Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Delfi	2.06	1.97	Sell
02/23/16	CIMB	Delfi	2.39	1.77	Reduce	PER25x CY17
02/24/16	DBS Vickers	Delfi	2.46	2.21	Hold
02/24/16	DMG & Partners	Delfi	2.46	2	Sell	DCF, PER47x FY16
02/24/16	OCBC	Delfi	2.46	1.92	Sell	PER30x FY16
03/21/16	OCBC	Delfi	2.8	1.92	Sell
05/13/16	CIMB	Delfi	2.5	2.69	Hold
05/13/16	DBS Vickers	Delfi	2.5	2.56	Hold
05/13/16	OCBC	Delfi	2.5	2.15	Sell	PER30x FY16
06/09/16	OCBC	Delfi	2.48	2.15	Sell	PER30x FY16
08/11/16	CIMB	Delfi	2.5	2.69	Hold	PER25x CY17
08/12/16	DBS Vickers	Delfi	2.61	2.42	Hold
09/22/16	OCBC	Delfi	2.15	2.34	Hold
11/11/16	CIMB	Delfi	2.2	2.31	Hold	PER25x CY18
11/11/16	OCBC	Delfi	2.2	2.39	Hold
12/09/16	DBS Vickers	Delfi	2.25	2.16	Hold
01/03/17	DMG & Partners	Delfi	2.22	2.55	Buy
01/16/17	OCBC	Delfi	2.25	2.39	Hold
02/23/17	CIMB	Delfi	2.32	2.3	Hold	PER25x CY18
02/23/17	OCBC	Delfi	2.32	2.39	Hold	PER30x FY17
02/24/17	DMG & Partners	Delfi	2.35	2.55	Neutral	DCF
02/24/17	OCBC	Delfi	2.35	2.37	Hold	PER30x FY17
02/27/17	DBS Vickers	Delfi	2.33	2.26	Hold	PER26x FY17/18
03/17/17	OCBC	Delfi	2.24	2.37	Hold
05/09/17	OCBC	Delfi	2.2	2.37	Hold
05/11/17	CIMB	Delfi	2.2	2.3	Hold	PER25x CY18
05/11/17	OCBC	Delfi	2.2	2.21	Hold	PER30x FY17/18
06/16/17	OCBC	Delfi	2.05	2.21	Hold
08/10/17	OCBC	Delfi	2.12	2.08	Hold	PER30x FY18
08/10/17	DMG & Partners	Delfi	2.12	2	Neutral	DCF
10/02/17	DMG & Partners	Delfi	1.515	1.86	Buy	DCF
11/15/17	DMG & Partners	Delfi	1.45	1.65	Buy	DCF

Stock calls for 14 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/14/17	Kim Eng	Bukit Sembawang	5.93	8.25	Buy	RNAV (20% discount)
12/14/17	CIMB	Capitaland	3.51	4.25	Add	RNAV (20% discount)
12/14/17	OCBC	Capitaland	3.51	4.13	Buy
12/14/17	OCBC	City Developments	12.65	13.5	Buy
12/14/17	CIMB	Far East Hospitality	0.71	0.69	Hold	DDM
12/14/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
12/14/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/14/17	CIMB	Frasers Logistics	1.12	1.2	Add	DDM
12/14/17	OCBC	Frasers Logistics	1.12	1.25	Buy
12/14/17	Kim Eng	Genting	1.34	1.42	Buy
12/14/17	OCBC	Mapletree Greater China	1.19	1.28	Buy
12/14/17	CIMB	UOL	8.72	9.62	Add	RNAV (20% discount)
12/14/17	OCBC	UOL	8.72	9.7	Buy
12/14/17	OCBC	Wheelock Properties	1.89	2.27	Buy
12/14/17	OCBC	Wing Tai	2.3	2.77	Buy

Look at how Canadian parliament endorses Nanjing Massacre Memorial Day.

The Caucasian Canadians truly supported this in parliament.

However, our PM Lee asked Japan not to apologize anymore for WW2 atrocities even when Japan tried to whitewash its atrocities.

http://sg-stock.blogspot.sg/2017/12/canada-to-proclaim-13-december-as.html

How practical and useful is bitcoin?

Bitcoin is not a practical and useful payment mode because it is expensive and slow to process transactions compared to what it proclaims to be.

It costs about US$19 to process a transaction in 10 minutes because the blockchain frequency is set at 10 minutes.  The best blockchain network system can only process 3.3 transactions per second whilst VISA can process 3,674 transactions per second.

https://www.wired.com/story/bitcoin-is-soaring-heres-why-its-not-ready-for-the-big-time/

Some merchants are starting to dump Bitcoin payment mode because of its processing fee and speed.

http://www.bbc.com/news/technology-42264622

Therefore, there won't be a widespread adoption of Bitcoin payment mode in the world because of its limitations.  The current bitcoin prices have factored in the expectation of worldwide adoption which is not happening.

KGI Fraser is officially wrong in its US interest rate movement.

https://finance.yahoo.com/news/federal-reserve-december-2017-fomc-decision-143436424.html

The FED has raised its interest rate in December!

KGI Fraser has been proven wrong and its arguments for the no rate hike are totally invalid because it does not take into other factors in its analysis.

https://sg-stock.blogspot.sg/2017/09/kgi-fraser-is-dead-wrong-about-fed.html

We projected a December rate hike in our previous post and we got it.

HSR poll result

Look like KL-SG HSR will become a white elephant as it is simply too expensive to operate.  Driving into Malaysia is still cheaper albeit time-consuming.  Our viewers have indicated that the time saved is not worth the money spent.

US softens its stance against North Korea after China and Russia conduct joint anti-missile exercises.

https://sg.news.yahoo.com/tillerson-softens-us-stance-possible-talks-nkorea-222702752.html

http://www.chinaeconomicreview.com/china-russia-conduct-joint-anti-missile-exercises

China and Russia have sent a strong message to the USA not to act unilaterally through the joint anti-missile exercises which can also be used to shoot down fighter planes flying in NK's sky.

The USA knows that it cannot defeat China & Russia in the Peninsular war.  Therefore, the USA softens its stance and is willing to resolve the issue through diplomatic talk now.

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/16	DBS Vickers	Del Monte	0.395	0.39	Hold
03/15/16	UOB Kay Hian	Del Monte	0.325	0.46	Buy	PER12x FY17
03/18/16	CIMB	Del Monte	0.32	0.4	Add	PER11.3x FY17
05/18/16	CIMB	Del Monte	0.305	0.4	Add
06/30/16	DBS Vickers	Del Monte	0.355	0.37	Hold
06/30/16	Lim & Tan	Del Monte	0.355	0	Hold
06/30/16	UOB Kay Hian	Del Monte	0.355	0.47	Buy	PER11.6x FY18
07/04/16	CIMB	Del Monte	0.34	0.38	Add	PER11.3x CY17
09/13/16	CIMB	Del Monte	0.355	0.38	Hold
09/13/16	DBS Vickers	Del Monte	0.355	0.37	Hold
09/14/16	UOB Kay Hian	Del Monte	0.345	0.41	Buy	PER11.5x
12/07/16	DBS Vickers	Del Monte	0.355	0.37	Hold	PER12x FY17/18
12/07/16	UOB Kay Hian	Del Monte	0.355	0.4	Hold	PER11.3x FY17, Buy @ $0.34
12/09/16	CIMB	Del Monte	0.335	0.36	Hold	PER11.3x
03/13/17	DBS Vickers	Del Monte	0.345	0.36	Hold	PER12x FY18
03/14/17	Lim & Tan	Del Monte	0.345	0	Neutral
03/15/17	CIMB	Del Monte	0.345	0.35	Hold	PER11.3x FY17
06/29/17	DBS Vickers	Del Monte	0.34	0.36	Hold	PER12x
07/04/17	DBS Vickers	Del Monte	0.325	0.32	Hold	PER15x FY18/19
09/08/17	Lim & Tan	Del Monte	0.31	0	Hold

DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	DBS	16.69	22.34	Buy
01/05/16	CIMB	DBS	16.28	19.58	Add	GGM, PB1.16x CY16
01/08/16	DIR	DBS	15.7	22.1	Buy
01/14/16	Macquarie	DBS	14.93	16	Neutral	PB, Buy @ $13.30 PB0.8x FY16
01/18/16	Deutsche	DBS	14.46	19.8	Buy	GGM, PB1.2x
01/18/16	DMG & Partners	DBS	14.46	21.1	Buy	GGM, PB1.26x FY16
01/18/16	Goldman Sachs	DBS	14.46	18	Buy
01/29/16	Credit Suisse	DBS	13.54	22	Outperform
01/29/16	JP Morgan	DBS	13.54	18	Overweight
02/04/16	Nomura	DBS	13.27	22.6	Buy
02/04/16	UOB Kay Hian	DBS	13.27	17.8	Buy	GGM, PB1.1x
02/11/16	UBS	DBS	13.38	15.6	Buy	PER8.4x FY16
02/22/16	Citigroup	DBS	13.68	16.55	Buy
02/22/16	Deutsche	DBS	13.68	19.8	Buy
02/22/16	Lim & Tan	DBS	13.68	0	Buy
02/22/16	OCBC	DBS	13.68	17.5	Buy	PB0.9x
02/23/16	Amfrasers	DBS	13.62	16.17	Buy
02/23/16	CIMB	DBS	13.62	18.26	Add	GGM, PB1.08x CY16
02/23/16	Credit Suisse	DBS	13.62	17	Outperform
02/23/16	DIR	DBS	13.62	19.7	Buy	Warranted Equity Method
02/23/16	DMG & Partners	DBS	13.62	16.7	Buy	GGM, PB1x FY16
02/23/16	Jefferies	DBS	13.62	11	Underperform
02/23/16	Kim Eng	DBS	13.62	12.68	Sell	PB0.75x FY16
02/23/16	UOB Kay Hian	DBS	13.62	17.48	Buy	GGM, PB1.06x
02/24/16	Macquarie	DBS	13.69	16	Neutral
02/25/16	Goldman Sachs	DBS	13.4	17.5	Buy
02/25/16	phillip	DBS	13.4	15.35	Accumulate	PB0.95x FY16
03/04/16	JP Morgan	DBS	14.71	16	Overweight
03/07/16	DMG & Partners	DBS	15.36	16.7	Buy
03/24/16	DIR	DBS	15.57	20.3	Buy
03/24/16	Kim Eng	DBS	15.57	12.68	Sell
03/24/16	UOB Kay Hian	DBS	15.57	17.48	Buy	GGM, PB1.06x FY16
04/07/16	UBS	DBS	15.03	16.4	Neutral
04/07/16	UOB Kay Hian	DBS	15.03	19.25	Buy	GGM, PB1.14x
04/26/16	HSBC	DBS	15.7	20	Buy	GGM, PB1.2x FY16, PER11x FY16
04/27/16	DIR	DBS	15.68	20.3	Buy
05/03/16	Goldman Sachs	DBS	15.28	16.9	Buy
05/03/16	Lim & Tan	DBS	15.28	0	Buy	Bloomberg consensus target $17.12
05/04/16	Amfrasers	DBS	15.35	16.3	Buy
05/04/16	CIMB	DBS	15.35	17.96	Add	GGM, PB1.05x CY16
05/04/16	Credit Suisse	DBS	15.35	17	Outperform
05/04/16	DIR	DBS	15.35	20.5	Buy	Warranted Equity Method, PB1.19x
05/04/16	DMG & Partners	DBS	15.35	17.3	Buy	GGM, PB1x FY16
05/04/16	Jefferies	DBS	15.35	12	Underperform
05/04/16	Kim Eng	DBS	15.35	13.4	Sell
05/04/16	OCBC	DBS	15.35	17.5	Buy
05/04/16	UOB Kay Hian	DBS	15.35	19.22	Buy	GGM, PB1.13x
05/05/16	phillip	DBS	15.35	16.09	Accumulate	PB0.95x FY16
05/19/16	Jefferies	DBS	15.07	12	Underperform
05/19/16	UOB Kay Hian	DBS	15.07	19.3	Buy	GGM, PB1.14x
06/01/16	Amfrasers	DBS	15.5	16.3	Buy
06/01/16	Goldman Sachs	DBS	15.5	18	Buy
06/09/16	DIR	DBS	15.93	20.5	Buy
06/10/16	Deutsche	DBS	15.9	19.8	Buy
06/15/16	UOB Kay Hian	DBS	15.64	19.3	Buy
06/30/16	Goldman Sachs	DBS	15.53	17.7	Buy
06/30/16	Kim Eng	DBS	15.53	13.4	Sell
07/14/16	UOB Kay Hian	DBS	15.99	19.3	Buy	GGM, PB1.14x FY16
07/19/16	CIMB	DBS	16.19	17.96	Add
07/19/16	DIR	DBS	16.19	20.5	Buy
07/29/16	Goldman Sachs	DBS	15.88	17.5	Buy
07/29/16	Lim & Tan	DBS	15.88	0	Hold
08/01/16	DIR	DBS	15.41	20.5	Buy
08/01/16	Macquarie	DBS	15.41	15	Neutral
08/01/16	UOB Kay Hian	DBS	15.41	18.9	Buy	GGM, PB1.12x
08/04/16	JP Morgan	DBS	15.09	15	Neutral
08/08/16	Citigroup	DBS	14.83	13.68	Sell
08/08/16	Lim & Tan	DBS	14.83	0	Hold
08/10/16	CIMB	DBS	15.04	15.31	Hold	GGM
08/10/16	Deutsche	DBS	15.04	18.5	Buy
08/10/16	DMG & Partners	DBS	15.04	17.3	Buy	GGM, PB1x FY16, PER10.5x
08/10/16	Kim Eng	DBS	15.04	14.3	Sell	PB0.8x FY17
08/10/16	phillip	DBS	15.04	16.09	Accumulate	PB0.95x FY16
08/10/16	UOB Kay Hian	DBS	15.04	19.15	Buy	GGM, PB1.13x FY16
08/12/16	Credit Suisse	DBS	14.95	15.8	Neutral
08/17/16	OCBC	DBS	14.81	16.68	Buy
08/30/16	UOB Kay Hian	DBS	15.03	17.8	Buy	GGM, PB1.05x
09/02/16	DIR	DBS	15.03	22	Buy	Warranted Equity Method
09/07/16	Macquarie	DBS	15.43	17	Outperform
09/09/16	Credit Suisse	DBS	15.55	14.8	Underperform
10/03/16	Kim Eng	DBS	15.39	14.3	Sell
10/05/16	DMG & Partners	DBS	15.36	17.3	Buy
10/07/16	OCBC	DBS	15.39	16.68	Buy
10/11/16	UOB Kay Hian	DBS	15.38	17.8	Buy
10/12/16	Goldman Sachs	DBS	15.37	17.6	Buy
10/17/16	DIR	DBS	15.03	22	Buy
10/19/16	CIMB	DBS	15.06	15.31	Hold
10/26/16	Deutsche	DBS	15.06	18.5	Buy
10/31/16	Citigroup	DBS	14.9	15.25	Hold
10/31/16	Lim & Tan	DBS	14.9	0	Hold
11/01/16	CIMB	DBS	15	15.4	Hold	GGM, PB0.86x CY17
11/01/16	DIR	DBS	15	22.4	Buy	Warranted Equity Method
11/01/16	DMG & Partners	DBS	15	17.3	Buy	GGM
11/01/16	Jefferies	DBS	15	14	Hold
11/01/16	Kim Eng	DBS	15	14.55	Hold	GGM, PB0.8x FY17
11/01/16	Macquarie	DBS	15	17	Outperform
11/01/16	phillip	DBS	15	15.71	Accumulate	PB0.95x FY16
11/01/16	UOB Kay Hian	DBS	15	18.98	Buy	GGM, PB1.05x FY16
11/07/16	Credit Suisse	DBS	14.93	14.8	Underperform
11/24/16	Citigroup	DBS	16.76	19.5	Buy
11/24/16	DMG & Partners	DBS	16.76	18.38	Buy	GGM
11/25/16	Credit Suisse	DBS	16.8	18.93	Outperform
11/28/16	UOB Kay Hian	DBS	17.05	20.15	Buy	GGM, PB1.12x FY17
12/05/16	Kim Eng	DBS	17.89	15.68	Hold	GGM, PB0.9x FY17
12/06/16	CIMB	DBS	17.97	15.4	Hold	GGM, PB0.86x CY17
12/07/16	Deutsche	DBS	18.16	18.5	Buy
12/08/16	Citigroup	DBS	18.32	19.5	Buy
01/03/17	DMG & Partners	DBS	17.34	18.38	Buy
01/04/17	Kim Eng	DBS	17.32	15.68	Hold
01/05/17	Credit Suisse	DBS	17.52	18.93	Outperform
01/06/17	UOB Kay Hian	DBS	17.8	21.2	Buy	GGM, PB1.17x FY17
01/10/17	OCBC	DBS	17.85	17.83	Hold	PB1x
01/11/17	DIR	DBS	17.99	22.4	Buy
01/16/17	Jefferies	DBS	18.31	14	Underperform
01/16/17	phillip	DBS	18.31	16.85	Neutral	PB0.95x FY17
02/02/17	Lim & Tan	DBS	18.88	0	Hold
02/02/17	UOB Kay Hian	DBS	18.88	21.2	Buy	GGM, PB1.17x FY17
02/03/17	CIMB	DBS	18.78	15.4	Hold
02/06/17	Macquarie	DBS	18.66	21.5	Outperform
02/16/17	Lim & Tan	DBS	18.23	0	Take profit/Sell	Buy @ $16.87
02/17/17	CIMB	DBS	18.54	17.66	Hold	GGM, PB0.99x CY17
02/17/17	Credit Suisse	DBS	18.54	19.8	Neutral
02/17/17	DIR	DBS	18.54	22.5	Buy	Warranted Equity Method, PB1.24x
02/17/17	DMG & Partners	DBS	18.54	19.8	Neutral	GGM, PB1.1x FY17
02/17/17	Kim Eng	DBS	18.54	18.13	Hold	PB1x FY17
02/17/17	phillip	DBS	18.54	16.73	Reduce	PB0.95x FY17
02/17/17	UOB Kay Hian	DBS	18.54	21.5	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	DBS	19.03	17.66	Hold
03/03/17	Jefferies	DBS	19.03	16.2	Underperform
03/06/17	Macquarie	DBS	18.97	21	Outperform
03/14/17	UOB Kay Hian	DBS	19.11	21.5	Buy	GGM, PB1.19x FY17
03/21/17	Kim Eng	DBS	19.01	18.13	Hold	PB1x
04/03/17	Kim Eng	DBS	19.4	18.13	Hold
04/18/17	DIR	DBS	18.9	22.5	Buy
04/20/17	UOB Kay Hian	DBS	18.79	21.5	Buy	GGM, PB1.19x FY17
04/25/17	CIMB	DBS	19	17.66	Hold
05/02/17	Bernstein	DBS	19.35	22	Outperform
05/03/17	CIMB	DBS	19.86	18.75	Hold	GGM, PB1.04x CY17
05/03/17	Credit Suisse	DBS	19.86	22.6	Outperform
05/03/17	DMG & Partners	DBS	19.86	20.5	Neutral
05/03/17	Kim Eng	DBS	19.86	19.18	Hold	PB1.1x FY18
05/03/17	Lim & Tan	DBS	19.86	0	Hold
05/03/17	phillip	DBS	19.86	17.24	Reduce	PB0.95x FY17
05/03/17	UOB Kay Hian	DBS	19.86	23.3	Buy	GGM, PB1.25x FY17
05/08/17	Macquarie	DBS	20.42	21	Outperform
05/18/17	DIR	DBS	20.8	23	Outperform
05/23/17	Jefferies	DBS	20.86	22.5	Buy	DDM
05/31/17	Macquarie	DBS	20.6	22	Outperform
06/08/17	UOB Kay Hian	DBS	20.43	23.3	Buy
06/09/17	Credit Suisse	DBS	20.47	22.6	Outperform
06/09/17	Deutsche	DBS	20.47	21	Buy	GGM, PB1.3x
06/14/17	Kim Eng	DBS	20.78	19.18	Hold	PB1.1x FY18
06/22/17	Macquarie	DBS	20.4	22.2	Outperform	PB1.22x
06/28/17	DMG & Partners	DBS	20.26	20.5	Neutral
07/03/17	Kim Eng	DBS	20.74	19.18	Hold
07/04/17	UOB Kay Hian	DBS	20.65	25.25	Buy	GGM, PB1.3x FY18
07/12/17	Credit Suisse	DBS	20.77	22.7	Outperform
08/02/17	Macquarie	DBS	21.95	22.2	Outperform	PB1.22x
08/04/17	Lim & Tan	DBS	22.08	0	Hold
08/04/17	DMG & Partners	DBS	22.08	20.65	Neutral	GGM, PB1.1x FY17
08/04/17	OCBC	DBS	22.08	22.5	Hold	Buy @ $21 or lower
08/07/17	CIMB	DBS	21.49	21.5	Hold	GGM
08/07/17	DIR	DBS	21.49	23	Outperform	Warranted Equity Method, PB1.24x
08/07/17	UOB Kay Hian	DBS	21.49	24.85	Buy	GGM, PB1.29x FY18
08/07/17	Kim Eng	DBS	21.49	19.18	Hold
08/07/17	phillip	DBS	21.49	17.92	Reduce	GGM, PB0.98x FY18
08/22/17	Kim Eng	DBS	20.49	21.5	Hold	GGM, PB1x FY18
08/23/17	Deutsche	DBS	20.54	22	Hold
09/05/17	OCBC	DBS	20.35	22.4	Hold
09/12/17	DMG & Partners	DBS	20.43	20.65	Neutral	PB1x FY18
09/14/17	OCBC	DBS	20.38	22.5	Buy
09/18/17	phillip	DBS	20.06	21.45	Accumulate	GGM, PB1.2x FY17
09/18/17	Kim Eng	DBS	20.06	21.5	Hold
09/21/17	DIR	DBS	20.48	23.3	Outperform	GGM, PB1.24x
10/09/17	DIR	DBS	21.5	23.3	Outperform
10/20/17	UOB Kay Hian	DBS	21.7	24.48	Buy	GGM, PB1.27x FY17
10/20/17	phillip	DBS	21.7	25.7	Buy
11/01/17	UOB Kay Hian	DBS	22.78	24.48	Buy	GGM, PB1.27x FY18
11/06/17	DMG & Partners	DBS	22.97	20.65	Neutral
11/06/17	Lim & Tan	DBS	22.97	0	Neutral
11/07/17	Kim Eng	DBS	22.79	22.75	Hold	GGM, PB1.2x FY18
11/07/17	UOB Kay Hian	DBS	22.79	24.4	Buy	GGM, PB1.3x FY18
11/07/17	Credit Suisse	DBS	22.79	25.3	Outperform
11/07/17	DMG & Partners	DBS	22.79	21.45	Neutral	GGM, PB1.08x FY18
11/08/17	phillip	DBS	23.49	26.83	Buy	GGM, PB1.39x FY18
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
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
12/01/17	UOB Kay Hian	DBS	24.43	26.1	Buy	GGM, PB1.38x FY18
12/08/17	phillip	DBS	24.24	29.3	Buy
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x

Stock calls for 13 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/13/17	Kim Eng	Bumitama	0.76	0.95	Buy	PER11x FY18
12/13/17	DMG & Partners	Bumitama	0.76	0.95	Buy
12/13/17	DBS Vickers	CapitaRetail China	1.6	1.75	Buy	DCF
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF
12/13/17	DBS Vickers	Jumbo	0.585	0.7	Buy	DCF
12/13/17	Kim Eng	Jumbo	0.585	0.7	Buy	DCF
12/13/17	OCBC	Lippo-Malls Indo	0.415	0.46	Buy
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/13/17	DMG & Partners	Wilmar	3.11	3.31	Neutral	Sum of parts

The truth of the Rohingya and the main culprit was UK.

https://sg.news.yahoo.com/21-rohingya-women-recount-rape-053951916.html

The UK planted this seed of hatred between Myanmar & Rohingya during the British colonial era by introducing Rohingya into Myanmar in huge numbers to counter the Japanese imperialism.  During those dark days, the Rohingya killed many Myanmar people and the UK connived at such atrocity because of its political interest.

http://www.news.com.au/world/asia/who-are-the-rohingya-and-what-is-happening-in-myanmar/news-story/90d31fcdcef5c9bd7bc5f34e844eb2a5

https://sputniknews.com/analysis/201709191057521700-rohingya-crisis-british-empire/

Therefore, the Myanmar military is taking revenge now by doing the same act against the Rohingya.  Many western media selectively omit to report the past atrocities committed by the Rohingya people.

This was the reason why Aung San Suu Kyi was silent about the killings because she understood the history very well.  She was also powerless to go against the Myanmar military as the military was taking a tit-for-tat action due to the historical burden.  If she were to go all out to protect the Rohingya people, the Myanmar military would go against her completely and branded her as a western puppet and traitor.

Who was to blame for this ethnic cleansing then?  The main culprit was UK!

Noble share price will tank into the abyss after the debt-to-equity swap restructuring.

https://finance.yahoo.com/news/noble-group-moves-toward-debt-171154045.html

Noble's market capitalization is around $190m but its debt is $3.5B.  A majority of that debt has to be converted into equity for Noble to survive. Therefore, Noble's share price will tank into the abyss and Noble will announce a stock consolidation after the debt-to-equity swap to avoid the "penny" stock status.

Noble's debt of $3.5b is about 18.4x of its market capitalization of $190m and it is selling its golden goose assets.  In the end, it has no positive income-generating businesses left.

Will the creditors accept such a restructuring plan knowing that Noble has no more golden goose assets?

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/16	Lim & Tan	Dairy Farm	6.14	0	Buy
03/10/16	DBS Vickers	Dairy Farm	5.85	7.03	Buy	Sum of parts
03/21/16	DMG & Partners	Dairy Farm	5.94	8.5	Buy
05/06/16	DMG & Partners	Dairy Farm	6.73	8.5	Buy
05/19/16	CIMB	Dairy Farm	6.56	6.75	Hold	PER20x CY17
07/29/16	CIMB	Dairy Farm	6.74	6.75	Hold	PER20x CY17
08/02/16	DBS Vickers	Dairy Farm	6.6	7.18	Buy	Sum of parts
08/08/16	DMG & Partners	Dairy Farm	6.8	8.6	Buy
11/11/16	CIMB	Dairy Farm	7.19	8.7	Add	PER23.7x CY18
12/06/16	CIMB	Dairy Farm	7.21	8.7	Add	PER23.7x CY18
12/08/16	DBS Vickers	Dairy Farm	7.3	7.18	Buy
01/03/17	DMG & Partners	Dairy Farm	7.19	8.6	Buy	DCF, PER21x FY17
01/12/17	DMG & Partners	Dairy Farm	7.26	8.5	Buy	DCF
01/20/17	CIMB	Dairy Farm	7.37	8.7	Add
03/03/17	CIMB	Dairy Farm	8.44	9.18	Add	PER23.7x CY18
03/06/17	DBS Vickers	Dairy Farm	8.51	9.96	Buy	Sum of parts
03/06/17	DMG & Partners	Dairy Farm	8.51	10	Buy	DCF
03/06/17	Lim & Tan	Dairy Farm	8.51	0	Hold	PER23x
03/16/17	DIR	Dairy Farm	8.95	10.3	Outperform	PER26.5x FY17
05/02/17	DMG & Partners	Dairy Farm	8.9	10	Buy
05/05/17	CIMB	Dairy Farm	8.89	9.18	Add	PER23.7x CY18
06/16/17	DMG & Partners	Dairy Farm	8.04	10	Buy	DCF, PER26x FY17
06/30/17	DIR	Dairy Farm	7.92	10.5	Buy	PER26.5x FY17
07/04/17	DMG & Partners	Dairy Farm	7.95	10	Buy
07/10/17	DBS Vickers	Dairy Farm	8.14	9.96	Buy
08/02/17	DMG & Partners	Dairy Farm	8.02	10	Buy
08/04/17	CIMB	Dairy Farm	8.06	9.18	Add	PER23.7x CY18
08/07/17	DIR	Dairy Farm	7.72	10	Buy	PER26.5x FY18
08/07/17	DMG & Partners	Dairy Farm	7.72	9.53	Buy	DCF
08/10/17	DBS Vickers	Dairy Farm	7.81	9.89	Buy	Sum of parts
09/14/17	DIR	Dairy Farm	8.06	10	Buy	PER26.5x FY18
09/27/17	phillip	Dairy Farm	7.48	9.89	Buy	Sum of parts
11/29/17	DMG & Partners	Dairy Farm	8.31	9.53	Buy
12/04/17	phillip	Dairy Farm	8.08	9.89	Buy

CWT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/16	CIMB	CWT	1.8	1.92	Hold	Sum of parts
02/19/16	OCBC	CWT	1.82	1.95	Hold
05/06/16	CIMB	CWT	2.02	1.92	Hold	Sum of parts
05/16/16	OCBC	CWT	2.12	1.95	Hold
08/15/16	OCBC	CWT	2.02	1.93	Hold	Sum of parts
11/03/16	OCBC	CWT	1.96	1.9	Hold	Sum of parts
02/27/17	OCBC	CWT	2.08	1.95	Hold	Sum of parts
04/05/17	OCBC	CWT	2.02	1.95	Hold
04/10/17	OCBC	CWT	2.07	1.95	Accept Offer	Offer price $2.33
05/11/17	OCBC	CWT	2.25	1.95	Accept Offer	Offer price $2.33
07/11/17	OCBC	CWT	2.22	1.95	Accept Offer	Offer price $2.33
08/02/17	OCBC	CWT	2.12	1.91	Accept Offer	Sum of parts, Offer price $2.33
09/08/17	OCBC	CWT	2.28	2.33	Accept Offer	Offer price $2.33
10/04/17	Lim & Tan	CWT	2.34	2.33	Accept Offer	Offer price $2.33

Stock calls for 12 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/17	phillip	City Developments	12.57	12.1	Accumulate	RNAV (15% discount)
12/12/17	DBS Vickers	Comfortdelgro	2.03	2.18	Hold
12/12/17	DBS Vickers	Roxy-Pacific	0.53	0.69	Buy	RNAV (30% discount)
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts

USA's subway suffered its 1st terrorist attack after Jerusalem capital recognition.

http://www.nydailynews.com/new-york/manhattan/explosion-reported-port-authority-bus-terminal-article-1.3690939

Is this a coincidence or a premeditated terrorist attack against Jerusalem capital recognition?

Almost the whole world is against the Jerusalem capital recognition except for Israel and USA.

Since the USA started this mess, I won't pity the USA when it is under terrorist attack.  The USA just reaps what it sows.