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

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

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.

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

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/19	DBS Vickers	Cromwell Reit (EUR)	0.49	0.59	Buy	DCF
06/24/19	Lim & Tan	Cromwell Reit (EUR)	0.505	0	Hold

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/19	DBS Vickers	Comfortdelgro	2.24	2.56	Buy
02/01/19	CIMB	Comfortdelgro	2.33	2.74	Add	DCF
02/08/19	UOB Kay Hian	Comfortdelgro	2.36	2.59	Buy	PER16.8x FY19
02/08/19	DBS Vickers	Comfortdelgro	2.36	2.56	Buy
02/14/19	phillip	Comfortdelgro	2.38	2.72	Accumulate	DCF, PER18.5x FY19
02/14/19	UOB Kay Hian	Comfortdelgro	2.38	2.66	Buy	PER16.8x FY19
02/14/19	OCBC	Comfortdelgro	2.38	2.38	Hold
02/14/19	DMG & Partners	Comfortdelgro	2.38	2.65	Buy
02/14/19	DBS Vickers	Comfortdelgro	2.38	2.57	Buy	DCF & PER16x FY19
02/19/19	Amfrasers	Comfortdelgro	2.41	2.77	Buy	PER19x FY19
03/04/19	Kim Eng	Comfortdelgro	2.43	2.45	Hold	DCF
03/08/19	CIMB	Comfortdelgro	2.41	2.74	Add	DCF
03/22/19	UOB Kay Hian	Comfortdelgro	2.54	2.77	Buy	PER17.5x FY20
04/03/19	DMG & Partners	Comfortdelgro	2.59	2.65	Take Profit	Buy below $2.50
04/16/19	OCBC	Comfortdelgro	2.63	2.63	Hold	DCF
04/30/19	CIMB	Comfortdelgro	2.69	2.88	Add	DCF, PER18.1x FY20
05/08/19	CIMB	Comfortdelgro	2.61	2.88	Add	DCF
05/15/19	DMG & Partners	Comfortdelgro	2.57	2.65	Take Profit
05/15/19	OCBC	Comfortdelgro	2.57	2.69	Hold
05/15/19	UOB Kay Hian	Comfortdelgro	2.57	2.77	Buy
05/16/19	DBS Vickers	Comfortdelgro	2.52	2.59	Hold	DCF, PER17.7x, Buy @ $2.40
05/16/19	Kim Eng	Comfortdelgro	2.52	2.4	Hold
05/16/19	Amfrasers	Comfortdelgro	2.52	2.77	Buy	PER19x FY19
05/17/19	phillip	Comfortdelgro	2.54	2.72	Accumulate	DCF, PER16.8x FY19
05/28/19	CIMB	Comfortdelgro	2.45	2.82	Add
06/12/19	UOB Kay Hian	Comfortdelgro	2.55	2.77	Buy
06/18/19	DMG & Partners	Comfortdelgro	2.58	2.65	Neutral	DCF & FCF
07/10/19	Kim Eng	Comfortdelgro	2.84	2.76	Hold	DCF
07/10/19	UOB Kay Hian	Comfortdelgro	2.84	3.08	Buy	PER19.5x FY20
07/11/19	Amfrasers	Comfortdelgro	2.82	2.77	Neutral	PER19x FY19
07/15/19	phillip	Comfortdelgro	2.81	2.99	Accumulate	DCF
07/22/19	DMG & Partners	Comfortdelgro	2.8	2.65	Neutral	DCF

Stock calls for 25 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/19	Lim & Tan	AIMS AMP Cap Ind Reit	1.47	0	Hold
07/25/19	Phillip	Capitamall Trust	2.62	2.68	Neutral	DDM, PB1.09x
07/25/19	DBS Vickers	Citic Envirotech	0.305	0.34	Hold
07/25/19	OCBC	Hutchison Port	0.225	0.22	Hold
07/25/19	DMG & Partners	ISOTeam	0.245	0.31	Buy	DCF
07/25/19	UOB Kay Hian	ISOTeam	0.245	0.34	Buy	PER12.4x FY20
07/25/19	OCBC	Mapletree Industrial	2.25	2.29	Hold
07/25/19	UOB Kay Hian	Mapletree Industrial	2.25	1.94	Hold
07/25/19	UOB Kay Hian	Mapletree Logistics	1.6	1.39	Hold	DDM

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	phillip	CNMC	0.225	0.31	Buy	DCF
03/12/19	Tayrona	CNMC	0.21	0.31	Overweight
05/22/19	phillip	CNMC	0.2	0.31	Buy	DCF

Clearbridge - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	phillip	Clearbridge	0.142	0.28	Buy	DCF
05/30/19	phillip	Clearbridge	0.149	0.28	Buy	DCF

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	Lim & Tan	City Developments	7.94	0	Buy
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)
02/11/19	Jefferies	City Developments	9.16	12	Buy
02/22/19	phillip	City Developments	9.54	11.82	Accumulate	RNAV (30% discount)
02/22/19	OCBC	City Developments	9.54	10.68	Buy
02/22/19	DMG & Partners	City Developments	9.54	9.2	Neutral	RNAV (40% discount)
02/22/19	DBS Vickers	City Developments	9.54	9.5	Hold	RNAV (40% discount)
02/22/19	CIMB	City Developments	9.54	10.66	Add
03/21/19	Lim & Tan	City Developments	9.02	0	Buy
03/26/19	CIMB	City Developments	8.87	10.66	Add
04/04/19	DMG & Partners	City Developments	9.31	9.2	Neutral
04/17/19	OCBC	City Developments	9.32	10.68	Buy
05/03/19	Jefferies	City Developments	9	12	Buy	PB0.84x
05/16/19	DMG & Partners	City Developments	8.54	9.2	Neutral	RNAV (40% discount)
05/16/19	OCBC	City Developments	8.54	10.68	Buy
05/16/19	CIMB	City Developments	8.54	10.66	Add
05/17/19	phillip	City Developments	8.63	11.82	Buy	RNAV (30% discount)
06/10/19	DMG & Partners	City Developments	8.47	9.2	Neutral
06/10/19	DBS Vickers	City Developments	8.47	9.5	Hold
06/10/19	Lim & Tan	City Developments	8.47	0	Buy
06/11/19	OCBC	City Developments	8.97	10.68	Buy
06/11/19	CIMB	City Developments	8.97	10.66	Add	RNAV (35% discount)
06/11/19	Jefferies	City Developments	8.97	12	Buy
07/15/19	OCBC	City Developments	9.47	10.68	Buy

Stock calls for 24 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/24/19	UOB Kay Hian	Capitamall Trust	2.64	2.65	Hold	DDM, Buy @ $2.42
07/24/19	OCBC	Capitamall Trust	2.64	2.51	Hold
07/24/19	Kim Eng	Capitamall Trust	2.64	2.6	Hold	DDM
07/24/19	DMG & Partners	Capitamall Trust	2.64	2.38	Neutral	DDM
07/24/19	CIMB	Capitamall Trust	2.64	2.6	Hold	DDM
07/24/19	OCBC	ESR-Reit	0.535	0.58	Buy
07/24/19	CIMB	ESR-Reit	0.535	0.61	Add	DDM
07/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.65	2.66	Hold	DDM, Buy @ $2.42
07/24/19	Kim Eng	Frasers Centrepoint Trust	2.65	2.8	Buy	DDM
07/24/19	OCBC	Frasers Centrepoint Trust	2.65	2.69	Hold
07/24/19	CIMB	Frasers Centrepoint Trust	2.65	2.79	Add
07/24/19	Lim & Tan	Frasers Centrepoint Trust	2.65	0	Hold
07/24/19	OCBC	Mapletree Industrial	2.3	2.06	Hold
07/24/19	CIMB	Mapletree Industrial	2.3	2.37	Hold
07/24/19	Kim Eng	Mapletree Logistics	1.61	1.55	Hold

SEMI: Global semiconductor sales are expected to decline 12-13% in 2019.

https://sg.finance.yahoo.com/news/exclusive-bearing-brunt-trade-war-072136810.html

Singapore semiconductor industry is downsizing and will be laying off 10-20% employees.

We've been warning about the global semiconductor slowdown in 2018.

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