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Wednesday, February 21, 2018

QAF - Stock calls


Date Analyst Company Last Target Call Valuation
01/08/16 OCBC QAF 1.04 1.27 Buy
02/25/16 OCBC QAF 1.02 1.27 Buy
04/27/16 OCBC QAF 1.06 1.27 Buy
06/24/16 OCBC QAF 1.055 1.27 Buy
08/15/16 OCBC QAF 1.12 1.27 Buy
08/16/16 OCBC QAF 1.19 1.33 Buy
11/29/16 OCBC QAF 1.33 1.46 Buy Sum of parts
03/02/17 OCBC QAF 1.41 1.46 Hold Buy @ $1.36 or lower
05/08/17 OCBC QAF 1.34 1.46 Hold

Stock calls for 21 February 2018


Date Analyst Company Last Target Call Valuation
02/21/18 UOB Kay Hian Bumitama 0.71 0.96 Buy PER13x FY18
02/21/18 OCBC M1 1.8 1.7 Hold
02/21/18 Amfrasers Manulife US Reit 0.91 1.008 Buy DDM
02/21/18 CIMB Sembcorp Industries 3.28 3.87 Add Sum of parts
02/21/18 DMG & Partners Talkmed 0.675 0.72 Neutral DCF
02/21/18 phillip UOB 27.22 29 Buy

US bond yields will continue to rise in 2018. Why?

The USA government has just issued 3 days of bond auctions totalling USD$250b and is expected to raise about USD$1T per annum till 2028.  Furthermore, QE taperings are also being executed simultaneously in Europe & USA.

http://sg-stock.blogspot.sg/2017/10/ecb-will-cut-bond-purchases-to-30b-in.html

http://sg-stock.blogspot.sg/2017/09/us-fed-maintains-interest-rate-and-will.html

The rising bond yields will affect the stock market because fund managers find bonds become more attractive.  Please look at our comment on the connection between bond yield & stock.

http://sg-stock.blogspot.sg/2018/02/stock-markets-are-falling-like-crazy.html

Last but not least, inflation pressure is also rising because of trade wars (anti-dumping measures).

http://sg-stock.blogspot.sg/2018/02/the-usa-is-so-bent-to-have-trade-war.html

http://sg-stock.blogspot.sg/2018/02/china-imposes-anti-dumping-measures-on.html

Tuesday, February 20, 2018

Noble Group is virutally bankrupt after declaring $5B loss in 2017.

https://www.bloombergquint.com/business/2018/02/19/noble-s-sea-of-red-shows-post-restructuring-challenge-for-trader

After declaring a $5b loss in 2017, Noble Group's net asset value is about -$850m, meaning it is virtually bankrupt.  Therefore, it is having an urgent need to recapitalize to convert back into positive net asset value.  Without the debt restructuring plan, Noble will have an on-going concern in 2018.

However, existing shareholders have to take a heavy haircut of about 90% to revive Noble Group.  Will the existing shareholders bite the silver bullet and move on?

Q & M - Stock calls


Date Analyst Company Last Target Call Valuation
01/08/16 CIMB Q & M 0.7 0.84 Add PER34.5x CY17
01/21/16 Kim Eng Q & M 0.695 0.97 Buy PER42x FY16
02/01/16 Kim Eng Q & M 0.675 0.93 Buy PER42x FY16
03/02/16 CIMB Q & M 0.7 0.64 Reduce PER34.5x CY17
03/02/16 Kim Eng Q & M 0.7 0.88 Buy PER42x FY16
04/14/16 phillip Q & M 0.685 0.7 Neutral PER38x
05/12/16 Kim Eng Q & M 0.67 0.88 Buy PER42x FY16
05/16/16 CIMB Q & M 0.67 0.7 Hold PER34.5x CY17
05/17/16 phillip Q & M 0.715 0.72 Neutral PER38.2x
05/25/16 Kim Eng Q & M 0.795 1.05 Buy PER42x
06/08/16 CIMB Q & M 0.76 0.74 Hold PER34.5x CY17
06/08/16 Kim Eng Q & M 0.76 1.08 Buy PER42x FY17
07/05/16 DBS Vickers Q & M 0.73 0.8 Not Rated PER36.5x FY17
07/25/16 DMG & Partners Q & M 0.7 1 Buy
08/15/16 CIMB Q & M 0.725 0.74 Hold PER34.5x CY17
08/15/16 phillip Q & M 0.725 0.72 Neutral PER38.2x FY16
08/17/16 Kim Eng Q & M 0.725 1.08 Buy
09/06/16 Kim Eng Q & M 0.72 1.08 Buy PER42x FY17
09/07/16 phillip Q & M 0.725 0.93 Buy PER38.2x
10/12/16 DBS Vickers Q & M 0.76 0.8 Not Rated
11/15/16 CIMB Q & M 0.745 0.77 Hold PER34.5x CY18
11/15/16 Kim Eng Q & M 0.745 1 Buy PER42x FY17
11/15/16 phillip Q & M 0.745 0.89 Buy PER38.2x
03/03/17 CIMB Q & M 0.71 0.6 Reduce PER28x
03/06/17 Kim Eng Q & M 0.705 0.77 Hold PER36x FY18
03/06/17 phillip Q & M 0.705 0.65 Reduce PER38.2x FY17
05/12/17 CIMB Q & M 0.705 0.6 Reduce PER28x CY18
05/15/17 phillip Q & M 0.7 0.65 Reduce PER38.2x FY17
06/05/17 Kim Eng Q & M 0.685 0.6 Hold PER28x FY18
08/21/17 phillip Q & M 0.63 0.61 Neutral PER32x
01/08/18 CIMB Q & M 0.65 0.61 Reduce PER28x CY19

Procurri - Stock calls


Date Analyst Company Last Target Call Valuation
07/15/16 Lim & Tan Procurri 0.56 0 Stag IPO
09/19/16 DBS Vickers Procurri 0.52 0.67 Buy PER11.3x FY17
10/17/16 Bloomberg Procurri 0.46 0.67 Buy
11/14/16 DBS Vickers Procurri 0.47 0.56 Buy PER11.3x FY17
02/23/17 DBS Vickers Procurri 0.405 0.4 Hold
05/15/17 DBS Vickers Procurri 0.28 0.32 Hold PER9.3x FY17/18
08/16/17 DBS Vickers Procurri 0.21 0.18 Fully Valued RNAV (5% discount)
11/16/17 DBS Vickers Procurri 0.235 0.18 Fully Valued RNAV (6% discount)

Stock calls for 20 February 2018


Date Analyst Company Last Target Call Valuation
02/20/18 DMG & Partners A-Reit 2.62 2.9 Buy
02/20/18 DBS Vickers A-Reit 2.62 2.85 Buy
02/20/18 DMG & Partners APAC Realty 1.06 1.2 Buy
02/20/18 DMG & Partners Avi-Tech 0.49 0.59 Buy
02/20/18 DMG & Partners Breadtalk 1.69 2.09 Buy
02/20/18 DBS Vickers CapitaCommercial 1.78 2.1 Buy
02/20/18 DMG & Partners Capitaland 3.63 4.2 Buy
02/20/18 DBS Vickers CDL Hospitality 1.68 2 Buy
02/20/18 UOB Kay Hian Cityneon 1.02 1.55 Buy
02/20/18 DMG & Partners Food Empire 0.67 1 Buy
02/20/18 DBS Vickers Frasers Centrepoint Trust 2.15 2.48 Buy
02/20/18 DBS Vickers Frasers Commercial Trust 1.44 1.71 Buy
02/20/18 DBS Vickers Frasers Hospitality Trust 0.79 0.89 Buy
02/20/18 UOB Kay Hian Hock Lian Seng 0.495 0.63 Buy
02/20/18 NRA ISDN 0.22 0.32 Overweight PER12.5x FY18
02/20/18 UOB Kay Hian ISDN 0.22 0.35 Buy
02/20/18 Lim & Tan ISDN 0.22 0 Trading Buy
02/20/18 DBS Vickers Mapletree Logistics 1.25 1.45 Buy
02/20/18 Amfrasers OKP 0.35 0.39 Hold
02/20/18 DMG & Partners OUE Hospitality 0.845 0.95 Buy
02/20/18 UOB Kay Hian Sembcorp Industries 3.3 3.87 Buy
02/20/18 DBS Vickers SGX 7.71 8.9 Buy DDM, PER21x FY19
02/20/18 UOB Kay Hian Sheng Siong 0.92 1.06 Hold
02/20/18 phillip Singapore O&G 0.385 0.42 Accumulate PER23.2x
02/20/18 DMG & Partners ST Engineering 3.35 4.2 Buy
02/20/18 DBS Vickers Starhub 2.6 2.2 Fully Valued DCF
02/20/18 DBS Vickers Suntec Reit 1.97 2.3 Buy
02/20/18 DMG & Partners Venture 23.53 24.1 Buy

Monday, February 19, 2018

Perennial Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/08/16 CIMB Perennial Reit 0.885 1.24 Add RNAV (35% discount)
01/08/16 DBS Vickers Perennial Reit 0.885 1.32 Buy RNAV (40% discount)
02/11/16 DBS Vickers Perennial Reit 0.875 1.32 Buy RNAV (40% discount)
03/29/16 DBS Vickers Perennial Reit 0.925 1.32 Buy
05/16/16 CIMB Perennial Reit 0.92 1.14 Add RNAV (40% discount)
08/08/16 CIMB Perennial Reit 0.9 1.11 Add RNAV (40% discount)
09/14/16 DBS Vickers Perennial Reit 0.885 1.32 Buy
11/10/16 DBS Vickers Perennial Reit 0.84 1.32 Buy
11/30/16 CIMB Perennial Reit 0.835 1.11 Add RNAV (40% discount)
02/09/17 CIMB Perennial Reit 0.81 1.08 Add RNAV (40% discount)
02/09/17 DBS Vickers Perennial Reit 0.81 1.05 Buy RNAV (50% discount)
05/09/17 DBS Vickers Perennial Reit 0.855 1.05 Buy RNAV (50% discount)
07/14/17 DBS Vickers Perennial Reit 0.885 1.05 Buy RNAV (50% discount)
08/01/17 DBS Vickers Perennial Reit 0.88 1.05 Buy RNAV (50% discount)
11/09/17 DBS Vickers Perennial Reit 0.88 1.05 Buy RNAV (50% discount)
01/04/18 DBS Vickers Perennial Reit 0.88 1.05 Buy
02/09/18 CIMB Perennial Reit 0.835 1.12 Add
02/12/18 DBS Vickers Perennial Reit 0.835 1.05 Buy RNAV (50% discount)

Parkway Life - Stock calls


Date Analyst Company Last Target Call Valuation
01/05/16 UOB Kay Hian Parkway Life 2.3 2.38 Hold
01/08/16 DBS Vickers Parkway Life 2.23 2.56 Buy DCF
01/27/16 Lim & Tan Parkway Life 2.17 0 Hold
01/28/16 DBS Vickers Parkway Life 2.22 2.5 Buy
03/07/16 CIMB Parkway Life 2.4 2.54 Add DDM
03/28/16 Lim & Tan Parkway Life 2.35 0 Hold
03/30/16 UOB Kay Hian Parkway Life 2.35 2.38 Hold
04/27/16 CIMB Parkway Life 2.45 2.55 Add DDM
04/27/16 DBS Vickers Parkway Life 2.45 2.65 Buy
04/27/16 UOB Kay Hian Parkway Life 2.45 2.38 Hold
06/27/16 UOB Kay Hian Parkway Life 2.39 2.38 Hold
07/05/16 DBS Vickers Parkway Life 2.55 2.65 Buy
07/18/16 UOB Kay Hian Parkway Life 2.57 2.65 Hold
07/26/16 Lim & Tan Parkway Life 2.55 0 Hold
07/27/16 CIMB Parkway Life 2.59 2.68 Hold DDM
07/27/16 DBS Vickers Parkway Life 2.59 2.75 Buy
08/01/16 UOB Kay Hian Parkway Life 2.55 2.65 Hold
08/16/16 DBS Vickers Parkway Life 2.45 2.75 Buy
09/26/16 CIMB Parkway Life 2.55 2.78 Add
10/28/16 CIMB Parkway Life 2.56 2.78 Add DDM
10/28/16 DBS Vickers Parkway Life 2.56 2.75 Buy
12/06/16 CIMB Parkway Life 2.42 2.53 Add DDM
12/09/16 UOB Kay Hian Parkway Life 2.38 2.5 Hold
12/23/16 DBS Vickers Parkway Life 2.36 2.75 Buy
12/23/16 Lim & Tan Parkway Life 2.36 0 Hold
01/25/17 Lim & Tan Parkway Life 2.39 0 Accumulate
01/26/17 CIMB Parkway Life 2.4 2.58 Add DDM
01/26/17 DBS Vickers Parkway Life 2.4 2.75 Buy
01/26/17 UOB Kay Hian Parkway Life 2.4 2.5 Hold DDM
02/14/17 CIMB Parkway Life 2.45 2.58 Add
03/06/17 CIMB Parkway Life 2.44 2.58 Add
03/07/17 UOB Kay Hian Parkway Life 2.44 2.5 Hold
04/11/17 UOB Kay Hian Parkway Life 2.53 2.5 Hold
04/26/17 CIMB Parkway Life 2.6 2.71 Add DDM
04/26/17 DBS Vickers Parkway Life 2.6 2.82 Buy
05/25/17 UOB Kay Hian Parkway Life 2.58 2.82 Buy
07/26/17 CIMB Parkway Life 2.76 2.83 Add DDM
07/26/17 UOB Kay Hian Parkway Life 2.76 2.82 Buy DDM
07/26/17 Lim & Tan Parkway Life 2.76 0 Accumulate on weakness
10/23/17 UOB Kay Hian Parkway Life 2.79 2.82 Buy
11/10/17 CIMB Parkway Life 2.86 2.93 Hold DDM
11/10/17 DBS Vickers Parkway Life 2.86 3.1 Buy
11/10/17 UOB Kay Hian Parkway Life 2.86 3 Buy
12/01/17 UOB Kay Hian Parkway Life 2.9 3 Buy
01/29/18 CIMB Parkway Life 2.97 3.07 Hold DDM
01/29/18 Lim & Tan Parkway Life 2.97 0 Hold
01/29/18 DBS Vickers Parkway Life 2.97 3.15 Buy

Stock calls for 19 February 2018


Date Analyst Company Last Target Call Valuation
02/19/18 DBS Vickers APAC Realty 1.02 1.12 Buy
02/19/18 Phillip Capitaland 3.57 4.19 Accumulate RNAV (20% discount)
02/19/18 phillip Chip Eng Seng 0.955 1.21 Buy RNAV (40% discount)
02/19/18 DBS Vickers City Developments 12.72 14.03 Buy
02/19/18 DMG & Partners Dairy Farm 8.38 9.53 Buy DCF
02/19/18 OCBC Far East Hospitality 0.715 0.75 Buy
02/19/18 UOB Kay Hian Jumbo 0.575 0.59 Hold DCF, Buy @ $0.53
02/19/18 DBS Vickers Roxy-Pacific 0.56 0.69 Buy RNAV (30% discount)
02/19/18 Lim & Tan Sembcorp Industries 3.22 0 Buy
02/19/18 Jefferies SGX 7.37 8 Buy
02/19/18 DMG & Partners Sheng Siong 0.915 0.99 Neutral Up from $0.93
02/19/18 DBS Vickers Thai Beverage 0.85 1.02 Buy Sum of parts
02/19/18 DBS Vickers UOL 8.34 10.15 Buy

Noble will report its Q4 2017 losses soon!

https://sg.finance.yahoo.com/news/noble-gets-3-us-700m-034200995.html

The survival of Noble now rests on the outcome of the debt restructuring.  Credit facilities may get cancelled by the banks if the debt restructuring plan fails.  It is a common practice for banks to reduce their risks by recalling loans during any crisis time.

Let's see how bad the loss is for the Q4 2017.


USA flu is killing 4,000 Americans per week.

http://fortune.com/2018/02/10/american-flu-deaths/

Be careful when you are in the USA.  Besides the mad deer disease, the USA flu is also spreading like fire and is killing 4,000 Americans per week.

Saturday, February 17, 2018

Baltic dry index - 1084

Today, Friday, February 16 2018, the Baltic Dry Index decreased by 5 points, reaching 1084 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 stocks: Sembcorp Marine, Cosco & Pan Ocean.

US rig count - 975

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. didn't increase this week, remaining at 975 for the second week in a row.
That exceeds the 751 rigs that were active this time a year ago.
Houston oilfield services company Baker Hughes reported Friday that 798 rigs drilled for oil this week and 177 for gas.
Among major oil- and gas-producing states, Oklahoma increased by five rigs, Alaska gained four and Pennsylvania increased by three.
New Mexico decreased by three rigs; Louisiana, Ohio and West Virginia each lost two; and Colorado and North Dakota each decreased by one.
Arkansas, California, Kansas, Texas, Utah and Wyoming were unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
=====================
Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

The Malaysian government is trying the same trick again for the KL-SG HSR.

https://www.channelnewsasia.com/news/business/european-group-to-bid-for-malaysia-singapore-high-speed-train-9953088

The Malaysian government is using the same trick again for the KL-SG HSR by trying to award the HSR construction project to a neutral party so as not to offend Japan or China.

However, this same trick will anger China again and China will definitely punish Malaysia for such an antic move.  Look like Malaysia has not learnt from history yet.

https://sg-stock.blogspot.sg/2017/05/the-fight-for-kl-sg-hsr-is-not-over-yet.html

https://sg-stock.blogspot.sg/2017/05/malaysia-is-first-to-regret-for.html

China expects to be rewarded for helping out Najib on 1MDB.  Najib will be in serious trouble if he doesn't return the favour.

http://www.sarawakreport.org/2016/07/outrage-najibs-secret-deal-with-china-to-pay-off-1mdb-and-jho-lows-debts-shock-exclusive/

Friday, February 16, 2018

China and ASEAN to start the code of conduct discussion in South China Sea in March.

http://xinhuanet.com/english/2018-02/13/c_136973568.htm

Although this code of conduct discussion for the South China Sea involves ASEAN countries, China and Philippines will lead the discussion.  This meeting is set after a consultative discussion between China and Philippines.

We did state previously that Philippines had replaced SG to become the ASEAN facilitator.  In the past, SG used to have the first-hand information pertaining to China's policies for ASEAN but not anymore.

http://sg-stock.blogspot.sg/2017/11/china-has-replaced-singapore-with.html

The Philippines is getting ambitious and is growing its political influences in ASEAN.

http://sg-stock.blogspot.sg/2018/02/philippines-wants-to-displace-singapore.html


Thursday, February 15, 2018

Asia must be wary of the increasing USA military presence in Asia.

https://www.channelnewsasia.com/news/asiapacific/top-us-admiral-warns-of-china-s-growing-military-might-9961800

We must not let USA start a war in Asia unilaterally without UN mandate.

The FON (freedom of navigation) propaganda is a pseudonym for the USA presence.  There has been not a single incident whereby a commercial ship is stopped by the China navy or coast guard in the South China Sea for the past 70 years.  The China navy or coast guard won't stop any commercial ships plying the current sea routes in South China Sea because it is also against China's interest.

FON is just a conjecture by the USA to get involved in the South China Sea issue.  The increasing USA military presence is causing militarization to rise in Asia which will ensue huge weaponry sales for the USA.

Pan-United - Stock calls


Date Analyst Company Last Target Call Valuation
03/02/16 DBS Vickers Pan-United 0.54 0.57 Hold Sum of parts
05/12/16 DBS Vickers Pan-United 0.615 0.49 Fully Valued
08/16/16 DBS Vickers Pan-United 0.6 0.53 Fully Valued Sum of parts
09/29/16 DBS Vickers Pan-United 0.61 0.56 Hold Sum of parts
10/05/16 NRA Pan-United 0.59 0.7 Overweight
11/04/16 NRA Pan-United 0.605 0.7 Overweight
11/14/16 DBS Vickers Pan-United 0.6 0.59 Hold Sum of parts
02/14/17 DBS Vickers Pan-United 0.665 0.63 Hold Sum of parts
05/15/17 DBS Vickers Pan-United 0.69 0.63 Hold Sum of parts
08/14/17 DBS Vickers Pan-United 0.565 0.51 Fully Valued
11/14/17 DBS Vickers Pan-United 0.575 0.51 Fully Valued
12/06/17 DBS Vickers Pan-United 0.545 0.51 Fully Valued Sum of parts

Pacific Radiance - Stock calls


Date Analyst Company Last Target Call Valuation
01/08/16 UOB Kay Hian Pacific Radiance 0.3 0.68 Buy
01/12/16 DBS Vickers Pacific Radiance 0.305 0.42 Buy
02/01/16 DBS Vickers Pacific Radiance 0.3 0.32 Hold
02/26/16 Amfrasers Pacific Radiance 0.3 0.33 Hold PB0.4x FY16
02/26/16 DBS Vickers Pacific Radiance 0.3 0.25 Fully Valued PB0.35x
02/26/16 DIR Pacific Radiance 0.3 0.24 Sell PB0.3x FY16
03/07/16 UOB Kay Hian Pacific Radiance 0.325 0.48 Buy
04/20/16 DBS Vickers Pacific Radiance 0.335 0.25 Fully Valued
05/13/16 DBS Vickers Pacific Radiance 0.295 0.26 Fully Valued
05/13/16 DIR Pacific Radiance 0.295 0.24 Sell PB0.3x
05/16/16 Amfrasers Pacific Radiance 0.29 0.4 Buy PB0.5x FY16
05/16/16 CIMB Pacific Radiance 0.29 0.23 Reduce PB0.3x FY16
05/20/16 UOB Kay Hian Pacific Radiance 0.28 0.37 Hold
06/03/16 CIMB Pacific Radiance 0.285 0.226 Reduce
06/14/16 UOB Kay Hian Pacific Radiance 0.29 0.37 Hold
08/01/16 UOB Kay Hian Pacific Radiance 0.21 0.15 Sell PB0.2x FY17
08/16/16 Amfrasers Pacific Radiance 0.126 0.12 Hold PB0.2x FY16
11/10/16 Amfrasers Pacific Radiance 0.155 0.17 Hold PB0.3x FY17
11/10/16 CIMB Pacific Radiance 0.155 0.13 Reduce PB0.2x FY17
11/10/16 UOB Kay Hian Pacific Radiance 0.155 0.12 Hold PB0.2x FY17, Buy @ $0.11
11/11/16 DBS Vickers Pacific Radiance 0.161 0.12 Fully Valued PB0.2x
12/02/16 UOB Kay Hian Pacific Radiance 0.153 0.18 Hold
12/05/16 CIMB Pacific Radiance 0.153 0.13 Reduce PB0.2x FY17
12/06/16 DBS Vickers Pacific Radiance 0.155 0.16 Hold PB0.25x
02/28/17 Amfrasers Pacific Radiance 0.153 0.17 Hold
03/01/17 DBS Vickers Pacific Radiance 0.153 0.16 Hold PB0.35x FY17
05/18/17 DBS Vickers Pacific Radiance 0.12 0.1 Fully Valued PB0.2x FY17
05/19/17 CIMB Pacific Radiance 0.115 0.11 Reduce PB0.22x FY17
08/15/17 CIMB Pacific Radiance 0.085 0.073 Reduce PB0.15x
08/15/17 DBS Vickers Pacific Radiance 0.085 0.07 Fully Valued PB0.15x FY17
01/12/18 CIMB Pacific Radiance 0.108 0.07 Reduce

Stock calls for 15 February 2018


Date Analyst Company Last Target Call Valuation
02/15/18 Credit Suisse Capitaland 3.53 3.9 Neutral
02/15/18 DBS Vickers Capitaland 3.53 4.35 Buy RNAV (10% discount)
02/15/18 DMG & Partners Comfortdelgro 2.02 1.98 Neutral DCF
02/15/18 Kim Eng Hi-P 1.92 2.43 Buy PB3.2x FY18
02/15/18 DBS Vickers Hi-P 1.92 2.48 Buy PER14.4x FY18
02/15/18 DMG & Partners HRnetGroup 0.81 1.14 Buy DCF
02/15/18 DBS Vickers Ifast Corp 0.88 1.26 Buy DDM
02/15/18 DMG & Partners ISOTeam 0.33 0.46 Buy DCF, PER13x FY18
02/15/18 Kim Eng Jumbo 0.57 0.7 Buy DCF, PER26x FY18
02/15/18 DBS Vickers Jumbo 0.57 0.58 Hold PER23x FY18
02/15/18 OCBC Lippo-Malls Indo 0.4 0.405 Hold
02/15/18 UOB Kay Hian OCBC 12.26 14.9 Buy GGM, PB1.56x FY18
02/15/18 Kim Eng OCBC 12.26 13.5 Hold PB1.4x FY18
02/15/18 Credit Suisse OCBC 12.26 14.7 Outperform
02/15/18 CIMB OCBC 12.26 14 Add GGM, PB1.4x FY18, PER11.7x FY19
02/15/18 Jefferies OCBC 12.26 14 Buy
02/15/18 DBS Vickers OCBC 12.26 14 Buy GGM, PB1.4x FY18
02/15/18 phillip Old Chang Kee 0.745 0.98 Buy DCF
02/15/18 OCBC Roxy-Pacific 0.56 0.66 Buy
02/15/18 OCBC SIA 11.15 10.85 Hold PB0.9x FY18
02/15/18 Credit Suisse SIA 11.15 10.7 Neutral
02/15/18 OCBC Starhub 2.86 2.2 Sell
02/15/18 UOB Kay Hian Starhub 2.86 2.7 Hold DCF, Buy @ $2.50
02/15/18 Kim Eng Starhub 2.86 2.27 Sell DCF
02/15/18 Credit Suisse Starhub 2.86 2.15 Underperform
02/15/18 CIMB Starhub 2.86 2.7 Hold DCF
02/15/18 Lim & Tan Starhub 2.86 0 Sell
02/15/18 DMG & Partners Starhub 2.86 2.65 Neutral
02/15/18 UOB Kay Hian Thai Beverage 0.91 0.99 Hold Sum of parts, Buy @ $0.84
02/15/18 CIMB Thai Beverage 0.91 0.98 Hold Sum of parts, PER21.8x CY18
02/15/18 CIMB UOB 26.24 28 Add GGM, PB1.3x FY18, PER11.3x FY19
02/15/18 DMG & Partners UOB 26.24 30 Buy GGM, PB1.35x FY18
02/15/18 Kim Eng UOB 26.24 29.33 Buy PB1.3x FY18
02/15/18 Credit Suisse UOB 26.24 31.7 Outperform GGM
02/15/18 Jefferies UOB 26.24 29.5 Buy
02/15/18 DBS Vickers UOB 26.24 30 Buy GGM, PB1.3x FY18
02/15/18 DMG & Partners Valuetronics 0.915 1.05 Buy DCF

Thailand is the least miserable country and Singapore is the 2nd least miserable.

https://sg.finance.yahoo.com/news/miserable-economies-2018-stay-haunted-inflation-beast-033757321.html

The misery index computes the sum of inflation and unemployment to assess and rank the countries.

SG did pretty well and we should note that both indexes for Thailand & SG declined from the prior year.  This means that more people are miserable in both countries.

2018 will be a game changer because inflation will start to careen globally due to the trade war between big nations.

Thus, we foresee that the misery index for SG to continue to decline as more people feel miserable in 2018.

Singapore's NODX upped 13% YOY in January 2018

https://www.channelnewsasia.com/news/singapore/singapore-s-exports-jump-13-year-on-year-in-january-9962186

Year on year changes:

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%

https://sg-stock.blogspot.sg/2018/01/singapore-non-oil-domestic-exports-nodx.html