The US ISM PMI declined again in December 2019 for 5 consecutive months.

The prices rose to 51.7 because the import continued to rise.  The PMI declined to 47.2 which was the lowest level in 2019 and it was in a contraction mode for 5 consecutive months.

The new order decreased to 46.8 because of a reduction in new export order (47.3) and this could indicate that the de-Americanization of China supply chain was affecting the US PMI.  The customers’ inventories (41.1) and production (43.2) decreased because of a further decline in the new order.  This also led to the producers cutting production and employment (45.1) since they were not optimistic about the future.  The continual reduction in manufacturing employment was a grave concern because it was highly correlated to the overall employment in the US.

Therefore, the PMI and its sub-indices indicated a weakening US economy.

AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/19	Kim Eng	AEM	0.905	1.21	Buy	PB2.9x FY19/20, EV/Ebitda5.2x FY20
02/26/19	Kim Eng	AEM	1.05	1.24	Buy	PB2.8x FY19/20
02/26/19	CIMB	AEM	1.05	1.11	Hold	PER10x FY20
04/26/19	CIMB	AEM	1.16	1.21	Hold	PER10x FY20
05/09/19	Kim Eng	AEM	1.05	1.4	Buy	PB3.1x FY19/20
06/11/19	Kim Eng	AEM	0.945	1.4	Buy	PB3.1x FY19/20
07/18/19	CIMB	AEM	1.04	1.23	Add	PER10x FY20
07/29/19	Kim Eng	AEM	1.22	1.4	Buy	PB3x FY19/20
08/14/19	Kim Eng	AEM	1.09	1.4	Buy	Roe-g/Coe-g
09/16/19	Kim Eng	AEM	1.19	1.5	Buy	Roe-g/Coe-g
10/03/19	Kim Eng	AEM	1.12	1.5	Buy	Roe-g/Coe-g, PB3.2x FY19/20
10/11/19	Amfrasers	AEM	1.16	1.34	Outperform	PER11x FY20
10/22/19	CIMB	AEM	1.3	1.44	Add
11/04/19	Amfrasers	AEM	1.53	1.8	Outperform	PER12x FY20
11/25/19	CIMB	AEM	1.8	2.12	Add
11/29/19	DBS Vickers	AEM	1.71	2.38	Buy	PER12.1x FY20
12/10/19	DBS Vickers	AEM	1.91	2.38	Buy	PER12.1x FY20
12/31/19	CIMB	AEM	1.99	2.12	Add

Accordia Golf Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	Accordia Golf Trust	0.55	0.61	Hold
02/19/19	Amfrasers	Accordia Golf Trust	0.565	0.61	Buy
04/04/19	Amfrasers	Accordia Golf Trust	0.59	0.72	Buy
05/31/19	Amfrasers	Accordia Golf Trust	0.585	0.7	Buy
08/16/19	Amfrasers	Accordia Golf Trust	0.535	0.67	Outperform	DDM
11/15/19	Amfrasers	Accordia Golf Trust	0.61	0.67	Outperform
12/02/19	Amfrasers	Accordia Golf Trust	0.7	0.67	Outperform

Ascendas Reit (A-Reit) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	A-Reit	2.57	2.9	Buy
01/04/19	Phillip	A-Reit	2.57	2.78	Accumulate
01/17/19	Kim Eng	A-Reit	2.74	2.95	Buy	DDM
01/22/19	UOB Kay Hian	A-Reit	2.71	3.01	Buy
01/31/19	Phillip	A-Reit	2.72	2.88	Accumulate	DDM, PB1.34x FY19
01/31/19	CIMB	A-Reit	2.72	2.83	Add	DDM
01/31/19	OCBC	A-Reit	2.72	2.64	Hold
01/31/19	DBS Vickers	A-Reit	2.72	2.95	Buy
02/15/19	Phillip	A-Reit	2.75	2.88	Accumulate
02/28/19	Kim Eng	A-Reit	2.81	2.95	Buy
03/07/19	DMG & Partners	A-Reit	2.83	2.9	Neutral	DDM
03/07/19	CIMB	A-Reit	2.83	2.83	Add
04/04/19	Kim Eng	A-Reit	2.93	3.1	Buy
04/30/19	Kim Eng	A-Reit	3.01	3.2	Buy	DDM
04/30/19	OCBC	A-Reit	3.01	2.74	Hold
04/30/19	DMG & Partners	A-Reit	3.01	2.9	Neutral	DDM
05/02/19	Phillip	A-Reit	3	2.88	Neutral	DDM
05/02/19	CIMB	A-Reit	3	2.87	Hold	DDM
05/02/19	DBS Vickers	A-Reit	3	3.2	Buy	DCF
06/19/19	Phillip	A-Reit	2.98	2.88	Neutral
06/25/19	Kim Eng	A-Reit	3.01	3.2	Buy
06/27/19	DBS Vickers	A-Reit	3.05	3.21	Buy
07/03/19	Kim Eng	A-Reit	3.13	3.3	Buy	DDM
07/04/19	DMG & Partners	A-Reit	3.15	2.9	Neutral
07/22/19	Phillip	A-Reit	3.03	2.88	Neutral
07/30/19	DBS Vickers	A-Reit	3.05	3.4	Buy	DCF
07/30/19	OCBC	A-Reit	3.05	2.98	Hold
07/31/19	UOB Kay Hian	A-Reit	3.03	3.01	Hold	Buy @ $2.78
08/02/19	Phillip	A-Reit	3.04	3.31	Accumulate	DDM
09/11/19	UOB Kay Hian	A-Reit	3.14	3.25	Hold	DDM, Buy @ $2.98
09/19/19	Kim Eng	A-Reit	3.11	3.3	Buy
09/24/19	Phillip	A-Reit	3.12	3.31	Accumulate
10/04/19	Lim & Tan	A-Reit	3.08	0	Hold
10/07/19	DBS Vickers	A-Reit	3.08	3.4	Buy
10/10/19	DMG & Partners	A-Reit	3.12	3	Neutral	DDM
10/11/19	CIMB	A-Reit	3.15	3.12	Hold	DDM
10/18/19	Phillip	A-Reit	3.13	3.31	Accumulate
11/04/19	DMG & Partners	A-Reit	3.17	3	Neutral	DDM
11/04/19	OCBC	A-Reit	3.17	3.25	Hold
11/05/19	UOB Kay Hian	A-Reit	3.12	3.28	Hold	Buy @ $2.99
11/11/19	UOB Kay Hian	A-Reit	2.89	3.25	Buy
11/21/19	Kim Eng	A-Reit	2.91	3.35	Buy
11/25/19	Phillip	A-Reit	2.94	3.31	Accumulate
12/03/19	Kim Eng	A-Reit	2.97	3.35	Buy	DDM
12/06/19	Phillip	A-Reit	3.01	3.25	Accumulate
12/06/19	Morgan Stanley	A-Reit	3.01	3.04	Overweight
12/06/19	Macquarie	A-Reit	3.01	2.7	Neutral
12/10/19	DMG & Partners	A-Reit	3.03	3	Neutral
12/19/19	DBS Vickers	A-Reit	2.92	3.4	Buy

Stock calls for 3 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/20	CIMB	Boustead	0.76	1	Add	Sum of parts
01/03/20	UOB Kay Hian	DBS	26.11	30	Buy
01/03/20	DBS Vickers	Netlink	0.94	1.04	Buy	DCF
01/03/20	UOB Kay Hian	OCBC	11.03	14.45	Buy
01/03/20	DBS Vickers	Singtel	3.4	3.6	Buy
01/03/20	DBS Vickers	Starhub	1.42	1.43	Buy	EV/Ebitda6x
01/03/20	DMG & Partners	Suntec Reit	1.85	2.08	Buy	DDM
01/03/20	Kim Eng	UMS	1.08	1.13	Buy	PB2.2x FY20

Facebook is intervening in Asia politics under the US directives.

https://www.businesstimes.com.sg/technology/facebook-steps-up-monitoring-for-taiwan-elections

Facebook is setting up election monitoring offices in Taiwan and Singapore to intervene in local elections.

How will Facebook intervene in Asia's local elections?

First, they will set up a "war room" to monitor the election candidates' groups and remove the FB pages to silence the voices of the election candidates online.  Facebook will only allow the voices of those favoured candidates to be heard or seen online.

http://focustaiwan.tw/news/ast/201912300015.aspx

FB has already removed Taiwan Han's groups because he is pro-China.  FB may do the same thing in SG by removing the oppositions' groups.

http://focustaiwan.tw/news/asoc/201912130019.aspx

The US layoffs hit its highest level while the unemployment rate was at its lowest.

https://sg.finance.yahoo.com/news/layoffs-hit-4-year-high-in-2019-challenger-gray-data-says-190116585.html

The US unemployment rate was at its lowest while the layoffs hit its highest level.  How come?

https://www.cnbc.com/2019/12/06/us-nonfarm-payrolls-november-2019.html

The only explanation for this conundrum is that the US employment rate has an error since it is survey-based and is subjected to manipulation (fudging).

http://sg-stock.blogspot.com/2017/08/economic-101-dont-let-unemployment-rate.html

800Super - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	Phillip	800Super	0.685	0	Cease Coverage	DCF
06/10/19	Novus	800Super	0.89	0.9	Accept offer	offer $0.90

Yongnam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	CIMB	Yongnam	0.183	0.4	Add	PB0.8x FY19
01/07/19	CIMB	Yongnam	0.183	0.41	Add	PB0.8x FY19
03/01/19	CIMB	Yongnam	0.173	0.33	Add	PB0.7x FY19
04/05/19	CIMB	Yongnam	0.186	0.33	Add	PB0.7x FY19
05/17/19	CIMB	Yongnam	0.169	0.33	Add	PB0.7x FY19
08/15/19	CIMB	Yongnam	0.171	0.28	Add

Yoma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	DBS Vickers	Yoma	0.345	0.4	Buy
04/11/19	DMG & Partners	Yoma	0.32	0.57	Buy	Sum of parts (20% discount)
06/03/19	DBS Vickers	Yoma	0.33	0.4	Buy	RNAV (60% discount)
11/15/19	DBS Vickers	Yoma	0.375	0.5	Buy	RNAV (45% discount)
12/26/19	DMG & Partners	Yoma	0.335	0.57	Buy

Stock calls for 2 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/20	DBS Vickers	Capitaland	3.75	4.5	Buy	RNAV (18% discount)
01/02/20	DBS Vickers	City Developments	10.95	13	Buy	RNAV (18% discount), PB1.08x FY2020
01/02/20	DMG & Partners	SGX	8.86	8.8	Neutral	PER23x FY21
01/02/20	DBS Vickers	UOL	8.32	9.5	Buy	RNAV (28% discount), PB0.8x

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	OCBC	Yanlord	1.39	1.75	Buy	PER5x
04/12/19	OCBC	Yanlord	1.47	1.75	Buy	PER5x FY19
05/16/19	OCBC	Yanlord	1.44	1.68	Buy	PER5x FY19/20
05/17/19	DBS Vickers	Yanlord	1.44	1.47	Hold	PER6x FY19/20
07/15/19	OCBC	Yanlord	1.32	1.68	Buy
08/14/19	OCBC	Yanlord	1.13	1.68	Buy	PER5x FY19/20

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	DBS Vickers	Yangzijiang	1.42	1.82	Buy
03/01/19	CIMB	Yangzijiang	1.43	1.61	Add	Sum of parts
03/04/19	OCBC	Yangzijiang	1.44	1.44	Hold
03/04/19	UOB Kay Hian	Yangzijiang	1.44	1.39	Hold	PB0.9x FY19, Buy @ $1.25
03/04/19	DBS Vickers	Yangzijiang	1.44	1.82	buy	Sum of parts, PB1.1x
05/02/19	CIMB	Yangzijiang	1.57	1.61	Hold	Sum of parts
05/02/19	OCBC	Yangzijiang	1.57	1.45	Hold	Sum of parts
05/02/19	DBS Vickers	Yangzijiang	1.57	1.82	Buy	Sum of parts
06/11/19	OCBC	Yangzijiang	1.4	1.45	Hold
07/18/19	DBS Vickers	Yangzijiang	1.5	1.82	Buy
08/07/19	DBS Vickers	Yangzijiang	1.37	1.82	Buy	Sum of parts
08/13/19	CIMB	Yangzijiang	1.04	1.61	Hold	Sum of parts
09/10/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.84x
10/09/19	UOB Kay Hian	Yangzijiang	0.95	1.46	Buy
11/12/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.9x
11/18/19	DBS Vickers	Yangzijiang	1	1.68	Buy	Sum of parts
11/25/19	CIMB	Yangzijiang	1.02	1.45	Add
12/11/19	UOB Kay Hian	Yangzijiang	1.09	1.46	Buy	PB0.84x
12/23/19	DBS Vickers	Yangzijiang	1.07	1.68	Buy
12/27/19	CIMB	Yangzijiang	1.13	1.45	Add

Y Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/19	DBS Vickers	Y Venture	0.13	0.11	Cease Coverage	EV/Ebitda14x FY19
01/28/19	CIMB	Y Venture	0.13	0.1	Reduce	PB1.7x FY20
03/08/19	Phillip	Y Venture	0.078	0.16	Buy	PER30x
03/25/19	CIMB	Y Venture	0.06	0.15	Add
04/17/19	Phillip	Y Venture	0.156	0.16	Cease Coverage

Stock calls for 31 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/31/19	CIMB	AEM	1.99	2.12	Add

How is China's economy doing? - Part 2

https://finance.yahoo.com/news/china-markets-following-positive-pmi-214800477.html

China PMI showed a positive reading of 50.2 again in December.

We had stated on numerous occasions that China PMI would be in an expansion mode compared to the US PMI.

http://sg-stock.blogspot.com/2019/12/how-is-chinas-economy-doing.html

http://sg-stock.blogspot.com/2019/12/china-pmi-had-expanded-as-we-had.html

The accelerating China PMI will be supporting its economy.

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/19	OCBC	Wing Tai	2.03	2.41	Buy
04/17/19	OCBC	Wing Tai	2.06	2.41	Buy
05/14/19	OCBC	Wing Tai	2.01	2.41	Buy
06/27/19	OCBC	Wing Tai	2.05	2.41	Buy
07/15/19	OCBC	Wing Tai	2.07	2.41	Buy
10/15/19	OCBC	Wing Tai	2.07	2.27	Buy

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Wilmar	3.16	3.58	Buy
01/03/19	UOB Kay Hian	Wilmar	3.13	3.9	Buy
02/20/19	OCBC	Wilmar	3.37	3.42	Hold
02/20/19	UBS	Wilmar	3.37	3.8	Buy
02/22/19	DMG & Partners	Wilmar	3.39	3.58	Buy
02/22/19	CIMB	Wilmar	3.39	3.96	Add	Sum of parts
02/22/19	UOB Kay Hian	Wilmar	3.39	3.9	Buy
02/25/19	DMG & Partners	Wilmar	3.26	3.63	Buy	Sum of parts
02/25/19	DBS Vickers	Wilmar	3.26	3.6	Buy	DCF, PER15.4x FY19
03/12/19	CIMB	Wilmar	3.2	3.96	Add	Sum of parts
03/12/19	DBS Vickers	Wilmar	3.2	3.6	Buy
03/13/19	DMG & Partners	Wilmar	3.24	3.63	Buy
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9	Buy
04/08/19	UOB Kay Hian	Wilmar	3.48	3.9	Buy
04/09/19	OCBC	Wilmar	3.49	3.44	Hold	PB0.9x
04/09/19	CIMB	Wilmar	3.49	3.96	Add
05/02/19	UOB Kay Hian	Wilmar	3.64	3.9	Buy
05/13/19	DMG & Partners	Wilmar	3.51	3.8	Buy	Sum of parts
05/13/19	DBS Vickers	Wilmar	3.51	3.86	Buy	DCF, PER15.6x FY19
05/16/19	DMG & Partners	Wilmar	3.5	3.94	Buy	Sum of parts
05/16/19	OCBC	Wilmar	3.5	3.66	Hold	PB0.95x
05/16/19	CIMB	Wilmar	3.5	3.96	Add	Sum of parts
06/06/19	DMG & Partners	Wilmar	3.3	3.94	Buy
06/13/19	UOB Kay Hian	Wilmar	3.41	3.9	Buy	PER12.8x FY20
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER17.5x FY20
07/09/19	UOB Kay Hian	Wilmar	3.79	3.9	Buy
07/09/19	UBS	Wilmar	3.79	4.5	Buy
07/15/19	DMG & Partners	Wilmar	3.76	4.5	Buy	Sum of parts
07/16/19	CIMB	Wilmar	3.83	5.54	Add	Normal target price is $3.96
07/16/19	DBS Vickers	Wilmar	3.83	4.3	Buy	Sum of parts, PER16.2x FY20
07/17/19	OCBC	Wilmar	3.83	4.26	Buy	Sum of parts
07/26/19	UOB Kay Hian	Wilmar	4.06	4.5	Buy	Sum of parts
08/14/19	DMG & Partners	Wilmar	4.05	4.5	Buy	Sum of parts
08/14/19	UOB Kay Hian	Wilmar	4.05	4.5	Buy
08/15/19	UOB Kay Hian	Wilmar	3.86	4.4	Buy
08/16/19	OCBC	Wilmar	3.78	4.26	Buy
08/16/19	DBS Vickers	Wilmar	3.78	4.25	Buy	Sum of parts, PER16.3x FY20
08/22/19	CIMB	Wilmar	3.81	4.58	Add
08/22/19	Kim Eng	Wilmar	3.81	3.89	Hold
09/04/19	Kim Eng	Wilmar	3.8	3.89	Hold	DCF
09/11/19	DMG & Partners	Wilmar	3.8	4.5	Buy	Sum of parts
09/13/19	DBS Vickers	Wilmar	3.86	4.25	Buy	Sum of parts, PER16.3x FY20
09/24/19	UOB Kay Hian	Wilmar	3.72	4.4	Buy
09/30/19	DMG & Partners	Wilmar	3.72	4.75	Buy	Sum of parts
10/09/19	Kim Eng	Wilmar	3.63	3.89	Hold	DCF
10/09/19	UOB Kay Hian	Wilmar	3.63	4.4	Buy
11/12/19	UOB Kay Hian	Wilmar	3.83	4.4	Buy
11/13/19	DMG & Partners	Wilmar	3.85	4.75	Buy	Sum of parts
11/14/19	DBS Vickers	Wilmar	3.96	4.35	Buy	Sum of parts, PER16.3x FY20
11/25/19	CIMB	Wilmar	4.1	4.58	Add
12/10/19	UOB Kay Hian	Wilmar	4.1	4.75	Buy	Sum of parts
12/10/19	DBS Vickers	Wilmar	4.1	4.6	Buy	Sum of parts, PER17.6x FY20
12/19/19	DMG & Partners	Wilmar	4.08	4.75	Buy