OCBC Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/11/17	UBS	OCBC	9.35	10.3	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
05/09/17	UBS	OCBC	10.3	10.4	Neutral
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
07/27/17	UBS	OCBC	11.25	11.3	Neutral
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
10/27/17	Kim Eng	OCBC	11.57	12	Hold	PB1.2x
10/27/17	UBS	OCBC	11.57	12.2	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
12/08/17	Jefferies	OCBC	12.12	14	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
02/03/18	UOB Kay Hian	OCBC	12.26	14.88	Buy
02/05/18	Macquarie	OCBC	12.81	14	Outperform
02/12/18	phillip	OCBC	12.19	13.48	Buy
02/15/18	UOB Kay Hian	OCBC	12.26	14.9	Buy	GGM, PB1.56x FY18
02/15/18	Kim Eng	OCBC	12.26	13.5	Hold	PB1.4x FY18
02/15/18	Credit Suisse	OCBC	12.26	14.7	Outperform
02/15/18	CIMB	OCBC	12.26	14	Add	GGM, PB1.4x FY18, PER11.7x FY19
02/15/18	Jefferies	OCBC	12.26	14	Buy
02/15/18	DBS Vickers	OCBC	12.26	14	Buy	GGM, PB1.4x FY18
02/22/18	UBS	OCBC	13	14.5	Buy
02/22/18	phillip	OCBC	13	13.94	Buy	GGM, PB1.46x
03/02/18	UOB Kay Hian	OCBC	13.21	14.9	Buy
03/08/18	UOB Kay Hian	OCBC	13.21	14.95	Buy	GGM, PB1.54x FY18
03/20/18	Kim Eng	OCBC	13.18	14.83	Buy
03/22/18	Lim & Tan	OCBC	13.42	0	Buy
04/03/18	UOB Kay Hian	OCBC	12.77	14.95	Buy
04/16/18	Credit Suisse	OCBC	13.08	15.75	Buy
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
04/27/18	DBS Vickers	OCBC	13.76	15.3	Buy	GGM, PB1.5x FY18
05/03/18	UOB Kay Hian	OCBC	13.86	16.02	Buy
05/08/18	Macquarie	OCBC	13.17	14.5	Outperform
05/08/18	CIMB	OCBC	13.17	14	Hold	GGM, PB1.5x FY18
05/08/18	UOB Kay Hian	OCBC	13.17	16.5	Buy	GGM, PB1.66x FY18
05/08/18	Credit Suisse	OCBC	13.17	15.1	Outperform
05/08/18	DBS Vickers	OCBC	13.17	15.3	Buy	GGM, PB1.5x FY18
05/08/18	Deutsche	OCBC	13.17	14	Hold
05/09/18	phillip	OCBC	13.08	14.9	Accumulate	GGM, PB1.6x FY18
05/09/18	Kim Eng	OCBC	13.08	14.6	Buy	GGM, PB1.5x FY18
06/01/18	UOB Kay Hian	OCBC	12.54	16.5	Buy	GGM, PB1.68 FY18
06/04/18	phillip	OCBC	12.53	14.9	Accumulate
06/26/18	UOB Kay Hian	OCBC	11.6	14.28	Buy	GGM, PER1.46x FY18
07/02/18	phillip	OCBC	11.64	14.9	Accumulate
07/03/18	UOB Kay Hian	OCBC	11.51	14.28	Buy
07/06/18	DBS Vickers	OCBC	11.5	12.2	Hold

Stock calls for 6 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/06/18	DBS Vickers	A-Reit	2.65	3	Buy
07/06/18	DBS Vickers	AIMS AMP Cap Ind Reit	1.38	1.55	Buy
07/06/18	DBS Vickers	ART	1.09	1.3	Buy
07/06/18	DBS Vickers	Ascendas Hospitality Trust	0.785	0.98	Buy
07/06/18	DBS Vickers	Cache Logistics	0.76	0.88	Hold
07/06/18	Kim Eng	Capitaland	3.18	4.1	Buy
07/06/18	DBS Vickers	Capitamall Trust	2.05	2.19	Buy
07/06/18	DBS Vickers	CDL Hospitality	1.58	2	Buy
07/06/18	CIMB	City Developments	10.21	13.41	Add
07/06/18	Kim Eng	City Developments	10.21	14.2	Buy
07/06/18	DBS Vickers	Far East Hospitality	0.625	0.76	Buy
07/06/18	DBS Vickers	Frasers Centrepoint Trust	2.2	2.45	Buy
07/06/18	DBS Vickers	Frasers Hospitality Trust	675	0.83	Buy
07/06/18	DBS Vickers	Frasers Property	1.67	2.35	Buy
07/06/18	phillip	Geo Energy	0.225	0.41	Buy
07/06/18	phillip	Golden Energy	0.335	0.48	Buy
07/06/18	DBS Vickers	Mapletree Industrial	1.96	2.22	Buy
07/06/18	Kim Eng	Mapletree Logistics	1.23	1.25	Hold
07/06/18	DBS Vickers	Mapletree Logistics	1.23	1.48	Buy
07/06/18	DBS Vickers	OCBC	11.5	12.2	Hold
07/06/18	DBS Vickers	OUE Hospitality	0.765	0.93	Buy
07/06/18	DBS Vickers	Singapore Post	1.27	1.55	Buy
07/06/18	DBS Vickers	SPH	2.67	2.6	Hold
07/06/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
07/06/18	DBS Vickers	UOB	27.09	28.3	Hold
07/06/18	CIMB	UOL	7.75	9.65	Add
07/06/18	Kim Eng	UOL	7.75	10.85	Buy

US-China trade war has started officially today!

https://sg.finance.yahoo.com/news/trump-says-tariffs-kick-against-china-221658793.html

The world economies won't be doing well now because the worldwide supply chain will be disrupted by the US-China trade war.  Many countries which are not directly involved in the trade war will also impose tariffs for self-protection to prevent goods diversion from the trade war.

Sigh! The world is paying a heavy price because of 1 single man (Trump) irresponsible action.

Trump wants to invade Venezuela!

https://sg.news.yahoo.com/us-official-trump-pressed-aides-venezuela-invasion-044213413.html

Trump had indicated on numerous occasions that he wanted to invade Venezuela in his public appearances.

Therefore, the USA will once again try to discredit and create false intelligence to produce a "legitimate" reason to attack Venezuela just like what it did for Iraq.

The USA will invade unilaterally without UN mandate because it believes that nobody will dare to punish the USA.

Malaysian's suspension of its ECRL will have serious repercussion to its Melaka Gateway.

https://www.channelnewsasia.com/news/asia/malaysia-suspends-construction-of-major-belt-and-road-rail-10499184

Malaysia has decided to suspend its ECRL due to its high cost which will affect the success of the Melaka Gateway.  The Melaka Gateway will become a white elephant since it has lost its strategic importance because it is no longer connected to the Kuantan port.  China wanted to use the Melaka Gateway (MG) to bypass Singapore's port but MG would lose its value when it was no longer connected to the Kuantan port.

http://sg-stock.blogspot.com/2016/11/how-sea-freight-will-bypass-singapore.html

This is definitely good news for Singapore and we need to thank Malaysia for this.

Noble - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
03/01/18	Lim & Tan	Noble	0.172	0	Avoid	Suspension alert
04/06/18	Lim & Tan	Noble	0.067	0	Avoid

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
03/12/18	UOB Kay Hian	Netlink	0.82	0.93	Buy
03/14/18	OCBC	Netlink	0.82	0.91	Buy	DDM
05/15/18	OCBC	Netlink	0.815	0.91	Buy
05/16/18	OCBC	Netlink	0.82	0.9	Buy
05/16/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF
07/02/18	DBS Vickers	Netlink	0.74	0.87	Buy	DCF

Nera Telecom - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
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 5 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/18	DBS Vickers	Frasers Logistics	1.04	1.2	Buy	DCF
07/05/18	Kim Eng	M1	1.58	1.63	Hold
07/05/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy	DDM
07/05/18	CIMB	SPH	2.59	2.85	Add	Sum of parts
07/05/18	OCBC	ST Engineering	3.25	3.9	Buy
07/05/18	UOB Kay Hian	Venture	17.5	18.2	Hold	PER14x FY18, Buy @ $14

Neo Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/09/18	DMG & Partners	Neo Group	0.67	0.67	Neutral

Nam Lee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/12/18	Phillip	Nam Lee	0.38	0.56	Buy	DCF, PER11.1x FY18, PB0.96x FY18
05/07/18	Phillip	Nam Lee	0.37	0.56	Buy	DCF, PER11.9x FY18, PB0.97x FY18

Stock calls for 4 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/18	UOB Kay Hian	CDL Hospitality	1.53	1.95	Buy
07/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy	DCF & PER18x FY18/19
07/04/18	UOB Kay Hian	CSE Global	0.425	0.61	Buy
07/04/18	DMG & Partners	Kimly	0.37	0.46	Buy	DCF
07/04/18	CIMB	Sheng Siong	1.06	1.18	Add	PER22.2x FY19
07/04/18	UOB Kay Hian	Sunningdale	1.29	2	Buy
07/04/18	DMG & Partners	Wilmar	3.07	3.59	Buy	Sum of parts
07/04/18	UOB Kay Hian	Wing Tai	1.99	2.78	Buy	RNAV (20% discount)

China is issuing a travel alert to the USA.

https://sg.news.yahoo.com/china-warns-citizens-against-us-150140777.html

Things are definitely not looking good between US & China.

China has started to issue a travel alert to the USA now.  This will definitely cause a drop in the Chinese tourism in the USA.

The US-China trade war is spreading to more industries.

https://finance.yahoo.com/news/micron-chip-sales-banned-china-161130942.html

The semiconductor industry is involved in the trade war now.  Micron Tech went belly up under the helm of Ho Ching and was sold off at a huge loss before Ho Ching went to become Chartered Semiconductor CEO.  Chartered Semiconductor also faced the same fate under Ho Ching.

Thereafter, Micron Tech was brought alive under the new management.  However, it is facing a dire situation now because of the trade war as China's market constitutes 50% of its sales.  Without China, Micron Tech will go belly up again.

The US is alienating itself in WTO.

https://finance.yahoo.com/news/over-40-countries-object-wto-182120367.html

More than 40 countries are against US car tariffs and will take retaliatory actions which will put about US$300b of US goods in jeopardy.

US allies are slowly turning into foes in the trade war.

SharebikeSG shuts down in Singapore after oBike.

https://www.todayonline.com/singapore/sharebikesg-exits-spore-3rd-bike-sharing-operator-shut-past-month

This is not surprising as this business model needs high riding volume to break even.  Please read our previous postings regarding the bike sharing model.

http://sg-stock.blogspot.com/2018/06/another-bike-sharing-company-obike-has.html

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/09/18	DMG & Partners	Moya Asia	0.091	0.17	Buy	DCF
03/02/18	DMG & Partners	Moya Asia	0.091	0.15	Buy	DCF, PER15x FY18
04/09/18	DMG & Partners	Moya Asia	0.099	0.15	Buy	DCF
05/02/18	DMG & Partners	Moya Asia	0.1	0.15	Buy	DCF
06/05/18	DMG & Partners	Moya Asia	0.087	0.14	Buy	DCF

MM2 Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	DBS Vickers	MM2 Asia	0.49	0.56	Buy
04/07/17	CIMB	MM2 Asia	0.5	0.6	Add	Sum of parts, PER22.6x FY18
04/13/17	DBS Vickers	MM2 Asia	0.5	0.63	Buy	Sum of parts
05/23/17	DBS Vickers	MM2 Asia	0.575	0.63	Buy	Sum of parts
05/24/17	DBS Vickers	MM2 Asia	0.585	0.7	Buy	Sum of parts
05/25/17	CIMB	MM2 Asia	0.585	0.65	Add	Sum of parts
06/14/17	CIMB	MM2 Asia	0.62	0.72	Add	Sum of parts
06/14/17	DBS Vickers	MM2 Asia	0.62	0.7	Buy
07/20/17	DBS Vickers	MM2 Asia	0.59	0.75	Buy	Sum of parts
07/25/17	CIMB	MM2 Asia	0.525	0.58	Hold	Sum of parts
08/14/17	DBS Vickers	MM2 Asia	0.465	0.6	Buy	Sum of parts
08/17/17	CIMB	MM2 Asia	0.475	0.58	Add	Sum of parts
11/02/17	DBS Vickers	MM2 Asia	0.58	0.73	Buy	Sum of parts
11/06/17	CIMB	MM2 Asia	0.55	0.76	Add	Sum of parts
12/20/17	CIMB	MM2 Asia	0.52	0.76	Add
01/05/18	DBS Vickers	MM2 Asia	0.545	0.73	Buy
02/07/18	CIMB	MM2 Asia	0.49	0.76	Add
02/08/18	DBS Vickers	MM2 Asia	0.495	0.75	Buy	Sum of parts
03/05/18	CIMB	MM2 Asia	0.47	0.76	Add
03/15/18	CIMB	MM2 Asia	0.505	0.74	Add	Sum of parts
04/06/18	CIMB	MM2 Asia	0.49	0.74	Add
04/23/18	Kim Eng	MM2 Asia	0.495	0.56	Buy
05/30/18	DBS Vickers	MM2 Asia	0.495	0.7	Buy	Sum of parts
06/05/18	CIMB	MM2 Asia	0.485	0.72	Add	Sum of parts

Stock calls for 3 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	A-Reit	2.61	3.05	Buy
07/03/18	DMG & Partners	APAC Realty	0.785	1.35	Buy
07/03/18	DBS Vickers	Bumitama	0.635	0.88	Buy	DCF, PER13.7x FY19
07/03/18	UOB Kay Hian	CapitaCommercial	1.63	2.11	Buy
07/03/18	UOB Kay Hian	Capitaland	3.14	4.3	Buy
07/03/18	UOB Kay Hian	Capitamall Trust	2.02	2.13	Hold
07/03/18	OCBC	CapitaRetail China	1.51	1.64	Buy
07/03/18	DMG & Partners	China Aviation Oil	1.5	1.8	Buy
07/03/18	UOB Kay Hian	City Developments	10.88	14.03	Buy
07/03/18	DMG & Partners	City Developments	10.88	15	Buy
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/03/18	UOB Kay Hian	DBS	26.38	30.15	Buy
07/03/18	UOB Kay Hian	DISA	0.009	0.013	Buy	DCF
07/03/18	DBS Vickers	First Resources	1.55	2	Buy	DCF
07/03/18	UOB Kay Hian	Genting	1.21	1.38	Buy
07/03/18	DBS Vickers	Genting	1.21	1.49	Buy
07/03/18	UOB Kay Hian	Golden Agri	0.305	0.26	Sell
07/03/18	UOB Kay Hian	Hongkong Land	7.13	8.55	Not Rated
07/03/18	UOB Kay Hian	Hutchison Port	0.28	0.34	Not Rated
07/03/18	UOB Kay Hian	Jardine C&C	30.77	44.13	Not Rated
07/03/18	UOB Kay Hian	Jardine Matheson	63.2	65.72	Not Rated
07/03/18	UOB Kay Hian	Jardine Strategic	36.65	42.67	Not Rated
07/03/18	UOB Kay Hian	Keppel Corp	7.01	9	Buy
07/03/18	DBS Vickers	Keppel Corp	7.01	10.2	Buy
07/03/18	DMG & Partners	M1	1.59	1.63	Hold	DCF
07/03/18	UOB Kay Hian	OCBC	11.51	14.28	Buy
07/03/18	UOB Kay Hian	SATS	4.91	5.7	Buy
07/03/18	UOB Kay Hian	Sembcorp Industries	2.72	3.6	Buy
07/03/18	UOB Kay Hian	SGX	7.14	8.14	Not Rated
07/03/18	UOB Kay Hian	SIA	10.42	11.9	Hold
07/03/18	UOB Kay Hian	Singtel	3.05	4.22	Buy
07/03/18	UOB Kay Hian	SPH	2.59	2.46	Hold
07/03/18	UOB Kay Hian	ST Engineering	3.27	4.1	Buy
07/03/18	UOB Kay Hian	Starhub	1.64	1.98	Hold
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/03/18	UOB Kay Hian	Venture	17.66	25	Buy
07/03/18	UOB Kay Hian	Wilmar	3.04	3.9	Buy
07/03/18	DBS Vickers	Wilmar	3.04	3.5	Buy	DCF
07/03/18	DBS Vickers	Yangzijiang	0.885	1.82	Buy	Sum of parts, PB1.25x
07/03/18	UOB Kay Hian	Yangzijiang	0.885	1.3	Buy

MIT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/17	Kim Eng	MIT	0.245	0.32	Not Rated	PB1.6x
11/22/17	Lim & Tan	MIT	0.245	0.32	Buy	PER8x FY18
01/03/18	Lim & Tan	MIT	0.26	0	Buy

Mindchamps - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/18	Amfrasers	Mindchamps	0.74	0.86	Buy	DCF, PER23.2x FY18
04/23/18	DMG & Partners	Mindchamps	0.815	0.95	Buy	EV/Ebitda19x & DCF
04/27/18	DMG & Partners	Mindchamps	0.815	1	Buy	EV/Ebitda19x & DCF
05/09/18	DMG & Partners	Mindchamps	0.795	1	Buy	EV/Ebitda19x & DCF
05/15/18	Amfrasers	Mindchamps	0.78	0.86	Buy	PER23.2x FY18

Midas - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
03/01/17	OCBC	5EN	Midas	0.26	0.255	Hold	-1.92	PB0.6x FY17
03/02/17	DBS Vickers	5EN	Midas	0.245	0.36	Buy	46.94
04/10/17	DBS Vickers	5EN	Midas	0.225	0.36	Buy	60.00
04/11/17	OCBC	5EN	Midas	0.23	0.255	Hold	10.87
05/18/17	OCBC	5EN	Midas	0.225	0.245	Hold	8.89	PB0.6x FY17
05/23/17	DBS Vickers	5EN	Midas	0.225	0.36	Buy	60.00
08/16/17	OCBC	5EN	Midas	0.215	0.225	Hold	4.65	PB0.5x FY17
08/16/17	DBS Vickers	5EN	Midas	0.215	0.36	Buy	67.44	PB0.8x
11/14/17	OCBC	5EN	Midas	0.215	0.225	Hold	4.65

Stock calls for 2 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/18	Phillip	CapitaCommercial	1.66	1.88	Accumulate	DDM, PB0.97x
07/02/18	CIMB	CapitaCommercial	1.66	1.9	Add	DDM
07/02/18	OCBC	CapitaCommercial	1.66	1.84	Hold
07/02/18	DBS Vickers	CapitaCommercial	1.66	2.12	Buy
07/02/18	CIMB	China Sunsine	1.55	1.87	Add	PER9.8x CY19
07/02/18	phillip	DBS	26.61	32.7	Accumulate
07/02/18	OCBC	Frasers Commercial Trust	1.38	1.53	Buy
07/02/18	DBS Vickers	Netlink	0.74	0.87	Buy	DCF
07/02/18	phillip	OCBC	11.64	14.9	Accumulate
07/02/18	Kim Eng	Singapore Post	1.26	1.5	Buy	DCF
07/02/18	phillip	UOB	26.76	31.7	Accumulate

Why did Mad Dog Mattis become so docile in China?

General Mattis is not called Mad Dog Mattis for no reason.  He was a very aggressive military man but he became very docile during his recent visit to China.

Why? What happened to him?

I would attribute his recent docile behaviour in China to a recent China missile exercise video which was released by China prior to his arrival.  As a military veteran, he knew and understood what he was watching.

This missile video was released by China prior to his arrival and I believed this video shocked him.

DF-10A has an effective range of 1500km and this can keep US aircraft carriers at bay which will render any encroachment on China ineffective.  A DF-10A can destroy a building completely in the video.  Moreover, DF-10A can carry a 500kg nuclear warhead.  DF-16 has an even longer range and can push any US carrier further away from China coastlines.