Stock calls for 17 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	A-Reit	2.74	2.95	Buy
01/17/19	Kim Eng	CDL Hospitality	1.56	1.75	Buy
01/17/19	DBS Vickers	Chip Eng Seng	0.705	0.75	Hold
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)
01/17/19	Lim & Tan	First Reit	1.03	0	Neutral
01/17/19	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy
01/17/19	DBS Vickers	Frasers Property	1.74	1.98	Buy	RNAV (35% discount)
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price
01/17/19	OCBC	Mapletree Industrial	1.97	2.04	Hold
01/17/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold
01/17/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Sum of parts, Buy @ $9
01/17/19	DBS Vickers	UOL	6.65	7.15	Hold

Singapore NODX fell 8.5% in December 2018.

https://sg.finance.yahoo.com/news/singapore-non-oil-exports-fall-8-6-december-005333196.html

Year on year changes (YOY):

December 2018: -8.5%

November 2018: -2.6%

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%

http://sg-stock.blogspot.com/2018/12/singapore-nodx-drops-26-in-november-2018.html

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/18	DBS Vickers	Chip Eng Seng	1.01	1.18	Buy	Sum of parts
02/19/18	phillip	Chip Eng Seng	0.955	1.21	Buy	RNAV (40% discount)
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts
05/07/18	phillip	Chip Eng Seng	0.93	1.21	Buy	RNAV (40% discount)
05/17/18	DBS Vickers	Chip Eng Seng	0.945	1.18	Buy
06/28/18	UOB Kay Hian	Chip Eng Seng	0.84	1.38	Buy
07/09/18	phillip	Chip Eng Seng	0.79	1.15	Buy
07/09/18	DBS Vickers	Chip Eng Seng	0.79	0.75	Fully Valued	Sum of parts
08/06/18	DBS Vickers	Chip Eng Seng	0.795	0.75	Fully Valued
09/17/18	DBS Vickers	Chip Eng Seng	0.845	0.75	Hold
11/08/18	DBS Vickers	Chip Eng Seng	0.725	0.75	Hold	Sum of parts

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/18	CIMB	China Sunsine	1.04	1.5	Add	PER9.8x CY19
01/29/18	phillip	China Sunsine	1.11	1.6	Buy	FCFE, PER10x FY18
01/29/18	Amfrasers	China Sunsine	1.11	1.39	Buy	PER10x FY18
02/07/18	CIMB	China Sunsine	1.13	1.5	Add
03/05/18	CIMB	China Sunsine	1.35	1.62	Add	PER9.8x CY19
03/05/18	phillip	China Sunsine	1.35	1.6	Buy	FCFE
04/05/18	CIMB	China Sunsine	1.25	1.62	Add	PER9.8x FY19
04/27/18	CIMB	China Sunsine	1.5	1.87	Add	PER9.8x FY19
04/30/18	phillip	China Sunsine	1.48	1.97	Buy	FCFE
07/02/18	CIMB	China Sunsine	1.55	1.87	Add	PER9.8x CY19
08/08/18	CIMB	China Sunsine	1.49	1.41	Hold	PER7.7x CY19
08/13/18	phillip	China Sunsine	1.23	1.77	Buy	FCFE
11/08/18	CIMB	China Sunsine	1.04	1.41	Add	PER7.7x FY19
11/09/18	phillip	China Sunsine	1.08	1.68	Buy	FCFE
01/04/19	phillip	China Sunsine	1.2	1.68	Buy

China Jinjiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/18	CIMB	China Jinjiang	0.59	0.85	Add	DCF

Stock calls for 16 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy
01/16/19	phillip	First Reit	1.04	0.88	Neutral	DDM
01/16/19	Lim & Tan	Lian Beng	0.515	0	Buy on weakness
01/16/19	OCBC	OUE Hospitality	0.685	0.79	Buy

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/18	DBS Vickers	China Everbright	0.45	0.65	Buy
03/02/18	phillip	China Everbright	0.45	0.6	Buy	PER12.5x
05/14/18	phillip	China Everbright	0.43	0.55	Buy	PER11.4x FY18
06/14/18	DBS Vickers	China Everbright	0.41	0.65	Buy	PER24x
06/14/18	phillip	China Everbright	0.41	0.53	Buy	PER10.6x
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	PER15x

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/18	DBS Vickers	China Aviation Oil	1.65	2.08	Buy	PER13x FY18
03/01/18	CIMB	China Aviation Oil	1.58	2.03	Add	PER12.5x CY19
03/01/18	DMG & Partners	China Aviation Oil	1.58	1.6	Neutral	DCF, PER11.3x FY18
03/01/18	UOB Kay Hian	China Aviation Oil	1.58	2.13	Buy	PER13.5x FY18
03/02/18	DBS Vickers	China Aviation Oil	1.51	1.98	Buy	PER13x FY18
03/02/18	phillip	China Aviation Oil	1.51	2	Buy	PER13.3x
03/20/18	DMG & Partners	China Aviation Oil	1.54	1.8	Buy	PER12.2x FY18, PEG1x FY18
04/03/18	Edison	China Aviation Oil	1.56	1.82	Buy	DCF
05/10/18	CIMB	China Aviation Oil	1.56	2.03	Add	PER12.5x FY19
05/10/18	UOB Kay Hian	China Aviation Oil	1.56	2.13	Buy	PER13.5x FY18
05/11/18	phillip	China Aviation Oil	1.58	2	Buy	PER13.3x FY18
05/11/18	DMG & Partners	China Aviation Oil	1.58	1.8	Buy	DCF & PER12.2x FY18 & PEG1x FY18
06/20/18	CIMB	China Aviation Oil	1.52	2.03	Add	PER12.5x CY19
07/03/18	DMG & Partners	China Aviation Oil	1.5	1.8	Buy
08/02/18	UOB Kay Hian	China Aviation Oil	1.53	2.05	Buy	PER13.5x FY18
08/02/18	CIMB	China Aviation Oil	1.53	2.03	Add	PER12.5x FY19
08/02/18	DMG & Partners	China Aviation Oil	1.53	1.8	Buy
08/03/18	phillip	China Aviation Oil	1.53	2	Buy	PER12.8x FY18
08/06/18	DMG & Partners	China Aviation Oil	1.54	1.75	Buy	Sum of parts, PER11.4x FY18
08/07/18	DBS Vickers	China Aviation Oil	1.58	1.98	Buy	PER13x FY18
11/02/18	UOB Kay Hian	China Aviation Oil	1.38	1.93	Buy	PER13.5x FY18
11/02/18	DMG & Partners	China Aviation Oil	1.38	1.5	Neutral	PER10x & PB1.2x & EV/Ebitda9x & DCF, PER7x FY19 (ex-cash), PEG1.3x FY19
11/02/18	DBS Vickers	China Aviation Oil	1.38	1.9	Buy	PER13x FY18
11/02/18	CIMB	China Aviation Oil	1.38	1.83	Add	PER12x FY19
11/05/18	phillip	China Aviation Oil	1.34	1.76	Buy	PER11.5x FY19
11/21/18	DMG & Partners	China Aviation Oil	1.22	1.32	Neutral

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DMG & Partners	Centurion	0.515	0.47	Neutral	DCF
03/01/18	Kim Eng	Centurion	0.515	0.5	Hold	DCF
06/27/18	DMG & Partners	Centurion	0.455	0.47	Neutral
08/10/18	DMG & Partners	Centurion	0.45	0.47	Neutral

Stock calls for 15 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	Accordia Golf Trust	0.55	0.61	Hold
01/15/19	DBS Vickers	Capitaland	3.27	3.62	Buy
01/15/19	Phillip	Capitaland	3.27	4	Accumulate	RNAV (20% discount), PB0.75x FY18
01/15/19	CIMB	CSE Global	0.405	0.56	Add	PER13.5x FY20
01/15/19	CIMB	Fu Yu	0.2	0.2	Hold	PB0.9x
01/15/19	Kim Eng	Genting	1.03	1.26	Buy	EV/Ebitda9x FY19
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18
01/15/19	DBS Vickers	Netlink	0.77	0.87	Buy	DCF
01/15/19	UOB Kay Hian	Sembcorp Industries	2.63	3.2	Buy	Sum of parts
01/15/19	DBS Vickers	Singtel	3.05	3.59	Buy	Sum of parts
01/15/19	OCBC	SPH	2.47	2.55	Hold
01/15/19	DBS Vickers	Starhub	1.77	2.45	Buy	DCF

SG-JB MRT will be postponed!

http://www.asiaone.com/singapore/parliament-rts-link-project-not-progressing-well-opening-likely-be-delayed-beyond-2024

After the SG-KL HSR postponement, the SG-JB MRT will be delayed because the relationship between the 2 nations has turned south after Mahathir became the PM.

Look like Mahathir is skinning SG via the sky, land and sea.

Simmering anti-Malaysia sentiment is rearing its head now.

http://www.asiaone.com/malaysia/singaporeans-cancel-cny-shopping-trips-johor

Mahathir thought there wasn't any price to be paid for being anti-SG because SG was a red dot in his eyes and he could skin SG in many ways.

However, we can also retaliate in our own ways.  We can cut our spendings in Malaysia and also get cozy with China so that China will reduce its investment in Malaysia.

http://sg-stock.blogspot.com/2019/01/singapore-seeks-closer-sg-sino-ties.html

The downfall of the Malacca Gateway will be a piece of good news for SG.

Cryptocurrency roundup.

2019 will be a bad year for cryptos because more people will get educated about the cryptos including ICOs.  Consequently, many ICOs will be declared as scams in 2019 as many of them won't be able to materialize as what's stipulated on their whitepapers.  Therefore, many ICO investors will try to salvage whatever values are left on their ICOs and this doesn't bode well for the crypto markets.

The cryptos including bitcoin have not been able to rise above the price levels on the day we publicized our financial analysis below.

https://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

The bitcoin is down to around US$3500 today from US$4500 on our publication date.  When a product is developed with a flawed structural design and bad economics, it is doomed to fail eventually.  Crypto is such a product and the feared outcome will happen.  It is a matter of when, not if.

North America and Europe will slip into recessions faster than Asia.

https://sg.finance.yahoo.com/news/chinese-fdi-north-america-europe-falls-73-percent-001555773--business.html

Without FDI growth, North America and Europe will slip into recessions faster than Asia.  Why?

Let's look at the tabulation of GDP.

GDP = G + I + C + Net export(X-M)

FDI is I under the GDP tabulation formula and GDP will be affected if there is little or no FDI.  Since China is importing much lesser now, many countries net exports will be affected.  North America and Europe don't have the deep coffers for fiscal stimulus which is under G.  The consumer spendings (C) are also not great in North America and Europe because many people in these countries don't have high spending powers.  Just look at the unemployment rates and yellow vest protests and you will know what I mean.  Furthermore, the US is forcing many countries to buy US goods and reducing their exports to the US.

Singapore has acknowledged that SG-MY relation will turn south.

https://sg.news.yahoo.com/singapore-says-malaysia-ties-downward-spiral-hopes-amicable-060959548.html

We've just stated this recently and our government is seeking a cozy relationship with China as our backup.

http://sg-stock.blogspot.com/2019/01/singapore-seeks-closer-sg-sino-ties.

CEI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/18	CIMB	CEI	1	1.02	Hold	PER10.48x

CDL Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	CDL Hospitality	1.69	1.88	Buy	DDM
01/04/18	CIMB	CDL Hospitality	1.69	1.77	Add
01/05/18	DMG & Partners	CDL Hospitality	1.72	1.7	Buy
01/29/18	CIMB	CDL Hospitality	1.82	1.92	Add	DDM
01/29/18	DMG & Partners	CDL Hospitality	1.82	1.95	Buy	DDM
01/29/18	UOB Kay Hian	CDL Hospitality	1.82	1.95	Buy	DDM
01/29/18	OCBC	CDL Hospitality	1.82	1.6	Sell
01/29/18	DBS Vickers	CDL Hospitality	1.82	2	Buy
02/13/18	UOB Kay Hian	CDL Hospitality	1.64	1.95	Buy
02/20/18	DBS Vickers	CDL Hospitality	1.68	2	Buy
03/02/18	UOB Kay Hian	CDL Hospitality	1.66	1.95	Buy
03/06/18	UOB Kay Hian	CDL Hospitality	1.65	1.82	Buy
03/15/18	UOB Kay Hian	CDL Hospitality	1.69	1.95	Buy
04/03/18	UOB Kay Hian	CDL Hospitality	1.69	1.95	Buy	DDM
04/10/18	CIMB	CDL Hospitality	1.72	1.92	Add
04/17/18	DBS Vickers	CDL Hospitality	1.72	2	Buy	DCF
05/02/18	UOB Kay Hian	CDL Hospitality	1.78	1.95	Buy
05/02/18	DMG & Partners	CDL Hospitality	1.78	1.95	Buy	DDM
05/02/18	OCBC	CDL Hospitality	1.78	1.6	Hold
05/02/18	CIMB	CDL Hospitality	1.78	1.92	Add	DDM
05/08/18	DBS Vickers	CDL Hospitality	1.73	2	Buy
06/04/18	UOB Kay Hian	CDL Hospitality	1.68	1.95	Buy	DDM
06/08/18	CIMB	CDL Hospitality	1.66	1.92	Add	DDM
06/26/18	DBS Vickers	CDL Hospitality	1.61	2	Buy
07/04/18	UOB Kay Hian	CDL Hospitality	1.53	1.95	Buy
07/06/18	DBS Vickers	CDL Hospitality	1.58	2	Buy
07/30/18	OCBC	CDL Hospitality	1.65	1.42	Sell
07/30/18	UOB Kay Hian	CDL Hospitality	1.65	1.86	Buy
07/30/18	CIMB	CDL Hospitality	1.65	1.78	Add	DDM
07/30/18	DBS Vickers	CDL Hospitality	1.65	1.95	Buy	DCF
08/13/18	OCBC	CDL Hospitality	1.5	1.42	Hold
08/17/18	UOB Kay Hian	CDL Hospitality	1.54	1.86	Buy
08/24/18	DBS Vickers	CDL Hospitality	1.52	1.95	Buy
09/03/18	UOB Kay Hian	CDL Hospitality	1.56	1.86	Buy
09/17/18	Kim Eng	CDL Hospitality	1.56	1.8	Buy	DDM
10/03/18	UOB Kay Hian	CDL Hospitality	1.61	1.86	Buy
10/04/18	CIMB	CDL Hospitality	1.61	1.7	Add
10/16/18	DMG & Partners	CDL Hospitality	1.53	1.8	Buy	DDM
11/01/18	OCBC	CDL Hospitality	1.45	1.45	Hold
11/01/18	DMG & Partners	CDL Hospitality	1.45	1.8	Buy	DDM
11/01/18	UOB Kay Hian	CDL Hospitality	1.45	1.83	Buy	DDM
11/01/18	CIMB	CDL Hospitality	1.45	1.61	Add	DDM
11/02/18	DBS Vickers	CDL Hospitality	1.44	1.85	Buy	DCF
11/30/18	CIMB	CDL Hospitality	1.49	1.63	Add	DDM
12/11/18	DMG & Partners	CDL Hospitality	1.52	1.8	Buy
12/21/18	CIMB	CDL Hospitality	1.51	1.63	Add
01/02/19	DMG & Partners	CDL Hospitality	1.46	1.8	Buy
01/02/19	CIMB	CDL Hospitality	1.46	1.63	Add

CapitaRetail China - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/18	DBS Vickers	CapitaRetail China	1.69	1.8	Buy	DCF
02/01/18	OCBC	CapitaRetail China	1.69	1.66	Hold
02/02/18	Phillip	CapitaRetail China	1.67	1.66	Neutral	DDM, PB1.02x
03/19/18	DBS Vickers	CapitaRetail China	1.58	1.8	Buy
03/28/18	OCBC	CapitaRetail China	1.55	1.66	Buy
04/27/18	OCBC	CapitaRetail China	1.55	1.66	Buy
04/30/18	Phillip	CapitaRetail China	1.55	1.66	Accumulate	DDM
07/03/18	OCBC	CapitaRetail China	1.51	1.64	Buy
07/30/18	OCBC	CapitaRetail China	1.57	1.55	Hold
07/31/18	DBS Vickers	CapitaRetail China	1.57	1.7	Buy	DCF
08/30/18	DBS Vickers	CapitaRetail China	1.45	1.7	Buy
10/17/18	Phillip	CapitaRetail China	1.4	1.66	Accumulate
10/31/18	DBS Vickers	CapitaRetail China	1.36	1.63	Buy	DCF
11/01/18	OCBC	CapitaRetail China	1.37	1.39	Hold
11/21/18	Phillip	CapitaRetail China	1.35	1.66	Accumulate

Stock calls for 14 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/19	UOB Kay Hian	CapitaCommercial	1.82	2.11	Buy	DDM
01/14/19	DMG & Partners	M1	2.07	2.06	Neutral
01/14/19	DMG & Partners	Singtel	3.05	3.22	Neutral
01/14/19	CIMB	SPH	2.49	2.64	Hold	Sum of parts
01/14/19	Lim & Tan	SPH	2.49	0	Hold
01/14/19	DMG & Partners	Starhub	1.77	1.9	Neutral

Deflation will start in Asia soon!

https://sg.finance.yahoo.com/news/wrapup-1-chinas-exports-shrink-040900878.html

China's imports are declining at a rapid pace which doesn't bode well for Asia because China and US will dump goods in Asia at cheaper prices to clear the stocks.  Therefore, Asia can expect some deflation soon.  The weak import figure in China is also showing weak consumer spending which will impact Asia countries that are exporting to China.  Thus, Asia economies will be impacted by this.

China's export figure shows that the US has a problem weaning off China goods which supports the huge US trade deficit because US citizens don't have enough savings or strong purchasing powers to get more expensive alternatives.

In conclusion, Asia won't have fantastic economic growth in 2019.

Canada is giving a ridiculous defence.

https://sg.finance.yahoo.com/news/trudeau-says-china-not-respecting-225311669.html

How can an ex-diplomat have diplomatic immunity? This is another event to show that Canada is not a rule of law country.

Diplomatic immunity doesn't last for life and is also not an entitlement when the person is not on official duty.

If a diplomat drives and kills a pedestrian after drinking in a pub with his friends, he is not protected by diplomatic immunity.

https://www.straitstimes.com/world/europe/timeline-of-the-hit-and-run-case-involving-former-romanian-diplomat-silviu-ionescu

If not, any diplomat can kill and rape in another country without any regard for the law.

Baltic dry index - 1169

Today, Friday , January 11 2019, the Baltic Dry Index decreased by 20 points, reaching 1169 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 - 1075

Nationally, the oil and gas rig count is unchanged from last week at 1,075 rigs. A year ago, 939 rigs were active. The count shows that 873 rigs sought oil, down four from the previous week, and 202 explored for natural gas, up four from the previous week.The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Capitamall Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	Capitamall Trust	2.13	2.15	Hold	DDM
01/04/18	Deutsche	Capitamall Trust	2.12	2.3	Buy
01/05/18	DMG & Partners	Capitamall Trust	2.11	2.08	Neutral
01/15/18	OCBC	Capitamall Trust	2.06	2.2	Buy
01/26/18	Phillip	Capitamall Trust	2.1	2.03	Neutral	DDM, PB1.02x
01/26/18	UOB Kay Hian	Capitamall Trust	2.1	2.04	Hold	DDM
01/26/18	DBS Vickers	Capitamall Trust	2.1	2.19	Buy
04/23/18	CIMB	Capitamall Trust	2.1	2.25	Add	DDM
04/23/18	Phillip	Capitamall Trust	2.1	2.05	Neutral	DDM
04/23/18	UOB Kay Hian	Capitamall Trust	2.1	2.13	Hold	DDM, Buy @ $1.81
04/23/18	DBS Vickers	Capitamall Trust	2.1	2.19	Buy
04/23/18	OCBC	Capitamall Trust	2.1	2.26	Buy
04/23/18	DMG & Partners	Capitamall Trust	2.1	2.1	Neutral	DDM
04/23/18	Kim Eng	Capitamall Trust	2.1	2.1	Hold
05/17/18	DMG & Partners	Capitamall Trust	2.08	2.1	Neutral
07/03/18	UOB Kay Hian	Capitamall Trust	2.02	2.13	Hold
07/06/18	DBS Vickers	Capitamall Trust	2.05	2.19	Buy
07/23/18	Phillip	Capitamall Trust	2.16	2.05	Neutral	DDM, PB1.03x FY18
07/23/18	DBS Vickers	Capitamall Trust	2.16	2.3	Buy
07/23/18	UOB Kay Hian	Capitamall Trust	2.16	2.02	Hold	DDM, Buy @ $1.84
07/23/18	Credit Suisse	Capitamall Trust	2.16	2.3	Outperform
07/23/18	OCBC	Capitamall Trust	2.16	2.1	Hold
07/23/18	CIMB	Capitamall Trust	2.16	2.21	Hold	DDM
07/23/18	Deutsche	Capitamall Trust	2.16	2.3	Buy	DDM & RNAV
08/28/18	CIMB	Capitamall Trust	2.17	2.21	Hold	DDM
08/28/18	UOB Kay Hian	Capitamall Trust	2.17	2.02	Hold	DDM, Buy @ $1.84
08/29/18	Phillip	Capitamall Trust	2.15	2.05	Neutral	DDM
08/30/18	DBS Vickers	Capitamall Trust	2.17	2.3	Buy
08/31/18	Lim & Tan	Capitamall Trust	2.15	0	Hold
09/11/18	DBS Vickers	Capitamall Trust	2.09	2.45	Buy
09/25/18	Deutsche	Capitamall Trust	2.13	2.3	Buy
10/01/18	CIMB	Capitamall Trust	2.22	2.21	Hold	DDM
10/01/18	OCBC	Capitamall Trust	2.22	2.1	Hold
10/16/18	DMG & Partners	Capitamall Trust	2.09	2.14	Neutral	DDM
10/17/18	Phillip	Capitamall Trust	2.11	2.05	Neutral
10/25/18	UOB Kay Hian	Capitamall Trust	2.14	2.02	Hold
10/26/18	DBS Vickers	Capitamall Trust	2.17	2.45	Buy
10/26/18	Phillip	Capitamall Trust	2.17	2.09	Neutral	DDM, PB0.99x FY18
10/26/18	OCBC	Capitamall Trust	2.17	2.12	Hold
10/29/18	Kim Eng	Capitamall Trust	2.11	2.15	Hold
11/16/18	CIMB	Capitamall Trust	2.13	2.28	Add	DDM
11/21/18	Phillip	Capitamall Trust	2.2	2.09	Neutral
11/29/18	Kim Eng	Capitamall Trust	2.24	2.2	Hold	DDM
11/30/18	CIMB	Capitamall Trust	2.26	2.29	Add
12/07/18	DBS Vickers	Capitamall Trust	2.26	2.44	Buy
12/11/18	DMG & Partners	Capitamall Trust	2.24	2.14	Neutral