.9% beating the FTSE Bursa Malaysia Emas Index which down by -2.0%. I’m using FBMEMAS Index as benchmark because it comprises of the 30 component stocks in KLCI, top 70 mid cap stocks and top small cap stocks in Main Board. This gives a much accurate view on how Malaysia market performs.

• ROI since inception = 38.6%

• Total dividend generated in 2025 = RM7,103.69

• Overall portfolio dividend-yield = 5.8%

This represents an increase of 39.2% compared to last year’s dividend. This increased mainly due to unexpected dividend payout from TIME, Sunway REIT, and CIMB Group as they usually do not distribute dividend in December.

At the time of writing, I’m at 89% invested with cash holding of 11%. Below are my detailed holdings as of 31 Dec 2025:

Performance Review of Each Market

#1: Malaysia Holdings

The performance in this market has been great. Since inception in Feb 2020 (6 years), I have achieved a ROI of 20.7%. This just proves that dividend-growth investing works for Malaysia market. That said, patience is essential as early gains tend to be minimal. I remember when I started in 2020, the dividend I collected is just RM257. Today, I collected RM5,080 as dividends for this market after 6 years.

Most of my stocks are green, except RCE Capital — likely due to its high non-performing financing ratio (4.7%) in 2Q26. I’m not worried about this because there are two catalysts:

• Civil servants will see a salary hikes in 2026 by 7%. This should ease the company’s high non-performing financing ratio.

• BNM lowers the OPR to 2.75% in 2025. This will encourage more borrowers as lending rates become more attractive. Thus, higher revenue for RCE Capital.

One of the changes I made to my portfolio in 4Q25 is the divestment of Sunway Group with a 41% profit. I decided to close my position despite its plan on listing Sunway Healthcare because of 2 main reasons:

• Re-deploy into Tenaga as part of my strategy re-adjustments to focus on AI value chain

• I only have 1,000 shares, it’s not worth waiting for Sunway Group to distribute free shares of Sunway Healthcare (amount of shares is negligible)

Tenaga had a pullback in its share price after having 2 consecutive drop in quarterly earnings. With a decent 4% yield and huge beneficiary of data center boom in Malaysia, I decided to open a position in this company at RM12.92 per share. I wanted to buy more if it dropped further by 5% but sadly it has rebounded since then.

In my previous portfolio review, I talked about Budget 2026 in detail and how it might affect my position in 2026. Below is an updated summary, taking into account Tenaga as my latest addition:

As mentioned previously, I’m happy that most of my dividend stocks will have positive impact from this Budget except for Heineken. But I’m not worried because of below two reasons:

• To date, this stock has generated total dividend of RM1.1K with yield on cost of 7.1% in 2025. I’m still net positive from this investment.

• There are still some positive impact coming from the Visit Malaysia 2026 campaign. I’m anticipating it will offset some losses in sales volume from the increase in excise duty.

#2: Singapore Holdings

This market underperforms due to my holdings in Mapletree Industrial Trust (MIT) which have been down for the longest time. Since inception into this market in Oct 2023, I have incurred a ROI of -4.7%.

As highlighted in my previous post, my positions in this market are mainly REITs and will not change for the time being. The REITs market in Singapore has recovered as the US Fed has cut interest rate.

However, MIT did not recover due to:

• Bearish views on its property portfolio, especially its North America’s DC properties, as some of it are old & not ideal for high-powered AI workloads.

• Possibility of lower distribution due to loss of income from 3 assets divested in Singapore.

• There is concern around tenant non-renewals, as approximately 19.2% of MIT’s total leases are set to expire in 2026.

On the positive side, MIT has approximately 34% (S$1 billion) of total debt maturing over the next two years, which could be refinanced at lower rates following the series of US Fed’s interest rate cuts. This helps to ease its borrowing costs & offset some of its lost revenue.

My other position, Frasers Centrepoint Trust (FCT), has been doing very well in terms of its performance. DPU has been increasing yearly too.

Both MIT and FCT are generating a yield on cost of 5.2% in 2025. Overall, not a bad yield in this market. I intend to continue holding MIT until there is new opportunity for me to divest as a way to diversify from my early mistakes as explained in previous post.

#3: Hong Kong Holdings

This part of my holding has been very lucrative. My strategy here involves selling put options until I am being assigned shares at my preferred price on companies that I would like to invest in. This allows me to generate income while waiting for the stock price to come down to my target entry price.

My initial capital when I first entered this market in Nov 2024 was HK$22,150 (~RM12,000). So far, I have been assigned 500 shares of Ping An Insurance (Ping An) at HK$45 per share in January 2025. I also bought a CALL option on Ping An with the strike price at HK$45 and subsequently closed the position at a profit of HK$2,342 (~RM1,265.85).

Below is the performance snapshot for 2025:

• Income from selling PUTs = HK$2,856 (~RM1,485.12)

• Income from dividends = HK$1,261.42 (~RM655.94)

• Profit from closing CALL option = HK$2,342 (~RM1,265.85)

• Unrealized profit from current position = HK$9,899.60 (~RM5,147.79)

Total profit generated = HK$16,359.02 (~RM8,506.69)

ROI since inception = 59.3%; incl. unrealized gains from current holdings

The main contributor to this strong gain is Ping An. Its share price rallied recently after China’s National Financial Regulatory Administration lowered risk factors for insurers’ equity investments. This will allow Ping An to deploy a larger share of freed-up capital into high-quality, long-term assets which could potentially increase its earnings.

Special Situation Play: China Tower

Read more

Only recently, I decided to do this detailed review for my paid subscribers. My intention of doing this is to guide you on how I manage portfolio as a supplement to the book I have written about dividend investing – grab a copy here!

My goal for this portfolio is to generate dividend income that exceeds my expenses. My stock selection criteria are based on the book I have written, here are some of it:

• Increasing dividend per share for the past 5 to 10 years

• Business model that generates recurring income

• Relatively strong earnings power

• Decent economic moat or competitive edge

  ---

Disclaimer: Word of Caution!

Please DO NOT take this as a buy or sell signal. When it comes to investing, it is important to have your own judgement. Despite my detailed analysis, mistakes may occur, and blindly following could lead you to make similar errors and financial losses. Furthermore, I AM NOT a licensed financial advisor. I’m merely sharing my experiences and opinions only.

Additionally, please note that I hold positions in these discussed stocks, and my view may be biased as a result.

Summary

• Portfolio achieved 30.1% cumulative ROI since inception, with 7% YTD gain as of 30 Sep 2025.

• Dividend income rose 32% YoY, driven by higher payouts from TIME, Sunway REIT, Ping An Insurance, and CIMB Group; overall dividend yield stands at 4.5%.

• Budget 2026 expected to benefit most holdings (especially banks, telcos, REITs, and ESG-linked sectors), though Heineken faces near-term margin pressure.

• China Tower added as a new special-situation play for HK market

Overall Performance Snapshot

As of 30 Sep 2025, my portfolio’s Net Liquidation Value stands at RM 123,714.65. Year to date (YTD), I’m only up 7%. But cumulatively since inception, my ROI is at 30.1%.

Total dividend generated YTD = RM5,105.15

This represents an increase of 32% compared to the same quarter last year. This increased mainly due to higher dividend received from TIME, Sunway REIT, Ping An Insurance and CIMB Group. My current overall portfolio dividend yield stands at 4.5%.

At the time of writing, I’m still at 90% invested with cash holding of 10%. Below are my detailed holdings as of 30 Sep 2025:

Performance Review of Each Market

#1: Malaysia Holdings

Most of my stocks are green, except RCE Capital and Heineken. Heineken dipped after weak earnings, while RCE still remains below my entry price — likely due to its uptick in non-performing financing ratio (4.8%) in 1Q26.

Before I dive deeper into my portfolio, let’s address the elephant in the room first – Budget 2026 & how it will affect some sectors. After doing some reading, here’s my opinion on each sectors:

In a nutshell, the Budget 2026 is giving me an impression that we are heading to the right direction. However, this all depends on how well it is executed. Having a plan is one thing, executing it will be another set of challenges.

That said, I’m happy that most of my dividend stocks will have positive impact from this Budget except for Heineken. But I’m not worried because of below reasons:

• To date, this stock has generated total dividend of RM1.1K. I’m still net positive from this investment.

• There are still some positive impact coming from the Visit Malaysia 2026 campaign. I’m anticipating it will offset some losses in sales volume from the increase in excise duty.

Below is the summary of how my current stockholdings will be affected by the Budget 2026:

#2: Singapore Holdings

As highlighted in my previous post, my positions in this market are mainly REITs and will not change for the time being. Recently, the REITs market in Singapore has recovered as the US Fed has cut interest rate.

Frasers Centrepoint has been doing very well in terms of its performance. As usual, Mapletree Industrial Trust (MIT) is still my biggest loser for reasons that I have explained in my previous post.

Nothing much I can comment on from this market. I intend to continue holding it until there is new opportunity for me to divest some of my MIT positions as a way to diversify from my early mistakes.

#3: Hong Kong Holdings

This part of my holding has been very lucrative. My strategy here involves selling put options until I am being assigned shares at my preferred price. This allows me to generate income while waiting for the stock price to come down to my target entry price.

So far, I was assigned 500 shares at HK$45 per share in January 2025. The total income generated from selling puts since I started in November 2024 is HK$4,514 (~RM2,439). The company also distributed dividend.

Previously I bought a CALL option with the strike price at HK$45. I have since closed the option at a profit of HK$2,342 (~RM1,265.85). Below is the total YTD income generated just from this particular stock:

YTD income from selling puts = HK$2,410 (~RM1,301.40)

YTD income from dividends = HK$793.20 (~RM428.33)

Profit from closing CALL option = HK$2,342 (~RM1,265.85)

Total YTD profit generated = HK$5,570.20 (~RM3,010.30)

My initial capital when I first entered this market in Nov 2024 was HK$22,150 (~RM12,000). This gives me a ROI of 25% based solely on the realized profit above – not too bad for an investment that is less than a year.

Special Situation Play: China Tower

Read more

Only recently, I decided to do this detailed review for my paid subscribers. My intention of doing this is to guide you on how I manage portfolio as a supplement to the book I have written about dividend investing – grab a copy here!

My goal for this portfolio is to generate dividend income that exceeds my expenses. My stock selection criteria are based on the book I have written, here are some of it:

• Increasing dividend per share for the past 5 to 10 years

• Business model that generates recurring income

• Relatively strong earnings power

• Decent economic moat or competitive edge

  ---

Disclaimer: Word of Caution!

Please DO NOT take this as a buy or sell signal. When it comes to investing, it is important to have your own judgement. Despite my detailed analysis, mistakes may occur, and blindly following could lead you to make similar errors and financial losses. Furthermore, I AM NOT a licensed financial advisor. I’m merely sharing my experiences and opinions only.

Additionally, please note that I hold positions in these discussed stocks, and my view may be biased as a result.

Summary

• Portfolio has a 26.1% cumulative ROI since inception.

• Q2 2025 saw a 63.9% increase in dividend income compared to the same quarter last year

• Key lessons were learned regarding REIT investments, emphasizing the importance of margin of safety

Overall Performance Snapshot

As of 30 June 2025, my portfolio’s Net Liquidation Value stands at RM119,815.97. Year to date (YTD), I’m only up 3.7%. But cumulatively since inception, my ROI is at 26.1%.

Total dividend generated YTD = RM3,490.76

This represents an increase of 63.9% compared to the same quarter last year. This increased mainly due to higher dividend received from TIME, Maybank, Sunway REIT and Ping An Insurance.

At the time of writing, I’m at 90% invested with cash holding of 10%. Below are my detailed holdings as of 30 June 2025:

Performance Review of Each Market

#1: Malaysia Holdings

Majority of my stocks are in green territory except for RCE Capital and CIMB. Both of these stocks are new additions to my portfolio this year. There’s a saying that the stock will always fall right after you enter a position. I guess this is true for me… haha!

Regardless, I’m entering for the long-haul. As long as I think my entry price is good with reasonable margin of safety, I’ll continue to hold and maybe add more when I have surplus cash. Just like Benjamin Graham said in his book “The Intelligent Investor”, the intrinsic value of a stock will eventually converge with its market price in the long-run.

I liked that both CIMB and RCE Capital’s business model is recurring and their dividend payout is stable. Their recent share price drop was probably due to:

RCE Capital

• There is a rising civil servant bankruptcies trend which could lead to higher non-performing loans. This will translate to lower earnings for RCE Capital.

CIMB Group

• There is a growing concern on its business outlook given the company’s extensive presence in ASEAN countries especially Indonesia, Singapore and Thailand. Analysts from various banks have downgraded this stock citing the possibility of its net interest margin being compressed due to regional weaknesses – whatever this means.

• My understanding is that they expect further interest rate cut from these ASEAN countries this year (maybe second half of 2025?). When this happens, CIMB’s net interest margin will be compressed further. There’s also the foreign currency risk – weakening IDR and Thai Baht could mean lower profit for the group when translated back to MYR.

• Despite the rate cut in Indonesia, Singapore & Thailand, I think CIMB Group is still doing good as shown in its recent quarterly result. The management were able to maintain their net interest margin at 2.16% in 1Q25 – unchanged from 4Q24.

Nonetheless, you can’t expect to get a good price with good business outlook when it comes to stock investing. It is only when the outlook is bad, you will get to invest into a stock at a great price. This is a good reminder to me.

Apart from new addition, IGB REIT gave me a big surprise this year. I did not expect it would acquire Mid Valley Southkey Mall in Johor Bahru (JB). This is a REIT that has been passive for very long time, holding only 2 properties in its portfolio.

According to MIDF research, the mall generated a Net Property Income (“NPI”) of RM191.6 million in 2024. This represents a 7.2% property yield based on its acquisition price. This is lower than the REIT’s existing property yield of 8.4%.

While it is lower, this does not mean it is not yield-accretive. I think it is still pretty good because the yield will definitely increase due to the launch of Johor-Singapore Special Economic Zone in January 2025. This will lead to higher footfalls (visitors) which the translates to higher spending. Plus, the Mall is the largest in JB. Sad that I only have 1,000 units…

#2: Singapore Holdings

Read more

Only recently, I decided to do this detailed review for my paid subscribers. My intention of doing this is to guide you on how I manage portfolio as a supplement to the book I have written about dividend investing – grab a copy here!

My goal for this portfolio is to generate dividend income that exceeds my expenses. My stock selection criteria are based on the book I have written, here are some of it:

• Increasing dividend per share for the past 5 to 10 years

• Business model that generates recurring income

• Relatively strong earnings power

• Decent economic moat or competitive edge

  ---

Disclaimer: Word of Caution!

Please DO NOT take this as a buy or sell signal. When it comes to investing, it is important to have your own judgement. Despite my detailed analysis, mistakes may occur, and blindly following could lead you to make similar errors and financial losses. Furthermore, I AM NOT a licensed financial advisor. I’m merely sharing my experiences and opinions only.

Additionally, please note that I hold positions in these discussed stocks, and my view may be biased as a result.

Summary

• Portfolio has a 23.5% cumulative ROI since inception.

• Q1 2025 saw a 61.7% increase in dividend income compared to the same quarter last year

• Key lessons were learned regarding REIT investments, emphasizing the importance of margin of safety

Overall Performance Snapshot

As of 31 March 2025, my portfolio’s Net Liquidation Value stands at RM117,379.26. Year to date (YTD), I’m only up 1.6%. But cumulatively since inception, my ROI is at 23.5%.

Total dividend generated YTD = RM2,407.56

This represents an increase of 61.7% compared to the same quarter last year. This increased mainly from TIME, Maybank, Sunway REIT and Mapletree Industrial Trust.

At the time of writing, I’m at 90% invested with cash holding of 10%. Below is my current capital allocation in terms of the market I’m investing in and my detailed holdings:

Performance Review of Each Market

#1: Malaysia Holdings

Majority of my positions are down except for TIME, Heineken and IGB REIT. Thanks to their good earnings and higher dividends declared. The others are down due to some headwinds they are facing.

Interestingly, Sunway REIT is the odd ball. It has good earnings and record distribution per share announced, yet the stock price seems to pull back from its peak RM2.01 in February 2025 to RM1.82 (at the time of writing). Perhaps, it is those “sell on news” kind of believers.

The big loser of all my position is Uchitech. Its earnings have been down for 4 straight quarters. This is one major problem when the company solely rely on 1 major customer. Any scale back in demand or sales orders would lead to declining earnings.

Nevertheless, the company maintained its dividend per share as per last year (RM0.295 per share). My guess is, they did this to calm the market but kind of failed in my opinion.

The latest addition to my portfolio is RCE Capital. This company is involved in money lending business but its customers are mainly civil servants. Its recent stock price retracement due to poor earnings has present an opportunity for me to take a small stake as a recovery play.

I’ll share more detailed analysis of RCE Capital’s business nature in a future post.

#2: Singapore Holdings

My positions in this market are mainly REITs. The environment of "higher for longer" interest rates has put a damper on performance.

My biggest mistake is investing in Mapletree Industrial Trust (MIT). The number one lesson I learned is that I must ensure there is certain margin of safety set before investing:

• I entered MIT too early and at fair value. I remember it was at the point where US Fed showed signs of interest rate cuts. What I did not foresee is the higher for longer interest rate environments.

• Choosing MIT over Keppel DC REIT. The market demand for data centers in various countries varies significantly. Singapore has limited space & energy resources for more data centers to be build. Those that own data centers in this country naturally command a higher pricing power over its tenant. Sadly, MIT does not have this.

• This just shows that no matter how meticulous my research is, there are still things I will missed out in my analysis. Hence, it is important to invest with a margin of safety.

Nevertheless, MIT’s underlying business remains robust. They have recently declared a higher distribution per unit for its 3Q25. The share price retracement was due to concern over its future occupancy in data centers segment.

For now, I’m not looking to add anymore positions in MIT unless it goes down further.

As for Frasers Centrepoint, it recently announced private placement to raise fund for acquiring another mall. This is probably a good thing rather than raising fund through debt in this high interest rate environment.

My only concern is the dilution effect from this placement. I’ll have to monitor closely its distribution per unit trend after acquisition. Thus, I’m not looking to add further position unless it goes down further.

#3: Hong Kong Holdings

Ping An Insurance is my newest addition. This company is one of China’s largest integrated financial services groups. It provides a broad spectrum of insurance products, including life, health, pension, and property & casualty insurance.

My strategy here involves selling put options until I am being assigned shares at my preferred price. This allows me to generate income while waiting for the stock price to come down to my target entry price.

So far, I was assigned 500 shares at HK$45 per share in January 2025. The total income generated from selling puts since I started in November 2024 is HK$3,847 (~RM2,193.56).

YTD income from selling puts = HK$1,768 (~RM1,008.11)

My plan is to continue to sell puts as I intend to add more positions.

Plans Ahead – Strategy Re-adjustments

Read more