Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/19	Phillip	Netlink	0.88	0.93	Accumulate	DCF
07/17/19	Kim Eng	Netlink	0.885	0.94	Buy
08/06/19	UOB Kay Hian	Netlink	0.88	0.92	Buy	DCF
08/06/19	Phillip	Netlink	0.88	0.93	Accumulate	DCF
08/07/19	Kim Eng	Netlink	0.865	0.94	Buy	DDM
08/07/19	DBS Vickers	Netlink	0.865	0.95	Buy	DCF
10/07/19	UOB Kay Hian	Netlink	0.9	1.01	Buy	DCF
10/11/19	Phillip	Netlink	0.91	0.93	Accumulate
10/17/19	Kim Eng	Netlink	0.9	1.03	Buy	DDM
10/18/19	DBS Vickers	Netlink	0.91	0.95	Buy
11/04/19	UOB Kay Hian	Netlink	0.935	1.01	Buy	DCF
11/04/19	Phillip	Netlink	0.935	0.99	Accumulate	DCF
11/05/19	OCBC	Netlink	0.955	1.03	Buy
11/05/19	DBS Vickers	Netlink	0.955	1.04	Buy	DCF
11/05/19	Kim Eng	Netlink	0.955	1.06	Buy
01/03/20	DBS Vickers	Netlink	0.94	1.04	Buy	DCF
01/30/20	UOB Kay Hian	Netlink	1	1.05	Buy	DCF
02/10/20	DBS Vickers	Netlink	1.01	1.04	Buy	DCF
02/11/20	UOB Kay Hian	Netlink	1	1.05	Buy	DCF
02/12/20	DBS Vickers	Netlink	1	1.05	Buy	DCF
02/14/20	Phillip	Netlink	1.01	0.99	Neutral	DCF
03/02/20	DBS Vickers	Netlink	0.98	1.05	Buy
03/23/20	DBS Vickers	Netlink	0.9	0.95	Buy	DCF
05/08/20	DBS Vickers	Netlink	1	1.02	Hold	DCF
05/11/20	phillip	Netlink	0.985	1.03	Accumulate	DCF
05/11/20	UOB Kay Hian	Netlink	0.985	1.08	Buy
06/26/20	Morgan Stanley	Netlink	0.975	1	Overweight
07/13/20	OCBC	Netlink	0.98	1.1	Buy
07/28/20	Kim Eng	Netlink	0.965	1.08	Buy	DDM
08/07/20	DBS Vickers	Netlink	0.97	1.02	Hold	DCF
08/07/20	Kim Eng	Netlink	0.97	1.07	Buy	DDM
08/07/20	OCBC	Netlink	0.97	1.1	Buy
08/11/20	phillip	Netlink	0.965	1.03	Accumulate	DCF
08/11/20	UOB Kay Hian	Netlink	0.965	1.08	Buy	DCF
08/13/20	CIMB	Netlink	0.965	1.1	Add

Stock calls for 24 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/24/20	OCBC	Capitamall Trust	1.85	2.29	Buy
08/24/20	phillip	Dasin Retail	0.815	0.91	Accumulate	DDM
08/24/20	OCBC	ESR-Reit	0.385	0.45	Buy
08/24/20	OCBC	Frasers Logistics	1.38	1.59	Buy
08/24/20	Lim & Tan	Frencken	0.96	1.26	Accumulate
08/24/20	Lim & Tan	Genting	0.695	0	Sell
08/24/20	Amfrasers	Jiutian	0.046	0.068	Outperform
08/24/20	OCBC	Manulife US Reit	0.745	0.84	Buy
08/24/20	OCBC	Mapletree North Asia	0.905	1.09	Buy
08/24/20	UOB Kay Hian	SPH	1.08	1.22	Hold	Sum of parts
08/24/20	Amfrasers	Yanlord	1.25	1.52	Outperform

Market distortions are precursors of an impending financial crisis.

Many analysts touted the mantra "Don't fight the FED" to induce people to invest.  However, these analysts do not understand true economics.  When the monetary pumping by the FED exceeds a certain threshold, the excessive money supplies will become useless and cannot save the economy.  Instead, excessive monetary policies will create market distortions (bubbles) and cause a financial crisis.

There are precursory signs in of distortions in different markets already.

http://sg-stock.blogspot.com/2020/08/the-us-property-market-is-becoming.html

The property transaction volume and average selling price are trending higher in an economic downturn and this is an aberration because the general public cannot be upgrading in a bad time.  In a normal situation, people will upgrade in good times and downgrade in bad times.  This upward trend in a downturn shows that massive hot money (professional fund) has entered the US property market.  We are also seeing this phenomenon in the stock market.

http://sg-stock.blogspot.com/2020/08/the-us-resale-car-market-is-being.html

Baltic dry index- 1481

Today, Friday, August 21 2020, the Baltic Dry Index decreased by 37 points, reaching 1,481 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.

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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 916

 

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

The US property market is becoming distorted now!

 

The US residential property market is rebounding because of the artificially low mortgage rates and MBS purchases by the US FED.  The existing residential sales are at a 5-year high now with a high unemployment number and bad GDP number (-32.9% in Q2).

http://sg-stock.blogspot.com/2020/05/the-us-debt-market-is-going-to-implode.html

Even the CMBS market is also being affected now as shown below.  All these distortions are caused by the US FED with its stimulus.

https://finance.yahoo.com/news/investors-scoop-office-cmbs-even-144158773.html

http://sg-stock.blogspot.com/2020/05/us-cmbs-is-in-precarious-situation-now_22.html

There are many market distortions showing up in the US now after the US government and FED dole the stimulus out.  There will be a big price to pay when these markets return to normalcy because these bubbles will burst.

The US resale car market is being distorted like the stock market. Who is to blame?

https://www.poynter.org/reporting-editing/2020/used-car-prices-are-spiking-during-the-coronavirus-pandemic/

If you just look at the US July resale car prices, you will be thinking that the US economy is booming because Americans are rushing to buy cars at higher prices as they've made a lot of monies.

However, the US GDP collapsed by 32.9% in Q2 and the resale car prices were crashing in April 2020.

http://sg-stock.blogspot.com/2020/07/red-alert-us-economy-is-going-to.html

http://sg-stock.blogspot.com/2020/05/the-us-debt-market-is-going-to-implode.html

What is happening here?

The US resale car market is being distorted by the US FED and government.  The US FED started buying auto-maker bonds to support the automobiles industry and the government also started giving out US$600 weekly pandemic relief aids to its citizens simultaneously.

http://sg-stock.blogspot.com/2020/06/the-us-debt-market-is-going-to-implode.html

The US FED bond purchases have greatly reduced the vehicles' inventories for the individual buyers which cause the resale prices to spike.  Therefore, the resale car prices are being supported artificially and the resale market prices will return to normalcy when the US FED and government stop providing the stimulus.  I foresee that this will create bubbles in the resale and debt markets and these bubbles will burst in the future since some resale car prices are approaching new car prices.

Moya Asia - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/19	DMG & Partners	Moya Asia	0.068	0.083	Buy	DCF
10/15/19	DMG & Partners	Moya Asia	0.065	0.08	Buy
01/09/20	DMG & Partners	Moya Asia	0.08	0.093	Buy	DCF
03/02/20	DMG & Partners	Moya Asia	0.073	0.082	Buy	DCF

MM2 Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/19	DBS Vickers	MM2 Asia	0.23	0.34	Buy	PER16x FY20
08/15/19	DBS Vickers	MM2 Asia	0.197	0.29	Buy	Sum of parts
08/20/19	Kim Eng	MM2 Asia	0.186	0.2	Hold	PEG1x
10/09/19	CIMB	MM2 Asia	0.215	0.32	Add	Sum of parts
11/15/19	DBS Vickers	MM2 Asia	0.285	0.3	Hold	Sum of parts, PER12.8x FY20
03/25/20	DBS Vickers	MM2 Asia	0.124	0.107	Fully Valued
06/02/20	DBS Vickers	MM2 Asia	0.175	0.14	Fully Valued	Sum of parts, PER6x FY21

Mindchamps - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/19	DMG & Partners	Mindchamps	0.525	0.83	Buy
12/11/19	DMG & Partners	Mindchamps	0.46	0.87	Buy
03/02/20	DMG & Partners	Mindchamps	0.395	0.37	Neutral	DCF

Stock calls for 21 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/21/20	CIMB	Frasers Centrepoint Trust	2.37	2.78	Add	DDM
08/21/20	Lim & Tan	Innotek	0.39	0.5	Accumulate
08/21/20	Phillip	JEP	0.19	0.158	Reduce	PB1x
08/21/20	Lim & Tan	Singapore Medical	0.245	0	Accumulate
08/21/20	Phillip	Yoma	0.29	0.46	Buy	Sum of parts (20% discount)

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/19	Phillip	Micro-Mechanics	1.59	1.6	Neutral	PER15x FY20
11/05/19	Phillip	Micro-Mechanics	1.9	1.6	Reduce
02/12/20	Phillip	Micro-Mechanics	1.88	1.6	Reduce	PER15x FY20
04/27/20	Phillip	Micro-Mechanics	1.64	1.6	Neutral
04/29/20	UOB Kay Hian	Micro-Mechanics	1.7	1.82	Hold	Buy @ $1.55
06/24/20	Lim & Tan	Micro-Mechanics	1.78	0	Buy on weakness

Mermaid - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/20	Amfrasers	Mermaid	0.07	0.085	Neutral	Sum of parts

Mapletree North Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/19	DBS Vickers	Mapletree North Asia	1.45	1.65	Buy	DCF
07/30/19	OCBC	Mapletree North Asia	1.38	1.43	Hold
07/31/19	CIMB	Mapletree North Asia	1.42	1.5	Add	DDM
08/14/19	OCBC	Mapletree North Asia	1.28	1.43	Buy
09/30/19	DBS Vickers	Mapletree North Asia	1.33	1.65	Buy	DCF
10/29/19	Lim & Tan	Mapletree North Asia	1.26	0	Hold
10/30/19	DBS Vickers	Mapletree North Asia	1.27	1.6	Buy	DCF
10/31/19	OCBC	Mapletree North Asia	1.27	1.43	Buy
11/12/19	DBS Vickers	Mapletree North Asia	1.23	1.6	Buy
12/05/19	OCBC	Mapletree North Asia	1.16	1.41	Buy
12/06/19	DBS Vickers	Mapletree North Asia	1.15	1.3	Buy	DCF
12/09/19	OCBC	Mapletree North Asia	1.18	1.36	Buy
01/20/20	OCBC	Mapletree North Asia	1.24	1.37	Buy
01/20/20	Lim & Tan	Mapletree North Asia	1.24	0	Hold
01/22/20	CIMB	Mapletree North Asia	1.24	1.31	Add	DDM
01/22/20	DBS Vickers	Mapletree North Asia	1.24	1.35	Buy	DCF
04/03/20	DBS Vickers	Mapletree North Asia	0.78	1.05	Buy	DCF
04/03/20	CIMB	Mapletree North Asia	0.78	1.3	Add
05/04/20	CIMB	Mapletree North Asia	0.945	1.26	Add
05/04/20	DBS Vickers	Mapletree North Asia	0.945	1.05	Buy	DCF
06/03/20	DBS Vickers	Mapletree North Asia	0.9	1.05	Buy
06/09/20	OCBC	Mapletree North Asia	0.98	1.13	Buy
07/13/20	OCBC	Mapletree North Asia	0.945	1.13	Buy
07/29/20	DBS Vickers	Mapletree North Asia	0.875	1.05	Buy
07/29/20	OCBC	Mapletree North Asia	0.875	1.09	Buy
07/29/20	CIMB	Mapletree North Asia	0.875	1.12	Add

Stock calls for 20 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/20	CIMB	Centurion	0.37	0.4	Add
08/20/20	Amfrasers	Delfi	0.74	0.93	outperform	PER15x
08/20/20	Kim Eng	Frencken	0.98	1.33	Buy	PB1.6x FY21
08/20/20	Phillip	Hyphens Pharma	0.45	0.495	Accumulate	DCF
08/20/20	Amfrasers	ISDN	0.365	0.47	Buy
08/20/20	Amfrasers	Manulife US Reit	0.725	0.86	Neutral	DDM
08/20/20	Lim & Tan	SBS Transit	2.84	0	Hold
08/20/20	Amfrasers	Sembcorp Marine	0.21	0.23	Neutral
08/20/20	Lim & Tan	Vicom	2.13	0	Hold

New Zealand is using genome sequencing to trace the source of its own covid outbreak.

https://sg.news.yahoo.com/new-zealand-coronavirus-outbreak-came-from-britain-or-australia-111529249.html

New Zealand is doing the right thing by using the scientific method (genome sequencing) instead of a political method to handle its COVID outbreak because this is the right way, unlike the US & UK.  This is the reason why the US is the most infected country in the world.

http://sg-stock.blogspot.com/2020/04/it-is-time-to-sue-us-in-united-nation.html

Mapletree Logistics - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/19	DBS Vickers	Mapletree Logistics	1.61	1.85	Buy
07/23/19	OCBC	Mapletree Logistics	1.61	1.4	Hold
07/24/19	Kim Eng	Mapletree Logistics	1.61	1.55	Hold
07/25/19	UOB Kay Hian	Mapletree Logistics	1.6	1.39	Hold	DDM
09/18/19	DBS Vickers	Mapletree Logistics	1.58	1.85	Buy
10/22/19	Kim Eng	Mapletree Logistics	1.66	1.6	Hold
10/22/19	OCBC	Mapletree Logistics	1.66	1.41	Hold
10/22/19	CIMB	Mapletree Logistics	1.66	1.55	Hold	DDM
11/07/19	DBS Vickers	Mapletree Logistics	1.69	1.9	Buy
12/19/19	DBS Vickers	Mapletree Logistics	1.67	1.9	Buy
01/21/20	DBS Vickers	Mapletree Logistics	1.81	1.9	Buy	DCF
01/21/20	OCBC	Mapletree Logistics	1.81	1.59	Hold
01/21/20	Lim & Tan	Mapletree Logistics	1.81	0	Hold
01/22/20	DBS Vickers	Mapletree Logistics	1.82	1.9	Buy	DCF
01/22/20	CIMB	Mapletree Logistics	1.82	1.56	Hold	DDM
01/31/20	CIMB	Mapletree Logistics	1.85	1.59	Hold
02/04/20	DBS Vickers	Mapletree Logistics	1.85	1.9	Buy
03/02/20	DBS Vickers	Mapletree Logistics	1.85	1.9	Hold
03/04/20	UOB Kay Hian	Mapletree Logistics	1.89	2.08	Buy	DDM
04/08/20	DBS Vickers	Mapletree Logistics	1.63	1.85	Buy
04/27/20	UOB Kay Hian	Mapletree Logistics	1.73	2.08	Buy	DDM
04/27/20	Kim Eng	Mapletree Logistics	1.73	1.85	Hold
04/27/20	OCBC	Mapletree Logistics	1.73	1.79	Hold
04/27/20	CIMB	Mapletree Logistics	1.73	1.7	Hold
06/15/20	DBS Vickers	Mapletree Logistics	1.89	2.05	Buy
06/15/20	Kim Eng	Mapletree Logistics	1.89	2.1	Hold
07/21/20	OCBC	Mapletree Logistics	2.04	2.07	Hold
07/21/20	Lim & Tan	Mapletree Logistics	2.04	0	Hold
07/22/20	UOB Kay Hian	Mapletree Logistics	2.05	2.08	Hold	Buy @ $1.88
07/22/20	DBS Vickers	Mapletree Logistics	2.05	2.2	Buy
07/22/20	Kim Eng	Mapletree Logistics	2.05	2.55	Buy
07/22/20	CIMB	Mapletree Logistics	2.05	1.89	Hold

Mapletree Industrial - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/19	CIMB	Mapletree Industrial	2.29	2.32	Add	DDM
07/11/19	Kim Eng	Mapletree Industrial	2.29	2.4	Buy	DDM
07/11/19	DBS Vickers	Mapletree Industrial	2.29	2.5	Buy	DCF
07/22/19	Phillip	Mapletree Industrial	2.31	2.03	Neutral	DDM, PB1.36x FY19
07/24/19	OCBC	Mapletree Industrial	2.3	2.06	Hold
07/24/19	CIMB	Mapletree Industrial	2.3	2.37	Hold
07/25/19	OCBC	Mapletree Industrial	2.25	2.29	Hold
07/25/19	UOB Kay Hian	Mapletree Industrial	2.25	1.94	Hold
08/26/19	Phillip	Mapletree Industrial	2.28	2.03	Neutral
09/13/19	UOB Kay Hian	Mapletree Industrial	2.3	2.58	Buy	DDM
09/17/19	OCBC	Mapletree Industrial	2.33	2.29	Hold
09/19/19	Kim Eng	Mapletree Industrial	2.4	2.5	Buy
09/19/19	OCBC	Mapletree Industrial	2.4	2.55	Buy
09/24/19	Phillip	Mapletree Industrial	2.47	2.03	Neutral
09/25/19	DBS Vickers	Mapletree Industrial	2.49	2.75	Buy
09/26/19	CIMB	Mapletree Industrial	2.49	2.44	Add	DDM
10/10/19	UOB Kay Hian	Mapletree Industrial	2.5	2.69	Buy
10/18/19	Phillip	Mapletree Industrial	2.57	2.06	Neutral
10/24/19	OCBC	Mapletree Industrial	2.52	2.55	Hold
10/24/19	UOB Kay Hian	Mapletree Industrial	2.52	2.9	Buy
10/24/19	DBS Vickers	Mapletree Industrial	2.52	2.75	Buy
11/21/19	Kim Eng	Mapletree Industrial	2.5	2.7	Buy
11/25/19	Phillip	Mapletree Industrial	2.51	2.03	Neutral
12/19/19	DBS Vickers	Mapletree Industrial	2.52	2.75	Buy
01/22/20	OCBC	Mapletree Industrial	2.78	2.87	Hold
01/22/20	DBS Vickers	Mapletree Industrial	2.78	3	Buy
01/23/20	UOB Kay Hian	Mapletree Industrial	2.77	2.9	Buy
02/04/20	DBS Vickers	Mapletree Industrial	2.78	3	Buy
03/02/20	DBS Vickers	Mapletree Industrial	2.68	3	Buy
03/13/20	Phillip	Mapletree Industrial	2.77	2.03	Neutral
03/18/20	UOB Kay Hian	Mapletree Industrial	2.14	2.9	Buy
04/17/20	DBS Vickers	Mapletree Industrial	2.41	2.7	Buy	DCF
04/28/20	Lim & Tan	Mapletree Industrial	2.44	0	Hold
04/29/20	Kim Eng	Mapletree Industrial	2.53	2.95	Buy	DDM
04/29/20	UOB Kay Hian	Mapletree Industrial	2.53	2.85	Buy
04/29/20	CIMB	Mapletree Industrial	2.53	2.66	Add	DDM
06/09/20	OCBC	Mapletree Industrial	2.82	2.84	Buy
06/24/20	Kim Eng	Mapletree Industrial	2.84	2.95	Buy	DDM
06/24/20	UOB Kay Hian	Mapletree Industrial	2.84	3.08	Buy
06/24/20	CIMB	Mapletree Industrial	2.84	2.81	Hold	DDM
07/02/20	DBS Vickers	Mapletree Industrial	2.9	3.25	Buy	DCF
07/22/20	Lim & Tan	Mapletree Industrial	2.97	0	Hold
07/22/20	OCBC	Mapletree Industrial	2.97	3.25	Buy
07/23/20	UOB Kay Hian	Mapletree Industrial	2.97	3.1	Buy
07/27/20	Kim Eng	Mapletree Industrial	3.16	3.3	Buy
08/18/20	DBS Vickers	Mapletree Industrial	3.14	3.25	Buy