India intelligence review had recently revived the Thailand Kra Canal issue.

https://www.firstpost.com/world/thailands-move-on-kra-canal-alarms-new-delhi-as-route-will-boost-chinese-naval-power-in-indian-ocean-5507121.html

https://larouchepub.com/pr/2018/181110_india_rpt_kra_canal.html

What's the possibility of the Kra Canal project?

We had analyzed the Kra Canal project previously below.  Therefore, we'll just add on to our previous analysis in this post.

http://sg-stock.blogspot.com/2017/11/thailand-has-just-lost-many-golden.html

The Thai generals are very interested in the Kra Canal project because of the employment and economic benefits that it can bring to Thailand. It is estimated that the Kra Canal project can bring in US$10b per year for Thailand and Thailand can recover the construction cost of US$30b in just 3 years.  As we had stated previously, Thailand had lost the golden opportunity to earn multi-billion of revenues by not having the Kra Canal project.

The times have changed because Thailand needs China to make this Kra Canal Project viable rather than China needs Thailand for its strategic purpose.  Why? This is because China can develop its Arctic sea lane now.

http://sg-stock.blogspot.com/2017/08/ship-can-sail-through-arctic-now.html

http://sg-stock.blogspot.com/2017/04/new-arctic-shipping-route.html

Thailand needs China for the following:
Financing
Engineering
Cargo volume

China can provide the aforesaid assistance to Thailand that no other country can provide.  First of all, China can use the AIIB to provide the financing to Thailand for the project.  Then, China has the engineering capabilities to construct such a project.  As we've seen in recent years, China had built South China Sea islands and the HK-Zhuhai-Macau bridge that marveled other countries.

http://sg-stock.blogspot.com/2018/08/hong-kong-zhuhai-macau-bridge-will-open.html

Lastly, close to 80% of the cargo ships plying the Strait of Malacca are from China.  Therefore, Thailand has to let China take a majority stake in the Kra Canal project if it wants to make the project viable.  Without China, this project has a low success rate because China can bypass the Kra Canal by using the Myanmar port.  Thailand has to learn from Panama's lesson.  Panama also involved China because China had become a major customer.

http://sg-stock.blogspot.com/2018/11/china-and-myanmar-have-signed-port-deal.html

http://www.ejinsight.com/20170615-why-panama-needs-to-befriend-china/

In conclusion, Thailand has to entice China by giving it a majority stake in exchange for the aforesaid assistance to make the project viable because China can divert its resources to develop the Arctic sea lane.  Once Thailand becomes a sea hub, it also will become a financial hub because of the gargantuan international trading activities that come with it.

Needless to say, this Kra Canal project will destroy Singapore sea hub status and affect our financial hub too.

Baltic dry index - 1031

Today, Friday, November 16 2018, the Baltic Dry Index climbed by 11 points, reaching 1031 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 - 1082

The US drilling rig count is up 1 unit to 1,082 rigs working for the week ended Nov. 16, according to Baker Hughes data. The count is up 167 units from the 915 rigs working this time a year ago.

At 1,058 rigs working, an additional unit was drilling on land week-over-week. Offshore units also were up by 1 to reach 22 rigs working, while those drilling in inland waters dropped a single unit to 2 rigs working for the week.

US oil-directed rigs were up 2 units from last week to 888 units working, and up from the 738 rigs drilling for oil this week a year ago. Gas-directed rigs were down a single unit at 194, and up from the 177 units drilling for gas a year ago.

Among the major oil and gas-producing states, Texas and Pennsylvania were the only two states to see a week-over-week increase. The rig count in Texas was up 3 units to reach 535 rigs running, while Pennsylvania saw a single-unit gain to reach 46.

Eight states were unchanged this week: Louisiana, 65; North Dakota, 55; Colorado, 34; Wyoming, 30; California, 15; West Virginia, 13; Alaska, 6; and Utah, 5.

Oklahoma dropped 2 units to 146, and Ohio dropped a single unit to 16.

Canada gained a single rig for the week. With 197 rigs running, the count is less than the 208 units drilling this week a year ago. The additional rig is oil-directed, bringing the count to 118 rigs for the week. Gas-directed rigs in Canada remained unchanged at 79 units.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Malaysia and Thailand economies are slowing down.

https://www.marketscreener.com/news/Malaysia-s-Economic-Growth-Slows-More-Than-Expected-as-GDP-Expands-4-4-on-Year--27617096/

https://sg.finance.yahoo.com/news/thailand-third-quarter-growth-seen-slowing-tourism-exports-074439765--finance.html

The Malaysia and Thailand economies are having diminishing growth.

Let's take a snapshot of Asian economies.

Japan - Slowdown
Hong Kong - Slowdown
Malaysia - Slowdown
Thailand - Slowdown
China - Slowdown

Europe is also having a slowdown.  Sigh!

Powermatic - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/18	CIMB	Powermatic	1.39	2.58	Add	Sum of parts, PER12.8x FY19

Perennial Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	CIMB	Perennial Reit	0.81	1.08	Add	RNAV (40% discount)
02/09/17	DBS Vickers	Perennial Reit	0.81	1.05	Buy	RNAV (50% discount)
05/09/17	DBS Vickers	Perennial Reit	0.855	1.05	Buy	RNAV (50% discount)
07/14/17	DBS Vickers	Perennial Reit	0.885	1.05	Buy	RNAV (50% discount)
08/01/17	DBS Vickers	Perennial Reit	0.88	1.05	Buy	RNAV (50% discount)
11/09/17	DBS Vickers	Perennial Reit	0.88	1.05	Buy	RNAV (50% discount)
01/04/18	DBS Vickers	Perennial Reit	0.88	1.05	Buy
02/09/18	CIMB	Perennial Reit	0.835	1.12	Add
02/12/18	DBS Vickers	Perennial Reit	0.835	1.05	Buy	RNAV (50% discount)
03/13/18	CIMB	Perennial Reit	0.855	1.18	Add	RNAV (40% discount)
03/14/18	DBS Vickers	Perennial Reit	0.875	1.05	Buy
04/06/18	DBS Vickers	Perennial Reit	0.855	1.05	Buy
05/10/18	CIMB	Perennial Reit	0.86	1.18	Add	RNAV (40% discount)
08/06/18	DBS Vickers	Perennial Reit	0.805	1.05	Buy	RNAV (50% discount)
08/07/18	CIMB	Perennial Reit	0.805	0.99	Add	RNAV (50% discount)
11/09/18	DBS Vickers	Perennial Reit	0.685	0.83	Buy	RNAV (55% discount)

PEC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/17	Amfraserss	PEC	0.595	0.73	Buy
03/06/17	DBS Vickers	PEC	0.64	0.73	Not Rated

Stock calls for 16 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/16/18	CIMB	Capitamall Trust	2.13	2.28	Add	DDM
11/16/18	phillip	CNMC	0.22	0.29	Buy	DCF
11/16/18	CIMB	Frasers Centrepoint Trust	2.15	2.35	Add	DDM
11/16/18	phillip	HMI	0.545	0.77	Buy	DCF
11/16/18	DBS Vickers	Keppel Infrastructure	0.46	0.58	Buy	DDM
11/16/18	Lim & Tan	Keppel Infrastructure	0.46	0	Hold
11/16/18	CIMB	Mapletree Commercial	1.62	1.67	Add	DDM
11/16/18	CIMB	SPH Reit	1	1.01	Hold	DDM
11/16/18	OCBC	Wilmar	3.22	3.42	Hold	PER12.5x
11/16/18	DBS Vickers	Wilmar	3.22	3.59	Buy	DCF
11/16/18	DMG & Partners	Wilmar	3.22	3.69	Buy

Singapore NODX grew 8.3% in October 2018.

https://www.straitstimes.com/business/economy/singapore-non-oil-exports-jump-83-in-october?xtor=CS11-86

Year on year changes (YOY):

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

https://sg-stock.blogspot.com/2018/10/singapore-nodx-grew-83-in-september-2018.html

China fund managers don't pin hope on the US-China trade talk during G20.

https://finance.yahoo.com/news/china-fund-managers-don-apos-040240334.html

China fund managers don't have much hope for any detente for the trade war.

What say you?

Please vote in our post below.

http://sg-stock.blogspot.com/2018/11/poll-do-you-think-that-trump-and-xi.html

Poll - Do you think that Trump and Xi will reach a trade deal this November 2018?

https://www.channelnewsasia.com/news/asia/china-sends-written-response-to-us-trade-reform-demands-us-govt-10934110

China has responded to US demands and will engage in a trade talk in November 2018.

Do you think that the US and China will be able to reach a trade deal in the November G20 meeting?

Please vote on the Like or Dislike box below.

Like = Yes!
Dislike = No!

China CM-401 anti-ship missile.

This new anti-ship missile CM-401 has a speed of mach 6 and a range of 290km.  Currently, no missile defence system can intercept a mach 6 missile.

Although CM-401 cannot destroy an aircraft carrier with a single missile, it can easily destroy a destroyer.  Presently, China has only deployed CM-401 on the land but is still developing the CM-401 to be airborne (fighter jet) and seaborne (destroyer).

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/17	Lim & Tan	Parkway Life	2.39	0	Accumulate
01/26/17	CIMB	Parkway Life	2.4	2.58	Add	DDM
01/26/17	DBS Vickers	Parkway Life	2.4	2.75	Buy
01/26/17	UOB Kay Hian	Parkway Life	2.4	2.5	Hold	DDM
02/14/17	CIMB	Parkway Life	2.45	2.58	Add
03/06/17	CIMB	Parkway Life	2.44	2.58	Add
03/07/17	UOB Kay Hian	Parkway Life	2.44	2.5	Hold
04/11/17	UOB Kay Hian	Parkway Life	2.53	2.5	Hold
04/26/17	CIMB	Parkway Life	2.6	2.71	Add	DDM
04/26/17	DBS Vickers	Parkway Life	2.6	2.82	Buy
05/25/17	UOB Kay Hian	Parkway Life	2.58	2.82	Buy
07/26/17	CIMB	Parkway Life	2.76	2.83	Add	DDM
07/26/17	UOB Kay Hian	Parkway Life	2.76	2.82	Buy	DDM
07/26/17	Lim & Tan	Parkway Life	2.76	0	Accumulate on weakness
10/23/17	UOB Kay Hian	Parkway Life	2.79	2.82	Buy
11/10/17	CIMB	Parkway Life	2.86	2.93	Hold	DDM
11/10/17	DBS Vickers	Parkway Life	2.86	3.1	Buy
11/10/17	UOB Kay Hian	Parkway Life	2.86	3	Buy
12/01/17	UOB Kay Hian	Parkway Life	2.9	3	Buy
01/29/18	CIMB	Parkway Life	2.97	3.07	Hold	DDM
01/29/18	Lim & Tan	Parkway Life	2.97	0	Hold
01/29/18	DBS Vickers	Parkway Life	2.97	3.15	Buy
05/02/18	CIMB	Parkway Life	2.79	3.07	Hold	DDM
05/02/18	UOB Kay Hian	Parkway Life	2.79	3.32	Buy	DDM
05/04/18	Lim & Tan	Parkway Life	2.78	0	Buy
06/20/18	DBS Vickers	Parkway Life	2.58	3.15	Buy
07/26/18	Lim & Tan	Parkway Life	2.78	0	Buy
07/27/18	CIMB	Parkway Life	2.75	3.05	Hold	DDM
07/27/18	DBS Vickers	Parkway Life	2.75	3.15	Buy	DCF
10/25/18	UOB Kay Hian	Parkway Life	2.67	3.15	Buy	DDM
10/26/18	DBS Vickers	Parkway Life	2.63	3.1	Buy	DCF
10/26/18	CIMB	Parkway Life	2.63	3.05	Hold

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

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.