OCBC bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	CIMB	OCBC	8.64	10.88	Add
01/08/16	DIR	OCBC	8.37	11.7	Buy
01/14/16	Macquarie	OCBC	8.24	0	Neutral
01/18/16	Deutsche	OCBC	7.95	10	Buy	GGM, PB1.2x
01/18/16	DMG & Partners	OCBC	7.95	10.7	Buy	GGM, PB1.25x FY16
01/18/16	Goldman Sachs	OCBC	7.95	9.1	Neutral
01/28/16	JP Morgan	OCBC	7.62	9	Overweight
01/28/16	UOB Kay Hian	OCBC	7.62	11.25	Buy
01/29/16	Credit Suisse	OCBC	7.63	9.9	Neutral
01/29/16	HSBC	OCBC	7.63	10.2	Buy
02/04/16	UOB Kay Hian	OCBC	7.49	9.8	Buy	GGM, PB1.21x
02/11/16	UBS	OCBC	756	9	Buy	PER9x FY16
02/17/16	Bloomberg	OCBC	7.77	9.67	Buy	Consenus target
02/17/16	Lim & Tan	OCBC	7.77	0	Buy
02/18/16	Amfrasers	OCBC	7.78	8.41	Buy
02/18/16	CIMB	OCBC	7.78	10.01	Add	GGM, PB1.16x CY16
02/18/16	Credit Suisse	OCBC	7.78	9.9	Neutral
02/18/16	DBS Vickers	OCBC	7.78	9.4	Buy	GGM, PB1x FY16
02/18/16	DIR	OCBC	7.78	9.8	Buy	Warranted Equity Valuation Method
02/18/16	Kim Eng	OCBC	7.78	7.2	Sell	PB0.84x FY16
02/18/16	UOB Kay Hian	OCBC	7.78	9.98	Buy	GGM, PB1.19x
02/19/16	phillip	OCBC	7.92	7.85	Neutral	PB0.95x FY16
02/26/16	Credit Suisse	OCBC	7.84	9	Neutral
03/03/16	CIMB	OCBC	8.31	10.01	Add
03/04/16	JP Morgan	OCBC	8.6	7.7	Neutral
03/07/16	DMG & Partners	OCBC	8.79	9.6	Buy
03/24/16	DIR	OCBC	9.15	11	Buy
03/24/16	Kim Eng	OCBC	9.15	7.2	Sell
03/24/16	UOB Kay Hian	OCBC	9.15	9.98	Buy	GGM, PB1.19x FY16
04/07/16	DBS Vickers	OCBC	8.72	9.4	Buy
04/07/16	UBS	OCBC	8.72	10	Buy
04/07/16	UOB Kay Hian	OCBC	8.72	10.68	Buy	GGM, PB1.26x
04/08/16	Amfrasers	OCBC	8.81	8.41	Hold
04/08/16	CIMB	OCBC	8.81	10.01	Add	PB1.16x CY16
04/08/16	DIR	OCBC	8.81	11	Buy	Warranted Equity Valuation Method
04/08/16	DMG & Partners	OCBC	8.81	9.6	Buy	GGM
04/08/16	Kim Eng	OCBC	8.81	7.2	Sell	PB0.8x FY16
04/08/16	Macquarie	OCBC	8.81	9.5	Outperform
04/11/16	phillip	OCBC	8.78	7.85	Neutral	PB
04/26/16	HSBC	OCBC	9.28	10.2	Hold	GGM, PB1.2x FY16, PER11x FY16
04/29/16	Bloomberg	OCBC	8.9	9.33	Hold
05/03/16	Amfrasers	OCBC	8.77	8.41	Hold
05/03/16	DBS Vickers	OCBC	8.77	9.4	Hold
05/03/16	Deutsche	OCBC	8.77	9.5	Hold
05/03/16	DMG & Partners	OCBC	8.77	9.5	Neutral	GGM, PB1.1x
05/03/16	Jefferies	OCBC	8.77	8	Hold
05/03/16	Kim Eng	OCBC	8.77	7.2	Sell	PB0.8x FY16
05/03/16	phillip	OCBC	8.77	8.07	Neutral	PB0.95x FY16
05/03/16	UOB Kay Hian	OCBC	8.77	10.98	Buy	GGM, PB1.27x
05/04/16	CIMB	OCBC	8.6	8.8	Hold	GGM, PB1.02x CY16
05/04/16	Macquarie	OCBC	8.6	9.5	Outperform
05/06/16	Credit Suisse	OCBC	8.44	9	Neutral
05/10/16	DIR	OCBC	8.43	10.7	Buy	Warranted Equity Valuation Method
05/19/16	Goldman Sachs	OCBC	8.45	8.7	Neutral
05/19/16	UOB Kay Hian	OCBC	8.45	10.86	Buy	GGM, PB1.26x
06/09/16	DIR	OCBC	8.84	10.7	Buy
06/14/16	Deutsche	OCBC	8.46	9.5	Hold
06/30/16	Goldman Sachs	OCBC	8.49	9.2	Neutral
06/30/16	Kim Eng	OCBC	8.49	7.2	Sell
07/11/16	DBS Vickers	OCBC	8.74	9.4	Hold
07/11/16	DMG & Partners	OCBC	8.74	8.68	Neutral	GGM, PB0.98x FY16, PER10.3x FY16
07/19/16	DIR	OCBC	9	10.7	Buy
07/27/16	UOB Kay Hian	OCBC	8.84	10.86	Buy	GGM, PB1.26x FY16
07/28/16	Lim & Tan	OCBC	8.85	0	Hold
07/29/16	CIMB	OCBC	8.8	8.11	Reduce	GGM
07/29/16	Credit Suisse	OCBC	8.8	9	Neutral
07/29/16	DBS Vickers	OCBC	8.8	8.4	Hold
07/29/16	DIR	OCBC	8.8	11.3	Buy	Warranted Equity Valuation Method
07/29/16	Goldman Sachs	OCBC	8.8	9	Neutral
07/29/16	Kim Eng	OCBC	8.8	7.49	Sell	PB0.8x FY17
07/29/16	Lim & Tan	OCBC	8.8	0	Hold
07/29/16	Macquarie	OCBC	8.8	9.5	Outperform
07/29/16	UOB Kay Hian	OCBC	8.8	10.48	Buy	GGM, PB1.26x
08/01/16	phillip	OCBC	8.6	8.14	Neutral	PB0.95x FY16
08/12/16	Credit Suisse	OCBC	8.46	9	Neutral
08/12/16	Deutsche	OCBC	8.46	9	Hold
08/18/16	Kim Eng	OCBC	8.44	7.49	Sell
08/30/16	UOB Kay Hian	OCBC	8.58	10.3	Buy	GGM, PB1.21x
09/09/16	Credit Suisse	OCBC	8.87	8.8	Neutral
09/28/16	DIR	OCBC	8.59	11.3	Buy
10/03/16	Kim Eng	OCBC	8.65	7.49	Sell
10/05/16	DMG & Partners	OCBC	8.66	8.68	Neutral
10/11/16	UOB Kay Hian	OCBC	8.69	10.3	Buy
10/12/16	Goldman Sachs	OCBC	8.66	9	Neutral
10/17/16	DBS Vickers	OCBC	8.41	8.4	Hold
10/17/16	DIR	OCBC	8.41	11.3	Buy
10/19/16	CIMB	OCBC	8.49	8.11	Reduce
10/27/16	Lim & Tan	OCBC	8.53	0	Hold
10/28/16	CIMB	OCBC	8.58	8.18	Reduce	GGM, PB0.91x CY17
10/28/16	DBS Vickers	OCBC	8.58	8.6	Hold	GGM, PB0.9x FY17
10/28/16	DIR	OCBC	8.58	11	Buy	PB1.27x
10/28/16	DMG & Partners	OCBC	8.58	8.81	Neutral
10/28/16	Kim Eng	OCBC	8.58	7.4	Sell	PB0.8x FY17
10/28/16	phillip	OCBC	8.58	8.25	Neutral	PB0.95x FY16
10/28/16	UOB Kay Hian	OCBC	8.58	10.45	Buy	GGM, PB1.17x
11/07/16	Credit Suisse	OCBC	8.43	8.8	Neutral
11/14/16	UOB Kay Hian	OCBC	8.58	10.45	Buy	GGM, PB1.17x F717
11/25/16	Credit Suisse	OCBC	8.78	10.15	Outperform
11/28/16	DIR	OCBC	8.89	11	Buy
12/05/16	Kim Eng	OCBC	9.15	7.4	Sell	PB0.8x FY17
12/06/16	CIMB	OCBC	9.2	8.18	Reduce	GGM, PB0.91x CY17
12/07/16	DBS Vickers	OCBC	9.27	10.3	Buy	GGM, PB1.1x FY17
12/07/16	Deutsche	OCBC	9.27	9	Hold
01/03/17	DMG & Partners	OCBC	8.92	8.81	Neutral
01/03/17	UOB Kay Hian	OCBC	8.92	10.45	Buy
01/04/17	Kim Eng	OCBC	8.98	7.4	Sell
01/06/17	UOB Kay Hian	OCBC	9.18	10.65	Buy	GGM, PB1.2x FY17
01/11/17	DIR	OCBC	9.35	11	Buy
02/02/17	Lim & Tan	OCBC	9.48	0	Hold
02/03/17	CIMB	OCBC	9.45	8.18	Reduce
02/06/17	Macquarie	OCBC	9.42	10	Outperform
02/08/17	UOB Kay Hian	OCBC	9.66	10.65	Buy
02/14/17	Lim & Tan	OCBC	9.75	0	Take profit/Sell	Buy @ $8.49
02/15/17	CIMB	OCBC	9.43	8.83	Reduce	GGM, PB0.98x CY17
02/15/17	Credit Suisse	OCBC	9.43	10.5	Outperform
02/15/17	DBS Vickers	OCBC	9.43	10.3	Hold	GGM, PB1.1x FY17
02/15/17	DIR	OCBC	9.43	11	Buy	GGM, PB1.23x
02/15/17	DMG & Partners	OCBC	9.43	8.9	Neutral	GGM, PB1x FY17
02/15/17	Kim Eng	OCBC	9.43	8.05	Sell	PB0.9x FY17
02/15/17	UOB Kay Hian	OCBC	9.43	10.75	Buy	GGM, PB1.19x FY17
02/16/17	phillip	OCBC	9.45	8.48	Reduce	PB0.95x FY17
03/02/17	UOB Kay Hian	OCBC	9.53	10.75	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	OCBC	9.51	8.83	Reduce
03/03/17	Jefferies	OCBC	9.51	8	Underperform
03/06/17	Macquarie	OCBC	9.49	10	Outperform
03/21/17	DMG & Partners	OCBC	9.63	8.9	Neutral	GGM, PB1x FY17
03/21/17	Kim Eng	OCBC	9.63	8.05	Sell
04/03/17	Kim Eng	OCBC	9.72	8.05	Sell
04/12/17	UOB Kay Hian	OCBC	9.59	10.75	Buy	GGM, PB1.19x FY17
04/18/17	DIR	OCBC	9.59	11	Buy
04/25/17	CIMB	OCBC	9.64	8.83	Reduce
04/25/17	Sanford C Bernstein	OCBC	9.64	10.95	Outperform
05/09/17	DMG & Partners	OCBC	10.3	8.9	Neutral
05/09/17	Lim & Tan	OCBC	10.3	0	Hold
05/11/17	CIMB	OCBC	10.46	9.94	Hold	GGM, PB1.1x CY17
05/11/17	Credit Suisse	OCBC	10.46	11.1	Outperform
05/11/17	DBS Vickers	OCBC	10.46	10.3	Hold	GGM, PB1.1x FY17
05/11/17	DIR	OCBC	10.46	11	Hold	GGM, PB1.22x FY17
05/11/17	DMG & Partners	OCBC	10.46	10.22	Neutral
05/11/17	Kim Eng	OCBC	10.46	9.85	Hold	PB1.1x FY17
05/11/17	Macquarie	OCBC	10.46	10	Outperform	PB1.19x
05/11/17	phillip	OCBC	10.46	8.48	Reduce	PB0.95x FY17
05/11/17	UOB Kay Hian	OCBC	10.46	11.7	Buy	GGM, PB1.3x FY17
05/23/17	Jefferies	OCBC	10.3	10.5	Hold
06/08/17	UOB Kay Hian	OCBC	10.58	11.7	Buy
06/14/17	Kim Eng	OCBC	10.74	9.85	Hold	PB1.1x FY18
06/28/17	DMG & Partners	OCBC	10.73	10.15	Neutral
06/28/17	UOB Kay Hian	OCBC	10.73	11.7	Buy	GGM, PB1.3x FY17
07/03/17	Kim Eng	OCBC	10.79	9.85	Hold
07/04/17	UOB Kay Hian	OCBC	10.72	13	Buy	GGM, PB1.36x FY18
07/12/17	Credit Suisse	OCBC	10.79	10.9	Neutral
07/27/17	Lim & Tan	OCBC	11.25	0	Hold
07/28/17	Macquarie	OCBC	11.49	10.4	Neutral	GGM, PB1.27x FY18
07/28/17	phillip	OCBC	11.49	10.81	Neutral	GGM, PB1.2x
07/28/17	DIR	OCBC	11.49	11.5	Hold	GGM, PB1.24x
07/28/17	UOB Kay Hian	OCBC	11.49	13.38	Buy	GGM, PB1.39x FY18
07/28/17	DMG & Partners	OCBC	11.49	10.96	Neutral	GGM, PB1.16x FY17
07/28/17	CIMB	OCBC	11.49	11.98	Hold	GGM, PB1.3x CY17
07/28/17	DBS Vickers	OCBC	11.49	12.8	Buy	GGM, PB1.3x FY18
08/07/17	UOB Kay Hian	OCBC	11.21	13.38	Buy
08/18/17	Macquarie	OCBC	11.14	10.4	Neutral
08/22/17	Kim Eng	OCBC	11.02	11.05	Hold	GGM, PB1.1x FY18
08/23/17	Macquarie	OCBC	11.07	12.2	Outperform
08/23/17	DBS Vickers	OCBC	11.07	12.8	Buy
08/23/17	Deutsche	OCBC	11.07	11.5	Hold
09/12/17	DMG & Partners	OCBC	10.92	10.96	Neutral	PB1.1x FY18
09/18/17	phillip	OCBC	10.95	10.81	Neutral
09/18/17	Kim Eng	OCBC	10.95	11.05	Hold
09/20/17	DBS Vickers	OCBC	11	12.8	Buy	GGM, PB1.3x FY18
09/20/17	Credit Suisse	OCBC	11	10.9	Neutral
09/20/17	Macquarie	OCBC	11	12.2	Outperform
10/06/17	UOB Kay Hian	OCBC	11.25	13.38	Buy	GGM, PB1.39x FY18
10/09/17	DIR	OCBC	11.37	11.5	Hold
10/09/17	DBS Vickers	OCBC	11.37	12.8	Buy	GGM, PB1.3x FY18
10/09/17	Credit Suisse	OCBC	11.37	11.6	Neutral
10/20/17	phillip	OCBC	11.44	11.95	Accumulate
10/23/17	Macquarie	OCBC	11.49	12.2	Outperform
10/25/17	DBS Vickers	OCBC	11.46	12.8	Buy
10/27/17	UOB Kay Hian	OCBC	11.57	13.56	Buy	GGM, PB1.44x FY18
10/27/17	phillip	OCBC	11.57	13.48	Buy	GGM, PB1.44x FY18
10/27/17	CIMB	OCBC	11.57	12.6	Add	GGM, PB1.29x FY18
10/27/17	DBS Vickers	OCBC	11.57	13.5	Buy	GGM, PB1.3x Fy18
10/27/17	Lim & Tan	OCBC	11.57	0	Buy
10/27/17	Credit Suisse	OCBC	11.57	11.7	Neutral
11/01/17	UOB Kay Hian	OCBC	11.9	13.56	Buy	GGM, PB1.44x FY18
11/01/17	Deutsche	OCBC	11.9	12.3	Hold
11/20/17	Credit Suisse	OCBC	11.65	12.6	Neutral
11/20/17	CIMB	OCBC	11.65	12.6	Add
11/23/17	DBS Vickers	OCBC	12.01	13.5	Buy	GGM, PB1.3x FY18
12/01/17	UOB Kay Hian	OCBC	12.45	13.56	Buy	GGM, PB1.44x FY18
12/08/17	phillip	OCBC	12.12	13.48	Buy
12/20/17	CIMB	OCBC	12.25	12.6	Add
01/02/18	UOB Kay Hian	OCBC	12.39	13.56	Buy	GGM, PB1.44x FY18
01/05/18	DBS Vickers	OCBC	12.95	14	Buy	GGM, PB1.4x FY18
01/05/18	UOB Kay Hian	OCBC	12.95	14.88	Buy	GGM, PB1.58x FY18
01/09/18	Deutsche	OCBC	12.99	13.6	Hold
01/10/18	phillip	OCBC	12.91	13.48	Buy
02/05/18	Macquarie	OCBC	12.81	14	Outperform

Noble - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	DBS Vickers	Noble	0.395	0.42	Hold	PB1x
01/07/16	Credit Suisse	Noble	0.38	0.4	Neutral
01/07/16	OCBC	Noble	0.38	0.44	Hold
01/07/16	UOB Kay Hian	Noble	0.38	0.65	Hold
01/29/16	Religare	Noble	0.27	0.37	Buy
02/23/16	Lim & Tan	Noble	0.37	0	Neutral
02/25/16	Iceberg Research	Noble	0.34	0.1	Sell	Fraud alert
02/26/16	Credit Suisse	Noble	0.335	0.3	Neutral	PB0.4x
02/26/16	OCBC	Noble	0.335	0.39	Hold
02/29/16	DBS Vickers	Noble	0.355	0.32	Hold	PER5.3x & PB1x
03/01/16	Lim & Tan	Noble	0.345	0	Neutral
03/04/16	OCBC	Noble	0.38	0.39	Hold
04/08/16	Credit Suisse	Noble	0.415	0.3	Neutral
05/13/16	DBS Vickers	Noble	0.36	0.32	Hold
05/13/16	OCBC	Noble	0.36	0.34	Hold	PER7.5x FY16, Buy @ $0.30 or lower
05/18/16	Lim & Tan	Noble	0.33	0	Neutral
06/06/16	Lim & Tan	Noble	0.26	0	Neutral
08/12/16	Credit Suisse	Noble	0.155	0.15	Neutral	Ex-Rights 1-for-1 at $0.11
08/12/16	Lim & Tan	Noble	0.155	0	Neutral
08/15/16	DBS Vickers	Noble	0.148	0.175	Hold	PER7.7x FY17 & PB1x
09/20/16	Lim & Tan	Noble	0.139	0	Avoid
10/10/16	DBS Vickers	Noble	0.192	0.19	Hold	PER7.7x FY17 & PB1x
11/11/16	Credit Suisse	Noble	0.205	0.21	Neutral
11/14/16	DBS Vickers	Noble	0.195	0.2	Hold	PER7.7x FY17 & PB1x
02/14/17	Credit Suisse	Noble	0.197	0.21	Neutral
02/28/17	DBS Vickers	Noble	0.23	0.23	Hold	PB1x
05/12/17	Credit Suisse	Noble	0.87	0.8	Neutral
05/12/17	DBS Vickers	Noble	0.87	0.94	Hold	Stock consol 10-into-1
05/12/17	Macquarie	Noble	0.87	0.7	Underperform	Cut from $1.40
08/03/17	Iceberg Research	Noble	0.395	0	Sell	Bankruptcy alert
08/17/17	Lim & Tan	Noble	0.435	0	Sell/Avoid	Bankruptcy alert
11/21/17	Lim & Tan	Noble	0.193	0	Avoid

Stock calls for 8 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/08/18	NRA	Addvalue	0.042	0.079	Not Rated
02/08/18	Macquarie	DBS	25.36	27.5	Outperform
02/08/18	Lim & Tan	DBS	25.36	0	Buy
02/08/18	DMG & Partners	DBS	25.36	25	Neutral	PB1.3x FY18
02/08/18	UOB Kay Hian	First Resources	1.84	1.95	Hold	PER16x FY18x, Buy @ $1.75
02/08/18	DBS Vickers	MM2 Asia	0.495	0.75	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/08/18	Macquarie	UOB	26.4	27.5	Neutral
02/08/18	CIMB	Venture	22.29	29.13	Add

Travel alert to Maldives.

https://www.theedgesingapore.com/singaporeans-urged-avoid-non-essential-travel-maldives-mfa

There is a coup going on in Maldives now.  Avoid travelling to Maldives!

Mathematicians say that bitcoin is a scam now!

https://www.bloomberg.com/news/articles/2018-02-07/bitcoin-may-evolve-into-what-everyone-fears-mathematicians-say

More and more people are saying that bitcoin is a scam.

If you still don't listen, you deserve to be burnt in bitcoin investment.

Chinese bike-sharing firm has gone bankrupt - Part 2

https://sg.finance.yahoo.com/news/china-bike-sharing-firm-no-1-bicycle-shutters-020150045--finance.html

Another casualty in China!

This is not surprising as we've been stating that bike sharing is a flawed business concept.

https://sg-stock.blogspot.sg/2017/11/chinese-bike-sharing-firm-has-gone.html

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/20/17	DIR	Netlink	0.81	0.97	Buy	DCF
08/01/17	Deutsche	Netlink	0.815	0.95	Buy	DCF
08/29/17	DBS Vickers	Netlink	0.81	0.95	Buy	DCF
08/29/17	UOB Kay Hian	Netlink	0.81	0.93	Buy	DCF
09/25/17	UOB Kay Hian	Netlink	0.825	0.93	Buy
09/28/17	DIR	Netlink	0.825	0.97	Buy	DCF
11/10/17	DBS Vickers	Netlink	0.825	0.95	Buy	DCF
11/13/17	UOB Kay Hian	Netlink	0.825	0.93	Buy	DCF
01/12/18	UOB Kay Hian	Netlink	835	0.93	Buy
01/26/18	DBS Vickers	Netlink	0.83	0.95	Buy	DCF
02/07/18	UOB Kay Hian	Netlink	0.82	0.93	Buy	DCF
02/07/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF

Nera Telecom - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
02/25/16	Lim & Tan	N01	Nera Telecom	0.6	0	Hold	-100.00
02/29/16	DMG & Partners	N01	Nera Telecom	0.57	0.55	Neutral	-3.51	DCF, PER14.3x FY16
05/05/16	Lim & Tan	N01	Nera Telecom	0.625	0	Hold	-100.00
05/10/16	DMG & Partners	N01	Nera Telecom	0.635	0.55	Neutral	-13.39	DCF
05/23/16	DMG & Partners	N01	Nera Telecom	0.7	0.8	Trading Buy	14.29	DCF, PER12.6x ex-cash
05/23/16	UOB Kay Hian	N01	Nera Telecom	0.7	0.835	Buy	19.29	Sum of parts
06/15/16	UOB Kay Hian	N01	Nera Telecom	0.685	0.835	Buy	21.90
07/14/16	UOB Kay Hian	N01	Nera Telecom	0.68	0.835	Buy	22.79
08/03/16	Lim & Tan	N01	Nera Telecom	0.705	0	Hold	-100.00
08/04/16	DMG & Partners	N01	Nera Telecom	0.68	0.8	Trading Buy	17.65	DCF
08/04/16	Lim & Tan	N01	Nera Telecom	0.68	0	Trading Buy	-100.00
08/04/16	UOB Kay Hian	N01	Nera Telecom	0.68	0.835	Buy	22.79	Sum of parts
09/27/16	UOB Kay Hian	N01	Nera Telecom	0.735	0.835	Buy	13.61	Sum of parts
10/26/16	Lim & Tan	N01	Nera Telecom	0.73	0	Buy on weakness	-100.00
10/27/16	DMG & Partners	N01	Nera Telecom	0.735	0.8	Trading Buy	8.84
10/27/16	UOB Kay Hian	N01	Nera Telecom	0.735	0.835	Buy	13.61	Sum of parts
11/09/16	Lim & Tan	N01	Nera Telecom	0.775	0	Take profit	-100.00
11/10/16	UOB Kay Hian	N01	Nera Telecom	0.685	0.58	Sell	-15.33	PER14.6x FY17
02/22/17	Lim & Tan	N01	Nera Telecom	0.435	0	Sell	-100.00
05/05/17	Lim & Tan	N01	Nera Telecom	0.39	0	Hold	-100.00
08/07/17	Lim & Tan	N01	Nera Telecom	0.39	0	Hold	-100.00

Stock calls for 7 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/18	CIMB	China Sunsine	1.13	1.5	Add
02/07/18	OCBC	City Developments	12.76	15.3	Buy
02/07/18	CIMB	Genting	1.27	1.45	Add
02/07/18	CIMB	Keppel Corp	8.19	10	Add
02/07/18	DBS Vickers	Manulife US Reit	0.91	1	Buy	DCF
02/07/18	CIMB	MM2 Asia	0.49	0.76	Add
02/07/18	UOB Kay Hian	Netlink	0.82	0.93	Buy	DCF
02/07/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/07/18	CIMB	SGX	7.88	8.5	Add	PER24x FY19
02/07/18	DMG & Partners	SGX	7.88	9	Buy	PER24x FY19
02/07/18	OCBC	SGX	7.88	8.16	Hold
02/07/18	Kim Eng	SGX	7.88	8.82	Buy	PER23x FY19
02/07/18	DBS Vickers	SGX	7.88	8.9	Buy	DDM, PER21x FY19
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/07/18	OCBC	ST Engineering	3.23	4	Buy
02/07/18	CIMB	ST Engineering	3.23	3.85	Add
02/07/18	CIMB	Sunningdale	1.86	2.79	Add
02/07/18	OCBC	UOB	26.62	30.1	Buy
02/07/18	OCBC	UOL	8.71	9.7	Buy
02/07/18	CIMB	UOL	8.71	9.62	Add
02/07/18	CIMB	Venture	22.48	24.74	Add
02/07/18	OCBC	Yoma	0.48	0.55	Buy

Goldman Sachs gives the harshest rating on cryptocurrency.

https://www.bloomberg.com/news/articles/2018-02-07/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says

When a cryptocurrency has no genuine use except for a speculative purpose, it will come to a naught in a time to come.

When more governments and merchants are banning and forsaking crypto trading and crypto paying system but the crypto prices are still moving higher, we know that the crypto exists only for a speculative purpose and it will be decimated in the future.

The 1st delistment, CWG, in 2018.

https://sg.finance.yahoo.com/news/cwg-international-proceed-delisting-public-043456311.html

CWG will be the first delistment from SGX in 2018.  SGX is undergoing a structural change currently, from a securities exchange to a derivatives exchange because companies prefer to list in overseas stock exchanges due to higher liquidity and valuation.

When SGX top management doesn't understand the capital market, we will lose more companies to overseas stock exchanges.

http://sg-stock.blogspot.sg/2018/02/it-seems-that-sgx-is-kicked-out-of.html

Bitcoin rebounds because of ignorant millennium investors

https://sg.finance.yahoo.com/news/bitcoin-slides-below-6-000-half-value-lost-082627524--sector.html

The millennium investors who are ignorant and foolish will buy bitcoins now as they've been deceived by bitcoin proponents.  The millennium investors are buying bitcoins without any careful consideration for the outcome of G20 summit in March 2018.  If the G20 summit comes out with harsh regulations for Crypto, bitcoin will continue on its downward trajectory.

The 1st derivative product, XIV, imploded because of the recent market rout.

https://www.cnbc.com/2018/02/06/the-obscure-volatility-security-thats-become-the-focus-of-this-sell-off-is-halted-after-an-80-percent-plunge.html

XIV, the opposite of VIX, is the first derivative product to collapse after the recent market rout.  Many big investors and fund managers will lose big money because they cannot unwind the XIV contracts and will have to settle for any sum offered by Credit Suisse.

Neo Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/16	DMG & Partners	Neo Group	0.605	0.82	Buy	DCF
02/10/16	DMG & Partners	Neo Group	0.61	0.82	Buy	DCF
03/28/16	DMG & Partners	Neo Group	0.675	0.82	Buy
01/03/17	DMG & Partners	Neo Group	0.62	0.8	Buy
02/10/17	DMG & Partners	Neo Group	0.575	0.61	Neutral	DCF
03/29/17	DMG & Partners	Neo Group	0.585	0.61	Neutral	DCF
05/26/17	DMG & Partners	Neo Group	0.57	0.62	Neutral
08/10/17	DMG & Partners	Neo Group	0.68	0.64	Neutral	PER21x FY18
11/14/17	DMG & Partners	Neo Group	0.66	0.64	Neutral	PER21x FY18

Nam Lee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/16/16	Phillip	Nam Lee	0.37	0.69	Buy	DDM & PER12.1x
11/30/16	Phillip	Nam Lee	0.39	0.6	Buy	DDM & PER9.8x FY17
02/06/17	Phillip	Nam Lee	0.37	0.52	Buy	DCF
05/17/17	Phillip	Nam Lee	0.355	0.52	Buy	DCF, PER12.4x FY17
08/16/17	Phillip	Nam Lee	0.37	0.51	Buy	DCF, PER11.5x FY17
11/29/17	Phillip	Nam Lee	0.395	0.56	Buy	DCF, PER11.1x FY18, PB0.96x FY18

Stock calls for 6 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/18	DBS Vickers	Hutchison Port	0.375	0.39	Hold	Buy @ $0.35
02/06/18	OCBC	Hutchison Port	0.375	0.43	Buy
02/06/18	UOB Kay Hian	Manulife US Reit	0.92	1.12	Buy	DDM
02/06/18	Lim & Tan	Manulife US Reit	0.92	1	Hold
02/06/18	CIMB	Sarine	1.05	1.56	Add	PER17.2x CY19
02/06/18	DMG & Partners	Singapore Medical	0.58	0.79	Buy	DCF, PER27x FY18

Stock markets are falling like crazy because of rising treasury yield.

https://sg-stock.blogspot.my/2017/12/the-us-risk-free-rate-is-stagnant-for.html

https://sg-stock.blogspot.my/2017/10/us-treasury-yields-had-been-rising-for.html

If you guys had read our previous postings, you would have expected this huge stock market fall as the US 10-year bond yield was almost approaching 3%.

We've stated that the stock market would react negatively when the US 10-year bond yield was approaching 3%.

We've also stated that the US interest rate would continue to rise and investors were in denial previously.

Bitcoin falls to $6000 now.

https://sg.finance.yahoo.com/news/bitcoin-drops-more-14-below-185000041.html

We've been warning that Bitcoin has not reached bottom yet in our previous posting.

https://sg-stock.blogspot.my/2018/02/bitcoin-dropped-below-8000-but-bottom.html

Many investors are suffering huge losses in Bitcoin and are likely to get out of the crypto market now because they've come to realize that Bitcoin is nothing valuable.

China credit rating firm, Dagong, is right about USA afterall.

https://sg.finance.yahoo.com/news/treasury-may-borrow-nearly-1t-070500158.html

The USA has to issue almost USD$1T of bonds to finance its spending in 2018 and Trump's tax policies will add USD$2T of debt.

It will be a matter of time that people will lose their confidence in USA repayment ability.

http://sg-stock.blogspot.sg/2018/01/there-are-valid-points-in-dagong-credit.html

China is going all out to eradicate crypto trading!

https://sg.finance.yahoo.com/news/china-looks-stamp-cryptocurrency-trading-091930615.html

Bitcoin will continue to fall further!

https://www.coindesk.com/bitcoin-drops-8k-crypto-market-recovery-falters/

The USA is adamant to destroy Venezuela.

https://www.usnews.com/news/world/articles/2018-02-05/china-rebuffs-us-criticism-of-relations-with-oil-rich-venezuela

China has to defend Venezuela to protect its own investments and also for the humanitarian reason.

The people are already suffering greatly from the hyperinflation in the country.

https://sg-stock.blogspot.sg/2017/09/venezuela-president-is-urging-its.html

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	Nam Cheong	0.135	0.12	Sell
01/15/16	UOB Kay Hian	Nam Cheong	0.113	0.09	Sell
02/15/16	DBS Vickers	Nam Cheong	0.094	0.07	Fully Valued	PB0.4x FY16
02/26/16	Amfrasers	Nam Cheong	0.097	0.07	Sell	PB0.3x FY16
03/07/16	UOB Kay Hian	Nam Cheong	0.103	0.085	Sell
03/31/16	DBS Vickers	Nam Cheong	0.11	0.07	Fully Valued
05/16/16	Amfrasers	Nam Cheong	0.076	0.11	Buy	PB0.5x FY16
05/16/16	DBS Vickers	Nam Cheong	0.076	0.07	Fully Valued
05/20/16	UOB Kay Hian	Nam Cheong	0.084	0.065	Sell
06/09/16	UOB Kay Hian	Nam Cheong	0.092	0.07	Sell
08/12/16	DBS Vickers	Nam Cheong	0.06	0.04	Fully Valued
08/17/16	Amfrasers	Nam Cheong	0.047	0.05	Hold	PB0.4x FY16
11/11/16	Amfrasers	Nam Cheong	0.067	0.07	Hold	PB0.5x FY17
11/11/16	DBS Vickers	Nam Cheong	0.067	0.04	Fully Valued	PB0.2x
12/02/16	UOB Kay Hian	Nam Cheong	0.068	0.055	Sell
03/01/17	DBS Vickers	Nam Cheong	0.055	0.04	Fully Valued	PB0.2x
07/20/17	Lim & Tan	Nam Cheong	0.021	0	Avoid

Moya Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/17	DMG & Partners	Moya Asia	0.118	0.17	Buy	DCF, PER13.8x FY18
11/14/17	DMG & Partners	Moya Asia	0.101	0.17	Buy	DCF
01/24/18	DMG & Partners	Moya Asia	0.098	0.17	Buy

Stock calls for 5 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/05/18	DBS Vickers	Ascendas Hospitality Trust	0.885	0.97	Buy	DCF
02/05/18	Kim Eng	Guocoland	2.22	2.95	Buy	RNAV (20% discount)
02/05/18	Macquarie	OCBC	12.81	14	Outperform
02/05/18	DBS Vickers	OUE Commercial	0.755	0.73	Hold	DCF
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/05/18	UOB Kay Hian	SIA Engineering	3.33	4	Buy	DCF
02/05/18	phillip	SIA Engineering	3.33	3.51	Accumulate	DCF
02/05/18	Kim Eng	SIA Engineering	3.33	3.5	Hold	PER21x FY19
02/05/18	CIMB	SIA Engineering	3.33	3.13	Reduce	DCF
02/05/18	Lim & Tan	SIA Engineering	3.33	0	Hold
02/05/18	OCBC	SIA Engineering	3.33	3.7	Buy	DCF
02/05/18	DBS Vickers	SIA Engineering	3.33	3.86	Buy
02/05/18	CIMB	Singapore Post	1.38	1.58	Add	DCF
02/05/18	UOB Kay Hian	Singapore Post	1.38	1.62	Buy	Sum of parts
02/05/18	Kim Eng	Singapore Post	1.38	1.5	Buy	DCF
02/05/18	DBS Vickers	Singapore Post	1.38	1.61	Buy	DCF

Tension is rising at China-India border again.

http://www.bbc.com/news/world-asia-china-42834609

https://in.news.yahoo.com/keep-building-infrastructure-doklam-india-not-china-084204623.html

It is without any doubt that Doklam is China's territory but India and the western media want to portray otherwise.

https://economictimes.indiatimes.com/news/defence/doklam-has-always-been-under-chinas-jurisdiction-minister/articleshow/59742071.cms

Both sides are building up military powers near the borders and there is a high probability that skirmishes will happen again in the future especially when Indian drones like to intrude upon China's airspace.

Trade war has started between China & USA.

https://uk.reuters.com/article/us-china-us-sorghum/china-launches-dumping-probe-into-u-s-sorghum-imports-amid-rising-trade-tension-idUSKBN1FO06C

China has retaliated by imposing a dumping probe into the importation of Sorghum from the USA.

This is a brilliant move by the Chinese as farmers are Trump's supporters.  When Trump's supporters get hit badly, Trump's support will wilt.

Philippines wants to displace Singapore in ASEAN.

http://globalnation.inquirer.net/163587/duterte-china-sea-pirates-terrorism-southeast-asia-combat-security-defense

The Philippines is getting ambitious about gaining more political influences in ASEAN and is not contented with just being an ASEAN facilitator.

https://sg-stock.blogspot.sg/2017/11/china-has-replaced-singapore-with.html

The Philippines is trying to enlist China to help secure the marine security in ASEAN and may grant a military base to China to fulfill this agenda.  This is akin to Singapore granting the USA a military naval base in Singapore.

The Philippines is getting proactive in pushing its agenda to increase its importance and influences in ASEAN by collaborating with China. It knows that by leveraging on China's support and backing, its economic and political prowess will improve by leaps and bounds in ASEAN.  The Philippines economy is growing at more than twice of Singapore's in recent times and it wants to displace Singapore to become an important ASEAN member.

http://business.inquirer.net/243868/breaking-business-world-bank-asean-economy-fastest-growth-2018-global-economic-prospects-gdp

Singapore government doesn't know how to increase economic growth in other ways except to boost the population.

http://www.todayonline.com/singapore/big-read-foreigner-issue-are-we-ready-rethink

Higher spatial population distribution will lead to an increase in social tension but social tension is difficult to measure.  Therefore, we can only monitor the symptoms of social tension from the mildest to the most severe civil disorders to detect the ever-rising social tension.  Look like our government has not learnt from the past lessons and our sociologists are not being cognizant of our society.

Singapore increased its population the most in the last decade and our society encountered all forms of social tension within the last decade.  The following civil disorders from the mildest to the most severe are: Vitriol, Conflict, Protest, Strike & Riot.

Let's look at the 5 civil disorders which happened before in SG:

Civil disorder 2014
Vitriol - Anton Casey
http://news.asiaone.com/news/singapore/anton-casey-loses-job-friends

Civil disorder 2015
Conflict – Jason Blair Unger
http://news.asiaone.com/news/singapore/cyclist-mischief-charge

Civil disorder 2014
Protest – Anti-Philippines protest
https://sg.news.yahoo.com/singapore-protest-against-filipinos-rekindles-anti-foreign-anger-175914561.html

Civil disorder 2012
Strike – SMRT Chinese bus drivers
https://sg.news.yahoo.com/-over-100-chinese-bus-drivers-in-s-pore-go-on-strike-105924025.html

Civil disorder 2013
Riot – Little India’s riot
http://www.straitstimes.com/singapore/little-india-riot-one-year-later-the-night-that-changed-singapore

From the aforementioned examples, we could see that SG encountered all the civil disorders (mildest to the most severe) in a short span of time from 2012 to 2015 because of the ever-increasing population which led to higher spatial distribution.  History will repeat itself when we don't take history seriously and I can't find SG encountering all the civil disorders in other decades when there is no sudden influx of foreigners.

You cannot use credit cards to buy bitcoin soon.

https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

Another setback for bitcoin! Credit cards cannot be used to buy bitcoins soon!

Genting casino business will be greatly affected by Hainan casino.

https://www.reuters.com/article/china-hainan-gambling/china-considering-allowing-gambling-in-hainan-bloomberg-idUSL4N1PS3ER

The Chinese don't need to travel far to gamble anymore when the Hainan casino is opened.  The Chinese make up a large portion of gamblers in Asia and their travel preferences will affect any casino's business.

However, if the China government restricts local citizens from gambling in their own country, then Genting business won't be affected much.  Let's see how this will pan out.

Bitcoin dropped below 8000 but the bottom was still not in sight yet.

https://www.marketwatch.com/story/no-letup-for-bitcoin-as-cryptocurrency-drops-further-below-9000-2018-02-02?siteid=yhoof2&yptr=yahoo

We've warned previously that bitcoin prices have not reached bottom yet.

https://sg-stock.blogspot.sg/2018/01/cryptocurrencies-have-crashed-but-have.html

Many investors are starting to face up to the reality that bitcoin is a big scam now.  Recent investors have lost a lot of money in bitcoin and will start to lose confidence in bitcoin if the prices do not recover in the next few months.  However, the upcoming G20 summit will put crypto regulations on the agenda and this will depress bitcoin prices further.

The huge fall in the stock market on Friday (yesterday) also put pressure on bitcoin investors because bitcoin market cannot get new buyers or investors.

Baltic dry index - 1095

Today, Friday, February 02 2018, the Baltic Dry Index decreased by 19 points, reaching 1095 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 - 946

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. fell by one this week to 946.

That exceeds the 729 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 765 rigs drilled for oil this week and 181 for gas.

Among major oil- and gas-producing states, Colorado increased by two and North Dakotaand Ohio each gained one.

Wyoming lost three rigs and Louisiana and Texas each decreased by one.

Alaska, Arkansas, California, New Mexico, Oklahoma, Pennsylvania, Utah 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

Genetic testing must NEVER be allowed for insurer!

http://www.businesstimes.com.sg/brunch/the-future-of-insurance?xtor=EREC-16-1%5BBT_Newsletter_1%5D-%5B20180203%5D-%5BThe+future+of+insurance%5D&xts=538380

We must never allow genetic testing for the insurer because the basis for the insurance business should be based on chance rather than selection between good genes and bad genes.

Let me put forth a simple analogy.  An accident happens by chance but bad genes with health problems happen with certainty.  We must not let genetic testing become a standard practice in the insurance industry because people with bad genes will be penalized and this practice will only improve the profitability of the insurance companies.  In the future, all insurance payouts will only be for accident-related incidents because of selections based on genetic testing.

It seems that SGX is kicked out of the Aramco IPO race.

https://www.channelnewsasia.com/news/business/in-aramco-ipo--china-talks-crucial-for-choice-of-listing-venue--sources-9917622

Saudi didn't talk to Singapore at all except China, Japan & SK.

We stated previously that SGX won't stand a chance.  However, the CEO was being too unrealistic and optimistic about his goal and he showed his naivety in his analysis.

When a CEO doesn't understand the capital market, SGX will deteriorate under his helm.

http://sg-stock.blogspot.sg/2017/10/is-sgx-being-too-optimistic-or-naive-in.html