Germany almost got into a recession.

https://sg.finance.yahoo.com/news/german-economy-stalled-fourth-quarter-just-escaping-recession-071949553--finance.html

Germany will enter a recession soon if the US-China trade war continues unabatedly.  We've been warning about this previously.

http://sg-stock.blogspot.com/2019/02/our-prediction-for-eu-is-coming-to.html

UK economy will perform badly this year!

https://sg.finance.yahoo.com/news/china-cancels-trade-talks-uk-protest-over-defence-091441063--business.html

The UK economy will perform badly this year because of Brexit and the absence of the UK-China trade deal.  Without a China trade deal, the UK will suffer tremendously because EU is not growing.

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Indofood Agri	0.405	0.48	Hold
03/02/18	DBS Vickers	Indofood Agri	0.34	0.36	Hold	DCF
04/13/18	DBS Vickers	Indofood Agri	0.325	0.36	Hold
05/02/18	DBS Vickers	Indofood Agri	0.32	0.36	Hold	DCF
08/03/18	DBS Vickers	Indofood Agri	0.225	0.21	Hold	DCF
09/13/18	DBS Vickers	Indofood Agri	0.183	0.21	Hold
10/11/18	DBS Vickers	Indofood Agri	0.215	0.21	Hold	DCF
11/01/18	DBS Vickers	Indofood Agri	0.2	0.19	Hold	DCF

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/18	DMG & Partners	IHH Healthcare	2.05	2.36	Buy	DCF/SOP-based Ringgit $7 target price
03/20/18	DBS Vickers	IHH Healthcare	2.02	2.29	Buy	Sum of parts, Ringgit $6.81 target
03/23/18	MIDF	IHH Healthcare	2.01	2.32	Buy	Ringgit $6.91 target price
04/17/18	Kim Eng	IHH Healthcare	2.05	2.36	Buy	Sum of parts, Ringgit $7 target price
04/17/18	UOB Kay Hian	IHH Healthcare	2.05	2.31	Buy	Ringgit $6.86
04/26/18	DBS Vickers	IHH Healthcare	2.04	2.31	Buy	Rinngit $6.81 target
05/28/18	DMG & Partners	IHH Healthcare	2.08	2.36	Buy	DCF & Sum of parts & EV/Ebitda 18x FY19,  Ringgit $7 target price
08/21/18	CIMB	IHH Healthcare	1.84	2.29	Add	Ringgit $6.86 target
08/21/18	DBS Vickers	IHH Healthcare	1.84	2.14	Buy	Ringgit $6.35 target price
08/29/18	CIMB	IHH Healthcare	1.85	2.2	Add	Sum of parts, Ringgit $6.63 target
10/10/18	DBS Vickers	IHH Healthcare	1.81	2.11	Buy	Ringgit $6.35 target price
11/28/18	UOB Kay Hian	IHH Healthcare	1.57	1.95	Buy	Sum of parts, PER36x FY19
11/28/18	DBS Vickers	IHH Healthcare	1.57	2.08	Buy	Ringgit $6.35 target price
11/30/18	CIMB	IHH Healthcare	1.8	2.1	Add	Sum of parts, Ringgit $6.40 target price
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/17/18	Amfrasers	IFS Capital	0.21	0.29	Buy	PB0.7x FY18
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18

Stock calls for 14 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/19	DMG & Partners	Avi-Tech	0.29	0.3	Neutral	DCF
02/14/19	phillip	Comfortdelgro	2.38	2.72	Accumulate	DCF, PER18.5x FY19
02/14/19	UOB Kay Hian	Comfortdelgro	2.38	2.66	Buy
02/14/19	OCBC	Comfortdelgro	2.38	2.38	Hold
02/14/19	DMG & Partners	Comfortdelgro	2.38	2.65	Buy
02/14/19	DBS Vickers	Comfortdelgro	2.38	2.57	Buy	DCF & PER16x FY19
02/14/19	DBS Vickers	Far East Hospitality	0.635	0.7	Buy	DCF
02/14/19	CIMB	Far East Hospitality	0.635	0.68	Add	DDM
02/14/19	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM
02/14/19	OCBC	Far East Hospitality	0.635	0.68	Buy
02/14/19	CIMB	Frasers Property	1.7	2.08	Add
02/14/19	DBS Vickers	Frasers Property	1.7	1.98	Buy	RNAV (35% discount)
02/14/19	phillip	HMI	0.550	0.77	Buy	DCF
02/14/19	DMG & Partners	Kimly	0.245	0.24	Neutral	DCF
02/14/19	DBS Vickers	MM2 Asia	0.3	0.33	Hold	Sum of parts
02/14/19	DBS Vickers	Perennial Reit	0.645	0.83	Buy	RNAV (55% discount)
02/14/19	phillip	SATS	4.98	5.47	Accumulate	DCF, PER24.6x FY19
02/14/19	OCBC	SATS	4.98	5.23	Hold
02/14/19	CIMB	SATS	4.98	5.46	Add	PER20.3x
02/14/19	Lim & Tan	SATS	4.98	0	Hold
02/14/19	DBS Vickers	SATS	4.98	5.59	Buy
02/14/19	Kim Eng	SATS	4.98	5.8	Buy
02/14/19	Kim Eng	Valuetronics	0.74	1.05	Buy	ROE-g/COE-g, PB2.1x FY20
02/14/19	DMG & Partners	Valuetronics	0.74	0.78	Neutral	DCF
02/14/19	CIMB	Valuetronics	0.74	0.73	Hold	PER8.5x CY19
02/14/19	OCBC	Wing Tai	2.03	2.41	Buy

Who is more eager to conclude a trade deal? Trump or Xi?

https://sg.finance.yahoo.com/news/china-reports-january-exports-us-053525759.html

China reports January exports to US fall 2.4 percent from year earlier, imports of American goods sinks 41.2 percent.

The statistics clearly show that Trump will be more eager to conclude a trade deal than Xi as the US cannot wean itself off China goods because its citizens have limited savings.

US national debt hits US$22t now!

http://www.mainepublic.org/post/us-national-debt-hits-22-trillion-new-record-thats-predicted-fall

The US is not able to repay its debt but the music still plays on.

The day of reckoning will come one day.

China had a trade surplus of US$39.2B in January 2019,

https://www.reuters.com/article/global-markets/global-markets-asia-offers-muted-cheer-as-china-trade-beats-forecasts-idUSL3N20904E

https://www.scmp.com/economy/china-economy/article/2186084/chinas-exports-shot-dramatically-january-despite-us-china

The US-China trade war has caused US imports in China to fall by 41% in January.  This shows that the Chinese consumers are nationalistic and are boycotting the US products now especially the US consumer goods.

FBI raided Huawei lab recently.

https://sputniknews.com/us/201902051072129322-fbi-raided-huawei-lab-sting-operatin/

The US is adamant to destroy Huawei just like what it did to China ZTE.

Why?

This is because Huawei holds the most patents in 5G technology and the US cannot develop its own 5G without infringing on Huawei's patents.

http://sg-stock.blogspot.com/2019/01/the-real-reason-behind-ban-of-huaweis-5g.html

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	DBS Vickers	Ifast Corp	0.88	1.26	Buy	DDM
04/30/18	DBS Vickers	Ifast Corp	0.9	1.26	Buy	DDM
07/30/18	DBS Vickers	Ifast Corp	1.09	1.26	Buy	DDM
10/30/18	DBS Vickers	Ifast Corp	1.14	1.33	Buy	DDM

Hutchison Port - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/18	OCBC	Hutchison Port	0.375	0.43	Buy
02/06/18	DBS Vickers	Hutchison Port	0.375	0.39	Hold	DCF, Buy @ $0.35
04/16/18	OCBC	Hutchison Port	0.33	0.43	Buy
04/16/18	DBS Vickers	Hutchison Port	0.33	0.38	Buy	DCF
06/01/18	OCBC	Hutchison Port	0.275	0.43	Buy
06/05/18	DBS Vickers	Hutchison Port	0.28	0.38	Buy
06/07/18	OCBC	Hutchison Port	0.305	0.375	Buy
07/03/18	UOB Kay Hian	Hutchison Port	0.28	0.34	Not Rated
07/17/18	OCBC	Hutchison Port	0.28	0.37	Buy
07/24/18	OCBC	Hutchison Port	0.275	0.36	Buy
07/25/18	DBS Vickers	Hutchison Port	0.27	0.28	Hold	DCF
10/24/18	OCBC	Hutchison Port	0.245	0.36	Buy
11/30/18	Lim & Tan	Hutchison Port	0.26	0	Hold
02/13/19	OCBC	Hutchison Port	0.26	0.22	Sell
02/13/19	DBS Vickers	Hutchison Port	0.26	0.26	Hold	DCF

HRnetGroup - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
01/03/18	DBS Vickers	CHZ	HRnetGroup	0.79	0.96	Buy	21.52	DCF & PER15x FY18 (ex-cash)
01/09/18	DMG & Partners	CHZ	HRnetGroup	0.82	1.14	Buy	39.02	DCF
02/15/18	DMG & Partners	CHZ	HRnetGroup	0.81	1.14	Buy	40.74	DCF
02/27/18	Credit Suisse	CHZ	HRnetGroup	0.805	1.06	Outperform	31.68
02/27/18	DBS Vickers	CHZ	HRnetGroup	0.805	0.97	Buy	20.50	PER15x FY18, Ex-cash
05/11/18	DBS Vickers	CHZ	HRnetGroup	0.83	0.98	Buy	18.07	DCF & PER15x (ex-cash)
05/11/18	DMG & Partners	CHZ	HRnetGroup	0.83	1.14	Buy	37.35	DCF
06/11/18	DBS Vickers	CHZ	HRnetGroup	0.84	0.98	Buy	16.67
06/27/18	DMG & Partners	CHZ	HRnetGroup	0.865	1.18	Buy	36.42	DCF
08/13/18	DMG & Partners	CHZ	HRnetGroup	0.9	1.18	Buy	31.11	DCF
08/14/18	DBS Vickers	CHZ	HRnetGroup	0.885	1.01	Buy	14.12	PER15x FY19, ex-cash
09/26/18	CIMB	CHZ	HRnetGroup	0.87	1.1	Add	26.44	PER18x CY20
11/12/18	DMG & Partners	CHZ	HRnetGroup	0.815	1.18	Buy	44.79	DCF
11/12/18	DBS Vickers	CHZ	HRnetGroup	0.815	1.1	Buy	34.97	PER15x FY19, ex-cash
11/12/18	CIMB	CHZ	HRnetGroup	0.815	1.1	Add	34.97	PER18x CY20
12/14/18	DMG & Partners	CHZ	HRnetGroup	0.79	1.18	Buy	49.37
01/02/19	DMG & Partners	CHZ	HRnetGroup	0.8	1.18	Buy	47.50	DCF

Stock calls for 13 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	Phillip	800Super	0.685	0	Cease Coverage	DCF
02/13/19	Lim & Tan	Far East Hospitality	0.64	0	Buy
02/13/19	phillip	Geo Energy	0.198	0.245	Buy
02/13/19	phillip	Golden Energy	0.245	0.36	Buy
02/13/19	UOB Kay Hian	HMI	0.535	0.73	Buy	DCF
02/13/19	OCBC	Hutchison Port	0.26	0.22	Sell
02/13/19	DBS Vickers	Hutchison Port	0.26	0.26	Hold	DCF
02/13/19	DMG & Partners	Moya Asia	0.082	0.11	Buy	DCF
02/13/19	Kim Eng	OCBC	11.41	10.95	Hold
02/13/19	CIMB	Thai Beverage	0.72	0.83	Add	Sum of parts

Singapore retail sales down 6% in December!

https://www.channelnewsasia.com/news/business/singapore-retail-sales-down-6-per-cent-december-11232574

The decline in the retail sales figure is not surprising because the retailers cannot capitalize on the festive seasons.

http://sg-stock.blogspot.com/2018/11/the-national-council-of-churches-of.html

SMRT safety is in doubt again!

https://www.reuters.com/article/us-bombardier-swiss/swiss-say-bombardier-trains-still-not-meeting-expectations-idUSKCN1Q01HQ

New Bombardier trains have safety issues and the Swiss refuse to take the deliveries.

We ordered 66 new MRT trains from Bombardier too.

http://sg-stock.blogspot.com/2018/07/singapore-awards-new-66-mrt-trains-to.html

Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/18	OCBC	Hotel Properties	3.78	4.74	Buy	RNAV
03/09/18	OCBC	Hotel Properties	3.77	4.74	Buy
06/18/18	OCBC	Hotel Properties	3.73	4.74	Buy
10/15/18	OCBC	Hotel Properties	3.68	4.74	Buy

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/18	CIMB	Hongkong Land	6.76	9.1	Add	RNAV (35% discount)
03/09/18	Lim & Tan	Hongkong Land	6.76	0	Buy
03/12/18	DBS Vickers	Hongkong Land	7.02	8.53	Buy	RNAV (35% discount)
03/13/18	CIMB	Hongkong Land	7	9.5	Add	RNAV (30% discount)
05/11/18	DBS Vickers	Hongkong Land	7.26	8.53	Buy
07/03/18	UOB Kay Hian	Hongkong Land	7.13	8.55	Not Rated
07/24/18	DBS Vickers	Hongkong Land	7.2	8.57	Buy
07/27/18	CIMB	Hongkong Land	7.15	9.5	Add	RNAV (30% discount)

Hong Leong Finance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	Hong Leong Finance	2.77	3.2	Buy
02/28/18	DBS Vickers	Hong Leong Finance	2.68	3.2	Buy	GGM, PB0.8x FY17
05/03/18	DBS Vickers	Hong Leong Finance	2.8	3.2	Buy	GGM
08/14/18	DBS Vickers	Hong Leong Finance	2.7	3.2	Buy	GGM, PB0.7x FY19
11/15/18	DBS Vickers	Hong Leong Finance	2.57	3.2	buy	GGM, PB0.7x FY19

Stock calls for 12 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	DMG & Partners	APAC Realty	0.5	0.72	Buy
02/12/19	DBS Vickers	APAC Realty	0.5	0.56	Hold
02/12/19	UOB Kay Hian	Bumitama	0.685	0.81	Buy
02/12/19	Kim Eng	DBS	24.36	30.18	Buy
02/12/19	DMG & Partners	ESR-Reit	0.515	0.61	Buy	DDM
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF
02/12/19	Kim Eng	M1	2.04	1.77	Sell
02/12/19	Lim & Tan	Manulife US Reit	0.855	0	Hold
02/12/19	DMG & Partners	Manulife US Reit	0.855	0.94	Buy	DDM
02/12/19	DBS Vickers	Manulife US Reit	0.855	0.92	Buy	DCF
02/12/19	OCBC	Mapletree Industrial	2.03	2.04	Hold
02/12/19	CIMB	SIA Engineering	2.39	3.11	Add	DCF
02/12/19	DBS Vickers	SIA Engineering	2.39	2.7	Hold	DCF & PER16x FY20 & Div Yield 4.5% & EV/Ebitda11x
02/12/19	DBS Vickers	Singtel	3.05	3.5	Buy	Sum of parts
02/12/19	Kim Eng	Singtel	3.05	3.39	Hld
02/12/19	Kim Eng	UOB	25.34	30.5	Buy
02/12/19	Lim & Tan	UOL	6.57	0	Buy
02/12/19	CIMB	Venture	15.97	17.44	Add	PER12.56x FY20
02/12/19	DBS Vickers	Yoma	0.345	0.4	Buy