Stock calls for 24 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/24/20	CIMB	A-Reit	3.43	3.12	Hold
07/24/20	Jefferies	A-Reit	3.43	3.8	Buy
07/24/20	DBS Vickers	A-Reit	3.43	4	Buy	DCF
07/24/20	Kim Eng	A-Reit	3.43	3.7	Buy	DDM
07/24/20	OCBC	A-Reit	3.43	3.92	Buy
07/24/20	UOB Kay Hian	A-Reit	3.43	3.65	Buy
07/24/20	Amfrasers	AEM	3.68	4.24	Outperform
07/24/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.23	1.4	Buy	DCF
07/24/20	CIMB	CapitaCommercial	1.76	1.98	Add	DDM
07/24/20	UOB Kay Hian	CapitaCommercial	1.76	1.66	Hold	Buy @ $1.50
07/24/20	Phillip	Capitamall Trust	2.03	2.33	Buy	DDM
07/24/20	Kim Eng	Capitamall Trust	2.03	2.35	Buy
07/24/20	CIMB	Elite ComReit	0.695	0.761	Add	DDM
07/24/20	DBS Vickers	Ifast Corp	1.74	2.35	Buy	DDM
07/24/20	DMG & Partners	Keppel Pacific	0.715	0.8	Buy	DDM

The latest US unemployment data is a fudge. - Part 3

https://www.channelnewsasia.com/news/business/covid-19-us-jobless-claims-rise-to-1-42-million-amid-surge-12958166

We had stated in June 2020 that the US unemployment figure was fudged by the US government and this jobless claim had proven us right.

http://sg-stock.blogspot.com/2020/06/the-latest-us-unemployment-data-is.html

What’s my take on the possible US-China military confrontation?

Trump has increased the US-China tension recently by expelling China consulate in Houston after the US military exercise in South China Sea. Consequently, China will retaliate by expelling one US consulate in China too.

As for the US-China military confrontation, I think it is unlikely to happen after observing the recent US military exercise. Why? This was because the US military exercise excluded the military scenario of China using its DF missiles against the US. This should be a compulsory military scenario because the DF missiles can destroy a US carrier and also the military base in Guam.

https://en.wikipedia.org/wiki/Dongfeng_(missile)

I anticipate that China will be using DF21D and DF17 to destroy the US aircraft carriers and destroyers to make the US stay away from South China Sea while DF26 will be used to destroy the military base in Guam. The latest US military exercise excluded all these scenarios because the US was still conducting the military exercise in South China Sea. The US military exercise only proved to be a farce without any real intention to have a military confrontation with China. Trump is truly a showman!

The latest Pentagon simulations also showed that the US would lose the war in South China Sea.

https://www.i24news.tv/en/news/international/americas/1589788329-us-would-lose-all-out-war-against-china-in-the-pacific-pentagon-simulation-shows

https://www.express.co.uk/news/world/1181080/South-China-Sea-World-War-3-news-Beijing-US-naval-war-simulation-Kyle-Mizokami

https://www.theatlantic.com/politics/archive/2019/07/china-us-war/594793/

If the US insists on going to a war with China, this war will end once China sinks a US aircraft carrier because this will make the other aircraft carrier stay away from South China Sea. In a nutshell, China will try to end this war by sinking a US aircraft carrier rather than to destroy the military base in Guam so that the war won’t escalate further since both countries have nuclear weapons.

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/12/19	DBS Vickers	Frasers Hospitality Trust	0.72	0.77	Hold	DCF
10/09/19	DBS Vickers	Frasers Hospitality Trust	0.715	0.77	Hold
10/31/19	DBS Vickers	Frasers Hospitality Trust	0.735	0.78	Hold	DCF
11/01/19	Kim Eng	Frasers Hospitality Trust	0.735	0.8	Buy	DDM
01/28/20	DBS Vickers	Frasers Hospitality Trust	0.715	0.78	Hold	DCF
02/17/20	Kim Eng	Frasers Hospitality Trust	0.69	0.8	Buy
04/21/20	DBS Vickers	Frasers Hospitality Trust	0.5	0.65	Buy
05/12/20	DBS Vickers	Frasers Hospitality Trust	0.475	0.65	Buy	PB0.9x
07/17/20	UOB Kay Hian	Frasers Hospitality Trust	0.47	0.58	Buy	DDM

Frasers Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	Frasers Commercial Trust	1.68	1.65	Neutral
07/12/19	DBS Vickers	Frasers Commercial Trust	1.65	1.7	Hold	DCF
07/22/19	OCBC	Frasers Commercial Trust	1.64	1.7	Hold
10/04/19	DBS Vickers	Frasers Commercial Trust	1.6	1.7	Hold	DCF
10/23/19	DMG & Partners	Frasers Commercial Trust	1.64	1.65	Neutral	DDM
10/24/19	OCBC	Frasers Commercial Trust	1.65	1.76	Hold
10/24/19	CIMB	Frasers Commercial Trust	1.65	1.71	Add	DDM
12/03/19	DMG & Partners	Frasers Commercial Trust	1.71	1.68	Take Profit	PB1.05x
12/03/19	CIMB	Frasers Commercial Trust	1.71	1.71	Add

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	Frasers Centrepoint Trust	2.64	2.25	Neutral
07/12/19	DBS Vickers	Frasers Centrepoint Trust	2.64	2.95	Buy
07/16/19	UOB Kay Hian	Frasers Centrepoint Trust	2.62	2.72	Buy
07/22/19	Phillip	Frasers Centrepoint Trust	2.65	2.36	Neutral
07/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.65	2.66	Hold	DDM, Buy @ $2.42
07/24/19	Kim Eng	Frasers Centrepoint Trust	2.65	2.8	Buy	DDM
07/24/19	OCBC	Frasers Centrepoint Trust	2.65	2.69	Hold
07/24/19	CIMB	Frasers Centrepoint Trust	2.65	2.79	Add	DDM
07/24/19	Lim & Tan	Frasers Centrepoint Trust	2.65	0	Hold
07/26/19	Amfrasers	Frasers Centrepoint Trust	2.63	2.51	Neutral
07/29/19	Phillip	Frasers Centrepoint Trust	2.68	2.77	Accumulate	DDM
08/22/19	CIMB	Frasers Centrepoint Trust	2.68	2.79	Add
08/26/19	Phillip	Frasers Centrepoint Trust	2.68	2.77	Accumulate
08/30/19	CIMB	Frasers Centrepoint Trust	2.74	2.9	Add	DDM
08/30/19	DMG & Partners	Frasers Centrepoint Trust	2.74	2.55	Neutral	DDM
09/19/19	Kim Eng	Frasers Centrepoint Trust	2.7	2.8	Buy
09/24/19	Phillip	Frasers Centrepoint Trust	2.71	2.77	Accumulate
10/02/19	DBS Vickers	Frasers Centrepoint Trust	2.7	2.95	Buy
10/18/19	Phillip	Frasers Centrepoint Trust	2.77	2.77	Accumulate
10/24/19	DMG & Partners	Frasers Centrepoint Trust	2.72	2.55	Neutral	DDM
10/24/19	OCBC	Frasers Centrepoint Trust	2.72	2.75	Hold
10/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.72	3.05	Buy
10/24/19	Lim & Tan	Frasers Centrepoint Trust	2.72	0	Hold
10/25/19	Phillip	Frasers Centrepoint Trust	2.75	3.11	Accumulate	DDM
11/18/19	Citibank	Frasers Centrepoint Trust	2.72	3	Buy
11/25/19	Phillip	Frasers Centrepoint Trust	2.76	3.11	Accumulate
11/25/19	CIMB	Frasers Centrepoint Trust	2.76	2.89	Add
12/10/19	DMG & Partners	Frasers Centrepoint Trust	2.74	2.55	Neutral
12/16/19	Phillip	Frasers Centrepoint Trust	2.67	3.11	Buy
12/19/19	DBS Vickers	Frasers Centrepoint Trust	2.7	2.95	Buy
01/23/20	Kim Eng	Frasers Centrepoint Trust	2.8	2.85	Hold	DDM
01/23/20	Lim & Tan	Frasers Centrepoint Trust	2.8	0	Hold
01/23/20	UOB Kay Hian	Frasers Centrepoint Trust	2.8	3.05	Buy
01/24/20	DBS Vickers	Frasers Centrepoint Trust	2.86	2.95	Buy
01/29/20	Phillip	Frasers Centrepoint Trust	2.86	3.11	Accumulate	DDM
02/03/20	OCBC	Frasers Centrepoint Trust	2.88	2.93	Hold
02/04/20	DBS Vickers	Frasers Centrepoint Trust	2.84	2.95	Buy
03/09/20	DBS Vickers	Frasers Centrepoint Trust	2.97	3.35	Buy
03/13/20	Phillip	Frasers Centrepoint Trust	2.73	3.11	Accumulate
03/16/20	OCBC	Frasers Centrepoint Trust	2.56	3.07	Buy
03/31/20	CIMB	Frasers Centrepoint Trust	2.18	3.1	Add
04/02/20	DBS Vickers	Frasers Centrepoint Trust	2.1	2.05	Hold
04/14/20	OCBC	Frasers Centrepoint Trust	1.93	2.23	Buy
04/23/20	DMG & Partners	Frasers Centrepoint Trust	2.1	2.55	Neutral
04/24/20	UOB Kay Hian	Frasers Centrepoint Trust	2.06	2	Hold	Buy @ $1.82
04/27/20	Phillip	Frasers Centrepoint Trust	1.98	2.24	Accumulate
04/27/20	DMG & Partners	Frasers Centrepoint Trust	1.98	2.07	Neutral	DDM
04/27/20	Kim Eng	Frasers Centrepoint Trust	1.98	2.3	Buy	DDM
05/11/20	Amfrasers	Frasers Centrepoint Trust	2.08	2.39	outperform
05/27/20	UOB Kay Hian	Frasers Centrepoint Trust	2.25	2.85	Buy
06/01/20	DBS Vickers	Frasers Centrepoint Trust	2.43	2.65	Buy	PB1.2x
06/08/20	UOB Kay Hian	Frasers Centrepoint Trust	2.58	2.85	Buy
06/23/20	DMG & Partners	Frasers Centrepoint Trust	2.39	2.07	Neutral
07/01/20	CIMB	Frasers Centrepoint Trust	2.31	2.49	Add	DDM
07/02/20	DBS Vickers	Frasers Centrepoint Trust	2.32	2.95	Buy	Sum of parts, PB1.45x
07/02/20	UOB Kay Hian	Frasers Centrepoint Trust	2.32	2.85	Buy
07/03/20	DBS Vickers	Frasers Centrepoint Trust	2.34	2.95	Buy

Stock calls for 23 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/20	Lim & Tan	CapitaCommercial	1.76	0	Hold
07/23/20	DMG & Partners	Capitamall Trust	2.02	2.03	Neutral	DDM
07/23/20	UOB Kay Hian	Capitamall Trust	2.02	2.55	Buy
07/23/20	OCBC	Capitamall Trust	2.02	2.29	Buy
07/23/20	Kim Eng	Genting	0.77	0.8	Hold	DCF
07/23/20	DBS Vickers	Keppel Infrastructure	0.535	0.57	Buy	DDM
07/23/20	Lim & Tan	Keppel Infrastructure	0.535	0	Hold
07/23/20	UOB Kay Hian	Mapletree Industrial	2.97	3.1	Buy

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/19	DMG & Partners	Food Empire	0.525	0.73	Buy	PER13x FY19
11/12/19	DMG & Partners	Food Empire	0.54	0.73	Buy
11/21/19	DMG & Partners	Food Empire	0.6	0.83	Buy	PER12x FY20
12/11/19	DMG & Partners	Food Empire	0.6	0.73	Buy
01/17/20	DMG & Partners	Food Empire	0.705	0.83	Buy	PER12x FY20
02/05/20	UOB Kay Hian	Food Empire	0.66	0.89	Buy
02/26/20	DMG & Partners	Food Empire	0.735	0.88	Buy	PER12x FY20
02/26/20	UOB Kay Hian	Food Empire	0.735	0.92	Buy	PER12.6x FY20
05/14/20	DMG & Partners	Food Empire	0.505	0.75	Buy	PER12x FY20
05/15/20	UOB Kay Hian	Food Empire	0.49	0.63	Buy	PER12.6x FY20
05/27/20	Lim & Tan	Food Empire	0.515	0.63	Accumlate	PER12.3x FY20
06/09/20	DMG & Partners	Food Empire	0.55	0.75	Buy	PER12x FY20

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/19	DBS Vickers	First Sponsor	1.31	1.62	Buy	RNAV (35% discount)

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	Kim Eng	First Resources	1.6	1.93	Buy
07/16/19	DBS Vickers	First Resources	1.55	1.82	Buy	DCF
08/06/19	UOB Kay Hian	First Resources	1.53	1.6	Hold	Buy @ $1.45
08/15/19	Kim Eng	First Resources	1.57	1.8	Buy	PER17x FY20
08/15/19	DMG & Partners	First Resources	1.57	1.45	Neutral	PER14x FY20
08/15/19	CIMB	First Resources	1.57	1.76	Add
08/21/19	UOB Kay Hian	First Resources	1.5	1.6	Hold	Buy @ $1.45
08/21/19	DBS Vickers	First Resources	1.5	1.8	Buy	DCF
09/30/19	DMG & Partners	First Resources	1.6	1.9	Buy	PER18x FY20
11/07/19	UOB Kay Hian	First Resources	1.73	1.9	Buy	PER15x FY20
11/12/19	DMG & Partners	First Resources	1.73	1.95	Buy	PER18x FY20
11/13/19	Kim Eng	First Resources	1.78	1.86	Hold	PER18x FY20
11/13/19	UOB Kay Hian	First Resources	1.78	1.85	Buy
11/13/19	DBS Vickers	First Resources	1.78	1.95	Buy	DCF
12/10/19	DBS Vickers	First Resources	1.83	2.1	Buy	DCF
01/20/20	DMG & Partners	First Resources	1.77	2.3	Buy	PER18x FY20
02/06/20	UOB Kay Hian	First Resources	1.78	2.1	Buy
02/26/20	DMG & Partners	First Resources	1.66	2	Buy	PER17x FY20
02/28/20	DBS Vickers	First Resources	1.63	1.99	Buy	DCF
02/28/20	Kim Eng	First Resources	1.63	1.85	Buy	PER18x FY20
03/24/20	DMG & Partners	First Resources	1.04	1.2	Buy	Sum of parts, PER12x FY20
04/13/20	DBS Vickers	First Resources	1.27	1.99	Buy
05/26/20	CIMB	First Resources	1.28	1.8	Buy
05/26/20	Kim Eng	First Resources	1.28	1.85	Buy	PER18x FY20
05/26/20	DMG & Partners	First Resources	1.28	1.25	Neutral	PER14x FY20
05/26/20	UOB Kay Hian	First Resources	1.28	1.65	Buy
05/26/20	DBS Vickers	First Resources	1.28	1.7	Buy	DCF
06/26/20	DMG & Partners	First Resources	1.33	1.35	Neutral	PER14x FY21

Stock calls for 22 July 20

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/20	DMG & Partners	Japan Foods	0.325	0.33	Neutral	Sum of parts
07/22/20	Phillip	Keppel DC Reit	2.75	2.57	Neutral	DDM, Up from $2.31
07/22/20	DBS Vickers	Keppel DC Reit	2.75	2.8	Hold	DCF
07/22/20	CIMB	Keppel DC Reit	2.75	2.88	Hold	DDM
07/22/20	Lim & Tan	Keppel DC Reit	2.75	0	Hold
07/22/20	OCBC	Keppel DC Reit	2.75	2.86	Hold
07/22/20	Lim & Tan	Mapletree Industrial	2.97	0	Hold
07/22/20	OCBC	Mapletree Industrial	2.97	3.25	Buy
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
07/22/20	DBS Vickers	OCBC	9.21	9.3	Hold	GGM, PB0.8x FY21
07/22/20	UOB Kay Hian	Rex	0.188	0.3	Buy	Sum of parts
07/22/20	Kim Eng	Top Glove	8.24	9.32	Buy	Ringgit target $28.60, PER16x
07/22/20	Amfrasers	UMS	0.975	0.89	Neutral	PER12x
07/22/20	DBS Vickers	UOB	20.7	20.9	Hold	GGM, PB0.8x FY21

Another constellation is aligning and a big financial crisis is brewing this time. - Part 5

https://www.oliverwyman.com/media-center/2020/jul/european-banks-facing-over-400-billion-euro-in-credit-losses-in-the-next-three-years.html

This is just the beginning.  The US banks also face the same imploding debts situation.

Let's recap again.

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and_20.html

The financial tsunami that I'm projecting is based on the following highlights.

Rising US-China tension (trade, economic, financial, sanction, etc)

Excessive monetary policies

Imploding debts

Covid virus

Natural disasters (floodings in China & Japan now, and the US typhoon season)

Unsustainable financial firms' earnings (bond trading income)

EU approves EUR$1.85T pandemic recovery fund.

https://www.cnbc.com/2020/07/21/eu-leaders-reach-a-breakthrough-on-the-regions-recovery-fund.html

With this latest EUR$1.85T pandemic recovery fund and TLTRO III at an interest rate of as low as -1%, the EU is printing a massive amount of free monies to reboot its economy and creating the biggest stock market bubble.  Likewise, the US is also doing exactly the same thing.

The excessive monetary policies in the world are seeding a big financial crisis now.

Another constellation is aligning and a big financial crisis is brewing this time. - Part 4

https://www.cnbc.com/2020/07/21/suze-orman-a-perfect-storm-is-brewing-and-it-is-worse-than-2008.html?&qsearchterm=financial%20storm%20is%20brewing

A US parody of our prediction below! Hahaha!

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and_20.html

We did our first posting on 15 July about the impending financial tsunami.

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and.html

A warmer climate will energize a typhoon.

https://edition.cnn.com/2020/07/02/weather/july-4th-weather-forecast/index.html

Do you know where a typhoon draws its energy from? It is the heat that energizes a storm/typhoon.

The US is in a typhoon season now and its temperature is rising.

I suspect the hurricane and typhoon season will be much stronger than the past for this year.  We've seen severe floodings in China, Japan and India now and this will also be reflected in the US because of global warming.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/19	CIMB	First Reit	1.06	1.23	Add
11/07/19	CIMB	First Reit	1.05	1.2	Add	DDM
01/30/20	Lim & Tan	First Reit	0.995	0	Buy on weakness
01/31/20	CIMB	First Reit	1.02	1.15	Add	DDM

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/19	UOB Kay Hian	Far East Hospitality	0.685	0.82	Buy	DDM
07/31/19	OCBC	Far East Hospitality	0.685	0.67	Hold
07/31/19	CIMB	Far East Hospitality	0.685	0.68	Hold
08/01/19	DBS Vickers	Far East Hospitality	0.68	0.7	Hold	DCF
08/27/19	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
09/19/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
10/09/19	DBS Vickers	Far East Hospitality	0.69	0.7	Hold
10/30/19	Lim & Tan	Far East Hospitality	0.7	0	Hold
10/31/19	UOB Kay Hian	Far East Hospitality	0.71	0.86	Buy	DCF
10/31/19	DBS Vickers	Far East Hospitality	0.71	0.8	Buy
11/01/19	Kim Eng	Far East Hospitality	0.73	0.8	Buy	DDM
11/04/19	CIMB	Far East Hospitality	0.735	0.7	Hold
11/04/19	OCBC	Far East Hospitality	0.735	0.68	Hold
11/21/19	Kim Eng	Far East Hospitality	0.72	0.8	Buy
12/19/19	DBS Vickers	Far East Hospitality	0.72	0.8	Buy
01/14/20	DBS Vickers	Far East Hospitality	0.755	0.8	Buy
02/03/20	DBS Vickers	Far East Hospitality	0.68	0.69	Hold	PB0.85x
02/13/20	CIMB	Far East Hospitality	0.67	0.64	Hold	DDM
02/17/20	OCBC	Far East Hospitality	0.66	0.65	Sell
02/17/20	UOB Kay Hian	Far East Hospitality	0.66	0.65	Hold	Buy @ $0.60
02/17/20	Kim Eng	Far East Hospitality	0.66	0.7	Hold	DDM
02/17/20	CIMB	Far East Hospitality	0.66	0.65	Hold	DDM
02/19/20	OCBC	Far East Hospitality	0.67	0.65	Hold
03/16/20	OCBC	Far East Hospitality	0.53	0.52	Hold
03/20/20	UOB Kay Hian	Far East Hospitality	0.375	0.5	Buy	DDM
04/21/20	DBS Vickers	Far East Hospitality	0.49	0.6	Buy
05/05/20	UOB Kay Hian	Far East Hospitality	0.49	0.62	Buy	DDM
06/01/20	DBS Vickers	Far East Hospitality	0.495	0.6	Buy
06/08/20	UOB Kay Hian	Far East Hospitality	0.545	0.62	Buy
06/09/20	CIMB	Far East Hospitality	0.57	0.59	Add
07/02/20	UOB Kay Hian	Far East Hospitality	0.5	0.62	Buy
07/21/20	CIMB	Far East Hospitality	0.49	0.592	Add