melph

$Boustead(F9D.SG)

Context

Boustead Singapore is a Singapore listed company with businesses in energy engineering, real estate solutions, geospatial and healthcare. It has a strong balance sheet with cash well above its debt and pays dividends, though its earnings are lumpy because much of the work is project based. The price dropped sharply recently.

My trade

I started a small position after the drop. I first bought with dividends in mind, but the ordinary dividend turned out to be lower than I wanted. The price has fallen further since, so it's a small paper loss for now.

Takeaway

Starting small leaves room to add a little more if the price keeps falling, and special dividends are a bonus but not something to count on.

$CapitaLandInvest(9CI.SG)

Context

CapitaLand Investment is a Singapore listed real estate investment manager that runs funds and REITs across several countries and pays dividends. It earns recurring fees from managing other people's property assets, which needs less capital than owning everything itself, though its earnings still depend on property markets and fundraising conditions. Its price slid steadily over the past month, which put it on my watchlist.

My trade

I started a small position after the pullback, both for the dividends and because I felt the price had dropped quite far. It's a fresh position so it's too early to say how it will turn out.

Takeaway

Starting with a small amount lets me add more if the price keeps falling and I will watch how the price and dividend develop from here.

$OCBC Bank(O39.SG)

Context

OCBC is another of Singapore's three local banks and a reliable dividend payer. I started building a position in mid 2025 mainly for the dividends before the price climbed to its highs.

My trade

I bought in two lots over about ten days rather than trying to time the perfect entry. The position is still in the green even after the recent pullback from the peak.

Takeaway

I'm happy to keep collecting the dividends, and I may add more if the price continues to fall, though I think OCBC is much more overvalued than UOB even after the pullback, so I'll be more cautious about buying here.

$UOB(U11.SG)

Context

UOB is one of Singapore's three local banks and a steady dividend payer, which is why it sits on a lot of local investors' watchlists. I started building a position in late 2025 mainly for the dividends, before the price climbed to its recent highs.

My trade

I bought in two lots about a month apart rather than trying to time the perfect entry. The position is still in the green even after the recent pullback from the peak.

Takeaway

Spreading out my buys and holding for the dividends has worked well so far, and if the price continues to fall, I may add more UOB.

I think the controversy could keep pressure on AI stocks in the near term as investors question whether AI revenue can justify massive infrastructure spending.

For buyers, I see a potential opportunity but not a reason to rush in. I think we should watch valuations, earnings and evidence that AI spending is translating into sustainable cash flows. And favour companies with diversified revenue streams over those heavily dependent on OpenAI's ability to meet its growth targets.

Singapore bank stocks have pulled back sharply over the past few days amid concerns about interest rates, earnings growth and profit-taking after their strong run. I see this as a potential buying opportunity but would wait for valuations to become more attractive before adding, rather than rushing in after a few down days.

$Microsoft(MSFT.US)

Context: MSFT is one of the companies I’m quite comfortable holding long term. I like the combination of its established software ecosystem, cloud business and growing AI opportunity. The main question for me is whether the huge AI investment will translate into sustainable earnings and cash flow growth.

My trade: I bought in two batches this year, including adding during the June weakness. I’m happy with the recovery since then but I’m not looking to chase the price higher.

Takeaway: This is the kind of position I’m comfortable giving time to compound. Short-term pullbacks don’t bother me as much when I continue to believe the underlying business is getting stronger. For me, the bigger thing to watch is whether AI monetisation eventually justifies the scale of spending.

MU’s AI-driven memory demand is impressive, especially with HBM but I don’t see the earnings profile as sustainable enough for me to own it long term. Memory remains highly cyclical and today’s strong pricing and margins could change quickly when supply catches up. Would rather own businesses with more predictable earnings and cash flow.

$IS ASIA HYG SD(QL3.SG)

Context: I wanted some exposure to Asian high-yield bonds as a way to diversify beyond equities and add an income component to my portfolio. The trade-off is that higher yields come with higher credit risk, so I see this as an income allocation rather than a growth investment.

My trade: I started building the position gradually, with two small purchases in September as the price softened.

Takeaway: I’m not expecting much capital appreciation here. For me, the attraction is the combination of regular income and diversification. I’m stillooking to add gradually, but I’ll keep an eye on credit quality, defaults and interest rates rather than simply chasing the yield.

$Accenture(ACN.US)

Context: I bought ACN last year because I saw it as a long-term play on enterprise technology spending and digital transformation. The stock has had a difficult 2026 with concerns that AI could disrupt traditional consulting and pressure growth.

My trade: I only have a small position, so I’ve been comfortable holding through the volatility rather than averaging down aggressively.

The latest quarter gave me some encouragement. Revenue rose 7% in local currency to $18.7B, consulting also grew 7%, and new bookings reached $22.2B. FY27 guidance calls for 3–6% revenue growth.

Takeaway: The results don't remove my concerns about slower growth or AI changing the consulting model but they do show that client demand hasn't disappeared. For me, the next question is whether ACN can turn AI from a disruption risk into a new source of growth.

$VanEck Uranium + Nuclear Energy ETF(NLR.US)

Context: Have been interested in nuclear energy as a longer-term play on rising electricity demand, especially from data centres and AI. But this is a much more volatile theme than my core holdings and the recent pullback is a good reminder of that.

My trade: I started building NLR with two small purchases as the price came down. I’m keeping the position relatively small rather than chasing the nuclear theme after its earlier run.

Takeaway: I’m willing to sit through the volatility because I see the long-term energy demand story, but I don’t want to mistake a good theme for a low-risk investment. For me, position sizing matters here.

$S&P Global(SPGI.US)

Context: SPGI sits behind many important parts of the financial system, from credit ratings and market intelligence to indices, data and analytics. Its diversified business model gives it exposure to several recurring sources of revenue, while the Ratings business can benefit when debt issuance picks up.

My trade: I’ve been building my position gradually during the pullback.

Takeaway: I’m comfortable adding in small amounts rather than trying to catch the bottom. I’m looking at SPGI as a long-term compounder, while keeping an eye on valuation and the more cyclical parts of the business.

$Keppel DC Reit(AJBU.SG)

Context: AJBU is an income-focused REIT for me. Data centres provide essential infrastructure and recurring rental income, but REITs remain sensitive to interest rates because higher borrowing costs can pressure distributions and valuations.

My trade: I added more shares recently, building on my existing position. The lower price gave me an opportunity to increase my exposure to the dividend income.

Takeaway: I’m mainly looking for sustainable distributions over the long term. If interest rates ease, REITs could get some support from lower financing costs but I still want to see AJBU improve its underlying performance before adding even more.

$Constellation Brands(STZ.US)

Context: STZ caught my attention because it has a portfolio of well-known beer brands, including Modelo and Corona. Another reason I became interested was seeing Berkshire Hathaway build a position in STZ.

My trade: I bought STZ in several batches as the share price declined and later took profits when it recovered. I’m now looking back at what I learned from the trade.

Takeaway: One lesson is that following a respected investor can be a useful starting point but it shouldn’t replace doing my own research. I also learned that a strong brand doesn’t automatically mean strong near-term performance. Valuation, earnings trends and changing consumer demand still matter.

$NetLink NBN Tr(CJLU.SG)

Context: NetLink NBN Trust is one of my holdings for dividends. Its fibre network provides essential infrastructure in Singapore, giving the business relatively predictable recurring revenue.

My trade: I added more to my existing position yesterday as the share price came down. I’m building this position with the dividend income in mind rather than expecting strong capital growth.

Takeaway: For me, the attraction is the recurring distributions. I am building some investments in my portfolio where the main objective is generating steady income over the long term rather than relying entirely on share-price appreciation.

$ELF Beauty(ELF.US)

Context: Since I sold my ELF position on 31 August, the stock has edged slightly lower. Meanwhile, the company continues to highlight growth opportunities through rhode and international expansion.

My trade: I had already exited before these updates, so I’m now watching the developments from the sidelines.

Takeaway: I’m still comfortable with my decision to sell, especially as the stock has declined slightly since then. Of course, ELF could still rebound and rise much further but I’m at peace with potentially missing out on future gains since I would not classify ELF as a company with a durable competitive advantage.

$Frasers Cpt Tr(J69U.SG)

Context: Frasers Centrepoint Trust has been a relatively steady REIT holding but its share price has recently weakened after trading in a higher range.

My trade: I started building a position last year and added more today. The position is currently slightly underwater but the decline gave me an opportunity to lower my average entry.

Takeaway: Interest rates are important for REITs. Higher rates increase borrowing costs, reduce distribution income and make bonds more attractive compared with REITs. Will continue watching interest-rate trends, distribution income and the quality of FCT’s properties as part of my dividend-focused portfolio.

AVGO delivered strong earningswith AI semiconductor revenue and forward guidance showing impressive growth. However, the high expectations and valuation leave little room for disappointment if AI spending eventually slows.

$Lululemon(LULU.US)

Context: Once upon a time LULU was a strong growth story (and I like the brand) but the stock has struggled as sales and brand momentum weakened. The latest results showed further pressure on the business.

My trade: I sold my position earlier in the year after a rebound for a small profit. Looking back, I’m glad I didn’t try to hold through the deterioration.

Takeaway: This experience reinforced an important lesson for me: for long-term investing, I want to focus on businesses with strong and durable moats. A good brand can still lose momentum and I would rather concentrate my long-term holdings in businesses with stronger competitive advantages.

Broadcom's stock dropped because its future sales forecast slightly missed expectations, showing that investors now demand perfect results from chipmakers. Meanwhile, Dell's stock jumped because it beat profit estimates, raised its full-year forecast, and reported a huge $95 billion backlog in AI server orders alongside booming corporate PC sales.