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Tuesday, March 26, 2019

China has cut back on Boeing planes after 737-Max saga.

https://finance.yahoo.com/news/airbus-seals-long-awaited-aircraft-163320433.html

China has just ordered a US$35b deal from Airbus which is a blow to Boeing.

It is ridiculous to solve a defective structural design with new anti-stall software.  Buying more from Airbus means buying less from Boeing.  Nobody will buy from both manufacturers at the same time!

The market rout is not over yet.

https://www.channelnewsasia.com/news/business/china-refuses-to-concede-on-us-demands-to-ease-curbs-on-tech-11374034

The investors have not factored in the breakdown of the US-China trade talk.  Insofar, the investors have been optimistic about the outcome and are buying because of the fear of missing out of the market rally.

If the US demands get too outrageous, China will walk away from the trade deal.

Monday, March 25, 2019

SIIC - Stock calls


Date Analyst Company Last Target Call Valuation
11/15/18 DBS Vickers SIIC 0.28 0.32 Hold PER13x
01/21/19 DBS Vickers SIIC 0.29 0.32 Hold PER13x FY19

SIA Engineering - Stock calls


Date Analyst Company Last Target Call Valuation
01/30/18 UOB Kay Hian SIA Engineering 3.26 4 Buy DCF, PER24.9x FY18
02/05/18 UOB Kay Hian SIA Engineering 3.33 4 Buy DCF
02/05/18 phillip SIA Engineering 3.33 3.51 Accumulate DCF
02/05/18 Kim Eng SIA Engineering 3.33 3.5 Hold PER21x FY19
02/05/18 CIMB SIA Engineering 3.33 3.13 Reduce DCF
02/05/18 Lim & Tan SIA Engineering 3.33 0 Hold
02/05/18 OCBC SIA Engineering 3.33 3.7 Buy DCF
02/05/18 DBS Vickers SIA Engineering 3.33 3.86 Buy
03/09/18 UOB Kay Hian SIA Engineering 3.25 4 Buy
05/11/18 UOB Kay Hian SIA Engineering 3.31 4 Buy DCF, PER20.8x FY18
05/16/18 Lim & Tan SIA Engineering 3.33 0 Hold
05/17/18 phillip SIA Engineering 3.31 3.57 Accumulate DCF
05/17/18 DBS Vickers SIA Engineering 3.31 3.92 Buy Sum of parts
05/17/18 UOB Kay Hian SIA Engineering 3.31 3.8 Buy PER19.6x ex-cash
05/17/18 OCBC SIA Engineering 3.31 3.7 Buy
06/11/18 UOB Kay Hian SIA Engineering 3.17 3.8 Buy
07/20/18 phillip SIA Engineering 3.19 3.56 Accumulate DCF, PER22x FY19
07/20/18 DBS Vickers SIA Engineering 3.19 3.92 Buy Sum of parts
07/23/18 UOB Kay Hian SIA Engineering 3.2 3.4 Hold DCF, PER21.8x FY19, Buy @ $3-3.1
08/01/18 CIMB SIA Engineering 2.98 3.31 Add DCF
09/10/18 UOB Kay Hian SIA Engineering 2.93 3.4 Hold
11/12/18 phillip SIA Engineering 2.83 2.81 Neutral DCF, PER20.6x FY19
11/12/18 UOB Kay Hian SIA Engineering 2.83 2.7 Hold DCF, Buy @ $2.40 or PER15x FY19
11/12/18 DBS Vickers SIA Engineering 2.83 2.94 Hold Sum of parts
11/12/18 CIMB SIA Engineering 2.83 3.11 Add DCF, PER19.6x CY19
11/26/18 OCBC SIA Engineering 2.51 2.64 Hold DCF
12/06/18 Kim Eng SIA Engineering 2.49 3 Buy DCF
01/07/19 UOB Kay Hian SIA Engineering 2.39 2.7 Buy DCF
02/11/19 Kim Eng SIA Engineering 2.52 2.85 Buy DCF
02/11/19 OCBC SIA Engineering 2.52 2.47 Hold
02/11/19 phillip SIA Engineering 2.52 2.66 Neutral DCF
02/11/19 UOB Kay Hian SIA Engineering 2.52 2.55 Hold
02/12/19 CIMB SIA Engineering 2.39 3.11 Add DCF
02/12/19 DBS Vickers SIA Engineering 2.39 2.7 Hold DCF & PER16x FY20 & Div Yield 4.5% & EV/Ebitda11x

SIA - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/18 UOB Kay Hian SIA 10.67 11.9 Buy PB0.9x FY18
01/03/18 OCBC SIA 10.67 10.5 Hold
01/31/18 DBS Vickers SIA 11.31 10.55 Hold
02/09/18 Kim Eng SIA 10.86 10.95 Hold PB0.93x FY18
02/14/18 CIMB SIA 10.62 12.05 Add PB1x CY18
02/14/18 UOB Kay Hian SIA 10.62 11.9 Buy PB0.9x FY18
02/14/18 DBS Vickers SIA 10.62 12 Buy PB1x FY19
02/15/18 OCBC SIA 11.15 10.85 Hold PB0.9x FY18
02/15/18 Credit Suisse SIA 11.15 10.7 Neutral
03/09/18 UOB Kay Hian SIA 11.01 11.9 Buy
03/15/18 Lim & Tan SIA 11.2 0 Neutral
05/07/18 UOB Kay Hian SIA 11.03 11.9 Buy PB0.9x FY18
05/18/18 Lim & Tan SIA 11.14 0 Hold
05/18/18 CIMB SIA 11.14 11.75 Add PB1.05x
05/21/18 UOB Kay Hian SIA 11.56 12.6 Buy Sum of parts, PB1x FY19
05/21/18 OCBC SIA 11.56 11.3 Hold
05/21/18 DBS Vickers SIA 11.56 13.7 Buy PB1.2x FY19
06/05/18 DBS Vickers SIA 11.48 13.7 Buy
06/11/18 UOB Kay Hian SIA 11.43 12.6 Buy
06/19/18 UOB Kay Hian SIA 11.2 11.9 Hold PB0.95x, Buy @ $10.9
06/21/18 OCBC SIA 11.01 11.3 Hold
07/03/18 UOB Kay Hian SIA 10.42 11.9 Hold PB0.9x, Buy @ $10.50-10.60
07/27/18 Lim & Tan SIA 10.8 0 Hold
07/27/18 OCBC SIA 10.8 11.01 Hold
07/27/18 Kim Eng SIA 10.8 9.65 Sell PB0.82x FY18
07/30/18 CIMB SIA 10.22 11.75 Add PB1.05x CY18
07/30/18 DBS Vickers SIA 10.22 12.4 Buy PB1.1x FY19
07/31/18 UOB Kay Hian SIA 10.1 11.1 Hold PB0.8x, Buy @ $9.80
09/10/18 UOB Kay Hian SIA 9.62 11.1 Hold
09/18/18 UOB Kay Hian SIA 9.57 10.4 Hold PB0.75x, Buy @ $9.10
10/16/18 Macquarie SIA 9.2 11.7 Outperform EV/Ebitda7x FY19, Cut from $12.50
10/17/18 OCBC SIA 9.15 10.71 Buy PB0.9x
11/09/18 Kim Eng SIA 9.65 9.8 Hold PB0.82x FY20
11/12/18 CIMB SIA 9.52 10.1 Hold PB0.9x CY19
11/14/18 UOB Kay Hian SIA 9.42 10.4 Hold PB0.75x FY19, Buy @ $9.20-9.30
11/14/18 DBS Vickers SIA 9.42 10.2 Hold PB0.85x FY19
11/15/18 OCBC SIA 9.41 10.71 Buy PB0.85x FY19
11/15/18 Lim & Tan SIA 9.41 0 Hold
11/30/18 UOB Kay Hian SIA 9.65 10.2 Hold
01/17/19 UOB Kay Hian SIA 9.76 10.2 Hold Sum of parts, Buy @ $9
01/24/19 Kim Eng SIA 9.5 11.2 Buy PB0.94x
01/24/19 CIMB SIA 9.5 10.25 Hold PB0.9x CY19
02/15/19 CIMB SIA 9.87 10.25 Hold PB0.9x CY19
02/15/19 DBS Vickers SIA 9.87 11 Buy PB0.9x FY20
02/15/19 Lim & Tan SIA 9.87 0 Hold
02/18/19 Kim Eng SIA 9.76 11.2 Buy PB0.94x
02/18/19 UOB Kay Hian SIA 9.76 10.2 Hold Buy @ $9.50
02/18/19 OCBC SIA 9.76 10.71 Buy
03/19/19 CIMB SIA 9.83 10.25 Hold
03/19/19 UOB Kay Hian SIA 9.83 10.1 Hold Buy @ $9

Stock calls for 25 March 2019


Date Analyst Company Last Target Call Valuation
03/25/19 phillip Geo Energy 0.186 0.215 Accumulate PER10x
03/25/19 Kim Eng Manulife US Reit 0.865 1 Buy DDM
03/25/19 CIMB Y Venture 0.06 0.15 Add

Saturday, March 23, 2019

Huawei won the fight in Europe against the US.

https://www.channelnewsasia.com/news/business/exclusive--eu-to-drop-threat-of-huawei-ban-but-wants-5g-risks-monitored---sources-11371674

How did Huawei win the fight?

Huawei was able to win the fight because of its 10,000+ patents.  The EU realized that it would contravene Huawei's patents in 5G and couldn't develop the same 5G speed without Huawei.  Furthermore, excluding Huawei's components and parts in the EU would increase the 5G costs tremendously.

http://sg-stock.blogspot.com/2019/03/wipo-showed-that-china-didnt-steal.html

Well done Huawei!

What caused the US stock markets to plunge yesterday?

https://finance.yahoo.com/news/dow-why-stock-market-falling-141730433.html

The following contributing factors:

1.The global environment especially the recent Germany PMI data.  Germany is the bellwether of Europe and it will drag the whole Europe down when it is having a recession.

http://sg-stock.blogspot.com/2019/03/germany-will-enter-into-recession-in.html

2.The chaotic US treasury market is signalling a recession is in the offing.

https://sg-stock.blogspot.com/2019/03/the-us-treasurys-situation-is-getting.html

3. The dovish fed policy is creating an artificially low interest rate environment which will make the banking and financial industry less profitable.  In a nutshell, the banks and financial firms will find it difficult to earn more incomes in a low rate environment.

https://sg-stock.blogspot.com/2017/03/what-stocks-to-buy-in-interest-rate.html



Baltic dry index - 690

Today, Friday, March 22 2019, the Baltic Dry Index decreased by 5 points, reaching 690 points.
Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.
=====================
Related stocks: Sembcorp Marine, Cosco & Pan ocean

US rig count - 1016

Total rig count 1016 versus 1026 last week

The Baker Hughes rig count is coming in lower for the 5th week in a row
  • Oil rigs, 824 versus 830 estimate. That is also down from 833 last week
  • Gas rigs, 192 versus 193 last week
  • Total rigs, 1016 versus 1026 last week
The price of crude oil was trading at $58.47 right before the report. It is currently trading at $58.59.

======================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Friday, March 22, 2019

Germany will enter into a recession in the 2nd half of 2019.

https://finance.yahoo.com/news/german-manufacturing-sinks-deeper-contraction-083000514.html

The PMI is at 44.7 now.

https://finance.yahoo.com/news/asian-shares-firm-solid-u-011607182.html

The German bund 10-year yield is negative.

The PMI is a harbinger and the country usually enters into a recession 6 months later.  Therefore, it is likely that Germany will enter into a recession around September 2019.  There are many telltale signs now.

http://sg-stock.blogspot.com/2019/02/germany-almost-got-into-recession.html

SHS - Stock calls


Date Analyst Company Last Target Call Valuation
05/25/18 phillip SHS 0.23 0.29 Buy PER10x FY19
08/23/18 phillip SHS 0.24 0.29 Buy PER10x FY19
11/19/18 phillip SHS 0.215 0.24 Accumulate PER10x FY19
01/29/19 phillip SHS 0.197 0.24 Accumulate PER10x FY19
03/08/19 phillip SHS 0.191 0.194 Neutral PB0.7x

Shopper360 - Stock calls


Date Analyst Company Last Target Call Valuation
06/13/18 phillip Shopper360 0.18 0.33 Trading Buy PER7x FY19

Sheng Siong - Stock calls


Date Analyst Company Last Target Call Valuation
02/19/18 DMG & Partners Sheng Siong 0.915 0.99 Neutral Up from $0.93
02/20/18 UOB Kay Hian Sheng Siong 0.92 1.06 Hold
02/23/18 DBS Vickers Sheng Siong 0.925 1.2 Buy PER25x FY18
02/26/18 phillip Sheng Siong 0.93 1.13 Buy PER23x FY18
02/26/18 DMG & Partners Sheng Siong 0.93 0.98 Neutral DCF & PER
02/26/18 OCBC Sheng Siong 0.93 1.06 Buy
02/26/18 CIMB Sheng Siong 0.93 1.08 Add PER22.3x CY19
03/19/18 phillip Sheng Siong 0.945 1.13 Buy
04/03/18 Kim Eng Sheng Siong 0.95 1.2 Buy DCF, PER25x FY18, EV/Ebitda7x
04/03/18 UOB Kay Hian Sheng Siong 0.95 1.1 Buy
04/11/18 DMG & Partners Sheng Siong 0.97 1.11 Buy DCF & PER21x
04/16/18 phillip Sheng Siong 1 1.13 Accumulate
04/30/18 DMG & Partners Sheng Siong 1.02 1.18 Buy DCF & PER
04/30/18 UOB Kay Hian Sheng Siong 1.02 1.09 Hold PER22.5x FY18, Buy @ $0.98
04/30/18 OCBC Sheng Siong 1.02 1.06 Buy
04/30/18 DBS Vickers Sheng Siong 1.02 1.21 Buy PER25x FY18
05/02/18 phillip Sheng Siong 1.02 1.13 Accumulate PER23x FY18
05/02/18 CIMB Sheng Siong 1.02 1.18 Add PER22.3x FY19
05/21/18 DMG & Partners Sheng Siong 1 1.18 Buy DCF & PER
06/22/18 DMG & Partners Sheng Siong 1 1.18 Buy
06/28/18 OCBC Sheng Siong 1.05 1.12 Buy
07/04/18 CIMB Sheng Siong 1.06 1.18 Add PER22.2x FY19
07/13/18 DMG & Partners Sheng Siong 1.08 1.27 Buy DCF
07/31/18 UOB Kay Hian Sheng Siong 1.07 1.09 Hold PER22.5x FY18, Buy @ $0.98
07/31/18 DBS Vickers Sheng Siong 1.07 1.26 Buy PER25x FY19
08/01/18 DMG & Partners Sheng Siong 1.07 1.27 Buy DCF & PER
08/02/18 phillip Sheng Siong 1.09 1.13 Accumulate PER23x FY18
08/02/18 OCBC Sheng Siong 1.09 1.25 Buy
08/20/18 CIMB Sheng Siong 1.09 1.26 Add PER22.2x FY19
08/20/18 DMG & Partners Sheng Siong 1.09 1.3 Buy DCF & PER21x
08/21/18 UOB Kay Hian Sheng Siong 1.11 1.14 Hold DCF, PER21.8x FY19, Buy @ $1.05
09/14/18 CIMB Sheng Siong 1.12 1.26 Add
09/18/18 Amfrasers Sheng Siong 1.12 1.24 Buy DCF, PER25.1x FY18
09/18/18 DBS Vickers Sheng Siong 1.12 1.26 Buy
10/02/18 Amfrasers Sheng Siong 1.13 1.24 Buy DCF, PER21x FY18
10/23/18 CIMB Sheng Siong 1.05 1.26 Add
10/31/18 DBS Vickers Sheng Siong 1.08 1.24 Buy PER25x FY19
10/31/18 DMG & Partners Sheng Siong 1.08 1.3 Buy DCF & PER21x
11/01/18 DMG & Partners Sheng Siong 1.08 1.27 Buy DCF
11/01/18 UOB Kay Hian Sheng Siong 1.08 1.15 Hold PER22.7x FY19, Buy @ $1.04
11/01/18 OCBC Sheng Siong 1.08 1.13 Hold
11/01/18 CIMB Sheng Siong 1.08 1.25 Add PER22.2x FY20
11/05/18 DBS Vickers Sheng Siong 1.04 1.24 Buy
11/05/18 phillip Sheng Siong 1.04 1.13 Accumulate PER25x FY19
12/10/18 DMG & Partners Sheng Siong 1.08 1.27 Buy
12/17/18 DBS Vickers Sheng Siong 1.09 1.24 Buy
01/02/19 DMG & Partners Sheng Siong 1.06 1.27 Buy
01/04/19 phillip Sheng Siong 1.07 1.13 Accumulate
02/20/19 UOB Kay Hian Sheng Siong 1.08 1.15 Hold
02/27/19 DMG & Partners Sheng Siong 1.09 1.25 Buy DCF
02/27/19 OCBC Sheng Siong 1.09 1.19 Buy
02/27/19 DBS Vickers Sheng Siong 1.09 1.25 Buy PER25x FY19
02/27/19 CIMB Sheng Siong 1.09 1.22 Add PER22.2x FY20
02/27/19 UOB Kay Hian Sheng Siong 1.09 1.11 Hold
03/04/19 phillip Sheng Siong 1.09 1.3 Accumulate PER25x
03/05/19 Amfrasers Sheng Siong 1.09 1.24 Buy
03/13/19 DMG & Partners Sheng Siong 1.08 1.25 Buy DCF
03/19/19 Kim Eng Sheng Siong 1.08 0.95 Sell DCF, PER19.5x FY19

Stock calls for 22 March 2019


Date Analyst Company Last Target Call Valuation
03/22/19 UOB Kay Hian Comfortdelgro 2.54 2.77 Buy
03/22/19 DBS Vickers Frasers Property 1.77 1.98 Buy RNAV (35% discount)
03/22/19 OCBC Shangri-La Asia 11.18 16.16 Buy
03/22/19 DMG & Partners Singtel 2.97 3.06 Neutral
03/22/19 CIMB Starhill 0.7 0.74 Add DDM

The US treasury's situation is getting chaotic. - Part 2

The US bond market doesn't look good after the US Fed expressed its super dovish stance (No interest rate hikes in 2019 and termination of QT).

From the screen above, we can see the following yield curve inversions:
1m yield > 2m yield
1m yield > 3m yield
1m yield > 6m yield
1m yield > 1y yield
1m yield > 2y yield
1m yield > 3y yield
1m yield > 5y yield
1m yield > 7y yield

3m yield (2.49%)  < 10y yield (2.54%) = Spread is narrowing!

When the short term yield is more than the long term yield, it is a monetary tightening symptom.  Why?

When I was a finance student, I learnt the time value of money concept in the university.  Money is worth lesser and lesser into the future and it needs to be compensated if we use our monies for investment for the current period.  Therefore, the interest or yield return that we demand must commensurate with time.  In other words, the longer is the investment period, the higher is the interest.

Furthermore, uncertainty (risk) increases with time and we also must be compensated more for investing in a longer period.

When the short term yield is greater than the long term yield, it is showing that access to cheap money is no longer available because investors are demanding a higher interest rate for taking a short term risk.  This will create short term cash flow problems for many companies and defaults will rise.  This is something that the US Fed is trying to avoid by terminating the QT but the reality in the bond market is showing otherwise.

The preferred US Fed yield curve inversion indicator is the 3-month yield vs 10-year month yield.  The 3m-10y yield spread is narrowing and this is not a good sign.  When this indicator starts to invert, it is showing that the recession is in the offing.

https://sg-stock.blogspot.com/2019/01/the-us-treasurys-situation-is-getting.html

Indonesia's Garuda has cancelled Boeing 737-Max orders. More to come!

https://www.channelnewsasia.com/news/asia/indonesia-s-garuda-cancelling-49-boeing-737-max-8-plane-orders-11368824

Garuda is right to cancel the unsafe plane orders.  However, Indonesia is not Boeing's biggest customer.  Boeing's biggest customer is China.


Boeing will be in a crash mode when China cancels 737-Max orders.

http://sg-stock.blogspot.com/2019/03/boeing-saga.html


Thursday, March 21, 2019

Shangri-La Asia - Stock calls


Date Analyst Company Last Target Call Valuation
03/21/19 OCBC Shangri-La Asia 11.04 16.4 Buy

SGX - Stock calls


Date Analyst Company Last Target Call Valuation
01/22/18 DMG & Partners SGX 7.98 9 Buy PER24x FY19
01/22/18 Kim Eng SGX 7.98 8.82 Buy PER23x FY19
01/22/18 DBS Vickers SGX 7.98 8.9 Buy DDM, PER21x FY19
01/22/18 OCBC SGX 7.98 8.16 Hold PER24x FY18
01/22/18 CIMB SGX 7.98 8.5 Add PER24x FY19
01/22/18 phillip SGX 7.98 9 Accumulate DCF
01/22/18 UBS SGX 7.98 8.7 Buy
01/22/18 Citibank SGX 7.98 8.88 Hold
02/07/18 CIMB SGX 7.88 8.5 Add PER24x FY19
02/07/18 DMG & Partners SGX 7.88 9 Buy PER24x FY19
02/07/18 OCBC SGX 7.88 8.16 Hold
02/07/18 Kim Eng SGX 7.88 8.82 Buy PER23x FY19
02/07/18 DBS Vickers SGX 7.88 8.9 Buy DDM, PER21x FY19
02/11/18 Citibank SGX 7.89 7.9 Hold
02/13/18 JP Morgan SGX 7.31 9 Overweight
02/13/18 Jefferies SGX 7.31 8 Buy
02/13/18 UBS SGX 7.31 8.7 Buy
02/13/18 CIMB SGX 7.31 7.85 Hold PER24x FY19
02/13/18 Goldman Sachs SGX 7.31 6.6 Sell
02/14/18 phillip SGX 7.3 8.89 Buy DCF
02/19/18 Jefferies SGX 7.37 8 Buy
02/20/18 DBS Vickers SGX 7.71 8.9 Buy DDM, PER21x FY19
03/08/18 Kim Eng SGX 7.44 8.73 Buy PER23x FY19
03/13/18 Amfrasers SGX 7.58 8.14 Buy
04/23/18 phillip SGX 7.56 9.2 Buy DCF
04/23/18 CIMB SGX 7.56 8.2 Add PER24x FY19
04/23/18 Lim & Tan SGX 7.56 0 Buy
04/23/18 OCBC SGX 7.56 8.22 Buy
04/23/18 DMG & Partners SGX 7.56 9 Buy PER24x FY19
05/23/18 Lim & Tan SGX 7.48 0 Buy on weakness
06/01/18 OCBC SGX 7.24 7.89 Buy PER23x
06/22/18 DMG & Partners SGX 7.25 9 Buy PER24x FY19
07/03/18 UOB Kay Hian SGX 7.14 8.14 Not Rated
07/18/18 Macquarie SGX 7.45 7.7 Neutral
07/25/18 DMG & Partners SGX 7.5 9 Buy PER24x FY19
07/30/18 OCBC SGX 7.58 8.32 Buy PER23x FY19
07/30/18 CIMB SGX 7.58 8.02 Add PER24x FY20
07/30/18 Lim & Tan SGX 7.58 0 Buy
07/31/18 phillip SGX 7.41 8.93 Buy DCF
08/05/18 Citibank SGX 7.36 7.7 Hold
09/04/18 DMG & Partners SGX 7.42 8.4 Buy PER23.4x FY19
10/16/18 Citibank SGX 6.83 7.1 Hold
10/22/18 phillip SGX 6.93 9.01 Buy PER25.2x
10/22/18 DMG & Partners SGX 6.93 8.4 Buy PER23x FY19
10/22/18 OCBC SGX 6.93 7.96 Buy PER22x F19/20
10/22/18 CIMB SGX 6.93 7.6 Add PER22.1x FY20
10/24/18 Macquarie SGX 7.05 7.7 Neutral
11/22/18 DMG & Partners SGX 7.21 8.4 Buy
11/27/18 DMG & Partners SGX 7.24 8.2 Buy PER22x FY20
01/04/19 phillip SGX 7.15 9.01 Buy
01/25/19 CIMB SGX 7.5 7.9 Add PER22.1x FY20
01/25/19 DMG & Partners SGX 7.5 8.2 Buy PER22x FY20
01/28/19 phillip SGX 7.57 8.36 Buy PER23.2x FY19
01/28/19 OCBC SGX 7.57 7.98 Buy PER22x F19/20
02/22/19 Citibank SGX 7.87 7.8 Hold
03/12/19 Citibank SGX 7.46 7 Sell
03/14/19 DBS Vickers SGX 7.26 7.05 Hold DDM, PER20x CY20
03/19/19 phillip SGX 7.31 8.17 Accumulate PER23.2x

Serial System - Stock calls


Date Analyst Company Last Target Call Valuation
05/22/18 Tayona Serial System 0.1666 0.24 Overweight DCF
08/17/18 Tayona Serial System 0.146 0.24 Overweight Sum of parts, PER11.2x FY18

Stock calls for 21 March 2019


Date Analyst Company Last Target Call Valuation
03/21/19 Lim & Tan Capitaland 3.47 0 Buy
03/21/19 Amfrasers CapitaRetail China 1.52 1.61 Buy DDM
03/21/19 Lim & Tan City Developments 9.02 0 Buy
03/21/19 Kim Eng Japfa 0.65 1.05 Buy Sum of parts
03/21/19 OCBC Shangri-La Asia 11.04 16.4 Buy
03/21/19 UOB Kay Hian Singtel 2.99 3.58 Buy DCF
03/21/19 DMG & Partners Starhill 0.705 0.78 Buy DDM
03/21/19 Kim Eng Valuetronics 0.685 1.05 Buy PB2.1x FY20