Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy	DCF
01/18/18	UOB Kay Hian	Comfortdelgro	2.03	2.25	Buy	PER16.6x
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold
02/02/18	OCBC	Comfortdelgro	2.15	2.12	Hold
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy	PER16.6x
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.05	Neutral	DCF
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/29/18	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x
04/06/18	OCBC	Comfortdelgro	2.07	2.25	Buy
04/06/18	Deutsche	Comfortdelgro	2.07	2.4	Hold
05/02/18	Amfrasers	Comfortdelgro	2.25	2.72	Buy	PER19x FY18
05/10/18	phillip	Comfortdelgro	2.34	2.5	Buy
05/14/18	phillip	Comfortdelgro	2.33	2.48	Accumulate	DCF, PER17.8x FY18
05/14/18	UOB Kay Hian	Comfortdelgro	2.33	2.43	Buy	PER16.6x FY19
05/14/18	DBS Vickers	Comfortdelgro	2.33	2.12	Hold
05/14/18	OCBC	Comfortdelgro	2.33	2.5	Buy
05/14/18	CIMB	Comfortdelgro	2.33	2.37	Hold	DCF
05/14/18	DMG & Partners	Comfortdelgro	2.33	2.2	Neutral	DCF
05/15/18	Kim Eng	Comfortdelgro	2.34	2.65	Buy
05/15/18	Deutsche	Comfortdelgro	2.34	3	Buy
06/07/18	DBS Vickers	Comfortdelgro	2.47	2.12	Hold
06/08/18	phillip	Comfortdelgro	2.46	2.69	Accumulate
06/08/18	OCBC	Comfortdelgro	2.46	2.5	Hold
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy	DCF & PER18x FY18/19
07/10/18	phillip	Comfortdelgro	2.32	2.69	Accumulate
07/10/18	Deutsche	Comfortdelgro	2.32	2.7	Buy
08/10/18	DBS Vickers	Comfortdelgro	2.37	2.59	Buy
08/13/18	phillip	Comfortdelgro	2.38	2.78	Accumulate	DCF, PER19.7x FY18
08/13/18	UOB Kay Hian	Comfortdelgro	2.38	2.59	Buy	PER16.8x FY19
08/13/18	DMG & Partners	Comfortdelgro	2.38	2.35	Neutral	DCF
08/13/18	OCBC	Comfortdelgro	2.38	2.5	Hold
08/13/18	CIMB	Comfortdelgro	2.38	2.75	Add	DCF, PER18.1x FY19
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
09/04/18	OCBC	Comfortdelgro	2.3	2.5	Hold
09/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy
09/11/18	phillip	Comfortdelgro	2.23	2.78	Accumulate
10/09/18	DMG & Partners	Comfortdelgro	2.36	2.35	Neutral
10/11/18	UOB Kay Hian	Comfortdelgro	2.25	2.59	Buy	PER16.8x FY19
10/11/18	CIMB	Comfortdelgro	2.25	2.75	Add	DCF
10/16/18	Amfrasers	Comfortdelgro	2.12	2.72	Buy	PER19x FY18
10/31/18	DBS Vickers	Comfortdelgro	2.22	2.59	Buy
11/05/18	DBS Vickers	Comfortdelgro	2.32	2.59	Buy
11/08/18	Deutsche	Comfortdelgro	2.36	1.7	Sell	PER12x FY19
11/09/18	UOB Kay Hian	Comfortdelgro	2.2	2.59	Buy	PER16.8x FY19
11/12/18	phillip	Comfortdelgro	2.18	2.69	Buy	DCF, PER19.2x FY18
11/12/18	DBS Vickers	Comfortdelgro	2.18	2.56	Buy	PER16x FY19
11/12/18	DMG & Partners	Comfortdelgro	2.18	2.35	Neutral	PER15x FY19
11/12/18	OCBC	Comfortdelgro	2.18	2.29	Hold
11/12/18	CIMB	Comfortdelgro	2.18	2.74	Add	DCF, PER17.7x FY19
11/13/18	Amfrasers	Comfortdelgro	2.21	2.72	Buy	PER19x FY18
12/05/18	DMG & Partners	Comfortdelgro	2.12	2.35	Neutral

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
08/20/18	phillip	CNMC	0.23	0.29	Buy	DCF
08/20/18	Amfrasers	CNMC	0.23	0.33	Buy
11/16/18	phillip	CNMC	0.22	0.29	Buy	DCF
11/16/18	Amfrasers	CNMC	0.22	0.33	Buy

Stock calls for 18 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	Lim & Tan	ESR-Reit	0.53	0	Hold
01/18/19	OCBC	First Reit	1.01	0.97	Hold
01/18/19	CIMB	First Reit	1.01	1.2	Add	DDM
01/18/19	DBS Vickers	Frasers Commercial Trust	1.47	1.7	Buy
01/18/19	CIMB	Mapletree Industrial	1.99	2.1	Add	DDM
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts

Cityneon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	Cityneon	0.97	1.45	Buy
01/09/18	UOB Kay Hian	Cityneon	0.97	1.55	Buy	PER15.4x FY18
02/20/18	UOB Kay Hian	Cityneon	1.02	1.55	Buy
02/28/18	Kim Eng	Cityneon	1.1	1.55	Buy
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/05/18	Amfrasers	Cityneon	1.06	1.54	Buy	PER14x FY18
03/15/18	CIMB	Cityneon	1.11	1.58	Add	PER14x FY19
05/03/18	DBS Vickers	Cityneon	1.05	1.6	Buy	PER14.4x FY18
05/03/18	CIMB	Cityneon	1.05	1.58	Add	PER14x CY19
05/15/18	UOB Kay Hian	Cityneon	1.06	1.55	Buy	PER15.4x FY18
05/15/18	CIMB	Cityneon	1.06	1.16	Hold	PER11x FY19
05/18/18	Amfrasers	Cityneon	1	1.54	Buy	PER14x FY18
05/23/18	UOB Kay Hian	Cityneon	0.99	1.55	Buy
06/04/18	UOB Kay Hian	Cityneon	0.98	1.55	Buy
08/06/18	DBS Vickers	Cityneon	1.02	1.57	Buy	PER14.4x
08/21/18	Amfrasers	Cityneon	1.13	1.51	Buy	PER14x FY18
10/30/18	CIMB	Cityneon	1.26	1.16	Accept Offer	PER11x FY19, Offer $1.30
10/31/18	DBS Vickers	Cityneon	1.29	1.57	Accept Offer	Offer $1.30

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/05/18	Jefferies	City Developments	12.86	14.8	Buy
01/15/18	OCBC	City Developments	13.04	15.3	Buy	RNAV (10% discount)
01/16/18	CIMB	City Developments	13.46	13.15	Add
01/16/18	Kim Eng	City Developments	13.46	13.8	Buy	RNAV (6% discount), PB1.26x
01/16/18	Deutsche	City Developments	13.46	16	Buy
02/07/18	OCBC	City Developments	12.76	15.3	Buy
02/07/18	Credit Suisse	City Developments	12.76	16.3	Outperform
02/13/18	UOB Kay Hian	City Developments	12.31	14.03	Buy	RNAV
02/19/18	DBS Vickers	City Developments	12.72	14.03	Buy
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	Jefferies	City Developments	12.76	15.2	Buy
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/05/18	phillip	City Developments	12.69	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
03/05/18	Credit Suisse	City Developments	12.69	16.5	Outperform
03/09/18	DBS Vickers	City Developments	12.94	15.4	Buy	RNAV, PB1.2x
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
04/03/18	OCBC	City Developments	13.2	15.91	Buy
04/03/18	UOB Kay Hian	City Developments	13.2	14.03	Buy
04/03/18	DBS Vickers	City Developments	13.2	15.4	Buy
04/10/18	DMG & Partners	City Developments	12.87	15	Buy
04/11/18	Kim Eng	City Developments	12.73	14.2	Buy
04/13/18	Deutsche	City Developments	12.57	16	Buy
05/03/18	UOB Kay Hian	City Developments	12.55	14.03	Buy	RNAV
05/14/18	OCBC	City Developments	12.53	15.78	Buy
05/14/18	DBS Vickers	City Developments	12.53	15.4	Buy
05/14/18	CIMB	City Developments	12.53	13.41	Add	RNAV (20% discount)
05/14/18	DMG & Partners	City Developments	12.53	15	Buy	RNAV (10% discount)
05/14/18	Kim Eng	City Developments	12.53	14.2	Buy
05/15/18	phillip	City Developments	12.4	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
05/15/18	Lim & Tan	City Developments	12.4	15	Buy
05/17/18	DBS Vickers	City Developments	11.97	15.4	Buy
06/04/18	UOB Kay Hian	City Developments	11.25	14.03	Buy
06/06/18	Deutsche	City Developments	11.48	16	Buy	RNAV (12% discount) & PB1.8x FY18
06/13/18	DBS Vickers	City Developments	11.52	15.4	Buy
06/19/18	Kim Eng	City Developments	11.22	14.2	Buy
06/19/18	CIMB	City Developments	11.22	13.41	Add
06/26/18	OCBC	City Developments	11	15.78	Buy
07/03/18	UOB Kay Hian	City Developments	10.88	14.03	Buy
07/03/18	DMG & Partners	City Developments	10.88	15	Buy	RNAV (10% discount)
07/06/18	CIMB	City Developments	10.21	13.41	Add
07/06/18	Kim Eng	City Developments	10.21	14.2	Buy
07/06/18	Deutsche	City Developments	10.21	12.6	Hold
07/09/18	phillip	City Developments	9.46	12.6	Accumulate	RNAV (20% discount)
07/09/18	DBS Vickers	City Developments	9.46	10	Fully Valued	RNAV (35% discount)
07/09/18	OCBC	City Developments	9.46	9.59	Hold
07/09/18	Kim Eng	City Developments	9.46	10.4	Hold
07/23/18	DMG & Partners	City Developments	10.06	10.4	Neutral	RNAV (35% discount)
07/23/18	Jefferies	City Developments	10.06	11	Hold	RNAV (22% discount)
08/08/18	OCBC	City Developments	9.88	9.59	Hold
08/10/18	UOB Kay Hian	City Developments	9.89	12	Buy	RNAV (15% discount)
08/10/18	CIMB	City Developments	9.89	10.89	Add	RNAV (35% discount)
08/10/18	OCBC	City Developments	9.89	9.81	Hold
08/10/18	Lim & Tan	City Developments	9.89	0	Hold
08/10/18	DBS Vickers	City Developments	9.89	10	Hold	RNAV (35% discount)
08/16/18	DMG & Partners	City Developments	9.55	10.4	Neutral
08/21/18	Jefferies	City Developments	9.49	11	Hold	RNAV (22% discount)
09/06/18	Kim Eng	City Developments	8.96	10.4	Hold
09/14/18	UOB Kay Hian	City Developments	8.63	12	Buy	RNAV (15% discount)
09/18/18	CIMB	City Developments	8.8	10.89	Add
09/25/18	Deutsche	City Developments	8.88	12.6	Hold
10/02/18	CIMB	City Developments	9.05	10.89	Add
11/05/18	DBS Vickers	City Developments	8.55	10	Hold
11/09/18	UOB Kay Hian	City Developments	8.42	12.12	Buy	RNAV (15% discount)
11/09/18	CIMB	City Developments	8.42	10.65	Add	RNAV (35% discount)
11/09/18	Lim & Tan	City Developments	8.42	0	Buy
11/09/18	DMG & Partners	City Developments	8.42	9.2	Neutral
11/12/18	OCBC	City Developments	8.45	10.73	Buy
12/07/18	Lim & Tan	City Developments	8.65	0	Buy
12/11/18	DBS Vickers	City Developments	8.42	9.5	Hold	RNAV (40% discount), PB0.9x FY18
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)

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/09/18	UOB Kay Hian	Citic Envirotech	0.74	1.09	Buy	DCF
02/12/18	UOB Kay Hian	Citic Envirotech	0.705	1.11	Buy	DCF, PER11.1x FY19
02/28/18	UOB Kay Hian	Citic Envirotech	0.755	1.06	Buy	DCF, PER11.6x FY19
03/02/18	UOB Kay Hian	Citic Envirotech	0.735	1.06	Buy
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy	DCF, PER11.6x FY19
05/03/18	UOB Kay Hian	Citic Envirotech	0.705	1.06	Buy	DCF, PER11.6x FY19
06/20/18	UOB Kay Hian	Citic Envirotech	0.56	1.06	Buy	DCF, PER11.6x FY19
07/27/18	DBS Vickers	Citic Envirotech	0.59	0.95	Buy	PER20x FY19

Stock calls for 17 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	A-Reit	2.74	2.95	Buy
01/17/19	Kim Eng	CDL Hospitality	1.56	1.75	Buy
01/17/19	DBS Vickers	Chip Eng Seng	0.705	0.75	Hold
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)
01/17/19	Lim & Tan	First Reit	1.03	0	Neutral
01/17/19	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy
01/17/19	DBS Vickers	Frasers Property	1.74	1.98	Buy	RNAV (35% discount)
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price
01/17/19	OCBC	Mapletree Industrial	1.97	2.04	Hold
01/17/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold
01/17/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Sum of parts, Buy @ $9
01/17/19	DBS Vickers	UOL	6.65	7.15	Hold

Singapore NODX fell 8.5% in December 2018.

https://sg.finance.yahoo.com/news/singapore-non-oil-exports-fall-8-6-december-005333196.html

Year on year changes (YOY):

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

http://sg-stock.blogspot.com/2018/12/singapore-nodx-drops-26-in-november-2018.html

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/18	DBS Vickers	Chip Eng Seng	1.01	1.18	Buy	Sum of parts
02/19/18	phillip	Chip Eng Seng	0.955	1.21	Buy	RNAV (40% discount)
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts
05/07/18	phillip	Chip Eng Seng	0.93	1.21	Buy	RNAV (40% discount)
05/17/18	DBS Vickers	Chip Eng Seng	0.945	1.18	Buy
06/28/18	UOB Kay Hian	Chip Eng Seng	0.84	1.38	Buy
07/09/18	phillip	Chip Eng Seng	0.79	1.15	Buy
07/09/18	DBS Vickers	Chip Eng Seng	0.79	0.75	Fully Valued	Sum of parts
08/06/18	DBS Vickers	Chip Eng Seng	0.795	0.75	Fully Valued
09/17/18	DBS Vickers	Chip Eng Seng	0.845	0.75	Hold
11/08/18	DBS Vickers	Chip Eng Seng	0.725	0.75	Hold	Sum of parts

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/18	CIMB	China Sunsine	1.04	1.5	Add	PER9.8x CY19
01/29/18	phillip	China Sunsine	1.11	1.6	Buy	FCFE, PER10x FY18
01/29/18	Amfrasers	China Sunsine	1.11	1.39	Buy	PER10x FY18
02/07/18	CIMB	China Sunsine	1.13	1.5	Add
03/05/18	CIMB	China Sunsine	1.35	1.62	Add	PER9.8x CY19
03/05/18	phillip	China Sunsine	1.35	1.6	Buy	FCFE
04/05/18	CIMB	China Sunsine	1.25	1.62	Add	PER9.8x FY19
04/27/18	CIMB	China Sunsine	1.5	1.87	Add	PER9.8x FY19
04/30/18	phillip	China Sunsine	1.48	1.97	Buy	FCFE
07/02/18	CIMB	China Sunsine	1.55	1.87	Add	PER9.8x CY19
08/08/18	CIMB	China Sunsine	1.49	1.41	Hold	PER7.7x CY19
08/13/18	phillip	China Sunsine	1.23	1.77	Buy	FCFE
11/08/18	CIMB	China Sunsine	1.04	1.41	Add	PER7.7x FY19
11/09/18	phillip	China Sunsine	1.08	1.68	Buy	FCFE
01/04/19	phillip	China Sunsine	1.2	1.68	Buy

China Jinjiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/18	CIMB	China Jinjiang	0.59	0.85	Add	DCF

Stock calls for 16 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy
01/16/19	phillip	First Reit	1.04	0.88	Neutral	DDM
01/16/19	Lim & Tan	Lian Beng	0.515	0	Buy on weakness
01/16/19	OCBC	OUE Hospitality	0.685	0.79	Buy

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/18	DBS Vickers	China Everbright	0.45	0.65	Buy
03/02/18	phillip	China Everbright	0.45	0.6	Buy	PER12.5x
05/14/18	phillip	China Everbright	0.43	0.55	Buy	PER11.4x FY18
06/14/18	DBS Vickers	China Everbright	0.41	0.65	Buy	PER24x
06/14/18	phillip	China Everbright	0.41	0.53	Buy	PER10.6x
11/14/18	phillip	China Everbright	0.35	0.44	Buy	PER8.8x
11/14/18	DBS Vickers	China Everbright	0.35	0.475	Buy	PER15x

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/18	DBS Vickers	China Aviation Oil	1.65	2.08	Buy	PER13x FY18
03/01/18	CIMB	China Aviation Oil	1.58	2.03	Add	PER12.5x CY19
03/01/18	DMG & Partners	China Aviation Oil	1.58	1.6	Neutral	DCF, PER11.3x FY18
03/01/18	UOB Kay Hian	China Aviation Oil	1.58	2.13	Buy	PER13.5x FY18
03/02/18	DBS Vickers	China Aviation Oil	1.51	1.98	Buy	PER13x FY18
03/02/18	phillip	China Aviation Oil	1.51	2	Buy	PER13.3x
03/20/18	DMG & Partners	China Aviation Oil	1.54	1.8	Buy	PER12.2x FY18, PEG1x FY18
04/03/18	Edison	China Aviation Oil	1.56	1.82	Buy	DCF
05/10/18	CIMB	China Aviation Oil	1.56	2.03	Add	PER12.5x FY19
05/10/18	UOB Kay Hian	China Aviation Oil	1.56	2.13	Buy	PER13.5x FY18
05/11/18	phillip	China Aviation Oil	1.58	2	Buy	PER13.3x FY18
05/11/18	DMG & Partners	China Aviation Oil	1.58	1.8	Buy	DCF & PER12.2x FY18 & PEG1x FY18
06/20/18	CIMB	China Aviation Oil	1.52	2.03	Add	PER12.5x CY19
07/03/18	DMG & Partners	China Aviation Oil	1.5	1.8	Buy
08/02/18	UOB Kay Hian	China Aviation Oil	1.53	2.05	Buy	PER13.5x FY18
08/02/18	CIMB	China Aviation Oil	1.53	2.03	Add	PER12.5x FY19
08/02/18	DMG & Partners	China Aviation Oil	1.53	1.8	Buy
08/03/18	phillip	China Aviation Oil	1.53	2	Buy	PER12.8x FY18
08/06/18	DMG & Partners	China Aviation Oil	1.54	1.75	Buy	Sum of parts, PER11.4x FY18
08/07/18	DBS Vickers	China Aviation Oil	1.58	1.98	Buy	PER13x FY18
11/02/18	UOB Kay Hian	China Aviation Oil	1.38	1.93	Buy	PER13.5x FY18
11/02/18	DMG & Partners	China Aviation Oil	1.38	1.5	Neutral	PER10x & PB1.2x & EV/Ebitda9x & DCF, PER7x FY19 (ex-cash), PEG1.3x FY19
11/02/18	DBS Vickers	China Aviation Oil	1.38	1.9	Buy	PER13x FY18
11/02/18	CIMB	China Aviation Oil	1.38	1.83	Add	PER12x FY19
11/05/18	phillip	China Aviation Oil	1.34	1.76	Buy	PER11.5x FY19
11/21/18	DMG & Partners	China Aviation Oil	1.22	1.32	Neutral

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DMG & Partners	Centurion	0.515	0.47	Neutral	DCF
03/01/18	Kim Eng	Centurion	0.515	0.5	Hold	DCF
06/27/18	DMG & Partners	Centurion	0.455	0.47	Neutral
08/10/18	DMG & Partners	Centurion	0.45	0.47	Neutral

Stock calls for 15 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	Accordia Golf Trust	0.55	0.61	Hold
01/15/19	DBS Vickers	Capitaland	3.27	3.62	Buy
01/15/19	Phillip	Capitaland	3.27	4	Accumulate	RNAV (20% discount), PB0.75x FY18
01/15/19	CIMB	CSE Global	0.405	0.56	Add	PER13.5x FY20
01/15/19	CIMB	Fu Yu	0.2	0.2	Hold	PB0.9x
01/15/19	Kim Eng	Genting	1.03	1.26	Buy	EV/Ebitda9x FY19
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18
01/15/19	DBS Vickers	Netlink	0.77	0.87	Buy	DCF
01/15/19	UOB Kay Hian	Sembcorp Industries	2.63	3.2	Buy	Sum of parts
01/15/19	DBS Vickers	Singtel	3.05	3.59	Buy	Sum of parts
01/15/19	OCBC	SPH	2.47	2.55	Hold
01/15/19	DBS Vickers	Starhub	1.77	2.45	Buy	DCF

SG-JB MRT will be postponed!

http://www.asiaone.com/singapore/parliament-rts-link-project-not-progressing-well-opening-likely-be-delayed-beyond-2024

After the SG-KL HSR postponement, the SG-JB MRT will be delayed because the relationship between the 2 nations has turned south after Mahathir became the PM.

Look like Mahathir is skinning SG via the sky, land and sea.

Simmering anti-Malaysia sentiment is rearing its head now.

http://www.asiaone.com/malaysia/singaporeans-cancel-cny-shopping-trips-johor

Mahathir thought there wasn't any price to be paid for being anti-SG because SG was a red dot in his eyes and he could skin SG in many ways.

However, we can also retaliate in our own ways.  We can cut our spendings in Malaysia and also get cozy with China so that China will reduce its investment in Malaysia.

http://sg-stock.blogspot.com/2019/01/singapore-seeks-closer-sg-sino-ties.html

The downfall of the Malacca Gateway will be a piece of good news for SG.

Cryptocurrency roundup.

2019 will be a bad year for cryptos because more people will get educated about the cryptos including ICOs.  Consequently, many ICOs will be declared as scams in 2019 as many of them won't be able to materialize as what's stipulated on their whitepapers.  Therefore, many ICO investors will try to salvage whatever values are left on their ICOs and this doesn't bode well for the crypto markets.

The cryptos including bitcoin have not been able to rise above the price levels on the day we publicized our financial analysis below.

https://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

The bitcoin is down to around US$3500 today from US$4500 on our publication date.  When a product is developed with a flawed structural design and bad economics, it is doomed to fail eventually.  Crypto is such a product and the feared outcome will happen.  It is a matter of when, not if.

North America and Europe will slip into recessions faster than Asia.

https://sg.finance.yahoo.com/news/chinese-fdi-north-america-europe-falls-73-percent-001555773--business.html

Without FDI growth, North America and Europe will slip into recessions faster than Asia.  Why?

Let's look at the tabulation of GDP.

GDP = G + I + C + Net export(X-M)

FDI is I under the GDP tabulation formula and GDP will be affected if there is little or no FDI.  Since China is importing much lesser now, many countries net exports will be affected.  North America and Europe don't have the deep coffers for fiscal stimulus which is under G.  The consumer spendings (C) are also not great in North America and Europe because many people in these countries don't have high spending powers.  Just look at the unemployment rates and yellow vest protests and you will know what I mean.  Furthermore, the US is forcing many countries to buy US goods and reducing their exports to the US.