Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/19	Amfrasers	Keppel DC Reit	1.47	1.62	Buy	DDM
04/09/19	CIMB	Keppel DC Reit	1.48	1.54	Add	DDM
04/16/19	OCBC	Keppel DC Reit	1.49	1.64	Buy
04/16/19	Lim & Tan	Keppel DC Reit	1.49	0	Hold
04/18/19	Phillip	Keppel DC Reit	1.49	1.59	Accumulate	DDM, PB1.37x FY19
05/02/19	Amfrasers	Keppel DC Reit	1.51	1.62	Buy
06/19/19	Phillip	Keppel DC Reit	1.64	1.59	Accumulate
07/10/19	CIMB	Keppel DC Reit	1.67	1.54	Add
07/17/19	OCBC	Keppel DC Reit	1.71	1.93	Buy
07/17/19	DBS Vickers	Keppel DC Reit	1.71	1.9	Buy	DCF
07/18/19	Phillip	Keppel DC Reit	1.73	1.71	Hold	DDM
07/18/19	CIMB	Keppel DC Reit	1.73	1.67	Hold	DDM
07/23/19	Amfrasers	Keppel DC Reit	1.75	1.71	Neutral
07/26/19	OCBC	Keppel DC Reit	1.71	1.93	Hold
08/26/19	Phillip	Keppel DC Reit	1.74	1.71	Neutral
09/17/19	OCBC	Keppel DC Reit	1.8	2.08	Buy	DDM
09/17/19	Amfrasers	Keppel DC Reit	1.8	1.95	Outperform
09/18/19	CIMB	Keppel DC Reit	1.93	1.82	Hold	DDM
09/19/19	Phillip	Keppel DC Reit	1.97	2	Accumulate	DDM
10/08/19	DBS Vickers	Keppel DC Reit	1.9	2.2	Buy	DCF
10/16/19	CIMB	Keppel DC Reit	1.99	1.88	Hold	DDM
10/16/19	Phillip	Keppel DC Reit	1.99	2.06	Accumulate	DDM
10/16/19	Lim & Tan	Keppel DC Reit	1.99	0	Hold
10/17/19	Amfrasers	Keppel DC Reit	2	2.11	Outperform
10/17/19	OCBC	Keppel DC Reit	2	2.08	Hold
11/25/19	Phillip	Keppel DC Reit	2.01	2.06	Accumulate
12/18/19	DBS Vickers	Keppel DC Reit	1.97	2.23	Buy	DCF
01/22/20	CIMB	Keppel DC Reit	2.25	2.03	Hold	DDM
01/23/20	DBS Vickers	Keppel DC Reit	2.22	2.4	Buy	DCF
02/04/20	DBS Vickers	Keppel DC Reit	2.27	2.4	Buy
02/25/20	DBS Vickers	Keppel DC Reit	2.5	2.55	Hold	DCF
03/02/20	DBS Vickers	Keppel DC Reit	2.32	2.55	Hold	DCF
03/11/20	Amfrasers	Keppel DC Reit	2.38	2.19	Neutral
03/13/20	Phillip	Keppel DC Reit	2.14	2.06	Accumulate
03/19/20	CIMB	Keppel DC Reit	1.86	2.17	Add
04/22/20	CIMB	Keppel DC Reit	2.44	2.17	Hold
04/24/20	Phillip	Keppel DC Reit	2.45	2.2	Hold	DDM

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/15/19	CIMB	Keppel Corp	6.62	8.41	Add	Sum of parts
04/22/19	OCBC	Keppel Corp	6.74	7.83	Buy
04/22/19	Lim & Tan	Keppel Corp	6.74	0	Hold
05/08/19	CIMB	Keppel Corp	6.72	8.41	Add	Sum of parts
06/10/19	DMG & Partners	Keppel Corp	6.05	7.33	Buy	Sum of parts, Cut from $7.92
06/21/19	DBS Vickers	Keppel Corp	6.57	9	Buy
06/28/19	CIMB	Keppel Corp	6.67	8.41	Add	Sum of parts
07/03/19	DBS Vickers	Keppel Corp	6.77	9.2	Buy
07/03/19	OCBC	Keppel Corp	6.77	7.83	Buy
07/19/19	DMG & Partners	Keppel Corp	6.59	7.3	Buy	Sum of parts
07/19/19	CIMB	Keppel Corp	6.59	8.41	Add	Sum of parts
07/19/19	UOB Kay Hian	Keppel Corp	6.59	7.61	Buy	Sum of parts
07/19/19	Lim & Tan	Keppel Corp	6.59	0	Hold
07/22/19	Amfrasers	Keppel Corp	6.57	7.43	Neutral	Sum of parts
07/22/19	DBS Vickers	Keppel Corp	6.57	8.5	Buy	Sum of parts
08/22/19	Lim & Tan	Keppel Corp	5.9	0	Buy
08/26/19	UOB Kay Hian	Keppel Corp	5.88	7.61	Buy	Sum of parts
09/24/19	Lim & Tan	Keppel Corp	6.04	0	Buy
09/30/19	CIMB	Keppel Corp	5.98	8.41	Add	Sum of parts
10/01/19	UOB Kay Hian	Keppel Corp	5.93	7.61	Buy	Sum of parts
10/08/19	CIMB	Keppel Corp	5.91	8.41	Add
10/08/19	DMG & Partners	Keppel Corp	5.91	7.3	Buy
10/09/19	OCBC	Keppel Corp	5.93	7.58	Buy
10/09/19	DBS Vickers	Keppel Corp	5.93	8.5	Buy
10/17/19	Macquarie	Keppel Corp	5.98	7.5	Outperform	Sum of parts
10/18/19	CIMB	Keppel Corp	5.96	8.36	Add	Sum of parts
10/18/19	DMG & Partners	Keppel Corp	5.96	7.18	Buy	Sum of parts (20% disc)
10/18/19	Lim & Tan	Keppel Corp	5.96	0	Hold
10/18/19	DBS Vickers	Keppel Corp	5.96	7.5	Buy	Sum of parts, PB1.2x FY19
10/21/19	Amfrasers	Keppel Corp	5.84	7.44	Overweight	Sum of parts
10/21/19	OCBC	Keppel Corp	5.84	7.58	Buy
10/22/19	DMG & Partners	Keppel Corp	5.84	7.8	Buy	Sum of parts (13% disc)
11/12/19	UOB Kay Hian	Keppel Corp	6.86	7.61	Buy
12/17/19	Lim & Tan	Keppel Corp	6.72	0	Buy
12/19/19	DMG & Partners	Keppel Corp	6.75	7.8	Buy
01/08/20	CIMB	Keppel Corp	6.84	7.76	Add
01/08/20	DMG & Partners	Keppel Corp	6.84	7.8	Buy	Sum of parts
01/20/20	UOB Kay Hian	Keppel Corp	6.84	7.61	Buy
01/24/20	UOB Kay Hian	Keppel Corp	6.74	7.75	Buy	Sum of parts
01/28/20	DBS Vickers	Keppel Corp	6.75	7.5	Buy	Sum of parts
03/11/20	DMG & Partners	Keppel Corp	5.7	7.6	Buy	Sum of parts
03/26/20	Macquarie	Keppel Corp	5.4	7	Outperform	Sum of parts
04/07/20	DMG & Partners	Keppel Corp	5.51	7.6	Buy
04/23/20	CIMB	Keppel Corp	5.7	7.48	Add	Sum of parts
04/29/20	HSBC	Keppel Corp	6.03	6.74	Buy	Cut from $7.80
04/30/20	DMG & Partners	Keppel Corp	5.97	7.4	Buy	Sum of parts
04/30/20	UOB Kay Hian	Keppel Corp	5.97	7.15	Buy	Sum of parts
04/30/20	Lim & Tan	Keppel Corp	5.97	0	Hold
04/30/20	DBS Vickers	Keppel Corp	5.97	6.8	Buy	Sum of parts

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/19	DBS Vickers	Jumbo	0.405	0.51	Buy	PER23x FY19
05/16/19	UOB Kay Hian	Jumbo	0.405	0.41	Hold	PER20x FY19, Buy @ $0.32
05/16/19	CIMB	Jumbo	0.405	0.52	Add	PER21x FY20
06/21/19	DMG & Partners	Jumbo	0.38	0.47	Buy	DCF, PER23x FY19
08/07/19	DBS Vickers	Jumbo	0.38	0.47	Buy	PER23x FY20
08/08/19	DMG & Partners	Jumbo	0.375	0.47	Buy	DCF
08/08/19	UOB Kay Hian	Jumbo	0.375	0.37	Hold
08/27/19	CIMB	Jumbo	0.37	0.47	Add
09/26/19	UOB Kay Hian	Jumbo	0.38	0.37	Hold	Buy @ $0.33
10/01/19	DBS Vickers	Jumbo	0.375	0.47	Buy
11/27/19	DBS Vickers	Jumbo	0.37	0.47	Buy	PER23x FY20
11/27/19	CIMB	Jumbo	0.37	0.47	Add
11/28/19	UOB Kay Hian	Jumbo	0.375	0.44	Buy	PER20.3x FY20
12/03/19	DMG & Partners	Jumbo	0.37	0.44	Buy	DCF
01/14/20	DBS Vickers	Jumbo	0.385	0.47	Buy
02/07/20	DBS Vickers	Jumbo	0.335	0.38	Buy	PER23x FY20
02/13/20	UOB Kay Hian	Jumbo	0.335	0.32	Hold	PER21x FY20, Buy @ $0.29
03/25/20	DBS Vickers	Jumbo	0.198	0.18	Hold	PER18x FY20/21
03/26/20	DMG & Partners	Jumbo	0.21	0.2	Neutral	DCF
03/26/20	CIMB	Jumbo	0.21	0.218	Hold
04/22/20	DBS Vickers	Jumbo	0.245	0.18	Hold
04/23/20	UOB Kay Hian	Jumbo	0.245	0.23	Hold	Buy @ $0.20
05/18/20	DMG & Partners	Jumbo	0.25	0.19	Sell	DCF
05/18/20	DBS Vickers	Jumbo	0.25	0.21	Fully Valued	PER18x FY21
05/18/20	CIMB	Jumbo	0.25	0.2	Reduce

Stock calls for 19 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/19/20	UOB Kay Hian	Propnex	0.5	0.65	Buy
05/19/20	CIMB	Propnex	0.5	0.625	Add
05/19/20	DBS Vickers	Sembcorp Industries	1.55	1.7	Hold	Sum of parts, PB0.5x
05/19/20	Lim & Tan	Sembcorp Industries	1.55	0	Hold
05/19/20	UOB Kay Hian	Sembcorp Industries	1.55	1.7	Hold	Buy @ $1.50
05/19/20	CIMB	Sembcorp Industries	1.55	1.76	Hold
05/19/20	DBS Vickers	Sheng Siong	1.56	1.66	Buy	PER25x FY21
05/19/20	Lim & Tan	UOL	6.67	0	Buy
05/19/20	CIMB	UOL	6.67	7.25	Add

JEP - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/21/19	Phillip	JEP	0.162	0.2	Buy	PER10x FY19
03/04/20	Phillip	JEP	0.205	0.25	Buy	PER14x FY20

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/20	CIMB	Jardine Matheson	50.12	52.53	Hold	Cut from $61.66

Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	DBS Vickers	Jardine C&C	35.52	39.1	Buy	Sum of parts (16% discount)

Stock calls for 18 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/18/20	DBS Vickers	Centurion	0.375	0.42	Hold	DCF
05/18/20	Kim Eng	Comfortdelgro	1.46	1.99	Buy	DCF
05/18/20	Amfrasers	EC World Reit	0.675	0.73	outperform
05/18/20	UOB Kay Hian	Japfa	0.635	0.98	Buy	Sum of parts
05/18/20	DBS Vickers	Japfa	0.635	0.86	Buy	Sum of parts, PER10x FY21
05/18/20	DMG & Partners	Jumbo	0.25	0.19	Sell	DCF
05/18/20	DBS Vickers	Jumbo	0.25	0.21	Fully Valued	PER18x FY21
05/18/20	CIMB	Jumbo	0.25	0.2	Reduce
05/18/20	UOB Kay Hian	SIA	3.9	4.34	Buy
05/18/20	DBS Vickers	Silverlake	0.245	0.38	Buy	PER20x
05/18/20	CIMB	Singtel	2.66	3.4	Add
05/18/20	DMG & Partners	ST Engineering	3.27	3.9	Buy	Sum of parts
05/18/20	UOB Kay Hian	ST Engineering	3.27	3.5	Hold	Buy @ $3-3.10
05/18/20	DBS Vickers	ST Engineering	3.27	3.4	Hold	Sum of parts
05/18/20	Amfrasers	Sunpower	0.43	0.91	Buy	Sum of parts
05/18/20	DBS Vickers	Sunpower	0.43	0.49	Hold
05/18/20	Phillip	Thai Beverage	0.67	0.82	Buy	PER18x FY20
05/18/20	DMG & Partners	Thai Beverage	0.67	0.72	Neutral	Sum of parts
05/18/20	UOB Kay Hian	Thai Beverage	0.67	0.78	Buy
05/18/20	CIMB	Thai Beverage	0.67	0.7	Hold	Sum of parts

Singapore Nodx in April grew 9.7%.

https://sg.finance.yahoo.com/news/pharma-shipments-lift-singapore-exports-021704091.html

Year on year changes (YOY):

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

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%

Baltic dry index - 393

Today, Thursday, May 14 2020, the Baltic Dry Index decreased by 5 points, reaching 393 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 - 339

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

The US economy will be in deep troubles if it continues to inject free monies. - Part 2

https://www.malaymail.com/news/world/2020/05/16/us-house-passes-us3t-covid-19-aid-bill-opposed-by-trump/1866674

The US house has just added another US$3T bill which will further increase its total debts.  The US has to print more monies to fund all these stimulative bills.

Let's recap:

http://sg-stock.blogspot.com/2020/04/the-us-economy-will-be-in-deep-troubles.html

1. Reduce interest rate to Zero.
2. Implement a US$2.2T pandemic relief program.
3. Implement a US$2T infrastructure bill.
4. Implement a US$2.3T funding program.
5. Implement a US$484B coronavirus bill.
6. Implement a US$3T pandemic bill.

All these plans have totalled US$9.984T insofar and the debts will continue to mount in the future.  Furthermore, the US will also continue to print more monies to supersede its rejected negative rates policy.

http://sg-stock.blogspot.com/2020/05/what-will-us-fed-do-after-rejecting.html

What will the US FED do after rejecting negative interest rates policy?

https://www.marketwatch.com/story/powell-rejects-using-negative-rates-as-a-policy-tool-2020-05-13

Since the US Fed controls the money supply in the US, it will print excessive monies to flood the US monetary system to supersede the negative rates policy.

I do not see any other way for the US except to print monies since it has rejected negative rates policy.  Excessive monetary printing will cause massive USD devaluation.

The consequence of this excessive printing will be hyperinflation which worries me.  I did raise this concern in March 2020.

http://sg-stock.blogspot.com/2020/03/whats-next-after-covid-19-outbreak.html

High inflation without any economic growth will cause stagflation which is very difficult to resolve for any brilliant economist.  The US farmers have already started to destroy their own crops, kill their own animals, and pour away their milk which will affect the supplies of food and push up the prices after the lockdown.  Consequently, the US Fed will be pouring fuel at the current simmering fire with its impending monetary printing action.

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/19	Kim Eng	Japfa	0.665	1.05	Buy
05/03/19	UOB Kay Hian	Japfa	0.605	0.73	Buy	Sum of parts
05/03/19	DBS Vickers	Japfa	0.605	0.61	Hold	Sum of parts (10% discount), PER14x FY19
05/27/19	Kim Eng	Japfa	0.575	0.93	Buy	Sum of parts
07/31/19	UOB Kay Hian	Japfa	0.515	0.48	Hold	Sum of parts, Buy @ $0.42
08/01/19	Kim Eng	Japfa	0.51	0.73	Buy	Sum of parts
08/05/19	DBS Vickers	Japfa	0.5	0.53	Hold	Sum of parts (10% discount), PER12.5x FY19
09/13/19	Kim Eng	Japfa	0.485	0.73	Buy	Sum of parts
11/01/19	UOB Kay Hian	Japfa	0.49	0.5	Hold	Sum of parts, Buy @ $0.44
11/01/19	DBS Vickers	Japfa	0.49	0.53	Hold
11/01/19	CIMB	Japfa	0.49	0.56	Add
11/20/19	CIMB	Japfa	0.61	0.7	Add	PER12x FY21
01/20/20	UOB Kay Hian	Japfa	0.64	0.8	Buy
01/31/20	CIMB	Japfa	0.56	0.69	Add
01/31/20	Kim Eng	Japfa	0.56	0.72	Buy
03/03/20	UOB Kay Hian	Japfa	0.59	0.88	Buy	Sum of parts
03/04/20	DBS Vickers	Japfa	0.575	0.84	Buy	Sum of parts, PER11x
04/16/20	CIMB	Japfa	0.51	0.95	Add	PER12x CY21
04/16/20	UOB Kay Hian	Japfa	0.51	0.9	Buy	Sum of parts
04/16/20	DBS Vickers	Japfa	0.51	0.84	Buy

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	DMG & Partners	Japan Foods	0.435	0.45	Neutral
05/22/19	Amfrasers	Japan Foods	0.44	0.55	Neutral	DCF
05/23/19	DMG & Partners	Japan Foods	0.44	0.4	Hold
06/06/19	DMG & Partners	Japan Foods	0.43	0.4	Neutral
08/22/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/08/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/11/19	Amfrasers	Japan Foods	0.425	0.46	Neutral
12/02/19	Amfrasers	Japan Foods	0.43	0.46	Neutral
12/11/19	DMG & Partners	Japan Foods	0.425	0.4	Neutral
05/06/20	DMG & Partners	Japan Foods	0.35	0.35	Neutral	Sum of parts

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/13/19	CIMB	Jadason	0.038	0.059	Add	PB1x CY19

Stock calls for 15 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.18	1.4	Buy	DCF
05/15/20	phillip	EC World Reit	0.66	0.77	Buy	DDM
05/15/20	UOB Kay Hian	Food Empire	0.49	0.63	Buy	PER12.6x FY20
05/15/20	DBS Vickers	Frencken	0.82	0.92	Buy	PER10.4x FY20
05/15/20	UOB Kay Hian	Fu Yu	0.22	0.25	Buy	PER12.4x FY20
05/15/20	DMG & Partners	Genting	0.73	0.64	Take Profit	EV/Ebitda6x FY21
05/15/20	DMG & Partners	Golden Agri	0.146	0.12	Sell	Sum of parts
05/15/20	DMG & Partners	Hyphens Pharma	0.24	0.27	Buy	DCF
05/15/20	Phillip	Ireit	0.66	0.77	Buy	DDM
05/15/20	Lim & Tan	Propnex	0.485	0	Buy
05/15/20	UOB Kay Hian	Sasseur	0.72	0.96	Buy	DDM
05/15/20	Citi Research	SIA	3.81	4	Sell
05/15/20	CIMB	SIA	3.81	4.6	Add	PB0.84x
05/15/20	DBS Vickers	Thai Beverage	0.665	0.9	Buy	Sum of parts
05/15/20	DBS Vickers	Yoma	0.197	0.5	Buy

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/19	DMG & Partners	ISOTeam	0.22	0.29	Buy	DCF
06/06/19	DMG & Partners	ISOTeam	0.23	0.29	Buy
07/11/19	UOB Kay Hian	ISOTeam	0.245	0.3	Buy	PER12.4x FY20
07/25/19	DMG & Partners	ISOTeam	0.245	0.31	Buy	DCF
07/25/19	UOB Kay Hian	ISOTeam	0.245	0.34	Buy	PER12.4x FY20
08/29/19	UOB Kay Hian	ISOTeam	0.23	0.34	Buy
08/29/19	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
09/23/19	UOB Kay Hian	ISOTeam	0.225	0.34	Buy
09/25/19	DMG & Partners	ISOTeam	0.235	0.31	Buy	DCF
10/15/19	DMG & Partners	ISOTeam	0.225	0.31	Buy
11/18/19	DMG & Partners	ISOTeam	0.24	0.31	Buy	DCF
11/18/19	UOB Kay Hian	ISOTeam	0.24	0.34	Buy
01/28/20	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
02/18/20	DMG & Partners	ISOTeam	0.22	0.31	Buy	DCF
03/23/20	DMG & Partners	ISOTeam	0.122	0.24	Buy	DCF, PER8.7x FY20

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	CIMB	ISDN	0.215	0.32	Add	PER10x CY20
07/01/19	CIMB	ISDN	0.235	0.32	Add
08/19/19	CIMB	ISDN	0.192	0.27	Add

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/20	Phillip	Ireit	0.815	0.885	Accumulate	DDM
02/14/20	Phillip	Ireit	0.865	0.885	Accumulate	DDM
03/03/20	DMG & Partners	Ireit	0.785	0.92	Buy	DDM
03/13/20	Phillip	Ireit	0.715	0.89	Accumulate
04/13/20	DMG & Partners	Ireit	0.64	0.83	Buy	DDM