Stock calls for 25 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/25/18	UOB Kay Hian	A-Reit	2.56	3.01	Buy
10/25/18	UOB Kay Hian	ART	1.07	1.18	Hold
10/25/18	DBS Vickers	Ascendas India Trust	1.06	1.25	Buy
10/25/18	UOB Kay Hian	CapitaCommercial	1.73	1.99	Buy
10/25/18	UOB Kay Hian	Capitamall Trust	2.14	2.02	Hold
10/25/18	OCBC	Frasers Centrepoint Trust	2.23	2.5	Buy
10/25/18	UOB Kay Hian	Frasers Centrepoint Trust	2.23	2.32	Buy	DDM
10/25/18	DBS Vickers	Frasers Centrepoint Trust	2.23	2.35	Buy
10/25/18	CIMB	Frasers Centrepoint Trust	2.23	2.4	Add	DDM
10/25/18	Lim & Tan	Frasers Centrepoint Trust	2.23	0	Hold
10/25/18	UOB Kay Hian	Frasers Hospitality Trust	0.7	0.82	Buy
10/25/18	UOB Kay Hian	Frasers Logistics	1.03	1.16	Buy
10/25/18	UOB Kay Hian	Genting	0.91	1.38	Buy	EV/Ebitda10.5x FY18
10/25/18	DBS Vickers	Japfa	0.63	0.86	Buy	Sum of parts (10% discount), PER12.2x FY19
10/25/18	UOB Kay Hian	M1	2.1	2.06	Accept Offer	Offer $2.06, PER13.2x, EV/Ebidta7.2x FY18
10/25/18	OCBC	M1	2.1	2.06	Hold	Offer $2.06
10/25/18	UOB Kay Hian	Manulife US Reit	0.775	1.06	Buy
10/25/18	Phillip	Mapletree Industrial	1.95	1.99	Neutral	DDM, PB1.34x FY19
10/25/18	UOB Kay Hian	Mapletree Industrial	1.95	1.94	Hold	DDM
10/25/18	CIMB	Mapletree Industrial	1.95	2.08	Add	DDM
10/25/18	UOB Kay Hian	Parkway Life	2.67	3.15	Buy
10/25/18	CIMB	Suntec Reit	1.81	2.06	Add	DDM
10/25/18	UOB Kay Hian	Suntec Reit	1.81	2.01	Hold
10/25/18	DBS Vickers	Suntec Reit	1.81	2.3	Buy
10/25/18	OCBC	Suntec Reit	1.81	1.83	Hold

Something is wrong with the US economy.

https://www.zacks.com/stock/news/328942/verizon-aims-to-lower-costs-through-employee-retrenchment

If the US economy is doing as well as the statistics are showing, Verizon won't be retrenching so many employees (44,000).

When a US telecom company needs to retrench 44,000 employees, it is showing that the US economic growth won't be good in the future because the US telecom company cannot earn enough to support the massive employees.

The USA is good at spinning stories.

https://finance.yahoo.com/news/chinese-spies-reportedly-listening-trump-230100646.html

The USA tapped on other leaders but it insisted that China tapped on its president.

https://www.theguardian.com/us-news/2015/jul/08/nsa-tapped-german-chancellery-decades-wikileaks-claims-merkel

What a joke!

The global semiconductor slowdown is permanent because of the USA's anti-china policies.

https://sg.finance.yahoo.com/news/stmicro-upholds-bullish-2018-growth-target-strong-automotive-064828277--finance.html

This global semiconductor slowdown is permanent as China switches to home-made chips.  This switch is caused by US refusal to sell chips to ZTE.

This slowdown for foreign semiconductor manufacturer will be permanent as China ramps up its home-made chips for its own devices.  Thereafter, China will export China chips to the world at cheaper prices.

A good example will be Huawei Kirin chips.  Huawei has learnt from the ZTE lesson and ramped up its own development of Kirin chips.  The Kirin 980 is the latest AI chips and will be production ready soon.  Huawei will start to export its Kirin chips after it can satisfy its own demands.

Other China titans like Xiaomi, Oppo, Lenovo, etc will also try to develop or ramp up their own chips so that they won't encounter the ZTE situation ever again.  In short, the US has propelled China to develop its own semiconductor industry.

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	UOB Kay Hian	Jumbo	0.725	0.65	Hold	DCF
02/15/17	DBS Vickers	Jumbo	0.715	0.72	Hold	PER23x FY17
02/15/17	Kim Eng	Jumbo	0.715	0.75	Hold	DCF
03/27/17	Lim & Tan	Jumbo	0.705	0	Hold
03/28/17	UOB Kay Hian	Jumbo	0.695	0.67	Hold	DCF, Buy @ $0.61
05/16/17	DBS Vickers	Jumbo	0.655	0.72	Hold	PER23x FY17/18
05/16/17	Kim Eng	Jumbo	0.655	0.66	Hold	DCF
05/16/17	UOB Kay Hian	Jumbo	0.655	0.64	Hold	DCF, Buy @ $0.58
08/10/17	DBS Vickers	Jumbo	0.59	0.67	Hold	PER23x FY18
08/11/17	UOB Kay Hian	Jumbo	0.56	0.6	Hold	DCF, Buy @ $0.54
11/27/17	DBS Vickers	Jumbo	0.58	0.61	Hold	PER23x FY18
11/27/17	Lim & Tan	Jumbo	0.58	0	Neutral
11/28/17	UOB Kay Hian	Jumbo	0.565	0.6	Hold	DCF, Buy @ $0.54
12/13/17	DBS Vickers	Jumbo	0.585	0.7	Buy	DCF
12/13/17	Kim Eng	Jumbo	0.585	0.7	Buy	DCF
01/04/18	Kim Eng	Jumbo	0.59	0.7	Buy	DCF, PER26x FY18
02/15/18	Kim Eng	Jumbo	0.57	0.7	Buy	DCF, PER26x FY18
02/15/18	DBS Vickers	Jumbo	0.57	0.58	Hold	PER23x FY18
02/19/18	UOB Kay Hian	Jumbo	0.575	0.59	Hold	DCF, Buy @ $0.53
03/12/18	Kim Eng	Jumbo	0.55	0.7	Buy	DCF
05/15/18	DBS Vickers	Jumbo	0.56	0.58	Hold	PER23x FY18/19
05/16/18	UOB Kay Hian	Jumbo	0.54	0.53	Hold	DCF, Buy @ $0.48
06/25/18	CIMB	Jumbo	0.5	0.62	Add	PER23x CY19
06/27/18	UOB Kay Hian	Jumbo	0.52	0.53	Hold	DCF, Buy @ $0.48
08/14/18	UOB Kay Hian	Jumbo	0.53	0.49	Hold	DCF, Buy @ $0.44
08/14/18	DBS Vickers	Jumbo	0.53	0.57	Hold	PER23x FY19
08/15/18	CIMB	Jumbo	0.515	0.62	Add	PER23x CY19
10/05/18	CIMB	Jumbo	0.46	0.58	Add	PER21x FY20

Jubilee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/04/17	NRA	Jubilee	0.043	0.07	Overweight
10/13/17	NRA	Jubilee	0.048	0.067	Overweight
03/12/18	CIMB	Jubilee	0.037	0.051	Add	Sum of parts
06/01/18	CIMB	Jubilee	0.039	0.051	Add	Sum of parts

Jiutian - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/18	Amfrasers	Jiutian	0.064	0.11	Not Rated	PER10x FY18

Stock calls for 24 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/24/18	OCBC	Hutchison Port	0.245	0.36	Buy
10/24/18	OCBC	Mapletree Industrial	1.95	2.01	Buy	DDM
10/24/18	Lim & Tan	Mapletree Industrial	1.95	0	Hold
10/24/18	CIMB	Mapletree Logistics	1.23	1.39	Add	DDM
10/24/18	Kim Eng	Mapletree Logistics	1.23	1.3	Hold	DDM
10/24/18	UOB Kay Hian	Mapletree Logistics	1.23	1.36	Hold	DDM, Buy @ $1.15
10/24/18	Macquarie	SGX	7.05	7.7	Neutral
10/24/18	DBS Vickers	Singtel	3.13	3.64	Buy	Sum of parts
10/24/18	OCBC	Suntec Reit	1.81	1.84	Hold

Xi and Trump may not meet in G20.

https://www.scmp.com/news/china/military/article/2169728/two-us-navy-ships-sail-through-taiwan-strait-move-likely-anger

There is a high chance that Xi will reject to meet Trump in the G20 next month if Trump continues to antagonize China.

Stocks will fall again in November when the 2 leaders don't meet in G20 because the trade war will escalate further.

Temasek retail bonds oversubscribed by 8x.

https://www.channelnewsasia.com/news/singapore/temasek-retail-bonds-oversubscribed-interest-rate-guaranteed-10856234

Did Temasek's retail bond subscription perform well?

Well, the subscription rate of 8x is considered to be just alright but not spectacular.

Why? This is because a government conglomerate like Temasek should do better as it has a better background and AAA credit rating.

Xiaomi IPO was oversubscribed by 9.5x which did better than Temasek's despite having a lower credit rating.

https://www.ft.com/content/c28dc7f6-80b3-11e8-bc55-50daf11b720d

Jardine Strategic - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine Strategic	36.65	42.67	Not Rated

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine Matheson	63.2	65.72	Not Rated

Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine C&C	30.77	44.13	Not Rated

Stock calls for 23 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/18	DMG & Partners	Best World	1.49	1.97	Buy	PER13x FY19
10/23/18	CIMB	Dairy Farm	8.95	9.55	Hold
10/23/18	Lim & Tan	Mapletree Logistics	1.23	0	Hold
10/23/18	CIMB	Sheng Siong	1.05	1.26	Add

The US disgraced Taiwan and Taiwan welcomed it.

https://www.channelnewsasia.com/news/world/us-warships-sail-through-taiwan-strait-10854036

I didn't know that the Taiwan Strait in Taiwan's territory was an international sea area whereby vessels were free to navigate without permission.

The US vessels sailed through the Taiwan Strait in Taiwan's territory while China naval vessels followed the US in China's territory.  What the US did was telling the world that Taiwan's territory was an international water in which any vessel could perform freedom of navigation without permission.

I couldn't believe that Taiwan would welcome the US's FON in its territory.  What a joke!

OMG! Temasek invests in a high risk business again!

https://sg.finance.yahoo.com/news/temasek-backed-vertex-invests-cryptocurrency-041123231.html

Cryptocurrency is a high-risk investment and it is still evolving.  Therefore, it is unwise for Temasek to invest in a high-risk business using our government coffer.

Any serious financial institution won't use a public blockchain because confidential information shouldn't be accessed by other public nodes.  This is the reason the world bank issued its bond based on its own private blockchain as this couldn't connect with any public blockchain.  What does this mean? This means there won't be a massive adoption of the public blockchain by serious financial institutions.

Sigh! Temasek is going to lose our money again!

Microplastics found in a human for the first time!

https://sg.news.yahoo.com/microplastic-found-humans-first-time-220000093.html

This is really bad.  We're killing ourselves by ingesting plastics in our food chains.

We've reported about microplastics last year.

http://sg-stock.blogspot.com/2017/12/seafood-health-alerts-in-norway-chile.html

USD has a supply shortage now.

How did we know about the USD supply shortage?

Well, we just need to look at the USD Libor.  USD Libor is at an all time 5-year high now according to the chart above.

USD Libor is the bank rate that the banks in London set for lending USD among themselves and this rate has been trending much higher in 2018 which denotes that there is a supply shortage.  Therefore, this means that USD will continue to appreciate due to the higher rates and supply shortage because of QE tapering.

US housing downturn is brewing again!

The US 30-year mortgage rate is fast approaching 5% and it won't stop rising.

The US home sales have been trending down because of rising interest rates in 2018.

This property downturn doesn't bode well for the USA because it will affect the main street and the wall street.  Property stocks and mortgage-backed securities (MBS) will be badly affected and we'll have a US financial crisis again.

Fake Singapore dollar alert!

There are fake Singapore dollars appearing in Hougang area.  Please be careful!

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/17	CIMB	Japfa	0.92	1.53	Add	Sum of parts, PER11.6x CY17
02/10/17	DBS Vickers	Japfa	1.02	1.26	Buy
03/03/17	CIMB	Japfa	0.9	1.41	Add	Sum of parts
03/06/17	DBS Vickers	Japfa	0.89	1.25	Buy	Sum of parts, PER10.1x FY17
04/10/17	DBS Vickers	Japfa	0.835	1.25	Buy
04/17/17	CIMB	Japfa	0.805	0.69	Reduce	Sum of parts
04/24/17	DBS Vickers	Japfa	0.63	1	Buy	Sum of parts, EV/Ebitda6.5x FY17, PER10.5x FY17
05/02/17	CIMB	Japfa	0.605	0.58	Reduce	Sum of parts, PER8.2x CY17, PER7.2x CY18
05/02/17	DBS Vickers	Japfa	0.605	0.84	Buy	Sum of parts, PER10.7x FY17
07/05/17	DBS Vickers	Japfa	0.65	0.88	Buy	Sum of parts
07/31/17	CIMB	Japfa	0.595	0.55	Reduce	Sum of parts
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
08/01/18	Kim Eng	Japfa	0.745	0.86	Buy	Sum of parts
09/11/18	CIMB	Japfa	0.595	0.8	Add	Sum of parts
10/17/18	UOB Kay Hian	Japfa	0.61	0.9	Buy	Sum of parts, PER12.2x FY18

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/17/17	Amfrasers	Japan Foods	0.445	0.56	Buy	DCF, PER18x FY18
05/29/17	Amfrasers	Japan Foods	0.48	0.54	Buy	DCF, PER18.7x FY18
08/04/17	Amfrasers	Japan Foods	0.43	0.53	Buy	DCF
11/15/17	Amfrasers	Japan Foods	0.43	0.53	Buy	DCF
02/14/18	Amfrasers	Japan Foods	0.46	0.54	Buy	DCF
05/07/18	DMG & Partners	Japan Foods	0.505	0.63	Buy	DCF, PER19x FY19
05/22/18	Amfrasers	Japan Foods	0.485	0.64	Buy	DCF
06/22/18	DMG & Partners	Japan Foods	0.5	0.63	Buy
08/08/18	DMG & Partners	Japan Foods	0.49	0.58	Buy	Sum of parts, PER16.6x FY19
08/21/18	Amfrasers	Japan Foods	0.5	0.64	Buy	DCF

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/17	DMG & Partners	Jadason	0.07	0.15	Buy	DCF, PER12x FY18
06/27/17	DMG & Partners	Jadason	0.088	0.15	Buy	DCF, PER12x FY18
07/03/17	CIMB	Jadason	0.084	0.17	Add	PER12.34x FY18
08/04/17	CIMB	Jadason	0.103	0.17	Add	PER12.34x FY18
08/07/17	DMG & Partners	Jadason	0.1	0.15	Buy	DCF, PER12x FY18
09/04/17	DMG & Partners	Jadason	0.102	0.12	Buy	DCF, PER11.4x FY18
09/05/17	CIMB	Jadason	0.095	0.13	Add	PER12.34x FY18
11/09/17	DMG & Partners	Jadason	0.093	0.1	Buy	DCF, PER11.3x FY18
11/13/17	CIMB	Jadason	0.087	0.11	Add	PER12.34x FY19
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/07/18	CIMB	Jadason	0.07	0.08	Add	PER12.34x FY19
05/16/18	CIMB	Jadason	0.05	0.077	Add	PB1x CY18
05/18/18	DMG & Partners	Jadason	0.05	0.05	Neutral	DCF
06/27/18	DMG & Partners	Jadason	0.04	0.05	Neutral
08/17/18	CIMB	Jadason	0.037	0.073	Add	PB1x CY18

Stock calls for 22 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/22/18	UOB Kay Hian	Asian Healthcare	0.265	0.33	Buy
10/22/18	DBS Vickers	Frasers Commercial Trust	1.43	1.7	Buy	DCF
10/22/18	OCBC	Frasers Commercial Trust	1.43	1.56	Buy
10/22/18	CIMB	Frasers Commercial Trust	1.43	1.5	Hold	DDM
10/22/18	Lim & Tan	Keppel Corp	6.64	0	Hold
10/22/18	UOB Kay Hian	Propnex	0.535	0.65	Buy	DCF, PER10x FY19
10/22/18	phillip	SGX	6.93	9.01	Buy	PER25.2x
10/22/18	DMG & Partners	SGX	6.93	8.4	Buy	PER23x FY19
10/22/18	OCBC	SGX	6.93	7.96	Buy	PER22x F19/20
10/22/18	CIMB	SGX	6.93	7.6	Add	PER22.1x FY20

Nuclear arms race is happening again!

https://sg.news.yahoo.com/trump-says-us-withdraw-nuclear-201727884.html

Trump has announced that the US will withdraw from the nuclear arms treaty with Russia.

Great, we will have more nuclear arms that can destroy the earth now!

Russia and US will ramp up their nuclear weapons now.

Xi Jinping and Trump agreed to meet in G20 in November 2018.

https://www.scmp.com/economy/china-economy/article/2169378/xi-jinping-donald-trump-agree-talks-g20-summit-next-month

This tentative meeting is based upon a friendly agreement.  If there is an unfriendly gesture from the US prior to G20 summit, Xi will definitely cancel the meeting.

Apple urged Bloomberg to retract the fake spy chip story.

https://sg.finance.yahoo.com/news/apple-ceo-urges-bloomberg-retract-spy-chip-story-230310532--finance.html

Apple felt insulted by the fake Bloomberg's spy chip story and demanded Bloomberg to retract it because there was no way that Bloomberg understood technology better than Apple.

We stated previously that it was impossible to produce such a rice grain size 3-in-1 microchip.

http://sg-stock.blogspot.com/2018/10/the-us-is-embarking-on-anti-china.html

Japan is no longer a member of the UN security council.

Japan is no longer a member of the UN security council in 2018.  The UN security council is made up of 15 members with 5 being permanent members whilst the rest are holding a 2-year renewable member seat.

Baltic dry index - 1576

Today, Friday , October 19 2018, the Baltic Dry Index climbed by 11 points, reaching 1576 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 - 1067

The number of oil rigs in the United States increased by 4 to 873 in the week ending October 19 compared to the previous week, according to the Baker Hughes weekly rig count released on Friday.

The number of gas rigs in the US rose by 1 to 194 during the same week, bringing the total number of rigs in the country to 1,067. On an annual basis, the oil rig count was up 137.

In Canada, the total rig count was down by 4 with the number of oil rigs decreasing by 4 to 123 and gas rigs remaining unchanged at 68. Compared to the previous year, the number of oil rigs in Canada was was down by 11.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Malaysia has no money to build HSR but has money to build a crooked bridge to Singapore.

https://sg.news.yahoo.com/johor-revive-crooked-bridge-project-104503225.html

What a joke! A stupid idea is being revived again!

Mahathir has to revive the national car ideology and the crooked bridge so that he can incentivize himself.

Sigh!

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	DMG & Partners	ISOTeam	0.395	0.54	Buy	DCF, PER14x FY17
01/12/17	UOB Kay Hian	ISOTeam	0.405	0.6	Buy	DCF
02/14/17	UOB Kay Hian	ISOTeam	0.42	0.6	Buy	DCF
02/15/17	DMG & Partners	ISOTeam	0.405	0.59	Buy	DCF, PER13.5x FY17
03/02/17	UOB Kay Hian	ISOTeam	0.395	0.6	Buy
05/15/17	UOB Kay Hian	ISOTeam	0.37	0.54	Buy
08/28/17	DMG & Partners	ISOTeam	0.345	0.5	Buy	DCF
11/13/17	DMG & Partners	ISOTeam	0.345	0.46	Buy	DCF, PER13x FY18
02/13/18	UOB Kay Hian	ISOTeam	0.355	0.45	Buy	PER10.4x FY18
02/15/18	DMG & Partners	ISOTeam	0.33	0.46	Buy	DCF, PER13x FY18
05/17/18	DMG & Partners	ISOTeam	0.35	0.42	Buy	DCF
06/27/18	DMG & Partners	ISOTeam	0.335	0.42	Buy

Isec Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/17	Kim Eng	Isec Healthcare	0.345	0.4	Buy	PER23x FY18
07/13/17	Kim Eng	Isec Healthcare	0.315	0.4	Buy	PER23x FY18

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	NRA	ISDN	0.27	0.3	Overweight
03/29/17	NRA	ISDN	0.197	0.32	Overweight	PER14.66x FY17
06/15/17	NRA	ISDN	0.225	0.32	Overweight	PER14.7x FY17
06/15/17	UOB Kay Hian	ISDN	0.225	0.35	Buy	PER10.6x FY18
07/03/17	UOB Kay Hian	ISDN	0.22	0.35	Buy
07/26/17	Lim & Tan	ISDN	0.225	0	Trading Buy
08/08/17	UOB Kay Hian	ISDN	0.26	0.35	Buy
08/15/17	Lim & Tan	ISDN	0.26	0	Sell	Take profit
11/15/17	UOB Kay Hian	ISDN	0.245	0.35	Buy
02/20/18	NRA	ISDN	0.22	0.32	Overweight	PER12.5x FY18
02/20/18	UOB Kay Hian	ISDN	0.22	0.35	Buy
02/20/18	Lim & Tan	ISDN	0.22	0	Trading Buy
02/28/18	Lim & Tan	ISDN	0.23	0	Take Profit
05/15/18	UOB Kay Hian	ISDN	0.21	0.365	Buy
08/13/18	NRA	ISDN	0.215	0.32	Overweight	PER7.3x FY18

Stock calls for 19 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/19/18	Lim & Tan	Frasers Commercial Trust	1.41	0	Hold
10/19/18	SAC Advisors	Hong Lai Huat	0.2	0.51	Buy	RNAV (40% discount), PB0.8x FY18
10/19/18	UOB Kay Hian	Keppel Corp	6.76	6.79	Hold	Sum of parts, Buy @ $6.10
10/19/18	OCBC	Keppel Corp	6.76	7.97	Buy
10/19/18	CIMB	Keppel Corp	6.76	8.28	Add	Sum of parts
10/19/18	DBS Vickers	Keppel KBS	0.73	0.95	Buy
10/19/18	DBS Vickers	OCBC	10.7	12.4	Hold
10/19/18	DBS Vickers	Soilbuild Reit	0.585	0.65	Buy	DCF
10/19/18	OCBC	Soilbuild Reit	0.585	0.665	Buy
10/19/18	UOB Kay Hian	Starhub	1.96	2.3	Buy	DCF
10/19/18	DBS Vickers	UOB	25.48	31.7	Buy
10/19/18	JP Morgan	Yangzijiang	1.37	1.4	Neutral

SIA's notes coupon is higher than Temasek's bond.

https://www.businesstimes.com.sg/companies-markets/sia-prices-s600m-notes-issue-names-shells-goh-swee-chen-as-board-director

We had stated yesterday that the Temasek's bond was not attractive.

True enough, SIA prices its notes much higher than Temasek.

http://sg-stock.blogspot.com/2018/10/temasek-5-year-retail-bond-yield-of-27.html

The US-China trade war will intensify.

https://sg.finance.yahoo.com/news/u-economic-policy-toward-china-tougher-economists-reuters-012214372--business.html

This is not surprising as Trump sees no reason not to.  We've stated the rationale for such a scenario below.

http://sg-stock.blogspot.com/2018/10/jp-morgan-sees-all-out-trade-war.html

China GDP was growing at 6.5% in Q3 2018.

https://finance.yahoo.com/news/instant-view-chinas-third-quarter-gdp-rises-6-023650286--business.html

The China economy is slowing down and it will affect the global markets because China contributes around 39% of the world GDP growth.

The global stock markets cannot continue to rise when the global economies are slowing down.

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Ireit	0.73	0.75	Hold	DCF
05/24/17	DBS Vickers	Ireit	0.755	0.75	Hold	DCF

IPS Securex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	DMG & Partners	IPS Securex	0.155	0.34	Buy	DCF, PER13x FY18
09/11/17	DMG & Partners	IPS Securex	0.082	0.09	Neutral	DCF