Capitacommercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	CapitaCommercial	1.34	1.79	Buy	DDM
01/08/16	DBS Vickers	CapitaCommercial	1.325	1.48	Buy	DCF
01/14/16	Kim Eng	CapitaCommercial	1.31	1.25	Hold	Yield 7%
01/20/16	Lim & Tan	CapitaCommercial	1.365	0	Hold
01/21/16	CIMB	CapitaCommercial	1.33	1.48	Add	DDM
01/21/16	DIR	CapitaCommercial	1.33	1.31	Hold	DDM
01/21/16	DMG & Partners	CapitaCommercial	1.33	1.15	Sell	DDM
01/21/16	OCBC	CapitaCommercial	1.33	1.39	Hold
01/26/16	Deutsche	CapitaCommercial	1.315	1.5	Buy
02/02/16	DMG & Partners	CapitaCommercial	1.32	1.15	Sell
02/25/16	Deutsche	CapitaCommercial	1.38	1.5	Buy
02/25/16	JP Morgan	CapitaCommercial	1.38	1.35	Neutral
03/04/16	DMG & Partners	CapitaCommercial	1.415	1.15	Sell
03/04/16	Lim & Tan	CapitaCommercial	1.415	0	Buy
03/07/16	CIMB	CapitaCommercial	1.475	1.48	Hold
03/14/16	DIR	CapitaCommercial	1.445	1.31	Underperform	DDM
03/17/16	DMG & Partners	CapitaCommercial	1.435	1.3	Neutral	DDM
03/24/16	Deutsche	CapitaCommercial	1.475	1.5	Buy
03/30/16	UOB Kay Hian	CapitaCommercial	1.485	1.79	Buy	DDM
04/05/16	Deutsche	CapitaCommercial	1.45	1.5	Buy
04/13/16	Kim Eng	CapitaCommercial	1.42	1.4	Hold	Yield 6.25%
04/15/16	DBS Vickers	CapitaCommercial	1.42	1.53	Buy	DCF
04/15/16	Lim & Tan	CapitaCommercial	1.42	0	Buy
04/18/16	CIMB	CapitaCommercial	1.43	1.48	Hold	DDM
04/18/16	Credit Suisse	CapitaCommercial	1.43	1.43	Underperform
04/18/16	DIR	CapitaCommercial	1.43	1.3	Underperform	DDM
04/18/16	OCBC	CapitaCommercial	1.43	1.39	Hold
04/27/16	UOB Kay Hian	CapitaCommercial	1.45	1.79	Buy	DDM
05/16/16	Phillip	CapitaCommercial	1.385	1.29	Reduce	DDM
05/17/16	Deutsche	CapitaCommercial	1.385	1.5	Buy
05/17/16	Kim Eng	CapitaCommercial	1.385	1.4	Hold
05/24/16	CIMB	CapitaCommercial	1.375	1.58	Add	DDM
05/24/16	Credit Suisse	CapitaCommercial	1.375	1.4	Underperform
05/24/16	DBS Vickers	CapitaCommercial	1.375	1.61	Buy
05/24/16	DIR	CapitaCommercial	1.375	1.35	Hold	DDM
05/24/16	DMG & Partners	CapitaCommercial	1.375	1.33	Neutral	DDM
05/24/16	Lim & Tan	CapitaCommercial	1.375	0	Buy
05/25/16	OCBC	CapitaCommercial	1.385	1.39	Hold
06/08/16	Lim & Tan	CapitaCommercial	1.415	0	Buy
06/23/16	JP Morgan	CapitaCommercial	1.42	1.4	Neutral
06/23/16	Kim Eng	CapitaCommercial	1.42	1.4	Hold
07/04/16	DMG & Partners	CapitaCommercial	1.5	1.33	Neutral
07/18/16	Phillip	CapitaCommercial	1.57	1.29	Reduce	DDM
07/18/16	UOB Kay Hian	CapitaCommercial	1.57	1.93	Buy
07/19/16	Credit Suisse	CapitaCommercial	1.58	1.47	Underperform
07/20/16	JP Morgan	CapitaCommercial	1.57	1.45	Neutral
07/20/16	OCBC	CapitaCommercial	1.57	1.39	Hold
07/21/16	CIMB	CapitaCommercial	1.56	1.69	Add	DDM
07/21/16	DBS Vickers	CapitaCommercial	1.56	1.7	Buy
07/21/16	DIR	CapitaCommercial	1.56	1.36	Underperform	DDM
07/21/16	Kim Eng	CapitaCommercial	1.56	1.52	Hold	Yield 5.75%
07/21/16	Religare	CapitaCommercial	1.56	1.46	Hold
07/26/16	Deutsche	CapitaCommercial	1.52	1.5	Buy
08/01/16	UOB Kay Hian	CapitaCommercial	1.505	1.93	Buy
08/16/16	DBS Vickers	CapitaCommercial	1.55	1.7	Buy
08/16/16	Deutsche	CapitaCommercial	1.55	1.6	Buy
08/31/16	Credit Suisse	CapitaCommercial	1.545	1.47	Underperform
09/05/16	DBS Vickers	CapitaCommercial	1.565	1.7	Buy
09/09/16	Kim Eng	CapitaCommercial	1.64	1.81	Buy
10/14/16	DIR	CapitaCommercial	1.56	1.36	Underperform
10/14/16	Phillip	CapitaCommercial	1.56	1.29	Reduce
10/19/16	Lim & Tan	CapitaCommercial	1.555	0	Buy
10/20/16	CIMB	CapitaCommercial	1.575	1.69	Add	DDM
10/20/16	Credit Suisse	CapitaCommercial	1.575	1.47	Underperform
10/20/16	DIR	CapitaCommercial	1.575	1.37	Underperform	DDM
10/20/16	DMG & Partners	CapitaCommercial	1.575	1.68	Buy	DDM
10/20/16	Kim Eng	CapitaCommercial	1.575	1.81	Buy
10/20/16	UOB Kay Hian	CapitaCommercial	1.575	1.88	Buy	DDM
10/21/16	JP Morgan	CapitaCommercial	1.6	1.7	Overweight
10/21/16	OCBC	CapitaCommercial	1.6	1.39	Hold
11/04/16	CIMB	CapitaCommercial	1.57	1.69	Add
11/09/16	DBS Vickers	CapitaCommercial	1.555	1.7	Buy
11/14/16	JP Morgan	CapitaCommercial	1.525	1.65	Overweight
11/14/16	UOB Kay Hian	CapitaCommercial	1.525	1.88	Buy
11/16/16	Deutsche	CapitaCommercial	1.47	1.6	Buy
11/18/16	Kim Eng	CapitaCommercial	1.51	1.81	Buy
12/05/16	DMG & Partners	CapitaCommercial	1.51	1.68	Buy
12/06/16	Kim Eng	CapitaCommercial	1.545	1.81	Buy	Yield 5%
12/07/16	Deutsche	CapitaCommercial	1.53	1.6	Buy
12/09/16	UOB Kay Hian	CapitaCommercial	1.55	1.78	Buy
12/12/16	JP Morgan	CapitaCommercial	1.565	1.65	Overweight
01/03/17	DMG & Partners	CapitaCommercial	1.48	1.68	Buy	DDM
01/03/17	UOB Kay Hian	CapitaCommercial	1.48	1.78	Buy
01/09/17	DBS Vickers	CapitaCommercial	1.535	1.7	Buy	DCF
01/11/17	Deutsche	CapitaCommercial	1.56	1.6	Hold
01/11/17	Kim Eng	CapitaCommercial	1.56	1.81	Buy
01/18/17	DIR	CapitaCommercial	1.565	1.37	Underperform
01/18/17	Lim & Tan	CapitaCommercial	1.565	0	Buy
01/18/17	OCBC	CapitaCommercial	1.565	1.53	Hold
01/18/17	Religare	CapitaCommercial	1.565	1.46	Hold
01/19/17	Credit Suisse	CapitaCommercial	1.565	1.51	Underperform
01/19/17	DBS Vickers	CapitaCommercial	1.565	1.69	Buy	DCF
01/19/17	DIR	CapitaCommercial	1.565	1.35	Underperform	DDM
01/19/17	UOB Kay Hian	CapitaCommercial	1.565	1.75	Buy	DDM
01/24/17	Phillip	CapitaCommercial	1.565	1.63	Neutral	DDM
02/09/17	Credit Suisse	CapitaCommercial	1.54	1.51	Neutral
02/17/17	JP Morgan	CapitaCommercial	1.535	1.65	Overweight
02/28/17	Deutsche	CapitaCommercial	1.545	1.6	Hold
03/02/17	UOB Kay Hian	CapitaCommercial	1.55	1.75	Buy
03/08/17	DBS Vickers	CapitaCommercial	1.525	1.69	Buy	DCF
03/10/17	DMG & Partners	CapitaCommercial	1.525	1.68	Buy
03/24/17	Kim Eng	CapitaCommercial	1.53	1.81	Buy	Target yield 5%
04/07/17	DMG & Partners	CapitaCommercial	1.56	1.68	Buy
04/11/17	UOB Kay Hian	CapitaCommercial	1.57	1.75	Buy
04/18/17	DIR	CapitaCommercial	1.61	1.35	Underperform
04/18/17	Kim Eng	CapitaCommercial	1.61	1.81	Buy
04/19/17	OCBC	CapitaCommercial	1.62	1.53	Hold
04/19/17	Religare	CapitaCommercial	1.62	1.5	Hold
04/20/17	CIMB	CapitaCommercial	1.63	1.55	Hold	DDM
04/20/17	Credit Suisse	CapitaCommercial	1.63	1.51	Neutral
04/20/17	DIR	CapitaCommercial	1.63	1.38	Underperform	DDM
04/20/17	DMG & Partners	CapitaCommercial	1.63	1.68	Take Profit	DDM
04/20/17	Lim & Tan	CapitaCommercial	1.63	0	Hold
04/20/17	Phillip	CapitaCommercial	1.63	1.63	Neutral	DDM
05/02/17	DBS Vickers	CapitaCommercial	1.625	1.69	Buy
05/03/17	CIMB	CapitaCommercial	1.63	1.55	Hold	DDM
05/03/17	Kim Eng	CapitaCommercial	1.63	1.81	Buy	Target yield 5%
05/03/17	Phillip	CapitaCommercial	1.63	1.63	Neutral	DDM
05/03/17	UOB Kay Hian	CapitaCommercial	1.63	1.75	Buy
05/25/17	Deutsche	CapitaCommercial	1.68	1.7	Hold
05/25/17	UOB Kay Hian	CapitaCommercial	1.68	1.94	Buy
06/13/17	OCBC	CapitaCommercial	1.645	1.69	Hold
06/22/17	Deutsche	CapitaCommercial	1.64	1.7	Hold
06/23/17	UOB Kay Hian	CapitaCommercial	1.65	1.9	Buy	DDM
07/04/17	DBS Vickers	CapitaCommercial	1.665	1.69	Buy
07/04/17	Lim & Tan	CapitaCommercial	1.665	0	Hold
07/04/17	UOB Kay Hian	CapitaCommercial	1.665	1.9	Buy	DDM
07/05/17	DIR	CapitaCommercial	1.675	1.36	Sell	DDM
07/05/17	DMG & Partners	CapitaCommercial	1.675	1.68	Take Profit	DDM
07/11/17	Kim Eng	CapitaCommercial	1.71	1.81	Buy
07/14/17	CIMB	CapitaCommercial	1.67	1.68	Hold	DDM
07/19/17	OCBC	CapitaCommercial	1.69	1.69	Hold
07/20/17	DMG & Partners	CapitaCommercial	1.725	1.69	Take Profit	DDM
07/20/17	DIR	CapitaCommercial	1.725	1.42	Sell	DDM
07/20/17	Phillip	CapitaCommercial	1.725	1.8	Accumulate	DDM
07/20/17	Credit Suisse	CapitaCommercial	1.725	1.54	Neutral
07/20/17	DBS Vickers	CapitaCommercial	1.725	1.85	Buy	DCF
07/25/17	UOB Kay Hian	CapitaCommercial	1.755	1.9	Buy
07/31/17	UOB Kay Hian	CapitaCommercial	1.73	1.75	Buy
08/01/17	DBS Vickers	CapitaCommercial	1.72	1.85	Buy	DCF
08/17/17	UOB Kay Hian	CapitaCommercial	1.715	1.9	Buy
09/21/17	DMG & Partners	CapitaCommercial	1.71	1.68	Take Profit
09/22/17	Kim Eng	CapitaCommercial	1.695	1.81	Buy	Target yield 5%
09/22/17	DIR	CapitaCommercial	1.695	1.39	Sell	DDM, Ex-rights 166-for-1000 at 1.363
09/22/17	UOB Kay Hian	CapitaCommercial	1.695	1.9	Buy
09/22/17	Lim & Tan	CapitaCommercial	1.695	0	Buy on weakness
09/22/17	Phillip	CapitaCommercial	1.695	1.8	Accumulate	DDM, PB1x
09/26/17	OCBC	CapitaCommercial	1.7	1.65	Hold
10/09/17	Phillip	CapitaCommercial	1.64	1.8	Accumulate	DDM, PB1x
10/20/17	Kim Eng	CapitaCommercial	1.66	1.77	Buy	Target yield 5%
10/23/17	UOB Kay Hian	CapitaCommercial	1.66	1.9	Buy	DDM
10/23/17	Credit Suisse	CapitaCommercial	1.66	1.49	Neutral
10/23/17	DMG & Partners	CapitaCommercial	1.66	1.6	Take Profit	DDM
10/23/17	OCBC	CapitaCommercial	1.66	1.66	Hold	DDM
10/23/17	CIMB	CapitaCommercial	1.66	1.68	Hold	DDM
10/23/17	DBS Vickers	CapitaCommercial	1.66	1.8	Buy	DCF
11/09/17	UOB Kay Hian	CapitaCommercial	1.81	1.9	Buy

Cache Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Cache Logistics	0.905	1.18	Buy
01/08/16	DBS Vickers	Cache Logistics	0.895	1.05	Buy
01/21/16	phillip	Cache Logistics	0.875	0.94	Neutral	DDM, PB0.98x FY16
01/26/16	DBS Vickers	Cache Logistics	0.87	0.96	Buy
01/26/16	OCBC	Cache Logistics	0.87	0.9	Hold
01/27/16	Kim Eng	Cache Logistics	0.875	0.93	Hold
01/27/16	phillip	Cache Logistics	0.875	0.82	Reduce
02/02/16	DMG & Partners	Cache Logistics	0.865	0.86	Neutral
03/07/16	CIMB	Cache Logistics	0.86	0.91	Hold
03/09/16	phillip	Cache Logistics	0.845	0.78	Reduce	DDM
03/17/16	DMG & Partners	Cache Logistics	0.835	0.86	Neutral
03/28/16	Kim Eng	Cache Logistics	0.84	0.93	Hold
03/30/16	OCBC	Cache Logistics	0.83	0.88	Buy
03/30/16	UOB Kay Hian	Cache Logistics	0.83	1.18	Buy	DDM
04/05/16	Kim Eng	Cache Logistics	0.855	0.94	Buy	Yield 9%
04/25/16	CIMB	Cache Logistics	0.89	0.94	Hold	DDM
04/25/16	DBS Vickers	Cache Logistics	0.89	0.93	Buy
04/25/16	OCBC	Cache Logistics	0.89	0.95	Buy	DDM
04/25/16	phillip	Cache Logistics	0.89	0.78	Reduce	DDM
04/27/16	UOB Kay Hian	Cache Logistics	0.89	1.18	Buy
05/17/16	Kim Eng	Cache Logistics	0.865	0.94	Buy
06/01/16	CIMB	Cache Logistics	0.865	0.94	Hold
06/01/16	DMG & Partners	Cache Logistics	0.865	0.86	Neutral
06/01/16	Kim Eng	Cache Logistics	0.865	0.94	Buy	Yield 9%
07/04/16	DMG & Partners	Cache Logistics	0.865	0.86	Neutral
07/18/16	phillip	Cache Logistics	0.875	0.78	Reduce
07/18/16	UOB Kay Hian	Cache Logistics	0.875	1.21	Buy	DDM
07/21/16	CIMB	Cache Logistics	0.875	0.88	Hold	DDM
07/21/16	Kim Eng	Cache Logistics	0.875	0.94	Buy
07/21/16	OCBC	Cache Logistics	0.875	0.95	Buy
07/22/16	DBS Vickers	Cache Logistics	0.88	0.93	Buy
07/25/16	phillip	Cache Logistics	0.895	0.85	Neutral	DDM
08/01/16	UOB Kay Hian	Cache Logistics	0.865	1.21	Buy
08/16/16	DBS Vickers	Cache Logistics	0.885	0.93	Buy
09/02/16	OCBC	Cache Logistics	0.91	0.95	Buy
09/07/16	UOB Kay Hian	Cache Logistics	0.92	1.12	Buy	DDM
09/28/16	DBS Vickers	Cache Logistics	0.93	0.93	Hold
09/29/16	CIMB	Cache Logistics	0.91	0.8	Reduce	DDM
09/29/16	phillip	Cache Logistics	0.91	0.81	Reduce	DDM
10/14/16	phillip	Cache Logistics	0.875	0.81	Reduce	DDM
10/24/16	CIMB	Cache Logistics	0.88	0.8	Reduce	DDM
10/25/16	DBS Vickers	Cache Logistics	0.865	0.93	Hold
11/11/16	phillip	Cache Logistics	0.825	0.81	Reduce
12/02/16	phillip	Cache Logistics	0.815	0.81	Neutral	DDM
12/05/16	DMG & Partners	Cache Logistics	0.815	0.86	Neutral
12/06/16	Kim Eng	Cache Logistics	0.82	0.94	Buy
12/09/16	UOB Kay Hian	Cache Logistics	0.81	0.99	Buy
12/20/16	phillip	Cache Logistics	0.815	0.78	Neutral	DDM
01/09/17	DBS Vickers	Cache Logistics	0.82	0.93	Hold
01/24/17	CIMB	Cache Logistics	0.81	0.71	Reduce	DDM
01/24/17	DMG & Partners	Cache Logistics	0.81	0.86	Neutral
01/24/17	OCBC	Cache Logistics	0.81	0.78	Hold
01/24/17	UOB Kay Hian	Cache Logistics	0.81	0.95	Buy	DDM
01/25/17	DBS Vickers	Cache Logistics	0.82	0.77	Hold	DCF
01/26/17	phillip	Cache Logistics	0.815	0.73	Reduce	DDM
02/20/17	phillip	Cache Logistics	0.81	0.73	Reduce
02/23/17	DBS Vickers	Cache Logistics	0.82	0.77	Hold
02/23/17	DMG & Partners	Cache Logistics	0.82	0.86	Neutral
02/23/17	OCBC	Cache Logistics	0.82	0.78	Hold
02/27/17	phillip	Cache Logistics	0.82	0.74	Reduce	DDM
02/28/17	OCBC	Cache Logistics	0.815	0.79	Hold	Buy @ $0.75 or below
03/07/17	UOB Kay Hian	Cache Logistics	0.815	0.95	Buy
04/10/17	CIMB	Cache Logistics	0.88	0.71	Reduce
04/11/17	UOB Kay Hian	Cache Logistics	0.88	0.95	Buy
04/18/17	Kim Eng	Cache Logistics	0.86	0.95	Hold	DDM
04/21/17	CIMB	Cache Logistics	0.87	0.82	Hold
04/21/17	OCBC	Cache Logistics	0.87	0.79	Hold
04/21/17	phillip	Cache Logistics	0.87	0.75	Reduce	DDM, PB0.98x FY17
04/24/17	DBS Vickers	Cache Logistics	0.885	0.77	Hold
04/24/17	DMG & Partners	Cache Logistics	0.885	0.86	Neutral	DDM
05/08/17	phillip	Cache Logistics	0.88	0.75	Reduce
05/25/17	UOB Kay Hian	Cache Logistics	0.89	0.96	Hold
06/22/17	Kim Eng	Cache Logistics	0.905	0.95	Hold
07/03/17	Kim Eng	Cache Logistics	0.92	0.95	Hold	DDM
07/12/17	DMG & Partners	Cache Logistics	0.935	0.86	Neutral
07/24/17	CIMB	Cache Logistics	0.94	0.84	Reduce	DDM
07/24/17	phillip	Cache Logistics	0.94	0.86	Neutral	DDM, PB1.12x FY17
07/24/17	OCBC	Cache Logistics	0.94	0.82	Sell
07/24/17	Religare	Cache Logistics	0.94	0.95	Buy
07/27/17	DBS Vickers	Cache Logistics	0.91	0.82	Hold
09/06/17	CIMB	Cache Logistics	0.855	0.76	Reduce	DDM
09/06/17	OCBC	Cache Logistics	0.855	0.81	Hold	Ex-right $0.78 (18 for 100 @ $0.632)
09/12/17	phillip	Cache Logistics	0.825	0.82	Neutral	DDM, PB1.09x FY17
09/21/17	DMG & Partners	Cache Logistics	0.815	0.86	Neutral	DDM
10/25/17	Kim Eng	Cache Logistics	0.84	0.85	Hold
10/25/17	phillip	Cache Logistics	0.84	0.82	Neutral	DDM, PB1.1x FY17
10/25/17	DMG & Partners	Cache Logistics	0.84	0.84	Neutral	DDM
10/25/17	CIMB	Cache Logistics	0.84	0.77	Hold	DDM
10/26/17	OCBC	Cache Logistics	0.845	0.78	Hold
10/26/17	DBS Vickers	Cache Logistics	0.845	0.83	Hold
11/01/17	phillip	Cache Logistics	0.82	0.82	Neutral	DDM
11/01/17	DBS Vickers	Cache Logistics	0.82	0.83	Hold
11/02/17	OCBC	Cache Logistics	0.84	0.81	Hold

Stock calls for 27 November 2017

Date	Analyst	Company	Last	Target	Call	Valuation
11/27/17	DBS Vickers	Ascendas India Trust	1.13	1.25	Buy	DDM
11/27/17	Macquarie	Capitaland	3.57	4.5	Outperform
11/27/17	DBS Vickers	City Developments	12.24	14.03	Buy	RNAV, PB1.2x
11/27/17	Macquarie	City Developments	12.24	14.05	Outperform
11/27/17	DBS Vickers	Cityneon	1.04	1.45	Buy
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
11/27/17	DBS Vickers	Jumbo	0.58	0.61	Hold	PER23x FY18
11/27/17	Lim & Tan	Jumbo	0.58	0	Neutral
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
11/27/17	NRA	Trendlines	0.143	0.225	Overweight	RNAV (20% discount)

Singapore is starting to lose its financial hub status.

https://www.bloomberg.com/news/articles/2017-11-26/singapore-getting-snubbed-as-china-rules-asia-dollar-bond-market

More bond issuers are bypassing Singapore as they go to Hong Kong to issue their bonds.  This is not a good news for Singapore as our financial pie will keep shrinking, leaving investors with fewer investment varieties.  Consequently, this will force fixed income investors to seek better yield returns outside of Singapore and cause a shortage of liquidity in our local financial market.  With the low liquidity, the cost of financing will have to rise to attract these investors to invest locally.  Therefore, it will become a vicious cycle in the end.

The USA is begging for a war with North Korea.

https://sg.news.yahoo.com/russia-u-wants-provoke-north-042837267.html

We did report this in our 2 previous postings below in September.

https://sg-stock.blogspot.sg/2017/09/the-usa-is-just-setting-motion-for-war.html

https://sg-stock.blogspot.sg/2017/09/the-usa-is-begging-for-war-with-north.html

Therefore, it is not surprising that the Russian also reaches the same conclusion as it's pretty obvious to see through the USA's motive.

Travel alert to Bali again!

https://sg.news.yahoo.com/thousands-tourists-stranded-bali-airport-011632420.html

This volcano is erupting again!

Bali airport is closed for now.

We posted this before in our previous posting.

https://sg-stock.blogspot.sg/2017/09/travel-alert-to-bali.html

Baltic dry index - 1458

Today, Friday, November 24 2017, the Baltic Dry Index climbed by 13 points, reaching 1458 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 - 923

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 923.

That’s up from the 593 rigs that were active a year ago.

Houston oilfield services company Baker Hughes said Wednesday that 747 rigs sought oil and 176 explored for natural gas this week. The weekly tabulation, normally released on Friday, was distributed early this week because of the Thanksgiving holiday.

Among major oil- and gas-producing states, Wyoming gained four rigs while Colorado, Louisiana, New Mexico and Texas were up one apiece.

Utah declined by one.

Alaska, Arkansas, California, North Dakota, Ohio, Oklahoma, 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

Bund Centre - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/19/16	DMG & Partners	Bund Centre	0.803	1.11	Buy	RNAV (60% discount)
04/11/17	DMG & Partners	Bund Centre	0.78	1.04	Buy	RNAV (60% discount)

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/16	Deutsche	Bumitama	0.69	1.33	Buy
02/23/16	DBS Vickers	Bumitama	0.765	0.95	Buy
02/24/16	DBS Vickers	Bumitama	0.765	0.96	Buy
02/24/16	DMG & Partners	Bumitama	0.765	1.1	Buy
02/24/16	Kim Eng	Bumitama	0.765	0.85	Buy	PER13x FY16
02/24/16	UOB Kay Hian	Bumitama	0.765	1.1	Buy	PER15x FY16
03/23/16	UOB Kay Hian	Bumitama	0.925	1.1	Buy	PER15x FY16
03/31/16	UOB Kay Hian	Bumitama	0.92	1.3	Buy
04/11/16	DBS Vickers	Bumitama	0.855	0.96	Buy
04/22/16	UOB Kay Hian	Bumitama	0.86	1.3	Buy
04/25/16	Deutsche	Bumitama	0.84	1.2	Buy
04/25/16	Kim Eng	Bumitama	0.84	0.85	Hold	PER13x FY16
05/06/16	UOB Kay Hian	Bumitama	0.765	1.3	Buy	PER15x FY17
05/16/16	DBS Vickers	Bumitama	0.785	0.96	Buy
05/16/16	DMG & Partners	Bumitama	0.785	1	Buy	PER15x FY16
05/16/16	Kim Eng	Bumitama	0.785	0.8	Hold	PER13x FY16
06/15/16	UOB Kay Hian	Bumitama	0.81	1.3	Buy
07/14/16	DBS Vickers	Bumitama	0.74	0.91	Hold
07/14/16	UOB Kay Hian	Bumitama	0.74	1.3	Buy
07/22/16	Kim Eng	Bumitama	0.75	0.77	Hold	PER13x FY16
07/22/16	UOB Kay Hian	Bumitama	0.75	1.25	Buy	PER15x FY17
07/27/16	DMG & Partners	Bumitama	0.74	0.81	Neutral	Cut from $0.95
08/08/16	DBS Vickers	Bumitama	0.685	0.81	Buy	DCF
08/08/16	DMG & Partners	Bumitama	0.685	0.75	Neutral
08/08/16	UOB Kay Hian	Bumitama	0.685	1.25	Buy	PER15x FY17
09/05/16	UOB Kay Hian	Bumitama	0.72	1.25	Buy	PER15x FY17
09/15/16	DBS Vickers	Bumitama	0.72	0.81	Buy
10/03/16	UOB Kay Hian	Bumitama	0.725	1.25	Buy	PER15x FY17
10/06/16	Kim Eng	Bumitama	0.735	0.97	Buy
10/25/16	DBS Vickers	Bumitama	0.715	0.99	Buy	DCF
11/15/16	Kim Eng	Bumitama	0.765	0.97	Buy	PER14x FY17
11/16/16	DBS Vickers	Bumitama	0.765	0.95	Buy	DCF
11/16/16	UOB Kay Hian	Bumitama	0.765	1.25	Buy	PER15x FY17
12/05/16	UOB Kay Hian	Bumitama	0.785	1.25	Buy
12/07/16	Deutsche	Bumitama	0.8	1.2	Buy
12/13/16	Kim Eng	Bumitama	0.81	0.97	Buy	PER14x FY17
01/10/17	UOB Kay Hian	Bumitama	0.8	1.25	Buy	PER15x FY17
01/11/17	DBS Vickers	Bumitama	0.81	0.95	Buy
01/11/17	DMG & Partners	Bumitama	0.81	0.75	Neutral
01/11/17	Kim Eng	Bumitama	0.81	0.97	Buy	PER14x FY17
02/06/17	DMG & Partners	Bumitama	0.795	0.85	Neutral	PER13x FY17
02/08/17	UOB Kay Hian	Bumitama	0.795	1.25	Buy	PER15x FY17
02/13/17	DBS Vickers	Bumitama	0.815	0.95	Buy
02/27/17	DBS Vickers	Bumitama	0.785	0.99	Buy	DCF
02/27/17	Kim Eng	Bumitama	0.785	0.96	Buy	PER14x FY17
03/03/17	UOB Kay Hian	Bumitama	0.785	1.25	Buy
03/09/17	DMG & Partners	Bumitama	0.83	0.88	Neutral
03/31/17	DMG & Partners	Bumitama	0.795	0.89	Buy	PER13x FY17
04/10/17	DBS Vickers	Bumitama	0.795	0.99	Buy
04/11/17	DMG & Partners	Bumitama	0.785	0.89	Buy
05/08/17	UOB Kay Hian	Bumitama	0.73	1.25	Buy	PER15x FY17
05/16/17	DMG & Partners	Bumitama	0.75	0.89	Buy	PER13x FY17
05/16/17	Kim Eng	Bumitama	0.75	0.96	Buy	PER14x FY17
05/17/17	DBS Vickers	Bumitama	0.785	0.99	Buy	DCF
06/29/17	UOB Kay Hian	Bumitama	0.76	1.03	Buy
07/11/17	DBS Vickers	Bumitama	0.75	0.99	Buy
08/11/17	Kim Eng	Bumitama	0.705	0.96	Buy	PER14x FY17
08/15/17	DMG & Partners	Bumitama	0.7	0.89	Buy	PER13x FY17
08/16/17	UOB Kay Hian	Bumitama	0.735	1.03	Buy	PER13x FY18
08/16/17	DMG & Partners	Bumitama	0.735	0.85	Buy	PER11x FY18
08/16/17	DBS Vickers	Bumitama	0.735	0.94	Buy	DCF, PER13.7x FY18
09/11/17	Kim Eng	Bumitama	0.72	0.96	Buy
09/13/17	DBS Vickers	Bumitama	0.715	0.94	Buy
09/20/17	UOB Kay Hian	Bumitama	0.74	1.03	Buy	PER13x FY18
09/27/17	DMG & Partners	Bumitama	0.74	0.85	Buy	PER11x FY18
10/11/17	Kim Eng	Bumitama	0.73	0.95	Buy	PER14x FY17
10/24/17	UOB Kay Hian	Bumitama	0.74	1.03	Buy	PER13x FY18
11/13/17	Kim Eng	Bumitama	0.805	0.95	Buy
11/13/17	DBS Vickers	Bumitama	0.805	0.94	Buy	DCF, PER13.7x FY18
11/15/17	Kim Eng	Bumitama	0.835	0.95	Buy	PER14x FY17
11/15/17	DMG & Partners	Bumitama	0.835	0.95	Buy	PER12x FY18
11/15/17	UOB Kay Hian	Bumitama	0.835	1.03	Buy	PER13x FY18
11/15/17	Credit Suisse	Bumitama	0.835	1	Outperform

Stock calls for 24 November 2017

Date	Analyst	Company	Last	Target	Call	Valuation
11/24/17	Lim & Tan	Keppel Corp	7.59	0	Buy
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/24/17	OCBC	Wheelock Properties	1.91	2.27	Buy

OMG! Noble Group bankruptcy is getting real as its shares slump to its lowest price.

https://www.bloomberg.com/news/articles/2017-11-24/noble-group-shares-slump-as-company-transfers-stock-to-ex-staff

The share price slump will definitely make it extremely difficult for Noble to raise funds or secure more credit facilities from the banks.  There is no way Noble can survive without a financial restructure.

It's pretty obvious that the prognosis is very bleak.  Let's recap from our previous postings.

Noble has a high debt in which it has difficulty in servicing.

Noble is producing negative cash flows.

Noble top honchos have left.

Noble is selling its golden gooses and this will saddle Noble with income losing assets.

Noble has its credit standings downgraded by all the credit rating firms.

Noble has lost a big credit facility supporter (DBS).

Noble is losing billions in 2017.

Goldman Sachs vs Societe Generale

https://finance.yahoo.com/news/goldman-sachs-forecasts-sp-500-will-rise-11-2018-135706308.html

Goldman Sachs states that S&P 500 will rise to 2850 in 2018.

However, SocGen has a different view and states that S&P 500 will end at 2500 in 2018.

https://www.marketwatch.com/story/think-us-stocks-will-keep-rallying-into-2018-not-so-fast-says-socgen-2017-11-23?siteid=yhoof2&yptr=yahoo

Only time will tell who is right. Let's see how this will pan out.

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