Singapore Stock Exchange - Equity Investments

Tuesday, December 29, 2020

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	UOB Kay Hian	CSE Global	0.56	0.7	Buy
01/08/20	DMG & Partners	CSE Global	0.56	0.69	Buy
02/05/20	Lim & Tan	CSE Global	0.51	0.68	Buy
02/11/20	DMG & Partners	CSE Global	0.53	0.69	Buy	DCF
02/28/20	DMG & Partners	CSE Global	0.545	0.73	Buy	DCF
02/28/20	UOB Kay Hian	CSE Global	0.545	0.72	Buy
02/28/20	CIMB	CSE Global	0.545	0.77	Add	PER13.5x FY21
03/02/20	DBS Vickers	CSE Global	0.52	0.7	Buy	PER12x FY20
03/12/20	DBS Vickers	CSE Global	0.465	0.65	Buy	PER12x FY20
03/26/20	CIMB	CSE Global	0.35	0.45	Add
03/30/20	DMG & Partners	CSE Global	0.36	0.73	Buy
04/07/20	DMG & Partners	CSE Global	0.35	0.73	Buy
04/08/20	DMG & Partners	CSE Global	0.38	0.54	Buy	PER12x FY20
05/06/20	DBS Vickers	CSE Global	0.395	0.54	Buy	PER10.6x
06/03/20	UOB Kay Hian	CSE Global	0.475	0.65	Buy	PER12.1x FY21
06/04/20	DMG & Partners	CSE Global	0.49	0.54	Buy	PER12x FY20
06/04/20	Lim & Tan	CSE Global	0.49	0	Buy
06/04/20	CIMB	CSE Global	0.49	0.55	Add
07/17/20	DMG & Partners	CSE Global	0.46	0.54	Buy	PER12x FY20
08/06/20	DBS Vickers	CSE Global	0.53	0.61	Buy	PER10x FY21
08/07/20	DMG & Partners	CSE Global	0.535	0.6	Buy	PER10.8x FY21
08/07/20	UOB Kay Hian	CSE Global	0.535	0.59	Buy	PER12x FY21
08/11/20	CIMB	CSE Global	0.525	0.6	Add
08/11/20	Amfrasers	CSE Global	0.525	0.52	Neutral	PER12x FY21 & PB2x FY21, Cut from $0.61
09/07/20	Lim & Tan	CSE Global	0.495	0	Buy
10/23/20	DBS Vickers	CSE Global	0.46	0.57	Buy	PER10.2x FY21
11/13/20	DBS Vickers	CSE Global	0.45	0.55	Buy	PER10.1x FY21

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/20	DBS Vickers	Cromwell Reit (EUR)	0.36	0.59	Buy

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/20	DMG & Partners	Comfortdelgro	2.13	2.38	Neutral	DCF
02/06/20	DBS Vickers	Comfortdelgro	2.14	2.45	Buy	DCF, PER18.1x FY20
02/06/20	CIMB	Comfortdelgro	2.14	2.09	Hold
02/17/20	DMG & Partners	Comfortdelgro	2.18	2.25	Neutral	DCF, PER18x FY20
02/17/20	UOB Kay Hian	Comfortdelgro	2.18	2.15	Hold	Buy @ $1.95
02/17/20	DBS Vickers	Comfortdelgro	2.18	2.26	Hold	DCF & PER17.7x FY20
02/17/20	CIMB	Comfortdelgro	2.18	2.08	Hold	Buy @ $1.88
02/19/20	phillip	Comfortdelgro	2.09	2.2	Accumulate	DCF
02/24/20	Amfrasers	Comfortdelgro	2.02	2.28	Outperform	PER17.5x FY20
03/10/20	Amfrasers	Comfortdelgro	1.81	2.28	Outperform	PER17.5x FY20
03/31/20	DBS Vickers	Comfortdelgro	1.48	1.55	Hold	PER15x FY20
03/31/20	CIMB	Comfortdelgro	1.48	1.55	Hold
04/02/20	DMG & Partners	Comfortdelgro	1.47	1.54	Neutral	DCF
04/27/20	OCBC	Comfortdelgro	1.43	1.75	Buy
05/18/20	Kim Eng	Comfortdelgro	1.46	1.99	Buy	DCF
05/20/20	UOB Kay Hian	Comfortdelgro	1.56	1.82	Buy	PER16.7x FY21
05/26/20	phillip	Comfortdelgro	1.54	1.5	Neutral	DCF
05/26/20	DMG & Partners	Comfortdelgro	1.54	1.45	Neutral	DCF
05/26/20	DBS Vickers	Comfortdelgro	1.54	1.5	Hold	PER15x FY20/21
05/26/20	Lim & Tan	Comfortdelgro	1.54	0	Hold
05/26/20	Kim Eng	Comfortdelgro	1.54	1.98	Buy	DCF
05/26/20	CIMB	Comfortdelgro	1.54	1.5	Hold
06/01/20	DBS Vickers	Comfortdelgro	1.44	1.68	Buy	PER16.8x FY20/21
06/02/20	DMG & Partners	Comfortdelgro	1.43	1.65	Buy	DCF, PER15.5x FY21
06/29/20	Kim Eng	Comfortdelgro	1.52	1.98	Buy	DCF
06/29/20	Lim & Tan	Comfortdelgro	1.52	0	Hold
07/01/20	CIMB	Comfortdelgro	1.45	1.46	Hold	PER13.1x FY21
07/02/20	DMG & Partners	Comfortdelgro	1.48	1.65	Buy	DCF, PER16x FY21
07/03/20	DBS Vickers	Comfortdelgro	1.47	1.68	Buy
08/06/20	DMG & Partners	Comfortdelgro	1.39	1.65	Buy	DCF
08/07/20	DBS Vickers	Comfortdelgro	1.39	1.68	Buy
08/17/20	phillip	Comfortdelgro	1.39	1.65	Accumulate	DCF
08/17/20	UOB Kay Hian	Comfortdelgro	1.39	1.78	Buy	PER17.2x FY21
08/17/20	DBS Vickers	Comfortdelgro	1.39	1.63	Buy	PER15x FY21
08/17/20	DMG & Partners	Comfortdelgro	1.39	1.55	Buy	DCF, PER17.6x FY21
08/17/20	CIMB	Comfortdelgro	1.39	1.4	Hold
08/17/20	Kim Eng	Comfortdelgro	1.39	1.76	Buy	DCF
08/19/20	Lim & Tan	Comfortdelgro	1.41	0	Accumulate
08/27/20	Amfrasers	Comfortdelgro	1.46	1.63	Outperform
09/01/20	Kim Eng	Comfortdelgro	1.48	1.76	Buy	DCF
09/04/20	DBS Vickers	Comfortdelgro	1.51	1.96	Buy	PB1.6x FY21
09/21/20	CIMB	Comfortdelgro	1.48	1.7	Add	PER15.6x FY21
09/22/20	Macquarie	Comfortdelgro	1.46	1.51	Neutral	PER15x FY21
09/22/20	UOB Kay Hian	Comfortdelgro	1.46	1.78	Buy
10/05/20	phillip	Comfortdelgro	1.42	1.65	Accumulate
10/07/20	DMG & Partners	Comfortdelgro	1.44	1.7	Buy	DCF
11/05/20	DMG & Partners	Comfortdelgro	1.39	1.7	Buy	PER17.7x FY21
11/12/20	DBS Vickers	Comfortdelgro	1.49	1.96	Buy	PB1.6x FY21
11/13/20	CIMB	Comfortdelgro	1.5	1.7	Add
11/13/20	Kim Eng	Comfortdelgro	1.5	1.76	Buy	DCF
11/13/20	UOB Kay Hian	Comfortdelgro	1.5	1.78	Buy
11/16/20	phillip	Comfortdelgro	1.54	1.83	Buy	DCF
11/24/20	OCBC	Comfortdelgro	1.65	2	Buy
12/07/20	DMG & Partners	Comfortdelgro	1.64	1.9	Buy	PER19x FY21

Monday, December 28, 2020

Clearbridge - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/20	Tayrona	Clearbridge	0.139	0.41	Overweight
03/10/20	phillip	Clearbridge	0.116	0.26	Buy	DCF
08/31/20	phillip	Clearbridge	0.171	0.26	Buy	DCF

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/20	DBS Vickers	City Developments	10.95	13	Buy	RNAV (18% discount), PB1.08x FY2020
02/26/20	OCBC	City Developments	10.66	12.02	Buy
02/27/20	CIMB	City Developments	10.37	12.09	Add
02/27/20	OCBC	City Developments	10.37	12.01	Buy	RNAV (35% discount)
02/27/20	DBS Vickers	City Developments	10.37	13	Buy	RNAV (18% discount), PB1.08x FY2020
02/28/20	UOB Kay Hian	City Developments	10.17	12.5	Buy
03/03/20	phillip	City Developments	9.74	11.89	Buy	RNAV (30% discount), PB0.98x FY20
05/13/20	UOB Kay Hian	City Developments	7.96	9.5	Buy
05/14/20	CIMB	City Developments	7.65	10.13	Add
05/28/20	Lim & Tan	City Developments	7.68	11.2	Buy
05/29/20	DMG & Partners	City Developments	7.67	9.5	Buy	RNAV (45% discount)
06/26/20	Morgan Stanley	City Developments	8.32	10.5	Overweight
07/13/20	OCBC	City Developments	8.73	12.01	Buy
07/14/20	DMG & Partners	City Developments	8.37	9.5	Buy
07/15/20	OCBC	City Developments	8.27	10.74	Buy
07/30/20	DBS Vickers	City Developments	8.28	13	Buy
08/06/20	DBS Vickers	City Developments	8.3	10.5	Buy	RNAV (25% discount), PB0.9x
08/13/20	Lim & Tan	City Developments	8.34	0	Buy on weakness
08/14/20	OCBC	City Developments	8.46	10.64	Buy
08/14/20	CIMB	City Developments	8.46	10.1	Add
08/14/20	DMG & Partners	City Developments	8.46	9.5	Buy	RNAV (45% discount)
08/14/20	UOB Kay Hian	City Developments	8.46	9.2	Buy
08/25/20	phillip	City Developments	8	10.68	Buy	RNAV (30% discount)
09/15/20	Lim & Tan	City Developments	7.98	0	Buy
09/16/20	CIMB	City Developments	7.96	10.1	Add
10/16/20	CIMB	City Developments	7.67	10.1	Add
10/23/20	OCBC	City Developments	7	9.65	Buy
11/30/20	Macquarie	City Developments	7.87	8.2	Neutral
12/01/20	UOB Kay Hian	City Developments	7.8	9.2	Buy
12/01/20	Lim & Tan	City Developments	7.8	0	Accumulate
12/04/20	CIMB	City Developments	7.72	10.1	Add

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/06/20	CIMB	China Sunsine	0.28	0.38	Add	After stock split (1 into 2)
04/06/20	Amfrasers	China Sunsine	0.28	0.6	Outperform
08/14/20	CIMB	China Sunsine	0.32	0.38	Add
08/19/20	Amfrasers	China Sunsine	0.345	0.47	Outperform	DCF
09/16/20	UOB Kay Hian	China Sunsine	0.355	0.31	Sell	EV/Ebitda
10/09/20	CIMB	China Sunsine	0.34	0.42	Add
10/19/20	UOB Kay Hian	China Sunsine	0.395	0.48	Buy	PER8x FY21
11/18/20	CIMB	China Sunsine	0.47	0.55	Add
11/18/20	UOB Kay Hian	China Sunsine	0.47	0.58	Buy

Saturday, December 26, 2020

Baltic dry index - 1366

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 805

Related stock: Keppe corp, Sembcorp Marine & Cosco.

China will surpass the US GDP in 2028 and exceed the combined GDP of the US & Japan by 2035. - Part 2

https://www.asiaone.com/money/china-leapfrog-us-worlds-biggest-economy-2028-think-tank

CEBR has just released its economic assessment after JCER.

Both non-profit entities stated that China would overtake the US in 2028.

http://sg-stock.blogspot.com/2020/12/china-will-surpass-us-gdp-in-2028-and.html

Friday, December 25, 2020

Malaysia has given SG a "great" Christmas gift by terminating the SG-KL HSR.

https://www.theedgemarkets.com/article/malaysia-go-it-alone-hsr-project-pay-rm300m-compensation-singapore-%E2%80%94-source

Malaysia has terminated SG-KL HSR by paying a discounted penalty of RM$300m. It was supposed to be RM$500m penalty as stated in the termination clause.

http://sg-stock.blogspot.com/2018/06/the-kl-sg-hsr-is-terminated-officially.html

Either SG is incompetent to collect the RM$500m penalty or Malaysia is too brilliant to get a discount from SG. In other words, SG has given RM$200m to Malaysia as a Christmas gift.

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/29/20	DBS Vickers	China Everbright	0.199	0.49	Buy	PER7x
08/14/20	DBS Vickers	China Everbright	0.235	0.33	Buy

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/20	DMG & Partners	China Aviation Oil	1.28	1.55	Buy
02/27/20	CIMB	China Aviation Oil	1.16	1.25	Hold	PER8.5x FY21
02/28/20	DBS Vickers	China Aviation Oil	1.16	1.65	Buy	PER10x FY20
03/12/20	DMG & Partners	China Aviation Oil	0.965	1.3	Buy	Sum of parts
04/22/20	DMG & Partners	China Aviation Oil	1.02	1.3	Buy	Sum of parts
04/23/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PB0.9x
05/12/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PER2.6x FY21 (ex-cash)
06/12/20	DMG & Partners	China Aviation Oil	1.14	1.25	Buy	PB0.9x, PER3.5x FY21 (ex-cash)
07/06/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts
08/13/20	DMG & Partners	China Aviation Oil	0.93	0.95	Neutral	Sum of parts
08/25/20	DBS Vickers	China Aviation Oil	0.865	1.2	Buy	PER11x FY20/21
09/07/20	DBS Vickers	China Aviation Oil	0.94	1.2	Buy
09/30/20	DMG & Partners	China Aviation Oil	0.895	1.05	Buy
10/13/20	DBS Vickers	China Aviation Oil	1	1.2	Buy
10/14/20	DMG & Partners	China Aviation Oil	1	1.15	Buy
11/03/20	DBS Vickers	China Aviation Oil	0.92	1.2	Buy
12/02/20	DMG & Partners	China Aviation Oil	1.08	1.25	Buy

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	CIMB	Centurion	0.44	0.61	Add	DCF
03/02/20	DMG & Partners	Centurion	0.445	0.49	Neutral	DCF
03/02/20	DBS Vickers	Centurion	0.445	0.53	Buy	DCF
03/18/20	CIMB	Centurion	0.39	0.58	Add	DCF
03/30/20	DBS Vickers	Centurion	0.395	0.41	Hold	DCF
04/13/20	CIMB	Centurion	0.385	0.58	Add
04/22/20	DBS Vickers	Centurion	0.38	0.41	Hold	DCF
04/29/20	DMG & Partners	Centurion	0.385	0.41	Neutral	DCF
05/18/20	DBS Vickers	Centurion	0.375	0.42	Hold	DCF
08/13/20	DBS Vickers	Centurion	0.355	0.39	Hold	DCF
08/20/20	CIMB	Centurion	0.37	0.4	Add
09/03/20	CIMB	Centurion	0.35	0.4	Add	DCF
10/19/20	UOB Kay Hian	Centurion	0.34	0.44	Buy	DCF

Stock calls for 24 December 2020

Wednesday, December 23, 2020

CapitaRetail China - Stock calls

Capitaland Integrated Commercial Trust - Stock calls

Stock calls for 23 December 2020

Tuesday, December 22, 2020

Capitacommercial - Stock calls

Stock calls for 22 December 2020

Monday, December 21, 2020

Stock calls for 21 December 2020

Saturday, December 19, 2020

China will surpass the US GDP in 2028 and exceed the combined GDP of the US & Japan by 2035.

http://www.dailynews.lk/2020/12/15/finance/236090/china-overtake-us-economy-2028-29-covid%E2%80%99s-wake-jcer

China will surpass the US GDP in 2028 and exceed the combined GDP of the US & Japan by 2035. Therefore, we need to engage China in international trades and ride on the prosperity of China to boost our own economic growth.