Stock calls for 5 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	DMG & Partners	Best World	2.02	2.95	Buy
04/05/19	DMG & Partners	Breadtalk	0.87	0.81	Neutral
04/05/19	DMG & Partners	Dairy Farm	8.14	8.25	Buy
04/05/19	DMG & Partners	Delfi	1.3	1.68	Buy
04/05/19	DBS Vickers	Ezion	0.043	0.05	Hold	PB1.4x
04/05/19	DMG & Partners	Food Empire	0.56	0.69	Buy
04/05/19	DMG & Partners	Japan Foods	0.435	0.45	Neutral
04/05/19	DMG & Partners	Kimly	0.24	0.24	Neutral
04/05/19	DMG & Partners	Mindchamps	0.655	0.87	Buy
04/05/19	DMG & Partners	SGX	7.42	8.1	Buy	PER23x FY20
04/05/19	DMG & Partners	Sheng Siong	1.04	1.25	Buy
04/05/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy
04/05/19	CIMB	Yongnam	0.186	0.33	Add	PB0.7x FY19

Omg! The total US debt has exceeded US$68T!

https://sg.finance.yahoo.com/news/chart-day-mountain-us-debt-215521744.html

The total US debt has exceeded US$68T which is close to 330% of US GDP.

How long do you think this debt play can carry on?

The US media has highlighted Italy's economic situation after JPM's bearish reports

https://finance.yahoo.com/news/euro-2-7-trillion-italy-040116651.html

I can sense something is brewing.  The US media is starting to highlight Italy's economic problem now after JPM's bearish Lira and Euro reports.  The duel between the EU and the US has begun.

After we reported AFC might be replaying in the Middle East and Europe, the US financial firms and media had upped their ante with their bearish outlooks on Europe.

http://sg-stock.blogspot.com/2019/04/1997-asian-financial-crisis-is.html

The EU must come up with a bigger TLTRO this year or Italy will be in deep trouble that will pull the whole Europe down into the abyss.

http://sg-stock.blogspot.com/2019/03/what-is-targeted-longer-term.html

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/20/18	Lim & Tan	Top Glove	3.88	0	Hold
06/22/18	Kim Eng	Top Glove	3.81	4.4	Buy
07/11/18	Kim Eng	Top Glove	3.4	4.36	Hold	Ringgit target $12.90, PER30x FY19
03/11/19	Kim Eng	Top Glove	1.5	1.53	Hold	Ringgit target $4.60, PER24x CY20

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18
04/02/18	UOB Kay Hian	Tianjin Zhongxin	0.92	1.66	Buy	PER14.1x FY18
04/30/18	UOB Kay Hian	Tianjin Zhongxin	1.01	1.72	Buy	PER14.1x FY18
05/21/18	UOB Kay Hian	Tianjin Zhongxin	1.2	1.72	Buy	PER14.1x FY18
06/04/18	UOB Kay Hian	Tianjin Zhongxin	1.21	1.72	Buy
07/13/18	UOB Kay Hian	Tianjin Zhongxin	1.12	1.72	Buy
09/14/18	UOB Kay Hian	Tianjin Zhongxin	0.915	1.59	Buy
10/31/18	UOB Kay Hian	Tianjin Zhongxin	0.895	1.59	Buy	PER14.1x FY18
04/01/19	UOB Kay Hian	Tianjin Zhongxin	0.915	1.7	Buy	PER13.6x FY19

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy
04/16/18	Phillip	Thai Beverage	0.8	1.05	Buy
05/10/18	DMG & Partners	Thai Beverage	0.83	1.06	Buy	Sum of parts
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
06/11/18	CIMB	Thai Beverage	0.77	0.98	Add
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
06/22/18	JP Morgan	Thai Beverage	0.77	0.73	Underweight
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/12/18	DMG & Partners	Thai Beverage	0.725	1.02	Buy	Sum of parts
07/25/18	DBS Vickers	Thai Beverage	0.74	0.94	Buy	Sum of parts
08/15/18	DBS Vickers	Thai Beverage	0.7	0.94	Buy	Sum of parts
08/15/18	JP Morgan	Thai Beverage	0.7	0.64	Underweight
08/16/18	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/16/18	DMG & Partners	Thai Beverage	0.68	0.88	Buy	Sum of parts
08/16/18	OCBC	Thai Beverage	0.68	0.89	Buy
08/20/18	Phillip	Thai Beverage	0.645	0.62	Reduce	Sum of parts
09/04/18	Goldman Sachs	Thai Beverage	0.645	0.74	Buy	Cut from $0.94
09/04/18	JP Morgan	Thai Beverage	0.645	0.64	Underweight
09/14/18	CIMB	Thai Beverage	0.62	0.88	Add
09/18/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
09/20/18	DBS Vickers	Thai Beverage	0.65	0.94	Buy
09/21/18	DMG & Partners	Thai Beverage	0.67	0.88	Buy
10/02/18	Amfrasers	Thai Beverage	0.665	0.75	Buy	Sum of parts
10/04/18	UOB Kay Hian	Thai Beverage	0.71	0.84	Buy	Sum of parts
10/26/18	Exotix Capital	Thai Beverage	0.63	0.9	Buy
11/02/18	UOB Kay Hian	Thai Beverage	0.635	0.84	Buy
11/05/18	DBS Vickers	Thai Beverage	0.655	0.94	Buy
11/13/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
11/27/18	CIMB	Thai Beverage	0.67	0.88	Add	Sum of parts
11/27/18	DBS Vickers	Thai Beverage	0.67	0.87	Buy	Sum of parts
11/27/18	OCBC	Thai Beverage	0.67	0.85	Buy
11/28/18	Phillip	Thai Beverage	0.63	0.57	Reduce	Sum of parts
11/28/18	UOB Kay Hian	Thai Beverage	0.63	0.8	Buy	Sum of parts
11/28/18	DMG & Partners	Thai Beverage	0.63	0.75	Buy	Sum of parts
11/28/18	CIMB	Thai Beverage	0.63	0.73	Add	Sum of parts, PER17x
12/05/18	Amfrasers	Thai Beverage	0.625	0.75	Buy	Sum of parts
01/04/18	UOB Kay Hian	Thai Beverage	0.59	0.8	Buy	Sum of parts
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts
02/13/19	CIMB	Thai Beverage	0.72	0.83	Add	Sum of parts
02/15/19	DBS Vickers	Thai Beverage	0.72	0.87	Buy
02/18/19	UOB Kay Hian	Thai Beverage	0.815	0.86	Hold	Sum of parts, buy @ $0.76
02/18/19	DMG & Partners	Thai Beverage	0.815	0.92	Buy	Sum of parts
02/18/19	CIMB	Thai Beverage	0.815	0.9	Add	Sum of parts
02/18/19	OCBC	Thai Beverage	0.815	0.91	Buy
02/19/19	Phillip	Thai Beverage	0.82	0.81	Neutral	Sum of parts
02/19/19	Amfrasers	Thai Beverage	0.82	0.75	Hold
02/27/19	DBS Vickers	Thai Beverage	0.81	0.94	Buy
03/14/19	UOB Kay Hian	Thai Beverage	0.805	0.86	Hold	Sum of parts, Buy @ $0.78

Stock calls for 4 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/19	Kim Eng	A-Reit	2.93	3.1	Buy
04/04/19	Amfrasers	Accordia Golf Trust	0.59	0.72	Buy
04/04/19	DMG & Partners	APAC Realty	0.615	0.72	Buy	RNAV
04/04/19	Kim Eng	Capitamall Trust	2.41	2.4	Hold
04/04/19	Kim Eng	CDL Hospitality	1.65	1.85	Buy
04/04/19	DMG & Partners	City Developments	9.31	9.2	Neutral
04/04/19	Kim Eng	Frasers Centrepoint Trust	2.36	2.6	Buy
04/04/19	UOB Kay Hian	Genting	1.07	1.29	Buy
04/04/19	DMG & Partners	Genting	1.07	1.08	Neutral	DCF
04/04/19	CIMB	Genting	1.07	1.11	Add	EV/Ebitda8x
04/04/19	OCBC	Genting	1.07	1.31	Buy
04/04/19	DBS Vickers	Genting	1.07	1.54	Buy	EV/Ebitda 12x
04/04/19	Kim Eng	Genting	1.07	1.12	Hold
04/04/19	CIMB	Grand Venture	0.25	0.34	Add	PER10x FY20
04/04/19	Kim Eng	Mapletree Commercial	1.87	1.8	Hold
04/04/19	Kim Eng	Mapletree Industrial	2.11	2.25	Buy
04/04/19	OCBC	Singapore Post	0.995	1	Hold

Here we go again! Mahathir is at it again!

https://www.straitstimes.com/asia/se-asia/malaysia-pm-mahathir-mohamad-puzzled-why-johor-crown-prince-unaware-of-upcoming-ship-to

No country in its right mind will do a ship-to-ship (STS) transfer within its territorial water when cargoes loading and unloading can be done on a land port.  A ship-to-ship transfer is usually conducted for illegal trading.  Is Mahathir trying to encourage illegal trading?

Mahathir is trying to skin SG again but he cannot do it without JB Sultan's permission.  Given the cordial relationship between JB Sultan and SG government, Mahathir knows that he cannot get the support from JB Sultan.  Therefore, Mahathir is mooting a ship-to-ship transfer in the sea instead of doing it on the land port.  This ship-to-ship transfer project won't succeed without China's support as close to 80% of the ships plying through the strait of Malacca are from China.

http://sg-stock.blogspot.com/2016/07/china-is-building-port-in-malacca-so.html

China and Malaysia are at loggerheads now and China won't support this stupid JB STS transfer project as the Malacca gateway project is at a roadblock now.

Hyflux is officially bankrupt now!

https://www.straitstimes.com/business/companies-markets/hyflux-says-rescue-deal-with-indonesian-investor-terminated-cancels

The Indonesian white knight has pulled out.  Nobody wants hyflux now!

PUB will do a hostile takeover of tuaspring at zero cost since hyflux cannot resolve its on-going concern issue.

Hyflux, RIP!

1997 Asian financial crisis is replaying in the Middle East now. Here's why! - Part 2

http://sg-stock.blogspot.com/2019/03/1997-asian-financial-crisis-is.html

After our first posting about an Asian financial crisis happening in the Middle East, the EU expressed its concern about Italy economic situation in response to JPM's lira report.

https://sg-stock.blogspot.com/2019/04/eu-is-trying-to-stop-asian-financial.html

Then, JPM is hitting back at the EU by spreading the Euro depreciation fear.  Don't forget that Italy is using Euro and a weak Euro is bad for Italy. Hahaha!

https://www.reuters.com/article/us-eurozone-markets-jpmorgan/backpedaling-ecb-could-push-euro-under-1-10-jp-morgan-am-idUSKCN1RF0TC

It looks like JPM is feeling disgruntled that the EU is trying to thwart JPM's money-making plan.

Boeing saga! - Part 2

https://www.channelnewsasia.com/news/business/us-senate-panel-reviewing-whistleblower-claims-on-aviation-safety--panel-chair-11406316

More juicy stories are coming out from Boeing! No wonder the US Southwest Airlines is sending all its 737-Max to a desert graveyard.

http://sg-stock.blogspot.com/2019/03/a-big-blow-to-boeing.html

Global inflation or deflation? - Part 3

https://www.bloomberg.com/news/articles/2019-04-03/fed-risks-fomenting-financial-bubbles-in-zeal-to-lift-inflation

The Bloomberg article corroborates our analysis that the US Fed is trying to create inflation.  For more information about the rationale behind the inflation theory, please read our post below.

http://sg-stock.blogspot.com/2019/03/global-inflation-or-deflation-part-2.html

However, we have taken cognizant that the US financial firms are trying to create a financial crisis in the Middle East and Europe.  If the financial crisis happens, it will invalidate the current Fed policies.

Tee Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/18	Tayona	Tee Land	0.21	0.28	Overweight	Sum of parts

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/18	CIMB	Talkmed	0.69	0.68	Hold	DCF
02/21/18	DMG & Partners	Talkmed	0.675	0.72	Neutral	DCF
04/27/18	DMG & Partners	Talkmed	0.69	0.7	Neutral	DCF, PER29x FY18
11/09/18	DMG & Partners	Talkmed	0.62	0.64	Neutral
01/07/19	DMG & Partners	Talkmed	0.59	0.64	Neutral
02/21/19	DMG & Partners	Talkmed	0.58	0.62	Neutral	DCF

TA Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/18	Tayona	TA Corp	0.24	0.35	Overweight	RNAV (33% discount)
10/03/18	Tayrona Financial	TA Corp	0.24	0.35	Overweight

Stock calls for 3 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/19	DBS Vickers	CapitaRetail China	1.57	1.65	Buy
04/03/19	DMG & Partners	Comfortdelgro	2.59	2.65	Take Profit	Buy below $2.50
04/03/19	DBS Vickers	Frasers Centrepoint Trust	2.38	2.6	Buy
04/03/19	DBS Vickers	Frasers Logistics	1.16	1.2	Buy
04/03/19	DBS Vickers	Keppel KBS	0.705	0.8	Buy
04/03/19	DBS Vickers	Mapletree Industrial	2.12	2.3	Buy
04/03/19	DBS Vickers	Mapletree North Asia	1.31	1.45	Buy
04/03/19	DBS Vickers	OUE Commercial	0.52	0.6	Buy
04/03/19	CIMB	Sasseur	0.78	0.92	Add
04/03/19	UOB Kay Hian	SPH	2.43	2.82	Buy
04/03/19	Lim & Tan	Venture	18.6	0	Hold

EU is trying to stop the Asian financial crisis from happening in Europe.

https://sg.finance.yahoo.com/news/eus-juncker-concerned-over-italys-093309757.html

The timing of EU's exhortation about Italy is uncanny after we have singled out Italy as the next target in Europe in our post below.  Maybe the EU is trying to nip it in the bud as a pre-emptive move.  However, it won't be easy for Italy to rein in its high debts.

http://sg-stock.blogspot.com/2019/03/1997-asian-financial-crisis-is.html

Look like this is a duel between the US financial firms and EU officials.  Let's see who will win.

Synagie - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/18	UOB Kay Hian	Synagie	0.27	0.45	Buy	Price-to-Sales 4.2x FY19
09/06/18	CIMB	Synagie	0.215	0.34	Add	Price-to-Sales 2.2x CY19

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	Deutsche	Suntec Reit	2.14	2.05	Hold
01/05/18	DMG & Partners	Suntec Reit	2.17	1.75	Neutral
01/25/18	CIMB	Suntec Reit	2.15	2.17	Hold	DDM
01/25/18	DBS Vickers	Suntec Reit	2.15	2.3	Buy	DCF
01/25/18	OCBC	Suntec Reit	2.15	1.81	Sell
01/25/18	Kim Eng	Suntec Reit	2.15	1.91	Hold
01/26/18	UOB Kay Hian	Suntec Reit	2.14	2.13	Hold	DDM
02/20/18	DBS Vickers	Suntec Reit	1.97	2.3	Buy
04/25/18	DBS Vickers	Suntec Reit	1.9	2.3	Buy
04/25/18	OCBC	Suntec Reit	1.9	1.81	Sell
04/26/18	DMG & Partners	Suntec Reit	1.9	1.75	Neutral	DDM
04/26/18	UOB Kay Hian	Suntec Reit	1.9	2.13	Hold	DDM
04/26/18	OCBC	Suntec Reit	1.9	1.84	Sell
04/26/18	CIMB	Suntec Reit	1.9	2.12	Add	DDM
04/26/18	Kim Eng	Suntec Reit	1.9	1.94	Hold
05/08/18	DBS Vickers	Suntec Reit	1.92	2.3	Buy
05/17/18	DMG & Partners	Suntec Reit	1.83	1.75	Neutral
06/12/18	DBS Vickers	Suntec Reit	1.74	2.3	Buy
07/25/18	OCBC	Suntec Reit	1.89	1.84	Hold
07/26/18	CIMB	Suntec Reit	1.87	2.08	Add	DDM
07/26/18	UOB Kay Hian	Suntec Reit	1.87	2.01	Hold	DDM, Buy @ $1.83
07/26/18	DBS Vickers	Suntec Reit	1.87	2.3	Buy	DCF
08/02/18	DBS Vickers	Suntec Reit	1.87	2.3	Buy
08/02/18	Deutsche	Suntec Reit	1.87	2.1	Buy
09/14/18	DBS Vickers	Suntec Reit	1.85	2.3	Buy
09/25/18	Deutsche	Suntec Reit	1.85	2.1	Buy
10/10/18	CIMB	Suntec Reit	1.84	2.08	Add
10/16/18	DMG & Partners	Suntec Reit	1.78	1.9	Neutral	DDM
10/24/18	OCBC	Suntec Reit	1.81	1.84	Hold
10/25/18	CIMB	Suntec Reit	1.81	2.06	Add	DDM
10/25/18	UOB Kay Hian	Suntec Reit	1.81	2.01	Hold
10/25/18	DBS Vickers	Suntec Reit	1.81	2.3	Buy
10/25/18	OCBC	Suntec Reit	1.81	1.83	Hold
11/02/18	UOB Kay Hian	Suntec Reit	1.74	2.01	Hold
12/11/18	DMG & Partners	Suntec Reit	1.78	1.9	Neutral
01/23/19	OCBC	Suntec Reit	1.86	1.83	Hold
01/24/19	DBS Vickers	Suntec Reit	1.87	2.12	Buy	DCF
01/24/19	OCBC	Suntec Reit	1.87	1.84	Hold
01/24/19	DMG & Partners	Suntec Reit	1.87	1.9	Neutral	DDM
01/24/19	Jefferies	Suntec Reit	1.87	1.85	Hold	Up from $1.80
01/28/19	UOB Kay Hian	Suntec Reit	1.93	2.01	Hold	Buy @ $1.83
01/28/19	CIMB	Suntec Reit	1.93	2.06	Add
03/18/19	DMG & Partners	Suntec Reit	1.93	1.9	Neutral
04/02/19	DBS Vickers	Suntec Reit	1.96	2.12	Buy

Sunpower - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/06/18	UOB Kay Hian	Sunpower	0.48	0.77	Buy	Sum of parts
06/06/18	Lim & Tan	Sunpower	0.48	0.95	Buy	Sum of parts
08/16/18	Lim & Tan	Sunpower	0.595	0.95	Buy	Sum of parts
11/12/18	Lim & Tan	Sunpower	0.41	0	Buy
01/10/19	UOB Kay Hian	Sunpower	0.385	0.76	Buy	Sum of parts
03/01/19	UOB Kay Hian	Sunpower	0.585	0.88	Buy	Sum of parts