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Hey fellow investors, we’ve all got those stocks… the ones we regret buying, that sink deep into the red and just stay there. For me, I had a few I bought years ago — one of them more than a decade ago — and honestly, I had written them off in my mind. Every portfolio update, they were just sitting there, reminding me of past mistakes.

But something surprising happened recently. After suffering for so long… they finally broke even!

And I cannot describe how that felt. It’s like your boss suddenly gives you a special bonus after ten years of doing the same job with no recognition. I wasn’t expecting it, so it’s great. But now what’s important is that I have a decision to make: Should I sell and be done with it? Or hold on and hope for more?

In this post, I’ll walk you through four stocks in my portfolio that have just clawed their way back to breakeven after years of pain. And I’m not embarrassed to share — because let’s be honest, I think every investor has a few of these. The question is… what do you do when you’re finally back to zero?

Before we start, let me remind you that this post is for informational purposes only and not financial advice. Always do your own research and consult a licensed financial adviser before making any investment decisions. I own the shares discussed, but what works for me might not work for you.

Alright, let’s dive right in.

DFI Retail Group: Leaner, Smaller… and a Jumbo Dividend

DFI Retail Group is a regional conglomerate in the consumer retail space — known for running chains like Cold Storage, Guardian, 7-Eleven and Wellcome supermarkets across Asia. In recent years, it’s been struggling: protests in Hong Kong, COVID-19, supply chain issues, and weak consumer sentiment across the region have all weighed on the business.

But 2025 has been a turnaround year — at least in the markets. D.F.I.’s share price has surged 50% year-to-date, and more than 9% in a single day after announcing a mind-blowing dividend payout.

Here’s why:

DFI is paying a special dividend of 44.3 US cents, on top of a 3.5 US cent interim dividend — that’s about 15% yield based on July prices. All from proceeds of recent divestments: they’ve sold stakes in Yonghui, Robinsons Retail, and most recently, the Cold Storage and Giant chains in Singapore, freeing up nearly US$900 million in capital. The result? DFI is now net cash positive by US$442 million.

Underlying profits rose 39% in the first half, led by margin improvements and cost control. Health & beauty, food, and home furnishings all posted higher profits.

CFO and CEO made clear: they are not in an expansion mode. The strategy now is leaner operations, disciplined capital allocation, and extracting value from a more focused portfolio. And part of that value is coming straight back to us shareholders — in cash.

I first bought DFI many years ago — probably close to a decade back — when it still looked like a strong consumer play in the region. I actually made a tidy profit after closing off my positions. But when it plunged during the Hong Kong protests, I thought it was another opportunity for me to enter. And it never quite recovered for the next 6 years — that is, until now. 

In fact, I talked about DFI just a few months back in my post on Singapore laggard stocks with a potential trigger. Back then, it was already looking promising — and it has rallied even more since. The best thing? It’s finally at my breakeven price! 

So the big question now is: what comes after the special dividend?

Truthfully, I’m a little conflicted. On one hand, I like the leaner strategy, and the fact that they’ve exited poor-performing businesses. But on the other hand, this is now a smaller company, and we’ve yet to see how well the remaining portfolio can perform on its own. 

Hence, for now, I’m waiting for the dividend – it’s the biggest in their history. But I’ll be watching carefully what happens after, waiting for the smaller, leaner business to prove itself.

City Developments Limited: Debt-Fuelled, But Finally Recovering

CDL is one of Singapore’s biggest and oldest property developers — with interests in residential, commercial, and hospitality assets, both locally and overseas. It’s a name we all know… but it’s also a stock that’s been severely punished in recent years.

The reason? High debt, mistakes in the volatile Chinese market, and boardroom drama — a combination that made many investors wary.

In 2025, CDL has finally shown signs of life. The stock is up about 35% year-to-date, driven by several key developments:

• Profit up 3.9% to $91.2 million for 1H FY2025.
• Average interest costs are down from 4.4% to 4.0% as global rates ease.
• Big projects like Copen Grand and The Myst completed and recognised.
• Ongoing sale of South Beach stake, with $465 million in gains expected.
• And hints of possible special dividends or buybacks down the road.

I bought CDL in 2021 — which I thought was the bottom of its troubled China investments — but unfortunately, that was just the beginning of my sufferings. Like D.F.I., I also included CDL in my laggard stocks list recently too — and it has also surged after that.

But let me be clear: I still have reservations.

Gearing is still very high at 70%, even after divestments. While falling interest rates help — and I’m glad to see that — it doesn’t change the structural risk of the high debt. The foreign exchange losses continue to be a red flag.

So as someone who’s finally broken even after all these years, I’m genuinely tempted to just say “thank you” and walk away. The boardroom drama and years of underperformance have left a mark — not just on the financials, but on my confidence in the management. And rebuilding that trust? It’s not easy. Like I always say: there’s always another value stock out there. It doesn’t have to be this one. 

Before we dive into the next two stocks, a quick shoutout to Peh Chin Tian — the latest member of my YouTube ‘The Dividend Uncle’s Kakis’ membership! Thanks for the support — it’s these small wins that really keep me going and motivated to share my journey with all of you. If you’re enjoying the post so far, do give it a like, and subscribe if you haven’t already, and better still, join as a member too!

Alright, let’s move on. 

Lion-OCBC Securities Hang Seng Tech ETF: A Painful Hold… With Glimmers of Hope

Next, I want to talk about an ETF — the Lion-OCBC Securities Hang Seng Tech ETF, which tracks the top 30 tech firms listed in Hong Kong, including names like Tencent, Alibaba, Meituan, and JD.com. Think of it as the China tech equivalent of the Nasdaq’s QQQ — only way more volatile, and far more punished.

I bought into this ETF years ago during its IPO in 2021, hoping to ride the wave of China’s digital economy. Compared to the US tech sector, the Chinese tech stocks were looking incredibly cheap. And then… well, the wave crashed. Regulatory crackdowns, trade tensions, weakening sentiment — the ETF plunged more than 50% at one point.

And here’s what makes it more painful.

Just a few months ago in March, the ETF finally climbed above $1, exceeding my breakeven price. It felt like salvation was within reach. But I didn’t act. The price soon tumbled back down below $0.80, and that brief window closed. That stung — not just financially, but emotionally too. It’s always tough watching a missed opportunity fade.

But despite all that, I’ve decided to continue holding on.

Why? Because 2025 has brought glimmers of hope:

• The ETF has rebounded as the Chinese government signals more support for the tech sector.
• US-China tensions have plateaued — at least for now.
• And a key component, Tencent’s latest results surprised on the upside, with revenue growing 15%. This is a precursor of other tech stocks’ performance, in my personal views.

So while I’m still slightly underwater, sentiment around China tech is shifting. The big players remain dominant, and the macro picture seems to be turning a corner. Volatility is still part of the package, but I believe the long-term fundamentals are intact. That’s why — for now — I’m staying invested.

Kingsmen Creative: My 10-Year Wait For A Comeback

There’s one more stock I want to mention. A special case. It’s not a widely followed stock, and many new investors probably won’t have heard of it. But if you’ve been investing for a while, you might just have your own version of this.

The company is Kingsmen Creative. They do design and production for experience-related spaces — things like retail interiors, theme park installations, exhibitions and events. You’ve probably seen their work in major shopping malls or Universal Studios without realising it.

I bought Kingsmen Creative all the way back in 2015 or 2016. It was probably around the time the share price had peaked and started to decline slightly. As a younger, more idealistic value investor back then, I thought I had spotted an opportunity — a good company going through a temporary dip. Kingsmen was well-regarded in the retail space, doing interior fit-outs for major retail brands across Asia. I imagined a quick recovery in retail spending would send the stock bouncing back.

But that recovery… never came.

Retail was entering a structural shift that I didn’t fully understand at the time. E-commerce was gaining ground, physical retail was losing some relevance, and Kingsmen’s core business — retail interiors — started stalling in growth. Revenue didn’t collapse, but it stagnated. Share price kept inching down. I told myself to stay calm. These things take time, right?

And then came COVID. The exhibitions business halted. Retail fit-outs slowed to a crawl. Tourism dried up. Whatever quiet optimism I had left in Kingsmen more or less disappeared.

I didn’t sell — maybe out of hope, maybe out of inertia. But mentally, I had written it off.

So you can imagine my surprise this year when the stock finally clawed its way back to around my break-even level, after nearly a decade underwater. The company has returned to consistent profitability, its order book has stabilised, and it’s once again delivering projects across Asia. 

In fact, Kingsmen’s latest results just released show a mixed picture. Yes, net profit rose 27.5% year-on-year to $1.6 million, but that’s off a low base. Revenue actually declined 6.5%, largely because several major projects were completed in 2024 and the new ones haven’t ramped up yet. The exhibitions and attractions division — which had once been a growth engine — saw revenue fall 16.1%. Their experiential marketing business also dropped.

But for me, this story hasn’t changed enough. This is a small-cap company still facing structural challenges in its key markets. And after waiting nearly 10 years for the share price to break even, I’m not about to wait another 10. I’ve sold half, and my plan is if momentum holds, I’ll gradually exit the rest.

But guess what? While this uncle was quietly editing this post, Kingsmen Creative decided to give me one last slap — plunging 17% today, in a single day. After nearly 10 years of waiting, just when I thought I could finally ease out and breathe… boom. This is the emotional rollercoaster of underperforming stocks — when they run up without clear catalysts, they can just as easily crash back down. And it’s a painful reminder: if we wait too long, the market doesn’t always reward us for our patience. 

The Dividend Uncle’s Take

Let me put it this way — breaking even after 10 years isn’t something to celebrate. It’s a reminder of how tough investing can be… and how patience doesn’t always equal profit.

It’s okay to feel the emotions. I definitely did. Disappointment, regret, even self-doubt. But beyond the emotions, what matters most is how we respond. 

The key question after we’ve broken even is, should I sell? Or is it finally time to profit? We should objectively assess the fundamentals, understand whether the company’s story has changed, and decide what to do next.

That’s exactly what I’ve tried to do with the stocks in this post. Not every decision was easy, but I based them on the current facts, not the past pain.

For each of these four stocks, I’ve taken different actions depending on how I view their prospects today. City Developments gave me the clearest signal to exit — its rally seems driven more by sentiment than by fundamentals, so I’m likely to let go. With Kingsmen Creative, I had finally reached breakeven after almost a decade… and was easing out in stages. But as I lamented, the stock price suddenly plunged 17% in a day — a sharp reminder of how fragile these recoveries can be. I still plan to exit, but it’s going to take a bit more patience now. 

With DFI Retail Group, I’ve taken some profits after the strong rally but kept a core position, staying alert to whether the operational improvements can hold. And with Hang Seng Tech ETF, I’ve chosen to remain invested, as I still believe in the long-term fundamentals of Chinese tech, even if volatility continues in the near term.

Alright, that’s all the emotional sharing I’ve for this post. Let me know in the comments — what’s your longest-held stock that finally came back to breakeven? And did you hold, or sell?

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Until next time, stay steady… and happy investing!