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Thursday, January 31, 2019

The truth behind the ECRL cancellation.

https://www.channelnewsasia.com/news/asia/china-cccc-ecrl-malaysia-rail-project-negotiate-cost-20-billion-11189898

The china construction cost for the ECRL was already the lowest under the OBR initiative because of China's expertise and technology.  There is no way another country can build the ECRL at a much lower cost than China.  Therefore, the Malaysian government is disseminating fake news about China offering close to 50% discount for the ECRL construction.  If China really did offer close to 50% discount, there would be no reason for Malaysia not to accept it.

The real reason the Malaysian government cancelled the ECRL project was that China bypassed the Malaysia government and paid directly to its construction firms offshore.  The fund never reached the Malaysian shore because China knew that the fund would go missing and its construction firms would not be able to receive the full construction costs.

The Chinese know how corrupted the Malaysian government officials are and refuse to transfer the fund to Malaysia but choose to pay directly offshore.  This offshore payment arrangement annoys Mahathir because he and his lackeys cannot touch the fund at all.

Frasers Property - Stock calls


Date Analyst Company Last Target Call Valuation
01/02/18 Lim & Tan Frasers Property 2.08 0 Buy
02/12/18 CIMB Frasers Property 1.96 2.4 Add RNAV (30% discount)
02/12/18 DBS Vickers Frasers Property 1.96 2.35 Buy RNAV (20% discount), PB1x
04/13/18 DBS Vickers Frasers Property 1.96 2.35 Buy
05/11/18 CIMB Frasers Property 1.95 2.4 Add
07/06/18 DBS Vickers Frasers Property 1.67 2.35 Buy
07/09/18 DBS Vickers Frasers Property 1.58 1.9 Buy RNAV (35% discount)
08/13/18 DBS Vickers Frasers Property 1.71 1.98 Buy RNAV (35% discount)
08/13/18 CIMB Frasers Property 1.71 2.02 Add RNAV (35% discount)
11/12/18 CIMB Frasers Property 1.62 2.08 Add RNAV (35% discount)
11/13/18 DBS Vickers Frasers Property 1.63 1.98 Buy RNAV (35% discount)
01/17/19 DBS Vickers Frasers Property 1.74 1.98 Buy RNAV (35% discount)

Frasers Logistics - Stock calls


Date Analyst Company Last Target Call Valuation
01/10/18 OCBC Frasers Logistics 1.19 1.25 Buy
01/29/18 CIMB Frasers Logistics 1.15 1.24 Add DDM
01/29/18 DBS Vickers Frasers Logistics 1.15 1.24 Buy
03/06/18 OCBC Frasers Logistics 1.07 1.25 Buy
04/13/18 DBS Vickers Frasers Logistics 1.07 1.24 Buy
04/23/18 CIMB Frasers Logistics 1.08 1.24 Add DDM
04/23/18 OCBC Frasers Logistics 1.08 1.25 Buy
05/08/18 OCBC Frasers Logistics 1.02 1.25 Buy
05/09/18 CIMB Frasers Logistics 1.03 1.24 Add DDM
05/09/18 OCBC Frasers Logistics 1.03 1.21 Buy
06/26/18 DBS Vickers Frasers Logistics 1.03 1.2 Buy DCF
07/05/18 DBS Vickers Frasers Logistics 1.04 1.2 Buy DCF
07/31/18 OCBC Frasers Logistics 1.05 1.21 Buy
08/03/18 CIMB Frasers Logistics 1.05 1.24 Add DDM
09/03/18 OCBC Frasers Logistics 1.1 1.18 Buy
09/03/18 DBS Vickers Frasers Logistics 1.1 1.2 Buy
09/03/18 Lim & Tan Frasers Logistics 1.1 0 Hold
09/07/18 OCBC Frasers Logistics 1.08 1.19 Buy
10/25/18 UOB Kay Hian Frasers Logistics 1.03 1.16 Buy
11/05/18 DBS Vickers Frasers Logistics 1.04 1.2 Buy DCF
11/08/18 CIMB Frasers Logistics 1.05 1.19 Add DDM
11/08/18 OCBC Frasers Logistics 1.05 1.19 Buy
12/03/18 OCBC Frasers Logistics 1.06 1.19 Buy
01/28/19 DBS Vickers Frasers Logistics 1.06 1.2 Buy DCF
01/28/19 OCBC Frasers Logistics 1.06 1.19 Buy
01/28/19 CIMB Frasers Logistics 1.06 1.19 Add

Frasers Hospitality Trust - Stock calls


Date Analyst Company Last Target Call Valuation
01/26/18 UOB Kay Hian Frasers Hospitality Trust 0.81 0.9 Buy DDM
02/20/18 DBS Vickers Frasers Hospitality Trust 0.79 0.89 Buy
03/15/18 UOB Kay Hian Frasers Hospitality Trust 0.78 0.9 Buy
04/13/18 DBS Vickers Frasers Hospitality Trust 0.75 0.89 Buy
04/27/18 UOB Kay Hian Frasers Hospitality Trust 0.745 0.9 Buy
04/27/18 DBS Vickers Frasers Hospitality Trust 0.745 0.83 Buy DCF
07/06/18 DBS Vickers Frasers Hospitality Trust 0.675 0.83 Buy
07/30/18 DBS Vickers Frasers Hospitality Trust 0.7 0.8 Buy DCF
07/30/18 UOB Kay Hian Frasers Hospitality Trust 0.7 0.82 Buy DDM
09/17/18 Kim Eng Frasers Hospitality Trust 0.69 0.8 Buy DDM
10/25/18 UOB Kay Hian Frasers Hospitality Trust 0.7 0.82 Buy
10/29/18 Kim Eng Frasers Hospitality Trust 0.7 0.8 Buy DDM
10/29/18 DBS Vickers Frasers Hospitality Trust 0.7 0.78 Buy DCF

Stock calls for 31 January 2019


Date Analyst Company Last Target Call Valuation
01/31/19 Phillip A-Reit 2.72 2.88 Accumulate DDM, PB1.34x FY19
01/31/19 CIMB A-Reit 2.72 2.83 Add DDM
01/31/19 OCBC A-Reit 2.72 2.64 Hold
01/31/19 DBS Vickers A-Reit 2.72 2.95 Buy
01/31/19 CIMB CDL Hospitality 1.63 1.64 Add DDM
01/31/19 Kim Eng CDL Hospitality 1.63 1.8 Buy DDM
01/31/19 OCBC CDL Hospitality 1.63 1.56 Hold
01/31/19 DBS Vickers CDL Hospitality 1.63 1.85 Buy DCF
01/31/19 Kim Eng DBS 23.94 30.18 Buy DDM
01/31/19 Kim Eng OCBC 11.39 10.95 Hold DDM
01/31/19 OCBC OUE Commercial 0.49 0.5 Hold
01/31/19 DBS Vickers OUE Commercial 0.49 0.6 Buy DCF
01/31/19 OCBC OUE Hospitality 0.725 0.82 Buy
01/31/19 UOB Kay Hian ST Engineering 3.66 4.06 Buy
01/31/19 CIMB Starhill 0.72 0.75 Add DDM
01/31/19 DBS Vickers Starhill 0.72 0.75 Buy
01/31/19 Kim Eng UOB 25.3 30.5 Buy DDM

Renminbi (RMB) is appreciating abnormally! - Part 2

https://www.thestreet.com/markets/fed-chair-powell-faces-task-of-saying-something-about-nothing-14850526?puc=yahoo&cm_ven=YAHOO&yptr=yahoo

The US FED is confirmed being dovish now!

What has changed so far?

The "gradual increases" in US interest rates path has been removed and replaced with a "wait-and-see" approach.  This may mean a rate hike or reduction in the future depending on the economic data.

The economic repercussion is a depreciating USD versus an appreciating RMB.


We hit the head of the nail when we took cognizant of an appreciating RMB recently and attributed it to the US FED previously.  Our analysis has become more pronounced now with a further appreciation in RMB after the US FED statement.

https://sg-stock.blogspot.com/2019/01/reminbi-rmb-is-appreciating-abnormally.html

An appreciating RMB means that there is an influx of foreign capital and this will disrupt China's economic developments.

Wednesday, January 30, 2019

Frasers Commercial Trust - Stock calls


Date Analyst Company Last Target Call Valuation
01/05/18 DMG & Partners Frasers Commercial Trust 1.53 1.39 Neutral
01/19/18 DBS Vickers Frasers Commercial Trust 1.51 1.71 Buy DCF
01/23/18 OCBC Frasers Commercial Trust 1.55 1.51 Hold
01/23/18 DMG & Partners Frasers Commercial Trust 1.55 1.55 Neutral DDM
01/24/18 CIMB Frasers Commercial Trust 1.52 1.55 Hold DDM
02/20/18 DBS Vickers Frasers Commercial Trust 1.44 1.71 Buy
04/05/18 OCBC Frasers Commercial Trust 1.41 1.51 Buy
04/13/18 DBS Vickers Frasers Commercial Trust 1.46 1.71 Buy DCF
04/23/18 CIMB Frasers Commercial Trust 1.46 1.5 Hold DDM
04/23/18 OCBC Frasers Commercial Trust 1.46 1.54 Buy
04/23/18 DMG & Partners Frasers Commercial Trust 1.46 1.49 Neutral DDM
04/23/18 DBS Vickers Frasers Commercial Trust 1.46 1.65 Buy DCF
04/23/18 Kim Eng Frasers Commercial Trust 1.46 2.55 Buy
05/17/18 DMG & Partners Frasers Commercial Trust 1.36 1.49 Neutral
05/31/18 DBS Vickers Frasers Commercial Trust 1.36 1.65 Buy
07/02/18 OCBC Frasers Commercial Trust 1.38 1.53 Buy
07/11/18 DBS Vickers Frasers Commercial Trust 1.39 1.65 Buy
07/26/18 CIMB Frasers Commercial Trust 1.46 1.5 Hold DDM
08/02/18 DBS Vickers Frasers Commercial Trust 1.42 1.65 Buy
09/25/18 DBS Vickers Frasers Commercial Trust 1.43 1.65 Buy DCF
09/27/18 OCBC Frasers Commercial Trust 1.45 1.53 Buy
10/16/18 DMG & Partners Frasers Commercial Trust 1.4 1.5 Neutral DDM
10/19/18 Lim & Tan Frasers Commercial Trust 1.41 0 Hold
10/22/18 DBS Vickers Frasers Commercial Trust 1.43 1.7 Buy DCF
10/22/18 OCBC Frasers Commercial Trust 1.43 1.56 Buy
10/22/18 CIMB Frasers Commercial Trust 1.43 1.5 Hold DDM
12/11/18 DMG & Partners Frasers Commercial Trust 1.39 1.43 Neutral
01/18/19 DBS Vickers Frasers Commercial Trust 1.47 1.7 Buy
01/21/19 OCBC Frasers Commercial Trust 1.45 1.56 Buy
01/21/19 CIMB Frasers Commercial Trust 1.45 1.5 Hold DDM
01/21/19 Lim & Tan Frasers Commercial Trust 1.45 0 Hold

Frasers Centrepoint Trust - Stock calls


Date Analyst Company Last Target Call Valuation
01/02/18 Kim Eng Frasers Centrepoint Trust 2.24 2.45 Buy DDM
01/05/18 DMG & Partners Frasers Centrepoint Trust 2.29 2.24 Neutral
01/15/18 OCBC Frasers Centrepoint Trust 2.26 2.4 Buy
01/24/18 Phillip Frasers Centrepoint Trust 2.3 2.14 Neutral DDM, PB1.06x
01/24/18 UOB Kay Hian Frasers Centrepoint Trust 2.3 2.43 Buy DDM
01/24/18 Credit Suisse Frasers Centrepoint Trust 2.3 2.26 Neutral
01/24/18 OCBC Frasers Centrepoint Trust 2.3 2.49 Buy
01/24/18 CIMB Frasers Centrepoint Trust 2.3 2.41 Add DDM
01/24/18 Lim & Tan Frasers Centrepoint Trust 2.3 0 Buy
01/24/18 DBS Vickers Frasers Centrepoint Trust 2.3 2.48 Buy
02/20/18 DBS Vickers Frasers Centrepoint Trust 2.15 2.48 Buy
03/06/18 OCBC Frasers Centrepoint Trust 2.18 2.49 Buy
04/12/18 Kim Eng Frasers Centrepoint Trust 2.25 2.55 Buy
04/13/18 DBS Vickers Frasers Centrepoint Trust 2.24 2.48 Buy
04/25/18 OCBC Frasers Centrepoint Trust 2.22 2.49 Buy
04/26/18 Phillip Frasers Centrepoint Trust 2.21 2.14 Neutral DDM, PB1.06x
04/26/18 UOB Kay Hian Frasers Centrepoint Trust 2.21 2.43 Buy DDM
04/26/18 DBS Vickers Frasers Centrepoint Trust 2.21 2.45 Buy
04/26/18 CIMB Frasers Centrepoint Trust 2.21 2.41 Add DDM
05/08/18 DBS Vickers Frasers Centrepoint Trust 2.21 2.45 Buy
05/17/18 DMG & Partners Frasers Centrepoint Trust 2.16 2.24 Neutral
05/23/18 OCBC Frasers Centrepoint Trust 2.2 2.49 Buy
06/26/18 DBS Vickers Frasers Centrepoint Trust 2.17 2.45 Buy
07/06/18 DBS Vickers Frasers Centrepoint Trust 2.2 2.45 Buy
07/25/18 Kim Eng Frasers Centrepoint Trust 2.27 2.55 Buy DDM
07/25/18 UOB Kay Hian Frasers Centrepoint Trust 2.27 2.32 Buy DDM
07/25/18 OCBC Frasers Centrepoint Trust 2.27 2.49 Buy
07/25/18 CIMB Frasers Centrepoint Trust 2.27 2.41 Add DDM
07/25/18 Lim & Tan Frasers Centrepoint Trust 2.27 0 Hold
07/27/18 Phillip Frasers Centrepoint Trust 2.24 2.15 Neutral DDM, PB1.11x FY18
08/24/18 DBS Vickers Frasers Centrepoint Trust 2.28 2.45 Buy
09/04/18 OCBC Frasers Centrepoint Trust 2.27 2.49 Buy
09/05/18 CIMB Frasers Centrepoint Trust 2.29 2.49 Add DDM
10/10/18 CIMB Frasers Centrepoint Trust 2.23 2.49 Add
10/16/18 DMG & Partners Frasers Centrepoint Trust 2.23 2.24 Neutral DDM
10/17/18 Phillip Frasers Centrepoint Trust 2.23 2.15 Neutral
10/25/18 OCBC Frasers Centrepoint Trust 2.23 2.5 Buy
10/25/18 UOB Kay Hian Frasers Centrepoint Trust 2.23 2.32 Buy DDM
10/25/18 DBS Vickers Frasers Centrepoint Trust 2.23 2.35 Buy
10/25/18 CIMB Frasers Centrepoint Trust 2.23 2.4 Add DDM
10/25/18 Lim & Tan Frasers Centrepoint Trust 2.23 0 Hold
10/26/18 DMG & Partners Frasers Centrepoint Trust 2.22 2.19 Neutral
11/16/18 CIMB Frasers Centrepoint Trust 2.15 2.35 Add DDM
11/21/18 Phillip Frasers Centrepoint Trust 2.15 2.21 Neutral
11/29/18 Kim Eng Frasers Centrepoint Trust 2.17 2.55 Buy
12/03/18 OCBC Frasers Centrepoint Trust 2.16 2.5 Buy
12/11/18 DMG & Partners Frasers Centrepoint Trust 2.17 2.19 Neutral
01/17/19 Kim Eng Frasers Centrepoint Trust 2.27 2.55 Buy DDM
01/22/19 Lim & Tan Frasers Centrepoint Trust 2.26 0 Hold
01/22/19 OCBC Frasers Centrepoint Trust 2.26 2.5 Buy
01/23/19 Phillip Frasers Centrepoint Trust 2.27 2.21 Neutral DDM, PB1.09x FY19
01/23/19 DBS Vickers Frasers Centrepoint Trust 2.27 2.4 Buy
01/28/19 UOB Kay Hian Frasers Centrepoint Trust 2.29 2.32 Buy
01/28/19 CIMB Frasers Centrepoint Trust 2.29 2.35 Add DDM

Fortune Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/29/19 DBS Vickers Fortune Reit 9.7 10.68 Buy

Stock calls for 30 January 2019


Date Analyst Company Last Target Call Valuation
01/30/19 Kim Eng AEM 0.905 1.21 Buy PB2.9x FY19/20, EV/Ebitda5.2x FY20
01/30/19 OCBC ART 1.19 1.25 Buy
01/30/19 DBS Vickers ART 1.19 1.35 buy DCF
01/30/19 DBS Vickers Ascendas Hospitality Trust 0.835 0.98 Buy DCF
01/30/19 Kim Eng Japfa 0.81 0.99 Buy
01/30/19 Phillip Micro-Mechanics 1.67 1.7 Accumulate PER15x FY19
01/30/19 DBS Vickers OUE Hospitality 0.695 0.85 Buy DCF
01/30/19 DBS Vickers Parkway Life 2.8 3.1 Buy

Tuesday, January 29, 2019

Food Empire - Stock calls


Date Analyst Company Last Target Call Valuation
01/04/18 DMG & Partners Food Empire 0.705 1 Buy PER12x FY18
02/20/18 DMG & Partners Food Empire 0.67 1 Buy
03/02/18 DMG & Partners Food Empire 0.7 1.07 Buy PER18x FY18
05/14/18 DMG & Partners Food Empire 0.67 1.07 Buy PER18x FY18
06/22/18 DMG & Partners Food Empire 0.65 1.07 Buy
08/15/18 DMG & Partners Food Empire 0.56 0.6 Neutral PER14x FY18
11/19/18 DMG & Partners Food Empire 0.54 0.66 Buy PER13x FY19

First Sponsor - Stock calls


Date Analyst Company Last Target Call Valuation
02/09/18 Lim & Tan First Sponsor 1.41 0 Buy
07/24/18 DBS Vickers First Sponsor 1.25 1.62 Buy
11/01/18 DBS Vickers First Sponsor 1.27 1.62 Buy RNAV (35% discount)

First Ship Lease Trust (FSLT) - Stock calls


Date Analyst Code Company Last Target Call Percent Valuation
01/17/18 Amfrasers D8DU First Ship Lease Trust 0.093 0.15 Buy 61.29

Stock calls for 29 January 2019


Date Analyst Company Last Target Call Valuation
01/29/19 CIMB DBS 24.22 29 Add GGM, PB1.4x CY19
01/29/19 DBS Vickers Fortune Reit 9.7 10.68 Buy
01/29/19 CIMB Japfa 0.82 0.9 Add Sum of parts
01/29/19 Amfrasers Keppel Corp 6.14 7.5 Hold
01/29/19 Macquarie Keppel Corp 6.14 8.2 Outperform Sum of parts
01/29/19 CIMB M1 2.06 2.06 Hold Offer $2.06
01/29/19 OCBC Mapletree North Asia 1.25 1.35 Buy
01/29/19 DBS Vickers Mapletree North Asia 1.25 1.45 Buy
01/29/19 phillip SHS 0.197 0.24 Accumulate PER10x FY19
01/29/19 Amfrasers Tuan Sing 0.395 0.46 Not Rated RNAV (50% discount)
01/29/19 DMG & Partners UOB 25.83 29.8 Buy
01/29/19 CIMB UOB 25.83 32 Add GGM, PB1.4x CY19

The US earnings season has started but it will be bleak.

https://finance.yahoo.com/news/us-stocks-caterpillar-nvidia-warnings-194256045.html

The US chips sector is not doing well because of the chips slowdown.  We warned about the western chips slowdown in October 2018. 

http://sg-stock.blogspot.com/2018/10/the-global-semiconductor-slowdown-is.html

The US stock markets were at lofty valuations in 2018 because of their burgeoning China exposures.  However, the recent US's assaults against China brought these companies' stock prices down.  Without China's sales, these companies stock prices will crash fast and furious.

Micron, Qualcomm, Intel, Apple, Nvidia, Caterpillar, etc are all blaming the China slowdown for their poor business performances. 

http://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html

China's economic growth is important to the world GDP because it constitutes 39% and any China slowdown will impact many companies.

http://sg-stock.blogspot.com/2018/10/china-gdp-was-growing-at-65-in-q3-2018.html


US charges Huawei formally!

https://finance.yahoo.com/news/u-charges-chinas-huawei-bank-010518918.html

This is not surprising and unexpected because the US cannot compete with Huawei without transgressing on Huawei's patents.  Therefore, it can only continue on its assault against Huawei by banning it.

http://sg-stock.blogspot.com/2019/01/the-real-reason-behind-ban-of-huaweis-5g.html

Furthermore, the US commerce secretary had indicated that there would not be any US-China trade deal as the 2 countries were miles apart.

http://sg-stock.blogspot.com/2019/01/us-commerce-secretary-no-us-china-trade.html

Therefore, the US justice department went ahead to charge Huawei by imposing its own US laws internationally.  The charge is a violation of US sanction, not a UN sanction.


Monday, January 28, 2019

First Resources - Stock calls


Date Analyst Company Last Target Call Valuation
01/04/18 CIMB First Resources 1.88 2.13 Add
01/15/18 DBS Vickers First Resources 1.87 2.18 Buy
02/08/18 UOB Kay Hian First Resources 1.84 1.95 Hold PER16x FY18x, Buy @ $1.75
02/13/18 Kim Eng First Resources 1.75 2.04 Hold
02/27/18 Kim Eng First Resources 1.76 2.2 Buy PER17x FY18
02/27/18 DMG & Partners First Resources 1.76 1.75 Neutral PER12x FY18
02/28/18 DBS Vickers First Resources 1.79 2.18 Buy DCF, PER15.8x FY18
02/28/18 CIMB First Resources 1.79 2.03 Add PER15x CY19
02/28/18 Credit Suisse First Resources 1.79 2.3 Neutral
03/05/18 Kim Eng First Resources 1.76 2.2 Buy
03/07/18 UOB Kay Hian First Resources 1.76 1.95 Hold PER16x FY18
03/14/18 DBS Vickers First Resources 1.75 2.18 Buy
04/03/18 DBS Vickers First Resources 1.68 2.18 Buy
05/07/18 UOB Kay Hian First Resources 1.69 1.6 Hold PER13x FY18, Buy @ $1.40
05/15/18 CIMB First Resources 1.61 2.03 Add PER15x CY19
05/15/18 DMG & Partners First Resources 1.61 1.75 Neutral PER12x FY18
05/16/18 DMG & Partners First Resources 1.56 1.6 Neutral PER12x FY18
05/16/18 DBS Vickers First Resources 1.56 2.18 Buy
06/21/18 UOB Kay Hian First Resources 1.55 1.6 Hold
07/03/18 DBS Vickers First Resources 1.55 2 Buy DCF
07/11/18 Kim Eng First Resources 1.55 2 Buy
08/02/18 UOB Kay Hian First Resources 1.62 1.6 Hold PER13x FY18, Buy @ $1.40
08/14/18 Kim Eng First Resources 1.56 2 Buy
08/14/18 DMG & Partners First Resources 1.56 1.6 Neutral PER11x FY19
08/14/18 CIMB First Resources 1.56 2.03 Add PER15x CY19
08/16/18 DBS Vickers First Resources 1.59 2 Buy DCF
09/13/18 Kim Eng First Resources 1.67 2 Buy
09/13/18 DBS Vickers First Resources 1.67 2 Buy
10/08/18 UOB Kay Hian First Resources 1.67 1.6 Hold
10/11/18 DBS Vickers First Resources 1.68 1.97 Buy DCF
10/11/18 Kim Eng First Resources 1.68 2 Buy
11/12/18 UOB Kay Hian First Resources 1.6 1.6 Hold PER13x FY18, Buy @ $1.40
11/12/18 DMG & Partners First Resources 1.6 1.6 Neutral PER11x FY19
11/12/18 Kim Eng First Resources 1.6 2 Buy PER17x FY18
11/13/18 DBS Vickers First Resources 1.56 1.97 Buy DCF
11/13/18 CIMB First Resources 1.56 2.08 Add PER15x FY19
01/03/19 UOB Kay Hian First Resources 1.56 1.6 Hold

First Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/18/18 Lim & Tan First Reit 1.4 0 Hold
01/19/18 CIMB First Reit 1.41 1.44 Hold DDM
01/19/18 OCBC First Reit 1.41 1.48 Buy
01/23/18 phillip First Reit 1.42 1.32 Neutral DDM
04/18/18 CIMB First Reit 1.37 1.44 Hold DDM
04/19/18 phillip First Reit 1.37 1.31 Neutral PB1.19x FY18
04/19/18 OCBC First Reit 1.37 1.48 Buy
05/25/18 OCBC First Reit 1.35 1.48 Buy
07/19/18 phillip First Reit 1.32 1.31 Neutral DDM, PB1.21x
07/19/18 OCBC First Reit 1.32 1.34 Hold
07/19/18 CIMB First Reit 1.32 1.41 Hold DDM
09/19/18 phillip First Reit 1.24 1.31 Neutral DDM, PB1.2x FY18
10/17/18 phillip First Reit 1.18 1.3 Neutral DDM, PB1.2x FY18
10/17/18 CIMB First Reit 1.18 1.36 Add DDM
11/21/18 phillip First Reit 0.975 1.3 Neutral
12/13/18 OCBC First Reit 1.04 1.05 Buy
01/16/19 phillip First Reit 1.04 0.88 Neutral DDM
01/17/19 Lim & Tan First Reit 1.03 0 Neutral
01/18/19 OCBC First Reit 1.01 0.97 Hold
01/18/19 CIMB First Reit 1.01 1.2 Add DDM