Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	UOB Kay Hian	Food Empire	0.565	0.78	Buy	PER19x FY17
03/02/17	UOB Kay Hian	Food Empire	0.57	0.78	Buy	PER19x FY17
04/03/17	UOB Kay Hian	Food Empire	0.58	0.78	Buy
04/11/17	DMG & Partners	Food Empire	0.575	0.76	Buy	PER18x FY17
05/03/17	UOB Kay Hian	Food Empire	0.54	0.78	Buy
05/12/17	DMG & Partners	Food Empire	0.58	0.85	Buy
05/16/17	DMG & Partners	Food Empire	0.655	0.95	Buy	PER18x FY17
05/16/17	UOB Kay Hian	Food Empire	0.655	0.9	Buy	PER19x FY17
08/14/17	UOB Kay Hian	Food Empire	0.67	0.87	Buy	PER19x FY17
08/14/17	DMG & Partners	Food Empire	0.67	0.95	Buy	PER18x FY17
11/10/17	DMG & Partners	Food Empire	0.66	1	Buy	PER18x FY18
12/19/17	DMG & Partners	Food Empire	0.655	1	Buy
01/04/18	DMG & Partners	Food Empire	0.705	1	Buy	PER12x FY18
02/20/18	DMG & Partners	Food Empire	0.67	1	Buy
03/02/18	DMG & Partners	Food Empire	0.7	1.07	Buy	PER18x FY18
05/14/18	DMG & Partners	Food Empire	0.67	1.07	Buy	PER18x FY18
06/22/18	DMG & Partners	Food Empire	0.65	1.07	Buy
08/15/18	DMG & Partners	Food Empire	0.56	0.6	Neutral	PER14x FY18

Stock calls for 3 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/18	UOB Kay Hian	CDL Hospitality	1.61	1.86	Buy
10/03/18	UOB Kay Hian	CSE Global	0.49	0.59	Buy
10/03/18	DMG & Partners	Dairy Farm	9.42	9.6	Buy
10/03/18	DBS Vickers	Hi-P	1	1.3	Buy	PER12x FY19
10/03/18	Macquarie	Keppel Corp	7.04	8.4	Outperform	Sum of parts
10/03/18	UOB Kay Hian	OCBC	11.31	13.68	Buy
10/03/18	UOB Kay Hian	Singtel	3.23	3.94	Buy
10/03/18	Tayrona Financial	TA Corp	0.24	0.35	Overweight
10/03/18	UOB Kay Hian	Valuetronics	0.7	0.96	Buy
10/03/18	OCBC	Wheelock Properties	2.1	2.1	Accept Offer
10/03/18	OCBC	Yangzijiang	1.26	1.32	Hold

IMF will cut global economic growth forecast next week.

https://www.publicfinanceinternational.org/news/2018/10/lagarde-hints-imf-set-cut-global-growth-forecast

This is an important event because the magnitude of the cut will send chills to the backbone of the economic growth engine.

If the forecast is revised down slightly, then it's a non-event but if the cut is more than expected, it will signal that the recession is coming.

A roundup of world economic growth.

https://finance.yahoo.com/news/calls-100-oil-back-apos-130219558.html

The oil prices will continue to race ahead because of sanctions against Iran and Venezuela.

The Europe and Asia including China are slowing down.

The US interest rates will continue to go up.

http://sg-stock.blogspot.com/2018/09/a-roundup-of-us-economic-situation.html

The US-China trade war will intensify no matter what because of Trump's "America First" policy.  Therefore, there will be more tariffs coming in the future to push up inflation around the globe.

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/17	Amfrasers	First Sponsor	1.37	1.62	Not Rated	RNAV (25% discount)
02/09/18	Lim & Tan	First Sponsor	1.41	0	Buy
07/24/18	DBS Vickers	First Sponsor	1.25	1.62	Buy

First Ship Lease Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/17	Amfrasers	First Ship Lease Trust	0.08	0.13	Buy	DCF
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF
01/17/18	Amfrasers	First Ship Lease Trust	0.093	0.15	Buy

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	First Resources	1.9	1.8	Neutral
01/11/17	CIMB	First Resources	1.915	2.32	Add
01/11/17	DBS Vickers	First Resources	1.915	1.9	Hold
01/11/17	Kim Eng	First Resources	1.915	1.97	Hold
01/31/17	UOB Kay Hian	First Resources	1.955	1.98	Buy
02/01/17	Kim Eng	First Resources	1.93	1.97	Hold
02/03/17	UOB Kay Hian	First Resources	1.935	2.15	Buy	PER17x FY17
02/06/17	DMG & Partners	First Resources	1.965	2	Hold	PER19x FY17
02/13/17	DBS Vickers	First Resources	1.97	1.9	Hold
02/17/17	DBS Vickers	First Resources	1.96	2.19	Buy
02/28/17	CIMB	First Resources	1.87	2.32	Add	PER13x FY18
03/01/17	DBS Vickers	First Resources	1.885	2.15	Buy	DCF
03/01/17	Kim Eng	First Resources	1.885	1.97	Hold	PER17x FY17
03/01/17	UOB Kay Hian	First Resources	1.885	2.15	Buy	PER17x FY17
03/09/17	DMG & Partners	First Resources	1.94	1.9	Neutral
04/11/17	DMG & Partners	First Resources	1.915	1.8	Neutral
05/02/17	UOB Kay Hian	First Resources	1.875	2.15	Buy	PER17x FY17
05/12/17	CIMB	First Resources	1.96	2.32	Add	PER13x FY18
05/12/17	Kim Eng	First Resources	1.96	1.97	Hold	PER17x FY17
05/15/17	DMG & Partners	First Resources	1.955	2.05	Neutral	PER17x FY17
05/16/17	DBS Vickers	First Resources	2	2.15	Buy	DCF
06/29/17	UOB Kay Hian	First Resources	1.915	1.95	Hold
07/11/17	DBS Vickers	First Resources	1.89	2.15	Buy
07/20/17	UOB Kay Hian	First Resources	1.885	1.95	Hold	PER16x FY18, Buy @ $1.75
08/14/17	Kim Eng	First Resources	1.84	1.97	Hold	PER17x FY17
08/14/17	DMG & Partners	First Resources	1.84	2.05	Neutral	PER17x FY17
08/15/17	CIMB	First Resources	1.84	2.32	Add	PER13x FY18
08/15/17	DBS Vickers	First Resources	1.84	2.13	Buy	DCF
08/21/17	UOB Kay Hian	First Resources	1.8	1.95	Hold
08/28/17	DIR	First Resources	1.905	2.11	Outperform	PER13x FY17/18
09/11/17	Kim Eng	First Resources	1.88	1.97	Hold
09/13/17	DBS Vickers	First Resources	1.885	2.13	Buy
10/09/17	UOB Kay Hian	First Resources	1.925	1.95	Hold	PER16x FY18, Buy @ $1.75
10/11/17	Kim Eng	First Resources	1.93	2.04	Hold	PER17x FY17
10/11/17	CIMB	First Resources	1.93	2.32	Add
11/02/17	Credit Suisse	First Resources	1.98	2.3	Neutral	PER16x FY18
11/03/17	CIMB	First Resources	1.96	2.32	Add
11/13/17	Kim Eng	First Resources	1.94	2.04	Hold	PER17x FY17
11/13/17	DBS Vickers	First Resources	1.94	2.13	Buy
11/14/17	Kim Eng	First Resources	1.95	2.04	Hold	PER17x FY17
11/14/17	DMG & Partners	First Resources	1.95	2.13	Neutral	PER13x FY18
11/14/17	CIMB	First Resources	1.95	2.13	Add	PER13x FY19
11/15/17	DBS Vickers	First Resources	1.93	2.18	Buy	DCF, PER14.5x FY18
11/15/17	UOB Kay Hian	First Resources	1.93	1.95	Hold	PER16x FY18, Buy @ $1.75
11/15/17	Credit Suisse	First Resources	1.93	2.3	Neutral
12/04/17	CIMB	First Resources	1.88	2.13	Add
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18
01/04/18	CIMB	First Resources	1.88	2.13	Add
01/15/18	DBS Vickers	First Resources	1.87	2.18	Buy
02/08/18	UOB Kay Hian	First Resources	1.84	1.95	Hold	PER16x FY18x, Buy @ $1.75
02/13/18	Kim Eng	First Resources	1.75	2.04	Hold
02/27/18	Kim Eng	First Resources	1.76	2.2	Buy	PER17x FY18
02/27/18	DMG & Partners	First Resources	1.76	1.75	Neutral	PER12x FY18
02/28/18	DBS Vickers	First Resources	1.79	2.18	Buy	DCF, PER15.8x FY18
02/28/18	CIMB	First Resources	1.79	2.03	Add	PER15x CY19
02/28/18	Credit Suisse	First Resources	1.79	2.3	Neutral
03/05/18	Kim Eng	First Resources	1.76	2.2	Buy
03/07/18	UOB Kay Hian	First Resources	1.76	1.95	Hold	PER16x FY18
03/14/18	DBS Vickers	First Resources	1.75	2.18	Buy
04/03/18	DBS Vickers	First Resources	1.68	2.18	Buy
05/07/18	UOB Kay Hian	First Resources	1.69	1.6	Hold	PER13x FY18, Buy @ $1.40
05/15/18	CIMB	First Resources	1.61	2.03	Add	PER15x CY19
05/15/18	DMG & Partners	First Resources	1.61	1.75	Neutral	PER12x FY18
05/16/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER12x FY18
05/16/18	DBS Vickers	First Resources	1.56	2.18	Buy
06/21/18	UOB Kay Hian	First Resources	1.55	1.6	Hold
07/03/18	DBS Vickers	First Resources	1.55	2	Buy	DCF
07/11/18	Kim Eng	First Resources	1.55	2	Buy
08/02/18	UOB Kay Hian	First Resources	1.62	1.6	Hold	PER13x FY18, Buy @ $1.40
08/14/18	Kim Eng	First Resources	1.56	2	Buy
08/14/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER11x FY19
08/14/18	CIMB	First Resources	1.56	2.03	Add	PER15x CY19
08/16/18	DBS Vickers	First Resources	1.59	2	Buy	DCF
09/13/18	Kim Eng	First Resources	1.67	2	Buy
09/13/18	DBS Vickers	First Resources	1.67	2	Buy

Stock calls for 2 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/18	Lim & Tan	A-Reit	2.63	0	Hold
10/02/18	DBS Vickers	CapitaCommercial	1.78	2.12	Buy
10/02/18	DMG & Partners	Capitaland	3.36	4	Neutral
10/02/18	CIMB	City Developments	9.05	10.89	Add
10/02/18	phillip	DBS	25.97	33.32	Buy
10/02/18	CIMB	Ho Bee	2.59	3	Add
10/02/18	Amfrasers	Keppel Corp	7.04	9.43	Buy	Sum of parts
10/02/18	DBS Vickers	Netlink	0.785	0.87	Buy
10/02/18	phillip	OCBC	11.45	14.9	Buy
10/02/18	DBS Vickers	Sembcorp Industries	3.07	3.9	Buy	Sum of parts (10% discount), PER19.2x FY18, PB1x FY18
10/02/18	CIMB	Sembcorp Industries	3.07	3.49	Add	Sum of parts
10/02/18	Amfrasers	Sheng Siong	1.13	1.24	Buy	DCF, PER25.1x FY18
10/02/18	NRA	TA Corp	0.24	0.35	Overweight	RNAV (33% discount)
10/02/18	Amfrasers	Thai Beverage	0.665	0.75	Buy	Sum of parts
10/02/18	phillip	UOB	27.05	33.69	Buy
10/02/18	CIMB	UOL	6.88	8.45	Add
10/02/18	UOB Kay Hian	Venture	18.52	18.2	Hold	PER14x FY18, Buy @ $16

AFP news media released very contradictory news about the South China Sea incident.

https://www.channelnewsasia.com/news/asia/us-warship-sails-near-south-china-sea-area-claimed-by-beijing-10774406

Quote:

There was no immediate reaction from China, but a similar US operation in July, involving the disputed Paracel islands, prompted a furious Beijing to deploy military vessels and fighter jets.

End Quote.

Then, AFP released another update on its previous news.

https://www.channelnewsasia.com/news/asia/chinese-destroyer-sailed-extremely-close-to-us-warship-us-10779226

AFP stated that there was no immediate reaction from China but the truth was that China sent its destroyer to the region to chase US warship out of the region.

This showed that AFP didn't verify the news from the China side and took the US gospel truth as the veracity of the incident.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/17	CIMB	First Reit	1.305	1.26	Hold
01/19/17	OCBC	First Reit	1.305	1.32	Hold
01/19/17	phillip	First Reit	1.305	1.32	Accumulate	DDM
03/16/17	OCBC	First Reit	1.285	1.32	Hold
04/18/17	CIMB	First Reit	1.345	1.36	Hold	DDM
04/18/17	OCBC	First Reit	1.345	1.32	Hold	Buy @ $1.25 or lower
04/18/17	phillip	First Reit	1.345	1.32	Hold	DDM
05/25/17	OCBC	First Reit	1.31	1.32	Hold
07/18/17	OCBC	First Reit	1.335	1.32	Hold
07/18/17	Lim & Tan	First Reit	1.335	0	Hold
07/19/17	phillip	First Reit	1.34	1.32	Neutral	DDM, PB1.22x FY17
07/19/17	CIMB	First Reit	1.34	1.36	Hold	DDM
08/17/17	OCBC	First Reit	1.33	1.38	Hold
10/03/17	OCBC	First Reit	1.335	1.38	Hold
10/05/17	Amfrasers	First Reit	1.36	1.38	Not Rated	DCF
10/20/17	phillip	First Reit	1.37	1.32	Neutral	DDM
10/24/17	OCBC	First Reit	1.38	1.44	Buy
10/25/17	CIMB	First Reit	1.38	1.39	Hold	DDM
12/11/17	OCBC	First Reit	1.39	1.44	Buy
01/18/18	Lim & Tan	First Reit	1.4	0	Hold
01/19/18	CIMB	First Reit	1.41	1.44	Hold	DDM
01/19/18	OCBC	First Reit	1.41	1.48	Buy
01/23/18	phillip	First Reit	1.42	1.32	Neutral	DDM
04/18/18	CIMB	First Reit	1.37	1.44	Hold	DDM
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
05/25/18	OCBC	First Reit	1.35	1.48	Buy
07/19/18	phillip	First Reit	1.32	1.31	Neutral	DDM, PB1.21x
07/19/18	OCBC	First Reit	1.32	1.34	Hold
07/19/18	CIMB	First Reit	1.32	1.41	Hold	DDM
09/19/18	phillip	First Reit	1.24	1.31	Neutral	DDM, PB1.12x FY18

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Far East Hospitality	0.6	0.62	Hold	DCF
02/23/17	CIMB	Far East Hospitality	0.595	0.57	Hold	DDM
02/23/17	OCBC	Far East Hospitality	0.595	0.6	Hold
02/24/17	DBS Vickers	Far East Hospitality	0.6	0.63	Hold	DCF
05/15/17	DBS Vickers	Far East Hospitality	0.6	0.66	Buy	DCF
05/15/17	OCBC	Far East Hospitality	0.6	0.6	Hold
06/15/17	CIMB	Far East Hospitality	0.65	0.63	Hold	DDM
06/16/17	DBS Vickers	Far East Hospitality	0.65	0.66	Buy
08/04/17	OCBC	Far East Hospitality	0.67	0.6	Hold
08/07/17	OCBC	Far East Hospitality	0.67	0.66	Hold
08/07/17	CIMB	Far East Hospitality	0.67	0.66	Hold	DDM
08/08/17	DBS Vickers	Far East Hospitality	0.67	0.7	Buy	DCF
09/04/17	CIMB	Far East Hospitality	0.66	0.66	Hold
11/03/17	OCBC	Far East Hospitality	0.715	0.65	Hold
11/03/17	CIMB	Far East Hospitality	0.715	0.69	Hold	DDM
11/03/17	DBS Vickers	Far East Hospitality	0.715	0.76	Buy	DCF
12/14/17	CIMB	Far East Hospitality	0.71	0.69	Hold	DDM
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/15/18	CIMB	Far East Hospitality	0.72	0.82	Add	DDM
02/19/18	OCBC	Far East Hospitality	0.715	0.75	Buy
03/09/18	OCBC	Far East Hospitality	0.72	0.75	Buy
04/10/18	CIMB	Far East Hospitality	0.68	0.79	Add	DDM
04/17/18	DBS Vickers	Far East Hospitality	0.68	0.76	Buy	DCF
04/27/18	OCBC	Far East Hospitality	0.675	0.735	Buy
06/08/18	CIMB	Far East Hospitality	0.66	0.79	Add
06/18/18	OCBC	Far East Hospitality	0.67	0.735	Buy
07/06/18	DBS Vickers	Far East Hospitality	0.625	0.76	Buy
07/10/18	OCBC	Far East Hospitality	0.62	0.735	Buy
07/30/18	OCBC	Far East Hospitality	0.68	0.675	Hold
08/01/18	CIMB	Far East Hospitality	0.69	0.79	Add	DDM
08/01/18	OCBC	Far East Hospitality	0.69	0.69	Hold
08/01/18	Lim & Tan	Far East Hospitality	0.69	0	Hold
08/01/18	DBS Vickers	Far East Hospitality	0.69	0.74	Buy	DCF
08/13/18	OCBC	Far East Hospitality	0.62	0.69	Buy
09/17/18	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	DBS Vickers	F & N	2.11	2.37	Hold	Sum of parts
02/10/17	phillip	F & N	2.12	1.8	Reduce	EV/Ebitda15x
03/24/17	DMG & Partners	F & N	2.22	2.76	Not Rated	Sum of parts
04/17/17	phillip	F & N	2.35	1.8	Reduce
05/09/17	DBS Vickers	F & N	2.4	2.37	Hold	Sum of parts
05/11/17	phillip	F & N	2.38	2.31	Neutral	Sum of parts
06/29/17	DBS Vickers	F & N	2.34	2.57	Hold	Sum of parts
08/10/17	DBS Vickers	F & N	2.44	2.57	Hold	Sum of parts, PER24.4x FY18
08/10/17	phillip	F & N	2.44	2.52	Neutral	Sum of parts
11/13/17	phillip	F & N	2.6	2.83	Accumulate	Sum of parts, PER27.1x FY18
12/04/17	phillip	F & N	2.58	2.83	Accumulate
02/13/18	phillip	F & N	2.39	2.83	Accumulate	Sum of parts, PER27.1x FY18
03/19/18	phillip	F & N	2.25	2.83	Buy
04/16/18	phillip	F & N	2.12	2.83	Buy
05/10/18	phillip	F & N	2.08	2.75	Buy	Sum of parts

Stock calls for 1 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/01/18	Kim Eng	A-Reit	2.64	3.05	Buy	DDM
10/01/18	OCBC	A-Reit	2.64	2.71	Hold
10/01/18	CIMB	Capitamall Trust	2.22	2.21	Hold
10/01/18	OCBC	Capitamall Trust	2.22	2.1	Hold
10/01/18	DBS Vickers	Mapletree Commercial	1.61	1.8	Buy	DCF
10/01/18	DBS Vickers	Mapletree North Asia	1.14	1.45	Buy	DCF
10/01/18	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	DCF
10/01/18	DBS Vickers	Mapletree Logistics	1.23	1.5	Buy
10/01/18	UOB Kay Hian	ST Engineering	3.56	4.06	Buy	EV/Invested capital & PER20.9x FY18
10/01/18	UOB Kay Hian	Starhub	1.87	2.1	Buy	DCF
10/01/18	DMG & Partners	UOB	27.08	33.3	Buy	GGM, PB1.45x FY19

JP Morgan sees an all out trade war between the US & China.

https://www.theedgesingapore.com/jpmorgan-sees-all-out-us-china-tariffs-lowers-yuan-call

We also share the same view as JP Morgan.

Why?

If Trump loses the November mid-term election, he will continue to impose more tariffs against China because he knows that he will only be a one-term president and cannot continue to do so beyond 2020.  Therefore, he will have no qualms to harden his anti-China stance.

If Trump wins the November mid-term election, he has proven that his actions are right and will continue to impose more tariffs against China because he has the Congress support.

Either way, he will just continue to force China to submit to the US no matter what.

New Apple Iphone has cell and wifi signal problems!

https://www.businessinsider.sg/iphone-xs-max-bad-cell-wifi-signal-strength-reports-2018-9/?r=US&IR=T

Apple customers will have to wait for the next patch to fix these signal problems. Hahaha!

Apple customers are paying high prices for low-quality phones.  Have fun dealing with the problems!

A roundup of US economic situation.

The US FED had just increased its interest rate and would continue to hike another time in Dec 2018.  There will also be 3 interest rate increases in 2019 and 1 in 2020 as indicated by the dot plot chart.  However, the inflation data is still benign insofar.

Something must be wrong somewhere because the US FED is upping the interest rates without any telltale sign of inflation.  Actually, the US FED has noticed that the US economy is starting to overheat.  Where are the telltale signs?

The US trade deficit has been increasing tremendously despite the import tariffs.  This means the US imports are more than exports.  In other words, the US consumers are willing to spend because of the good economic growth that they're enjoying now.

https://www.cnbc.com/2018/09/05/us-trade-deficit-jumps-by-the-most-in-3-years.html

Next, the US FED has also taken cognizant of the money liquidity issues in the financial system.  In a nutshell, the economy is flushed with excess money and the money will be going after higher yield locally or overseas.  However, the US FED doesn't want this excess money to leave the country.  Thus, it has to increase the interest rate to retain the money in the US banking system.

The EFFR which is the interest rate that banks charge each other for the overnight loans to meet their reserve requirements has been trending higher over the years.

https://en.wikipedia.org/wiki/Federal_funds_rate

https://apps.newyorkfed.org/markets/autorates/fed%20funds

The IORR and IOER have also trended higher over the years.  These 2 interest rates are at 2.2% now (2018) compared to 0.5% in 2016.

https://www.federalreserve.gov/monetarypolicy/reqresbalances.htm

This excess of money in the economy is created by all the quantitative easing measures taken by the FED over the years and will create an overheating economy in the end.

Therefore, the US FED has to increase the interest rate and also perform QE tapering even though the inflation is benign at this moment.

Baltic dry index - 1540

Today, Friday, September 28 2018, the Baltic Dry Index climbed by 16 points, reaching 1540 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 - 1054

The US drilling rig count is up a single unit to 1,054 rigs working for the week ended Sept. 28, according to Baker Hughes data. The count is up 114 units from the 940 rigs working this time a year ago.

The single additional rig moved the total number of land rigs to 1,029 drilling for the week. Offshore units and those drilling in inland waters remained unchanged with 20 and 5 units working, respectively.

US oil-directed rigs were down 3 units from last week to 863 units working, and up from the 750 rigs drilling for oil this week a year ago. Gas-directed rigs were up 3 units at 189—the same number as were drilling a year ago.

Among the major oil and gas-producing states, Oklahoma saw the largest increase for the week with a 5-rig gain for a total of 141 rigs working.

Four states saw a single unit increase: Louisiana, 62; Colorado, 33; Utah, 6; and Alaska, 6.

Four states were unchanged this week: North Dakota, 53; Pennsylvania, 44; Ohio, 18; and West Virginia, 13.

Texas, New Mexico, and California each dropped 2 units to reach respective counts of 529, 97, and 13.

Wyoming dropped 1 unit to reach 29 rigs working for the week.

Canada saw another sizeable loss, dropping 19 rigs for the week. With 178 rigs running, the count falls below the 213 units drilling this week a year ago. Canada dropped 13 oil-directed rigs to reach 122 units for the week and lost 6 gas-directed rigs to reach 56 units.

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Related stocks: Keppel Corp, Sembcorp Marine, Cosco.

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	Ezion	0.415	0.56	Buy
01/13/17	OCBC	Ezion	0.415	0.54	Buy	PB0.55x
02/20/17	CIMB	Ezion	0.38	0.44	Add	PB0.45x FY17
02/20/17	Lim & Tan	Ezion	0.38	0	Reduce
02/20/17	OCBC	Ezion	0.38	0.54	Buy	PB0.55x FY17
02/20/17	UOB Kay Hian	Ezion	0.38	0.39	Hold
02/24/17	CIMB	Ezion	0.395	0.45	Add	PB0.5x FY17
02/24/17	DBS Vickers	Ezion	0.395	0.62	Buy	PB0.7x FY17
02/24/17	UOB Kay Hian	Ezion	0.395	0.45	Buy	PB0.65x FY17
02/27/17	phillip	Ezion	0.395	0.45	Accumulate	DCF
03/08/17	Lim & Tan	Ezion	0.37	0	Hold
03/17/17	CIMB	Ezion	0.35	0.45	Add	PB0.5x FY17
03/17/17	DIR	Ezion	0.35	0.31	Underperform	Sum of parts
04/10/17	DBS Vickers	Ezion	0.365	0.62	Buy
05/12/17	OCBC	Ezion	0.31	0.54	Buy
05/15/17	Amfrasers	Ezion	0.31	0.25	Sell	PB0.3x FY17
05/15/17	CIMB	Ezion	0.31	0.26	Reduce	PB0.3x FY17
05/15/17	DIR	Ezion	0.31	0.29	Underperform	Sum of parts
05/15/17	phillip	Ezion	0.31	0.4	Buy	DCF
05/15/17	UOB Kay Hian	Ezion	0.31	0.33	Hold	PB0.5x FY17, Buy @ $0.28
05/16/17	DBS Vickers	Ezion	0.295	0.62	Buy	PB0.7x FY17
05/23/17	OCBC	Ezion	0.295	0.32	Hold
06/14/17	UOB Kay Hian	Ezion	0.25	0.33	Hold
08/15/17	CIMB	Ezion	0.2	0.13	Reduce	PB0.15x
08/15/17	DBS Vickers	Ezion	0.2	0.13	Fully Valued	PB0.15x
08/16/17	phillip	Ezion	0.197	0	Suspended
11/10/17	DBS Vickers	Ezion	0.197	0.13	Fully Valued	PB0.15x FY17
01/12/18	CIMB	Ezion	0.197	0.13	Reduce	PB0.15x CY17
04/04/18	DBS Vickers	Ezion	0.197	0.13	Fully Valued
04/10/18	DBS Vickers	Ezion	0.197	0.29	Buy	PB1.4x FY18
04/17/18	UOB Kay Hian	Ezion	0.197	0.18	Hold	PB1x FY19, Buy @ $0.151
04/25/18	Amfrasers	Ezion	0.158	0.1	Sell	RNAV
05/15/18	DBS Vickers	Ezion	0.115	0.29	Buy	PB1.4x FY18
06/07/18	DBS Vickers	Ezion	0.105	0.29	Buy
06/25/18	UOB Kay Hian	Ezion	0.09	0.12	Hold