Starhub - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Starhub	2.81	2.82	Neutral
01/03/17	UOB Kay Hian	Starhub	2.81	2.4	Sell
01/12/17	Deutsche	Starhub	2.93	3.9	Buy
01/13/17	Credit Suisse	Starhub	2.92	2.65	Underperform
01/13/17	DBS Vickers	Starhub	2.92	3.01	Hold	DCF
01/17/17	DIR	Starhub	3.01	2.56	Underperform	DDM
01/18/17	UOB Kay Hian	Starhub	3.08	3.55	Buy	DCF
02/06/17	CIMB	Starhub	3	2.6	Reduce	DCF, Buy @ $2.30 or below
02/06/17	Credit Suisse	Starhub	3	2.35	Underperform
02/06/17	DBS Vickers	Starhub	3	2.85	Hold	DCF
02/06/17	DIR	Starhub	3	2.31	Sell	DDM
02/06/17	DMG & Partners	Starhub	3	2.7	Neutral	DCF
02/06/17	Kim Eng	Starhub	3	2.49	Sell	DCF
02/06/17	OCBC	Starhub	3	2.65	Sell	DCF
02/06/17	UOB Kay Hian	Starhub	3	3.22	Buy	DCF
02/07/17	Lim & Tan	Starhub	2.8	0	Sell
03/09/17	UOB Kay Hian	Starhub	2.85	3.1	Hold	DCF, Buy @ $2.80
03/17/17	OCBC	Starhub	2.81	2.5	Sell
03/20/17	Credit Suisse	Starhub	2.87	2.25	Underperform
03/24/17	Kim Eng	Starhub	2.86	2.49	Sell	DCF
03/27/17	UOB Kay Hian	Starhub	2.88	2.5	Hold
04/05/17	CIMB	Starhub	2.88	2.6	Reduce
04/05/17	Credit Suisse	Starhub	2.88	2.25	Underperform
04/05/17	DMG & Partners	Starhub	2.88	2.7	Neutral
04/05/17	Kim Eng	Starhub	2.88	2.36	Sell	DCF
04/05/17	OCBC	Starhub	2.88	2.5	Sell
04/06/17	DBS Vickers	Starhub	2.86	2.85	Hold
05/04/17	Credit Suisse	Starhub	2.78	2.2	Underperform
05/04/17	DMG & Partners	Starhub	2.78	2.7	Neutral	DCF
05/04/17	Kim Eng	Starhub	2.78	2.36	Sell	DCF
05/04/17	OCBC	Starhub	2.78	2.4	Sell	DCF
05/04/17	UOB Kay Hian	Starhub	2.78	2.98	Hold	DCF, Buy @ $2.62
05/05/17	CIMB	Starhub	2.78	2.45	Reduce	DCF, Buy @ $2.15 or below
06/05/17	DBS Vickers	Starhub	2.73	2.7	Fully Valued
06/09/17	OCBC	Starhub	2.74	2.4	Sell
06/16/17	UOB Kay Hian	Starhub	2.73	2.98	Hold	DCF, Buy @ $2.62
06/23/17	DIR	Starhub	2.7	2.31	Sell	DDM
07/07/17	DMG & Partners	Starhub	2.72	2.7	Neutral
07/20/17	Credit Suisse	Starhub	2.74	2.2	Underperform
08/03/17	DMG & Partners	Starhub	2.7	2.7	Hold	DCF
08/03/17	DIR	Starhub	2.7	2.31	Sell	DDM
08/03/17	UOB Kay Hian	Starhub	2.7	2.9	Hold	DCF, Buy @ $2.60
08/03/17	OCBC	Starhub	2.7	2.4	Sell	DCF
08/03/17	CIMB	Starhub	2.7	2.5	Reduce	DCF, Buy @ $2.20 or below
08/03/17	Lim & Tan	Starhub	2.7	0	Hold
08/03/17	DBS Vickers	Starhub	2.7	2.33	Fully Valued	DCF
08/22/17	UOB Kay Hian	Starhub	2.59	2.62	Hold	DCF, Buy @ $2.38
09/07/17	UOB Kay Hian	Starhub	2.63	2.62	Hold	DCF, Buy @ $2.38
09/08/17	Credit Suisse	Starhub	2.64	2.2	Underperform
09/11/17	OCBC	Starhub	2.63	2.3	Sell
09/14/17	Kim Eng	Starhub	2.58	2.17	Sell	DCF
09/20/17	Deutsche	Starhub	2.59	3.5	Buy
09/25/17	CIMB	Starhub	2.6	2.5	Hold
09/28/17	DIR	Starhub	2.65	2.25	Sell	DDM
10/12/17	UOB Kay Hian	Starhub	2.64	2.62	Hold	DCF, Buy @ $2.38
10/16/17	DBS Vickers	Starhub	2.67	2.2	Fully Valued	DCF
11/03/17	OCBC	Starhub	2.64	2.3	Sell
11/03/17	Kim Eng	Starhub	2.64	2.17	Sell	DCF
11/03/17	UOB Kay Hian	Starhub	2.64	2.62	Hold	DCF, Buy @ $2.38
11/03/17	Credit Suisse	Starhub	2.64	2.2	Underperform
11/03/17	DMG & Partners	Starhub	2.64	2.7	Neutral	DCF
11/03/17	CIMB	Starhub	2.64	2.5	Hold	DCF
11/06/17	DBS Vickers	Starhub	2.72	2.2	Fully Valued	DCF
12/20/17	CIMB	Starhub	2.88	2.5	Hold
01/10/18	DMG & Partners	Starhub	2.89	2.7	Neutral
01/12/18	UOB Kay Hian	Starhub	2.93	2.62	Hold
01/17/18	CIMB	Starhub	2.92	2.8	Hold	DCF
01/26/18	DBS Vickers	Starhub	2.97	2.2	Fully Valued	DCF
02/15/18	OCBC	Starhub	2.86	2.2	Sell
02/15/18	UOB Kay Hian	Starhub	2.86	2.7	Hold	DCF, Buy @ $2.50
02/15/18	Kim Eng	Starhub	2.86	2.27	Sell	DCF
02/15/18	Credit Suisse	Starhub	2.86	2.15	Underperform
02/15/18	CIMB	Starhub	2.86	2.7	Hold	DCF
02/15/18	Lim & Tan	Starhub	2.86	0	Sell
02/15/18	DMG & Partners	Starhub	2.86	2.65	Neutral
02/20/18	DBS Vickers	Starhub	2.6	2.2	Fully Valued	DCF
03/12/18	UOB Kay Hian	Starhub	2.47	2.7	Hold
03/14/18	Kim Eng	Starhub	2.44	2.27	Sell	DCF
03/15/18	CIMB	Starhub	2.43	2.7	Hold	DCF
03/15/18	DMG & Partners	Starhub	2.43	2.65	Neutral
03/20/18	UOB Kay Hian	Starhub	2.43	2.25	Sell
04/03/18	Kim Eng	Starhub	2.33	2.27	Hold
04/10/18	OCBC	Starhub	2.28	2.2	Hold
04/10/18	UOB Kay Hian	Starhub	2.28	2.25	Sell
05/04/18	UOB Kay Hian	Starhub	2.31	2.25	Sell	DCF
05/04/18	Kim Eng	Starhub	2.31	2.27	Hold	DCF
05/04/18	DMG & Partners	Starhub	2.31	2.5	Neutral	DCF
05/04/18	OCBC	Starhub	2.31	2.2	Hold
05/07/18	CIMB	Starhub	2.29	2.4	Hold	DCF
05/07/18	DBS Vickers	Starhub	2.29	2.05	Fully Valued	DCF
06/12/18	UOB Kay Hian	Starhub	1.84	1.98	Hold	DCF
06/27/18	DMG & Partners	Starhub	1.73	1.9	Neutral	DCF
06/27/18	DBS Vickers	Starhub	1.73	1.42	Hold	EV/Ebitda5.6x
07/03/18	UOB Kay Hian	Starhub	1.64	1.98	Hold
07/09/18	Kim Eng	Starhub	1.7	1.96	Buy	DCF

Starhill - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Starhill	0.77	0.87	Buy	DCF
01/18/17	DIR	Starhill	0.75	0.88	Outperform	DDM
01/31/17	DBS Vickers	Starhill	0.76	0.85	Buy	DCF
02/02/17	CIMB	Starhill	0.77	0.72	Hold	DDM
02/02/17	DIR	Starhill	0.77	0.86	Outperform	DDM
02/02/17	DMG & Partners	Starhill	0.77	0.81	Buy	DDM
02/02/17	OCBC	Starhill	0.77	0.82	Buy
03/07/17	UOB Kay Hian	Starhill	0.745	0.9	Buy
03/10/17	DMG & Partners	Starhill	0.735	0.81	Buy
04/04/17	DBS Vickers	Starhill	0.76	0.85	Buy
04/07/17	DMG & Partners	Starhill	0.765	0.81	Buy	DDM
04/11/17	UOB Kay Hian	Starhill	0.77	0.9	Buy	DDM
04/18/17	DIR	Starhill	0.765	0.86	Outperform
04/28/17	DBS Vickers	Starhill	0.775	0.83	Buy	PB0.86x
04/28/17	OCBC	Starhill	0.775	0.82	Buy
05/05/17	DIR	Starhill	0.76	0.85	Outperform	DDM
05/17/17	OCBC	Starhill	0.75	0.82	Buy
05/26/17	OCBC	Starhill	0.76	0.81	Hold
06/06/17	DIR	Starhill	0.755	0.85	Outperform
07/04/17	DMG & Partners	Starhill	0.78	0.81	Buy
07/31/17	DIR	Starhill	0.775	0.85	Outperform	DDM
07/31/17	Religare	Starhill	0.775	0.88	Buy
08/01/17	OCBC	Starhill	0.78	0.82	Buy	DDM
08/01/17	DMG & Partners	Starhill	0.78	0.81	Neutral	DDM
08/01/17	CIMB	Starhill	0.78	0.83	Hold	DDM
08/02/17	DBS Vickers	Starhill	0.78	0.82	Buy
09/15/17	DIR	Starhill	0.75	0.8	Outperform	DDM
09/21/17	DMG & Partners	Starhill	0.75	0.81	Neutral
10/23/17	UOB Kay Hian	Starhill	0.775	0.9	Buy
10/31/17	CIMB	Starhill	0.775	0.83	Hold	DDM
11/01/17	OCBC	Starhill	0.77	0.77	Hold
11/01/17	DBS Vickers	Starhill	0.77	0.82	Buy	DCF
01/02/18	Kim Eng	Starhill	0.78	0.7	Sell	DDM
01/05/18	DMG & Partners	Starhill	0.775	0.81	Neutral	DDM
01/30/18	OCBC	Starhill	0.78	0.77	Hold
01/30/18	Lim & Tan	Starhill	0.78	0	Hold
03/19/18	DBS Vickers	Starhill	0.725	0.82	Buy
04/27/18	OCBC	Starhill	0.72	0.77	Hold
04/27/18	Kim Eng	Starhill	0.72	0.7	Sell
05/17/18	DMG & Partners	Starhill	0.685	0.81	Neutral
06/19/18	OCBC	Starhill	0.66	0.65	Hold
07/30/18	Kim Eng	Starhill	0.685	0.65	Hold	DDM
07/30/18	OCBC	Starhill	0.685	0.65	Hold
07/31/18	CIMB	Starhill	0.685	0.69	Hold	DDM

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/17	OCBC	ST Engineering	3.3	3.2	Hold
01/03/17	UOB Kay Hian	ST Engineering	3.23	3.42	Buy
01/05/17	Credit Suisse	ST Engineering	3.3	4	Outperform
01/13/17	DBS Vickers	ST Engineering	3.34	3.5	Buy
01/19/17	Lim & Tan	ST Engineering	3.41	0	Buy
02/08/17	UOB Kay Hian	ST Engineering	3.37	3.42	Buy
02/10/17	CIMB	ST Engineering	3.36	3.75	Add	DCF & PER22x CY18
02/10/17	Credit Suisse	ST Engineering	3.36	4	Outperform
02/17/17	CIMB	ST Engineering	3.4	3.82	Add	DCF & PER22x
02/17/17	Lim & Tan	ST Engineering	3.4	0	Buy
02/17/17	OCBC	ST Engineering	3.4	3.2	Hold
02/17/17	UOB Kay Hian	ST Engineering	3.4	3.7	Buy	DDM, PER21x
03/13/17	Credit Suisse	ST Engineering	3.66	4	Outperform
03/21/17	UOB Kay Hian	ST Engineering	3.68	3.7	Buy
03/24/17	Kim Eng	ST Engineering	3.64	3.17	Hold	PER18x FY17
04/04/17	DBS Vickers	ST Engineering	3.65	3.8	Buy
04/05/17	UOB Kay Hian	ST Engineering	3.64	3.7	Buy
04/10/17	CIMB	ST Engineering	3.65	3.82	Add
04/19/17	Credit Suisse	ST Engineering	3.75	4	Outperform
04/19/17	Lim & Tan	ST Engineering	3.75	0	Buy
05/15/17	CIMB	ST Engineering	3.75	3.82	Add	PER22x & DCF
05/15/17	Credit Suisse	ST Engineering	3.75	4	Outperform
05/15/17	DBS Vickers	ST Engineering	3.75	4.12	Buy	DCF & PER23x
05/15/17	OCBC	ST Engineering	3.75	3.7	Hold	DCF
05/15/17	UOB Kay Hian	ST Engineering	3.75	3.9	Hold	DCF, PER22.7x FY17, Buy @ $3.60 or lower
05/16/17	Lim & Tan	ST Engineering	3.71	0	Buy
06/06/17	UOB Kay Hian	ST Engineering	3.73	3.9	Hold
06/16/17	DBS Vickers	ST Engineering	3.72	4.12	Buy
07/24/17	CIMB	ST Engineering	3.77	3.82	Add	DCF & PER22x
07/27/17	DBS Vickers	ST Engineering	3.79	4.12	Buy	PER23x
08/02/17	DIR	ST Engineering	3.8	4.46	Buy	DCF
08/14/17	OCBC	ST Engineering	3.7	3.61	Hold	DCF
08/14/17	DIR	ST Engineering	3.7	4.39	Buy	DCF
08/14/17	UOB Kay Hian	ST Engineering	3.7	3.8	Hold	Buy @ $3.50
08/14/17	CIMB	ST Engineering	3.7	3.82	Add	DCF & PER22x CY18
08/14/17	DBS Vickers	ST Engineering	3.7	3.8	Hold
08/14/17	Lim & Tan	ST Engineering	3.7	0	Buy
08/15/17	Credit Suisse	ST Engineering	3.68	4	Outperform
09/06/17	DMG & Partners	ST Engineering	3.59	4.07	Buy	DCF & PER23.3x FY18 & PB5.5x & EV/Ebitda16x
09/28/17	Lim & Tan	ST Engineering	3.49	0	Buy
10/04/17	DIR	ST Engineering	3.43	4.39	Buy	DCF
10/12/17	Crucial Perspective	ST Engineering	3.35	4.3	Outperform
10/25/17	Lim & Tan	ST Engineering	3.38	0	Buy
10/27/17	UOB Kay Hian	ST Engineering	3.46	3.8	Buy
11/08/17	Lim & Tan	ST Engineering	3.47	0	Buy
11/09/17	DMG & Partners	ST Engineering	3.41	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
11/09/17	UOB Kay Hian	ST Engineering	3.41	3.8	Buy	DCF
11/09/17	Credit Suisse	ST Engineering	3.41	4	Outperform
11/09/17	OCBC	ST Engineering	3.41	3.61	Hold
11/09/17	CIMB	ST Engineering	3.41	3.85	Add	PER22x CY19
11/09/17	DBS Vickers	ST Engineering	3.41	3.7	Hold
12/20/17	CIMB	ST Engineering	3.17	3.85	Add
01/05/18	DBS Vickers	ST Engineering	3.3	3.7	Hold
01/18/18	CIMB	ST Engineering	3.31	3.85	Add	DCF & PER22x CY19
01/22/18	Lim & Tan	ST Engineering	3.32	0	Buy
02/07/18	OCBC	ST Engineering	3.23	4	Buy
02/07/18	CIMB	ST Engineering	3.23	3.85	Add
02/20/18	DMG & Partners	ST Engineering	3.35	4.2	Buy
02/26/18	CIMB	ST Engineering	3.39	3.8	Add	DCF, PER & Div yield
02/26/18	UOB Kay Hian	ST Engineering	3.39	3.6	Hold	DCF, Buy @ $3.20
02/26/18	DBS Vickers	ST Engineering	3.39	3.9	Buy
02/26/18	Lim & Tan	ST Engineering	3.39	0	Buy
02/27/18	DMG & Partners	ST Engineering	3.44	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
03/02/18	Lim & Tan	ST Engineering	3.38	0	Buy
03/05/18	CIMB	ST Engineering	3.36	3.8	Add	DCF & PER & Div Yield
03/09/18	UOB Kay Hian	ST Engineering	3.38	3.6	Hold
03/12/18	Kim Eng	ST Engineering	3.38	4.15	Buy	DCF
03/13/18	Amfrasers	ST Engineering	3.43	3.88	Buy
03/13/18	Credit Suisse	ST Engineering	3.43	4	Outperform	DCF
03/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy	EV/Invested capital basis, PER23x FY19
03/23/18	DBS Vickers	ST Engineering	3.47	4.1	Buy	DCF & PER22x
04/12/18	Lim & Tan	ST Engineering	3.65	0	Buy
04/16/18	DMG & Partners	ST Engineering	3.67	4.04	Buy
04/23/18	Macquarie	ST Engineering	3.65	3.9	Outperform
05/11/18	Lim & Tan	ST Engineering	3.46	0	Buy
05/14/18	CIMB	ST Engineering	3.39	3.8	Add	DCF & PER20x CY19
05/14/18	DBS Vickers	ST Engineering	3.39	4.1	Buy
05/14/18	DMG & Partners	ST Engineering	3.39	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
05/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy
06/04/18	UOB Kay Hian	ST Engineering	3.45	4.1	Buy
06/28/18	DBS Vickers	ST Engineering	3.29	4.1	Buy
07/03/18	UOB Kay Hian	ST Engineering	3.27	4.1	Buy
07/05/18	OCBC	ST Engineering	3.25	3.9	Buy
08/03/18	UOB Kay Hian	ST Engineering	3.36	4.1	Buy	EV/Invested capital basis, PER22x FY18

Stock calls for 7 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/07/18	Phillip	APTV	0.405	0.35	Reduce
08/07/18	DBS Vickers	Breadtalk	1.05	1.07	Hold	Sum of parts
08/07/18	DBS Vickers	China Aviation Oil	1.58	1.98	Buy	PER13x FY18
08/07/18	DBS Vickers	Genting	1.13	1.55	Buy	DCF
08/07/18	UOB Kay Hian	Manulife US Reit	0.86	1.06	Buy	DDM
08/07/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF
08/07/18	DMG & Partners	Mindchamps	0.67	1	Buy
08/07/18	DMG & Partners	Moya Asia	0.092	0.13	Buy	DCF
08/07/18	OCBC	Netlink	0.78	0.9	Buy
08/07/18	DBS Vickers	Netlink	0.78	0.87	Buy
08/07/18	UOB Kay Hian	OCBC	11.58	13.68	Buy	GGM, PB1.42x FY18
08/07/18	Credit Suisse	OCBC	11.58	14.65	Outperform
08/07/18	DBS Vickers	OCBC	11.58	12.4	Hold	GGM, PB1.2x FY19
08/07/18	CIMB	OCBC	11.58	14	Add
08/07/18	CIMB	Perennial Reit	0.805	0.99	Add	RNAV (50% discount)
08/07/18	UOB Kay Hian	Raffles Medical	1.09	1.28	Buy	DCF
08/07/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral
08/07/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts
08/07/18	OCBC	Raffles Medical	1.09	1.26	Buy
08/07/18	Kim Eng	Sasseur	0.75	0.9	Buy	DDM
08/07/18	phillip	Sembcorp Industries	2.7	3.7	Buy	Sum of parts
08/07/18	Lim & Tan	Sembcorp Industries	2.7	0	Buy
08/07/18	CIMB	Singapore Post	1.23	1.27	Hold	DCF
08/07/18	phillip	UOB	27.13	34.5	Buy	GGM, PB1.6x FY18
08/07/18	DBS Vickers	UOL	7.03	7.82	Hold	RNAV (35% discount)
08/07/18	DBS Vickers	Venture	18.6	22.9	Buy	PER15.8x FY18/19

Spindex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/28/17	Lim & Tan	Spindex	0.985	0	Buy
08/22/17	Lim & Tan	Spindex	1.165	0	Buy
09/22/17	SI Research	Spindex	1.11	1.46	Buy	PER12x

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	SPH Reit	0.965	1	Hold	DCF
01/12/17	CIMB	SPH Reit	0.97	0.95	Hold	DDM
01/12/17	Lim & Tan	SPH Reit	0.97	0	Hold
01/12/17	OCBC	SPH Reit	0.97	1.04	Buy
01/13/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
02/09/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
03/16/17	DBS Vickers	SPH Reit	0.965	1.03	Buy
04/04/17	DBS Vickers	SPH Reit	0.98	1.03	Buy
04/11/17	CIMB	SPH Reit	0.975	1.01	Hold	DDM
04/11/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
04/11/17	DBS Vickers	SPH Reit	0.975	1.04	Buy	DCF
04/11/17	Lim & Tan	SPH Reit	0.975	0	Buy on weakness
04/11/17	OCBC	SPH Reit	0.975	1.08	Buy	DDM
06/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy
07/13/17	OCBC	SPH Reit	0.995	1.08	Buy
07/13/17	Credit Suisse	SPH Reit	0.995	1.01	Neutral
07/13/17	CIMB	SPH Reit	0.995	1.04	Hold	DDM
07/13/17	Lim & Tan	SPH Reit	0.995	0	Hold
07/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy	DCF
10/10/17	OCBC	SPH Reit	1.005	1.08	Buy	DDM
10/10/17	CIMB	SPH Reit	1.005	1.06	Hold	DDM
10/10/17	DBS Vickers	SPH Reit	1.005	1.07	Buy	DCF
12/01/17	Lim & Tan	SPH Reit	1.05	0	Hold
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/08/18	CIMB	SPH Reit	1.07	1.06	Hold	DDM
01/08/18	Lim & Tan	SPH Reit	1.07	0	Hold
01/08/18	OCBC	SPH Reit	1.07	1.08	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF
04/09/18	CIMB	SPH Reit	1	1.06	Hold	DDM
04/09/18	OCBC	SPH Reit	1	1.02	Hold	DDM
04/09/18	DBS Vickers	SPH Reit	1	1.07	Buy	DCF
04/09/18	Lim & Tan	SPH Reit	1	1.06	Hold
04/09/18	Kim Eng	SPH Reit	1	1	Hold	DDM
05/02/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
05/02/18	CIMB	SPH Reit	0.99	1.07	Hold	DDM
05/02/18	OCBC	SPH Reit	0.99	1.02	Hold
06/29/18	DBS Vickers	SPH Reit	0.99	1.07	Buy	DCF
07/06/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
07/11/18	CIMB	SPH Reit	1	1.07	Hold	DDM
07/11/18	OCBC	SPH Reit	1	1.02	Hold
07/11/18	Lim & Tan	SPH Reit	1	0	Hold
07/13/18	Kim Eng	SPH Reit	1	1	Hold	DDM

Stock calls for 6 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/06/18	DMG & Partners	China Aviation Oil	1.54	1.75	Buy	Sum of parts, PER11.4x FY18
08/06/18	DBS Vickers	Chip Eng Seng	0.795	0.75	Fully Valued
08/06/18	DBS Vickers	Cityneon	1.02	1.57	Buy	PER14.4x
08/06/18	phillip	DBS	26.15	33.32	Buy	GGM, PB1.7x
08/06/18	DMG & Partners	Delfi	1.18	1.47	Buy	DCF
08/06/18	UOB Kay Hian	Genting	1.23	1.38	Buy	EV/Ebitda10.5x FY18
08/06/18	OCBC	Genting	1.23	1.39	Buy	FCFE
08/06/18	CIMB	Genting	1.23	1.44	Add	EV/Ebitda15.5x FY19
08/06/18	CIMB	Lippo-Malls Indo	0.315	0.33	Hold	DDM
08/06/18	Macquarie	OCBC	11.35	14.5	Outperform
08/06/18	DBS Vickers	Perennial Reit	0.805	1.05	Buy	RNAV (50% discount)
08/06/18	DBS Vickers	Sembcorp Industries	2.63	3.9	Buy	RNAV (10% discount), PB1x
08/06/18	UOB Kay Hian	Sembcorp Industries	2.63	3.41	Buy
08/06/18	CIMB	Sembcorp Industries	2.63	3.49	Add	Sum of parts
08/06/18	DBS Vickers	Singapore Post	1.25	1.28	Hold	DCF
08/06/18	UOB Kay Hian	Singapore Post	1.25	1.45	Hold	Sum of parts, Buy @ $1.23
08/06/18	OCBC	Singapore Post	1.25	1.5	Buy
08/06/18	OCBC	UOB	26.59	32.09	Buy
08/06/18	CIMB	UOB	26.59	31	Add	GGM, PB1.4x FY18
08/06/18	DBS Vickers	UOB	26.59	31.7	Buy
08/06/18	Kim Eng	UOL	7	8.8	Buy	RNAV (35% discount)
08/06/18	OCBC	UOL	7	8.48	Buy
08/06/18	CIMB	UOL	7	8.45	Add	RNAV (30% discount)
08/06/18	UOB Kay Hian	Venture	16.85	18.2	Hold	PER14x FY18, Buy @ $16
08/06/18	DMG & Partners	Venture	16.85	22.2	Buy	PER15.5x FY18
08/06/18	OCBC	Venture	16.85	23.23	Buy	PER15x
08/06/18	CIMB	Venture	16.85	17.83	Hold	PER12.3x
08/06/18	Lim & Tan	Venture	16.85	0	Buy

The Strait of Malacca and Singapore PSA will have diminishing cargo volumes in the future.

China has begun its cargo shipments through the Arctic to Europe without passing through Singapore port and the Strait of Malacca.

The PSA cargo volume will decline soon in the future.

The US-China trade war has affected Germany.

https://sg.finance.yahoo.com/news/german-factory-orders-down-4-062550340.html

Germany is affected by the US-China trade war.  The rest of Europe will be affected as well because Germany is the strongest economy in EU.

This shows that being part of NATO doesn't immunize EU from the USA unilateral trade tariffs.

Crypto exchange is more risky than the stock exchange.

https://www.cnbc.com/2018/08/03/enormous-losing-bet-by-a-bitcoin-whale-leaves-its-counterparties-to-.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo

In a stock exchange, any stock trader won't impact other stock traders for the loss caused on the exchange.  However, this is not the same for Crypto exchange because Crypto exchange is not regulated with the same standards.

Why must a trader pay for the losses caused by other people on the same exchange?  I definitely do not agree with this policy.  What's your take on this?

Baltic dry index - 1773

Today, Friday, August 03 2018, the Baltic Dry Index climbed by 17 points, reaching 1773 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.

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Related stocks: Sembcorp Marine, Cosco, Pan Ocean.

US rig count - 1044

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. decreased by four this week to 1,044.

At this time a year ago there were 954 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 859 rigs drilled for oil this week and 183 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, Wyoming gained two rigs and Louisiana and Pennsylvania each increased by one. West Virginia lost three rigs, Colorado and New Mexico each decreased by two and Alaska and North Dakota each lost one. Arkansas, California, Kansas, Ohio, Oklahoma, Texas and Utah were unchanged. The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May 2016 at 404.

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Related stocks: Keppel Corp, Sembcorp Marine, Cosco.

China will not cower in the face of higher tariffs.

https://sg.finance.yahoo.com/news/china-threatens-retaliate-tariffs-60-122400705.html

This is something the USA won't understand.  China won't cower in the face of higher tariffs because of historical shame and nationalistic characteristic.

The higher tariffs will only hurt the USA in the end and the US Senate has shown its displeasure.

This is a trade war that the USA cannot win because the USA will blink first, not China.