Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	DMG & Partners	Breadtalk	0.75	0.81	Neutral
08/02/19	DBS Vickers	Breadtalk	0.715	0.77	Hold	Sum of parts
08/05/19	DMG & Partners	Breadtalk	0.69	0.71	Neutral	Sum of parts
09/03/19	DMG & Partners	Breadtalk	0.665	0.71	Neutral
09/04/19	DMG & Partners	Breadtalk	0.65	0.67	Neutral	Sum of parts, EV/Ebitda7.64x
09/06/19	DBS Vickers	Breadtalk	0.645	0.61	Hold	Sum of parts
12/11/19	DMG & Partners	Breadtalk	0.625	0.67	Neutral
02/25/20	DBS Vickers	Breadtalk	0.645	0.49	Accept offer	offer @ $0.77, Sum of parts
02/25/20	Lim & Tan	Breadtalk	0.645	0	Accept offer	offer @ $0.77
02/26/20	DMG & Partners	Breadtalk	0.645	0.77	Accept offer	offer @ $0.77
04/22/20	DBS Vickers	Breadtalk	0.765	0.49	Accept offer	offer @ $0.77

Stock calls for 7 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/07/20	Lim & Tan	Boustead Projects	0.73	0	Hold
07/07/20	CIMB	Genting	0.78	0.84	Add
07/07/20	DMG & Partners	Keppel Corp	6.16	7.3	Buy
07/07/20	Macquarie	OCBC	9.33	11.2	Outperform	PB
07/07/20	UOB Kay Hian	Riverstone	2.93	3.6	Buy	PER23.1x FY20
07/07/20	DMG & Partners	Sembcorp Industries	1.87	2.11	Buy
07/07/20	DMG & Partners	Sembcorp Marine	0.47	1.13	Buy
07/07/20	Aminvestment	Top Glove	6.5	8.37	Buy
07/07/20	DBS Vickers	Yanlord	1.31	1.11	Hold

It is unwise to allow international travellers to come to Singapore until a vaccine is developed.

https://sg.finance.yahoo.com/news/singapore-finds-staycations-cant-fill-us-20-billion-tourism-hole-021028278.html

Giving up US$20B tourism revenue is better than losing lives.

We are fortunate that the covid-19 strain in SG is not as lethal as in the West.

http://sg-stock.blogspot.com/2020/04/what-are-scientific-analyses-for-origin.html

If we allow international travellers to come to SG, we risk importing the more lethal strain since the virus has become airborne now.

https://www.channelnewsasia.com/news/world/covid-19-coronavirus-airborne-who-12904090

1997 Asian financial crisis is replaying in the Middle East now. Here's why! - Part 3

http://sg-stock.blogspot.com/2019/03/1997-asian-financial-crisis-is.html

Turkey has taken action against US banks to prevent a financial crisis from happening.  Maybe the Turkey government has read my posting....Heehee!

BRC Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/31/19	UOB Kay Hian	BRC Asia	1.37	1.75	Buy	PER11.5x FY20
08/08/19	UOB Kay Hian	BRC Asia	1.31	1.75	Buy	PER11.5x FY20
10/01/19	UOB Kay Hian	BRC Asia	1.34	1.75	Buy
11/18/19	CIMB	BRC Asia	1.47	1.9	Add
11/18/19	Lim & Tan	BRC Asia	1.47	1.8	Buy	DCF
11/26/19	UOB Kay Hian	BRC Asia	1.49	1.75	Buy	PER11.5x FY20
01/09/20	CIMB	BRC Asia	1.54	1.9	Add
01/28/20	Lim & Tan	BRC Asia	1.69	0	Buy on weakness
03/05/20	Lim & Tan	BRC Asia	1.66	0	Buy on weakness
03/25/20	UOB Kay Hian	BRC Asia	1.09	1.65	Buy
04/06/20	Lim & Tan	BRC Asia	1.04	0	Hold
05/22/20	UOB Kay Hian	BRC Asia	1.15	1.52	Buy

Boustead Projects - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/20	UOB Kay Hian	Boustead Projects	0.925	1.18	Buy	RNAV (40% discount)

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/23/19	CIMB	Boustead	0.735	1	Add	Sum of parts
11/25/19	CIMB	Boustead	0.765	1	Add
01/03/20	CIMB	Boustead	0.76	1	Add	Sum of parts
01/16/20	UOB Kay Hian	Boustead	0.78	0.92	Buy	Sum of parts

Stock calls for 6 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/06/20	Lim & Tan	Capitaland	3.04	0	Hold
07/06/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts
07/06/20	UOB Kay Hian	DBS	21.57	26.22	Buy
07/06/20	CIMB	Grand Venture	0.22	0.262	Add
07/06/20	UOB Kay Hian	OCBC	9.2	12.18	Buy
07/06/20	CIMB	SPH Reit	0.875	1.1	Add
07/06/20	OCBC	SPH Reit	0.875	0.81	Hold

Baltic dry index - 1823

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 967

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Is UK really sincere in taking in 3m Hongkongers? No!

https://www.theguardian.com/world/2020/jun/03/britain-could-change-immigration-rules-for-hong-kong-citizens

https://www.theguardian.com/world/2020/jul/02/china-could-prevent-hongkongers-moving-to-uk-says-dominic-raab#:~:text=Hong%20Kong%3A%20China%20threatens%20retaliation%20against%20UK%20for%20offer%20to%20Hongkongers,-Beijing%20says%20Britain&text=On%20Thursday%2C%20senior%20Chinese%20officials,sedition%20law%20on%20the%20territory.

Don't be deceived by the UK politicians! Why?

Why did the British vote for Brexit in the first place? This was because the British wanted to stop the European immigrants from competing with them for their national resources such as education, housing and medical services.  When the British didn't even want the European immigrants to use their national resources, would the British allow Hongkongers to use them?  The answer is a resounding No!

The UK politicians just wanted to score some political points and make their presence felt.  They will only take in some Hongkongers to show their pseudo kind gestures. They're just typical hypocrites!  Therefore, China should just remain calm over this.

Banyan Tree - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/19	phillip	Banyan Tree	0.455	0.51	Accumulate	Sum of parts, PB0.6x FY19

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/16/19	DMG & Partners	Avi-Tech	0.28	0.27	Neutral	DCF
08/29/19	Lim & Tan	Avi-Tech	0.27	0	Buy
09/10/19	DMG & Partners	Avi-Tech	0.31	0.31	Neutral	DCF
10/08/19	DMG & Partners	Avi-Tech	0.34	0.31	Neutral
11/07/19	DMG & Partners	Avi-Tech	0.35	0.41	Buy	DCF
12/10/19	DMG & Partners	Avi-Tech	0.4	0.44	Buy	DCF
02/17/20	DMG & Partners	Avi-Tech	0.39	0.5	Buy	DCF
02/20/20	UOB Kay Hian	Avi-Tech	0.42	0.57	Buy
03/30/20	DMG & Partners	Avi-Tech	0.325	0.5	Buy
04/07/20	DMG & Partners	Avi-Tech	0.305	0.5	Buy	DCF
06/02/20	CIMB	Avi-Tech	0.39	0.422	Add
06/24/20	Lim & Tan	Avi-Tech	0.385	0	Buy
06/26/20	UOB Kay Hian	Avi-Tech	0.39	0.57	Buy
07/03/20	DMG & Partners	Avi-Tech	0.41	0.5	Buy

Asian Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/20	Tayrona	Asian Healthcare	0.192	0.305	Overweight	DDM, PER14.5x FY22

Stock calls for 3 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/20	DBS Vickers	ART	1.02	1.1	Buy
07/03/20	DMG & Partners	Avi-Tech	0.41	0.5	Buy
07/03/20	DBS Vickers	CapitaCommercial	1.75	1.95	Buy
07/03/20	DBS Vickers	Capitamall Trust	2.03	2.4	Buy
07/03/20	DBS Vickers	Comfortdelgro	1.47	1.68	Buy
07/03/20	DBS Vickers	Dairy Farm	4.66	5.1	Buy
07/03/20	phillip	DBS	21.28	20.6	Neutral
07/03/20	DBS Vickers	Frasers Centrepoint Trust	2.34	2.95	Buy
07/03/20	DBS Vickers	Frasers Logistics	1.21	1.4	Buy
07/03/20	DMG & Partners	Frencken	0.91	0.9	Buy
07/03/20	DMG & Partners	Fu Yu	0.235	0.28	Buy
07/03/20	CIMB	Ifast Corp	1.45	1.65	Add	Sum of parts
07/03/20	DBS Vickers	Koufu	0.715	0.75	Buy
07/03/20	UOB Kay Hian	Koufu	0.715	0.78	Buy
07/03/20	Lim & Tan	Koufu	0.715	0	Hold
07/03/20	DBS Vickers	Lendlease Reit	0.68	0.85	Buy
07/03/20	phillip	OCBC	9.18	9.14	Neutral
07/03/20	DMG & Partners	Silverlake	0.24	0.24	Neutral
07/03/20	Amfrasers	Singapore o&g	0.26	0.32	Neutral	PER16x
07/03/20	DBS Vickers	Singtel	2.51	3.09	Buy
07/03/20	Kim Eng	SPH Reit	0.885	0.8	Hold	DDM
07/03/20	Lim & Tan	SPH Reit	0.885	0	Hold
07/03/20	DBS Vickers	Thai Beverage	0.675	0.9	Buy
07/03/20	phillip	UOB	20.61	20.7	Neutral
07/03/20	DMG & Partners	Valuetronics	0.56	0.5	Sell
07/03/20	DMG & Partners	Venture	16.48	15.1	Neutral

The ISM PMI has turned around in June.

The PMI prices sub-index increased to 51.3 the producers were able to raise prices due to huge increases in employment and new orders. The government stimulus cheques were greasing the consumer spendings which were reflected by a huge spike in new local order. This increasing consumption was causing the production to increase to meet the spiking demands.

Is this improvement sustainable or just an aberration?

If the US cannot contain the 2nd wave of outbreak, this will not be sustainable.  We are starting to see the 2nd outbreak in the US now.

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/19	DBS Vickers	Ascendas India Trust	1.42	1.55	Buy
10/25/19	DBS Vickers	Ascendas India Trust	1.55	1.65	Buy	DDM
12/19/19	DBS Vickers	Ascendas India Trust	1.53	1.65	Buy
02/04/20	DBS Vickers	Ascendas India Trust	1.58	1.65	Buy
02/07/20	DBS Vickers	Ascendas India Trust	1.65	1.85	Buy
03/02/20	DBS Vickers	Ascendas India Trust	1.65	1.85	Buy

Ascendas Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DBS Vickers	Ascendas Hospitality Trust	1.04	1.21	Buy	Pegged to ART

Ascott Residential Trust (ART) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	OCBC	ART	1.28	1.31	Hold
07/04/19	CIMB	ART	1.28	1.15	Hold	DDM
07/04/19	UOB Kay Hian	ART	1.28	1.46	Buy
07/05/19	Phillip	ART	1.31	1.36	Accumulate	DDM
07/31/19	CIMB	ART	1.3	1.31	Hold	DDM
07/31/19	UOB Kay Hian	ART	1.3	1.54	Buy
07/31/19	DBS Vickers	ART	1.3	1.45	Buy
08/02/19	DIR	ART	1.32	1.34	Outperform
08/02/19	Kim Eng	ART	1.32	1.3	Hold
08/02/19	Phillip	ART	1.32	1.36	Accumulate	DDM
08/27/19	UOB Kay Hian	ART	1.3	1.54	Buy
09/24/19	Phillip	ART	1.31	1.36	Accumulate
10/09/19	DBS Vickers	ART	1.32	1.45	Buy
10/11/19	Phillip	ART	1.31	1.42	Accumulate
10/22/19	OCBC	ART	1.37	1.31	Hold
10/31/19	UOB Kay Hian	ART	1.4	1.66	Buy	DDM
11/01/19	Kim Eng	ART	1.38	1.35	Hold	DDM
11/04/19	CIMB	ART	1.37	1.34	Hold
11/04/19	OCBC	ART	1.37	1.41	Hold
11/22/19	UOB Kay Hian	ART	1.31	1.66	Buy	DDM
11/25/19	Phillip	ART	1.32	1.36	Accumulate
11/25/19	DBS Vickers	ART	1.32	1.45	Buy
12/19/19	Kim Eng	ART	1.35	1.4	Hold	DDM
01/31/20	Kim Eng	ART	1.27	1.4	Hold	DDM
01/31/20	DBS Vickers	ART	1.27	1.5	Buy
02/03/20	UOB Kay Hian	ART	1.26	1.57	Buy
02/04/20	DBS Vickers	ART	1.26	1.5	Buy
02/05/20	Phillip	ART	1.24	1.53	Buy	DDM
02/19/20	OCBC	ART	1.26	1.4	Buy
03/13/20	Phillip	ART	1	1.53	Accumulate
03/16/20	OCBC	ART	0.95	1.11	Buy
03/20/20	UOB Kay Hian	ART	0.72	1.24	Buy	DDM
04/13/20	Lim & Tan	ART	0.855	0	Hold
04/21/20	DBS Vickers	ART	0.885	1.1	Buy
05/05/20	UOB Kay Hian	ART	0.86	1.16	Buy	DDM
05/08/20	Phillip	ART	0.86	1.17	Buy	DDM
06/01/20	DBS Vickers	ART	0.96	1.1	Buy
06/08/20	CIMB	ART	1.05	1.21	Add
06/08/20	UOB Kay Hian	ART	1.05	1.16	Buy
07/02/20	UOB Kay Hian	ART	1	1.16	Buy

Stock calls for 2 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/20	UOB Kay Hian	ART	1	1.16	Buy
07/02/20	UOB Kay Hian	Capitamall Trust	2	2.6	Buy
07/02/20	DMG & Partners	Comfortdelgro	1.48	1.65	Buy	DCF, PER16x FY21
07/02/20	UOB Kay Hian	Far East Hospitality	0.5	0.62	Buy
07/02/20	DBS Vickers	Frasers Centrepoint Trust	2.32	2.95	Buy	Sum of parts, PB1.45x
07/02/20	UOB Kay Hian	Frasers Centrepoint Trust	2.32	2.85	Buy
07/02/20	UOB Kay Hian	Genting	0.765	0.8	Hold	Buy @ $0.68
07/02/20	UOB Kay Hian	Keppel Reit	1.11	1.3	Buy
07/02/20	CIMB	Koufu	0.695	0.86	Add	PER19x FY21
07/02/20	DBS Vickers	Mapletree Industrial	2.9	3.25	Buy	DCF
07/02/20	Lim & Tan	Singtel	2.47	0	Buy
07/02/20	DBS Vickers	Wilmar	4.1	4.6	Buy	Sum of parts, PER19.6x FY20