| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/10/17 | OCBC | Memtech | 0.635 | 0.76 | Buy | |
| 02/27/17 | CIMB | Memtech | 0.65 | 0.76 | Add | PER8x FY18 |
| 02/27/17 | OCBC | Memtech | 0.65 | 0.77 | Hold | PER11.1x FY17, Buy @ $0.60 or lower |
| 04/25/17 | Lim & Tan | Memtech | 0.79 | 1 | Buy | PER10.6x, PB0.9x |
| 04/25/17 | UOB Kay Hian | Memtech | 0.79 | 1.05 | Buy | |
| 04/28/17 | CIMB | Memtech | 0.875 | 1.09 | Add | PER10x FY18 |
| 05/02/17 | OCBC | Memtech | 0.855 | 0.85 | Hold | |
| 05/19/17 | CIMB | Memtech | 0.785 | 1.09 | Add | PER10x FY18 |
| 05/29/17 | Lim & Tan | Memtech | 0.92 | 1.1 | Buy | PER11x, PB1x |
| 05/30/17 | UOB Kay Hian | Memtech | 0.97 | 1.15 | Buy | PER12.5x FY17 |
| 07/03/17 | UOB Kay Hian | Memtech | 0.895 | 1.15 | Buy | PER12.5x FY17 |
| 07/05/17 | CIMB | Memtech | 0.905 | 1.09 | Add | |
| 07/06/17 | OCBC | Memtech | 0.91 | 0.85 | Hold | |
| 07/28/17 | Lim & Tan | Memtech | 1.005 | 0 | Buy | |
| 08/04/17 | CIMB | Memtech | 1.035 | 1.16 | Add | PER10.4x FY18 |
| 08/08/17 | UOB Kay Hian | Memtech | 1.02 | 1.15 | Buy | PER12.5x FY17 |
| 08/11/17 | UOB Kay Hian | Memtech | 1.04 | 1.18 | Buy | PER10.3x FY18 |
| 08/11/17 | Lim & Tan | Memtech | 1.04 | 1.13 | Buy | PB1x |
| 09/05/17 | UOB Kay Hian | Memtech | 0.945 | 1.18 | Buy | PER10.3x FY18 |
| 10/04/17 | UOB Kay Hian | Memtech | 1.01 | 1.18 | Buy | PER10.3x FY18 |
| 10/11/17 | UOB Kay Hian | Memtech | 1.045 | 1.33 | Buy | PER11.6x FY18 |
| 10/11/17 | Lim & Tan | Memtech | 1.045 | 1.3 | Buy | PER13.7x |
| 11/02/17 | UOB Kay Hian | Memtech | 1.175 | 1.33 | Buy | |
| 11/13/17 | CIMB | Memtech | 1.14 | 1.33 | Add | PER10x FY19 |
| 12/20/17 | CIMB | Memtech | 1.09 | 1.33 | Add | |
| 01/10/18 | CIMB | Memtech | 1.15 | 1.33 | Add | PER10x FY19 |
| 01/24/18 | CLSA | Memtech | 1.28 | 2 | Buy | PEG0.45x, PER15x CY18 |
| 02/09/18 | UOB Kay Hian | Memtech | 1.29 | 1.43 | Buy | PER11.6x FY18 |
| 03/05/18 | Lim & Tan | Memtech | 1.52 | 0 | Buy | |
| 03/07/18 | CIMB | Memtech | 1.54 | 1.76 | Add | PER12x FY19 |
| 04/06/18 | UOB Kay Hian | Memtech | 1.58 | 1.5 | Hold | PER12x FY18, Buy @ $1.35 |
| 04/26/18 | Lim & Tan | Memtech | 1.37 | 0 | Hold | |
| 04/27/18 | CIMB | Memtech | 1.29 | 1.47 | Add | PER10x FY19 |
| 04/27/18 | UOB Kay Hian | Memtech | 1.29 | 1.32 | Hold | PER10.6x FY18, Buy @ $1.18 |
| 06/26/18 | CIMB | Memtech | 1.13 | 1.47 | Add | |
| 08/14/18 | CIMB | Memtech | 1.12 | 1.43 | Add | PER10x FY19 |
| 08/14/18 | UOB Kay Hian | Memtech | 1.12 | 1.08 | Hold | |
| 10/12/18 | UOB Kay Hian | Memtech | 0.85 | 0.95 | Hold | PER9.8x FY18, Buy @ $0.75 |
Friday, November 2, 2018
Memtech - Stock calls
Megachem - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 03/06/17 | NRA | Megachem | 0.44 | 0.485 | Not Rated | DCF |
| 09/04/17 | NRA | Megachem | 0.39 | 0.485 | Not Rated | |
| 04/30/18 | NRA | Megachem | 0.385 | 0.51 | Not Rated | DCF, PER14.7x FY18 |
| 06/26/18 | SAC | Megachem | 0.32 | 0.5 | Buy | PER14.9x FY19 |
| 08/17/18 | NRA | Megachem | 0.32 | 0.51 | Not Rated |
MDR - Stock calls
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| Date | Analyst | Company | Last | Target | Call | Valuation |
| 04/24/18 | NRA | MDR | 0.003 | 0.474 | Unrated | Mid-point of $0.366-0.582 |
Stock calls for 2 November 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 11/02/18 | Kim Eng | ART | 1.05 | 1.15 | Hold | DDM |
| 11/02/18 | OCBC | ART | 1.05 | 1.03 | Hold | |
| 11/02/18 | UOB Kay Hian | ART | 1.05 | 1.15 | Hold | DDM, Buy @ $1.05 |
| 11/02/18 | CIMB | ART | 1.05 | 1.12 | Hold | |
| 11/02/18 | Lim & Tan | ART | 1.05 | 0 | Buy | |
| 11/02/18 | DBS Vickers | Ascendas Hospitality Trust | 0.805 | 0.98 | Buy | DCF |
| 11/02/18 | DBS Vickers | CDL Hospitality | 1.44 | 1.85 | Buy | DCF |
| 11/02/18 | UOB Kay Hian | China Aviation Oil | 1.38 | 1.93 | Buy | PER13.5x FY18 |
| 11/02/18 | DMG & Partners | China Aviation Oil | 1.38 | 1.5 | Neutral | PER10x & PB1.2x & EV/Ebitda9x & DCF, PER7x FY19 (ex-cash), PEG1.3x FY19 |
| 11/02/18 | DBS Vickers | China Aviation Oil | 1.38 | 1.9 | Buy | |
| 11/02/18 | CIMB | China Aviation Oil | 1.38 | 1.83 | Add | PER12x FY19 |
| 11/02/18 | UOB Kay Hian | CSE Global | 0.45 | 0.59 | Buy | |
| 11/02/18 | Amfrasers | DBS | 23.95 | 27.7 | Buy | |
| 11/02/18 | UOB Kay Hian | DBS | 23.95 | 29.5 | Buy | |
| 11/02/18 | DBS Vickers | Japfa | 0.68 | 0.89 | Buy | Sum of parts (15% discount), PER12.6x FY19 |
| 11/02/18 | DBS Vickers | Manulife US Reit | 0.73 | 0.97 | Buy | |
| 11/02/18 | CIMB | OCBC | 11.15 | 14 | Add | GGM |
| 11/02/18 | DBS Vickers | OCBC | 11.15 | 13.2 | Buy | GGM, PB1.3x FY19 |
| 11/02/18 | UOB Kay Hian | OCBC | 11.15 | 14.05 | Buy | GGM, PB1.37x FY19 |
| 11/02/18 | UOB Kay Hian | Singtel | 3.18 | 3.94 | Buy | |
| 11/02/18 | DBS Vickers | Singtel | 3.18 | 3.64 | Buy | Sum of parts |
| 11/02/18 | UOB Kay Hian | ST Engineering | 3.54 | 4.06 | Buy | |
| 11/02/18 | DBS Vickers | Starhub | 1.98 | 2.45 | Buy | |
| 11/02/18 | UOB Kay Hian | Suntec Reit | 1.74 | 2.01 | Hold | |
| 11/02/18 | UOB Kay Hian | Thai Beverage | 0.635 | 0.84 | Buy | |
| 11/02/18 | UOB Kay Hian | Valuetronics | 0.635 | 0.96 | Buy |
The stock markets soar because Trump cannot take the heat from the trade war anymore.
https://sg.finance.yahoo.com/news/shares-soar-trump-hints-possible-061534970.html
Trump has relented in the US-China trade war because he cannot take the heat anymore since the mid-term November election is nearing.
We already knew this outcome and stated that the winner would be China in this trade war.
Trump has relented in the US-China trade war because he cannot take the heat anymore since the mid-term November election is nearing.
We already knew this outcome and stated that the winner would be China in this trade war.
Apple iphone sales disappoint.
https://finance.yahoo.com/news/apple-iphone-sales-disappoint-selling-prices-way-203721425.html
As expected, Apple sales disappoint and we already warned about this in our previous post.
http://sg-stock.blogspot.com/2018/10/apples-iphone-xr-is-having-lukewarm.html
This slowdown will impact other technology stocks and also apple suppliers.
As expected, Apple sales disappoint and we already warned about this in our previous post.
http://sg-stock.blogspot.com/2018/10/apples-iphone-xr-is-having-lukewarm.html
This slowdown will impact other technology stocks and also apple suppliers.
Thursday, November 1, 2018
Mapletree Logistics - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/09/17 | DBS Vickers | Mapletree Logistics | 1.04 | 1.15 | Buy | |
| 01/24/17 | DIR | Mapletree Logistics | 1.06 | 1.04 | Hold | DDM |
| 01/24/17 | UOB Kay Hian | Mapletree Logistics | 1.06 | 1.2 | Buy | DDM |
| 01/25/17 | CIMB | Mapletree Logistics | 1.055 | 1.02 | Hold | DDM |
| 01/25/17 | OCBC | Mapletree Logistics | 1.055 | 1.06 | Hold | |
| 01/31/17 | Credit Suisse | Mapletree Logistics | 1.055 | 1.12 | Neutral | |
| 02/28/17 | Deutsche | Mapletree Logistics | 1.07 | 1.15 | Buy | |
| 03/07/17 | UOB Kay Hian | Mapletree Logistics | 1.06 | 1.2 | Buy | |
| 03/24/17 | OCBC | Mapletree Logistics | 1.08 | 1.06 | Hold | |
| 03/30/17 | DBS Vickers | Mapletree Logistics | 1.09 | 1.28 | Buy | |
| 03/30/17 | DIR | Mapletree Logistics | 1.09 | 1.09 | Hold | DDM |
| 04/11/17 | UOB Kay Hian | Mapletree Logistics | 1.11 | 1.2 | Buy | |
| 04/18/17 | DIR | Mapletree Logistics | 1.105 | 1.09 | Hold | |
| 04/18/17 | Kim Eng | Mapletree Logistics | 1.105 | 1.2 | Hold | DDM |
| 05/02/17 | CIMB | Mapletree Logistics | 1.13 | 1.1 | Hold | DDM |
| 05/02/17 | DBS Vickers | Mapletree Logistics | 1.13 | 1.28 | Buy | |
| 05/02/17 | DIR | Mapletree Logistics | 1.13 | 1.1 | Hold | DDM |
| 05/02/17 | Kim Eng | Mapletree Logistics | 1.13 | 1.2 | Buy | DDM |
| 05/02/17 | OCBC | Mapletree Logistics | 1.13 | 1.14 | Hold | DDM |
| 05/25/17 | Deutsche | Mapletree Logistics | 1.155 | 1.2 | Buy | |
| 05/25/17 | UOB Kay Hian | Mapletree Logistics | 1.155 | 1.29 | Buy | |
| 06/12/17 | DBS Vickers | Mapletree Logistics | 1.2 | 1.28 | Buy | |
| 06/22/17 | Deutsche | Mapletree Logistics | 1.18 | 1.2 | Buy | |
| 06/22/17 | Kim Eng | Mapletree Logistics | 1.18 | 1.2 | Hold | |
| 07/03/17 | Kim Eng | Mapletree Logistics | 1.2 | 1.2 | Hold | |
| 07/05/17 | Lim & Tan | Mapletree Logistics | 1.195 | 0 | Hold | |
| 07/11/17 | DIR | Mapletree Logistics | 1.19 | 1.07 | Underperform | DDM |
| 07/11/17 | OCBC | Mapletree Logistics | 1.19 | 1.15 | Hold | DDM |
| 07/25/17 | UOB Kay Hian | Mapletree Logistics | 1.22 | 1.29 | Buy | DDM |
| 07/25/17 | Credit Suisse | Mapletree Logistics | 1.22 | 1.15 | Neutral | |
| 07/25/17 | Deutsche | Mapletree Logistics | 1.22 | 1.3 | Buy | |
| 07/26/17 | CIMB | Mapletree Logistics | 1.235 | 1.12 | Hold | DDM |
| 07/26/17 | DBS Vickers | Mapletree Logistics | 1.235 | 1.28 | Buy | DCF |
| 08/14/17 | OCBC | Mapletree Logistics | 1.19 | 1.15 | Hold | |
| 08/15/17 | DBS Vickers | Mapletree Logistics | 1.19 | 1.28 | Buy | |
| 08/30/17 | Kim Eng | Mapletree Logistics | 1.21 | 1.19 | Hold | DDM |
| 08/30/17 | CIMB | Mapletree Logistics | 1.21 | 1.13 | Hold | DDM |
| 08/30/17 | Lim & Tan | Mapletree Logistics | 1.21 | 0 | Hold | |
| 08/31/17 | OCBC | Mapletree Logistics | 1.23 | 1.35 | Buy | |
| 09/22/17 | OCBC | Mapletree Logistics | 1.2 | 1.35 | Buy | |
| 09/27/17 | DIR | Mapletree Logistics | 1.205 | 1.1 | Underperform | |
| 10/05/17 | OCBC | Mapletree Logistics | 1.24 | 1.35 | Buy | |
| 10/20/17 | DBS Vickers | Mapletree Logistics | 1.225 | 1.38 | Buy | |
| 10/23/17 | UOB Kay Hian | Mapletree Logistics | 1.24 | 1.29 | Buy | |
| 10/24/17 | Lim & Tan | Mapletree Logistics | 1.275 | 0 | Hold | |
| 10/25/17 | Credit Suisse | Mapletree Logistics | 1.255 | 1.18 | Neutral | |
| 10/25/17 | Kim Eng | Mapletree Logistics | 1.255 | 1.25 | Hold | DDM |
| 10/25/17 | CIMB | Mapletree Logistics | 1.255 | 1.21 | Hold | DDM |
| 10/25/17 | Deutsche | Mapletree Logistics | 1.255 | 1.35 | Buy | |
| 11/30/17 | OCBC | Mapletree Logistics | 1.26 | 1.35 | Buy | |
| 12/01/17 | UOB Kay Hian | Mapletree Logistics | 1.27 | 1.37 | Buy | |
| 12/06/17 | Lim & Tan | Mapletree Logistics | 1.28 | 0 | Hold | |
| 12/18/17 | DBS Vickers | Mapletree Logistics | 1.32 | 1.38 | Buy | |
| 01/09/18 | DBS Vickers | Mapletree Logistics | 1.36 | 1.38 | Buy | |
| 01/10/18 | Lim & Tan | Mapletree Logistics | 1.35 | 0 | Hold | |
| 01/23/18 | UOB Kay Hian | Mapletree Logistics | 1.35 | 1.41 | Hold | DDM |
| 01/23/18 | OCBC | Mapletree Logistics | 1.35 | 1.35 | Buy | |
| 01/23/18 | Deutsche | Mapletree Logistics | 1.35 | 1.4 | Buy | |
| 01/24/18 | CIMB | Mapletree Logistics | 1.38 | 1.43 | Add | DDM |
| 01/24/18 | Credit Suisse | Mapletree Logistics | 1.38 | 1.18 | Neutral | |
| 01/24/18 | OCBC | Mapletree Logistics | 1.38 | 1.48 | Buy | |
| 01/24/18 | DBS Vickers | Mapletree Logistics | 1.38 | 1.45 | Buy | |
| 02/14/18 | Deutsche | Mapletree Logistics | 1.23 | 1.35 | Buy | |
| 02/20/18 | DBS Vickers | Mapletree Logistics | 1.25 | 1.45 | Buy | |
| 03/06/18 | OCBC | Mapletree Logistics | 1.2 | 1.48 | Buy | |
| 04/16/18 | Kim Eng | Mapletree Logistics | 1.27 | 1.25 | Hold | |
| 04/27/18 | UOB Kay Hian | Mapletree Logistics | 1.26 | 1.41 | Hold | |
| 04/27/18 | OCBC | Mapletree Logistics | 1.26 | 1.48 | Buy | |
| 04/30/18 | OCBC | Mapletree Logistics | 1.27 | 1.44 | Buy | |
| 04/30/18 | Kim Eng | Mapletree Logistics | 1.27 | 1.25 | Hold | DDM |
| 05/02/18 | CIMB | Mapletree Logistics | 1.27 | 1.39 | Add | DDM |
| 06/21/18 | OCBC | Mapletree Logistics | 1.22 | 1.34 | Buy | |
| 06/26/18 | DBS Vickers | Mapletree Logistics | 1.22 | 1.48 | Buy | |
| 07/06/18 | Kim Eng | Mapletree Logistics | 1.23 | 1.25 | Hold | |
| 07/06/18 | DBS Vickers | Mapletree Logistics | 1.23 | 1.48 | Buy | |
| 07/24/18 | OCBC | Mapletree Logistics | 1.28 | 1.34 | Buy | |
| 07/25/18 | CIMB | Mapletree Logistics | 1.29 | 1.39 | Add | DDM |
| 07/25/18 | UOB Kay Hian | Mapletree Logistics | 1.29 | 1.36 | Hold | |
| 07/25/18 | DBS Vickers | Mapletree Logistics | 1.29 | 1.53 | Buy | |
| 08/24/18 | DBS Vickers | Mapletree Logistics | 1.25 | 1.53 | Buy | |
| 09/20/18 | OCBC | Mapletree Logistics | 1.26 | 1.34 | Buy | |
| 09/25/18 | Deutsche | Mapletree Logistics | 1.26 | 1.4 | Buy | |
| 10/01/18 | DBS Vickers | Mapletree Logistics | 1.23 | 1.5 | Buy | |
| 10/09/18 | OCBC | Mapletree Logistics | 1.22 | 1.37 | Buy | |
| 10/23/18 | Lim & Tan | Mapletree Logistics | 1.23 | 0 | Hold | |
| 10/24/18 | CIMB | Mapletree Logistics | 1.23 | 1.39 | Add | DDM |
| 10/24/18 | Kim Eng | Mapletree Logistics | 1.23 | 1.3 | Hold | DDM |
| 10/24/18 | UOB Kay Hian | Mapletree Logistics | 1.23 | 1.36 | Hold | DDM, Buy @ $1.15 |
Mapletree Industrial - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/09/17 | DBS Vickers | Mapletree Industrial | 1.665 | 1.9 | Buy | |
| 01/25/17 | Deutsche | Mapletree Industrial | 1.645 | 1.65 | Hold | |
| 01/25/17 | OCBC | Mapletree Industrial | 1.645 | 1.79 | Buy | |
| 01/25/17 | UOB Kay Hian | Mapletree Industrial | 1.645 | 1.6 | Hold | DDM |
| 01/26/17 | CIMB | Mapletree Industrial | 1.65 | 1.68 | Add | DDM |
| 01/26/17 | Phillip | Mapletree Industrial | 1.65 | 1.74 | Accumulate | DDM |
| 01/31/17 | Credit Suisse | Mapletree Industrial | 1.665 | 1.82 | Outperform | |
| 02/14/17 | CIMB | Mapletree Industrial | 1.665 | 1.68 | Add | |
| 02/17/17 | JP Morgan | Mapletree Industrial | 1.675 | 1.75 | Overweight | |
| 02/20/17 | Phillip | Mapletree Industrial | 1.66 | 1.74 | Accumulate | |
| 02/28/17 | Deutsche | Mapletree Industrial | 1.66 | 1.65 | Hold | |
| 03/06/17 | CIMB | Mapletree Industrial | 1.67 | 1.68 | Add | DDM |
| 03/06/17 | DBS Vickers | Mapletree Industrial | 1.67 | 1.9 | Buy | |
| 03/07/17 | DIR | Mapletree Industrial | 1.685 | 1.7 | Hold | DDM |
| 03/07/17 | UOB Kay Hian | Mapletree Industrial | 1.685 | 1.6 | Hold | |
| 03/29/17 | OCBC | Mapletree Industrial | 1.76 | 1.88 | Buy | |
| 03/30/17 | DBS Vickers | Mapletree Industrial | 176 | 1.94 | Buy | |
| 04/11/17 | UOB Kay Hian | Mapletree Industrial | 1.77 | 1.6 | Hold | |
| 04/18/17 | DIR | Mapletree Industrial | 1.785 | 1.7 | Hold | |
| 04/18/17 | Kim Eng | Mapletree Industrial | 1.785 | 2 | Buy | DDM |
| 04/25/17 | DBS Vickers | Mapletree Industrial | 1.795 | 1.94 | Buy | DCF |
| 04/25/17 | DIR | Mapletree Industrial | 1.795 | 1.71 | Hold | DDM |
| 04/25/17 | OCBC | Mapletree Industrial | 1.795 | 1.93 | Buy | |
| 04/26/17 | CIMB | Mapletree Industrial | 1.82 | 1.8 | Hold | DDM |
| 04/26/17 | Kim Eng | Mapletree Industrial | 1.82 | 2.05 | Buy | DDM |
| 04/26/17 | Phillip | Mapletree Industrial | 1.82 | 1.8 | Neutral | DDM |
| 04/26/17 | UOB Kay Hian | Mapletree Industrial | 1.82 | 1.69 | Hold | DDM |
| 05/08/17 | Deutsche | Mapletree Industrial | 1.81 | 1.7 | Hold | |
| 05/08/17 | Phillip | Mapletree Industrial | 1.81 | 1.8 | Neutral | |
| 05/25/17 | UOB Kay Hian | Mapletree Industrial | 1.815 | 1.78 | Hold | |
| 06/09/17 | Lim & Tan | Mapletree Industrial | 1.84 | 0 | Hold | |
| 06/12/17 | DBS Vickers | Mapletree Industrial | 1.825 | 1.94 | Buy | |
| 06/20/17 | OCBC | Mapletree Industrial | 1.8 | 1.93 | Buy | |
| 06/22/17 | Deutsche | Mapletree Industrial | 1.815 | 1.7 | Hold | |
| 06/22/17 | Kim Eng | Mapletree Industrial | 1.815 | 2.05 | Buy | |
| 07/03/17 | Kim Eng | Mapletree Industrial | 1.86 | 2.05 | Buy | DDM |
| 07/26/17 | DIR | Mapletree Industrial | 1.88 | 1.71 | Hold | DDM |
| 07/26/17 | UOB Kay Hian | Mapletree Industrial | 1.88 | 1.78 | Hold | DDM |
| 07/26/17 | OCBC | Mapletree Industrial | 1.88 | 1.92 | Hold | |
| 07/26/17 | DBS Vickers | Mapletree Industrial | 1.88 | 1.94 | Buy | DCF |
| 07/26/17 | Religare | Mapletree Industrial | 1.88 | 1.9 | Buy | |
| 07/26/17 | Phillip | Mapletree Industrial | 1.88 | 1.98 | Accumulate | DDM, PB1.41x FY18 |
| 07/27/17 | CIMB | Mapletree Industrial | 1.905 | 1.91 | Hold | DDM |
| 08/03/17 | Kim Eng | Mapletree Industrial | 1.84 | 2.05 | Buy | |
| 08/22/17 | Phillip | Mapletree Industrial | 1.855 | 1.98 | Accumulate | |
| 09/27/17 | DBS Vickers | Mapletree Industrial | 1.84 | 1.94 | Buy | DCF |
| 09/28/17 | Kim Eng | Mapletree Industrial | 1.85 | 2.05 | Buy | |
| 10/09/17 | Phillip | Mapletree Industrial | 1.875 | 1.98 | Accumulate | |
| 10/23/17 | UOB Kay Hian | Mapletree Industrial | 1.9 | 1.78 | Hold | |
| 10/25/17 | OCBC | Mapletree Industrial | 1.96 | 1.92 | Hold | |
| 10/25/17 | Kim Eng | Mapletree Industrial | 1.96 | 2.05 | Buy | |
| 10/25/17 | UOB Kay Hian | Mapletree Industrial | 1.97 | 1.88 | Hold | |
| 10/25/17 | Deutsche | Mapletree Industrial | 1.97 | 1.75 | Hold | |
| 10/26/17 | CIMB | Mapletree Industrial | 1.97 | 1.94 | Hold | DDM |
| 10/27/17 | Phillip | Mapletree Industrial | 1.97 | 1.99 | Neutral | DDM, PB1.37x FY18 |
| 11/08/17 | DBS Vickers | Mapletree Industrial | 1.965 | 2.15 | Buy | DCF |
| 11/28/17 | Kim Eng | Mapletree Industrial | 1.99 | 2.1 | Buy | |
| 12/01/17 | UOB Kay Hian | Mapletree Industrial | 1.97 | 1.88 | Hold | |
| 12/04/17 | Phillip | Mapletree Industrial | 1.99 | 2.06 | Hold | |
| 12/04/17 | OCBC | Mapletree Industrial | 1.99 | 2.06 | Hold | |
| 01/19/18 | Kim Eng | Mapletree Industrial | 2.11 | 2.1 | Buy | |
| 01/24/18 | OCBC | Mapletree Industrial | 2.07 | 2.06 | Hold | |
| 01/24/18 | UOB Kay Hian | Mapletree Industrial | 2.07 | 1.88 | Hold | DDM |
| 01/24/18 | DBS Vickers | Mapletree Industrial | 2.07 | 2.15 | Buy | |
| 01/24/18 | Deutsche | Mapletree Industrial | 2.07 | 1.85 | Hold | |
| 01/25/18 | Phillip | Mapletree Industrial | 2.12 | 2.15 | Neutral | DDM, PB1.48x FY18 |
| 01/25/18 | CIMB | Mapletree Industrial | 2.12 | 2.16 | Add | DDM |
| 02/12/18 | Phillip | Mapletree Industrial | 1.93 | 2.15 | Neutral | |
| 04/16/18 | Kim Eng | Mapletree Industrial | 2.03 | 2.2 | Buy | |
| 04/24/18 | UOB Kay Hian | Mapletree Industrial | 2.02 | 2 | Hold | DDM |
| 04/25/18 | CIMB | Mapletree Industrial | 2 | 2.12 | Add | DDM |
| 04/25/18 | Phillip | Mapletree Industrial | 2 | 2.09 | Neutral | PB1.48x FY19 |
| 04/25/18 | OCBC | Mapletree Industrial | 2 | 2.06 | Hold | |
| 04/25/18 | Kim Eng | Mapletree Industrial | 2 | 2.25 | Buy | DDM |
| 04/30/18 | DBS Vickers | Mapletree Industrial | 2.02 | 2.22 | Buy | |
| 05/02/18 | CIMB | Mapletree Industrial | 2.03 | 2.12 | Add | |
| 05/21/18 | Phillip | Mapletree Industrial | 1.95 | 2.09 | Neutral | |
| 07/05/18 | Kim Eng | Mapletree Industrial | 1.96 | 2.25 | Buy | DDM |
| 07/06/18 | DBS Vickers | Mapletree Industrial | 1.96 | 2.22 | Buy | |
| 07/25/18 | OCBC | Mapletree Industrial | 2.02 | 2.06 | Hold | |
| 07/25/18 | Phillip | Mapletree Industrial | 2.02 | 2.09 | Neutral | DDM, PB1.42x FY19 |
| 07/26/18 | UOB Kay Hian | Mapletree Industrial | 2.02 | 1.94 | Hold | DDM, Buy @ $1.76 |
| 07/26/18 | OCBC | Mapletree Industrial | 2.02 | 2.08 | Hold | |
| 07/26/18 | CIMB | Mapletree Industrial | 2.02 | 2.13 | Add | DDM |
| 09/25/18 | Deutsche | Mapletree Industrial | 1.96 | 1.75 | Sell | |
| 10/01/18 | DBS Vickers | Mapletree Industrial | 1.98 | 2.22 | Buy | DCF |
| 10/17/18 | Phillip | Mapletree Industrial | 1.94 | 2.09 | Neutral | |
| 10/24/18 | OCBC | Mapletree Industrial | 1.95 | 2.01 | Hold | DDM |
| 10/24/18 | Lim & Tan | Mapletree Industrial | 1.95 | 0 | Hold | |
| 10/25/18 | Phillip | Mapletree Industrial | 1.95 | 1.99 | Neutral | DDM, PB1.34x FY19 |
| 10/25/18 | UOB Kay Hian | Mapletree Industrial | 1.95 | 1.94 | Hold | DDM |
| 10/25/18 | CIMB | Mapletree Industrial | 1.95 | 2.08 | Add | DDM |
| 10/26/18 | Kim Eng | Mapletree Industrial | 1.96 | 2.25 | Buy |
Mapletree North Asia - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/09/17 | DBS Vickers | Mapletree North Asia | 0.955 | 1.11 | Buy | DCF |
| 01/31/17 | CIMB | Mapletree North Asia | 0.955 | 1.13 | Add | DDM |
| 01/31/17 | OCBC | Mapletree North Asia | 0.955 | 1.08 | Buy | |
| 03/06/17 | OCBC | Mapletree North Asia | 0.985 | 1.08 | Buy | |
| 03/30/17 | DBS Vickers | Mapletree North Asia | 1.015 | 1.11 | Buy | DCF |
| 04/03/17 | CIMB | Mapletree North Asia | 1.02 | 1.13 | Add | |
| 04/27/17 | OCBC | Mapletree North Asia | 1.06 | 1.08 | Buy | |
| 04/28/17 | CIMB | Mapletree North Asia | 1.045 | 1.14 | Add | |
| 04/28/17 | DBS Vickers | Mapletree North Asia | 1.045 | 1.25 | Buy | DCF |
| 04/28/17 | OCBC | Mapletree North Asia | 1.045 | 1.13 | Buy | |
| 06/23/17 | CIMB | Mapletree North Asia | 1.075 | 1.14 | Add | |
| 07/31/17 | OCBC | Mapletree North Asia | 1.11 | 1.22 | Buy | |
| 08/01/17 | CIMB | Mapletree North Asia | 1.11 | 1.17 | Add | DDM |
| 08/01/17 | DBS Vickers | Mapletree North Asia | 1.11 | 1.25 | Buy | |
| 10/24/17 | CIMB | Mapletree North Asia | 1.215 | 1.2 | Hold | DDM |
| 10/24/17 | OCBC | Mapletree North Asia | 1.215 | 1.28 | Buy | |
| 10/24/17 | DBS Vickers | Mapletree North Asia | 1.215 | 1.3 | Buy | DCF |
| 11/30/17 | OCBC | Mapletree North Asia | 1.16 | 1.28 | Buy | |
| 12/14/17 | OCBC | Mapletree North Asia | 1.19 | 1.28 | Buy | |
| 12/18/17 | DBS Vickers | Mapletree North Asia | 1.19 | 1.3 | Buy | |
| 01/29/18 | OCBC | Mapletree North Asia | 1.27 | 1.39 | Buy | |
| 01/29/18 | CIMB | Mapletree North Asia | 1.27 | 1.26 | Hold | DDM |
| 01/29/18 | DBS Vickers | Mapletree North Asia | 1.27 | 1.4 | Buy | |
| 03/28/18 | Lim & Tan | Mapletree North Asia | 1.18 | 0 | Buy on weakness | |
| 03/29/18 | CIMB | Mapletree North Asia | 1.15 | 1.3 | Add | DDM |
| 04/26/18 | OCBC | Mapletree North Asia | 1.13 | 1.39 | Buy | |
| 04/27/18 | OCBC | Mapletree North Asia | 1.15 | 1.42 | Buy | DDM |
| 04/27/18 | CIMB | Mapletree North Asia | 1.15 | 1.3 | Add | DDM |
| 05/23/18 | OCBC | Mapletree North Asia | 1.16 | 1.42 | Buy | |
| 06/26/18 | DBS Vickers | Mapletree North Asia | 1.13 | 1.45 | Buy | DCF |
| 07/31/18 | OCBC | Mapletree North Asia | 1.15 | 1.42 | Buy | |
| 08/01/18 | CIMB | Mapletree North Asia | 1.15 | 1.3 | Add | DDM |
| 08/01/18 | DBS Vickers | Mapletree North Asia | 1.15 | 1.45 | Buy | |
| 09/04/18 | OCBC | Mapletree North Asia | 1.15 | 1.42 | Buy | |
| 10/01/18 | DBS Vickers | Mapletree North Asia | 1.14 | 1.45 | Buy | DCF |
| 10/29/18 | OCBC | Mapletree North Asia | 1.13 | 1.34 | Buy | |
| 10/30/18 | CIMB | Mapletree North Asia | 1.13 | 1.28 | Add | DDM |
Stock calls for 1 November 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 11/01/18 | CIMB | AEM | 0.8 | 0.75 | Hold | PER10x FY19 |
| 11/01/18 | OCBC | CapitaRetail China | 1.37 | 1.39 | Hold | |
| 11/01/18 | OCBC | CDL Hospitality | 1.45 | 1.45 | Hold | |
| 11/01/18 | DMG & Partners | CDL Hospitality | 1.45 | 1.8 | Buy | DDM |
| 11/01/18 | UOB Kay Hian | CDL Hospitality | 1.45 | 1.83 | Buy | DDM |
| 11/01/18 | CIMB | CDL Hospitality | 1.45 | 1.61 | Add | DDM |
| 11/01/18 | phillip | DBS | 23.46 | 33.32 | Buy | |
| 11/01/18 | DBS Vickers | First Sponsor | 1.27 | 1.62 | Buy | RNAV (35% discount) |
| 11/01/18 | DBS Vickers | Indofood Agri | 0.2 | 0.19 | Hold | DCF |
| 11/01/18 | CIMB | Japfa | 0.665 | 0.8 | Add | Sum of parts |
| 11/01/18 | Deutsche | Manulife US Reit | 0.71 | 1 | Buy | |
| 11/01/18 | Phillip | Micro-Mechanics | 1.8 | 2.05 | Buy | PER16x FY19 |
| 11/01/18 | phillip | OCBC | 10.74 | 14.9 | Buy | |
| 11/01/18 | Lim & Tan | OCBC | 10.74 | 0 | Buy | |
| 11/01/18 | OCBC | Roxy-Pacific | 0.38 | 0.41 | Hold | RNAV (40% discount) |
| 11/01/18 | Macquarie | Sembcorp Industries | 2.82 | 3.6 | Buy | |
| 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 |
| 11/01/18 | CIMB | Starhill | 0.67 | 0.74 | Add | DDM |
| 11/01/18 | phillip | UOB | 24.38 | 32.52 | Buy |
Stock buybacks will boost the stock prices up but will also increase the leverage ratio.
https://sg.finance.yahoo.com/news/october-buybacks-60m-seven-stocks-060313368.html
Generally speaking, stock buybacks will boost up the stock prices but the corporate actions will also increase the leverage ratio which is not good.
Why?
If we look at the balance sheet format whereby Assets (A) = Liabilities (L) + Owner's Equities (OE), doing stock buybacks will reduce the A because money is used to buy back the shares. Consequently, OE will reduce simultaneously because the stock capital is shrunk. Since the leverage ratio (LR) is equal to L divided by OE and add 1, the leverage ratio will increase because the denominator (OE) is getting smaller.
LR = (L/OE) + 1
Having a high leverage ratio is dangerous for a company because LR is a multiplier. It can increase a company's profit or loss exponentially. A high LR means that the company is a risk-taker and it is extremely risky in an interest rate rising environment.
Therefore, improving a company stock price through corporate action like stock buyback is not as good as improving the profitability of the business.
We need to take note when a company does a buyback because it may be a precursor that the company cannot improve its profitability anymore and has to resort to corporate action.
Generally speaking, stock buybacks will boost up the stock prices but the corporate actions will also increase the leverage ratio which is not good.
Why?
If we look at the balance sheet format whereby Assets (A) = Liabilities (L) + Owner's Equities (OE), doing stock buybacks will reduce the A because money is used to buy back the shares. Consequently, OE will reduce simultaneously because the stock capital is shrunk. Since the leverage ratio (LR) is equal to L divided by OE and add 1, the leverage ratio will increase because the denominator (OE) is getting smaller.
LR = (L/OE) + 1
Having a high leverage ratio is dangerous for a company because LR is a multiplier. It can increase a company's profit or loss exponentially. A high LR means that the company is a risk-taker and it is extremely risky in an interest rate rising environment.
Therefore, improving a company stock price through corporate action like stock buyback is not as good as improving the profitability of the business.
We need to take note when a company does a buyback because it may be a precursor that the company cannot improve its profitability anymore and has to resort to corporate action.
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