Portfolio Nov 2025 Update

Nov 2025 Performance: A loss of SGD 2000 , representing a 0.4% loss.

Dividends: Accumulated SGD 26,000 in dividends year-to-date, with SGD 25,000 already received.

Lately, there’s been some talk in the market about an “AI bubble.”

I remain neutral on this topic. While I agree that many U.S. stocks—particularly in the tech sector—are expensive, that’s not unusual. U.S. tech stocks have rarely been “cheap,” even in normal times.

Many of these large tech companies generate strong, consistent cash flows, which allow them to invest heavily in AI research and development. In fact, they *have* to stay competitive in the AI race—falling behind could mean being left behind by the market altogether.

Demand for data centers and cloud infrastructure isn’t speculative—it’s essential. These are the foundational hardware systems required to power AI computing, not signs of a bubble.

Although I don’t hold direct exposure to U.S. tech stocks, I do have positions in Hong Kong–listed assets that I believe will benefit from the AI-driven era: the Hang Seng Tech ETF $LION OCBC HSTECH ETF S$(HST.SI)$ , Alibaba, $TRIP.COM-S(09961)$  , JD.com, Tencent, and a data center REIT.

Recently, I redeemed SGD 25,000 from Singapore Savings Bonds to rebalance my savings account. Around the same time—amid the “AI bubble” debate—I deployed roughly SGD 30,000 into Hong Kong equities, including Link REIT, Bank of China (Hong Kong), Alibaba, Trip.com, BYD, JD.com, and $WUXI APPTEC(02359)$  .

I generally prefer “old economy” stalwarts like banks, REITs, and utilities—businesses with sustainable operations and high dividend yields. At the same time, I’m also optimistic about select “new economy” names: Alibaba, Trip.com, BYD, and WuXi AppTec.  

Valuations in Hong Kong’s tech sector look compelling compared to their U.S. counterparts. For example, Alibaba trades at a significant discount to Amazon, BYD is far cheaper than Tesla, and Trip.com is undervalued relative to Booking Holdings. Many Hong Kong tech companies now trade at P/E ratios below 20—levels typically associated with mature blue-chip firms—yet they still offer substantial growth potential.