Singapore Stock Exchange - Equity Investments

Tuesday, March 23, 2021

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/28/20	Macquarie	Dairy Farm	4.26	5.8	Outperform
06/08/20	DMG & Partners	Dairy Farm	4.75	4.95	Neutral
06/10/20	CIMB	Dairy Farm	5	5.45	Hold	PER20x CY21
07/03/20	DBS Vickers	Dairy Farm	4.66	5.1	Buy
07/03/20	CIMB	Dairy Farm	4.15	4.63	Hold	PER20x CY21, Buy @ $3.80
07/30/20	DMG & Partners	Dairy Farm	4.15	4.47	Neutral	DCF
07/30/20	DBS Vickers	Dairy Farm	4.15	4.86	Buy	Sum of parts
08/19/20	Macquarie	Dairy Farm	4.21	5.7	Outperform	DCF
08/28/20	DMG & Partners	Dairy Farm	4.27	4.47	Neutral
09/10/20	CIMB	Dairy Farm	3.85	4.5	Add	PER20x FY21
10/22/20	DMG & Partners	Dairy Farm	3.78	4.47	Buy
10/26/20	DBS Vickers	Dairy Farm	3.76	4.44	Buy
12/02/20	CIMB	Dairy Farm	4.1	4.5	Add
01/08/21	CIMB	Dairy Farm	4.27	5.5	Add	PER22x FY21
02/17/21	DBS Vickers	Dairy Farm	4.4	4.44	Buy
03/15/21	CIMB	Dairy Farm	4.51	5.4	Add	PER22x FY22
03/15/21	DBS Vickers	Dairy Farm	4.51	5.02	Buy	Sum of parts
03/15/21	DMG & Partners	Dairy Farm	4.51	4.78	Neutral	PER21x FY21

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/06/20	DBS Vickers	CSE Global	0.395	0.54	Buy	PER10.6x
06/03/20	UOB Kay Hian	CSE Global	0.475	0.65	Buy	PER12.1x FY21
06/04/20	DMG & Partners	CSE Global	0.49	0.54	Buy	PER12x FY20
06/04/20	Lim & Tan	CSE Global	0.49	0	Buy
06/04/20	CIMB	CSE Global	0.49	0.55	Add
07/17/20	DMG & Partners	CSE Global	0.46	0.54	Buy	PER12x FY20
08/06/20	DBS Vickers	CSE Global	0.53	0.61	Buy	PER10x FY21
08/07/20	DMG & Partners	CSE Global	0.535	0.6	Buy	PER10.8x FY21
08/07/20	UOB Kay Hian	CSE Global	0.535	0.59	Buy	PER12x FY21
08/11/20	CIMB	CSE Global	0.525	0.6	Add
08/11/20	Amfrasers	CSE Global	0.525	0.52	Neutral	PER12x FY21 & PB2x FY21, Cut from $0.61
09/07/20	Lim & Tan	CSE Global	0.495	0	Buy
10/23/20	DBS Vickers	CSE Global	0.46	0.57	Buy	PER10.2x FY21
11/13/20	DBS Vickers	CSE Global	0.45	0.55	Buy	PER10.1x FY21
02/18/21	DBS Vickers	CSE Global	0.5	0.55	Buy
02/25/21	CIMB	CSE Global	0.49	0.63	Add	PER12x CY22
02/25/21	DBS Vickers	CSE Global	0.49	0.64	Buy	PER9.9x
03/17/21	Amfrasers	CSE Global	0.535	0.61	Outperform	PER12x FY21

Stock calls for 23 March 2021

Date	Analyst	Company	Last	Target	Call	Valuation
03/23/21	Phillip	A-Reit	3.08	3.64	Buy	DDM
03/23/21	DBS Vickers	ARA Hospitality	0.555	0.69	Buy
03/23/21	CIMB	Capitaland	3.31	4.04	Add	RNAV
03/23/21	UOB Kay Hian	Capitaland	3.31	3.81	Buy
03/23/21	OCBC	Capitaland	3.31	4.03	Buy
03/23/21	DMG & Partners	Capitaland	3.31	4.25	Buy
03/23/21	Lim & Tan	Capitaland	3.31	0	Accept offer	Accept $4.102 offer
03/23/21	DMG & Partners	UG Healthcare	0.59	0.75	Buy	DCF
03/23/21	CIMB	Wilmar	5.39	6.15	Add	Sum of parts

The West is trying to use falsehoods to smear and bargain with China.

https://sg.news.yahoo.com/eu-approves-sanctions-over-china-103801729.html

The west sanctioned China with genocide falsehoods for Xinjiang and China retaliated back with its own EU sanctions. The western allegations were totally false because statistics showed otherwise.

http://sg-stock.blogspot.com/2021/02/what-happened-after-g7-summit.html

We had stated this before.

"the Uygur population increased from 10.1715 million to 12.7184 million, an increase of 2.5469 million, or 25.04%"

From 2010-2018, the Uygur population increased by 25%. How many races have this kind of burgeoning growth if there's genocide? If this kind of growth still justifies a genocide, then many low-birth countries including SG have genocides too.

If genocide can induce population growth, then SG should do it as SG is struggling with a low-birth rate.

Let me give you the true accounts in Xinjiang.

1. Uygur population increased by more than 25% in less than a decade in Xinjiang which was way above the national average despite the "forced sterilizations" movement.

2. There was no mass exodus of Uygurs in Xinjiang because of the "genocide". No embassy received Uygur asylum seekers or refugees despite the ongoing "genocide".

3. Xinjiang GDP grew 7.2% annually despite the ongoing "genocide".

http://www.china.org.cn/china/Off_the_Wire/2021-02/05/content_77192982.htm

4. The "prisoners" in the "concentration camps" (training institutions) are allowed to go home on weekends to visit their families. Which prison will offer such privilege to prisoners in this world?

The US is fabricating China lies and using falsehoods against China again. This is just like Iraq's WMD fabrication and nobody has ever found any biochemical weapon in Iraq today. The UK supported Iraq fabrication and the UK was supporting China lies too.