Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
02/04/19	CIMB	Singapore Post	0.965	1.03	Hold	DCF
02/04/19	DBS Vickers	Singapore Post	0.965	0.92	Hold	DCF
02/04/19	Lim & Tan	Singapore Post	0.965	0	Hold
02/04/19	OCBC	Singapore Post	0.965	1.23	Buy
02/08/19	OCBC	Singapore Post	0.955	1	Hold
02/08/19	CLSA	Singapore Post	0.955	1.17	Buy
04/04/19	OCBC	Singapore Post	0.995	1	Hold
04/08/19	CIMB	Singapore Post	1.03	1.2	Add	DCF, PER18.2x FY21
05/08/19	OCBC	Singapore Post	1.01	1	Hold
05/08/19	CIMB	Singapore Post	1.01	1.17	Add	DCF
05/08/19	DBS Vickers	Singapore Post	1.01	0.96	Hold	DCF
05/09/19	UOB Kay Hian	Singapore Post	0.99	1.06	Hold	Buy @ $0.95
07/02/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts, Buy @ $0.88
08/05/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
08/05/19	DBS Vickers	Singapore Post	0.965	0.96	Hold
08/05/19	Lim & Tan	Singapore Post	0.965	0	Hold
08/07/19	OCBC	Singapore Post	0.945	1	Hold
09/19/19	OCBC	Singapore Post	0.93	1	Hold
09/20/19	UOB Kay Hian	Singapore Post	0.92	1.04	Hold	Sum of parts, Buy @ $0.90
09/20/19	DBS Vickers	Singapore Post	0.92	0.96	Hold
10/31/19	DBS Vickers	Singapore Post	0.96	0.96	Hold
11/04/19	CIMB	Singapore Post	0.965	1.13	Add	DCF
11/05/19	UOB Kay Hian	Singapore Post	0.955	1.04	Hold	Sum of parts, Buy @ $0.88
11/05/19	DBS Vickers	Singapore Post	0.955	0.96	Hold	DCF
11/05/19	OCBC	Singapore Post	0.955	1.02	Hold
02/10/20	UOB Kay Hian	Singapore Post	0.89	0.99	Hold	Sum of parts
02/10/20	DBS Vickers	Singapore Post	0.89	0.85	Hold	PER17x FY21
02/10/20	OCBC	Singapore Post	0.89	0.96	Hold

Stock calls for 18 March 2020

Date	Analyst	Company	Last	Target	Call	Valuation
03/18/20	CIMB	Centurion	0.39	0.58	Add
03/18/20	CIMB	Genting	0.62	0.76	Add	EV/Ebitda7x FY21
03/18/20	Kim Eng	Genting	0.62	0.84	Buy
03/18/20	Citibank	Great Eastern	18.2	19.5	Hold
03/18/20	DBS Vickers	Keppel Reit	0.96	1.45	Buy
03/18/20	DBS Vickers	Lendlease Reit	0.48	0.94	Buy
03/18/20	DBS Vickers	Mapletree Commercial	1.77	2.6	Buy
03/18/20	UOB Kay Hian	Mapletree Industrial	2.14	2.9	Buy
03/18/20	DMG & Partners	Sheng Siong	1.05	1.42	Buy	DCF
03/18/20	DBS Vickers	Suntec Reit	1.31	2.15	Buy

Red alert: US companies are asking for government bailouts.

The US hotel and travel industry are asking for bailouts!

https://sg.finance.yahoo.com/news/u-hotel-travel-industry-ask-234837213.html

The US airliners are asking for bailouts!

https://sg.finance.yahoo.com/news/u-airlines-face-push-back-203204316.html

The US airplane manufacturer is asking for a bailout!

https://www.washingtonpost.com/business/2020/03/17/boeing-asks-at-least-60-billion-trump-expresses-support-bailout/

Can you imagine that this virus outbreak is just in its inception in the US and so many US companies are asking for government bailouts?

What will happen to the US when the infections hit 50m people and cause 1.7m deaths?

Will the stock markets recover from now or there are further downsides to come? You decide for yourself.

Just look at the GDP growth forecast for the US in Q2.

https://sg.finance.yahoo.com/news/second-quarter-gdp-could-plunge-10-economist-warns-133619896.html

Red alert: US medical workers are getting infected with covid-19.

https://sg.finance.yahoo.com/news/one-mask-day-doctors-virus-225407143.html

This is really bad news for the US.

When more medical workers are getting infected, the US will collapse because there won't be enough medical workers to take care of the infected patients.

Don't be surprised that the US will overtake China and become the sick man of the world.

Just take a look at the projection for the US below.

http://sg-stock.blogspot.com/2020/03/50m-americans-could-be-infected-by.html

The Japanese stock markets have more room to fall. Why?

The Japanese stock markets have not factored in the cancellation of the 2020 Olympics.

2020 Olympics won't be postponed to the end of the year in Japan because the weather won't be suitable to hold it anymore.  This event also cannot be postponed to next year (2021) because this will affect the next Olympics which is to be held in 2024.  Therefore, the event is likely to be cancelled since covid-19 outbreak cannot be contained worldwide.  Japan will lose billions from this cancellation since $12 billions have been invested to prepare the sports facilities and infrastructures.

After the 2020 Olympics is cancelled, the Japanese government will start to report the true covid-19 statistics which won't be good.

The 2 achilles' heels of the US economy.

Any rebound in the US stock markets is just temporary because the short-sellers are squaring their positions.

The US stock markets have not priced in the full impacts of the covid-19 outbreak yet.  S&P has projected 50m infections in the US.  We can infer the death toll at 1.7m since the average mortality rate is 3.4%.

http://sg-stock.blogspot.com/2020/03/50m-americans-could-be-infected-by.html

I've seen other projections and the highest was 170m infections.  Therefore, S&P's projection is considered optimistic since the US flu has infected more than 30m people insofar.

This covid-19 outbreak will hit the 2 Achilles' heels of the US economy which are the corporate debts (include high yield bonds - junk bonds) and the mortgage debts (property).  This is the rationale behind the US FED's action to inject money into the financial market to buy the US treasurys and mortgage-backed securities.

The S&P has started to downgrade the corporate's credit rating now.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/s-p-cuts-boeing-to-bbb-keeps-ratings-on-negative-watch-57609123

The S&P has also warned about the shale oil&gas companies and Australia banks ratings.

When the corporate and mortgage debts blow up, the world will face a great recession and this time will be much serious than the past recessions.  This is because people will be losing monies and also their lives.

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Singapore Medical	0.4	0.56	Buy
02/21/19	UOB Kay Hian	Singapore Medical	0.47	0.65	Buy	PER23x FY19
02/21/19	DMG & Partners	Singapore Medical	0.47	0.54	Buy	DCF
05/10/19	UOB Kay Hian	Singapore Medical	0.445	0.62	Buy	PER23x FY19
05/10/19	DMG & Partners	Singapore Medical	0.445	0.48	Neutral	DCF
06/06/19	DMG & Partners	Singapore Medical	0.385	0.48	Neutral	DCF
06/07/19	DMG & Partners	Singapore Medical	0.38	0.48	Buy	DCF
08/08/19	DMG & Partners	Singapore Medical	0.37	0.48	Buy	DCF
10/15/19	DMG & Partners	Singapore Medical	0.305	0.48	Buy
11/13/19	DMG & Partners	Singapore Medical	0.325	0.36	Neutral	DCF, PER13.4x
02/25/20	DMG & Partners	Singapore Medical	0.32	0.35	Neutral	PER11.3x FY20

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
02/14/20	DBS Vickers	Silverlake	0.37	0.48	Buy	PER21x FY20
02/14/20	DMG & Partners	Silverlake	0.37	0.41	Neutral	DCF

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	FS

Stock calls for 17 March 2020

Date	Analyst	Company	Last	Target	Call	Valuation
03/17/20	Kim Eng	Cache Logistics	0.515	0.8	Buy
03/17/20	Kim Eng	Capitamall Trust	2	2.7	Buy
03/17/20	DMG & Partners	OCBC	8.7	9.6	Buy	GGM, PB0.89x FY20
03/17/20	DBS Vickers	OCBC	8.7	8.6	Hold	GGM, PB0.8x FY20
03/17/20	Kim Eng	SPH Reit	0.87	1.15	Buy
03/17/20	DMG & Partners	ST Engineering	3.36	4.9	Buy	Sum of parts
03/17/20	DBS Vickers	UOB	19.45	19	Hold	GGM, PB0.8x FY20
03/17/20	UOB Kay Hian	Yangzijiang	0.8	1.25	Buy