SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	Kim Eng	SIA Engineering	2.51	2.85	Buy
07/05/19	DBS Vickers	SIA Engineering	2.72	3.01	Buy
07/08/19	CIMB	SIA Engineering	2.89	3.11	Add	DCF
07/29/19	UOB Kay Hian	SIA Engineering	2.65	2.55	Hold	DCF, Buy @ $2.40
07/29/19	OCBC	SIA Engineering	2.65	2.43	Hold
07/30/19	Kim Eng	SIA Engineering	2.68	2.85	Hold
09/02/19	Kim Eng	SIA Engineering	2.43	2.85	Buy	DCF
11/04/19	Lim & Tan	SIA Engineering	2.65	0	Hold
11/05/19	UOB Kay Hian	SIA Engineering	2.77	3.13	Buy
11/05/19	DBS Vickers	SIA Engineering	2.77	3.3	Buy	Sum of parts
11/05/19	OCBC	SIA Engineering	2.77	2.86	Hold
11/05/19	CIMB	SIA Engineering	2.77	3.3	Add	DCF
11/26/19	Kim Eng	SIA Engineering	2.85	3	Buy
12/27/19	CIMB	SIA Engineering	2.82	3.3	Add
02/04/20	UOB Kay Hian	SIA Engineering	2.58	3.13	Buy	DDM
02/10/20	Lim & Tan	SIA Engineering	2.61	0	Hold
02/11/20	OCBC	SIA Engineering	2.59	2.41	Sell
03/20/20	DBS Vickers	SIA Engineering	1.56	1.35	Fully Valued	Sum of parts
05/12/20	UOB Kay Hian	SIA Engineering	1.82	1.57	Sell	DDM
06/08/20	DBS Vickers	SIA Engineering	2.22	2.3	Hold	Sum of parts (15% premium)
07/20/20	CIMB	SIA Engineering	1.96	1.78	Hold
07/20/20	DBS Vickers	SIA Engineering	1.96	2.1	Hold	Sum of parts (15% premium)
07/21/20	OCBC	SIA Engineering	1.97	1.8	Sell
08/18/20	DBS Vickers	SIA Engineering	1.86	2.4	Buy	Sum of parts

SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/19	UOB Kay Hian	SIA	9.67	9.5	Hold	Sum of parts, Buy @ $9.10
08/01/19	DBS Vickers	SIA	9.67	10.8	Buy	PB0.95x FY20
08/01/19	Lim & Tan	SIA	9.67	0	Hold
08/02/19	CIMB	SIA	9.2	10.04	Hold	PB0.9x CY19
09/19/19	UOB Kay Hian	SIA	9.15	9.5	Hold	Sum of parts, Buy @ $8.70
10/17/19	UOB Kay Hian	SIA	9.16	9.5	Hold	Buy @ $9
11/06/19	CIMB	SIA	9.43	10	Hold	PB0.9x CY19
11/06/19	Kim Eng	SIA	9.43	10.7	Buy	PB1x FY21
11/07/19	OCBC	SIA	9.18	10.46	Buy
11/07/19	UOB Kay Hian	SIA	9.18	9.4	Hold	Buy @ $8.70
11/07/19	DBS Vickers	SIA	9.18	10.4	Buy	PB0.95x FY20
01/10/20	UOB Kay Hian	SIA	8.93	9.1	Hold	Sum of parts, Buy @ $8.60
01/14/20	DBS Vickers	SIA	8.95	10.4	Buy
01/14/20	Citi Research	SIA	8.95	7.26	Buy	Ex-rights target price
02/04/20	UOB Kay Hian	SIA	8.49	9.1	Hold	Buy @ $8.40
02/06/20	CIMB	SIA	8.59	8.46	Hold	PB0.86x CY20
02/10/20	DBS Vickers	SIA	8.58	10.4	Buy	PB0.95x FY20
02/18/20	OCBC	SIA	8.66	9.9	Buy
03/13/20	CIMB	SIA	7.34	8	Hold	PB0.86x
03/19/20	DBS Vickers	SIA	6.53	6.6	Hold	PB0.85x
03/20/20	OCBC	SIA	6.12	6.6	Hold
03/23/20	UOB Kay Hian	SIA	6.02	6.6	Hold	Buy @ $5.7 (PB0.5x)
03/30/20	UOB Kay Hian	SIA	6.08	5.8	Hold	Sum of parts, Buy @ $5.2
03/30/20	Citi Research	SIA	6.08	2.82	Sell	Ex-rights target price
04/03/20	CIMB	SIA	5.65	6.27	Hold	Ex-rights price $4.25
04/03/20	DIR	SIA	5.65	5.54	Hold
05/06/20	CIMB	SIA	5.91	4.45	Hold	PB0.84x, Ex-rights
05/15/20	Citi Research	SIA	3.81	4	Sell
05/15/20	CIMB	SIA	3.81	4.6	Add	PB0.84x
05/18/20	UOB Kay Hian	SIA	3.9	4.34	Buy	PB0.9x
06/03/20	Lim & Tan	SIA	4.11	0	Take Profit
06/18/20	UOB Kay Hian	SIA	4.13	3.8	Sell	PB0.8x
07/16/20	Lim & Tan	SIA	3.77	0	Sell
07/30/20	DBS Vickers	SIA	3.53	3.75	Hold	PB0.8x FY21/22
07/30/20	CIMB	SIA	3.53	3.55	Hold	PB0.84x FY22
08/03/20	UOB Kay Hian	SIA	3.42	3.64	Hold	Buy @ $3.20
08/04/20	OCBC	SIA	3.31	3.5	Hold

Stock calls for 4 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/20	DBS Vickers	Comfortdelgro	1.51	1.96	Buy	PB1.6x FY21
09/04/20	CIMB	Frasers Centrepoint Trust	2.54	2.83	Add	DDM
09/04/20	Lim & Tan	Frasers Centrepoint Trust	2.54	0	Hold
09/04/20	DBS Vickers	Parkway Life	3.89	4	Buy
09/04/20	Lim & Tan	Penguin	0.425	0	Buy
09/04/20	CIMB	SATS	3.01	3	Hold	DCF & PB2.1x FY21

We warned you about the abnormality of the stock market just before the heavy fall, didn't we?

https://finance.yahoo.com/news/mystery-solved-days-vix-warned-172725636.html

We did warn about the abnormality in the synchronization of VIX and S&P just before the heavy market fall.

http://sg-stock.blogspot.com/2020/09/different-market-sectors-are-in.html

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	DMG & Partners	Sheng Siong	1.1	1.23	Buy
07/15/19	phillip	Sheng Siong	1.1	1.3	Buy	PER25x
07/16/19	Kim Eng	Sheng Siong	1.09	0.95	Sell	DCF
07/30/19	DMG & Partners	Sheng Siong	1.11	1.32	Buy	DCF
07/30/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy	PER25x FY20
07/31/19	Kim Eng	Sheng Siong	1.15	0.96	Sell	DCF
07/31/19	OCBC	Sheng Siong	1.15	1.19	Buy
07/31/19	CIMB	Sheng Siong	1.15	1.25	Add
08/01/19	phillip	Sheng Siong	1.16	1.3	Accumulate	PER25x FY19
08/06/19	Amfrasers	Sheng Siong	1.16	1.27	Outperform
08/13/19	Kim Eng	Sheng Siong	1.18	0.96	Sell	DCF
08/23/19	DMG & Partners	Sheng Siong	1.16	1.32	Buy
09/11/19	DMG & Partners	Sheng Siong	1.2	1.32	Buy
10/01/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy	PER25x FY20
10/02/19	DMG & Partners	Sheng Siong	1.13	1.32	Buy	DCF
10/11/19	phillip	Sheng Siong	1.16	1.3	Accumulate
10/14/19	Kim Eng	Sheng Siong	1.15	0.96	Sell	DCF
11/01/19	UOB Kay Hian	Sheng Siong	1.17	1.27	Hold	Buy @ $1.14
11/01/19	DMG & Partners	Sheng Siong	1.17	1.32	Buy
11/01/19	Kim Eng	Sheng Siong	1.17	1	Sell	DCF
11/01/19	DBS Vickers	Sheng Siong	1.17	1.32	Buy
11/04/19	phillip	Sheng Siong	1.18	1.32	Accumulate	PER25x
11/04/19	Amfrasers	Sheng Siong	1.18	1.35	Outperform
11/04/19	CIMB	Sheng Siong	1.18	1.3	Add	PER22.5x CY20
11/04/19	OCBC	Sheng Siong	1.18	1.21	Hold
12/10/19	DMG & Partners	Sheng Siong	1.24	1.39	Buy	DCF
01/06/20	DBS Vickers	Sheng Siong	1.3	1.32	Buy
01/08/20	DMG & Partners	Sheng Siong	1.26	1.39	Buy
01/13/20	UOB Kay Hian	Sheng Siong	1.27	1.29	Hold	Buy @ $1.19
01/23/20	DBS Vickers	Sheng Siong	1.26	1.41	Buy	PER25x FY20
02/19/20	CIMB	Sheng Siong	1.29	1.46	Add	PER24x
02/24/20	phillip	Sheng Siong	1.29	1.41	Accumulate	PER25x FY20
02/24/20	DMG & Partners	Sheng Siong	1.29	1.42	Buy	DCF & PER22x
02/24/20	DBS Vickers	Sheng Siong	1.29	1.45	Buy	PER25x FY20
02/25/20	OCBC	Sheng Siong	1.29	1.45	Buy
03/10/20	Amfrasers	Sheng Siong	1.21	1.4	Outperform
03/18/20	DMG & Partners	Sheng Siong	1.05	1.42	Buy	DCF
04/06/20	DBS Vickers	Sheng Siong	1.22	1.45	Buy
04/06/20	CIMB	Sheng Siong	1.22	1.42	Add
04/09/20	DMG & Partners	Sheng Siong	1.31	1.42	Buy	DCF
04/15/20	DBS Vickers	Sheng Siong	1.35	1.5	Buy
04/22/20	DBS Vickers	Sheng Siong	1.45	1.56	Buy
04/29/20	DMG & Partners	Sheng Siong	1.46	1.63	Buy	DCF
04/29/20	DBS Vickers	Sheng Siong	1.46	1.58	Buy	PER25x FY20
04/29/20	Lim & Tan	Sheng Siong	1.46	0	Hold
04/30/20	phillip	Sheng Siong	1.49	1.58	Accumulate	PER25x
04/30/20	UOB Kay Hian	Sheng Siong	1.49	1.5	Hold	Buy @ $1.35
04/30/20	OCBC	Sheng Siong	1.49	1.64	Buy
05/01/20	Amfrasers	Sheng Siong	1.49	1.46	Neutral
05/19/20	DBS Vickers	Sheng Siong	1.56	1.66	Buy	PER25x FY21
05/29/20	DMG & Partners	Sheng Siong	1.52	1.72	Buy	DCF
06/08/20	DMG & Partners	Sheng Siong	1.56	1.72	Buy	DCF
06/22/20	phillip	Sheng Siong	1.54	0	Hold
07/30/20	DBS Vickers	Sheng Siong	1.73	1.91	Buy	PER25x FY21
08/03/20	phillip	Sheng Siong	1.7	1.65	Neutral	PER25x FY21
08/03/20	DMG & Partners	Sheng Siong	1.7	1.87	Buy	DCF
08/04/20	OCBC	Sheng Siong	1.69	1.85	Hold
08/06/20	Amfrasers	Sheng Siong	1.84	1.58	Neutral

Shangri-La Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/26/19	OCBC	Shangri-La Asia	8.3	13.9	Buy

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/19	phillip	SGX	7.99	8.09	Accumulate	PER21.4x
07/15/19	Credit Suisse	SGX	7.99	7.1	Underperform
07/15/19	Citi Research	SGX	7.99	7.23	Sell
08/01/19	DMG & Partners	SGX	7.92	8.1	Neutral	PER23x FY20
08/01/19	DBS Vickers	SGX	7.92	8.3	Buy	DDM
08/02/19	phillip	SGX	7.78	8.09	Accumulate	PER21x
08/05/19	CIMB	SGX	7.98	8.1	Hold	PER21.5x
08/05/19	Jefferies	SGX	7.98	9	Buy
10/02/19	phillip	SGX	8.5	8.6	Accumulate	PER22x
10/02/19	Jefferies	SGX	8.5	9	Hold
10/02/19	Citi Research	SGX	8.5	8	Sell
10/02/19	OCBC	SGX	8.5	7.6	Hold
10/09/19	DMG & Partners	SGX	8.4	8.1	Neutral	PER23x FY20
10/09/19	Credit Suisse	SGX	8.4	7.2	Underperform
10/25/19	DMG & Partners	SGX	8.28	8.3	Neutral	PER23x FY20
10/25/19	CIMB	SGX	8.28	9	Add	PER22.4x FY20
10/25/19	OCBC	SGX	8.28	8.6	Hold	PER22x FY20
10/25/19	DBS Vickers	SGX	8.28	8.9	Buy	DDM, PER21x FY20
11/25/19	phillip	SGX	8.97	8.6	Neutral	PER22x
11/25/19	Credit Suisse	SGX	8.97	7.7	Underperform
11/25/19	Citi Research	SGX	8.97	8.75	Hold
01/02/20	DMG & Partners	SGX	8.86	8.8	Neutral	PER23x FY21
01/24/20	DBS Vickers	SGX	8.82	9.6	Buy	DDM, PER21x FY21
01/31/20	phillip	SGX	8.7	8.52	Neutral	PER21.5x
02/19/20	Macquarie	SGX	9.15	10	Outperform
02/19/20	Jefferies	SGX	9.15	9.2	Hold
03/05/20	Macquarie	SGX	9.05	10	Outperform
03/05/20	CIMB	SGX	9.05	9.4	Add
03/05/20	Citi Research	SGX	9.05	9.6	Buy
03/13/20	Credit Suisse	SGX	8.69	8.7	Neutral
04/07/20	DMG & Partners	SGX	9.33	9.1	Neutral	PER23x FY21
04/07/20	Citi Research	SGX	9.33	10.8	Buy
04/07/20	CIMB	SGX	9.33	10.5	Add
04/07/20	Jefferies	SGX	9.33	9.3	Hold
04/24/20	Citi Research	SGX	10.16	10	Hold
04/24/20	DMG & Partners	SGX	10.16	9.7	Neutral	PER24x FY21
04/24/20	Lim & Tan	SGX	10.16	0	Sell
04/27/20	phillip	SGX	9.64	9.28	Neutral	PER21.4x
04/27/20	DBS Vickers	SGX	9.64	10	Hold	DDM
04/27/20	OCBC	SGX	9.64	9.3	Hold	PER23.3x FY21
04/27/20	Jefferies	SGX	9.64	9.1	Hold
05/28/20	Macquarie	SGX	8.75	11	Outperform
05/28/20	DMG & Partners	SGX	8.75	8.6	Hold	PER24x FY21
05/28/20	DBS Vickers	SGX	8.75	7.4	Fully Valued	DDM
05/28/20	CIMB	SGX	8.75	8	Reduce
05/28/20	OCBC	SGX	8.75	8	Sell	PER21.6x FY21
05/28/20	Jefferies	SGX	8.75	8.5	Hold	PER23.5x
05/28/20	Lim & Tan	SGX	8.75	0	Buy on weakness
06/24/20	DMG & Partners	SGX	8	9.2	Buy	PER24x FY21
06/30/20	DBS Vickers	SGX	8.06	7.4	Fully Valued
06/30/20	CIMB	SGX	8.06	8	Hold
07/01/20	DMG & Partners	SGX	8.34	9.2	Buy
07/09/10	Lim & Tan	SGX	8.26	0	Trading Buy
08/03/20	phillip	SGX	8.17	9.45	Buy	PER21.4x
08/03/20	CIMB	SGX	8.17	9	Add
08/03/20	DMG & Partners	SGX	8.17	9.2	Buy	PER24x FY21
08/03/20	DBS Vickers	SGX	8.17	8.4	Hold	DDM, PER21x FY21
08/03/20	OCBC	SGX	8.17	8.3	Hold	PER21.3x FY21
08/26/20	DMG & Partners	SGX	8.63	9.5	Buy	PER24x FY21

Stock calls for 3 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/20	Lim & Tan	Bukit Sembawang	3.69	0	Buy
09/03/20	CIMB	Centurion	0.35	0.4	Add	DCF
09/03/20	CIMB	IHH Healthcare	1.75	2	Add	Ringgit $6.10 target price
09/03/20	Jefferies	Mapletree Commercial	1.99	2.25	Buy
09/03/20	Lim & Tan	Propnex	0.57	0.69	Buy
09/03/20	Jefferies	Suntec Reit	1.42	1.7	Buy
09/03/20	OCBC	Wing Tai	1.71	2.01	Buy

The US ISM PMI improved again in August 2020.

The prices increased to 59.5 (+6.3) because of a significant depreciation in USD and a huge increase in the new order (67.6, +6.1). The new export and local orders increased significantly because of the weakening USD and pandemic relief aid ($300/weekly) respectively which sustained the consumer spendings. As stated previously on my blog, the US is still undergoing a passive inventory reduction phase which explains the drop in PMI inventories.

http://sg-stock.blogspot.com/2020/08/how-do-you-interpret-ppi-vs-cpi-and.html

However, the production had improved to 63.3 which might indicate that the inventory reduction phase would end soon. Overall, the PMI had risen to 56 which was a good indication of positive economic growth in the US.

Different market sectors are in distortions now.

 US treasury market

The US treasury prices have been trending up because the yields have been falling.  The yield has an inverse relationship to its bond price.

S&P vs VIX chart

The S&P and VIX should also have an inverse relationship but the S&P and VIX moved in sync (Trending up) recently which was abnormal.

The US properties, MBS, CMBS and car resale markets are also distorted now.

http://sg-stock.blogspot.com/2020/08/market-distortions-are-precursors-of.html

In a nutshell, the US treasury prices, S&P and VIX shouldn't be moving in sync (trending up) simultaneously because there will be asset reallocations when the risks are higher.  The US FED has disrupted all these markets!

The devious US is trying to poison all Asians now! - Part 2

 http://sg-stock.blogspot.com/2020/09/the-devious-us-is-trying-to-poison-all.html

I would like to share more information about this topic so that my readers can make their own informed decisions.

Ractopamine is banned in more than 160 countries while only 26 countries (includes SG) permit it.  The codex standard is 10ppb for ractopamine but this codex standard is set up by these 26 countries.

Why is SG conforming to the minority standard instead of the majority standard whereby more than 160 countries ban ractopamine?  Therefore, I can only say that SG is basing this on its political concern rather than food or health safety concerns.  It is very disheartening to see SG making such a decision and ignore our health.