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Wednesday, July 31, 2019

First Reit - Stock calls

Date Analyst Company Last Target Call Valuation
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
02/11/19 OCBC First Reit 1.14 0.97 Sell
04/11/19 CIMB First Reit 0.99 1.2 Add DDM

Far East Hospitality - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 CIMB Far East Hospitality 0.605 0.68 Add
01/16/19 OCBC Far East Hospitality 0.625 0.675 Buy
02/07/19 OCBC Far East Hospitality 0.66 0.675 Buy
02/13/19 Lim & Tan Far East Hospitality 0.64 0 Buy
02/14/19 DBS Vickers Far East Hospitality 0.635 0.7 Buy DCF
02/14/19 CIMB Far East Hospitality 0.635 0.68 Add DDM
02/14/19 Kim Eng Far East Hospitality 0.635 0.75 Buy DDM
02/14/19 OCBC Far East Hospitality 0.635 0.68 Buy
04/15/19 OCBC Far East Hospitality 0.685 0.68 Hold
04/26/19 OCBC Far East Hospitality 0.66 0.67 Hold
04/26/19 DBS Vickers Far East Hospitality 0.66 0.7 Buy
04/29/19 CIMB Far East Hospitality 0.665 0.71 Add
04/29/19 Kim Eng Far East Hospitality 0.665 0.8 Buy
06/12/19 OCBC Far East Hospitality 0.645 0.67 Hold
06/25/19 Kim Eng Far East Hospitality 0.675 0.8 Buy
07/22/19 UOB Kay Hian Far East Hospitality 0.685 0.82 Buy DDM
07/31/19 OCBC Far East Hospitality 0.685 0.67 Hold
07/31/19 CIMB Far East Hospitality 0.685 0.68 Hold

F&N - Stock calls

Date Analyst Company Last Target Call Valuation
05/24/19 DMG & Partners F & N 1.73 3.53 Not Rated Sum of parts

Stock calls for 31 July 2019

Date Analyst Company Last Target Call Valuation
07/31/19 UOB Kay Hian A-Reit 3.03 3.01 Hold Buy @ $2.78
07/31/19 CIMB ART 1.3 1.31 Hold DDM
07/31/19 UOB Kay Hian ART 1.3 1.54 Buy
07/31/19 DBS Vickers ART 1.3 1.45 Buy
07/31/19 UOB Kay Hian BRC Asia 1.37 1.75 Buy PER11.5x FY20
07/31/19 OCBC CDL Hospitality 1.66 1.56 Hold
07/31/19 DMG & Partners CDL Hospitality 1.66 1.79 Buy DDM
07/31/19 CIMB CDL Hospitality 1.66 1.92 Add
07/31/19 DBS Vickers CDL Hospitality 1.66 1.8 Buy DCF
07/31/19 Macquarie DBS 26.49 25.8 Neutral PB
07/31/19 phillip DBS 26.49 27.6 Accumulate GGM, PB1.4x
07/31/19 OCBC Far East Hospitality 0.685 0.67 Hold
07/31/19 CIMB Far East Hospitality 0.685 0.68 Hold
07/31/19 Kim Eng IHH Healthcare 1.88 2.16 Buy Sum of parts, Ringgit $6.50 target price
07/31/19 UOB Kay Hian Japfa 0.515 0.48 Hold Sum of parts, Buy @ $0.42
07/31/19 CIMB Mapletree North Asia 1.42 1.5 Add DDM
07/31/19 Lim & Tan Parkway Life 3.06 0 Hold
07/31/19 phillip Raffles Medical 1.04 1.09 Neutral DCF
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 Buy @ $1.25
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
07/31/19 CIMB Starhill 0.8 0.79 Hold

Will China cut its bank interest rates soon?

https://www.reuters.com/article/us-china-markets-rates/fed-easing-could-prompt-first-china-rate-cut-in-four-years-analysts-idUSKCN1U30IJ

Many analysts were expecting China to cut its bank interest rates after the US Fed meeting on 31 July 2019.  However, they are going to be wrong because they don't analyse the economic situation properly.

We had stated that China wouldn't need to reduce its bank interest rates in our previous post in June.

https://sg-stock.blogspot.com/2019/06/china-has-started-to-sell-us-treasuries.html

The recent announcement by the Chinese authority also corroborated our analysis in June.

https://finance.yahoo.com/news/china-politburo-vows-action-trade-130458638.html

Tuesday, July 30, 2019

Ezion - Stock calls

Date Analyst Company Last Target Call Valuation
02/07/19 DBS Vickers Ezion 0.05 0.06 Hold PB0.3x FY19
03/11/19 DBS Vickers Ezion 0.043 0.05 Hold PER10x F20
04/05/19 DBS Vickers Ezion 0.043 0.05 Hold PB1.4x

ESR-Reit - Stock calls

Date Analyst Company Last Target Call Valuation
01/18/19 Lim & Tan ESR-Reit 0.53 0 Hold
01/21/19 CIMB ESR-Reit 0.53 0.62 Add DDM
01/21/19 OCBC ESR-Reit 0.53 0.575 Buy
01/22/19 DBS Vickers ESR-Reit 0.53 0.59 Buy
02/12/19 DMG & Partners ESR-Reit 0.515 0.61 Buy DDM
03/07/19 CIMB ESR-Reit 0.53 0.62 Add
03/13/19 DMG & Partners ESR-Reit 0.53 0.61 Buy
04/10/19 OCBC ESR-Reit 0.54 0.55 Hold
04/25/19 CIMB ESR-Reit 0.51 0.6 Add DDM
04/25/19 OCBC ESR-Reit 0.51 0.565 Buy
06/18/19 CIMB ESR-Reit 0.565 0.6 Add DDM
06/19/19 OCBC ESR-Reit 0.53 0.56 Buy
07/24/19 OCBC ESR-Reit 0.535 0.58 Buy
07/24/19 CIMB ESR-Reit 0.535 0.61 Add DDM

EC World Reit - Stock calls

Date Analyst Company Last Target Call Valuation
01/09/19 DMG & Partners EC World Reit 0.7 0.81 Buy
02/15/19 phillip EC World Reit 0.745 0.82 Buy
02/22/19 DBS Vickers EC World Reit 0.745 0.86 Buy DCF
02/25/19 DMG & Partners EC World Reit 0.755 0.84 Buy DDM
03/04/19 phillip EC World Reit 0.76 0.85 Buy DDM, PB0.84x FY19
03/18/19 DMG & Partners EC World Reit 0.77 0.84 Buy
05/07/19 DMG & Partners EC World Reit 0.77 0.84 Buy
05/14/19 DMG & Partners EC World Reit 0.79 0.85 Buy DDM
05/14/19 DBS Vickers EC World Reit 0.79 0.86 Buy
05/15/19 phillip EC World Reit 0.785 0.87 Buy DDM, PB0.93x
06/19/19 phillip EC World Reit 0.775 0.87 Buy
07/04/19 DMG & Partners EC World Reit 0.78 0.85 Buy
07/22/19 phillip EC World Reit 0.755 0.87 Buy

Stock calls for 30 July 2019

Date Analyst Company Last Target Call Valuation
07/30/19 DBS Vickers A-Reit 3.05 3.4 Buy DCF
07/30/19 OCBC A-Reit 3.05 2.98 Hold
07/30/19 DMG & Partners DBS 26.54 28.3 Hold GGM, PB1.37x FY20
07/30/19 CIMB DBS 26.54 27.59 Hold GGM
07/30/19 Kim Eng DBS 26.54 28.05 Hold DDM
07/30/19 OCBC DBS 26.54 28 Hold
07/30/19 phillip DBS 26.54 30.9 Accumulate
07/30/19 UOB Kay Hian DBS 26.54 31.3 Buy
07/30/19 DBS Vickers Ifast Corp 1.1 1.05 Hold DDM
07/30/19 OCBC Mapletree North Asia 1.38 1.43 Hold
07/30/19 UOB Kay Hian Raffles Medical 1.03 1.27 Buy DCF
07/30/19 DMG & Partners Raffles Medical 1.03 1.02 Neutral
07/30/19 DBS Vickers Raffles Medical 1.03 1.12 Hold Sum of parts
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
07/30/19 Kim Eng SIA Engineering 2.68 2.85 Hold
07/30/19 UOB Kay Hian Suntec Reit 1.93 2.02 Hold Buy @ $1.84
07/30/19 DBS Vickers Suntec Reit 1.93 2.15 Buy DCF

Huawei's good earnings report means Apple will do very badly in China.

https://sg.news.yahoo.com/huawei-first-half-revenue-surges-071312610.html

Huawei has upped its China market share to 38.2% and this means that Apple has lost a lot of sales in China.

Apply will be reporting its earnings soon.

Monday, July 29, 2019

Duty Free - Stock calls

Date Analyst Company Last Target Call Valuation
01/10/19 Lim & Tan Duty Free 0.192 0 Accumulate

Delfi - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Delfi 1.32 1.59 Buy
03/01/19 DMG & Partners Delfi 1.45 1.68 Buy DCF, PER28x FY19
04/05/19 DMG & Partners Delfi 1.3 1.68 Buy
05/07/19 DMG & Partners Delfi 1.3 1.68 Buy DCF, PER28x FY19

Del Monte - Stock calls

Date Analyst Code Company Last Target Call Percent Valuation
06/21/19 Lim & Tan D03 Del Monte 0.12 0 Buy -100.00

Stock calls for 29 July 2019

Date Analyst Company Last Target Call Valuation
07/29/19 Kim Eng AEM 1.22 1.4 Buy PB3x FY19/20
07/29/19 DBS Vickers Ascendas India Trust 1.42 1.55 Buy
07/29/19 Lim & Tan DBS 26.88 0 Buy
07/29/19 Phillip Frasers Centrepoint Trust 2.68 2.77 Accumulate DDM
07/29/19 Kim Eng Mapletree Commercial 2.07 2.1 Hold DDM
07/29/19 UOB Kay Hian SIA Engineering 2.65 2.55 Hold DCF
07/29/19 OCBC SIA Engineering 2.65 2.43 Hold
07/29/19 DMG & Partners Suntec Reit 1.92 2.08 Buy DDM
07/29/19 OCBC Suntec Reit 1.92 2.07 Hold

Saturday, July 27, 2019

Baltic dry index - 1937

Today, Friday, July 26 2019, the Baltic Dry Index decreased by 10 points, reaching 1937 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 stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 946

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

The US-China trade war impacts on both countries in 2019 - Part 2

https://finance.yahoo.com/news/what-to-expect-in-fridays-gdp-report-222140281.html

China 1st Qtr and 2nd Qtr GDP:
1st Qtr: 6.4%
2nd Qtr: 6.2% (-3.13%)

USA 1st Qtr and 2nd Qtr GDP:
1st Qtr: 3.1%
2nd Qtr: 2.1% (-32.3%)

The US economy fell by 32.3% in the 2nd Qtr.  This will mean that Trump needs a trade deal with China more urgently than President Xi.

http://sg-stock.blogspot.com/2019/07/the-us-china-trade-war-impacts-on-both.html

We've been stating that the US 2nd QTR GDP would be much weaker than its 1st QTR GDP in our previous post and we've been proven right.

https://sg-stock.blogspot.com/2019/07/ism-pmi-analysis-for-us-economy-in-june.html



Friday, July 26, 2019

DBS - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners DBS 23.69 29.8 Buy GGM, PB1.54x FY19
01/03/19 CIMB DBS 23.49 27 Hold PER10.7x FY20
01/03/19 JP Morgan DBS 23.49 29 Overweight
01/08/19 UOB Kay Hian DBS 23.75 28.5 Buy
01/08/19 Jefferies DBS 23.75 28.5 Buy
01/29/19 CIMB DBS 24.22 29 Add GGM, PB1.4x CY19
01/31/19 Kim Eng DBS 23.94 30.18 Buy DDM
02/01/19 phillip DBS 23.92 29.02 Buy
02/08/19 UOB Kay Hian DBS 24.33 28.5 Buy
02/12/19 Kim Eng DBS 24.36 30.18 Buy
02/18/19 DMG & Partners DBS 24.74 29.8 Buy
02/18/19 Lim & Tan DBS 24.74 0 Buy
02/19/19 Jefferies DBS 25.2 28.5 Buy
02/19/19 OCBC DBS 25.2 29.31 Buy
02/19/19 DMG & Partners DBS 25.2 28.8 Buy GGM, PB1.5x FY19
02/19/19 phillip DBS 25.2 29 Buy GGM, PB1.5x FY19
02/19/19 Kim Eng DBS 25.2 29.56 Buy DDM
02/19/19 CIMB DBS 25.2 29 Add GGM
02/19/19 UOB Kay Hian DBS 25.2 28.4 Buy
02/20/19 Macquarie DBS 25.1 27 Neutral PB
02/26/19 Amfrasers DBS 25.18 27.7 Buy RIM
03/04/19 phillip DBS 25.08 29 Buy
03/07/19 Kim Eng DBS 25.36 29.56 Buy
03/11/19 CIMB DBS 25.06 29 Add
03/13/19 DMG & Partners DBS 25.3 28.8 Buy GGM, PB1.5x FY19
03/26/19 OCBC DBS 25.12 29.31 Buy
04/01/19 UOB Kay Hian DBS 25.23 28.4 Buy
04/02/19 phillip DBS 25.59 29 Buy
04/10/19 DMG & Partners DBS 27 29.6 Buy PB1.43x FY20
04/11/19 CIMB DBS 26.97 29 Add
04/22/19 UOB Kay Hian DBS 27.4 30.3 Buy GGM, PB1.57x FY19
04/22/19 Kim Eng DBS 27.4 29.56 Buy
04/29/19 Lim & Tan DBS 27.41 0 Buy
04/29/19 Citibank DBS 27.41 31.1 Buy
04/30/19 Macquarie DBS 28.4 27 Neutral
04/30/19 phillip DBS 28.4 29 Accumulate GGM, PB1.5x FY19
04/30/19 OCBC DBS 28.4 29.18 Hold Buy @ $27.50 or lower
04/30/19 CIMB DBS 28.4 30 Add GGM, PB1.54x
04/30/19 DMG & Partners DBS 28.4 30.8 Buy PB1.5x FY20
04/30/19 Lim & Tan DBS 28.4 30 Hold
05/02/19 Amfrasers DBS 28.25 27.7 Hold
05/02/19 Jefferies DBS 28.25 31.5 Buy PER13.1x FY20
05/07/19 OCBC DBS 26.53 27.5 Hold
05/13/19 UOB Kay Hian DBS 26.55 30.5 Buy
05/13/19 Citibank DBS 26.55 27 Neutral
05/14/19 DMG & Partners DBS 26 30.8 Buy GGM, PB1.5x FY20
05/22/19 CIMB DBS 25.74 27.64 Hold
05/22/19 Kim Eng DBS 25.74 29.46 Buy
06/03/19 CIMB DBS 24.29 27.64 Hold
06/06/19 phillip DBS 24.27 29 Accumulate
06/13/19 UOB Kay Hian DBS 24.7 30.5 Buy
06/17/19 Kim Eng DBS 24.81 29.46 Buy
06/19/19 OCBC DBS 24.8 29.18 Buy Buy @ $27.50 or lower
07/01/19 Kim Eng DBS 25.96 29.46 Buy
07/01/19 UOB Kay Hian DBS 25.96 30.5 Buy GGM, PB1.59x FY19
07/02/19 OCBC DBS 26.6 29.2 Buy GGM, PB1.4x, PER14.7x
07/03/19 phillip DBS 26.5 29 Accumulate
07/08/19 DMG & Partners DBS 25.63 30.8 Buy PB1.5x FY20
07/12/19 DMG & Partners DBS 25.61 30.3 Buy PB1.47x FY20

Dasin Retail - Stock calls

Date Analyst Company Last Target Call Valuation
02/15/19 phillip Dasin Retail 0.885 0.95 Accumulate DDM
02/28/19 phillip Dasin Retail 0.885 0.94 Accumulate DDM, PB0.64x
05/15/19 phillip Dasin Retail 0.87 0.94 Accumulate DDM, PB0.6x
06/19/19 phillip Dasin Retail 0.88 0.94 Accumulate
07/22/19 phillip Dasin Retail 0.875 0.94 Accumulate

Dairy Farm - Stock calls

Date Analyst Company Last Target Call Valuation
03/04/19 DMG & Partners Dairy Farm 8.57 8.64 Neutral DCF
03/04/19 DBS Vickers Dairy Farm 8.57 8.44 Hold Sum of parts
03/06/19 CIMB Dairy Farm 8.33 8.54 Hold PER23.5x FY20
03/20/19 DMG & Partners Dairy Farm 7.41 8.25 Buy DCF
04/05/19 DMG & Partners Dairy Farm 8.14 8.25 Buy
05/30/19 DMG & Partners Dairy Farm 7.83 8.25 Neutral DCF
07/02/19 DMG & Partners Dairy Farm 7.29 8.25 Neutral

Stock calls for 26 July 2019

Date Analyst Company Last Target Call Valuation
07/26/19 Kim Eng AIMS AMP Cap Ind Reit 1.47 1.6 Buy DDM
07/26/19 Kim Eng Cache Logistics 0.765 0.9 Buy DDM
07/26/19 DMG & Partners Cache Logistics 0.765 0.8 Buy DDM
07/26/19 CIMB Cache Logistics 0.765 0.76 Hold DDM
07/26/19 DBS Vickers First Sponsor 1.31 1.62 Buy RNAV (35% discount)
07/26/19 Amfrasers Frasers Centrepoint Trust 2.63 2.51 Neutral
07/26/19 DBS Vickers Hutchison Port 0.225 0.23 Hold DCF
07/26/19 OCBC Keppel DC Reit 1.71 1.93 Hold
07/26/19 OCBC Mapletree Commercial 2.1 1.89 Sell
07/26/19 UOB Kay Hian Mapletree Commercial 2.1 2.22 Buy
07/26/19 Lim & Tan Mapletree Commercial 2.1 0 Hold
07/26/19 UOB Kay Hian Wilmar 4.06 4.5 Buy Sum of parts

The semiconductor is facing a collapse. - Part 6

What is happening in the semiconductor industry?

We've stated the permanent slowdown in the global semiconductor industry except for China in our previous post because China will be ramping up its own semiconductor developments.

Huawei has developed its own Kirin chips.

Xiaomi will also launch its own chips.

https://www.scmp.com/tech/china-tech/article/2074805/xiaomi-launches-its-own-smartphone-processor-cut-reliance-suppliers

Alibaba has just revealed its own processor now.

https://www.scmp.com/tech/innovation/article/3020161/alibaba-unveils-first-self-developed-chip-processor-china-looks

More and more Chinese companies will reduce their dependences on foreign chips and this will affect the global semiconductor industry excludes China.

https://sg-stock.blogspot.com/2019/07/the-semiconductor-is-facing-collapse.html

Singapore issues travel alert to HK.

https://sg.news.yahoo.com/mfa-issues-travel-advisory-avoid-2-upcoming-protest-locations-in-hong-kong-001354311.html

SG MFA has issued a travel alert to HK now but we've warned our viewers much earlier.

http://sg-stock.blogspot.com/2019/07/stay-away-from-hong-kong-part-2.html

Huawei deceived elderly Singaporeans with its National Day Promotion (NDP)!

https://sg.style.yahoo.com/huawei-54-units-sold-on-carousell-doubled-the-price-police-activated-at-stores-030005276.html

Huawei is executing a misleading NDP by not stating the total number of promo sets available for sale.  Huawei only assigns 20-30 sets to every retailer involved in the NDP but refuses to reveal this vital statistic to the general public so that it can create a buzz in SG.

Picture was taken at Blk 178 TPY central.

The marketing manager should be fired for making the elderly Singaporeans queue for nothing and my elderly parents are those victims.

If Huawei can make fools out of elderly Singaporeans during our national day, I think it is really a devious company.  No wonder the USA wants to ban Huawei!

I fully support the USA to ban Huawei now because it is a devious company in SG.

Thursday, July 25, 2019

CSE Global - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 UOB Kay Hian CSE Global 0.385 0.59 Buy
01/07/19 DMG & Partners CSE Global 0.395 0.59 Buy DCF
01/11/19 Lim & Tan CSE Global 0.395 0 Buy
01/15/19 CIMB CSE Global 0.405 0.56 Add PER13.5x FY20
01/22/19 Amfrasers CSE Global 0.43 0.57 Buy
02/08/19 UOB Kay Hian CSE Global 0.455 0.59 Buy
02/22/19 DMG & Partners CSE Global 0.465 0.6 Buy DCF
02/22/19 CIMB CSE Global 0.465 0.6 Add PER13.5x FY19
02/22/19 UOB Kay Hian CSE Global 0.465 0.62 Buy
03/05/19 Amfrasers CSE Global 0.505 0.58 Buy
03/26/19 UOB Kay Hian CSE Global 0.54 0.62 Buy
03/26/19 DMG & Partners CSE Global 0.54 0.61 Buy DCF
03/26/19 CIMB CSE Global 0.54 0.6 Add
04/02/19 Lim & Tan CSE Global 0.545 0 Buy
05/07/19 DMG & Partners CSE Global 0.475 0.61 Buy DCF, PER13.7x FY19
05/07/19 Lim & Tan CSE Global 0.475 0 Buy
05/09/19 UOB Kay Hian CSE Global 0.485 0.62 Buy
05/21/19 Amfrasers CSE Global 0.49 0.58 Buy Sum of parts, PER12.5x FY19, PB2.1x FY19
05/28/19 CIMB CSE Global 0.475 0.6 Add
06/06/19 DMG & Partners CSE Global 0.48 0.61 Buy