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- - Portfolio Transactions (September 2020)

Updates for my Portfolio for September 2020

I finally published on Seeking Alpha, you can check out my first article here.

Learnt a lot while doing so, hoping to publish more. This helps in both creating a secondary source of income (something like Freelancing) as well as improving my own thought process and knowledge.
 
I have also been working on something else concurrently and hope to finish it by the end of year.
  • Buy DBS at 19.73
    • Reasons 
      • DBS fell to a reasonably attractive valuation (1x PB), quite close to the March levels.
      • I didn't buy DBS then was because in this recent crisis, unlike the rest DBS valuations actually didn't fall as much as the other crisis. Probably due to the fat dividends they are paying out, although dividends are capped now, mean reversion will definitely reward me in the long term.
      • DBS has the largest China exposure which is hopefully a good thing too.
      • I am considering UOB but I am undecided.
      • I bought DBS for my CPF too.
  • Buy Amazon at 2996
    • Reasons 
      • Amazon fell about 10% from my purchase price so I decided to average down on this wonderful company.
      • The zero cost brokerage makes it wonderful.
      • Got it around 29x Price-CashFlow which is about fair value.
  • Buy Adobe at 476.74
    •  Reasons
      • I decided to switch my Keppel into this amazing SaaS company known for Photoshop and its Creative Suite.
      • It is also known for creation of eBooks and physical books (InDesign) plus the Digital Rights Management (Digital Editions).
      • Adobe has a share of eCommerce too via Magneto and other applications.
      • This is an initial tranche as I missed the opportunity in March. getting it at 60x PE which is the average PE for the past 10 years.
  • Buy Keppel at 4.11 (Loss)
    • Reasons 
      • I decided to cut my losses (~40%) and switch to Adobe instead when Adobe fell to a better valuation.
      • I felt that the outlook for Adobe would be much better than Keppel in the long run.
      • As of writing this, just after I sold, Keppel had an announcement to restructure their O&M segment and jumped to 4.51. Oh well.
  • Sell Lion Rock at 0.65 (Loss)
    • Reasons
      • Selling off the last bit of my shares. Moving it to cash too, might want to switch to ANT after IPO.
  • Sell PSQ Sep 18 2020 18.0 Calls at 0.15
    • Reasons
      • Just selling a Call for some pocket money.
That's all for my money for now.

The US market are like bullish again after a minor correction. I didn't buy in during the Illumina share price dip on the Grail acquisition because I was worried about running out of cash.

I think I have to focus on building my cash position in case of more dips, especially for payment processors.

Conclusion

Taking hits and realising some of the losses have hurt badly, Singapore having depressed valuations doesn't help either, though might provide some buying opportunities.
My portfolio has rode a little on the new tech positions. YTD is now down ~11%, with the long term XIRR now back to zero.


My cash position is currently at about 11%. Probably keep an eye out for opportunities while conserving cash (there's still a balance transfer the size of about 10% of my portfolio ready).

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