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
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.
