Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
12/13/17	Kim Eng	Bumitama	0.76	0.95	Buy	PER11x FY18
12/13/17	DMG & Partners	Bumitama	0.76	0.95	Buy
01/15/18	DBS Vickers	Bumitama	0.755	0.94	Buy
02/13/18	Kim Eng	Bumitama	0.695	0.95	Buy
02/21/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
02/28/18	DMG & Partners	Bumitama	0.745	0.85	Buy	PER12x FY18
02/28/18	DBS Vickers	Bumitama	0.745	0.94	Buy	DCF, PER14.5x FY18
02/28/18	Kim Eng	Bumitama	0.745	0.99	Buy	PER14x FY18
02/28/18	Credit Suisse	Bumitama	0.745	1	Outperform
03/05/18	Kim Eng	Bumitama	0.72	0.99	Buy
03/07/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy
03/14/18	DBS Vickers	Bumitama	0.715	0.94	Buy
04/03/18	DBS Vickers	Bumitama	0.72	0.94	Buy

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
12/14/17	Kim Eng	Bukit Sembawang	5.93	8.25	Buy	RNAV (20% discount)
01/16/18	Kim Eng	Bukit Sembawang	6.39	8.25	Buy	RNAV (38% discount), PB1.37x
02/22/18	Kim Eng	Bukit Sembawang	6.13	8.25	Buy	RNAV (20% discount)
03/20/18	Kim Eng	Bukit Sembawang	6.03	8.55	Buy	RNAV (20% discount)
04/11/18	Kim Eng	Bukit Sembawang	6.08	8.55	Buy

Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/26/18	DMG & Partners	Breadtalk	1.72	2.09	Buy	Sum of parts
02/20/18	DMG & Partners	Breadtalk	1.69	2.09	Buy
02/23/18	DMG & Partners	Breadtalk	1.75	2	Buy	Sum of parts
02/23/18	DBS Vickers	Breadtalk	1.75	2.05	Buy	Sum of parts
03/19/18	DMG & Partners	Breadtalk	1.94	2	Take Profit	Sum of parts

Stock calls for 24 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/18	Phillip	A-Reit	2.65	2.91	Accumulate	DDM, PB1.37x FY18/19
04/24/18	UOB Kay Hian	A-Reit	2.65	3.05	Buy	DDM
04/24/18	DMG & Partners	A-Reit	2.65	2.95	Buy	DDM
04/24/18	CIMB	A-Reit	2.65	2.85	add	DDM
04/24/18	OCBC	A-Reit	2.65	2.71	Hold
04/24/18	DBS Vickers	A-Reit	2.65	3	Buy
04/24/18	Amfrasers	Accordia Golf Trust	0.64	0.78	Buy	DDM
04/24/18	UOB Kay Hian	CapitaCommercial	1.82	2.09	Buy
04/24/18	OCBC	CapitaCommercial	1.82	1.84	Hold
04/24/18	Lim & Tan	CapitaCommercial	1.82	0	Buy
04/24/18	DBS Vickers	Lian Beng	0.625	0.85	Not Rated	Sum of parts
04/24/18	UOB Kay Hian	Mapletree Industrial	2.02	2	Hold	DDM
04/24/18	NRA	MDR	0.003	0.474	Unrated	Mid-point of $0.366-0.582
04/24/18	DBS Vickers	Oxley	0.485	0.68	Not Rated	RNAV (35% discount)
04/24/18	UOB Kay Hian	Singapore Post	1.31	1.6	Buy	Sum of parts
04/24/18	Lim & Tan	Sunningdale	1.73	0	Hold
04/24/18	DMG & Partners	UG Healthcare	0.198	0.32	Buy	PER14x FY19

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
05/24/17	CIMB	Boustead	0.88	0.96	Add	Sum of parts (20% discount)

Stock calls for 23 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/23/18	CIMB	Capitamall Trust	2.1	2.25	Add	DDM
04/23/18	Phillip	Capitamall Trust	2.1	2.05	Neutral	DDM
04/23/18	UOB Kay Hian	Capitamall Trust	2.1	2.13	Hold	DDM, Buy @ $1.81
04/23/18	DBS Vickers	Capitamall Trust	2.1	2.19	Buy
04/23/18	OCBC	Capitamall Trust	2.1	2.26	Buy
04/23/18	DMG & Partners	Capitamall Trust	2.1	2.1	Neutral	DDM
04/23/18	Kim Eng	Capitamall Trust	2.1	2.1	Hold
04/23/18	DBS Vickers	ESR-Reit	0.54	0.63	Buy
04/23/18	CIMB	ESR-Reit	0.54	0.6	Add	DDM
04/23/18	CIMB	Frasers Commercial Trust	1.46	1.5	Hold	DDM
04/23/18	OCBC	Frasers Commercial Trust	1.46	1.54	Buy
04/23/18	DMG & Partners	Frasers Commercial Trust	1.46	1.49	Neutral	DDM
04/23/18	DBS Vickers	Frasers Commercial Trust	1.46	1.65	Buy	DCF
04/23/18	Kim Eng	Frasers Commercial Trust	1.46	2.55	Buy
04/23/18	CIMB	Frasers Logistics	1.08	1.24	Add	DDM
04/23/18	OCBC	Frasers Logistics	1.08	1.25	Buy
04/23/18	Amfrasers	Keppel Corp	8.21	9.43	Buy	Sum of parts
04/23/18	DMG & Partners	Mindchamps	0.815	0.95	Buy	EV/Ebitda19x & DCF
04/23/18	Kim Eng	MM2 Asia	0.495	0.56	Buy
04/23/18	Macquarie	Sembcorp Industries	3.24	3.6	Outperform
04/23/18	Macquarie	Sembcorp Marine	2.32	1.8	Underperform	PB1.5x
04/23/18	phillip	SGX	7.56	9.2	Buy	DCF
04/23/18	CIMB	SGX	7.56	8.2	Add	PER24x FY19
04/23/18	Lim & Tan	SGX	7.56	0	Buy
04/23/18	OCBC	SGX	7.56	8.22	Buy
04/23/18	DMG & Partners	SGX	7.56	9	Buy	PER24x FY19
04/23/18	Macquarie	ST Engineering	3.65	3.9	Outperform
04/23/18	UOB Kay Hian	Venture	25.29	30.6	Buy	PER19x FY18

UK staged fake chemical attacks in Syria!

https://sputniknews.com/middleeast/201804181063698154-syrian-boy-reveals-truth-helmets/

More and more news about the fake chemical attacks in Syria are unfolding.  The USA & UK are behind these staged chemical attacks.

We've stated that it was illogical for President Assad to use chemical attacks as he was winning the war in Syria.

http://sg-stock.blogspot.sg/2018/04/the-truth-behind-chemical-attacks-in.html

Facebook is facing multiple class action lawsuits now!

https://www.cnbc.com/2018/04/17/facebook-must-face-class-action-over-facial-recognition-us-judge.html

https://www.theverge.com/2018/3/23/17155754/facebook-cambridge-analytica-data-breach-scandal

https://www.thestreet.com/story/14536213/1/everyone-who-is-suing-facebook-for-cambridge-analytica.html

We've stated in our previous posting that this would happen to FB.  Therefore, it doesn't come as a surprise to us.  In view of this, FB would be focusing on dealing with these class action suits because the fine would be tremendous if it were to lose the case.

http://sg-stock.blogspot.sg/2018/03/facebook-privacy-scandal-is-no-small.html

Baltic dry index - 1281

Today, Friday, April 20 2018, the Baltic Dry Index climbed by 80 points, reaching 1281 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 - 1013

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by five this week to 1,013.

At this time a year ago there were 857 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 820 rigs drilled for oil this week and 192 for gas. One was listed as miscellaneous.

Among major oil- and gas-producing states, Texas added eight rigs while Louisiana and New Mexico each added one.

Colorado and North Dakota each declined by two rigs while Ohio, Oklahoma and Pennsylvania dropped one apiece.

Alaska, Arkansas, California, Kansas, Utah, West Virginia and Wyoming 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

Apple is in trouble now! - Part 3

https://finance.yahoo.com/news/apples-shares-slip-again-mounting-162946554.html

Analysts are cutting Apple's Iphone sales forecast again!

The US-China trading war might aggravate Apple's sales forecast further because China ZTE mobile phone manufacturer was targeted by the US government.  If China were to do a tit-for-tat reaction, Apple sales in China would suffer.

Anyway, we've been warning about the falling sales of Apple.  Therefore, this sales forecast downgrade shouldn't come as a surprise.

http://sg-stock.blogspot.sg/2018/01/apple-is-in-trouble-now-part-2.html

Blackgold - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/28/17	phillip	Blackgold	0.118	0.16	Trading Buy	PER10x
12/06/17	phillip	Blackgold	0.086	0.16	Trading Buy	PER10x

Best World - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
12/04/17	Kim Eng	Best World	1.26	1.88	Buy	PER19x FY18, PEG0.7x
02/27/18	Kim Eng	Best World	1.37	2.06	Buy
02/28/18	DBS Vickers	Best World	1.44	1.79	Buy	PER17x FY18
02/28/18	CIMB	Best World	1.44	1.7	Add	PER14x CY19
04/02/18	Kim Eng	Best World	1.84	2.06	Buy

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
01/11/18	UOB Kay Hian	Banyan Tree	0.63	0.92	Buy	Sum of parts
02/28/18	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/05/18	UOB Kay Hian	Banyan Tree	0.585	0.92	Buy
04/20/18	UOB Kay Hian	Banyan Tree	0.605	1	Buy	Sum of parts

Stock calls for 20 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/20/18	UOB Kay Hian	Banyan Tree	0.605	1	Buy	Sum of parts
04/20/18	CIMB	DBS	29.92	33	Add	GGM, PB1.7x FY18
04/20/18	UOB Kay Hian	Keppel Corp	8.07	9	Buy	Sum of parts
04/20/18	Lim & Tan	Keppel Corp	8.07	0	Hold
04/20/18	UOB Kay Hian	OCBC	13.74	16.02	Buy	GGM, PB1.64x FY18
04/20/18	CIMB	OCBC	13.74	15	Add	GGM, PB1.5x FY18
04/20/18	CIMB	UOB	29.78	33	Add	GGM, PB1.5x FY18
04/20/18	Lim & Tan	Venture	28.82	0	Hol

Singapore gets hit again with another anti-dumping measure from China.

https://www.cnbc.com/2018/04/18/china-slaps-anti-dumping-measures-on-some-synthetic-rubber-imports.html

China has imposed an anti-dumping measure for synthetic rubber from Singapore.

This is the 2nd anti-dumping measure against SG this year.

https://sg-stock.blogspot.sg/2018/02/china-imposes-anti-dumping-measure-on.html

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/24/18	DMG & Partners	Avi-Tech	0.48	0.59	Buy	DCF, PER12x FY18
02/20/18	DMG & Partners	Avi-Tech	0.49	0.59	Buy

Astaka - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/24/17	NRA	Astaka	0.092	0.13	Overweight	RNAV (56% discount)

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)
04/02/18	CIMB	Aspen	0.215	0.29	Add	RNAV (45% discount)

Stock calls for 19 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/19/18	UOB Kay Hian	ART	1.14	1.23	Hold	DDM
04/19/18	DBS Vickers	ART	1.14	1.3	Buy	DCF
04/19/18	UOB Kay Hian	DBS	29.36	31.08	Buy	GGM, PB1.7x FY18
04/19/18	phillip	First Reit	1.37	1.31	Neutral	PB1.19x FY18
04/19/18	OCBC	First Reit	1.37	1.48	Buy
04/19/18	DBS Vickers	Keppel KBS	0.885	0.95	Buy
04/19/18	UOB Kay Hian	Keppel Reit	1.2	1.43	Buy	DDM
04/19/18	DBS Vickers	Keppel Reit	1.2	1.41	Buy
04/19/18	Lim & Tan	Keppel Reit	1.2	0	Hold
04/19/18	CIMB	SATS	5.45	5.17	Hold

Strange creature roamed the street of Argentina and killed 2 dogs.

http://www.asianage.com/life/more-features/170418/images-of-mysterious-monster-roaming-the-streets-of-argentina-goes-viral.html

This is definitely not a new dog species because it is very huge.

Asiaphos - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/14/17	NRA	Asiaphos	0.095	0.167	Overweight

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
11/27/17	DBS Vickers	Ascendas India Trust	1.13	1.25	Buy	DDM
01/30/18	DBS Vickers	Ascendas India Trust	1.13	1.25	Buy

Stock calls for 18 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/18/18	Lim & Tan	ART	1.13	0	Neutral
04/18/18	CIMB	First Reit	1.37	1.44	Hold	DDM
04/18/18	DBS Vickers	Keppel Infrastructure	0.545	0.6	Buy	DDM
04/18/18	UOB Kay Hian	Keppel T&T	1.57	1.75	Buy	PER30.1x FY19
04/18/18	DBS Vickers	Soilbuild Reit	0.66	0.62	Hold
04/18/18	OCBC	Soilbuild Reit	0.66	0.71	Buy
04/18/18	Jefferies	Soilbuild Reit	0.66	0.7	Hold

The truth behind the chemical attacks in Syria.

Many stories are unfolding after the western countries conducted an illegal air strike against Syria.

First, the Syrian government recaptured some lost territories from the terrorists and discovered the chemical agents were made by Germany.  The chemical agents were left behind by the fleeing terrorists.

https://www.middleeastmonitor.com/20180206-germany-sold-technology-to-iran-used-in-syria-chemical-attacks/

http://www.foxnews.com/world/2018/02/08/syria-chemical-attack-rockets-made-in-germany-report-says.html

The Syrian government accused the USA of giving the terrorists the made-in-Germany chemical agents for the chemical attack against the Syrians.

Next, the Syrian government also discovered that the white hats in Syria were actually working for the western countries such as UK & US.  Their primary job was to discredit the Syrian government by staging fake chemical victims.

https://sputniknews.com/middleeast/201804091063367847-white-helmets-chemical-attack-syria/

https://nypost.com/2018/04/13/russia-claims-britain-staged-chemical-attack-in-syria/

We stated previously that it was illogical for President Assad to use chemical attacks on its people since he was winning the war in Syria.  The tell-tale sign that something was fishy was that the chemical attacks happened whenever he was closed to wiping out the terrorists.

http://sg-stock.blogspot.sg/2018/04/the-western-countries-are-embarking-on.html

Therefore, the western countries collaborated to oust President Assad just like what they did in Iraq.