SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	DIR	SIA	9.83	8.62	Underperform	PB0.8x FY17
01/11/17	UOB Kay Hian	SIA	9.86	10.1	Hold
02/08/17	CIMB	SIA	9.72	10.5	Hold	PB0.9x CY17
02/08/17	DBS Vickers	SIA	9.72	10.1	Hold	PB0.9x FY17
02/08/17	DIR	SIA	9.72	8.62	Underperform	PB0.8x FY17
02/08/17	Kim Eng	SIA	9.72	9.7	Hold	PB0.86x FY17
02/08/17	Lim & Tan	SIA	9.72	0	Sell
02/08/17	UOB Kay Hian	SIA	9.72	10.1	Hold	PB0.7x FY17 ex-SIAEC
02/09/17	Credit Suisse	SIA	9.8	10.2	Neutral
02/09/17	OCBC	SIA	9.8	10.36	Hold
02/09/17	UOB Kay Hian	SIA	9.8	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.60
03/08/17	UOB Kay Hian	SIA	9.95	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
03/17/17	Lim & Tan	SIA	9.97	0	Hold
03/22/17	OCBC	SIA	10.04	10.36	Hold
04/05/17	UOB Kay Hian	SIA	10.27	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
05/05/17	UOB Kay Hian	SIA	10.35	10.4	Hold	PB0.7x FY17 ex-SIAEC
05/19/17	DIR	SIA	10.76	9.06	Underperform	PB0.8x FY18
05/19/17	Lim & Tan	SIA	10.76	0	Sell
05/19/17	UOB Kay Hian	SIA	10.76	10.1	Hold	PB0.7x FY17 ex-SIAEC
05/22/17	CIMB	SIA	9.98	10	Reduce	PB0.9x
05/22/17	Credit Suisse	SIA	9.98	10	Neutral	PB0.9x FY18
05/22/17	DBS Vickers	SIA	9.98	10.1	Hold	PB0.9x
05/22/17	OCBC	SIA	9.98	10.03	Hold	PB0.9x FY18
05/22/17	UOB Kay Hian	SIA	9.98	10	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9
06/06/17	UOB Kay Hian	SIA	10.03	10	Hold	Buy @ $9
06/12/17	Credit Suisse	SIA	10.08	10	Neutral
06/23/17	OCBC	SIA	9.94	10.03	Hold
06/29/17	DIR	SIA	10.08	9.06	Underperform	PB0.8x FY18
07/03/17	UOB Kay Hian	SIA	10.12	10	Hold
07/27/17	Kim Eng	SIA	10.13	10.85	Hold	PB0.93x FY18
07/28/17	DIR	SIA	10.15	9.06	Underperform
07/31/17	CIMB	SIA	10.28	10	Reduce	PB0.9x
08/01/17	UOB Kay Hian	SIA	10.39	10.1	Hold	Sum of parts, Buy @ $9.10
08/01/17	OCBC	SIA	10.39	10.1	Hold	PB0.9x FY18
08/14/17	CIMB	SIA	10.59	10.42	Hold	PB0.9x
08/30/17	DIR	SIA	10.29	9.06	Underperform	PB0.8x FY18
09/05/17	OCBC	SIA	10.25	10.1	Hold
09/19/17	UOB Kay Hian	SIA	10.2	10.1	Hold	PB0.7x FY18, Buy @ $9.50 or lower
09/19/17	DIR	SIA	10.2	9.06	Underperform	PB0.8x FY18
10/12/17	Crucial Perspective	SIA	10.16	11.1	Outperform
10/27/17	UOB Kay Hian	SIA	10.22	10.1	Hold
11/08/17	UOB Kay Hian	SIA	10.32	11.1	Hold	PB0.8x, Buy @ $10.3
11/09/17	OCBC	SIA	10.75	10.5	Hold	PB0.9x FY18
11/09/17	Credit Suisse	SIA	10.75	10.25	Neutral	PB0.9x
11/09/17	CIMB	SIA	10.75	10.82	Hold
11/09/17	DBS Vickers	SIA	10.75	10.3	Hold	PB0.9x FY18
11/09/17	Kim Eng	SIA	10.75	10.95	Hold	PB0.93x FY18
12/20/17	CIMB	SIA	10.65	10.82	Hold
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral
03/09/18	UOB Kay Hian	SIA	11.01	11.9	Buy
03/15/18	Lim & Tan	SIA	11.2	0	Neutral
05/07/18	UOB Kay Hian	SIA	11.03	11.9	Buy	PB0.9x FY18
05/18/18	Lim & Tan	SIA	11.14	0	Hold
05/18/18	CIMB	SIA	11.14	11.75	Add	PB1.05x
05/21/18	UOB Kay Hian	SIA	11.56	12.6	Buy	Sum of parts, PB1x FY19
05/21/18	OCBC	SIA	11.56	11.3	Hold
05/21/18	DBS Vickers	SIA	11.56	13.7	Buy	PB1.2x FY19
06/05/18	DBS Vickers	SIA	11.48	13.7	Buy
06/11/18	UOB Kay Hian	SIA	11.43	12.6	Buy
06/19/18	UOB Kay Hian	SIA	11.2	11.9	Hold	PB0.95x, Buy @ $10.9
06/21/18	OCBC	SIA	11.01	11.3	Hold
07/03/18	UOB Kay Hian	SIA	10.42	11.9	Hold	PB0.9x, Buy @ $10.50-10.60
07/27/18	Lim & Tan	SIA	10.8	0	Hold
07/27/18	OCBC	SIA	10.8	11.01	Hold
07/27/18	Kim Eng	SIA	10.8	9.65	Sell	PB0.82x FY18
07/30/18	CIMB	SIA	10.22	11.75	Add	PB1.05x CY18
07/30/18	DBS Vickers	SIA	10.22	12.4	Buy	PB1.1x FY19
07/31/18	UOB Kay Hian	SIA	10.1	11.1	Hold	PB0.8x, Buy @ $9.80
09/10/18	UOB Kay Hian	SIA	9.62	11.1	Hold
09/18/18	UOB Kay Hian	SIA	9.57	10.4	Hold	PB0.75x, Buy @ $9.10
10/16/18	Macquarie	SIA	9.2	11.7	Outperform	EV/Ebitda7x FY19, Cut from $12.50
10/17/18	OCBC	SIA	9.15	10.71	Buy	PB0.9x
11/09/18	Kim Eng	SIA	9.65	9.8	Hold	PB0.82x FY20
11/12/18	CIMB	SIA	9.52	10.1	Hold	PB0.9x CY19
11/14/18	UOB Kay Hian	SIA	9.42	10.4	Hold	PB0.75x FY19, Buy @ $9.20-9.30
11/14/18	DBS Vickers	SIA	9.42	10.2	Hold	PB0.85x FY19
11/15/18	OCBC	SIA	9.41	10.71	Buy	PB0.85x FY19
11/15/18	Lim & Tan	SIA	9.41	0	Hold

SHS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/25/18	phillip	SHS	0.23	0.29	Buy	PER10x FY19
08/23/18	phillip	SHS	0.24	0.29	Buy	PER10x FY19
11/19/18	phillip	SHS	0.215	0.24	Accumulate	PER10x FY19

Shopper360 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/18	phillip	Shopper360	0.18	0.33	Trading Buy	PER7x FY19

Stock calls for 28 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/28/18	UOB Kay Hian	IHH Healthcare	1.57	1.95	Buy	Sum of parts, PER36x FY19
11/28/18	DBS Vickers	IHH Healthcare	1.57	2.08	Buy	Ringgit $6.35 target price
11/28/18	OCBC	Mapletree Commercial	1.63	1.79	Buy	DDM
11/28/18	Phillip	Thai Beverage	0.63	0.57	Reduce	Sum of parts
11/28/18	UOB Kay Hian	Thai Beverage	0.63	0.8	Buy	Sum of parts
11/28/18	DMG & Partners	Thai Beverage	0.63	0.75	Buy	Sum of parts
11/28/18	CIMB	Thai Beverage	0.63	0.73	Add	Sum of parts, PER17x
11/28/18	Exotix Capital	Wilmar	3.16	2.29	Sell	PER10x

Something interesting about Singapore.

How many people realize this?

Who bought Iphones in China?

https://9to5mac.com/2018/11/22/iphones-in-china/

It is the poor that bought Iphones in China whilst the rich bought Huawei.

This is the reason Apple cannot keep increasing the Iphone prices in China because the demand is highly elastic since Iphones are bought by the poor.

No wonder Iphone sales are faltering in China.

More bad news for Apple.

https://finance.yahoo.com/news/tuesday-apple-rumors-more-iphone-172944902.html

Apple is rumoured to implement another production cut after its previous 1/3 production cut and Asian price reduction.  Furthermore, Trump may impose 10% tariff against Apple products.

This is a double-whammy for Apple!

http://sg-stock.blogspot.com/2018/11/apple-is-cutting-its-iphone-xr-prices.html

http://sg-stock.blogspot.com/2018/11/apple-has-cut-production-orders-by-13.html

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Sheng Siong	0.95	1.21	Buy	DCF, PER26x FY17
01/19/17	DBS Vickers	Sheng Siong	0.925	1.19	Buy
01/20/17	UOB Kay Hian	Sheng Siong	0.93	1.12	Buy	PER25.1x FY17
02/01/17	OCBC	Sheng Siong	0.93	1.15	Buy
02/07/17	DMG & Partners	Sheng Siong	0.95	1.21	Buy
02/24/17	DIR	Sheng Siong	0.955	1.04	Hold	DCF
02/27/17	CIMB	Sheng Siong	0.955	0.94	Hold	PER23.3x CY18
02/27/17	DBS Vickers	Sheng Siong	0.955	1.13	Buy	PER25x FY17
02/27/17	DIR	Sheng Siong	0.955	1.01	Hold	DCF
02/27/17	Kim Eng	Sheng Siong	0.955	0.85	Sell	DCF
02/27/17	phillip	Sheng Siong	0.955	1.06	Accumulate	PER23x
02/27/17	UOB Kay Hian	Sheng Siong	0.955	1.08	Buy	PER23.2x FY18
03/08/17	DMG & Partners	Sheng Siong	0.94	1.21	Buy	DCF
03/14/17	CIMB	Sheng Siong	0.94	0.94	Hold	PER23.3x CY18
03/17/17	DBS Vickers	Sheng Siong	0.935	1.13	Buy
04/10/17	DBS Vickers	Sheng Siong	0.995	1.13	Buy	PER25x FY17
04/17/17	phillip	Sheng Siong	0.99	1.06	Accumulate
05/02/17	DIR	Sheng Siong	0.98	1.01	Hold	DCF
05/02/17	DMG & Partners	Sheng Siong	0.98	1.21	Buy	DCF
05/02/17	OCBC	Sheng Siong	0.98	1.15	Buy
05/03/17	CIMB	Sheng Siong	0.975	0.94	Hold
05/03/17	DBS Vickers	Sheng Siong	0.975	1.14	Buy	PER25x FY17
05/03/17	Kim Eng	Sheng Siong	0.975	0.85	Sell	DCF
05/03/17	phillip	Sheng Siong	0.975	1.06	Accumulate	PER23x FY17
05/03/17	UOB Kay Hian	Sheng Siong	0.975	1.09	Buy	PER23.2x FY18
06/13/17	OCBC	Sheng Siong	0.98	1.15	Buy
06/14/17	DIR	Sheng Siong	0.985	1.01	Hold	DCF
06/16/17	DBS Vickers	Sheng Siong	0.975	1.14	Buy
06/21/17	DBS Vickers	Sheng Siong	0.975	1.2	Buy	PER25x FY18
07/04/17	DMG & Partners	Sheng Siong	1	1.21	Buy
07/14/17	OCBC	Sheng Siong	0.98	1.15	Buy
07/28/17	DIR	Sheng Siong	0.95	1.01	Hold	DCF
07/28/17	CIMB	Sheng Siong	0.95	0.94	Hold	PER23.3x CY18
07/28/17	DBS Vickers	Sheng Siong	0.95	1.2	Buy	PER25x FY18
07/31/17	DIR	Sheng Siong	0.96	0.86	Underperform	DCF
07/31/17	phillip	Sheng Siong	0.96	1.06	Accumulate	PER23x
07/31/17	UOB Kay Hian	Sheng Siong	0.96	1.06	Hold	PER23.2x FY18, Buy @ $0.90
07/31/17	DMG & Partners	Sheng Siong	0.96	1.05	Neutral	DCF & PER20x
07/31/17	OCBC	Sheng Siong	0.96	1.04	Buy
09/07/17	OCBC	Sheng Siong	0.92	1.04	Buy
10/27/17	DBS Vickers	Sheng Siong	0.93	1.19	Buy	PER25x FY18
10/27/17	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER18x
10/27/17	DIR	Sheng Siong	0.93	0.88	Underperform	DCF
10/30/17	phillip	Sheng Siong	0.94	1.13	Buy	PER23x
10/30/17	UOB Kay Hian	Sheng Siong	0.94	1.06	Hold	PER22.5x FY18
10/30/17	OCBC	Sheng Siong	0.94	1.04	Buy
10/30/17	CIMB	Sheng Siong	0.94	0.98	Hold	PER22.6x CY18
11/20/17	DIR	Sheng Siong	0.965	0.88	Underperform	DCF
11/29/17	DMG & Partners	Sheng Siong	0.95	0.98	Neutral
12/04/17	phillip	Sheng Siong	0.935	1.18	Buy
02/19/18	DMG & Partners	Sheng Siong	0.915	0.99	Neutral	Up from $0.93
02/20/18	UOB Kay Hian	Sheng Siong	0.92	1.06	Hold
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/26/18	phillip	Sheng Siong	0.93	1.13	Buy	PER23x FY18
02/26/18	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER
02/26/18	OCBC	Sheng Siong	0.93	1.06	Buy
02/26/18	CIMB	Sheng Siong	0.93	1.08	Add	PER22.3x CY19
03/19/18	phillip	Sheng Siong	0.945	1.13	Buy
04/03/18	Kim Eng	Sheng Siong	0.95	1.2	Buy	DCF, PER25x FY18, EV/Ebitda7x
04/03/18	UOB Kay Hian	Sheng Siong	0.95	1.1	Buy
04/11/18	DMG & Partners	Sheng Siong	0.97	1.11	Buy	DCF & PER21x
04/16/18	phillip	Sheng Siong	1	1.13	Accumulate
04/30/18	DMG & Partners	Sheng Siong	1.02	1.18	Buy	DCF & PER
04/30/18	UOB Kay Hian	Sheng Siong	1.02	1.09	Hold	PER22.5x FY18, Buy @ $0.98
04/30/18	OCBC	Sheng Siong	1.02	1.06	Buy
04/30/18	DBS Vickers	Sheng Siong	1.02	1.21	Buy	PER25x FY18
05/02/18	phillip	Sheng Siong	1.02	1.13	Accumulate	PER23x FY18
05/02/18	CIMB	Sheng Siong	1.02	1.18	Add	PER22.3x FY19
05/21/18	DMG & Partners	Sheng Siong	1	1.18	Buy	DCF & PER
06/22/18	DMG & Partners	Sheng Siong	1	1.18	Buy
06/28/18	OCBC	Sheng Siong	1.05	1.12	Buy
07/04/18	CIMB	Sheng Siong	1.06	1.18	Add	PER22.2x FY19
07/13/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
07/31/18	UOB Kay Hian	Sheng Siong	1.07	1.09	Hold	PER22.5x FY18, Buy @ $0.98
07/31/18	DBS Vickers	Sheng Siong	1.07	1.26	Buy	PER25x FY19
08/01/18	DMG & Partners	Sheng Siong	1.07	1.27	Buy	DCF & PER
08/02/18	phillip	Sheng Siong	1.09	1.13	Accumulate	PER23x FY18
08/02/18	OCBC	Sheng Siong	1.09	1.25	Buy
08/20/18	CIMB	Sheng Siong	1.09	1.26	Add	PER22.2x FY19
08/20/18	DMG & Partners	Sheng Siong	1.09	1.3	Buy	DCF & PER21x
08/21/18	UOB Kay Hian	Sheng Siong	1.11	1.14	Hold	DCF, PER21.8x FY19, Buy @ $1.05
09/14/18	CIMB	Sheng Siong	1.12	1.26	Add
09/18/18	Amfrasers	Sheng Siong	1.12	1.24	Buy	DCF, PER25.1x FY18
09/18/18	DBS Vickers	Sheng Siong	1.12	1.26	Buy
10/02/18	Amfrasers	Sheng Siong	1.13	1.24	Buy	DCF, PER21x FY18
10/23/18	CIMB	Sheng Siong	1.05	1.26	Add
10/31/18	DBS Vickers	Sheng Siong	1.08	1.24	Buy	PER25x FY19
10/31/18	DMG & Partners	Sheng Siong	1.08	1.3	Buy	DCF & PER21x
11/01/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
11/01/18	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold	PER22.7x FY19, Buy @ $1.04
11/01/18	OCBC	Sheng Siong	1.08	1.13	Hold
11/01/18	CIMB	Sheng Siong	1.08	1.25	Add	PER22.2x FY20
11/05/18	DBS Vickers	Sheng Siong	1.04	1.24	Buy
11/05/18	phillip	Sheng Siong	1.04	1.13	Accumulate	PER25x FY19

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	Credit Suisse	SGX	7.24	7.6	Neutral
01/11/17	Goldman Sachs	SGX	7.24	7.3	Neutral
01/11/17	Deutsche	SGX	7.24	7	Hold
01/16/17	DBS Vickers	SGX	7.39	8.3	Buy	DDM
01/16/17	DMG & Partners	SGX	7.39	9.1	Buy	PER25x FY18
01/16/17	UBS	SGX	7.39	8	Buy
01/20/17	CIMB	SGX	7.48	7.23	Hold	DDM
01/20/17	Lim & Tan	SGX	7.48	0	Buy
01/20/17	OCBC	SGX	7.48	7.64	Hold	PER22x, Buy @ $7.20 or lower
02/09/17	Credit Suisse	SGX	7.55	7.6	Neutral
02/14/17	Macquarie	SGX	7.62	8.25	Outperform
03/09/17	Credit Suisse	SGX	7.57	7.6	Neutral
03/09/17	phillip	SGX	7.57	7.75	Accumulate
03/14/17	DMG & Partners	SGX	7.58	9.1	Buy	PER25x FY18
03/17/17	DBS Vickers	SGX	7.63	8.3	Buy
03/28/17	CIMB	SGX	7.56	8.09	Add	PER24x FY18
03/28/17	JP Morgan	SGX	7.56	8.5	Overweight	Up from $7.90
03/28/17	Goldman Sachs	SGX	7.56	7.95	Neutral
04/10/17	Credit Suisse	SGX	7.66	7.6	Neutral
04/12/17	CIMB	SGX	7.58	8.09	Add	PER24x FY18
04/12/17	UBS	SGX	7.58	8.4	Buy
04/21/17	CIMB	SGX	7.45	8.16	Add	PER24x FY18
04/21/17	DMG & Partners	SGX	7.45	9.1	Buy	PER25x FY18
04/21/17	Lim & Tan	SGX	7.45	0	Buy
04/21/17	Macquarie	SGX	7.45	7.5	Neutral	DDM, PER22.3x
04/21/17	OCBC	SGX	7.45	7.53	Hold	Buy @ $7.1 or lower
04/21/17	phillip	SGX	7.45	7.45	Neutral	PER23.9x
04/21/17	Goldman Sachs	SGX	7.45	7.8	Neutral
05/08/17	Credit Suisse	SGX	7.43	7.6	Neutral
05/24/17	DMG & Partners	SGX	7.41	9.1	Buy	PER25x FY18
05/24/17	Goldman Sachs	SGX	7.41	7.9	Neutral
06/20/17	DMG & Partners	SGX	7.34	9	Buy	PER24x FY18
06/20/17	Lim & Tan	SGX	7.34	0	Buy
07/28/17	CIMB	SGX	7.54	8.04	Add	PER24x FY18
07/28/17	Credit Suisse	SGX	7.54	7.6	Neutral
07/28/17	DMG & Partners	SGX	7.54	9	Buy	PER24x FY18
07/28/17	OCBC	SGX	7.54	7.83	Hold	PER23x
07/28/17	JP Morgan	SGX	7.54	8.4	Overweight
07/31/17	phillip	SGX	7.59	7.63	Accumulate	PER23.9x
07/31/17	DBS Vickers	SGX	7.59	8.2	Buy	PER24x FY18
09/08/17	Credit Suisse	SGX	7.46	7.6	Neutral
09/18/17	DMG & Partners	SGX	7.42	9	Buy	PER24x FY19
09/27/17	Goldman Sachs	SGX	7.44	8.5	Buy
10/11/17	Credit Suisse	SGX	7.64	7.6	Neutral
10/11/17	JP Morgan	SGX	7.64	8.3	Overweight
10/17/17	phillip	SGX	7.66	8.39	Accumulate	PER23.9x
10/19/17	Lim & Tan	SGX	7.63	0	Buy
10/26/17	CIMB	SGX	7.57	8.21	Add	PER24x FY19
10/26/17	DMG & Partners	SGX	7.57	9	Buy	PER24x FY19
10/26/17	OCBC	SGX	7.57	7.87	Hold
10/26/17	DBS Vickers	SGX	7.57	8.4	Buy	DDM, PER24x FY18
10/27/17	phillip	SGX	7.61	8.31	Accumulate	PER23.9x
11/21/17	phillip	SGX	7.52	8.31	Accumulate	PER23.9x
11/21/17	JP Morgan	SGX	7.52	8.4	Overweight
11/21/17	Goldman Sachs	SGX	7.52	8.6	Buy
12/04/17	DMG & Partners	SGX	7.55	9	Buy	PER24x FY19
12/20/17	CIMB	SGX	7.43	8.21	Add
12/20/17	Kim Eng	SGX	7.43	8.3	Buy
01/22/18	DMG & Partners	SGX	7.98	9	Buy	PER24x FY19
01/22/18	Kim Eng	SGX	7.98	8.82	Buy	PER23x FY19
01/22/18	DBS Vickers	SGX	7.98	8.9	Buy	DDM, PER21x FY19
01/22/18	OCBC	SGX	7.98	8.16	Hold	PER24x FY18
01/22/18	CIMB	SGX	7.98	8.5	Add	PER24x FY19
01/22/18	phillip	SGX	7.98	9	Accumulate	DCF
01/22/18	UBS	SGX	7.98	8.7	Buy
02/07/18	CIMB	SGX	7.88	8.5	Add	PER24x FY19
02/07/18	DMG & Partners	SGX	7.88	9	Buy	PER24x FY19
02/07/18	OCBC	SGX	7.88	8.16	Hold
02/07/18	Kim Eng	SGX	7.88	8.82	Buy	PER23x FY19
02/07/18	DBS Vickers	SGX	7.88	8.9	Buy	DDM, PER21x FY19
02/13/18	JP Morgan	SGX	7.31	9	Overweight
02/13/18	Jefferies	SGX	7.31	8	Buy
02/13/18	UBS	SGX	7.31	8.7	Buy
02/13/18	CIMB	SGX	7.31	7.85	Hold	PER24x FY19
02/13/18	Goldman Sachs	SGX	7.31	6.6	Sell
02/14/18	phillip	SGX	7.3	8.89	Buy	DCF
02/19/18	Jefferies	SGX	7.37	8	Buy
02/20/18	DBS Vickers	SGX	7.71	8.9	Buy	DDM, PER21x FY19
03/08/18	Kim Eng	SGX	7.44	8.73	Buy	PER23x FY19
03/13/18	Amfrasers	SGX	7.58	8.14	Buy
04/23/18	phillip	SGX	7.56	9.2	Buy	DCF
04/23/18	CIMB	SGX	7.56	8.2	Add	PER24x FY19
04/23/18	Lim & Tan	SGX	7.56	0	Buy
04/23/18	OCBC	SGX	7.56	8.22	Buy
04/23/18	DMG & Partners	SGX	7.56	9	Buy	PER24x FY19
05/23/18	Lim & Tan	SGX	7.48	0	Buy on weakness
06/01/18	OCBC	SGX	7.24	7.89	Buy	PER23x
06/22/18	DMG & Partners	SGX	7.25	9	Buy	PER24x FY19
07/03/18	UOB Kay Hian	SGX	7.14	8.14	Not Rated
07/18/18	Macquarie	SGX	7.45	7.7	Neutral
07/25/18	DMG & Partners	SGX	7.5	9	Buy	PER24x FY19
07/30/18	OCBC	SGX	7.58	8.32	Buy	PER23x FY19
07/30/18	CIMB	SGX	7.58	8.02	Add	PER24x FY20
07/30/18	Lim & Tan	SGX	7.58	0	Buy
07/31/18	phillip	SGX	7.41	8.93	Buy	DCF
09/04/18	DMG & Partners	SGX	7.42	8.4	Buy	PER23.4x FY19
10/22/18	phillip	SGX	6.93	9.01	Buy	PER25.2x
10/22/18	DMG & Partners	SGX	6.93	8.4	Buy	PER23x FY19
10/22/18	OCBC	SGX	6.93	7.96	Buy	PER22x F19/20
10/22/18	CIMB	SGX	6.93	7.6	Add	PER22.1x FY20
10/24/18	Macquarie	SGX	7.05	7.7	Neutral
11/22/18	DMG & Partners	SGX	7.21	8.4	Buy
11/27/18	DMG & Partners	SGX	7.24	8.2	Buy	PER22x FY20

Serial System - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/23/17	NRA	Serial System	0.178	0.24	Overweight	PER11.3x FY17
05/22/18	NRA	Serial System	0.1666	0.24	Overweight	DCF
08/17/18	NRA	Serial System	0.146	0.24	Overweight	Sum of parts, PER11.2x FY18

Stock calls for 27 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/27/18	UOB Kay Hian	Fu Yu	0.189	0.27	Buy	EV/Ebitda5.3x FY19
11/27/18	UOB Kay Hian	Memtech	0.79	0.91	Hold
11/27/18	DMG & Partners	SGX	7.24	8.2	Buy	PER22x FY20
11/27/18	CIMB	Thai Beverage	0.67	0.88	Add	Sum of parts
11/27/18	DBS Vickers	Thai Beverage	0.67	0.87	Buy	Sum of parts
11/27/18	OCBC	Thai Beverage	0.67	0.85	Buy

Death knell for virtual currency is bellowing! - Part 2

https://finance.yahoo.com/news/bitcoin-apos-deepening-crash-now-153058288.html

Analysts are saying that the end of bitcoin and other cryptocurrencies are nearing if mainstream fund managers don't invest in them.

Any fund manager, with a finance discipline, won't invest in them because of the investment risks conceived by the flawed structural design and bad economics as explained in our recent posting.

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

We had also stipulated much earlier that the crypto splitting would upend the bitcoin.

http://sg-stock.blogspot.com/2017/08/death-knell-for-virtual-currency-is.html