ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	DMG & Partners	ST Engineering	4.02	4.55	Buy	PER22x FY20 & PB5.8x & EV/Ebitda11x
02/19/20	Macquarie	ST Engineering	4.3	5	outperform
02/24/20	Lim & Tan	ST Engineering	4.24	0	Hold
02/25/20	DMG & Partners	ST Engineering	4.2	4.9	Buy	Sum of parts
02/25/20	UOB Kay Hian	ST Engineering	4.2	4.46	Buy
02/25/20	DBS Vickers	ST Engineering	4.2	4.6	Buy
02/25/20	CIMB	ST Engineering	4.2	4.66	Add
03/05/20	Macquarie	ST Engineering	4.36	5	outperform
03/17/20	DMG & Partners	ST Engineering	3.36	4.9	Buy	Sum of parts
04/07/20	DMG & Partners	ST Engineering	3.03	4.9	Buy
04/17/20	DMG & Partners	ST Engineering	3.44	4.65	Buy	Sum of parts
04/22/20	UOB Kay Hian	ST Engineering	3.33	3.6	Hold	EV/Invested capital basis, Buy @ $3.10
04/22/20	CIMB	ST Engineering	3.33	3.86	Add	Sum of parts
04/28/20	DMG & Partners	ST Engineering	3.24	4.15	Buy	Sum of parts
05/18/20	DMG & Partners	ST Engineering	3.27	3.9	Buy	Sum of parts
05/18/20	UOB Kay Hian	ST Engineering	3.27	3.5	Hold	Buy @ $3-3.10
05/18/20	DBS Vickers	ST Engineering	3.27	3.4	Hold	Sum of parts
06/19/20	DMG & Partners	ST Engineering	3.41	3.9	Buy
07/13/20	OCBC	ST Engineering	3.35	3.9	Buy
07/29/20	DMG & Partners	ST Engineering	3.31	3.9	Buy	Sum of parts
08/07/20	CIMB	ST Engineering	3.23	3.46	Add	DCF
08/17/20	DBS Vickers	ST Engineering	3.39	3.4	Hold	Sum of parts, Buy @ below $3.10
08/17/20	UOB Kay Hian	ST Engineering	3.39	3.4	Hold	Buy @ $3.15
08/17/20	CIMB	ST Engineering	3.39	3.76	Add
08/17/20	OCBC	ST Engineering	3.39	3.9	Buy
08/18/20	DBS Vickers	ST Engineering	3.39	3.8	Buy	Sum of parts
08/18/20	DMG & Partners	ST Engineering	3.39	3.9	Buy	Sum of parts
08/19/20	Macquarie	ST Engineering	3.48	3.45	outperform	Sum of parts
09/07/20	DBS Vickers	ST Engineering	3.42	3.8	Buy
09/11/20	UOB Kay Hian	ST Engineering	3.41	3.6	Hold	Buy @ $3.30
09/21/20	DMG & Partners	ST Engineering	3.41	3.9	Buy
10/12/20	UOB Kay Hian	ST Engineering	3.59	3.6	Hold
10/13/20	DBS Vickers	ST Engineering	3.63	3.8	Buy
10/28/20	DMG & Partners	ST Engineering	3.64	3.9	Buy
11/03/20	DBS Vickers	ST Engineering	3.49	3.8	Buy
11/19/20	DBS Vickers	ST Engineering	3.84	4.2	Buy
11/19/20	OCBC	ST Engineering	3.84	4.3	Buy
11/19/20	UOB Kay Hian	ST Engineering	3.84	3.65	Hold	Buy @ $3.30-3.40
11/19/20	CIMB	ST Engineering	3.84	4	Add
11/19/20	Lim & Tan	ST Engineering	3.84	0	Hold
11/26/20	DMG & Partners	ST Engineering	4.01	4.4	Buy
01/14/21	DMG & Partners	ST Engineering	3.88	4.4	Buy
01/21/21	UOB Kay Hian	ST Engineering	3.86	3.65	Hold	Buy @ $3.40-3.45
02/17/21	DBS Vickers	ST Engineering	3.76	4.2	Buy
02/22/21	UOB Kay Hian	ST Engineering	3.75	4	Buy
02/22/21	OCBC	ST Engineering	3.75	4.3	Buy
02/22/21	DMG & Partners	ST Engineering	3.75	4.25	Buy
02/22/21	CIMB	ST Engineering	3.75	4	Add

Spindex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/12/20	Lim & Tan	Spindex	0.9	0	Buy

Stock calls for 22 February 2021

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/21	Phillip	BRC Asia	1.59	1.87	Buy	PER11x FY21
02/22/21	Lim & Tan	Bumitama	0.54	0	Accumulate
02/22/21	phillip	Comfortdelgro	1.58	1.83	Buy	DCF
02/22/21	phillip	Dasin Retail	0.73	0.91	Accumulate
02/22/21	Phillip	First Ship Lease Trust	0.085	0.105	Buy	PB1x FY22
02/22/21	Phillip	Frasers Centrepoint Trust	2.52	2.93	Buy
02/22/21	Phillip	Ireit	0.645	0.68	Accumulate
02/22/21	DBS Vickers	MM2 Asia	0.083	0.089	Hold	Sum of parts
02/22/21	phillip	Prime US Reit	0.825	0.94	Buy
02/22/21	Lim & Tan	Raffles Medical	0.985	0	Hold
02/22/21	UOB Kay Hian	ST Engineering	3.75	4	Buy
02/22/21	OCBC	ST Engineering	3.75	4.3	Buy
02/22/21	DMG & Partners	ST Engineering	3.75	4.25	Buy
02/22/21	CIMB	ST Engineering	3.75	4	Add
02/22/21	DBS Vickers	Straits Trading	2.77	3.9	Buy	Sum of parts (40% discount)
02/22/21	Phillip	Starhub	1.28	1.24	Neutral	Ev/Ebitda 6x
02/22/21	UOB Kay Hian	Starhub	1.28	1.35	Hold
02/22/21	DMG & Partners	Starhub	1.28	1.38	Neutral

Will the Quad Alliance (QA) have any impact?

Before we can comment on this Quad Alliance (QA), we need to first know the countries involved in this alliance. The QA comprises the US, Australia, Japan and India. However, the QA will have lesser influence because it is much smaller than the Indo-Pacific Alliance (IPA).

Therefore, the QA will not be able to do much except to make some noise. What can the QA do that the IPA cannot accomplish? Nothing! The IPA which is much bigger than the QA also cannot do much because it has many weak links.

Let's try to understand the IPA now.

The US established the IPA without any careful consideration about the internal conflicts amongst its alliance members.  For a start, the IPA will embolden India to take a tougher stance against its neighbours such as Pakistan and China and this will force Pakistan to strike closer strategic relationships with China and Russia.  Thus, this IPA will diminish India's neighbouring relationships.  We can see this outcome from the recent incident below.

https://www.businesstoday.in/current/economy-politics/sri-lanka-scraps-port-deal-as-indian-firm-rejected-terms/story/431179.html

Let's not forget that India is buying a lot of Russian weapons and it doesn't want to see a cozy relationship between Pakistan and Russia.

Japan is also part of this IPA and it has historical feuds with the IPA's 2nd tier member (South Korea).  Historical feuds (WW2 issues) are difficult to resolve and these will disrupt any cooperation between Japan and South Korea.  We can see this from the recent SK defence whitepaper publication that downgraded the SK-JP status below.

http://english.hani.co.kr/arti/english_edition/e_international/981657.html

Furthermore, Japan has a Kuril Islands dispute with Russia.  Therefore, Japan doesn't want to jeopardize JP-Ru relationship further with any potential IPA conflict with Russia.

http://sg-stock.blogspot.com/2019/07/putin-rejected-abes-request-in-g20.html

Australia is a member of RCEP and will be ostracized if it uses IPA or QA to contain China.  Thus, Australia is stuck in a fissure and is facing a conundrum.

As we can see, the IPA has many weak links and it won't be able to function properly.  Needless to say, the QA cannot do anything too.