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Thursday, November 15, 2018

Pan-United - Stock calls


Date Analyst Company Last Target Call Valuation
02/14/17 DBS Vickers Pan-United 0.665 0.63 Hold Sum of parts
05/15/17 DBS Vickers Pan-United 0.69 0.63 Hold Sum of parts
08/14/17 DBS Vickers Pan-United 0.565 0.51 Fully Valued
11/14/17 DBS Vickers Pan-United 0.575 0.51 Fully Valued
12/06/17 DBS Vickers Pan-United 0.545 0.51 Fully Valued Sum of parts

Pacific Radiance - Stock calls


Date Analyst Company Last Target Call Valuation
02/28/17 Amfrasers Pacific Radiance 0.153 0.17 Hold
03/01/17 DBS Vickers Pacific Radiance 0.153 0.16 Hold PB0.35x FY17
05/18/17 DBS Vickers Pacific Radiance 0.12 0.1 Fully Valued PB0.2x FY17
05/19/17 CIMB Pacific Radiance 0.115 0.11 Reduce PB0.22x FY17
08/15/17 CIMB Pacific Radiance 0.085 0.073 Reduce PB0.15x
08/15/17 DBS Vickers Pacific Radiance 0.085 0.07 Fully Valued PB0.15x FY17
01/12/18 CIMB Pacific Radiance 0.108 0.07 Reduce

Stock calls for 15 November 2018


Date Analyst Company Last Target Call Valuation
11/15/18 Amfrasers Accordia Golf Trust 0.49 0.61 Hold
11/15/18 OCBC Capitaland 3.08 3.96 Buy RNAV (20% discount)
11/15/18 DBS Vickers Capitaland 3.08 3.62 Buy RNAV (25% discount)
11/15/18 DMG & Partners Capitaland 3.08 4 Buy RNAV (20% discount)
11/15/18 CIMB Capitaland 3.08 3.55 Add RNAV (35% discount)
11/15/18 CIMB Fu Yu 0.17 0.17 Hold PB0.8x
11/15/18 DMG & Partners Genting 0.925 1.23 Buy DCF, EV/Ebitda9x
11/15/18 UOB Kay Hian HMI 0.550 0.77 Buy DCF
11/15/18 CIMB HMI 0.550 0.73 Add DCF, EV/Ebitda15.2x FY20
11/15/18 DBS Vickers Hong Leong Finance 2.57 3.2 buy GGM, PB0.7x FY19
11/15/18 CIMB Jadason 0.03 0.073 Add PB1x FY18
11/15/18 DBS Vickers Mermaid Maritime 0.094 0.1 Hold PB0.5x
11/15/18 DBS Vickers MM2 Asia 0.37 0.5 Buy Sum of parts, PER16x FY19
11/15/18 UOB Kay Hian Propnex 0.56 0.65 Buy DCF, PER10x FY19
11/15/18 OCBC SIA 9.41 10.71 Buy PB0.85x FY19
11/15/18 Lim & Tan SIA 9.41 0 Hold
11/15/18 DBS Vickers SIIC 0.28 0.32 Hold
11/15/18 DBS Vickers ST Engineering 3.5 4.15 Buy Sum of parts
11/15/18 Kim Eng ST Engineering 3.5 4.35 Buy DCF
11/15/18 CIMB ST Engineering 3.5 3.94 Add Sum of parts
11/15/18 DMG & Partners Wilmar 3.19 3.59 Buy

Canada has given Trump a tight slap in the face.

https://sg.finance.yahoo.com/news/trudeau-says-canada-china-eventual-free-trade-deal-050049932--business.html

The "poison" clause in the new NAFTA amongst the 3 countries (US, Mexico & Canada) doesn't allow any party to sign a FTA with a non-market economy defined under WTO and China has a non-market economy status.

Any party who signs a FTA with a non-market economy will render the new NAFTA void in 6 months time.  Look like Canada is going to void the new NAFTA and piss Trump off.

Yeah! SG PM Lee has been invited to attend OBR 2019 summit by China.

https://sg.finance.yahoo.com/news/pm-lee-attend-china-apos-035508247.html

As PM Lee changes his anti-China mentality, SG-China relationship has reverted back to the good old days.  PM Lee has been invited by China to attend the OBR 2019 summit.

Hopefully, SG can retake its ASEAN facilitator role back from the Philippines when SG-China relationship gets cozy again.

The chairman for ASEAN 2019 will be Thailand and Thailand is a pro-China country.  Thus, I believe China-ASEAN relationship will get better in 2019.

US-China trade war will hurt the Hong Kong economy badly.

https://sg.finance.yahoo.com/news/hong-kong-housing-prices-could-055600239.html

If HK property prices were to crash 25% as predicted in the article above, the Hang Seng Index (HSI) would crash heavily too because of the heavy property composition in the HSI.

http://sg-stock.blogspot.com/2018/10/danger-is-lurking-in-hong-kong-property.html

Wednesday, November 14, 2018

The Germany economy shrinks for the 1st time since 2015.

https://sg.finance.yahoo.com/news/german-industry-association-bdi-cuts-2018-export-forecast-094538270--sector.html

These are telltale signs that the Germany economy is slowing down.

https://sg.finance.yahoo.com/news/german-economy-shrinks-first-time-085505460.html

The Germany economy shrinks for the 1st time since 2015.

Just this week alone, Japan, HK, and Germany economies have reported a slowdown.

PACC Offshore - Stock calls


Date Analyst Company Last Target Call Valuation
01/13/17 DBS Vickers PACC Offshore 0.335 0.41 Buy
02/22/17 DBS Vickers PACC Offshore 0.365 0.42 Buy PB0.8x
02/22/17 OCBC PACC Offshore 0.365 0.33 Sell PB0.7x
04/10/17 DBS Vickers PACC Offshore 0.34 0.42 Buy
04/12/17 OCBC PACC Offshore 0.35 0.335 Hold PB0.7x
05/08/17 DBS Vickers PACC Offshore 0.32 0.41 Buy PB0.8x
05/09/17 OCBC PACC Offshore 0.325 0.335 Hold PB0.7x FY17/18
05/31/17 OCBC PACC Offshore 0.305 0.325 Hold
08/02/17 DBS Vickers PACC Offshore 0.285 0.41 Buy PB0.8x
11/14/17 DBS Vickers PACC Offshore 0.345 0.41 Buy PB0.8x
01/23/18 DBS Vickers PACC Offshore 0.43 0.51 Buy PB1x
02/13/18 DBS Vickers PACC Offshore 0.37 0.51 Buy
02/22/18 DBS Vickers PACC Offshore 0.39 0.48 Buy PB1.4x
04/04/18 DBS Vickers PACC Offshore 0.35 0.32 Hold PB1x
05/10/18 DBS Vickers PACC Offshore 0.345 0.32 Hold PB1x FY18
08/10/18 DBS Vickers PACC Offshore 0.305 0.32 Hold PB1x FY18
11/05/18 DBS Vickers PACC Offshore 0.24 0.25 Hold PB0.8x FY19

Oxley - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners Oxley 0.43 0.85 Buy
10/03/17 UOB Kay Hian Oxley 0.56 0.67 Buy RNAV (20% discount)
11/22/17 UOB Kay Hian Oxley 0.655 0.74 Buy RNAV (20% discount)
12/01/17 UOB Kay Hian Oxley 0.6 0.74 Buy
03/14/18 UOB Kay Hian Oxley 0.56 0.74 Buy
04/04/18 Soochow SSD Oxley 0.495 0.63 Buy RNAV (20% discount)
04/24/18 DBS Vickers Oxley 0.485 0.68 Not Rated RNAV (35% discount)
06/04/18 Kim Eng Oxley 0.46 0.56 Buy RNAV (20% discount)
07/09/18 Kim Eng Oxley 0.345 0.34 Hold
07/12/18 NRA Oxley 0.36 0.435 Overweight
08/27/18 Kim Eng Oxley 0.35 0.36 Hold
09/06/18 Kim Eng Oxley 0.345 0.36 Hold

OUE Hospitality - Stock calls


Date Analyst Company Last Target Call Valuation
01/04/17 OCBC OUE Hospitality 0.685 0.73 Buy
01/09/17 DBS Vickers OUE Hospitality 0.68 0.72 Buy DCF
01/26/17 CIMB OUE Hospitality 0.685 0.71 Add DDM
01/26/17 DMG & Partners OUE Hospitality 0.685 0.7 Neutral DDM
01/26/17 OCBC OUE Hospitality 0.685 0.75 Buy
01/27/17 DBS Vickers OUE Hospitality 0.685 0.75 Buy DCF
01/31/17 Credit Suisse OUE Hospitality 0.69 0.78 Neutral
02/08/17 OCBC OUE Hospitality 0.675 0.75 Buy
02/28/17 Deutsche OUE Hospitality 0.69 0.65 Hold
03/10/17 DMG & Partners OUE Hospitality 0.675 0.7 Neutral
03/16/17 OCBC OUE Hospitality 0.68 0.75 Buy
04/03/17 DMG & Partners OUE Hospitality 0.69 0.76 Buy DDM
04/17/17 OCBC OUE Hospitality 0.71 0.75 Buy
05/05/17 DBS Vickers OUE Hospitality 0.715 0.76 Buy DCF
05/05/17 DMG & Partners OUE Hospitality 0.715 0.76 Buy DDM
05/05/17 OCBC OUE Hospitality 0.715 0.75 Buy
05/15/17 DMG & Partners OUE Hospitality 0.705 0.78 Buy DDM
06/09/17 OCBC OUE Hospitality 0.72 0.75 Buy
06/22/17 Deutsche OUE Hospitality 0.725 0.65 Hold
07/04/17 OCBC OUE Hospitality 0.755 0.75 Buy
07/12/17 DMG & Partners OUE Hospitality 0.76 0.78 Buy
08/02/17 CIMB OUE Hospitality 0.76 0.82 Add DDM
08/02/17 DMG & Partners OUE Hospitality 0.76 0.83 Buy DDM
08/02/17 OCBC OUE Hospitality 0.76 0.82 Buy
08/02/17 Lim & Tan OUE Hospitality 0.76 0 Hold
08/03/17 DBS Vickers OUE Hospitality 0.77 0.8 Buy DCF
09/21/17 DMG & Partners OUE Hospitality 0.79 0.83 Buy
09/21/17 OCBC OUE Hospitality 0.79 0.82 Buy
11/02/17 CIMB OUE Hospitality 0.81 0.84 Add DDM
11/02/17 Credit Suisse OUE Hospitality 0.81 0.78 Neutral
11/02/17 OCBC OUE Hospitality 0.81 0.82 Hold
11/02/17 DBS Vickers OUE Hospitality 0.81 0.85 Buy DCF
11/03/17 DMG & Partners OUE Hospitality 0.815 0.88 Buy DDM
12/01/17 OCBC OUE Hospitality 0.815 0.82 Hold
12/06/17 DBS Vickers OUE Hospitality 0.825 0.85 Buy
12/19/17 DMG & Partners OUE Hospitality 0.835 0.88 Buy
01/03/18 DMG & Partners OUE Hospitality 0.855 0.91 Buy DDM
01/04/18 Deutsche OUE Hospitality 0.87 0.65 Sell
01/04/18 CIMB OUE Hospitality 0.87 0.89 Add DDM
01/05/18 OCBC OUE Hospitality 0.875 0.83 Hold
01/31/18 DBS Vickers OUE Hospitality 0.885 0.93 Buy DCF
01/31/18 Lim & Tan OUE Hospitality 0.885 0 Hold
02/20/18 DMG & Partners OUE Hospitality 0.845 0.95 Buy
04/04/18 DMG & Partners OUE Hospitality 0.795 0.95 Buy
04/10/18 CIMB OUE Hospitality 0.825 0.92 Add
04/17/18 DBS Vickers OUE Hospitality 0.815 0.93 Buy
05/03/18 CIMB OUE Hospitality 0.82 0.92 Add DDM
05/03/18 DMG & Partners OUE Hospitality 0.82 0.95 Buy DDM
05/03/18 OCBC OUE Hospitality 0.82 0.84 Hold Buy @ $0.78 or lower
07/06/18 DBS Vickers OUE Hospitality 0.765 0.93 Buy
07/30/18 CIMB OUE Hospitality 0.825 0.89 Add DDM
07/30/18 DBS Vickers OUE Hospitality 0.825 0.9 Buy DCF
07/31/18 OCBC OUE Hospitality 0.805 0.79 Hold
09/20/18 OCBC OUE Hospitality 0.69 0.79 Buy
09/25/18 Deutsche OUE Hospitality 0.715 0.65 Sell
10/04/18 CIMB OUE Hospitality 0.72 0.85 Add
10/10/18 OCBC OUE Hospitality 0.695 0.79 Buy
10/16/18 DMG & Partners OUE Hospitality 0.69 0.8 Buy DDM
11/08/18 CIMB OUE Hospitality 0.685 0.82 Add DDM
11/08/18 DMG & Partners OUE Hospitality 0.685 0.8 Buy
11/08/18 DBS Vickers OUE Hospitality 0.685 0.85 Buy DCF
11/09/18 OCBC OUE Hospitality 0.69 0.79 Buy

Stock calls for 14 November 2018


Date Analyst Company Last Target Call Valuation
11/14/18 DMG & Partners Amara 0.42 0.88 Buy
11/14/18 DBS Vickers APAC Realty 0.5 0.56 Hold PER10x FY19
11/14/18 OCBC Capitaland 3.08 4.09 Buy
11/14/18 phillip China Everbright 0.35 0.44 Buy PER8.8x
11/14/18 DBS Vickers China Everbright 0.35 0.475 Buy PER15z
11/14/18 DMG & Partners Delfi 1.19 1.59 Buy DCF
11/14/18 UOB Kay Hian Golden Agri 0.245 0.2 Sell PER11x FY19
11/14/18 CIMB Golden Agri 0.245 0.23 Reduce Sum of parts (20% discount)
11/14/18 DMG & Partners GSS Energy 0.097 0.19 Buy Sum of parts
11/14/18 DBS Vickers Sasseur 0.68 0.91 Buy DCF
11/14/18 UOB Kay Hian SIA 9.42 10.4 Hold PB0.75x FY19, Buy @ $9.20-9.30
11/14/18 DBS Vickers SIA 9.42 10.2 Hold PB0.85x FY19
11/14/18 DMG & Partners Silverlake 0.41 0.65 Buy DCF
11/14/18 CIMB Silverlake 0.41 0.56 Add DCF
11/14/18 Macquarie Singtel 3.03 3.14 Outperform
11/14/18 DMG & Partners UG Healthcare 0.215 0.32 Buy PER12x FY19
11/14/18 CIMB UMS 0.715 0.75 Hold PB1.72x
11/14/18 DBS Vickers UMS 0.715 0.55 Fully Valued PER8x FY19
11/14/18 CIMB UOL 6.18 8.45 Add RNAV (30% discount)
11/14/18 OCBC UOL 6.18 8.41 Buy RNAV (35% discount)
11/14/18 Lim & Tan UOL 6.18 0 Buy
11/14/18 OCBC Yanlord 1.28 2.13 Buy
11/14/18 DBS Vickers Yoma 0.35 0.4 Buy RNAV (60% discount)

Hong Kong is expected to slow down significantly!

https://sg.finance.yahoo.com/news/hong-kongs-third-quarter-gdp-growth-seen-cooling-031106075--business.html

After Japan announced its slowdown, HK is the next to declare that its economic growth will slow down significantly.

Furthermore, HK has to follow the US in hiking interest rates to contain its HKD fall since it is pegged to the USD.

A higher interest rate will cause HK to slow down further.

US skyrocketing debt will cause the next great recession!

https://finance.yahoo.com/news/us-debt-payments-soon-exceed-160557722.html

The US economic growth is based entirely on credit and this credit bubble will burst one day.  There is no way for the US government to repay its colossal debt and its citizens have virtually no savings.

However, many people still have blind faith in the USA but the day of reckoning will come.  It is a matter of when, not IF.  In fact, some financial head honchos are warning about this credit bubble now.

https://www.newsmax.com/finance/streettalk/blackrock-larry-fink-deficit-budget/2018/11/09/id/890133/

Just look at the federal government! The federal government is also on the verge of bankruptcy with no money to pay its own government employees.

http://sg-stock.blogspot.com/2018/01/the-us-government-has-shut-down-on.html

This federal government will face the money problem next year again.


Japan economic growth is slowing down.

https://finance.yahoo.com/news/japans-economy-contracts-natural-disasters-trade-frictions-hit-002124696--business.html

Japan's economy contracts 1.2% annually in Q3 and will continue to slow down when the US-China trade war intensifies.

The only bright spot in the world now is Asia and the western countries such as Europe and the US are dumping their goods in Asia when they cannot sell goods to China which is the largest market.  Japan will also start to divert its goods to Asia when its exports to China falter since Japan is an export-oriented nation.

Many developing Asia economies are still growing at above 5% which are much higher than in Europe and the US.  However, Asia won't be able to hold up the global economic growth and will also falter over time because of the slowdown in China.


Bank of Japan's balance sheet is larger than Japan's GDP.

https://finance.yahoo.com/news/graphic-bank-japans-balance-sheet-083941933.html

When a central bank is bigger than its own country GDP, it is facing tremendous stress in managing its assets because of the different risks it faced in different markets.

What does this mean for the market?

This means the stock market is artificially being held up and the bond market is also flushed with fake liquidity.

When there is a global recession, BOJ will suffer from a massive dilution in asset values.  The BOJ will also suffer great losses in its bond assets in an interest rate rising environment because the bond price and interest yield move in an inverse relationship.

The BOJ will be cash-strapped when it is holding a lot of assets and will face cash flow problems when it is needed to perform its origin duties as a central bank.  It cannot cash out easily because it will disrupt the stock and bond markets.

Foreign buyers are snubbing US treasuries auctions in November 2018.

3-year bonds
https://www.ft.com/content/f3f56754-e12a-11e8-8e70-5e22a430c1ad

Quote:

Primary dealers, responsible for bidding on a pro-rata share of each auction to ensure the debt is sold, walked away with 47.9 per cent of the securities, above a recent auction average of 44.1 per cent, as other investors backed away.

End Quote.


30-year bonds
https://www.ft.com/content/752b0a68-e2bb-11e8-8e70-5e22a430c1ad

Quote:

The weak demand left primary dealers, who are responsible for bidding on a pro-rata share of each auction to ensure the debt is sold, taking home 38.1 per cent of the sale, above a recent average of 27.3 per cent.

End Quote.


How do we know that there are fewer buyers participating in the US bonds auction? Well, we just need to look at the pro-rata share of the auction to determine the increase or decrease of foreign buyers.

This is just a simple mathematics logic.

When the denominator (the number of buyers) gets smaller, the pro-rata figure will get bigger.  Therefore, a high the pro-rata figure denotes a lacklustre buyer's interest because fewer buyers participate in the auction.

Example:
1/100 = 1%
1/50 = 2%
1/25 = 4%

From the figures above, if the number of buyers reduces from 100 to 25, the pro-rata figure will increase from 1% to 4% because the denominator gets smaller.

Tuesday, November 13, 2018

Former Fed Chair Yellen revealed the truth behind the US trade deficit.

https://www.bloombergquint.com/global-economics/yellen-says-fed-more-to-blame-for-wider-trade-deficit-than-china#gs.KWJawKg

Quote:

"I do not see unfair trade practices in China, or anywhere in the world, as what is responsible for the U.S. trade deficit,” Yellen said.

End Quote:

Finally, former Fed chair Yellen has spoken the truth.

A 1947 map showed that South China Sea islands & Taiwan belonged to China.


This map was produced by Rand McNally company (founded in 1868) and could be found in the 1947 Collier's World Atlas and Gazetteer.

The map was produced by the west right after WW2 to indicate the true ownership of the South China Sea islands, a.ka Paracel islands (China), and Taiwan (China).  Taiwan was known as Formosa back then.

The west recognized that China owned the South China Sea islands and Taiwan in 1947 but the west flip-flopped on its stance later after the discovery of natural resources in the South China Sea.

Apple fell further yesterday and affected other technology stocks.

https://sg.finance.yahoo.com/news/apples-asia-suppliers-fall-amid-fears-weak-iphone-023212593--sector.html

We had been warning about Apple and its suppliers in our previous post.

http://sg-stock.blogspot.com/2018/11/apple-iphone-sales-disappoint.html

OUE Commercial - Stock calls


Date Analyst Company Last Target Call Valuation
01/09/17 DBS Vickers OUE Commercial 0.695 0.74 Hold DCF
01/27/17 OCBC OUE Commercial 0.7 0.65 Hold
03/10/17 OCBC OUE Commercial 0.685 0.65 Hold
05/08/17 DBS Vickers OUE Commercial 0.7 0.67 Hold DCF
05/08/17 OCBC OUE Commercial 0.7 0.65 Hold
05/08/17 CIMB OUE Commercial 0.7 0.71 Hold
08/03/17 OCBC OUE Commercial 0.73 0.68 Hold DDM
08/04/17 CIMB OUE Commercial 0.725 0.68 Hold DDM
08/04/17 DBS Vickers OUE Commercial 0.725 0.69 Hold
10/04/17 OCBC OUE Commercial 0.715 0.67 Hold
11/03/17 OCBC OUE Commercial 0.72 0.67 Hold
11/03/17 CIMB OUE Commercial 0.72 0.68 Hold DDM
11/10/17 DBS Vickers OUE Commercial 0.71 0.73 Hold DCF
12/05/17 OCBC OUE Commercial 0.71 0.67 Hold
01/09/18 OCBC OUE Commercial 0.75 0.67 Hold
02/01/18 CIMB OUE Commercial 0.75 0.75 Hold DDM
02/01/18 OCBC OUE Commercial 0.75 0.69 Hold
02/05/18 DBS Vickers OUE Commercial 0.755 0.73 Hold DCF
03/19/18 DBS Vickers OUE Commercial 0.715 0.73 Hold
03/23/18 CIMB OUE Commercial 0.72 0.75 Hold DDM
05/11/18 OCBC OUE Commercial 0.72 0.68 Hold
08/02/18 DBS Vickers OUE Commercial 0.695 0.73 Hold
08/03/18 CIMB OUE Commercial 0.69 0.75 Hold DDM
08/03/18 DBS Vickers OUE Commercial 0.69 0.67 Hold DCF
09/12/18 CIMB OUE Commercial 0.66 0.6 Hold DDM
09/12/18 DBS Vickers OUE Commercial 0.66 0.67 Hold
11/09/18 OCBC OUE Commercial 0.475 0.48 Hold
11/12/18 DBS Vickers OUE Commercial 0.465 0.47 Hold DCF
11/12/18 CIMB OUE Commercial 0.465 0.57 Hold DDM

OUE - Stock calls


Date Analyst Company Last Target Call Valuation
02/20/17 DIR OUE 1.95 3.05 Buy Sum of parts
02/20/17 OCBC OUE 1.95 2.17 Buy
04/12/17 Deutsche OUE 2.06 2.2 Buy
04/12/17 OCBC OUE 2.06 2.17 Buy
05/12/17 Deutsche OUE 2 3 Buy
05/12/17 DIR OUE 2 3 Buy Sum of parts
06/22/17 Deutsche OUE 1.985 3 Buy
10/20/17 Deutsche OUE 2.02 3 Buy
11/07/17 OCBC OUE 2.02 2.47 Buy
02/26/18 OCBC OUE 1.93 2.28 Buy
05/14/18 OCBC OUE 1.81 2.25 Buy
09/06/18 OCBC OUE 1.57 2.25 Buy
09/25/18 Deutsche OUE 1.54 3 Buy
11/13/18 OCBC OUE 1.37 2.25 Buy

Old Chang Kee - Stock calls


Date Analyst Company Last Target Call Valuation
02/14/17 phillip Old Chang Kee 0.835 0.98 Buy DCF
04/17/17 phillip Old Chang Kee 0.85 0.98 Buy
06/05/17 phillip Old Chang Kee 0.83 0.98 Buy DCF
08/17/17 phillip Old Chang Kee 0.765 0.98 Buy DCF
11/14/17 phillip Old Chang Kee 0.75 0.98 Buy DCF
12/04/17 phillip Old Chang Kee 0.76 0.98 Buy DCF
02/15/18 phillip Old Chang Kee 0.745 0.98 Buy DCF
03/19/18 phillip Old Chang Kee 0.76 0.98 Buy
04/16/18 phillip Old Chang Kee 0.775 0.98 Buy
05/31/18 phillip Old Chang Kee 0.755 0.98 Buy DCF, PER22.6x FY19

Stock calls for 13 November 2018


Date Analyst Company Last Target Call Valuation
11/13/18 Phillip 800Super 0.785 0.8 Neutral DCF, PER18.2x FY19
11/13/18 DMG & Partners APAC Realty 0.495 0.72 Buy DCF
11/13/18 DMG & Partners Avi-Tech 0.32 0.34 Neutral DCF
11/13/18 DBS Vickers Bumitama 0.61 0.85 Buy DCF, PER14.5x FY19
11/13/18 UOB Kay Hian Bumitama 0.61 0.81 Buy PER11x FY19
11/13/18 Kim Eng Bumitama 0.61 0.98 Buy
11/13/18 Amfrasers Comfortdelgro 2.21 2.72 Buy PER19x FY18
11/13/18 Soochow Dasin Retail 0.855 0.97 Buy
11/13/18 DBS Vickers Ezion 0.047 0.14 Buy PB0.8x FY18
11/13/18 DBS Vickers First Resources 1.56 1.97 Buy DCF
11/13/18 CIMB First Resources 1.56 2.08 Add PER15x FY19
11/13/18 DBS Vickers Frasers Property 1.63 1.98 Buy RNAV (35% discount)
11/13/18 OCBC Golden Agri 0.245 0.24 Hold
11/13/18 Amfrasers Japan Foods 0.455 0.56 Hold DCF
11/13/18 DBS Vickers Koufu 0.635 0.8 Buy PER17x FY19
11/13/18 CIMB Lippo-Malls Indo 0.23 0.27 Hold DDM
11/13/18 OCBC OUE 1.37 2.25 Buy
11/13/18 Kim Eng Sasseur 0.68 0.9 Buy
11/13/18 DMG & Partners ST Engineering 3.5 3.97 Buy
11/13/18 Amfrasers Thai Beverage 0.65 0.75 Buy Sum of parts
11/13/18 DBS Vickers UOB 24.49 29.5 Buy
11/13/18 Kim Eng Valuetronics 0.68 0.96 Buy ROE-g/COE-g
11/13/18 UOB Kay Hian Valuetronics 0.68 0.87 Buy PER10.9x FY19
11/13/18 DMG & Partners Valuetronics 0.68 0.82 Buy DCF, PER10x FY19
11/13/18 CIMB Valuetronics 0.68 0.93 Add PER10x CY19
11/13/18 CIMB Wilmar 3.18 4.1 Add Sum of parts
11/13/18 UOB Kay Hian Wilmar 3.18 3.9 Buy Sum of parts, PER13.7x FY19

China is selling USD!

https://sg.finance.yahoo.com/news/china-state-banks-seen-selling-dollars-fx-market-034935772--business.html

China is selling USD to defend its yuan.

We've explained this previously.

https://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html

Johor-Singapore crooked bridge to start in 2019

https://www.malaymail.com/s/1692809/mb-says-third-johor-singapore-bridge-to-start-2019

If construction of the new crooked bridge really starts next year, it will mean that the causeway on Malaysia side will be dismantled in the future and this will include the water pipes that link to SG.

What is SG government going to do about it?

Monday, November 12, 2018

Olam - Stock calls


Date Analyst Company Last Target Call Valuation
03/01/17 DBS Vickers Olam 2.05 2.12 Hold DCF & PER16.4x
05/16/17 DBS Vickers Olam 1.99 2.15 Hold DCF & PER16.3x
03/01/18 DBS Vickers Olam 2.25 2.31 Hold DCF & PER16.1x
04/03/18 DBS Vickers Olam 2.32 2.31 Hold

OKP - Stock calls


Date Analyst Company Last Target Call Valuation
03/15/17 DBS Vickers OKP 0.395 0.45 Not Rated PER11x FY17
06/28/17 Amfrasers OKP 0.445 0.52 Buy PER11x FY17
07/17/17 Amfrasers OKP 0.395 0.39 Hold
02/20/18 Amfrasers OKP 0.35 0.39 Hold