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
The Snapshot: Portfolio value stands at RM 127.3k (-5.9% YTD). Macro headwinds created short-term noise, but opened up some opportunities.
The Big Banking Switch: Fully exited RCE Capital to enter Hong Leong Bank.
Locking Gains into High Yield: Trimmed Sunway REIT for a +54.7% capital gain to load up on Heineken Malaysia at its lowest valuation since 2017.
Hong Kong Options: Generating income through options premiums and dividends on Ping An and China Tower while waiting for price recoveries.
Overall Performance Snapshot
As of 30 June 2026, my portfolio’s Net Liquidation Value stands at RM 127,325.13. Year-to-date (YTD), I’m down 🔻5.9% while the FTSE Bursa Malaysia Emas Index is up +2.3%.
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. Additionally, more than 50% of my portfolio are in Malaysia market.
ROI since inception = 30.4%
Total dividend generated YTD = RM3,178.94
YTD portfolio dividend-yield = 3.3%
On a half-year basis, I’m behind by 9% compared to 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 93% invested with cash holding of 7%. Below are my detailed holdings as of 30 Jun 2026:
Performance Review of Each Market
#1: Malaysia Holdings
It’s been a rough market for the first half of this year. Even when factoring in dividends, I’m still in the red at 🔻5.01%. The ongoing US-Isreal conflict with Iran has kept energy prices and inflation elevated. Malaysian inflation edged up to 2% in May 2026, partly on higher electricity costs.
Consequently, foreign investors were net sellers since May 2026. They are expecting the interest rate to be “higher for longer” and true enough, US new Fed chair Kevin Warsh held its rate at 3.50% - 3.75%.
Ironically, he was the one that believes interest rate should be lowered but now he faces dilemma and had to maintain the rate instead.
Because foreign money concentrates in the index heavyweights, the pressure landed hardest on banks - which is my biggest position now.
Additionally, this coincides with a soft banking earnings season in late May:
CIMB reported🔻2.9% earnings
Maybank reported🔻4.9% earnings
Public Bank warned of downside risks to its outlook after a flat quarter.
With such bad news comes opportunities. During this 2Q 2026, I have made below actions:
Action #1: Closing RCE Capital at a loss and switched into Hong Leong Bank
This is simply my risk management strategy. Comparing RCE Capital against HL Bank’s fundamentals, I prefer the latter because it is a well-run bank at a reasonable dividend yield.
In its 1H FY2026 earnings, HL Bank grew its loan at 8.2% yoy while maintaining a low gross impaired loan (“GIL”) ratio of 0.59%. It also pays consistently increasing dividend per share:
The kicker I like the most is the bank has indicated it may pare down part of its 17.8% stake in Bank of Chengdu. This means a chunk of the proceeds may be paid out as special dividends.
Action #2: Sold half of my Sunway REIT position to load up Heineken Malaysia
In my last portfolio review, I shared my plan to gradually trim my Malaysia REIT positions when opportunities surfaced. That opportunity has arrived.
I exited 3,000 units in Sunway REIT at a 54.7% capital gain. I still hold 3,300 units which will be trim once I get a good exit price.
With this new capital, I redeployed into Heineken as the share price has fallen to a ridiculously attractive valuation. At around RM19 to RM20 per share, it is offering a dividend yield of 7.4% to 7.9%. For context, the last time Heineken has been at this valuation is around 2017.
This is a company that pays out ~100% of profits, duopoly position and has pricing power. My note to myself when I bought was blunt: too cheap to ignore.
While the new term optics aren’t pretty with high raw material costs due to geopolitical tension and stronger USD, the fundamentals remain strong.
There are real catalysts ahead as mentioned in my last post: 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’m expecting a recovery of share price next year. More importantly, I expect its dividend to gradually increase as well given that the company payout ratio has been consistently at 100%.
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 6.2%. As such, my holdings in both FCT and MIT underperforms with year-to-date decline of 🔻4.3% and 🔻7.3%. YTD, I have incurred a ROI of 🔻29.3%.
My stance remain unchanged, 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, my total capital invested is HK$64,873.54 (~RM29,556.17).
Below is the cumulative YTD performance snapshot as of 30 Jun 2026:
Income from selling PUTs/ CALLs = HK$376 (~RM195.52)
Income from dividends = HK$995.99 (~RM517.92)
Unrealized loss from current position = 🔻HK$5,321.32 (~RM2,767.09)
Total YTD Loss = 🔻HK$3,949.33 (~RM2,053.65)
YTD ROI = 🔻6.1%; incl. unrealized loss 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.
I’m not losing my sleep over both of these position because their fundamentals remain strong.
Ping An carried the strong FY2025 result I discussed last quarter into this year. It announced a final dividend of RMB 1.75 (or ~HK$2.01) 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.
Special Situation Play: China Tower
So, once again, the right move here is to do nothing except hold and let the options and dividends compound.
Closing Remarks
This wraps up my portfolio review for 2Q 2026. As always, I’ll continue to monitor the market for opportunities to refine my portfolio.
Please help to like or share this post if you enjoy this type of sharing and stay tuned for next quarter’s update!
⚠️Disclaimer:
The information provided in this blog post is for informational purposes only and should NOT be construed as financial advice. Investing in stocks and ETFs involves risk, and there is no guarantee of profits. Past performance is not indicative of future results. It is important to conduct thorough research or consult with a qualified financial advisor before making any investment decisions. The author is NOT a financial advisor and is sharing his personal experiences and opinions only.
Additionally, please note that the author holds a position in the discussed stock, and his view may be biased as a result.