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 posted 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
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% – not too bad for an investment that is less than a year.