SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/19	Kim Eng	SPH Reit	1.06	1.05	Hold	DDM
04/08/19	CIMB	SPH Reit	1.06	1.08	Hold	DDM
04/08/19	OCBC	SPH Reit	1.06	1	Hold
04/08/19	DBS Vickers	SPH Reit	1.06	1.15	Buy	DCF
07/12/19	CIMB	SPH Reit	1.12	1.11	Hold	DDM
07/12/19	Lim & Tan	SPH Reit	1.12	0	Hold
07/15/19	OCBC	SPH Reit	1.1	1.05	Hold
07/16/19	Kim Eng	SPH Reit	1.1	1.05	Hold	DDM
07/17/19	DBS Vickers	SPH Reit	1.11	1.2	Buy	DCF
10/11/19	CIMB	SPH Reit	1.11	1.09	Hold	DDM
10/11/19	DBS Vickers	SPH Reit	1.11	1.25	Buy	DCF
10/11/19	Kim Eng	SPH Reit	1.11	1.1	Hold	DDM
10/14/19	OCBC	SPH Reit	1.13	1.05	Hold
10/15/19	OCBC	SPH Reit	1.15	1.1	Hold
11/08/19	DBS Vickers	SPH Reit	1.14	1.25	Buy
11/08/19	CIMB	SPH Reit	1.14	1.16	Hold	DDM
01/13/20	Kim Eng	SPH Reit	1.08	1.15	Buy	DDM
01/13/20	OCBC	SPH Reit	1.08	1.13	Hold
01/13/20	Lim & Tan	SPH Reit	1.08	0	Buy on weakness
01/13/20	CIMB	SPH Reit	1.08	1.16	Add
01/13/20	DBS Vickers	SPH Reit	1.08	1.2	Buy
03/17/20	Kim Eng	SPH Reit	0.87	1.15	Buy
04/02/20	DBS Vickers	SPH Reit	0.75	0.7	Fully Valued
04/02/20	Kim Eng	SPH Reit	0.75	0.8	Hold	DDM
04/02/20	CIMB	SPH Reit	0.75	1.12	Add
05/29/20	DBS Vickers	SPH Reit	0.825	0.8	Hold
06/03/20	DBS Vickers	SPH Reit	0.88	0.8	Hold

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/19	UOB Kay Hian	SPH	2.43	2.82	Buy
04/10/19	Lim & Tan	SPH	2.53	0	Hold
04/10/19	CIMB	SPH	2.53	2.64	Hold	Sum of parts
04/18/19	UOB Kay Hian	SPH	2.46	2.86	Buy	Sum of parts
04/18/19	OCBC	SPH	2.46	2.55	Hold
05/13/19	UOB Kay Hian	SPH	2.39	2.86	Buy
06/06/19	UOB Kay Hian	SPH	2.31	2.86	Buy	Sum of parts
07/15/19	UOB Kay Hian	SPH	2.49	2.33	Hold	Sum of parts, Buy @ $2.10
07/16/19	CIMB	SPH	2.32	2.22	Hold	Sum of parts
07/16/19	DBS Vickers	SPH	2.32	2.22	Hold	Sum of parts
09/10/19	Lim & Tan	SPH	1.99	0	Hold
10/21/19	UOB Kay Hian	SPH	2.15	2.25	Hold	Sum of parts, Buy @ $2
10/21/19	DBS Vickers	SPH	2.15	2.19	Hold	Sum of parts
12/23/19	Lim & Tan	SPH	2.16	0	Hold
01/06/20	UOB Kay Hian	SPH	2.15	2.3	Hold	Sum of parts, Buy @ $2
01/14/20	UOB Kay Hian	SPH	2.18	2.22	Hold	Sum of parts, Buy @ $2
01/14/20	CIMB	SPH	2.18	2.11	Hold	Sum of parts
01/14/20	DBS Vickers	SPH	2.18	2.12	Hold
01/15/20	Lim & Tan	SPH	2.14	0	Hold
01/15/20	OCBC	SPH	2.14	2.28	Hold
03/06/20	UOB Kay Hian	SPH	1.88	2.22	Hold
03/09/20	UOB Kay Hian	SPH	1.89	2.25	Buy	Sum of parts
03/19/20	Lim & Tan	SPH	1.83	0	Hold
03/26/20	UOB Kay Hian	SPH	1.74	2.04	Buy
04/02/20	UOB Kay Hian	SPH	1.78	1.61	Hold	Sum of parts, Buy @ $1.40
04/08/20	CIMB	SPH	1.6	1.57	Hold	Sum of parts
04/08/20	Lim & Tan	SPH	1.6	0	Sell
04/08/20	DBS Vickers	SPH	1.6	1.56	Hold	Sum of parts
04/09/20	UOB Kay Hian	SPH	1.53	1.39	Hold	Sum of parts, Buy @ $1.20
04/28/20	UOB Kay Hian	SPH	1.49	1.5	Hold	Buy @ $1.3
05/21/20	UOB Kay Hian	SPH	1.5	1.52	Hold	Sum of parts, Buy @ $1.30
05/21/20	Lim & Tan	SPH	1.5	0	Hold
05/22/20	DBS Vickers	SPH	1.56	1.57	Hold

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/19	OCBC	Soilbuild Reit	0.63	0.62	Hold
04/22/19	DBS Vickers	Soilbuild Reit	0.63	0.63	Hold	DCF
05/31/19	OCBC	Soilbuild Reit	0.6	0.62	Hold
07/17/19	Amfrasers	Soilbuild Reit	0.615	0.609	Neutral	DDM
07/18/19	Lim & Tan	Soilbuild Reit	0.61	0	Hold
07/19/19	UOB Kay Hian	Soilbuild Reit	0.615	0.6	Hold
07/19/19	DBS Vickers	Soilbuild Reit	0.615	0.63	Hold	DCF
09/03/19	OCBC	Soilbuild Reit	0.55	0.58	Accept offer
10/18/19	DBS Vickers	Soilbuild Reit	0.525	0.55	Hold	DCF
10/18/19	OCBC	Soilbuild Reit	0.525	0.52	Hold
10/18/19	Amfrasers	Soilbuild Reit	0.525	0.58	Neutral
01/24/20	DBS Vickers	Soilbuild Reit	0.52	0.55	Hold	DCF
01/28/20	OCBC	Soilbuild Reit	0.515	0.52	Hold
02/04/20	Amfrasers	Soilbuild Reit	0.5	0.55	Neutral
03/02/20	DBS Vickers	Soilbuild Reit	0.495	0.55	Hold
04/20/20	DBS Vickers	Soilbuild Reit	0.39	0.5	Buy	DCF
04/21/20	OCBC	Soilbuild Reit	0.4	0.38	Hold
05/27/20	Amfrasers	Soilbuild Reit	0.38	0.48	Neutral

Stock calls for 15 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/15/20	DMG & Partners	APAC Realty	0.395	0.5	Buy	DCF
06/15/20	DBS Vickers	Koufu	0.655	0.75	Buy	PER17x FY20/21
06/15/20	CIMB	Koufu	0.655	0.86	Buy
06/15/20	DBS Vickers	Mapletree Logistics	1.89	2.05	Buy
06/15/20	DBS Vickers	Yangzijiang	0.98	1.4	Buy	Sum of parts

Baltic dry index - 923

Today, Friday, June 12 2020, the Baltic Dry Index climbed by 84 points, reaching 923 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 - 969

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	Kim Eng	Singtel	3.02	3.39	Hold
04/09/19	DBS Vickers	Singtel	3.06	3.55	Buy	Sum of parts
04/09/19	Citibank	Singtel	3.06	3.48	Buy
05/09/19	DBS Vickers	Singtel	3.11	3.55	Buy	Sum of parts
05/16/19	DMG & Partners	Singtel	3.13	3.35	Neutral	Sum of parts
05/16/19	OCBC	Singtel	3.13	3.59	Buy
05/16/19	CIMB	Singtel	3.13	3.4	Add	Sum of parts
05/16/19	UOB Kay Hian	Singtel	3.13	3.58	Buy
05/16/19	Kim Eng	Singtel	3.13	3.37	Hold	Sum of parts
05/16/19	Citibank	Singtel	3.13	3.62	Buy
05/17/19	Phillip	Singtel	3.14	3.31	Accumulate	Sum of parts, EV/Ebitda7x FY20
06/03/19	Phillip	Singtel	3.2	3.66	Buy	EV/Ebitda7x FY20
06/06/19	DMG & Partners	Singtel	3.21	3.35	Neutral
06/06/19	DBS Vickers	Singtel	3.21	3.55	Buy
06/13/19	UOB Kay Hian	Singtel	3.32	3.58	Buy	DCF
06/13/19	Kim Eng	Singtel	3.32	3.48	Hold	Sum of parts
06/14/19	CIMB	Singtel	3.35	3.5	Add	Sum of parts
06/14/19	Citibank	Singtel	3.35	3.95	Buy
07/08/19	DBS Vickers	Singtel	3.56	3.6	Hold	Sum of parts
07/15/19	Phillip	Singtel	3.54	3.66	Accumulate	Sum of parts
07/23/19	DMG & Partners	Singtel	3.52	3.4	Neutral	Sum of parts
07/23/19	Citibank	Singtel	3.52	3.97	Buy
08/07/19	DBS Vickers	Singtel	3.52	3.4	Hold	Sum of parts
08/08/19	Kim Eng	Singtel	3.29	3.44	Hold	Sum of parts
08/13/19	Phillip	Singtel	3.26	3.45	Accumulate	Sum of parts
08/13/19	DMG & Partners	Singtel	3.26	3.4	Neutral	Sum of parts
08/13/19	CIMB	Singtel	3.26	3.6	Add	Sum of parts
08/13/19	UOB Kay Hian	Singtel	3.26	3.32	Hold	DCF, Buy @ $3
08/13/19	DBS Vickers	Singtel	3.26	3.25	Hold	EV/Ebitda6.3x
08/14/19	OCBC	Singtel	3.18	3.61	Buy
09/27/19	UOB Kay Hian	Singtel	3.13	3.32	Hold	DCF, Buy @ $3
10/10/19	Kim Eng	Singtel	3.14	3.44	Hold	Sum of parts
10/10/19	DBS Vickers	Singtel	3.14	3.12	Hold	EV/Ebitda6x
10/11/19	Phillip	Singtel	3.15	3.45	Accumulate
10/18/19	CIMB	Singtel	3.16	3.6	Add
11/11/19	UOB Kay Hian	Singtel	3.35	3.32	Hold	DCF, Buy @ $3
11/15/19	Lim & Tan	Singtel	3.3	0	Hold
11/18/19	Phillip	Singtel	3.18	3.31	Accumulate	Sum of parts
11/18/19	DMG & Partners	Singtel	3.18	3.5	Neutral	Sum of parts
11/18/19	CIMB	Singtel	3.18	3.6	Add	Sum of parts
11/18/19	DBS Vickers	Singtel	3.18	3.12	Hold
11/18/19	OCBC	Singtel	3.18	3.53	Buy
11/22/19	DBS Vickers	Singtel	3.26	3.6	Buy	Sum of parts
12/03/19	Kim Eng	Singtel	3.46	3.72	Hold	Sum of parts
12/05/19	CIMB	Singtel	3.4	3.7	Add	Sum of parts
12/09/19	UOB Kay Hian	Singtel	3.43	3.32	Hold	DCF, Buy @ $3
12/16/19	Phillip	Singtel	3.39	3.53	Accumulate	Sum of parts
01/03/20	DBS Vickers	Singtel	3.4	3.6	Buy
01/14/20	DMG & Partners	Singtel	3.27	3.5	Neutral
01/15/20	UOB Kay Hian	Singtel	3.25	3.32	Hold	DCF, Buy @ $3
01/15/20	DBS Vickers	Singtel	3.25	3.8	Buy	Sum of parts
02/10/20	DBS Vickers	Singtel	3.32	3.8	Buy
02/10/20	UOB Kay Hian	Singtel	3.32	3.32	Hold	DCF
02/14/20	DMG & Partners	Singtel	3.28	3.45	Neutral	Sum of parts
02/14/20	UOB Kay Hian	Singtel	3.28	3.2	Hold	Buy @ $3
02/14/20	DBS Vickers	Singtel	3.28	3.63	Buy
02/14/20	Lim & Tan	Singtel	3.28	0	Hold
02/17/20	Phillip	Singtel	3.22	3.18	Neutral	Sum of parts
02/19/20	Macquarie	Singtel	3.17	3.77	outperform
02/19/20	OCBC	Singtel	3.17	3.61	Buy
03/05/20	Macquarie	Singtel	2.97	3.77	outperform
03/05/20	DBS Vickers	Singtel	2.97	3.52	Buy	Sum of parts
03/26/20	DBS Vickers	Singtel	2.6	2.8	Buy	Sum of parts
03/30/20	DBS Vickers	Singtel	2.57	2.85	Buy
04/01/20	CIMB	Singtel	2.54	3.4	Add	Sum of parts
04/03/20	UOB Kay Hian	Singtel	2.62	3	Buy	DCF
04/20/20	DBS Vickers	Singtel	2.76	3.02	Buy	Sum of parts
04/24/20	DMG & Partners	Singtel	2.75	3.3	Buy	Sum of parts
05/18/20	CIMB	Singtel	2.66	3.4	Add	Sum of parts
05/22/20	DBS Vickers	Singtel	2.68	3.22	Buy	Sum of parts
05/29/20	DBS Vickers	Singtel	2.51	3.09	Buy
05/29/20	UOB Kay Hian	Singtel	2.51	2.8	Buy	DCF
05/29/20	DMG & Partners	Singtel	2.51	3.4	Buy	Sum of parts
05/29/20	Lim & Tan	Singtel	2.51	2.45	Hold
05/29/20	OCBC	Singtel	2.51	3.24	Buy
06/01/20	Phillip	Singtel	2.49	2.44	Neutral	Sum of parts

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/11/20	DBS Vickers	Singapore Post	0.74	0.64	Fully Valued	PER17x FY21

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/26/20	DMG & Partners	Singapore Medical	0.23	0.25	Neutral	PER9.8x FY21

Stock calls for 12 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/12/20	UOB Kay Hian	ARA Hospitality	0.425	0.69	Buy	DDM
06/12/20	UOB Kay Hian	ARA Logistics	0.54	0.69	Buy
06/12/20	DMG & Partners	China Aviation Oil	1.14	1.25	Buy	PB0.9x, PER3.5x FY21 (ex-cash)
06/12/20	CIMB	Riverstone	2.25	3.12	Add	PER22.7x CY21
06/12/20	Kim Eng	Top Glove	5.56	7.13	Buy	Ringgit target $21.9, PER23x CY21
06/12/20	UOB Kay Hian	Top Glove	5.56	7.13	Buy	Ringgit target $21.90

US will keep its easing monetary policy until 2022.

The US Fed had put its interest rates on hold until 2022 and won't delve into the negative territory as proclaimed in its previous statement.

 http://sg-stock.blogspot.com/2020/05/what-will-us-fed-do-after-rejecting.html

This will be a recipe for a bigger financial crisis in the future because debts will keep ballooning.

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/28/20	DMG & Partners	Silverlake	0.24	0.26	Neutral	DCF
05/18/20	DBS Vickers	Silverlake	0.245	0.38	Buy	PER20x
05/20/20	DMG & Partners	Silverlake	0.245	0.24	Neutral	DCF

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/19	DBS Vickers	SIIC	0.235	0.265	Hold