Welcome to my detailed dividend portfolio review. If you are new here, I started this portfolio back in February 2020 with a starting capital of RM5,000. I mainly post my quarterly performance in Instagram.
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:
Both of my holdings drop to a “no-brainer” valuation level; and
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:
