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Saturday, December 14, 2019

Baltic dry index - 1355

Today, Friday, December 13 2019, the Baltic Dry Index decreased by 33 points, reaching 1355 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.
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Related stock: Sembcorp Marine, Cosco & Pan ocean

US rig count - 799


Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Friday, December 13, 2019

Silverlake - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Silverlake 0.415 0.65 Buy DCF
01/03/19 DBS Vickers Silverlake 0.405 0.6 Buy PER21x FY19
01/07/19 DBS Vickers Silverlake 0.425 0.62 Buy PER21x FY19
02/01/19 DMG & Partners Silverlake 0.485 0.65 Buy DCF
02/15/19 DBS Vickers Silverlake 0.515 0.62 Buy PER21x FY19
03/01/19 CIMB Silverlake 0.57 0.62 Add Sum of parts, PER19x CY20
03/13/19 DMG & Partners Silverlake 0.555 0.65 Buy DCF
05/07/19 DMG & Partners Silverlake 0.61 0.65 Buy DCF
05/16/19 DBS Vickers Silverlake 0.52 0.63 Buy PER21x FY19
05/16/19 CIMB Silverlake 0.52 0.58 Add
06/06/19 DMG & Partners Silverlake 0.53 0.65 Buy DCF
08/01/19 DMG & Partners Silverlake 0.52 0.65 Buy DCF
08/26/19 CIMB Silverlake 0.51 0.53 Hold
08/26/19 DBS Vickers Silverlake 0.51 0.6 Buy PER21x FY20
09/05/19 DMG & Partners Silverlake 0.455 0.56 Buy DCF
10/08/19 DMG & Partners Silverlake 0.44 0.56 Buy
11/15/19 DBS Vickers Silverlake 0.44 0.57 Buy PER21x FY20
11/18/19 DMG & Partners Silverlake 0.43 0.46 Neutral DCF
12/10/19 DMG & Partners Silverlake 0.41 0.46 Neutral

SIIC - Stock calls

Date Analyst Company Last Target Call Valuation
01/21/19 DBS Vickers SIIC 0.29 0.32 Hold PER13x FY19
08/13/19 DBS Vickers SIIC 0.235 0.265 Hold

SIA Engineering - Stock calls

Date Analyst Company Last Target Call Valuation
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
04/15/19 Kim Eng SIA Engineering 2.49 2.85 Buy
05/14/19 Kim Eng SIA Engineering 2.43 2.85 Buy DCF
05/14/19 OCBC SIA Engineering 2.43 2.43 Hold
05/14/19 UOB Kay Hian SIA Engineering 2.43 2.55 Hold Buy @ $2.30
05/14/19 DBS Vickers SIA Engineering 2.43 2.6 Hold Sum of parts
05/14/19 CIMB SIA Engineering 2.43 3.11 Add
07/02/19 Kim Eng SIA Engineering 2.51 2.85 Buy
07/05/19 DBS Vickers SIA Engineering 2.72 3.01 Buy
07/08/19 CIMB SIA Engineering 2.89 3.11 Add DCF
07/29/19 UOB Kay Hian SIA Engineering 2.65 2.55 Hold DCF, Buy @ $2.40
07/29/19 OCBC SIA Engineering 2.65 2.43 Hold
07/30/19 Kim Eng SIA Engineering 2.68 2.85 Hold
09/02/19 Kim Eng SIA Engineering 2.43 2.85 Buy DCF
11/04/19 Lim & Tan SIA Engineering 2.65 0 Hold
11/05/19 UOB Kay Hian SIA Engineering 2.77 3.13 Buy
11/05/19 DBS Vickers SIA Engineering 2.77 3.3 Buy Sum of parts
11/05/19 OCBC SIA Engineering 2.77 2.86 Hold
11/05/19 CIMB SIA Engineering 2.77 3.3 Add DCF
11/26/19 Kim Eng SIA Engineering 2.85 3 Buy

Stock calls for 13 December 2019

Date Analyst Company Last Target Call Valuation
12/13/19 Lim & Tan Fu Yu 0.25 0 Buy
12/13/19 DMG & Partners Manulife US Reit 1 1.1 Buy DDM
12/13/19 Lim & Tan Sunningdale 1.28 0 Buy
12/13/19 UOB Kay Hian Unusual 0.28 0.44 Buy

The 15 Dec tariffs between the US & China are halted.

https://sg.finance.yahoo.com/news/trump-approves-us-china-trade-deal-to-halt-dec-15-tariffs-034516939.html

It is a piece of good news to halt the 15 Dec tariffs so that we all can enjoy our festive seasons like X'mas and New Year.

However, I'm not optimistic about the signing of the agreement because the US is forcing China to buy US$50B worth of farm products especially the soybeans.  This US$50B is double what China bought in the previous year and far exceeded China's demands.  China had already signed soybean purchase orders from Brazil, Argentina, Russia and also started to plant its own hybrid soybeans.

http://sg-stock.blogspot.com/2019/10/trump-has-fallen-into-chinas-gambit.html

http://sg-stock.blogspot.com/2019/08/trump-is-in-trouble-because-china-is-no.html

Therefore, it will be impossible for China to purchase US$50B of farm products since there is no such demand and soybeans are perishable goods.  China also won't put its food supplies in the hands of the US because food is a strategic supply.  The bottom line is China doesn't want its people to go hungry during any US-China confrontation.

Thursday, December 12, 2019

SIA - Stock calls

Date Analyst Company Last Target Call Valuation
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
04/16/19 UOB Kay Hian SIA 9.88 10.1 Hold Sum of parts
04/16/19 OCBC SIA 9.88 11.02 Buy
05/17/19 CIMB SIA 9.4 10.14 Hold PB0.9x CY19
05/21/19 OCBC SIA 9.3 11.02 Buy
05/21/19 UOB Kay Hian SIA 9.3 9.6 Hold Buy @ $8.80
05/21/19 DBS Vickers SIA 9.3 10.8 Buy PB0.95x FY20
06/19/19 UOB Kay Hian SIA 9.17 9.5 Hold Sum of parts, Buy @ $8.60
06/19/19 CIMB SIA 9.17 10.04 Hold
08/01/19 UOB Kay Hian SIA 9.67 9.5 Hold Sum of parts, Buy @ $9.10
08/01/19 DBS Vickers SIA 9.67 10.8 Buy PB0.95x FY20
08/01/19 Lim & Tan SIA 9.67 0 Hold
08/02/19 CIMB SIA 9.2 10.04 Hold PB0.9x CY19
09/19/19 UOB Kay Hian SIA 9.15 9.5 Hold Sum of parts, Buy @ $8.70
10/17/19 UOB Kay Hian SIA 9.16 9.5 Hold Buy @ $9
11/06/19 CIMB SIA 9.43 10 Hold PB0.9x CY19
11/06/19 Kim Eng SIA 9.43 10.7 Buy PB1x FY21
11/07/19 OCBC SIA 9.18 10.46 Buy
11/07/19 UOB Kay Hian SIA 9.18 9.4 Hold Buy @ $8.70
11/07/19 DBS Vickers SIA 9.18 10.4 Buy PB0.95x FY20

SHS - Stock calls

Date Analyst Company Last Target Call Valuation
01/29/19 phillip SHS 0.197 0.24 Accumulate PER10x FY19
03/08/19 phillip SHS 0.191 0.194 Neutral PB0.7x
05/21/19 phillip SHS 0.174 0 Cease coverage

Sheng Siong - Stock calls

Date Analyst Company Last Target Call Valuation
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
04/05/19 DMG & Partners Sheng Siong 1.04 1.25 Buy
04/16/19 Kim Eng Sheng Siong 1.06 0.95 Sell DCF
04/29/19 UOB Kay Hian Sheng Siong 1.04 1.11 Hold Buy @ $1
04/29/19 DBS Vickers Sheng Siong 1.04 1.25 Buy PER5x FY19
04/30/19 DMG & Partners Sheng Siong 1.04 1.23 Buy DCF & PER21x
04/30/19 CIMB Sheng Siong 1.04 1.1 Hold PER20.5x CY20
04/30/19 Amfrasers Sheng Siong 1.04 1.24 Buy DCF
04/30/19 OCBC Sheng Siong 1.04 1.19 Buy
05/02/19 phillip Sheng Siong 1.03 1.3 Buy PER25x
06/06/19 DMG & Partners Sheng Siong 1.1 1.23 Buy
06/06/19 DBS Vickers Sheng Siong 1.1 1.25 Buy
06/14/19 Kim Eng Sheng Siong 1.09 0.95 Sell DCF
07/02/19 DMG & Partners Sheng Siong 1.1 1.23 Buy
07/15/19 phillip Sheng Siong 1.1 1.3 Buy PER25x
07/16/19 Kim Eng Sheng Siong 1.09 0.95 Sell DCF
07/30/19 DMG & Partners Sheng Siong 1.11 1.32 Buy DCF
07/30/19 DBS Vickers Sheng Siong 1.11 1.32 Buy PER25x FY20
07/31/19 Kim Eng Sheng Siong 1.15 0.96 Sell DCF
07/31/19 OCBC Sheng Siong 1.15 1.19 Buy
07/31/19 CIMB Sheng Siong 1.15 1.25 Add
08/01/19 phillip Sheng Siong 1.16 1.3 Accumulate PER25x FY19
08/06/19 Amfrasers Sheng Siong 1.16 1.27 Outperform
08/13/19 Kim Eng Sheng Siong 1.18 0.96 Sell DCF
08/23/19 DMG & Partners Sheng Siong 1.16 1.32 Buy
09/11/19 DMG & Partners Sheng Siong 1.2 1.32 Buy
10/01/19 DBS Vickers Sheng Siong 1.11 1.32 Buy PER25x FY20
10/02/19 DMG & Partners Sheng Siong 1.13 1.32 Buy DCF
10/11/19 phillip Sheng Siong 1.16 1.3 Accumulate
10/14/19 Kim Eng Sheng Siong 1.15 0.96 Sell DCF
11/01/19 UOB Kay Hian Sheng Siong 1.17 1.27 Hold Buy @ $1.14
11/01/19 DMG & Partners Sheng Siong 1.17 1.32 Buy
11/01/19 Kim Eng Sheng Siong 1.17 1 Sell DCF
11/01/19 DBS Vickers Sheng Siong 1.17 1.32 Buy
11/04/19 phillip Sheng Siong 1.18 1.32 Accumulate PER25x
11/04/19 Amfrasers Sheng Siong 1.18 1.35 Outperform
11/04/19 CIMB Sheng Siong 1.18 1.3 Add PER22.5x CY20
11/04/19 OCBC Sheng Siong 1.18 1.21 Hold
12/10/19 DMG & Partners Sheng Siong 1.24 1.39 Buy DCF

Stock calls for 12 December 2019

Date Analyst Company Last Target Call Valuation
12/12/19 DBS Vickers Hongkong Land 5.47 6.64 Buy RNAV (45% discount)
12/12/19 UOB Kay Hian Rex 0.167 0.218 Buy Sum of parts, PB1.1x FY20

Hong Kong financial hub will be undermined by upcoming Shenzhen and Macau.

https://www.theedgesingapore.com/news/china-focus/protest-free-macau-win-financial-policy-rewards-china

China is trying to make Macau another financial hub by giving it some favourable policies.  However, I think that Shenzhen has a better chance to displace HK than Macau.  When China doesn't support HK anymore, HK will definitely fall from its grace.

http://sg-stock.blogspot.com/2019/11/hong-kong-is-financial-hub-because-of.html

http://sg-stock.blogspot.com/2019/08/omg-china-has-displaced-hong-kong-with.html

Why is Shenzhen (SZ) a better choice?

First of all, we need to understand what makes a country a financial hub.  In order to be a financial hub, a country has to be an open economy in order to be an international trading centre.  International trading is a prerequisite to be a financial hub because it will engender many financial services like forex trading, insurance services, etc.  Singapore and HK are financial hubs because both countries have the busiest ports in the world to generate a lot of trading activities.


Besides being the 3rd busiest port in the world, Shenzhen is also a technological hub whereby many technology companies set up their HQ there.  Thus, it is so much easier for SZ to be a financial hub to displace HK.

How is China's economy doing?

https://sg.finance.yahoo.com/news/etfs-focus-trade-tussle-dampens-214809679.html

For a consumption-led economy like China, import matters more than export.  Why?

From a simplistic perspective, the export number reflects "yesterday" demand and the import figure reflects "tomorrow" demand.

Therefore, I expect China's PMI to continue to expand because the importers are anticipating higher demand ahead and also the de-americanization will help to boost the local industries.

The US does not practise the human rights that it preached.

https://sg.news.yahoo.com/immigration-officials-stop-doctors-giving-014039953.html

The US government stopped doctors from saving children from preventable deaths.

Amnesty International is turning a blind eye to this!

Wednesday, December 11, 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
03/22/19 OCBC Shangri-La Asia 11.18 16.16 Buy
08/26/19 OCBC Shangri-La Asia 8.3 13.9 Buy

SGX - Stock calls

Date Analyst Company Last Target Call Valuation
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
04/05/19 DMG & Partners SGX 7.42 8.1 Buy PER23x FY20
04/26/19 OCBC SGX 7.26 7.6 Hold PER21x FY20
04/26/19 DBS Vickers SGX 7.26 7.05 Hold DDM, PER20x FY20
04/26/19 Kim Eng SGX 7.26 8.79 Buy PER23x FY19
04/29/19 phillip SGX 7.4 8.09 Accumulate PER21.4x
04/29/19 CIMB SGX 7.4 7.9 Add PER22.1x FY20
06/28/19 DBS Vickers SGX 7.95 7.05 Hold DDM, PER20x FY20
07/15/19 phillip SGX 7.99 8.09 Accumulate PER21.4x
08/01/19 DMG & Partners SGX 7.92 8.1 Neutral PER23x FY20
08/01/19 DBS Vickers SGX 7.92 8.3 Buy DDM
08/02/19 phillip SGX 7.78 8.09 Accumulate PER21x
08/05/19 CIMB SGX 7.98 8.1 Hold PER21.5x
10/02/19 phillip SGX 8.5 8.6 Accumulate PER22x
10/02/19 OCBC SGX 8.5 7.6 Hold
10/09/19 DMG & Partners SGX 8.4 8.1 Neutral PER23x FY20
10/25/19 DMG & Partners SGX 8.28 8.3 Neutral PER23x FY20
10/25/19 CIMB SGX 8.28 9 Add PER22.4x FY20
10/25/19 OCBC SGX 8.28 8.6 Hold PER22x FY20
10/25/19 DBS Vickers SGX 8.28 8.9 Buy DDM, PER21x FY20
11/25/19 phillip SGX 8.97 8.6 Neutral PER22x

Sembcorp Marine - Stock calls

Date Analyst Company Last Target Call Valuation
01/10/19 DIR Sembcorp Marine 1.62 1.62 Hold Cut from $1.78, PB1.8x FY19
01/22/19 Amfrasers Sembcorp Marine 1.66 2.5 Buy
02/01/19 UOB Kay Hian Sembcorp Marine 1.6 1.83 Hold PB1.7x FY19, Buy @ $1.50
02/04/19 DBS Vickers Sembcorp Marine 1.59 2.4 Buy PB2.1x FY19
02/21/19 CIMB Sembcorp Marine 1.68 2.21 Add PB2x CY19
02/21/19 OCBC Sembcorp Marine 1.68 1.77 Hold
02/21/19 phillip Sembcorp Marine 1.68 1.76 Neutral PB1.6x
02/21/19 Lim & Tan Sembcorp Marine 1.68 0 Hold
02/26/19 Amfrasers Sembcorp Marine 1.72 2.48 Buy
04/09/19 Amfrasers Sembcorp Marine 1.7 2.48 Buy
04/09/19 DBS Vickers Sembcorp Marine 1.7 2.4 Buy
05/03/19 CIMB Sembcorp Marine 1.69 2.21 Add PB2x
05/06/19 phillip Sembcorp Marine 1.67 1.76 Neutral PB1.6x
05/06/19 OCBC Sembcorp Marine 1.67 1.77 Hold
05/06/19 Amfrasers Sembcorp Marine 1.67 2.48 Buy
05/06/19 DBS Vickers Sembcorp Marine 1.67 2.4 Buy PB2.1x FY19
05/30/19 OCBC Sembcorp Marine 1.45 1.6 Hold PB1.45x
06/04/19 DMG & Partners Sembcorp Marine 1.39 1.99 Buy PB1.8x FY20
07/03/19 CIMB Sembcorp Marine 1.54 1.75 Add PB1.6x CY19
07/03/19 OCBC Sembcorp Marine 1.54 1.6 Hold
07/04/19 Macquarie Sembcorp Marine 1.41 1.57 Neutral
07/04/19 DBS Vickers Sembcorp Marine 1.41 2.4 Buy
07/31/19 DBS Vickers Sembcorp Marine 1.36 1.9 Buy PB1.8x FY19
07/31/19 Amfrasers Sembcorp Marine 1.36 1.59 Neutral PB1.6x FY19
07/31/19 DMG & Partners Sembcorp Marine 1.36 1.8 Buy PB1.64x FY20
07/31/19 CIMB Sembcorp Marine 1.36 1.16 Reduce PB1.1x
07/31/19 UOB Kay Hian Sembcorp Marine 1.36 1.32 Hold DCF, Buy @ $1.25
08/06/19 Macquarie Sembcorp Marine 1.28 1.4 Neutral PB
09/03/19 UOB Kay Hian Sembcorp Marine 1.16 1.22 Hold Buy @ $1.10
09/03/19 DMG & Partners Sembcorp Marine 1.16 1.63 Buy PB1.48x FY20
09/09/19 CIMB Sembcorp Marine 1.19 1.26 Hold PB1.2x CY19
10/09/19 CIMB Sembcorp Marine 1.2 1.26 Hold PB1.2x CY19
10/09/19 OCBC Sembcorp Marine 1.2 1.29 Hold
10/09/19 DBS Vickers Sembcorp Marine 1.2 1.9 Buy
10/25/19 DBS Vickers Sembcorp Marine 1.4 1.45 Hold
11/12/19 UOB Kay Hian Sembcorp Marine 1.33 1.22 Sell
11/13/19 OCBC Sembcorp Marine 1.34 1.24 Sell
11/14/19 DMG & Partners Sembcorp Marine 1.29 1.6 Buy PB1.47x FY20
11/14/19 UOB Kay Hian Sembcorp Marine 1.29 1.17 Sell
11/14/19 CIMB Sembcorp Marine 1.29 1.26 Hold PB1.2x CY21
11/15/19 Macquarie Sembcorp Marine 1.28 1.4 Neutral DCF
11/15/19 DBS Vickers Sembcorp Marine 1.28 1.4 Hold PB1.3x FY20

Stock calls for 11 December 2019

Date Analyst Company Last Target Call Valuation
12/11/19 DMG & Partners Amara 0.45 0.88 Buy
12/11/19 DMG & Partners Breadtalk 0.625 0.67 Neutral
12/11/19 Lim & Tan City Developments 10.54 0 Buy
12/11/19 DMG & Partners Dairy Farm 5.9 6.63 Neutral
12/11/19 DMG & Partners Delfi 1 1.68 Buy
12/11/19 DMG & Partners Food Empire 0.6 0.73 Buy
12/11/19 DMG & Partners Genting 0.915 0.97 Neutral
12/11/19 DMG & Partners Japan Foods 0.425 0.4 Neutral
12/11/19 DMG & Partners Kimly 0.245 0.24 Neutral
12/11/19 SAC Capital Koufu 0.765 0.87 Buy
12/11/19 DMG & Partners Mindchamps 0.46 0.87 Buy
12/11/19 DMG & Partners Thai Beverage 0.89 0.95 Neutral
12/11/19 UOB Kay Hian Yangzijiang 1.09 1.46 Buy

Tuesday, December 10, 2019

Sembcorp Industries - Stock calls

Date Analyst Company Last Target Call Valuation
01/10/19 DIR Sembcorp Industries 2.64 3.05 Outperform Sum of parts, cut from $3.26
01/15/19 UOB Kay Hian Sembcorp Industries 2.63 3.2 Buy Sum of parts
01/23/19 CIMB Sembcorp Industries 2.69 3.49 Add
02/01/19 UOB Kay Hian Sembcorp Industries 2.59 3.2 Buy
02/04/19 DBS Vickers Sembcorp Industries 2.58 3.7 Buy
02/21/19 Lim & Tan Sembcorp Industries 2.66 0 Hold
02/25/19 DBS Vickers Sembcorp Industries 2.67 3.9 Buy RNAV (10% discount), PB1x
03/13/19 UOB Kay Hian Sembcorp Industries 2.57 2.8 Hold Sum of parts, Buy @ $2.35
03/18/19 Lim & Tan Sembcorp Industries 2.52 0 Hold
04/09/19 DBS Vickers Sembcorp Industries 2.75 3.9 Buy
05/16/19 OCBC Sembcorp Industries 2.54 3.13 Buy Sum of parts
05/16/19 DBS Vickers Sembcorp Industries 2.54 3.9 Buy Sum of parts, PB1x
05/16/19 CIMB Sembcorp Industries 2.54 3.41 Add Sum of parts
05/17/19 phillip Sembcorp Industries 2.55 3.75 Buy Sum of parts
06/04/19 OCBC Sembcorp Industries 2.38 3.03 Buy Sum of parts
07/03/19 OCBC Sembcorp Industries 2.47 3.03 Buy
07/04/19 Macquarie Sembcorp Industries 2.41 2.84 Outperform
08/15/19 CIMB Sembcorp Industries 2.26 2.83 Add Sum of parts
08/15/19 UOB Kay Hian Sembcorp Industries 2.26 2.34 Hold
08/16/19 DBS Vickers Sembcorp Industries 2.26 3.2 Buy Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19 DBS Vickers Sembcorp Industries 2.21 3.2 Buy Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19 Lim & Tan Sembcorp Industries 2.21 0 Buy
09/18/19 DMG & Partners Sembcorp Industries 2.22 2.68 Buy Sum of parts, PER9.9x FY20
09/18/19 OCBC Sembcorp Industries 2.22 2.79 Buy
10/07/19 UOB Kay Hian Sembcorp Industries 2.06 2.22 Hold Buy @ $2
10/08/19 CIMB Sembcorp Industries 2.08 2.83 Add Sum of parts
10/09/19 DBS Vickers Sembcorp Industries 2.11 3.2 Buy
10/25/19 DBS Vickers Sembcorp Industries 2.28 2.9 Buy
11/15/19 OCBC Sembcorp Industries 2.29 2.51 Hold Sum of parts
11/15/19 DMG & Partners Sembcorp Industries 2.29 2.68 Buy Sum of parts (20% discount), PER10x FY20
11/18/19 UOB Kay Hian Sembcorp Industries 2.26 2.19 Hold Buy @ $2
11/18/19 DBS Vickers Sembcorp Industries 2.26 2.9 Buy RNAV (10% discount), PB0.7x