UOB Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	CIMB	UOB	19.09	20	Hold
01/05/16	Goldman Sachs	UOB	19.09	20.6	Neutral
01/08/16	DIR	UOB	18.38	21.6	Buy
01/18/16	Deutsche	UOB	17.6	20	Hold	GGM, PB1.1x
01/18/16	DMG & Partners	UOB	17.6	21.7	Neutral	GGM, PB1.15x FY16
01/26/16	JP Morgan	UOB	18	18	Neutral
01/26/16	Macquarie	UOB	18	20	Outperform	PB
01/29/16	Credit Suisse	UOB	17.57	22.8	Neutral
01/29/16	Goldman Sachs	UOB	17.57	20.1	Neutral
02/11/16	UBS	UOB	17.56	19.8	Buy	PER9.9x FY16
02/16/16	Bloomberg	UOB	17.85	21.5	Buy	Consensus target
02/16/16	HSBC	UOB	17.85	25.2	Buy
02/16/16	Lim & Tan	UOB	17.85	0	Buy
02/17/16	Amfrasers	UOB	17.81	17.37	Hold
02/17/16	CIMB	UOB	17.81	19.31	Hold	GGM, PB1.06x CY16
02/17/16	DBS Vickers	UOB	17.81	18.8	Hold	GGM, PB1x FY16
02/17/16	DIR	UOB	17.81	19.5	Outperform	Warranted equity method
02/17/16	DMG & Partners	UOB	17.81	19.1	Neutral	GGM, PB1.01x FY16, PER9.9x
02/17/16	Jefferies	UOB	17.81	16	Hold
02/17/16	Kim Eng	UOB	17.81	16.96	Hold	PB0.9x FY16
02/17/16	Macquarie	UOB	17.81	17.5	Neutral
02/26/16	Credit Suisse	UOB	16.81	19	Neutral
03/04/16	JP Morgan	UOB	18.21	15	Underweight
03/07/16	DMG & Partners	UOB	18.5	19.1	Neutral
03/24/16	DIR	UOB	18.88	24.6	Buy
03/24/16	Kim Eng	UOB	18.88	16.96	Hold
04/07/16	Credit Suisse	UOB	18.71	19	Neutral
04/07/16	UBS	UOB	18.71	19.4	Neutral
04/26/16	HSBC	UOB	19.52	25.2	Buy	GGM, PB1.3x FY15, PER13x FY15
04/27/16	DIR	UOB	19.39	24.6	Buy
04/28/16	CIMB	UOB	18.88	18.74	Hold	GGM, PB0.98x CY16
04/28/16	OCBC	UOB	18.88	20.05	Hold	Cut from $20.15
04/29/16	Amfrasers	UOB	18.85	17.37	Hold
04/29/16	DBS Vickers	UOB	18.85	18.8	Hold
04/29/16	DIR	UOB	18.85	24.9	Buy	GGM, PB1.27x
04/29/16	Jefferies	UOB	18.85	16	Hold
04/29/16	Macquarie	UOB	18.85	17	Neutral
04/29/16	phillip	UOB	18.85	18.15	Neutral	PB0.95x FY16
05/04/16	CIMB	UOB	18.4	18.74	Hold	GGM, PB0.98x CY16
05/06/16	Credit Suisse	UOB	18.1	19	Neutral
05/10/16	DIR	UOB	17.88	24.9	Buy	Warranted equity method
05/10/16	Goldman Sachs	UOB	17.88	19.3	Neutral
05/30/16	Kim Eng	UOB	18.21	16.96	Hold
06/09/16	DIR	UOB	18.98	24.9	Buy
06/09/16	Goldman Sachs	UOB	18.98	20.4	Neutral
06/14/16	Deutsche	UOB	18.3	20	Hold
07/01/16	Goldman Sachs	UOB	18.42	20	Neutral
07/01/16	Kim Eng	UOB	18.42	16.96	Hold
07/05/16	DMG & Partners	UOB	18.54	18.85	Neutral
07/19/16	DIR	UOB	18.93	24.9	Buy	Warranted equity method
07/29/16	CIMB	UOB	18.7	18.52	Hold	GGM
07/29/16	Credit Suisse	UOB	18.7	19	Neutral
07/29/16	DBS Vickers	UOB	18.7	17.7	Hold
07/29/16	Goldman Sachs	UOB	18.7	19.7	Neutral
07/29/16	Jefferies	UOB	18.7	16.5	Hold
07/29/16	Kim Eng	UOB	18.7	18.34	Hold	PB0.9x FY17
07/29/16	Lim & Tan	UOB	18.7	0	Hold
07/29/16	Macquarie	UOB	18.7	18	Neutral
07/29/16	OCBC	UOB	18.7	19.61	Hold
08/01/16	phillip	UOB	18.2	17.95	Neutral	PB0.95x FY16
08/01/16	UOB Kay Hian	UOB	18.2	18.26	Not Rated
08/12/16	Credit Suisse	UOB	17.87	19.26	Neutral
08/18/16	Kim Eng	UOB	17.56	18.34	Hold
09/09/16	Credit Suisse	UOB	18.78	21.2	Outperform
09/19/16	Kim Eng	UOB	18.86	18.34	Hold
09/28/16	DIR	UOB	18.8	24.9	Buy
10/03/16	Kim Eng	UOB	18.83	18.34	Hold
10/05/16	DMG & Partners	UOB	18.85	18.85	Neutral
10/12/16	Goldman Sachs	UOB	18.77	19.7	Neutral
10/17/16	DIR	UOB	18.32	24.9	Buy
10/19/16	CIMB	UOB	18.52	18.52	Hold
10/28/16	Lim & Tan	UOB	18.94	0	Hold
10/31/16	CIMB	UOB	18.63	18.42	Hold	GGM, PB0.92x CY17
10/31/16	DBS Vickers	UOB	18.63	18.1	Hold
10/31/16	DIR	UOB	18.63	24	Buy	GGM, PB1.21x
10/31/16	Kim Eng	UOB	18.63	18.36	Hold	PB0.9x FY17
10/31/16	phillip	UOB	18.63	17.63	Neutral	PB0.95x FY16
11/07/16	Credit Suisse	UOB	18.44	21.2	Outperform
11/07/16	Jefferies	UOB	18.44	17	Hold
11/25/16	Credit Suisse	UOB	19.9	23.41	Outperform
11/25/16	Kim Eng	UOB	19.9	18.36	Hold
11/28/16	DIR	UOB	19.88	24	Buy
12/05/16	Kim Eng	UOB	20.56	18.36	Hold
12/06/16	CIMB	UOB	20.78	18.42	Hold	GGM, PB0.92x CY17
12/07/16	DBS Vickers	UOB	20.83	21.8	Hold	GGM, PB1.1x FY17
12/07/16	Deutsche	UOB	20.83	19	Hold
01/03/17	DMG & Partners	UOB	20.4	18.9	Neutral
01/04/17	Kim Eng	UOB	20.41	18.36	Hold
01/05/17	Credit Suisse	UOB	20.62	23.41	Outperform
01/11/17	DIR	UOB	20.99	24	Buy
01/16/17	Jefferies	UOB	21.03	17	Underperform
01/16/17	phillip	UOB	21.03	18.97	Reduce	PB0.95x FY17
01/26/17	DMG & Partners	UOB	20.99	22.9	Buy	GGM
01/26/17	UBS	UOB	20.99	18.8	Sell
02/02/17	Lim & Tan	UOB	20.98	0	Hold
02/03/17	CIMB	UOB	20.63	18.42	Hold
02/06/17	Macquarie	UOB	20.38	20.5	Neutral
02/20/17	CIMB	UOB	21.18	20.37	Hold	GGM, PB1.02x CY17
02/20/17	Credit Suisse	UOB	21.18	24.3	Outperform
02/20/17	DBS Vickers	UOB	21.18	22.7	Buy	GGM, PB1.1x FY17
02/20/17	DIR	UOB	21.18	24.3	Buy	GGM, PB1.19x
02/20/17	DMG & Partners	UOB	21.18	23.9	Buy	GGM, PB1.2x FY17
02/20/17	Kim Eng	UOB	21.18	19.54	Hold
02/20/17	Lim & Tan	UOB	21.18	0	Take profit
02/20/17	OCBC	UOB	21.18	20.55	Hold
02/20/17	phillip	UOB	21.18	18.92	Reduce	PB0.95x FY17
03/03/17	CIMB	UOB	21.55	20.37	Hold
03/03/17	Jefferies	UOB	21.55	19	Hold
03/06/17	Macquarie	UOB	21.54	20.55	Neutral
03/13/17	Credit Suisse	UOB	21.39	24.3	Outperform
03/17/17	DBS Vickers	UOB	21.75	22.7	Buy
03/21/17	Kim Eng	UOB	21.86	19.54	Hold
04/03/17	Kim Eng	UOB	22.11	19.54	Hold
04/18/17	DIR	UOB	21.65	24.3	Buy
04/25/17	CIMB	UOB	21.88	20.37	Hold
05/02/17	CIMB	UOB	21.8	21.2	Hold	GGM, PB1.05x CY17
05/02/17	DBS Vickers	UOB	21.8	22.7	Buy	GGM, PB1.1x FY17
05/02/17	DIR	UOB	21.8	25	Buy	PB1.19x
05/02/17	DMG & Partners	UOB	21.8	23.9	Buy	GGM, PB1.2x FY17
05/02/17	OCBC	UOB	21.8	21.66	Hold
05/02/17	phillip	UOB	21.8	19.2	Reduce	PB0.95x FY17
05/03/17	Macquarie	UOB	22.8	20.5	Neutral
05/16/17	Credit Suisse	UOB	23.66	24.3	Outperform
05/23/17	Jefferies	UOB	23.38	22.5	Hold
05/25/17	DMG & Partners	UOB	23.46	25.95	Buy
05/29/17	Kim Eng	UOB	23.37	20.8	Hold
06/14/17	Kim Eng	UOB	23.63	20.8	Hold	PB1.1x FY18
06/28/17	DMG & Partners	UOB	22.84	25.95	Buy
07/03/17	Kim Eng	UOB	23.12	20.8	Hold
07/12/17	Credit Suisse	UOB	23.25	25.6	Outperform
07/28/17	Lim & Tan	UOB	24.6	0	Hold
07/28/17	UBS	UOB	24.6	22.5	Sell
07/31/17	Macquarie	UOB	24.05	21.5	Neutral
07/31/17	phillip	UOB	24.05	20.18	Reduce	GGM, PB1.01x FY17
07/31/17	DIR	UOB	24.05	26.4	Outperform	GGM, PB1.23x
07/31/17	DMG & Partners	UOB	24.05	26.5	Buy	GGM, PB1.31x FY17
07/31/17	CIMB	UOB	24.05	24.28	Hold	GGM
07/31/17	DBS Vickers	UOB	24.05	24.8	Hold	GGM, PB1.2x FY18
07/31/17	OCBC	UOB	24.05	23	Hold	Buy @ $22 or lower
08/18/17	Macquarie	UOB	23.6	21.5	Neutral
08/22/17	Kim Eng	UOB	23.45	26.4	Buy	GGM, PB1.1x FY18
08/23/17	DBS Vickers	UOB	23.59	24.8	Hold
08/23/17	Deutsche	UOB	23.59	24	Hold
08/29/17	Credit Suisse	UOB	23.7	25.6	Outperform
09/12/17	DMG & Partners	UOB	23.38	26.5	Buy	PB1x FY18
09/18/17	phillip	UOB	23.05	20.18	Reduce
09/18/17	Kim Eng	UOB	23.05	26.4	Buy
10/09/17	DIR	UOB	24.36	26.4	Outperform
10/20/17	phillip	UOB	24.33	21.61	Reduce
10/25/17	phillip	UOB	24.25	23.46	Neutral	GGM, PB1.09x FY18
10/25/17	DBS Vickers	UOB	24.25	26.9	Buy	GGM, PB1.3x FY18
11/03/17	DMG & Partners	UOB	24.79	27.5	Buy	GGM, PB1.27x FY18
11/03/17	Credit Suisse	UOB	24.79	27.1	Outperform
11/03/17	UBS	UOB	24.79	24	Sell
11/06/17	Kim Eng	UOB	24.77	27.1	Buy	PB1.2x FY18
11/06/17	phillip	UOB	24.77	25.22	Accumulate	GGM, PB1.184x FY18
11/06/17	CIMB	UOB	24.77	25.4	Hold	GGM FY19, PB1.18x FY18
11/06/17	DBS Vickers	UOB	24.77	27.5	Buy	GGM, PB1.3x FY18
11/06/17	Deutsche	UOB	24.77	25.5	Hold
11/09/17	Macquarie	UOB	25.21	24	Neutral
11/20/17	Credit Suisse	UOB	25.06	29.3	Outperform
12/01/17	DMG & Partners	UOB	26.2	28.88	Buy	GGM, PB1.33x FY18
12/08/17	phillip	UOB	25.63	25.22	Accumulate
12/08/17	Jefferies	UOB	25.63	29.5	Buy
01/05/18	DBS Vickers	UOB	27.02	29.5	Buy	GGM, PB1.4x FY18
01/08/18	DMG & Partners	UOB	26.91	28.88	Buy
01/09/18	Deutsche	UOB	27.25	30.6	Buy
01/10/18	phillip	UOB	27.8	25.22	Accumulate
01/26/18	OCBC	UOB	27.98	30.1	Buy	PB1.3x FY18
02/07/18	OCBC	UOB	26.62	30.1	Buy
02/08/18	Macquarie	UOB	26.4	27.5	Neutral
02/12/18	phillip	UOB	26.24	25.22	Accumulate
02/15/18	CIMB	UOB	26.24	28	Add	GGM, PB1.3x FY18, PER11.3x FY19
02/15/18	DMG & Partners	UOB	26.24	30	Buy	GGM, PB1.35x FY18
02/15/18	Kim Eng	UOB	26.24	29.33	Buy	PB1.3x FY18
02/15/18	Credit Suisse	UOB	26.24	31.7	Outperform	GGM
02/15/18	Jefferies	UOB	26.24	29.5	Buy
02/15/18	DBS Vickers	UOB	26.24	30	Buy	GGM, PB1.3x FY18
02/21/18	phillip	UOB	27.22	29	Buy	GGM, PB1.35x
02/22/18	UBS	UOB	27.6	27.5	Neutral
03/05/18	OCBC	UOB	27.75	30.86	Buy	PB1.3x FY18
03/20/18	Kim Eng	UOB	28.1	31.08	Buy
03/22/18	Lim & Tan	UOB	28.58	0	Buy

United Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/17	SAC Advisors	United Global	0.325	0.37	Buy
10/17/17	SAC Advisors	United Global	0.355	0.5	Buy
03/01/18	SAC Advisors	United Global	0.41	0.5	Buy	PER12.2x FY18

Stock calls for 28 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/28/18	OCBC	CapitaRetail China	1.55	1.66	Buy
03/28/18	DBS Vickers	Dairy Farm	8	9.77	Buy	Sum of parts
03/28/18	Lim & Tan	Mapletree Greater China	1.18	0	Buy on weakness
03/28/18	UOB Kay Hian	Sembcorp Marine	2.21	2.78	Buy
03/28/18	DBS Vickers	Y Venture	0.535	0.77	Buy	EV/Ebitda

Midas uncovers another undisclosed liability.

https://www.theedgesingapore.com/midas-uncovers-another-lawsuit-against-dalian-subsidiary-unauthorised-guarantor

This is the 2nd case already and the ex-chairman is pleading innocence because he is unaware of such loans.

https://sg-stock.blogspot.sg/2018/02/midas-assets-are-frozen-in-china.html

Will there be more such cases?  Do you still have faith in this company?

China is preparing a list of retaliatory tariffs against the USA.

https://sg.finance.yahoo.com/news/china-preparing-list-retaliatory-tariffs-u-imports-global-043359001--finance.html

China is preparing a list of retaliatory tariffs against the $60b levies on China imports.  The initial Chinese tariffs imposed on USA agricultural products are for the steel and aluminum tariffs imposed by the USA.

http://sg-stock.blogspot.sg/2018/03/us-has-imposed-tariffs-on-60b-china.html

Wow! North Korean Kim Jong Un is in China now!

https://www.nytimes.com/2018/03/26/world/asia/north-korea-china-train-kim-jong-un.html

NK Kim wants to get China involved in resolving the Korean Peninsula crisis which indicates that NK Kim doesn't trust the USA.  NK Kim definitely wants reassurances from China before offering some concessions.

Hot news! UFO in Turkey sky!

Do you believe in UFO now?

United Engineers - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/16	Lim & Tan	United Engineers	1.97	0	Buy
05/12/16	Lim & Tan	United Engineers	2.15	0	Buy
08/15/16	Lim & Tan	United Engineers	2.33	0	Buy
09/27/16	Lim & Tan	United Engineers	2.41	0	Buy
10/12/16	DBS Vickers	United Engineers	2.54	2.75	Not Rated	PB1x
10/27/16	UOB Kay Hian	United Engineers	2.57	2.96	Buy	PB1.04x
11/14/16	Lim & Tan	United Engineers	2.64	0	Buy
11/14/16	UOB Kay Hian	United Engineers	2.64	3.06	Buy	NAV1x
11/29/16	UOB Kay Hian	United Engineers	2.75	2.75	Hold	PB0.9x FY17, Buy @ $2.50
01/06/17	Lim & Tan	United Engineers	2.66	0	Buy
02/13/17	Lim & Tan	United Engineers	2.91	0	Buy
03/02/17	Lim & Tan	United Engineers	2.94	0	Hold
03/08/17	UOB Kay Hian	United Engineers	2.93	2.75	Hold
03/13/17	DBS Vickers	United Engineers	2.9	2.89	Not Rated
06/01/17	Lim & Tan	United Engineers	2.63	0	Buy
07/14/17	Lim & Tan	United Engineers	2.71	0	Hold	Offer price of $2.60 is too low.
08/16/17	Lim & Tan	United Engineers	2.69	0	Hold
09/21/17	Lim & Tan	United Engineers	2.68	0	Hold

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/16	NRA	Uni-Asia	1.12	1.495	Overweight	PB0.353x FY15
03/08/16	NRA	Uni-Asia	1.165	1.495	Overweight	PB0.36x FY16
07/01/16	NRA	Uni-Asia	1.16	1.615	Overweight	PB0.4x
06/19/17	Amfrasers	Uni-Asia	1.165	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
06/21/17	NRA	Uni-Asia	1.35	1.85	Overweight	PB0.5x
08/15/17	NRA	Uni-Asia	1355	1.86	Overweight	PB0.5x
08/22/17	Amfrasers	Uni-Asia	1.37	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
12/18/17	Amfrasers	Uni-Asia	1.23	1.85	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
03/16/18	Amfrasers	Uni-Asia	1.45	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18

Stock calls for 27 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/18	Phillip	A-Reit	2.6	2.89	Accumulate
03/27/18	phillip	Cache Logistics	0.825	0.93	Accumulate
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/27/18	DMG & Partners	Dairy Farm	9.1	9.16	Buy	DCF
03/27/18	Deutsche	M1	1.77	2.3	Buy

Why do crypto ads bans cause crypto to fall heavily?

https://sg.news.yahoo.com/twitter-bans-crytocurrency-ads-fraud-fears-015139918.html

If the ads bans can cause crypto to fall heavily, there can only be 1 reason behind the fall.  The crypto is a highly speculative commodity and it needs advertisements to hype up its price ascents.  Without advertisements to hype up its price ascents, the crypto will fall because it is a useless and worthless commodity.

Twitter is the latest to add to the salvo after FB and Google.

The USA will issue close to $300b bonds this week.

https://www.bloombergquint.com/onweb/2018/03/26/vulnerable-stocks-and-record-u-s-debt-sales-dominate-the-week

This upcoming bond sale is worth watching because it will reveal foreign investors' confidence in the USA treasury market.  If the sale is underwhelming, the USA will have a big problem financing its economic growth, especially for Trump's fiscal policies.

The Libor-OIS spread is also worth monitoring as stated in our previous posting.

http://sg-stock.blogspot.sg/2018/03/libor-ois-spread-is-at-6-year-high-is.html

The USA only wants to pollute other countries but not itself.

https://www.reuters.com/article/us-china-environment-usa/u-s-asks-china-not-to-implement-ban-on-foreign-garbage-idUSKBN1GZ2WI

The USA has requested China to halt its foreign trash ban.  This is ridiculously and it shows how selfish the USA is.

There is nothing wrong for China to protect its own environment and China is not a trash land for other countries to dump theirs.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/16	CIMB	UMS	0.53	0.63	Add	PB1.38x FY16
04/11/16	DBS Vickers	UMS	0.595	0.7	Not Rated	DCF
04/15/16	DBS Vickers	UMS	0.615	0.73	Buy	DCF
05/11/16	CIMB	UMS	0.63	0.63	Hold	PB1.38x FY16
05/12/16	DBS Vickers	UMS	0.595	0.61	Hold
08/15/16	CIMB	UMS	0.585	0.63	Add	PB1.38x FY16
08/16/16	DBS Vickers	UMS	0.595	0.61	Hold	DCF
11/11/16	Lim & Tan	UMS	0.61	0	Buy
11/14/16	CIMB	UMS	0.62	0.64	Add	PB1.38x CY17
11/14/16	DBS Vickers	UMS	0.62	0.61	Hold	DCF
03/01/17	CIMB	UMS	0.675	0.82	Add	GGM, PB1.85x FY17
03/02/17	DBS Vickers	UMS	0.68	0.73	Buy	DCF
05/15/17	CIMB	UMS	0.87	1.15	Add	GGM, PB2.41x
05/16/17	DBS Vickers	UMS	0.98	1.07	Buy	DCF, PER7.4x FY18 ex-cash
05/23/17	DBS Vickers	UMS	1.07	1.33	Buy	PER11x FY18 ex-cash
06/16/17	DBS Vickers	UMS	1.08	1.33	Buy
07/05/17	CIMB	UMS	0.995	1.15	Add	GGM, PB2.41x
08/14/17	CIMB	UMS	1.08	1.12	Hold	GGM, PB2.41x
08/14/17	DBS Vickers	UMS	1.08	1.13	Hold	PER11x FY18 ex-cash
10/25/17	CIMB	UMS	0.925	1.13	Add	GGM, PB2,8x FY18, PER13.3x FY19, Ex-rights 1 for 4
11/13/17	DBS Vickers	UMS	1.02	1.21	Buy	PER12x FY18
11/13/17	CIMB	UMS	1.02	1.21	Add	GGM, PB2.88x
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/27/16	Kim Eng	UG Healthcare	0.28	0.41	Buy	PER14x FY16
02/05/16	Kim Eng	UG Healthcare	0.33	0.52	Buy	PER14x FY17
03/23/16	Kim Eng	UG Healthcare	0.345	0.52	Buy	PER14x
06/15/16	DBS Vickers	UG Healthcare	0.305	0.33	Not Rated	PER16x FY17
07/05/16	DBS Vickers	UG Healthcare	0.29	0.33	Not Rated	PER16x FY17
08/25/16	Lim & Tan	UG Healthcare	0.305	0	Buy
08/26/16	Kim Eng	UG Healthcare	0.335	0.37	Hold	PER12x FY17
02/09/17	Lim & Tan	UG Healthcare	0.295	0	Hold
02/09/17	Kim Eng	UG Healthcare	0.295	0.25	Sell
08/31/17	Kim Eng	UG Healthcare	0.24	0.21	Sell	PER12x FY18

Stock calls for 26 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/26/18	Morgan Stanley	Keppel Corp	7.72	9.45	Overweight	Sum of parts, Up from $9.01
03/26/18	Morgan Stanley	Sembcorp Industries	3.04	2.77	Underweight	Sum of parts, Up from $2.39
03/26/18	Morgan Stanley	Sembcorp Marine	2.09	2.45	Overweight	PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy

Noble Group is playing punk now!

https://sg.finance.yahoo.com/news/noble-group-says-board-seek-insolvency-protection-restructuring-031804752--finance.html

We did warn about Noble's bankruptcy previously.  Noble is forcing shareholders to accept the restructuring which will benefit the management the most or else it will declare bankruptcy.

http://sg-stock.blogspot.sg/2018/03/noble-groups-bankruptcy-is-real-and.html

Baltic dry index - 1122

Today, Friday, March 23 2018, the Baltic Dry Index climbed by 5 points, reaching 1122 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 stocks: Sembcorp Marine, Cosco & Pan Ocean.

US rig count - 995

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by five this week to 995.

That exceeds the 809 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 804 rigs drilled for oil this week and 190 for gas. One was listed as miscellaneous.

Among major oil- and gas-producing states, Texas increased by seven rigs and Alaska and Colorado each gained two.

Oklahoma lost four rigs, Utah decreased by two and Ohio lost one.

Arkansas, California, Louisiana, New Mexico, North Dakota, Pennsylvania, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/29/17	UOB Kay Hian	Tuan Sing	0.415	0.71	Buy	Sum of parts
01/15/18	UOB Kay Hian	Tuan Sing	0.49	0.71	Buy
01/29/18	UOB Kay Hian	Tuan Sing	0.48	0.71	Buy	Sum of parts

Triyards - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	DMG & Partners	Triyards	0.445	0.94	Buy	PB1.05x
01/04/16	OCBC	Triyards	0.445	0.61	Buy	PER5x FY16
01/04/16	UOB Kay Hian	Triyards	0.445	0.88	Buy	PB0.75x
01/11/16	Amfrasers	Triyards	0.49	0.55	Buy	PER6x FY16
01/15/16	UOB Kay Hian	Triyards	0.435	0.69	Buy
03/03/16	Amfrasers	Triyards	0.405	0.55	Buy	PER6x FY16
03/07/16	UOB Kay Hian	Triyards	0.425	0.69	Buy
03/09/16	OCBC	Triyards	0.42	0.61	Buy	PER5x FY16
04/01/16	UOB Kay Hian	Triyards	0.4	0.47	Hold	PB0.4x FY17, Buy @ $0.38 or lower
04/08/16	Amfrasers	Triyards	0.395	0.55	Buy	PER6x FY16
04/08/16	OCBC	Triyards	0.395	0.61	Buy	PER5x FY16/17
05/17/16	Amfrasers	Triyards	0.385	0.55	Buy
05/20/16	UOB Kay Hian	Triyards	0.39	0.47	Hold
07/11/16	OCBC	Triyards	0.38	0.51	Buy	PER5x
07/11/16	UOB Kay Hian	Triyards	0.38	0.44	Hold	PB0.4x FY17, Buy @ $0.35
07/12/16	Amfrasers	Triyards	0.39	0.52	Buy	PER6x, PB0.6x
09/13/16	UOB Kay Hian	Triyards	0.29	0.44	Buy	PB0.4x FY17
10/24/16	UOB Kay Hian	Triyards	0.28	0.41	Buy	PB0.4x FY17
11/30/16	OCBC	Triyards	0.275	0.35	Hold
12/02/16	UOB Kay Hian	Triyards	0.285	0.5	Buy
01/09/17	Amfrasers	Triyards	0.315	0.43	Buy	PB0.5x FY17
01/09/17	OCBC	Triyards	0.315	0.47	Buy	PB0.55x FY17
01/09/17	UOB Kay Hian	Triyards	0.315	0.46	Buy	PB0.46x FY17
03/10/17	UOB Kay Hian	Triyards	0.395	0.27	Hold
03/15/17	OCBC	Triyards	0.295	0.345	Hold	PB
04/10/17	OCBC	Triyards	0.25	0.33	Hold	PB0.35x FY17/18
07/24/17	OCBC	Triyards	0.149	0.19	Hold	PB0.3x FY18

Stock calls for 23 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/23/18	MIDF	IHH Healthcare	2.01	2.32	Buy	Ringgit $6.91 target price
03/23/18	CIMB	OUE Commercial	0.72	0.75	Hold	DDM
03/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy	EV/Invested capital basis, PER23x FY19
03/23/18	DBS Vickers	ST Engineering	3.47	4.1	Buy	DCF & PER22x
03/23/18	Kim Eng	Valuetronics	0.955	1.25	Buy	ROE-g/COE-g, PB2.8x FY19
03/23/18	OCBC	Viva Industrial	0.75	0.93	Buy

Another lawsuit for Noble Group.

https://www.bloombergquint.com/markets/2018/03/22/noble-group-s-week-from-hell-gets-worse-as-another-lawsuit-hits

More and more bad news!

Another company is suing Noble Group for $260m.

US has imposed tariffs on $60b China imports.

https://www.cnbc.com/2018/03/22/trump-moves-to-slap-china-with-50-billion-in-tariffs-over-intellectual-property-theft.html

https://finance.yahoo.com/news/china-hits-back-trump-planned-232227157.html

The USA has imposed tariffs on $60b China goods but China has retaliated with very restrained effort targeting at Trump's supporters' businesses.

This trade war is real because the USA wants to cripple China's economy now.  Trump has replaced all his key personnel with anti-China characteristics.  They are advising Trump to wage an economic war against China because China will become the world leader in the future.  If the USA doesn't attack China economically now, the USA won't stand a chance in the future.

The USA has just passed a US$1.3T spending bill.

https://finance.yahoo.com/news/u-house-passes-1-3-170134662.html

Here we go again!  The USA will issue more government bonds to fund this newly passed $1.3T spending bill but it won't be easy to attract foreign central banks and investors to buy US treasuries this time.  Why?

This is because the USA has rankled many countries with its upcoming global trade war.  This global trade war will affect many economies and induce slower economic growth.  When other government coffers and investors are badly affected, they won't purchase more US treasuries.

The USA really has a warped logic!

Trendlines - Stock calls

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Date	Analyst	Company	Last	Target	Call	Valuation
02/12/16	DBS Vickers	Trendlines	0.161	0.28	Buy	PB1.1x FY16
03/17/16	DBS Vickers	Trendlines	0.192	0.28	Buy	PB1.1x FY16
04/25/16	DBS Vickers	Trendlines	0.225	0.24	Hold
11/27/17	NRA	Trendlines	0.143	0.225	Overweight	RNAV (20% discount)

Top Glove - Stock calls

12/16/16	Kim Eng	Top Glove	1.63	1.71	Hold	Ringgit target $5.30
10/19/17	Aminvestment	Top Glove	1.98	2.05	Hold	Ringgit target $6.36, up from $6.22

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	CIMB	Tianjin Zhongxin	0.895	1.42	Add	DCF
04/25/16	CIMB	Tianjin Zhongxin	0.845	1.3	Add	DCF CY16
11/02/16	CIMB	Tianjin Zhongxin	0.765	1.3	Add	DCF CY17
12/06/16	CIMB	Tianjin Zhongxin	0.805	1.3	Add	DCF CY17
04/05/17	CIMB	Tianjin Zhongxin	0.975	1.3	Add	DCF FY17
08/02/17	UOB Kay Hian	Tianjin Zhongxin	1.05	1.66	Buy	PER15.5x FY18
09/05/17	UOB Kay Hian	Tianjin Zhongxin	1.13	1.66	Buy	PER15.5x FY18
10/04/17	UOB Kay Hian	Tianjin Zhongxin	1.055	1.66	Buy	PER15.5x FY18
11/02/17	UOB Kay Hian	Tianjin Zhongxin	1.03	1.5	Buy	PER14.6x FY18
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18

Stock calls for 22 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/22/18	Lim & Tan	DBS	28.4	0	Buy
03/22/18	CIMB	Dyna-Mac	0.13	0.18	Add	PB1.8x CY18
03/22/18	Lim & Tan	OCBC	13.42	0	Buy
03/22/18	Lim & Tan	UOB	28.58	0	Buy