Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF
03/08/19	DMG & Partners	Japan Foods	0.43	0.45	Neutral
04/05/19	DMG & Partners	Japan Foods	0.435	0.45	Neutral
05/22/19	Amfrasers	Japan Foods	0.44	0.55	Neutral	DCF
05/23/19	DMG & Partners	Japan Foods	0.44	0.4	Hold

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	Jadason	0.02	0.066	Add
05/13/19	CIMB	Jadason	0.038	0.059	Add	PB1x CY19

Stock calls for 27 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/27/19	DBS Vickers	Capitaland	3.28	4	Buy	RNAV (25% discount)
05/27/19	UOB Kay Hian	Capitamall Trust	2.44	2.65	Buy	DDM
05/27/19	OCBC	Golden Agri	0.265	0.27	Hold
05/27/19	Kim Eng	Japfa	0.575	0.93	Buy	Sum of parts
05/27/19	CIMB	Penguin	0.445	0.72	Add	PB1x FY19
05/27/19	DMG & Partners	Valuetronics	0.61	0.67	Neutral	DCF

Apple is resorting to selling customers' data to make up for revenue losses in China. Hahaha!

https://www.businesstimes.com.sg/technology/apple-accused-of-selling-itunes-customers-listening-data

Database selling is a lucrative business because the same set of data can be sold many times.  Apple is caught selling its customers' data and many American firms are doing the same thing.  Is Apple trying to make up for the revenue losses in China? Hahaha!

Baltic dry index - 1068

Today, Friday, May 24 2019, the Baltic Dry Index decreased by 2 points, reaching 1068 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 - 983

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Google has just killed its own future!

Why?

Google acted as a US state agent by terminating its Android services with Huawei.  This has raised an alarming signal to other nations that they cannot depend on "free" services from Google because it will pursue US political interests.  Therefore, China, India and the EU will develop their own mobile and PC platforms in the future to prevent the same occurrence from happening to them.  Nobody wants to be held hostage by the US anymore.

These alternative platforms will marginalize Google services in the future and make Google weaker.  This is exactly the same significant mistake made by Nokia in the past when Nokia didn't focus on smartphone developments.

Personally, I would like to see Linux ecosystem being developed worldwide so that we won't be held hostage by anybody.

Wow! Li Huan Wu has gotten married in South Africa!

https://sg.news.yahoo.com/li-huanwu-grandson-of-lee-kuan-yew-marries-male-partner-in-south-africa-131110327.html

This is Lee Hsien Yang's 2nd son!

http://sg-stock.blogspot.com/2018/07/the-lee-family-has-gay-genes.html

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/19	DMG & Partners	ISOTeam	0.22	0.23	Neutral	DCF
05/15/19	DMG & Partners	ISOTeam	0.22	0.29	Buy	DCF

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	CIMB	ISDN	0.215	0.32	Add	PER10x CY20

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DBS Vickers	Indofood Agri	0.2	0.19	Hold	DCF
04/12/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
05/02/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28

Stock calls for 24 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/19	UOB Kay Hian	Bumitama	0.69	0.81	Hold
05/24/19	DMG & Partners	F & N	1.73	3.53	Not Rated	Sum of parts
05/24/19	Phillip	Frasers Centrepoint Trust	2.44	2.36	Neutral
05/24/19	phillip	Golden Energy	0.198	0.24	Accumulate	PER10x

Omg! The US risk-free rate is at 2.31% now.

The 10-year treasury yield is at 2.31% and is below the Ioer (2.35%).  The US banks with excess cash won't invest in the 10y treasury now because the Ioer return is better.

https://sg-stock.blogspot.com/2019/05/will-us-fed-reduce-its-interest-rates.html

The US economic situation is getting dicey now.

Will the US Fed reduce its interest rates because of the trade war?

Let's check out the 4 interest rates (IR) in May vs April.

http://sg-stock.blogspot.com/2019/04/whats-happening-to-usd-now-why-is-it.html

Iorr: 2.35% (May) vs 2.4% (April)

Effr: 2.38% (May) vs 2.44% (April)

Ioer: 2.35% (May) vs 2.4% (April)

On RRP: 2.25% (April) vs 2.25% (May)

Effr: 2.38%
Ioer: 2.35%

The spread between Effr & Ioer is shrinking which denotes that the monetary tightening condition is starting to ease.  The Iorr, Effr and Ioer have decreased in May, and the declines in IR show that the US Fed is willing to consider interest rate cuts if the economic situation deteriorates further.

The US is pressurising South Korea again after THAAD.

https://www.channelnewsasia.com/news/business/huawei-south-korea-lg-security-risks-11557438

South Korea is facing intense pressure from the US again after THAAD installation.  If SK bans Huawei, it will antagonize China again.  SK is in no economic condition to do this again because its exports are declining rapidly due to the US-China trade war.

https://www.bloomberg.com/news/articles/2019-05-21/south-korea-faces-greater-export-pain-as-trade-tensions-escalate

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price
03/01/19	Kim Eng	IHH Healthcare	1.85	2.29	Buy	Sum of parts, Ringgit $6.90 target

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/19	DBS Vickers	Ifast Corp	1.11	1.19	Hold	DDM
04/30/19	DBS Vickers	Ifast Corp	1.12	1.05	Hold	DDM

Stock calls for 23 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	UOB Kay Hian	Frasers Centrepoint Trust	2.41	2.71	Buy
05/23/19	CIMB	ISDN	0.215	0.32	Add	PER10x CY20
05/23/19	DMG & Partners	Japan Foods	0.44	0.4	Hold
05/23/19	Lim & Tan	Stamford Land	0.49	0	Hold

President Xi has hardened his stance in the US-China trade war.

https://www.scmp.com/economy/china-economy/article/3011186/xi-jinping-calls-new-long-march-dramatic-sign-china-preparing

President Xi has hardened his stance by rallying his nation for the new long march.  This is a dramatic sign that China won't relent in the US-China trade war and won't sign any humiliating trade deal.  This is significantly different from the previous meek stance put up by the Chinese.

Thus, the US can forget about bulldozing its way into China now.  The US-China trade talk has broken down officially now.

Will SIA seek compensation from Boeing?

https://sg.finance.yahoo.com/news/air-china-asks-boeing-compensation-041331381.html

Does SIA dare to seek compensation from Boeing for its business losses?

It will reflect badly on SIA as a public listed company when other airliners can seek compensations from Boeing.

Hutchison Port - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	OCBC	Hutchison Port	0.26	0.22	Sell
02/13/19	DBS Vickers	Hutchison Port	0.26	0.26	Hold	DCF
02/25/19	OCBC	Hutchison Port	0.235	0.22	Hold
04/30/19	OCBC	Hutchison Port	0.24	0.22	Hold
04/30/19	DBS Vickers	Hutchison Port	0.24	0.26	Hold

HRnetGroup - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	HRnetGroup	0.8	1.18	Buy	DCF
02/25/19	DMG & Partners	HRnetGroup	0.795	1.06	Buy	DCF
02/26/19	DBS Vickers	HRnetGroup	0.8	1.05	Buy	PER15x FY19, ex-cash
03/13/19	DMG & Partners	HRnetGroup	0.79	1.06	Buy
03/26/19	CIMB	HRnetGroup	0.765	1.03	Add
05/07/19	DMG & Partners	HRnetGroup	0.77	1.06	Buy	DCF
05/13/19	DMG & Partners	HRnetGroup	0.77	0.94	Buy	DCF
05/14/19	DBS Vickers	HRnetGroup	0.76	0.85	Hold	PER16x FY19, ex-cash

Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/19	Lim & Tan	Hotel Properties	3.76	0	Hold
04/17/19	OCBC	Hotel Properties	3.88	4.74	Buy

Stock calls for 22 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/22/19	phillip	Banyan Tree	0.535	0.76	Accumulate	Sum of parts, PB0.7x FY19
05/22/19	phillip	CNMC	0.2	0.31	Buy	DCF
05/22/19	CIMB	DBS	25.74	27.64	Hold
05/22/19	Kim Eng	DBS	25.74	29.46	Buy
05/22/19	Amfrasers	Japan Foods	0.44	0.55	Neutral	DCF
05/22/19	Kim Eng	OCBC	11.09	11.07	Hold
05/22/19	DMG & Partners	ST Engineering	3.96	4.45	Buy	DCF & PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20
05/22/19	Kim Eng	UOB	24.83	28.97	Buy

China mother and daughter created a raucous at Bangkok airport

https://www.dailymail.co.uk/news/article-7031753/Air-passenger-prevents-plane-leaving-wait-shopaholic-daughter.html

There is a reason for a social credit standing in China even though it is very invasive on the Chinese.  It is a good way for the communist government to control its citizens' unruly behaviours onshore and offshore.  We cannot blame the Chinese government for the pervasive public surveillance by using the social credit record system.  It will ban any unpleasant and undesirable citizens from taking public transportations such as HSR and Airliners in China to obtaining banking services.

These 2 ladies' behaviours will definitely lower their social credit ratings in China and will have difficulties flying overseas again after such a big hoo-ha.

Japan trade surplus fell 90% because of China.

https://www.marketwatch.com/story/japans-exports-fall-for-fifth-straight-month-2019-05-21

Japan trade surplus fell 90% with just a 6.3% drop in China shipments.  This shows that Japan is highly dependent on China's growth.

Tommy Koh wanted SG to be dependent on Japan instead of China.  Does this make any sense at all?

https://sg-stock.blogspot.com/2019/03/tommy-koh-has-anti-china-mindset-and.html

Why does SG need to depend on Japan when SG can go directly to China?

Anti-US sentiment is simmering in China now.

https://sg.finance.yahoo.com/news/chinese-social-media-users-rallying-032803080.html

If the anti-US sentiment is left unchecked, it will bite the US products and services really hard.

I must say that the communist government's campaign is working effectively.

https://sg-stock.blogspot.com/2019/05/china-is-stirring-up-anti-us-sentiment.html

China will ban rare earth exports to US if US continues to bully China.

https://www.bloomberg.com/news/articles/2019-05-20/xi-s-trip-to-rare-earths-plant-stokes-talk-of-trade-retaliation

Currently, China produces more than 90% of the rare earth supply and this gives China the monopolistic power.

Rare earth materials are used in many electronic applications, batteries and military weapons.  Without rare earths, the US modern industries including defense contractors will suffer greatly.

The US will have to bow to China if China is to ban rare earth exports to the US.  It is not easy to find replacements for rare earth suppliers because the production process is highly toxic.

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Hongkong Land	6.92	7.86	Buy
03/01/19	DBS Vickers	Hongkong Land	6.77	8.02	Buy	RNAV (40% discount)
05/10/19	DBS Vickers	Hongkong Land	6.97	8.02	Buy

Hong Leong Finance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	Lim & Tan	Hong Leong Finance	2.71	0	Buy
04/26/19	Lim & Tan	Hong Leong Finance	2.8	0	Buy

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	Lim & Tan	Ho Bee	2.51	0	Buy
03/28/19	UOB Kay Hian	Ho Bee	2.5	2.79	Buy	RNAV (30% discount)
04/01/19	Lim & Tan	Ho Bee	2.52	0	Buy

Stock calls for 21 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/21/19	phillip	China Everbright	0.385	0.5	Buy	PER9x
05/21/19	Amfrasers	CSE Global	0.49	0.58	Buy	Sum of parts, PER12.5x FY19, PB2.1x FY19
05/21/19	Kim Eng	Frasers Centrepoint Trust	2.4	2.6	Buy
05/21/19	phillip	Penguin	0.44	0.61	Buy	PER5x FY19 (ex-cash)
05/21/19	phillip	SATS	5.08	5.47	Accumulate	DCF, PER24x FY19
05/21/19	UOB Kay Hian	SATS	5.08	5.05	Hold
05/21/19	DBS Vickers	SATS	5.08	5.44	Buy	DCF & PER22x FY20
05/21/19	phillip	SHS	0.174	0	Cease coverage
05/21/19	OCBC	SIA	9.3	11.02	Buy
05/21/19	UOB Kay Hian	SIA	9.3	9.6	Hold
05/21/19	DBS Vickers	SIA	9.3	10.8	Buy	PB0.95x FY20
05/21/19	CIMB	UMS	0.62	0.55	Reduce

US companies petition to Trump to stop the tariffs.

https://www.cnbc.com/2019/05/20/nike-adidas-sign-letter-to-trump-urging-against-tariffs-on-footwear.html

The US says that China will be hurt more because of the tariffs and the US will win the trade war.

If this is true, why are the US companies complaining on behalf of China?

Are these US companies being paid by China government?

Singapore is slowing down rapidly.

https://sg.finance.yahoo.com/news/singapore-first-quarter-gdp-1-2-2019-growth-000244709--business.html

Singapore 1st QTR GDP growth is almost at a decade low.

http://sg-stock.blogspot.com/2019/05/singapore-nodx-fell-at-double-digit.html

http://sg-stock.blogspot.com/2019/05/why-did-sg-have-change-of-heart-real.html

When our government suddenly spoke for China, I knew something was amiss.  I expected the weak GDP number to surface soon after our FM's speech.

Do not subscribe to Luckin coffee ipo! Why? - Part 2

Luckin has fallen below its Ipo price of $17 in a few days.

We told you guys not to subscribe and we're proven right.

http://sg-stock.blogspot.com/2019/05/do-not-subscribe-to-luckin-coffee-ipo.html

Inverse relationship between China A50 and RMB. - Part 2

Blue line: China A50
Black line: USD/CNY (RMB)

http://sg-stock.blogspot.com/2019/03/inverse-relationship-between-china-a50.html

As stated previously, China A50 and RMB have an inverse relationship.

Why?

The rationale is very simple.  When RMB depreciates, it will result in investors' forex losses and this will prompt investors to pull money out of China A50.  When the investors sell China A50, they will convert the RMB back into their local currencies and result in weakening RMB.

Therefore, if investors can predict the future RMB trajectory, they can predict the future movement of China A50.

RMB is expected to depreciate in a US-China trade war.  Therefore, the decline in China A50 is a known consequence.

The western semiconductor shares are falling.

https://sg.finance.yahoo.com/news/chips-down-huawei-u-blacklisting-knocks-eu-semiconductor-090003209--finance.html

The western semiconductor shares are falling because of Trump.

These western chip-makers are losing the Chinese market permanently and no other market can make up for the losses.

https://sg-stock.blogspot.com/2019/05/huawei-will-replace-us21b-chip-orders.html

The western chip-maker share prices are highly overvalued without Chinese market revenues.

Huawei has revealed its own mobile operating system (Hongmeng).

https://www.huaweicentral.com/hongmeng-is-huaweis-first-ever-self-developed-operating-system/

Many analysts didn't believe that Huawei had its own mobile system.  Huawei had just released the name of its operating system (Hongmeng) and started to develop it since 2012.  The US has underestimated the Chinese.  The Chinese have a saying - Always prepare for a rainy day!

Google will regret its move to restrict Huawei to use google because Hongmeng is developed by using Linux and not Java (Android).  This will prompt many developers to develop applications using Linux because it is a truly decentralized programming language.  Besides, Linux is widely used in the networking servers sector.

http://sg-stock.blogspot.com/2019/05/it-will-be-hard-for-google-to-access.html

It will be hard for Google to access the Chinese market in the future.

https://www.reuters.com/article/us-huawei-tech-alphabet-exclusive/exclusive-google-suspends-some-business-with-huawei-after-trump-blacklist-source-idUSKCN1SP0NB

This proves that Google is just another state agent like MS.

Therefore, Huawei should focus on supporting another open-sourced mobile platform.  I would recommend Huawei to work with Linux mobile platform because Linux has built up the mobile platform and community already and it will sync with the desktop and server platforms without a hitch.  There also won't be any intrusive mobile advertisements like the android system.

https://puri.sm/products/librem-5/pureos-mobile/

Yes! I'm a Linux supporter and I would like my smartphone to be on Linux too.

South Korea is giving a stupid excuse to switch to linux.

https://www.engadget.com/2019/05/19/south-korea-linux-switch/?yptr=yahoo

South Korea is a developed and rich nation, unlike some developing countries.  Therefore, South Korea is switching to Linux because of security risks posed by Microsoft (MS).  Coincidentally, SK is dumping MS after our posting about MS security risk.  The IT cost is never a concern to SK because it pays a lot more to keep US forces in the country.

http://sg-stock.blogspot.com/2019/05/the-us-is-going-to-impose-blanket-ban.html

SK just doesn't want to be held hostage by the US and give the NSA & FBI unbridled access to the sensitive intelligence through MS.

Will US attack Iran? Yes!

From my understanding of the US unilateralism culture, the US will launch some precision types of attacks against Iran.  In other words, the US will engage Iran in some restricted battles and not launch a full-scale war against Iran if history is a prologue.

Why?

The US will always engage wars with oil-rich countries and Iran happens to be an oil-producing nation.  The US sanctions against Iran will not yield the desired outcome that the US wanted.  Please see the example below.  Therefore, the US has decided to take some further action.

https://www.scmp.com/news/china/diplomacy/article/3010478/iranian-fuel-oil-shipped-violation-us-sanctions-unloaded-china

The US has a plan to deploy 120,000 military personnel and aircraft carrier strike force to the Middle East and this is not a show of force to deter Iran from carrying some threats against US targets in the region.  This is the usual US modus operandi (Intelligence fabrication and battle preparation).

https://edition.cnn.com/2019/05/14/politics/us-troops-middle-east-iran/index.html

https://www.apnews.com/c13d7c2ce4a1429bad83d5482f9193f3

The large deployment is similar to the force size deployed to attack Iraq in the past.  However, Iran is much larger than Iraq and the US will not fight the war with Iran on the ground but will launch air attacks to decimate the nuclear facilities and key installations.

The US will be able to tighten the sea surveillance and make things difficult for Iran to ship its oil with the large deployment.  However, Iran can still sell its oil through Turkey and Pakistan.  We must not forget that Pakistan has an oil pipeline that connects to China and China will continue to buy oil from Iran.  Furthermore, it is difficult for the US to stop Iran oil trading by land because Pakistan and Turkey are at loggerheads with the US.

In order to remove the threat by Iran to block the Strait of Hormuz, the US will definitely attack Iran to eliminate the threat permanently.  Although Iran and the US declared that they didn't want to fight with each other, both nations were just engaging in deceptions to distract each other but were, in fact, preparing for the ultimate battles.  After the restricted battles, the US will demand Iran to come to the negotiation table to avoid any further escalation.

I hope I'm wrong in my military analysis because I do not want to see this outcome since ordinary Iranians will suffer greatly in this "war".

China has started to sell US treasuries. - Part 3

https://www.reuters.com/article/us-china-markets-yuan-pboc/chinas-central-bank-wont-let-yuan-weaken-past-7-to-the-dollar-sources-idUSKCN1SN0NT

China's central bank has announced that it will defend the RMB at 7.  Technically speaking, the central bank will intervene at the 6.95-6.99 range.  What will the central bank do?

The central bank will continue to sell and stop buying the US treasuries to support the RMB.  The explanation had already been provided in our previous post.

https://sg-stock.blogspot.com/2019/05/china-has-started-to-sell-us-treasuries_17.html

Baltic dry index - 1040

Today, Friday, May 17 2019, the Baltic Dry Index climbed by 8 points, reaching 1040 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 - 987

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Hong Kong pro-democracy activists are a bunch of ungrateful people!

https://sg.news.yahoo.com/us-secretary-state-mike-pompeo-005842713.html

Why did I say that?

When HK was under UK's administration for 99 years, all the HK governors were appointed by the UK and the Hongkongers had no voting right for 99 years.  After the 1997 handover, these HK pro-democracy activists started to appear and clamour for voting right to select the HK governor.  Why?  It is pretty obvious that the western countries are behind this and these activists have sold their souls to the western paymasters.  These people are truly ungrateful.

Furthermore, the UK government emptied the HK's coffer before the handover in 1997.  After the 1997 handover, the asian financial crisis happened a few months later and HK was defenseless as it had no money to fight off the speculators in the currency and stock markets.  China's GDP in 1997 was below US$1t and its foreign reserve was around US$150b.

During that time, China infused HKMA with more than US$80b without hesitation to fight off the currency and stock predators.  HK would become a 3rd world province if not for China's generous help especially when China didn't have a huge coffer (only US$150b) in 1997.

After crossing the hardest time in 1997, the HK activists started to disown China. What kind of moral values the HK activists are trying to inculcate to the next generation? Is it right to burn the bridge after crossing it?  Can we disown our parents after getting help from them?

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	phillip	HMI	0.540	0.77	Buy
02/13/19	UOB Kay Hian	HMI	0.535	0.73	Buy	DCF
02/14/19	phillip	HMI	0.550	0.77	Buy	DCF
05/14/19	Kim Eng	HMI	0.540	0.68	Buy	DCF, PER27x FY20
05/15/19	phillip	HMI	0.530	0.73	Buy	DCF
05/15/19	CIMB	HMI	0.530	0.68	Add	DCF
05/15/19	UOB Kay Hian	HMI	0.530	0.73	Buy	DCF
05/16/19	Kim Eng	HMI	0.545	0.66	Buy	DCF

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/19	Kim Eng	Hi-P	0.965	0.68	Sell	PB0.8x
02/22/19	DBS Vickers	Hi-P	1.05	1.12	Hold	PER10x FY19
02/25/19	Kim Eng	Hi-P	1.14	1.22	Hold	PB1.5x
03/13/19	Lim & Tan	Hi-P	1.75	0	Avoid	overvalued
04/09/19	Kim Eng	Hi-P	1.63	1.22	Sell	PB1.5x FY19
05/06/19	DBS Vickers	Hi-P	1.44	1.41	Hold	PER12x FY19
05/06/19	Kim Eng	Hi-P	1.44	1.22	Sell	PB1.5x FY19

Haw Par - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	Lim & Tan	Haw Par	12.39	0	Buy