Most Singaporeans do not believe in the Transportation Minister Khaw.

https://sg.news.yahoo.com/singaporeans-doubt-told-truth-mrt-issues-survey-060033782.html

The survey shows that most Singaporeans do not trust or believe in Minister Khaw.  Khaw was labelled as the S$8 dollar man in the past because he said medical cost was cheap in SG as he only paid S$8 for his heart surgery.  However, there was never any S$8 medical plan for ordinary Singaporeans.  A simple x-ray would cost at least S$15 in SG.

I think the Singapore government has lost touch with the people on the ground again.  Attributing the SMRT failures to ground employees and French Thales computer system is akin to disavow the political responsibility and governance because SMRT has been nationalized.  The government made a grave mistake to list public transportation by claiming that doing so would improve the transportation services and facilities.  However, the SMRT CEO focused on P&L because the pay & bonus were based on financial performances instead of safety and better services.  In the end, the government had no choice but to nationalize SMRT due to frequent breakdowns, delays and accidents.

Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	DBS Vickers	Bukit Sembawang	4.85	7.55	Buy	Takeover target

Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Breadtalk	1.1	1.09	Sell
02/26/16	DIR	Breadtalk	1.04	1.18	Outperform	PER19.6x FY16
02/26/16	OCBC	Breadtalk	1.04	0.96	Sell	PER23x FY16
03/22/16	OCBC	Breadtalk	1.05	0.96	Sell
05/04/16	OCBC	Breadtalk	1.135	0.96	Sell
05/10/16	DIR	Breadtalk	1.17	1.28	Outperform
05/11/16	DMG & Partners	Breadtalk	1.15	1.42	Buy	EV/Ebitda6x FY16
06/13/16	OCBC	Breadtalk	1.15	0.96	Sell
07/08/16	DMG & Partners	Breadtalk	1.135	1.45	Buy	EV/Ebitda6x FY16
07/15/16	DIR	Breadtalk	1.14	1.28	Outperform	PER19.6x FY16
08/04/16	OCBC	Breadtalk	1.12	0.96	Sell
08/05/16	DIR	Breadtalk	1.1	1.17	Outperform	PER19.6x FY16
08/05/16	DMG & Partners	Breadtalk	1.1	1.45	Buy
08/08/16	OCBC	Breadtalk	1.065	0.99	Sell	PER23x FY16/17
10/03/16	OCBC	Breadtalk	1.005	0.99	Sell
11/04/16	DIR	Breadtalk	1	1.13	Outperform	PER16.7x FY17
11/04/16	OCBC	Breadtalk	1	1.07	Hold	PER23x FY16/17
11/17/16	DMG & Partners	Breadtalk	1.09	1.45	Buy
01/02/17	DIR	Breadtalk	1.285	1.42	Outperform	PER20.9x FY17
01/03/17	DMG & Partners	Breadtalk	1.16	1.45	Buy	EV/Ebitda5x FY17, PER16.5x FY17
01/26/17	OCBC	Breadtalk	1.225	1.07	Hold	PER23x FY17
02/24/17	DMG & Partners	Breadtalk	1.31	1.5	Buy	EV/Ebitda 6x FY17
02/24/17	OCBC	Breadtalk	1.31	1.21	Hold	PER24x FY17
04/04/17	DBS Vickers	Breadtalk	1.355	1.69	Buy
05/04/17	DIR	Breadtalk	1.395	1.53	Outperform	PER20.9x FY17
05/04/17	DMG & Partners	Breadtalk	1.395	1.6	Buy	EV/Ebitda 6x FY17
05/04/17	OCBC	Breadtalk	1.395	1.21	Hold
06/09/17	DBS Vickers	Breadtalk	1.65	1.92	Buy	Sum of parts
07/04/17	DMG & Partners	Breadtalk	1.515	1.6	Buy
08/01/17	DBS Vickers	Breadtalk	1.75	1.92	Buy
08/03/17	DMG & Partners	Breadtalk	1.795	1.83	Neutral	EV/Ebitda 6x FY18
08/03/17	DBS Vickers	Breadtalk	1.795	2.04	Buy	PER18x FY18
10/31/17	DBS Vickers	Breadtalk	1.555	2.04	Buy
11/06/17	DMG & Partners	Breadtalk	1.615	1.83	Buy	EV/Ebitda 6x FY18
11/07/17	DBS Vickers	Breadtalk	1.605	2.01	Buy	Sum of parts

Stock calls for 23 November 2017

11/23/17	OCBC	M1	1.77	1.65	Hold
11/23/17	DBS Vickers	OCBC	12.01	13.5	Buy	GGM, PB1.3x FY18

Huat ah! Singapore economic growth for Q3 2017 is 5.2%.

http://www.channelnewsasia.com/news/business/singapore-revises-up-growth-forecast-for-2017-as-q3-gdp-grows-5-9431172

Singapore economic growth is 5.2% in Q3 2017 because of exceptionally good exports, especially to China.  Therefore, MTI is forecasting a 3.5% economic growth for 2017.

SG is doing tremendously well because of external factors which are basically international trading.  China has become the most important market for SG as it is our largest trading partner and the trading between China & SG is burgeoning.

Therefore, if there is a significant slowdown in China, SG will be badly impacted as there is no other country that can pick up the slack.  The bottom line is SG is heavily dependent on China now.

Singapore government is going to increase taxes in the future!

https://www.channelnewsasia.com/news/singapore/pm-lee-hsien-loong-tax-hike-dpm-tharman-mof-9427760

PM Lee is trying to prepare us to accept the impending tax increments in the future.

However,  Tharman said in 2015 budgetary speech that SG had enough provision for this decade.

http://sg-stock.blogspot.sg/2017/02/dpm-tharman-said-that-government-had.html

Well, I guess we're on different time scales as the government's timescale is a lot faster.

Boustead Projects - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/17	CIMB	Boustead Projects	0.805	1.04	Add	RNAV (40% discount)
05/24/17	CIMB	Boustead Projects	0.86	1.04	Add	RNAV (40% discount)

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/16	CIMB	Boustead	0.76	0.85	Add	Sum of parts (25% discount)
05/18/16	CIMB	Boustead	0.755	0.85	Add
08/17/16	CIMB	Boustead	0.77	0.85	Add	Sum of parts (25% discount)
05/24/17	CIMB	Boustead	0.88	0.96	Add	Sum of parts (20% discount)

Stock calls for 22 November 2017

Date	Analyst	Company	Last	Target	Call	Valuation
11/22/17	OCBC	Hutchison Port	0.42	0.42	Hold	Buy @ $0.39
11/22/17	Lim & Tan	MIT	0.245	0.32	Buy	PER8x FY18
11/22/17	UOB Kay Hian	Oxley	0.655	0.74	Buy	RNAV (20% discount)
11/22/17	OCBC	Roxy-Pacific	0.52	0.52	Hold
11/22/17	Macquarie	Singtel	3.69	4.32	Outperform

China financial regulations are hurting Alibaba's businesses.

https://finance.yahoo.com/news/china-suspends-approval-internet-micro-loan-firms-sources-150618137--sector.html

Alibaba's ANT Financial and Qudian took a hit after China clamped down on micro-loan market.

As we can see, Alipay and ANT Financial are impacted by China regulations.

China government is targeting Jack Ma of Alibaba now.

http://sg-stock.blogspot.sg/2017/07/political-battles-are-playing-out-in.html

We stated this before in our previous post above.  Therefore, we are providing the update now.

China actress Zhaowei made her first pot of investment gain from Alibaba pictures by manipulating the stock prices with some hype news and she was caught this time by performing the same trick again.  She was trying to take control of a 10B RMB company with 3B RMB cash but the China regulator believed she didn't have so much money for the takeover and investigated her money sources.  It turned out that she took a 1.5B RMB bank loan and also got a 1.5B RMB personal loan.  There was a rumour that the personal loan might come from Jiang Zemin's financial controller who was residing in HK or Jack Ma who was also closely associated with Jiang Zemin.  Therefore, China regulator fined and banned her from the stock market for 5 years.

Zhaowei's husband is also a person of interest to the China authority because he was a chauffeur to a corrupted China official prior to his marriage to Zhaowei.  The chauffeur became rich overnight and married Zhaowei.  The China authority believed he was laundering money for the corrupted China official.  Therefore, the China authority is keeping a tab on this couple.

https://www.reuters.com/article/us-china-zhaowei-trading-ban/china-bars-billionaire-actress-zhao-wei-from-stock-trading-for-five-years-idUSKBN1DA0T1

China's central bank has already outlined that all mobile payment systems must go through a central clearinghouse because China wants to keep track and monitor all the monies that flow in and out of China.  Therefore, Alipay is no longer an unbridled conduit to move money without the knowledge of the government.  The government is also investigating Alipay for Jiang Zemin's funds.

https://www.ft.com/content/3bcb5150-7cce-11e7-9108-edda0bcbc928

Jiang Zemin had been trying to disrupt China's economy to dethrone Xi Jinping's and wished to take over the leadership with his own henchman.  Therefore, he had been funding many "entrepreneurs" and making them super rich to increase his own influences in China.  This is the reason for the falls of many billionaires in China recently.

Jiang Zemin tried to cause the stock market to collapse but to no avail so far.  Then, he tried to destabilize the China financial system by getting his "entrepreneurs" to take huge local loans in billions to buy overseas assets (companies and assets) without any prudent financial consideration.  Through this method, he could cash out the overseas assets at a later date and leave the colossal debts to China with no payback intention.  This would definitely crash China financial system in the future.

Subsequently, President Xi got wind of Jiang's intention and action and started to control the outflows of money with many financial regulations.

If you look at the latest Jack Ma's movie, he was apologizing and asking for mercy from the POLICE at the end of the movie for the mistake he had made.  Many people said that he was sending a subtle message to the China's authority through this movie.

http://sg-stock.blogspot.sg/2017/11/alibaba-jack-mas-movie.html

Malaysia has called for KL-SG HSR tender on 22 November.

https://asia.nikkei.com/Markets/Nikkei-Markets/Malaysia-To-Invite-Pitches-For-KL-Singapore-High-Speed-Rail-Project-Lead

China will definitely participate in this KL-SG HSR tender in Malaysia after completing the HSR presentation in SG.

Blackgold - Stock calls

08/28/17

phillip

Blackgold

0.118

0.16

Trading Buy

PER10x

Best World - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/16	CIMB	Best World	0.6	0.97	Add	PER10.6x CY17
05/12/16	CIMB	Best World	0.93	1.12	Add	PER10.6x CY17
07/04/16	CIMB	Best World	1.33	1.61	Add	PER12.4x CY17
08/08/16	CIMB	Best World	1.655	1.98	Add	PER12.4x CY17
08/24/16	Kim Eng	Best World	1.75	2.63	Buy	PER16x FY17
09/26/16	CIMB	Best World	1.49	2.05	Add	PER16.1x FY17
11/07/16	CIMB	Best World	1.495	2.21	Add	PER16.1x CY17
11/07/16	Kim Eng	Best World	1.495	2.16	Buy	PER16x FY17, Up from $2.11
12/06/16	CIMB	Best World	1.34	2.21	Add
01/16/17	CLSA	Best World	1.46	2.5	Buy	PER18x FY17
02/01/17	DBS Vickers	Best World	1.83	2.36	Buy	PER16x FY17
02/23/17	CIMB	Best World	1.93	2.97	Add	PER16.1x CY18
02/27/17	DBS Vickers	Best World	2.03	2.44	Buy	PER16x FY17
03/24/17	Kim Eng	Best World	2.54	2.34	Buy	PER16x FY17
05/11/17	CIMB	Best World	2.79	3.05	Add	PER16.1x CY18
05/11/17	Kim Eng	Best World	2.79	3.53	Buy	PEG0.75x
05/12/17	DBS Vickers	Best World	2.84	3.31	Buy	PER18x FY17
05/22/17	DBS Vickers	Best World	1.44	1.65	Buy	1 for 2 stock split
07/19/17	CIMB	Best World	1.345	1.7	Add	PER18x CY18
08/08/17	Kim Eng	Best World	1.59	1.88	Buy	PER19x FY18, PEG0.7x
08/08/17	CIMB	Best World	1.59	1.8	Add	PER18x CY18
08/10/17	DBS Vickers	Best World	1.525	1.82	Buy	PER18x FY18
08/17/17	DBS Vickers	Best World	1.34	1.45	Hold	PER17x FY17
09/07/17	CIMB	Best World	1.235	1.8	Add	PER18x CY18
11/09/17	Kim Eng	Best World	1.315	1.88	Buy	PER19x FY18
11/10/17	CIMB	Best World	1.26	1.4	Hold	PER14.6x CY18
11/10/17	DBS Vickers	Best World	1.26	1.45	Hold	PER17x FY18

Stock calls for 21 November 2017

Date	Analyst	Company	Last	Target	Call	Valuation
11/21/17	Amfrasers	Accordia Golf Trust	0.7	0.78	Buy
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/21/17	phillip	Golden Energy	0.42	0.59	Buy	PER10x
11/21/17	Lim & Tan	Noble	0.193	0	Avoid
11/21/17	OCBC	Sembcorp Industries	3.05	3.59	Buy
11/21/17	phillip	SGX	7.52	8.31	Accumulate	PER23.9x

China and Russia are accumulating gold reserves!

https://www.bullionstar.com/blogs/ronan-manly/neck-neck-russian-chinese-official-gold-reserves/

China and Russia are accumulating gold reserves in preparation for the loss of confidence or collapse in USD.  It is without a doubt that there is a rise in non-USD trading in the world, be it using RMB or Euro, especially in the Middle East and Russia.  Although the USD constitutes around 60% of international trading (including foreign reserves of other countries), this figure has been dwindling over the years because countries have been diversifying their foreign reserves and also the rise in non-USD trading.

Therefore, China and Russia are accumulating gold for this upcoming currency war.  Many analysts believe that China and Russia are under-declaring their gold reserves of 1850ton & 1800ton respectively and there are more golds hidden in both countries.

PM Lee should have known it better than to antagonize Malaysia.

https://sg.news.yahoo.com/khairy-lambasts-hsien-loong-over-061534483.html

PM Lee has nothing better to do but to antagonize Malaysia.

We did state previously that Malaysia won't be accommodative towards SG anymore because it had the support of China.

http://sg-stock.blogspot.sg/2017/10/malaysia-to-impose-s8-vep-on-sg-cars.html

Yes, SG will be the chairman of ASEAN 2018 but the Philippines will be the ASEAN facilitator between China & ASEAN.  Many ASEAN countries are also standing behind China now and it will be unwise for SG to do otherwise because SG will be ostracized in ASEAN.  SG shouldn't antagonize other ASEAN members now or else the ASEAN summit won't be smooth sailing next year for Singapore.

Banyan Tree - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/17	phillip	Banyan Tree	0.565	0.77	Buy	Sum of parts
08/14/17	phillip	Banyan Tree	0.55	0.74	Buy	Sum of parts, PB0.87x FY18
09/12/17	UOB Kay Hian	Banyan Tree	0.64	0.93	Buy	Sum of parts, EV/Ebitda12.9x FY18
09/27/17	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts, EV/Ebitda12.9x FY18
11/09/17	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
11/13/17	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts, PB0.7x FY18

Stock calls for 20 November 2017

Date	Analyst	Company	Last	Target	Call	Valuation
11/20/17	DIR	CDL Hospitality	1.64	1.61	Hold
11/20/17	Lim & Tan	City Developments	12.11	0	Buy
11/20/17	CIMB	DBS	24.13	25	Add
11/20/17	UOB Kay Hian	DBS	24.13	26.1	Buy	GGM, PB1.38x FY17
11/20/17	Credit Suisse	DBS	24.13	27.4	Outperform
11/20/17	DIR	Indofood Agri	0.445	0.4	Underperform	PER7.5x FY17/18
11/20/17	OCBC	Keppel DC Reit	1.4	1.5	Buy	PB1.47x FY18
11/20/17	Credit Suisse	OCBC	11.65	12.6	Neutral
11/20/17	CIMB	OCBC	11.65	12.6	Add
11/20/17	DIR	Sheng Siong	0.965	0.88	Underperform	DCF
11/20/17	Macquarie	Singapore Post	1.29	0	Underperform
11/20/17	DIR	Suntec Reit	1.97	1.63	Underperform	DDM
11/20/17	Credit Suisse	UOB	25.06	29.3	Outperform

South East Asia may have oversupply port facilities in the future.

Singapore is building the Tuas mega port and Malaysia is also building the Carey island port.

http://sg-stock.blogspot.sg/2017/10/our-pm-lee-still-thinks-that-tuas-mega.html

https://asia.nikkei.com/Markets/Nikkei-Markets/Malaysia-s-Transport-Minister-Says-Carey-Island-Port-Development-To-Continue-Report

Singapore and Malaysia have yet to take into the consideration of the new Arctic sea lane in their port assessments and continue to increase their port facilities.  Beside the sea lanes, China is also developing rail routes to move containers across borders under the BRI.

The road and sea freight services will definitely cannibalize one and another.

Thailand has just lost many golden decades in the future for not developing its Kra Canal.

https://thebarentsobserver.com/en/2017/09/northern-sea-route-completely-ice-free-and-shipping-thrives

https://www.nextbigfuture.com/2017/10/china-wants-to-open-major-arctic-shipping-route.html

The northern sea route is completely ice free and shipping will start to thrive in the future.  China has completed its studies on this new northern sea route and will begin to open this arctic shipping lane which will bypass the Strait of Malacca completely.  This arctic sea lane will compete with South East Asia for shippers in the future.  Therefore, Thailand, Malaysia and Singapore will be greatly affected economically due to lesser shipping businesses.

Once the opportunity is gone, it is lost forever.  China's interest in the Kra Canal has diminished and Thailand has lost many golden decades in the future for not developing its Kra Canal which can transform Thailand into the Panama of South East Asia. Consequently, this Kra Canal development is no longer feasible due to climate change as there is a cheaper way to bypass the Strait of Malacca now.

China is definitely gladdened to see the emergence of this Arctic sea lane because it no longer feels threatened by a single sea lane that passes through Strait of Malacca.

The biggest loser is Thailand because of its failure to recognize the opportunity to transform itself into the Panama of South East Asia.  This mistake will cost Thailand billions of economic losses in the future.

We did report on this Arctic sea lane in our previous post.

http://sg-stock.blogspot.sg/2017/04/new-arctic-shipping-route.html

Is Japan food safe for consumption? - part 2

https://www.accessdata.fda.gov/cms_ia/importalert_621.html

Japan food is still not safe for consumption as stated by USA FDA on 29 Sep 2017 because FDA will detain food products from Japan without inspection.

However, SG is importing a lot of Japan food.

http://sg-stock.blogspot.sg/2016/11/is-japan-food-safe-for-consumption.html

China has replaced Singapore with Philippines as the facilitator between China and ASEAN.

Philippines knew what Trump was up to with this ASEAN visit.  Therefore, the Philippines protested against Trump prior to his visitation.

http://www.thesundaily.my/news/2017/11/12/philippine-protest-ahead-summit

China Premier stayed behind in the Philippines after the ASEAN summit to discuss and sign 14 agreements between China & Philippines.  Furthermore, Philippines had proposed to China that it's willing to be the facilitator between China and ASEAN.  However, this point was not highlighted in the news but caught the attention of some news channel.  I learnt about this from some Chinese media channel.  Therefore, we can foresee that the Philippines will play a more proactive role in forging the bridge between China and ASEAN and Singapore will lose its importance over time in ASEAN.

https://thediplomat.com/2017/11/chinese-premier-china-philippines-relations-as-warm-as-manilas-weather/

http://www.philstar.com/headlines/2017/11/15/1759226/14-agreements-between-china-and-philippines-signed

No wonder Duterte rejected Trump as the mediator in South China Sea because the Philippines wanted to be the ASEAN facilitator.

http://sg-stock.blogspot.sg/2017/11/trump-offered-to-mediate-on-south-china.html

China and Philippines are the biggest winners for this ASEAN summit as China has settled the South China Sea issue with Philippines and Vietnam.

Sigh! USA destroyer collided in Japan sea. This is the 5th time this year.

http://abcnews.go.com/US/us-warship-collides-japanese-tug-boat-latest-mishap/story?id=51242298

The USA destroyer is very good at causing damages to commercial vessels.

I think the USA destroyer is built for destroying commercial vessels, not other military vessels as proclaimed.

It had collided with a container ship, oil tanker, tug boat, etc.

Well done!

Avi-Tech - Stock calls

02/09/17	Lim & Tan	Avi-Tech	0.335	0	Buy
03/29/17	DMG & Partners	Avi-Tech	0.4	0.52	Buy	DCF, PER5.7x FY18, Ex-cash
05/15/17	DMG & Partners	Avi-Tech	0.44	0.52	Buy	DCF
08/07/17	DMG & Partners	Avi-Tech	0.51	0.52	Buy
08/21/17	DMG & Partners	Avi-Tech	0.47	0.59	Buy	DCF, PER12x FY18
08/21/17	Lim & Tan	Avi-Tech	0.47	0	Buy
11/14/17	DMG & Partners	Avi-Tech	0.525	0.59	Buy	DCF, PER12x FY18

Auric Pacific - Stock calls.

11/10/16	CIMB	Auric Pacific	1.18	1.96	Add	Sum of parts (25% discount), Up from $1.69
12/06/16	CIMB	Auric Pacific	1.38	1.96	Add
02/08/17	CIMB	Auric Pacific	1.65	1.96	Add	Sum of parts (25% discount), PER10.9x FY16, Reject $1.65 offer

Astaka - Stock calls

08/24/17

NRA

Astaka

0.092

0.13

Overweight

RNAV (56% discount)

Baltic dry index - 1371

Today, Friday, November 17 2017, the Baltic Dry Index climbed by 10 points, reaching 1371 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

==========================

Related stocks: Sembcorp Marine, Cosco & Pan Ocean.

US rig count - 915

HOUSTON (AP) - The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 915.

That's up from the 588 rigs that were active a year ago.

Houston oilfield services company Baker Hughes said Friday that 738 rigs sought oil and 177 explored for natural gas this week.

Among major oil- and gas-producing states, Texas gained seven rigs, Louisiana added four and Ohio and Utah were up one apiece.

Alaska, Colorado, New Mexico, North Dakota, Oklahoma and Wyoming declined by one each.

Arkansas, California, Pennsylvania and West Virginia were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

===========================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Robot is getting more human like now.

Can you do a backflip like this robot?

Alibaba Jack Ma's movie 功守道

Enjoy!

China has responded finally to Singapore invitation to part take in the HSR tender.

https://www.channelnewsasia.com/news/singapore/china-gears-up-to-woo-singapore-in-bid-for-high-speed-rail-9415766

Look like our PM Lee's visit to China has paid off.  China has reciprocated by responding to SG's invitation albeit much later than Japan (August 2017).  This is a goodwill gesture by China.

http://sg-stock.blogspot.sg/2017/09/why-is-china-so-blase-about-singapore.html

http://www.channelnewsasia.com/news/singapore/japan-courts-singapore-in-bid-for-high-speed-rail-project-to-kl-9163550#cxrecs_s

Saudi Arab has a huge budget deficit that it is trying to fill.

https://sg.finance.yahoo.com/news/saudi-officials-reportedly-offer-freedom-095000659.html

Saudi's national budget is based on around USD$80 oil but the oil prices have been hovering at around USD$55 now.  Therefore, there is a significant shortfall in the budget.

How is Saudi going to make up for the shortfall?

By imposing a 70% confiscation of wealth on the arrested parties.

Fitch downgraded Noble Group after DBS dumped Noble.

https://sg.finance.yahoo.com/news/fitch-lowers-noble-group-rating-says-default-appears-095447764--finance.html

Default risk is definitely much higher than before now especially when more banks start to dump Noble.

Aspen - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/29/17	CIMB	Aspen	0.23	0.29	Add
10/20/17	DMG & Partners	Aspen	0.22	0.31	Buy	RNAV (45% discount)
11/14/17	CIMB	Aspen	0.22	0.29	Add	RNAV (45% discount)

Asiaphos - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/18/16	NRA	Asiaphos	0.089	0.225	Overweight	PB2.3x FY15
05/09/16	NRA	Asiaphos	0.092	0.225	Overweight	Sum of parts
08/16/16	NRA	Asiaphos	0.088	0.195	Overweight
11/15/16	NRA	Asiaphos	0.082	0.195	Overweight
09/14/17	NRA	Asiaphos	0.095	0.167	Overweight

Stock calls for 17 November 2017

Date	Analyst	Company	Last	Target	Call	Valuation
11/17/17	Lim & Tan	Capitaland	3.53	0	Buy
11/17/17	phillip	China Everbright	0.445	0.59	Buy	PER17.4x FY18
11/17/17	Kim Eng	Guocoland	2.19	2.9	Buy
11/17/17	Kim Eng	Ho Bee	2.53	3	Buy
11/17/17	CIMB	Keppel Corp	7.28	8.58	Add
11/17/17	DBS Vickers	Mermaid Maritime	0.138	0.14	Hold	PB0.6x
11/17/17	Phillip	RE & S	0.22	0	Subscribe	IPO

Singapore non-oil domestic exports (NODX) - Part 7

http://www.businesstimes.com.sg/government-economy/quick-takes-singapores-export-rebound-could-mask-slowing-electronics-output

Year on year changes:

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%
Dec 2016: 9.1%
Nov 2016: 15.6%

https://sg-stock.blogspot.sg/2017/10/singapore-non-oil-domestic-exports-nodx.html

Chinese bike-sharing firm has gone bankrupt.

http://en.people.cn/n3/2017/1116/c90000-9293509.html

This is not surprising even though China has 1.4B people because the shared bike business model is a flawed concept.

We reported this before.

https://sg-stock.blogspot.sg/2017/08/shared-bikes-business-model-is-flawed.html

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Ascendas India Trust	0.87	0.9	Hold	DDM
01/25/16	DBS Vickers	Ascendas India Trust	0.765	0.91	Buy	DDM
03/21/16	DBS Vickers	Ascendas India Trust	0.845	1.03	Buy	DDM
04/28/16	DBS Vickers	Ascendas India Trust	0.935	1.02	Buy
07/25/16	DBS Vickers	Ascendas India Trust	1	1.06	Buy
07/29/16	DBS Vickers	Ascendas India Trust	1.02	1.07	Buy
08/16/16	DBS Vickers	Ascendas India Trust	1.075	1.07	Buy
10/26/16	DBS Vickers	Ascendas India Trust	1.075	1.13	Buy	DDM
01/09/17	DBS Vickers	Ascendas India Trust	1.025	1.13	Buy	DDM
02/01/17	DBS Vickers	Ascendas India Trust	1.05	1.12	Buy	DDM
02/01/17	Lim & Tan	Ascendas India Trust	1.05	0	Hold
04/27/17	DBS Vickers	Ascendas India Trust	1.135	1.2	Buy	DDM
07/25/17	DBS Vickers	Ascendas India Trust	1.16	1.15	Hold	DDM
10/26/17	DBS Vickers	Ascendas India Trust	1.145	1.15	Hold	DDM

Ascendas Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Ascendas Hospitality Trust	0.75	0.77	Buy	DCF FY17
04/06/16	DBS Vickers	Ascendas Hospitality Trust	0.765	0.77	Hold	DCF
04/06/16	Lim & Tan	Ascendas Hospitality Trust	0.765	0	Trading Sell
05/13/16	DBS Vickers	Ascendas Hospitality Trust	0.69	0.8	Buy
08/12/16	DBS Vickers	Ascendas Hospitality Trust	0.735	0.8	Buy
10/18/16	DBS Vickers	Ascendas Hospitality Trust	0.73	0.8	Buy
11/10/16	DBS Vickers	Ascendas Hospitality Trust	0.735	0.84	Buy	DCF FY18
01/09/17	DBS Vickers	Ascendas Hospitality Trust	0.715	0.84	Buy	DCF
06/19/17	DBS Vickers	Ascendas Hospitality Trust	0.81	0.88	Buy	DCF