Stock calls for 25 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/25/18	Deutsche	A-Reit	2.59	2.75	Hold
09/25/18	Deutsche	CapitaCommercial	1.76	1.9	Buy
09/25/18	Deutsche	Capitaland	3.36	4.3	Buy
09/25/18	Deutsche	Capitamall Trust	2.13	2.3	Buy
09/25/18	Deutsche	City Developments	8.88	12.6	Hold
09/25/18	DBS Vickers	Frasers Commercial Trust	1.43	1.65	Buy
09/25/18	CIMB	Keppel Corp	7	8.82	Add
09/25/18	Deutsche	Keppel Corp	7	8.4	Hold
09/25/18	Deutsche	Keppel DC Reit	1.36	1.55	Buy
09/25/18	DBS Vickers	Keppel KBS	0.78	0.95	Buy
09/25/18	Deutsche	Keppel Reit	1.19	1.3	Buy
09/25/18	UOB Kay Hian	M1	1.63	1.88	Buy	DCF
09/25/18	CIMB	M1	1.63	1.5	Hold
09/25/18	Deutsche	Manulife US Reit	0.795	1	Buy
09/25/18	Deutsche	Mapletree Commercial	1.64	1.7	Buy
09/25/18	Deutsche	Mapletree Industrial	1.96	1.75	Sell
09/25/18	Deutsche	Mapletree Logistics	1.26	1.4	Buy
09/25/18	CIMB	OCBC	11.36	14	Add	GGM
09/25/18	Deutsche	OUE	1.54	3	Buy
09/25/18	Deutsche	OUE Hospitality	0.715	0.65	Sell
09/25/18	UOB Kay Hian	Singtel	3.15	3.94	Buy	DCF
09/25/18	UOB Kay Hian	Starhub	1.71	1.92	Buy	DCF
09/25/18	Deutsche	Suntec Reit	1.85	2.1	Buy
09/25/18	Deutsche	UOL	6.95	8.3	Hold
09/25/18	DMG & Partners	Valuetronics	0.685	0.92	Buy	DCF
09/25/18	OCBC	Wheelock Properties	2.1	2.1	Accept Offer	Accept offer if bought under $2.10

US risk-free rate is set to go much higher.

The US 10-year treasury yield has been consistently above 3% recently and is poised to go much higher because the US Fed will increase interest rates in the next Fed meeting.

A higher interest rate is bad for stocks because the future cash flow has to be discounted with a higher risk-free rate and this will make the stock valuation overly high.

China has started the new tariffs against US goods today.

https://sg.finance.yahoo.com/news/china-hikes-tariffs-us-imports-060526902.html

The US will also start its new tariffs against China goods tonight after China starts to impose the new tariffs.

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
12/19/17	DMG & Partners	Dairy Farm	7.94	9.53	Buy
01/04/18	DMG & Partners	Dairy Farm	7.9	9.53	Buy	DCF
02/19/18	DMG & Partners	Dairy Farm	8.38	9.53	Buy	DCF
03/09/18	CIMB	Dairy Farm	8.21	8.4	Hold	PER21x CY19
03/12/18	phillip	Dairy Farm	8.03	9.83	Buy	Sum of parts
03/12/18	Lim & Tan	Dairy Farm	8.03	0	Hold	PER20x & 2.62% yield
03/13/18	DBS Vickers	Dairy Farm	8.09	9.54	Buy	Sum of parts
03/27/18	DMG & Partners	Dairy Farm	9.1	9.16	Buy	DCF
03/28/18	DBS Vickers	Dairy Farm	8	9.77	Buy	Sum of parts
04/16/18	phillip	Dairy Farm	8.27	9.83	Buy
04/16/18	DMG & Partners	Dairy Farm	8.27	9.16	Buy
05/21/18	DMG & Partners	Dairy Farm	8.6	9.66	Buy	DCF
05/31/18	CIMB	Dairy Farm	8.95	9.55	Add
06/05/18	DBS Vickers	Dairy Farm	8.9	9.77	Buy
06/22/18	DMG & Partners	Dairy Farm	8.83	9.66	Buy
07/16/18	phillip	Dairy Farm	9.29	9.83	Buy
07/27/18	DBS Vickers	Dairy Farm	9.23	9.35	Hold	Sum of parts
07/30/18	DMG & Partners	Dairy Farm	9.15	9.6	Neutral	DCF
07/30/18	CIMB	Dairy Farm	9.15	9.55	Hold	PER23.5x CY19
08/30/18	DMG & Partners	Dairy Farm	9.2	9.6	Neutral
09/14/18	CIMB	Dairy Farm	9.1	9.55	Hold

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/17	CIMB	CSE Global	0.485	0.59	Add	PER12x FY18
02/27/17	DBS Vickers	CSE Global	0.485	0.46	Hold	PER9.6x, Ex-Cash
03/13/17	CIMB	CSE Global	0.495	0.59	Add	PER12x FY18
03/13/17	OCBC	CSE Global	0.495	0.44	Hold
05/15/17	CIMB	CSE Global	0.5	0.56	Add	PER12x FY18
06/15/17	OCBC	CSE Global	0.475	0.45	Hold
07/25/17	CIMB	CSE Global	0.43	0.39	Reduce	PER10x FY18
08/14/17	CIMB	CSE Global	0.395	0.32	Reduce	PER10x FY18
11/10/17	CIMB	CSE Global	0.345	0.31	Reduce	PER10x CY19
01/12/18	CIMB	CSE Global	0.37	0.31	Reduce	PER10x CY19
02/26/18	Lim & Tan	CSE Global	0.345	0	Buy
02/27/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
03/08/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
04/17/18	CIMB	CSE Global	0.42	0.44	Hold
04/30/18	Lim & Tan	CSE Global	0.42	0.55	Buy	DCF & DDM & RV
05/02/18	UOB Kay Hian	CSE Global	0.415	0.58	Buy	PER15x FY19
05/10/18	UOB Kay Hian	CSE Global	0.44	0.61	Buy	PER15x FY19
05/14/18	CIMB	CSE Global	0.46	0.5	Add
06/04/18	UOB Kay Hian	CSE Global	0.465	0.61	Buy
07/04/18	UOB Kay Hian	CSE Global	0.425	0.61	Buy
07/18/18	CIMB	CSE Global	0.44	0.5	Add	PER13.5x CY19
08/15/18	CIMB	CSE Global	0.45	0.5	Add	PER13.5x CY19
08/15/18	UOB Kay Hian	CSE Global	0.45	0.58	Buy	PER15x FY19
09/03/18	UOB Kay Hian	CSE Global	0.445	0.58	Buy
09/11/18	UOB Kay Hian	CSE Global	0.435	0.59	Buy	PER15x FY19

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UBS	Cromwell Reit (EUR)	0.555	0.62	Buy
01/02/18	Goldman Sachs	Cromwell Reit (EUR)	0.555	0.58	Neutral	DCF
03/19/18	DBS Vickers	Cromwell Reit (EUR)	0.56	0.63	Buy
04/10/18	DBS Vickers	Cromwell Reit (EUR)	0.59	0.63	Buy	DCF
05/11/18	DBS Vickers	Cromwell Reit (EUR)	0.61	0.66	Buy	DCF
08/14/18	DBS Vickers	Cromwell Reit (EUR)	0.595	0.66	Buy	DCF

Stock calls for 24 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/24/18	OCBC	M1	1.63	1.65	Hold
09/24/18	Kim Eng	M1	1.63	1.63	Hold	DCF
09/24/18	OCBC	Raffles Medical	1.1	1.26	Buy
09/24/18	phillip	Sembcorp Industries	3.03	3.7	Buy
09/24/18	CIMB	Valuetronics	0.68	0.95	Add	PER10x CY19
09/24/18	Kim Eng	Valuetronics	0.68	1.05	Buy	ROE-g/COE-g, PB2.3x FY19
09/24/18	Lim & Tan	Wheelock Properties	2.17	2.1	Accept Offer	For Short-Term Investors

China central bank had reduced offshore CNY supply recently.

The overnight rate for offshore CNY on 20 Sep 2018 was 2.953% but it jumped to 4.562% after China intervened in the money market using its SLF & MLF.

China central bank had created a shortage of CNY offshore and caused the overnight rate to spike tremendously.  This is to prevent the renminbi from depreciating further because investors will find it more expensive to short the CNY.

China has called off the trade talk with the USA.

https://sg.finance.yahoo.com/news/china-said-call-off-high-021200854.html

As predicted, China has called off the trade talk with the USA and we're back to square one.

https://sg-stock.blogspot.com/2018/09/look-like-upcoming-us-china-trade-talk.html

Baltic dry index - 1413

Today, Friday, September 21 2018, the Baltic Dry Index climbed by 17 points, reaching 1413 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: Keppel Corp, Sembcorp Marine & Cosco.

US rig count - 1053

HOUSTON, Sept. 21 (Xinhua) -- The number of active drilling rigs in the United States decreased by two to 1,053 this week, or 118 more than that this time last year, showed weekly data released by Baker Hughes on Friday.

The Houston-based oilfield services company reported that the U.S. state of Texas led the gain with increasing by six rigs, while Oklahoma decreased the most by three.

The number of rigs operating in U.S. oil fields declined by one to a total of 866 rigs this week, and more than half of the oil rigs were located in the Permian Basin region of western Texas and southeastern New Mexico. The number of rigs drilling for gas remained level at 186 this week. The count of miscellaneous rigs decreased by one.

U.S. oil prices gained 0.65 percent Friday ahead of meeting of Joint Ministerial Monitoring Committee (JMMC) with Organization of the Petroleum Exporting Countries (OPEC) and its partners in Algiers scheduled on the coming Sunday.

The West Texas Intermediate (WTI) for November delivery grew 0.46 U.S. dollar to settle at 70.78 dollars a barrel on the New York Mercantile Exchange on Friday. Meanwhile, Brent oil for November delivery inched up 0.13 percent to 78.8 dollars per barrel.

=======================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Creative Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated
05/11/18	Lim & Tan	Creative Tech	5.85	0	Sell

Courts Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/08/17	DBS Vickers	CourtsAsia	0.435	0.51	Buy	PER10x FY17/18
06/30/17	CIMB	CourtsAsia	0.43	0.6	Add	PER10.2x CY18
06/30/17	DBS Vickers	CourtsAsia	0.43	0.5	Buy
08/14/17	DBS Vickers	CourtsAsia	0.425	0.49	Buy	PER10x FY18
11/13/17	DBS Vickers	CourtsAsia	0.345	0.36	Hold	PER10x FY19
06/04/18	Lim & Tan	CourtsAsia	0.215	0	Hold

Cosco - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/17	DBS Vickers	Cosco	0.28	0.27	Hold	PB1.8x FY16
05/08/17	DBS Vickers	Cosco	0.285	0.27	Hold	PB1.2x
07/21/17	DBS Vickers	Cosco	0.31	0.27	Hold
08/08/17	DBS Vickers	Cosco	0.3	0.27	Hold	DCF
11/07/17	DBS Vickers	Cosco	0.355	0.33	Hold	PB1.4x

Stock calls for 21 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/21/18	CIMB	ART	1.09	1.12	Hold
09/21/18	DBS Vickers	ART	1.09	1.25	Buy
09/21/18	UOB Kay Hian	Keppel Corp	6.8	7.37	Hold	Buy @ $6.60
09/21/18	DMG & Partners	Thai Beverage	0.67	0.88	Buy

Hong Kong is going to raise interest rate soon.

https://www.bloombergquint.com/global-economics/2018/09/21/hong-kong-s-dollar-suddenly-strengthens-by-the-most-in-a-year#gs.J3fp_KQ

This is bad news for interest-rate sensitive industries especially for the property industry because HSI is heavily weighted towards the property stocks.

Noble group is sued for fraud!

https://splash247.com/noble-group-sued-for-fraud/

Poor thing! Noble had just successfully restructured its debt and would have to face a lawsuit.

Fraud is a criminal offence and if Noble is found to be guilty, CAD will also take action in Singapore because Noble is listed here.

The USA has shut down a few solar observatory stations!

https://edition.cnn.com/2018/09/15/us/national-solar-observatory-closed-evacuated-trnd/index.html

There is a rumour that some solar observatory stations have captured alien spaceships around the sun.  Therefore, FBI has given the order to shut down those solar observatory stations around the world.

Comfortable - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Comfortdelgro	2.47	2.91	Add	DCF CY17
01/03/17	DMG & Partners	Comfortdelgro	2.47	3.24	Buy	DCF
01/04/17	OCBC	Comfortdelgro	2.5	2.95	Buy	DCF
01/05/17	Credit Suisse	Comfortdelgro	2.51	3.6	Outperform
01/06/17	UBS	Comfortdelgro	2.53	3.43	Buy
01/12/17	DIR	Comfortdelgro	2.53	3.67	Buy	DCF
02/06/17	Credit Suisse	Comfortdelgro	2.37	3.6	Outperform
02/13/17	CIMB	Comfortdelgro	2.51	2.91	Add	DCF
02/13/17	Credit Suisse	Comfortdelgro	2.51	3.35	Outperform
02/13/17	DBS Vickers	Comfortdelgro	2.51	2.94	Buy	DCF & PER
02/13/17	DIR	Comfortdelgro	2.51	3.51	Buy	DCF
02/13/17	DMG & Partners	Comfortdelgro	2.51	3	Buy	DCF
02/13/17	OCBC	Comfortdelgro	2.51	2.95	Buy
02/13/17	phillip	Comfortdelgro	2.51	2.94	Accumulate	DCF, PER19.8x FY17
02/13/17	UOB Kay Hian	Comfortdelgro	2.51	2.47	Hold	PER16.5x, Buy @ $2.20
03/06/17	Credit Suisse	Comfortdelgro	2.51	3.35	Outperform
03/06/17	Nomura	Comfortdelgro	2.51	2.56	Neutral
03/17/17	DBS Vickers	Comfortdelgro	2.53	2.94	Buy
03/27/17	OCBC	Comfortdelgro	2.52	2.95	Buy
03/30/17	UOB Kay Hian	Comfortdelgro	2.6	2.47	Hold	PER16.5x, Buy @ $2.35
04/04/17	OCBC	Comfortdelgro	2.58	2.95	Buy
04/07/17	Credit Suisse	Comfortdelgro	2.63	3.35	Outperform
04/12/17	DIR	Comfortdelgro	2.63	3.51	Buy	DCF
04/19/17	Deutsche	Comfortdelgro	2.66	2.9	Buy
04/20/17	DBS Vickers	Comfortdelgro	2.61	2.94	Buy
04/20/17	OCBC	Comfortdelgro	2.61	2.95	Buy
04/21/17	DIR	Comfortdelgro	2.66	3.54	Buy	DCF
05/12/17	DMG & Partners	Comfortdelgro	2.72	3	Buy	DCF
05/15/17	CIMB	Comfortdelgro	2.69	2.78	Hold	DCF FY17
05/15/17	Credit Suisse	Comfortdelgro	2.69	3.35	Outperform
05/15/17	DBS Vickers	Comfortdelgro	2.69	2.78	Hold	DCF & PER15x FY17/18
05/15/17	DIR	Comfortdelgro	2.69	3.49	Buy	DCF
05/15/17	OCBC	Comfortdelgro	2.69	2.88	Buy
05/15/17	phillip	Comfortdelgro	2.69	3.02	Accumulate	DCF, PER23.4x FY17
06/09/17	Deutsche	Comfortdelgro	2.4	2.9	Buy	DCF
06/09/17	Kim Eng	Comfortdelgro	2.4	2.64	Hold	PER17x FY17
06/27/17	UOB Kay Hian	Comfortdelgro	2.37	2.37	Hold	PER16.7x, Buy @ $2.20
07/04/17	DMG & Partners	Comfortdelgro	2.3	3	Buy
07/04/17	Nomura	Comfortdelgro	2.3	1.98	Reduce
07/13/17	DIR	Comfortdelgro	2.28	3.49	Buy	DCF
08/14/17	phillip	Comfortdelgro	2.31	2.78	Buy	DCF, PER20.6x FY17
08/14/17	DIR	Comfortdelgro	2.31	3.36	Buy	DCF
08/14/17	UOB Kay Hian	Comfortdelgro	2.31	2.37	Hold	PER16.6x, Buy @ $2.20
08/14/17	Credit Suisse	Comfortdelgro	2.31	3.2	Outperform
08/14/17	DMG & Partners	Comfortdelgro	2.31	2.6	Buy	DCF
08/14/17	OCBC	Comfortdelgro	2.31	2.7	Buy
08/14/17	CIMB	Comfortdelgro	2.31	2.46	Hold	DCF
08/14/17	Kim Eng	Comfortdelgro	2.31	2.25	Hold	PER16x FY17
08/15/17	DBS Vickers	Comfortdelgro	2.3	2.33	Hold	DCF, PER13x FY18
08/24/17	UOB Kay Hian	Comfortdelgro	2.36	2.37	Hold	PER16.6x, Buy @ $2.25
09/06/17	DIR	Comfortdelgro	2.21	3.19	Buy	DCF
09/15/17	Nomura	Comfortdelgro	2.18	1.98	Reduce	PER13x FY18
09/19/17	DBS Vickers	Comfortdelgro	2.07	2.33	Hold	DCF, PER13x FY18
09/20/17	DIR	Comfortdelgro	2.01	2.09	Hold	DCF
09/28/17	CIMB	Comfortdelgro	1.985	2.15	Hold	DCF
09/29/17	UOB Kay Hian	Comfortdelgro	2.04	2.34	Buy	PER16.6x
09/29/17	Kim Eng	Comfortdelgro	2.04	2.4	Buy	DCF, PER16.3x FY18
10/04/17	OCBC	Comfortdelgro	2.04	2.12	Hold	Buy @ $1.90
10/25/17	CIMB	Comfortdelgro	2.03	2.15	Hold	DCF
11/13/17	phillip	Comfortdelgro	2	2.69	Buy	DCF
11/13/17	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x FY18
11/13/17	DBS Vickers	Comfortdelgro	2	2.18	Hold	DCF & PER15.3x FY17/18
11/13/17	Kim Eng	Comfortdelgro	2	2.4	Buy	DCF, PER16x FY18
11/13/17	OCBC	Comfortdelgro	2	2.05	Hold	Buy @ $1.90 or below
11/13/17	CIMB	Comfortdelgro	2	2.15	Hold	DCF
11/13/17	Lim & Tan	Comfortdelgro	2	0	Hold
11/13/17	Credit Suisse	Comfortdelgro	2	3.1	Outperform
11/14/17	DMG & Partners	Comfortdelgro	2.1	2	Neutral	DCF, PER14.5x FY18
12/11/17	CIMB	Comfortdelgro	1.91	2.15	Hold
12/11/17	Kim Eng	Comfortdelgro	1.91	2.4	Buy	DCF
12/11/17	phillip	Comfortdelgro	1.91	2.69	Buy	DCF
12/11/17	UOB Kay Hian	Comfortdelgro	1.91	2.25	Buy	PER16.6x
12/11/17	Lim & Tan	Comfortdelgro	1.91	0	Hold
12/12/17	DBS Vickers	Comfortdelgro	2.03	2.18	Hold
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy	DCF
01/18/18	UOB Kay Hian	Comfortdelgro	2.03	2.25	Buy	PER16.6x
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold
02/02/18	OCBC	Comfortdelgro	2.15	2.12	Hold
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy	PER16.6x
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.05	Neutral	DCF
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/29/18	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x
04/06/18	OCBC	Comfortdelgro	2.07	2.25	Buy
05/02/18	Amfrasers	Comfortdelgro	2.25	2.72	Buy	PER19x FY18
05/10/18	phillip	Comfortdelgro	2.34	2.5	Buy
05/14/18	phillip	Comfortdelgro	2.33	2.48	Accumulate	DCF, PER17.8x FY18
05/14/18	UOB Kay Hian	Comfortdelgro	2.33	2.43	Buy	PER16.6x FY19
05/14/18	DBS Vickers	Comfortdelgro	2.33	2.12	Hold
05/14/18	OCBC	Comfortdelgro	2.33	2.5	Buy
05/14/18	CIMB	Comfortdelgro	2.33	2.37	Hold	DCF
05/14/18	DMG & Partners	Comfortdelgro	2.33	2.2	Neutral	DCF
05/15/18	Kim Eng	Comfortdelgro	2.34	2.65	Buy
06/07/18	DBS Vickers	Comfortdelgro	2.47	2.12	Hold
06/08/18	phillip	Comfortdelgro	2.46	2.69	Accumulate
06/08/18	OCBC	Comfortdelgro	2.46	2.5	Hold
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy	DCF & PER18x FY18/19
07/10/18	phillip	Comfortdelgro	2.32	2.69	Accumulate
08/10/18	DBS Vickers	Comfortdelgro	2.37	2.59	Buy
08/13/18	phillip	Comfortdelgro	2.38	2.78	Accumulate	DCF, PER19.7x FY18
08/13/18	UOB Kay Hian	Comfortdelgro	2.38	2.59	Buy	PER16.8x FY19
08/13/18	DMG & Partners	Comfortdelgro	2.38	2.35	Neutral	DCF
08/13/18	OCBC	Comfortdelgro	2.38	2.5	Hold
08/13/18	CIMB	Comfortdelgro	2.38	2.75	Add	DCF, PER18.1x FY19
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
09/04/18	OCBC	Comfortdelgro	2.3	2.5	Hold
09/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy
09/11/18	phillip	Comfortdelgro	2.23	2.78	Accumulate

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	CNMC	0.45	0.65	Buy	DCF & PER14x FY17
02/24/17	phillip	CNMC	0.41	0.68	Buy	FCFE (DDM)
02/27/17	DBS Vickers	CNMC	0.415	0.6	Buy	DCF & PER14x FY17
05/17/17	phillip	CNMC	0.295	0.44	Buy	DCF
05/18/17	DBS Vickers	CNMC	0.32	0.31	Hold	DCF & PER14x FY17
06/28/17	NRA	CNMC	0.26	0.38	Overweight	FCFE
07/26/17	NRA	CNMC	0.295	0.38	Overweight
08/17/17	phillip	CNMC	0.27	0.29	Neutral	DCF
11/14/17	phillip	CNMC	0.28	0.3	Neutral	DCF
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
08/20/18	phillip	CNMC	0.23	0.29	Buy	DCF