UOB - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	UOB	23.99	32.52	Buy
01/04/19	Jefferies	UOB	23.99	31	Buy
01/29/19	DMG & Partners	UOB	25.83	29.8	Buy	GGM, PB1.37x FY19
01/29/19	CIMB	UOB	25.83	32	Add	GGM, PB1.4x CY19
01/31/19	Kim Eng	UOB	25.3	30.5	Buy	DDM
02/01/19	phillip	UOB	25.19	32.52	Buy
02/12/19	Kim Eng	UOB	25.34	30.5	Buy
02/22/19	DMG & Partners	UOB	25.98	29.8	Buy	PB1.35x FY19
02/25/19	Jefferies	UOB	25.58	30	Buy	PER12.3x FY19
02/25/19	OCBC	UOB	25.58	28.3	Buy	PB1.2x FY19
02/25/19	DBS Vickers	UOB	25.58	29.2	Buy	GGM, PB1.2x
02/25/19	phillip	UOB	25.58	32.51	Buy	GGM, PB1.4x FY19
02/25/19	Kim Eng	UOB	25.58	29.71	Buy	DDM
02/25/19	CIMB	UOB	25.58	29	Add	GGM, PB1.3x FY19
02/26/19	Macquarie	UOB	25.39	30.5	Outperform	PB
03/04/19	phillip	UOB	25	32.5	Buy
03/07/19	Kim Eng	UOB	25.1	29.71	Buy
03/11/19	CIMB	UOB	24.91	29	Add
03/13/19	DMG & Partners	UOB	25.04	29.8	Buy	PB1.35x FY19
03/26/19	OCBC	UOB	24.95	28.3	Buy
04/02/19	phillip	UOB	25.42	32.5	Buy
04/02/19	DBS Vickers	UOB	25.42	29.2	Buy
04/11/19	CIMB	UOB	26.56	29	Add
04/12/19	Kim Eng	UOB	26.53	29.71	Buy
04/18/19	phillip	UOB	26.87	32.02	Buy	GGM, PB1.4x FY19
04/22/19	DMG & Partners	UOB	26.8	29.8	Buy
04/24/19	DMG & Partners	UOB	26.99	30.8	Buy	PB1.29x FY20
05/03/19	phillip	UOB	27.75	32.5	Buy
05/03/19	DMG & Partners	UOB	27.75	30.8	Buy	GGM, PB1.29x FY20
05/03/19	DBS Vickers	UOB	27.75	29.2	Buy	GGM, PB1.2x FY19
05/03/19	CIMB	UOB	27.75	29	Add	GGM
05/06/19	Jefferies	UOB	27.77	31	Buy	PER12.4x FY19
05/06/19	OCBC	UOB	27.77	28.9	Hold	GGM, PB1.2x
05/06/19	phillip	UOB	27.77	30.87	Accumulate	GGM, PB1.4x FY19
05/06/19	CIMB	UOB	27.77	29.58	Add	GGM, PB1.3x
05/06/19	Lim & Tan	UOB	27.77	0	Buy on weakness
05/07/19	OCBC	UOB	25.85	27.3	Hold
05/16/19	CIMB	UOB	25.1	29.58	Add	GGM
05/22/19	Kim Eng	UOB	24.83	28.97	Buy
06/03/19	CIMB	UOB	23.5	29.58	Add
06/06/19	phillip	UOB	24	30.9	Accumulate
06/06/19	DMG & Partners	UOB	24	30.8	Buy
06/17/19	Kim Eng	UOB	24.99	28.97	Buy
06/20/19	OCBC	UOB	26.14	28.9	Buy
06/25/19	DBS Vickers	UOB	25.86	29.2	Buy
07/01/19	Kim Eng	UOB	26.13	28.97	Buy
07/02/19	OCBC	UOB	26.61	29.4	Buy	GGM, PB1.3x, PER11.3x
07/03/19	phillip	UOB	26.55	30.9	Accumulate

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/19	Amfrasers	Uni-Asia	1.2	2.07	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
04/09/19	Amfrasers	Uni-Asia	1.16	1.86	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
05/17/19	Amfrasers	Uni-Asia	1.13	1.86	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19

Stock calls for 4 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	A-Reit	3.15	2.9	Neutral
07/04/19	OCBC	ART	1.28	1.31	Hold
07/04/19	CIMB	ART	1.28	1.15	Hold	DDM
07/04/19	UOB Kay Hian	ART	1.28	1.46	Buy
07/04/19	DMG & Partners	Cache Logistics	0.785	0.83	Buy
07/04/19	DMG & Partners	CapitaCommercial	2.23	1.86	Neutral
07/04/19	DMG & Partners	Capitamall Trust	2.71	2.2	Neutral
07/04/19	DMG & Partners	CDL Hospitality	1.66	1.77	Buy
07/04/19	DMG & Partners	EC World Reit	0.78	0.85	Buy
07/04/19	DMG & Partners	Frasers Centrepoint Trust	2.64	2.25	Neutral
07/04/19	DMG & Partners	Frasers Commercial Trust	1.68	1.65	Neutral
07/04/19	OCBC	Frasers Logistics	1.23	1.2	Hold
07/04/19	Lim & Tan	Frasers Logistics	1.23	0	Hold
07/04/19	CIMB	Frasers Logistics	1.23	1.25	Hold
07/04/19	phillip	Geo Energy	0.155	0.15	Neutral
07/04/19	phillip	Golden Energy	0.225	0.24	Accumulate
07/04/19	DMG & Partners	Keppel Reit	1.28	1.12	Neutral
07/04/19	DMG & Partners	Manulife US Reit	0.88	0.96	Buy
07/04/19	DMG & Partners	OUE Hospitality	0.72	0.76	Take Profit
07/04/19	Macquarie	Sembcorp Industries	2.41	2.84	Outperform
07/04/19	Macquarie	Sembcorp Marine	1.41	1.57	Neutral
07/04/19	DBS Vickers	Sembcorp Marine	1.41	2.4	Buy
07/04/19	DMG & Partners	Starhill	0.78	0.78	Buy
07/04/19	DMG & Partners	Suntec Reit	1.97	1.9	Neutral

Putin rejected Abe's request in G20 summit to return the 4 northern islands

https://www.scmp.com/news/asia/east-asia/article/2181546/japan-thought-deal-kuril-islands-was-its-way-russia-just

The Japanese PM Abe made a fool of himself by making an unreasonable request to Putin to return the 4 northern islands under Russian's control.

Why? The 4 northern islands don't belong to Japan in the first place.  We posted this before in 2016.

http://sg-stock.blogspot.com/2016/12/putin-is-making-fool-out-of-abe-but-abe.html

The Japanese government is just trying to whitewash its history.

Diaoyu island also doesn't belong to Japan.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	DBS Vickers	UMS	0.71	0.55	Fully Valued	PER8x FY19
02/28/19	CIMB	UMS	0.74	0.62	Reduce	PB1.37x CY19
05/14/19	DBS Vickers	UMS	0.615	0.55	Fully Valued	PER8x FY19
05/16/19	DBS Vickers	UMS	0.64	0.45	Fully Valued	PER8x FY19/20
05/21/19	CIMB	UMS	0.62	0.55	Reduce

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	DMG & Partners	UG Healthcare	0.205	0.32	Buy	PER10x FY20
05/07/19	DMG & Partners	UG Healthcare	0.18	0.32	Buy	PER10x FY20

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/19	Amfrasers	Tuan Sing	0.395	0.46	Not Rated	RNAV (50% discount)

Stock calls for 3 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	Kim Eng	A-Reit	3.13	3.3	Buy	DDM
07/03/19	phillip	DBS	26.5	29	Accumulate
07/03/19	DMG & Partners	Hyphens Pharma	0.196	0.25	Buy	DCF, PER12.2x FY19
07/03/19	DBS Vickers	Keppel Corp	6.77	9.2	Buy
07/03/19	OCBC	Keppel Corp	6.77	7.83	Buy
07/03/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
07/03/19	phillip	OCBC	11.54	12.7	Accumulate
07/03/19	OCBC	Sembcorp Industries	2.47	3.03	Buy
07/03/19	CIMB	Sembcorp Marine	1.54	1.75	Add	PB1.6x CY19
07/03/19	OCBC	Sembcorp Marine	1.54	1.6	Hold
07/03/19	phillip	UOB	26.55	30.9	Accumulate
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER

Trump is starting to backtrack on the truce deal with China.

https://sg.finance.yahoo.com/news/u-govt-staff-told-treat-033337237.html

Huawei ban will continue to be in effect.

We have just predicted this and Trump is doing it now as he is pressured by the hawkish politicians.

http://sg-stock.blogspot.com/2019/07/look-like-trump-will-renege-on-us-china.html

Mahathir is skinning Singapore again.

https://sg.finance.yahoo.com/news/exclusive-blow-singapores-expansion-malaysia-035646777.html

Here we go again!

Mahathir likes to impede SG's economic developments.  He is trying to stop or delay our Tuas Mega Port construction by banning sea sand exports to SG.

We've stated before that a pro-China Malaysia is a threat to SG (Read below).

http://sg-stock.blogspot.com/2019/05/a-pro-china-malaysia-is-threat-to.html

ISM PMI analysis for the US economy in June 2019.

The PMI prices dropped in June from 53.2 to 47.9 because the US reduced its local raw material purchases (estimated -2.4) and imported more raw materials (+0.6) which were cheaper.

The inventories and supplier's deliveries declined because the manufacturing sector was just producing enough to fulfill the backlog of orders since the new order dropped in June that was caused by a fall in overseas order.  The rises in the employment, production and customers' inventories also reflected the phenomenon to fulfill existing orders instead of new orders.

The local new order (estimated +0.1) denoted that the local consumption was relatively unchanged and couldn't hold up the PMI headline number (51.7, -0.4).  The PMI has been falling for 3 consecutive months already and the 2nd QTR GDP will be much weaker than the 1st QTR GDP.

http://sg-stock.blogspot.com/2019/06/ism-pmi-analysis-for-us-economy.html

Look like Trump will renege on the US-China truce deal.

https://sg.finance.yahoo.com/news/apos-don-apos-t-believe-073039714.html

The hawkish politicians are pressuring Trump to break away from the truce deal and ban Huawei in the US.  They're embarking on a smearing campaign against China and Huawei to force Trump to act.

The US has reneged on international pacts (Paris & Iran) before and won't bat an eyelid from breaking away from the truce.  The US will fabricate intelligence and create lies to serve its own political interests.  This is the characteristic of the American culture and it will never change.

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	Kim Eng	Top Glove	1.5	1.53	Hold	Ringgit target $4.60, PER24x CY20
04/17/19	UOB Kay Hian	Top Glove	1.48	1.34	Hold	Ringgit target $4.10, Buy @ $3.70
06/27/19	Kim Eng	Top Glove	1.62	1.59	Hold	Ringgit target $4.85

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Tianjin Zhongxin	0.915	1.7	Buy	PER13.6x FY19
05/02/19	UOB Kay Hian	Tianjin Zhongxin	0.985	1.7	Buy
06/14/19	UOB Kay Hian	Tianjin Zhongxin	0.885	1.7	Buy

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts
02/13/19	CIMB	Thai Beverage	0.72	0.83	Add	Sum of parts
02/15/19	DBS Vickers	Thai Beverage	0.72	0.87	Buy
02/18/19	UOB Kay Hian	Thai Beverage	0.815	0.86	Hold	Sum of parts, buy @ $0.76
02/18/19	DMG & Partners	Thai Beverage	0.815	0.92	Buy	Sum of parts
02/18/19	CIMB	Thai Beverage	0.815	0.9	Add	Sum of parts
02/18/19	OCBC	Thai Beverage	0.815	0.91	Buy
02/19/19	Phillip	Thai Beverage	0.82	0.81	Neutral	Sum of parts
02/19/19	Amfrasers	Thai Beverage	0.82	0.75	Hold
02/27/19	DBS Vickers	Thai Beverage	0.81	0.94	Buy
03/14/19	UOB Kay Hian	Thai Beverage	0.805	0.86	Hold	Sum of parts, Buy @ $0.78
04/05/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy
05/13/19	Phillip	Thai Beverage	0.825	0.83	Neutral	Sum of parts
05/13/19	CIMB	Thai Beverage	0.825	0.94	Add
05/13/19	UOB Kay Hian	Thai Beverage	0.825	0.85	Hold	Sum of parts, Buy @ $0.76
05/13/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy	Sum of parts
05/13/19	OCBC	Thai Beverage	0.825	0.88	Hold
05/13/19	DBS Vickers	Thai Beverage	0.825	0.91	Buy	Sum of parts
05/14/19	Amfrasers	Thai Beverage	0.765	0.75	Hold
05/28/19	OCBC	Thai Beverage	0.805	0.86	Hold
06/06/19	DMG & Partners	Thai Beverage	0.84	0.92	Buy	Sum of parts, PER23x
06/06/19	DBS Vickers	Thai Beverage	0.84	0.91	Buy

Stock calls for 2 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	DMG & Partners	Breadtalk	0.75	0.81	Neutral
07/02/19	Kim Eng	Bumitama	0.63	1.01	Buy
07/02/19	DMG & Partners	Dairy Farm	7.29	8.25	Neutral
07/02/19	OCBC	DBS	26.6	29.2	Buy	GGM, PB1.4x, PER14.7x
07/02/19	Kim Eng	First Resources	1.6	1.93	Buy
07/02/19	Kim Eng	OCBC	11.59	11.07	Hold
07/02/19	DMG & Partners	Sheng Siong	1.1	1.23	Buy
07/02/19	Kim Eng	SIA Engineering	2.51	2.85	Buy
07/02/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts, Buy @ $0.88
07/02/19	CIMB	Suntec Reit	1.95	2.15	Add	DDM
07/02/19	DBS Vickers	Suntec Reit	1.95	2.2	Buy	DCF
07/02/19	OCBC	UOB	26.61	29.4	Buy	GGM, PB1.3x, PER11.3x

The semiconductor is facing a collapse. - Part 5

https://www.cnbc.com/2019/07/02/us-china-tech-war-causing-chinese-semiconductor-firms-to-develop-chips.html

We projected the semiconductor outcome in 2018 and the venture capitalist saw it happening in 2019.

https://sg-stock.blogspot.com/2018/10/the-global-semiconductor-slowdown-is.html

Korea-Japan trade war has just begun!

https://sg.finance.yahoo.com/news/japan-toughen-restrictions-exports-south-030402201.html

Notwithstanding the US-China trade war, 2 Asian giants, South Korea & Japan, have started another trade war because of the historical feud.

The US won't allow the Korea-Japan trade war to escalate because this will hurt the US strategic alliance in the South China Sea.  The US needs Korea and Japan to work together to contain China military advancement in the South China Sea.

I'm pretty confident that the US will act as a mediator between Korea & Japan to resolve this trade war.

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	DMG & Partners	Talkmed	0.59	0.64	Neutral
02/21/19	DMG & Partners	Talkmed	0.58	0.62	Neutral	DCF
04/29/19	DMG & Partners	Talkmed	0.51	0.62	Buy	DCF

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	OCBC	Suntec Reit	1.86	1.83	Hold
01/24/19	DBS Vickers	Suntec Reit	1.87	2.12	Buy	DCF
01/24/19	OCBC	Suntec Reit	1.87	1.84	Hold
01/24/19	DMG & Partners	Suntec Reit	1.87	1.9	Neutral	DDM
01/24/19	Jefferies	Suntec Reit	1.87	1.85	Hold	Up from $1.80
01/28/19	UOB Kay Hian	Suntec Reit	1.93	2.01	Hold	Buy @ $1.83
01/28/19	CIMB	Suntec Reit	1.93	2.06	Add
03/18/19	DMG & Partners	Suntec Reit	1.93	1.9	Neutral
04/02/19	DBS Vickers	Suntec Reit	1.96	2.12	Buy
04/24/19	OCBC	Suntec Reit	1.86	1.84	Hold
04/25/19	OCBC	Suntec Reit	1.89	1.83	Hold	DDM
05/28/19	CIMB	Suntec Reit	1.82	2.06	Add
05/30/19	OCBC	Suntec Reit	1.82	1.99	Hold	Buy @ $1.81
06/20/19	DMG & Partners	Suntec Reit	1.92	1.9	Neutral	DDM

Sunpower - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	UOB Kay Hian	Sunpower	0.385	0.76	Buy	Sum of parts
03/01/19	UOB Kay Hian	Sunpower	0.585	0.88	Buy	Sum of parts

Stock calls for 1July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/01/19	Kim Eng	DBS	25.96	29.46	Buy
07/01/19	UOB Kay Hian	DBS	25.96	30.5	Buy
07/01/19	CIMB	ISDN	0.235	0.32	Add
07/01/19	UOB Kay Hian	OCBC	11.4	14.62	Buy
07/01/19	Kim Eng	UOB	26.13	28.97	Buy

President Trump is the man behind wall street. - Part 2

http://sg-stock.blogspot.com/2019/06/president-trump-is-man-behind-wall.html

Trump did everything he could to make sure that the trade talk didn't fall out.

He didn't insist on his previous terms (no mention of IP theft, forced technology transfer, change of China laws to accommodate his demands, etc).

He didn't mention HK at all in the trade talk.

He didn't impose new tariffs against China.

Why is Trump getting soft on China?

We have come up with a few reasons for Trump's meekness.

1. The top US business leaders are rallying their demands for "No China tariffs".

2. The 2nd QTR GDP will look bad.

3. Many Americans cannot enjoy Christmas if there are more China tariffs.

4. Farmers are suffering and losing their China market share.

5. Trump's popularity is dropping fast and furious.

Many analysts were dead wrong about Vietnam benefitting from the US-China trade war.

https://www.channelnewsasia.com/news/asia/vietnam-says-committed-to--free-and-fair--trade-after-trump-tariff-threat-11671716

Trump has threatened to impose tariffs against Vietnam.

We differed from many analysts over the view that Vietnam would benefit from the US-China trade war.

http://sg-stock.blogspot.com/2018/11/do-thailand-and-vietnam-really-benefit.html

We had stated our view in our previous post above.  Smaller nations like Vietnam and Thai do not have the same clout as China to ward off the US tariffs because their economies and military prowess are not in the same league as China.  They will be bullied by the US and they will bend to US demands.  Vietnam is in trouble now.

A trade truce has been reached between the US and China.

https://sg.finance.yahoo.com/news/trump-xi-talk-trade-economic-233226847.html

Basically, this is just about remaining a status quo since existing tariffs will remain with no new additional tariffs.

However, non-tariffs measures such as restrictions placed on China and the US companies will escalate in the name of national security concerns which may not seem to be trade-related.

Let's see how this will pan out since Trump is not a credible leader and always flip-flop on his agreements.

Baltic dry index - 1354

Today, Friday, June 28 2019, the Baltic Dry Index climbed by 14 points, reaching 1354 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 - 967

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Sunningdale - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	UOB Kay Hian	Sunningdale	1.56	1.3	Hold	PER11x FY19, Buy @ $1.20
03/01/19	Lim & Tan	Sunningdale	1.56	0	Hold
03/05/19	CIMB	Sunningdale	1.4	1.38	Reduce	PB0.69x FY19
04/11/19	Lim & Tan	Sunningdale	1.39	0	Hold
05/07/19	Lim & Tan	Sunningdale	1.35	0	Hold
05/09/19	UOB Kay Hian	Sunningdale	1.32	1.22	Hold	PER11x FY20, Buy @ $1.10
05/09/19	CIMB	Sunningdale	1.32	1.38	Hold	PB0.69x FY19

Starhub - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	UOB Kay Hian	Starhub	1.75	1.6	Sell
01/02/19	Kim Eng	Starhub	1.75	2.21	Buy
01/04/19	Phillip	Starhub	1.71	1.88	Accumulate	EV/Ebitda6x FY19
01/14/19	DMG & Partners	Starhub	1.77	1.9	Neutral
01/15/19	DBS Vickers	Starhub	1.77	2.45	Buy	DCF
02/07/19	Kim Eng	Starhub	1.82	2.21	Buy
02/08/19	DBS Vickers	Starhub	1.89	2.45	Buy
02/15/19	OCBC	Starhub	1.9	1.64	Sell
02/15/19	DMG & Partners	Starhub	1.9	2.02	Neutral	DCF
02/15/19	DBS Vickers	Starhub	1.9	1.92	Hold	DCF
02/15/19	Lim & Tan	Starhub	1.9	0	Sell
02/18/19	Phillip	Starhub	1.67	1.58	Neutral	EV/Ebitda
02/18/19	Kim Eng	Starhub	1.67	2.18	Buy	DCF
02/18/19	UOB Kay Hian	Starhub	1.67	1.45	Sell	DCF
02/19/19	CIMB	Starhub	1.61	2	Hold	DCF
03/26/19	CIMB	Starhub	1.51	1.65	Hold	DCF (10% discount)
04/01/19	Kim Eng	Starhub	1.49	2.18	Buy
05/06/19	Phillip	Starhub	1.58	1.62	Neutral
05/06/19	UOB Kay Hian	Starhub	1.58	1.45	Sell	DCF
05/06/19	CIMB	Starhub	1.58	1.65	Hold	DCF (10% discount)
05/06/19	DMG & Partners	Starhub	1.58	1.72	Neutral	DCF
05/06/19	OCBC	Starhub	1.58	1.64	Hold
05/06/19	Kim Eng	Starhub	1.58	2	buy	DCF
06/03/19	Phillip	Starhub	1.49	1.62	Accumlate	EV/Ebitda6x FY19
06/06/19	DMG & Partners	Starhub	1.49	1.72	Neutral