Stock calls for 28 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	Kim Eng	A-Reit	2.81	2.95	Buy
02/28/19	DMG & Partners	Best World	2.56	2.95	Buy	DCF & PER18x
02/28/19	CIMB	Best World	2.56	2.43	Reduce
02/28/19	DBS Vickers	Bumitama	0.665	0.85	Buy	DCF, PER13.9x FY19
02/28/19	Kim Eng	Capitamall Trust	2.42	2.25	Hold
02/28/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy
02/28/19	phillip	Dasin Retail	0.885	0.94	Accumulate	DDM, PB0.64x
02/28/19	Kim Eng	Frasers Centrepoint Trust	2.3	2.55	Buy
02/28/19	DMG & Partners	Fu Yu	0.215	0.24	Buy	DCF
02/28/19	CIMB	Fu Yu	0.215	0.2	Hold
02/28/19	UOB Kay Hian	Golden Agri	0.28	0.21	Sell
02/28/19	Lim & Tan	Haw Par	12.39	0	Buy
02/28/19	Lim & Tan	Hong Leong Finance	2.71	0	Buy
02/28/19	Kim Eng	Mapletree Logistics	1.39	1.3	Hold
02/28/19	Lim & Tan	Memtech	1.03	0	Buy on weakness
02/28/19	CIMB	Memtech	1.03	1.08	Hold
02/28/19	OCBC	OUE	1.66	2.32	Buy
02/28/19	CIMB	UMS	0.74	0.62	Reduce
02/28/19	DBS Vickers	UOL	6.75	7.15	Hold	RNAV (40% discount)

Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/18	Kim Eng	Mapletree Industrial	2.11	2.1	Buy
01/24/18	OCBC	Mapletree Industrial	2.07	2.06	Hold
01/24/18	UOB Kay Hian	Mapletree Industrial	2.07	1.88	Hold	DDM
01/24/18	DBS Vickers	Mapletree Industrial	2.07	2.15	Buy
01/24/18	Deutsche	Mapletree Industrial	2.07	1.85	Hold
01/25/18	Phillip	Mapletree Industrial	2.12	2.15	Neutral	DDM, PB1.48x FY18
01/25/18	CIMB	Mapletree Industrial	2.12	2.16	Add	DDM
02/12/18	Phillip	Mapletree Industrial	1.93	2.15	Neutral
04/16/18	Kim Eng	Mapletree Industrial	2.03	2.2	Buy
04/24/18	UOB Kay Hian	Mapletree Industrial	2.02	2	Hold	DDM
04/25/18	CIMB	Mapletree Industrial	2	2.12	Add	DDM
04/25/18	Phillip	Mapletree Industrial	2	2.09	Neutral	PB1.48x FY19
04/25/18	OCBC	Mapletree Industrial	2	2.06	Hold
04/25/18	Kim Eng	Mapletree Industrial	2	2.25	Buy	DDM
04/30/18	DBS Vickers	Mapletree Industrial	2.02	2.22	Buy
05/02/18	CIMB	Mapletree Industrial	2.03	2.12	Add
05/21/18	Phillip	Mapletree Industrial	1.95	2.09	Neutral
07/05/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy	DDM
07/06/18	DBS Vickers	Mapletree Industrial	1.96	2.22	Buy
07/25/18	OCBC	Mapletree Industrial	2.02	2.06	Hold
07/25/18	Phillip	Mapletree Industrial	2.02	2.09	Neutral	DDM, PB1.42x FY19
07/26/18	UOB Kay Hian	Mapletree Industrial	2.02	1.94	Hold	DDM, Buy @ $1.76
07/26/18	OCBC	Mapletree Industrial	2.02	2.08	Hold
07/26/18	CIMB	Mapletree Industrial	2.02	2.13	Add	DDM
09/25/18	Deutsche	Mapletree Industrial	1.96	1.75	Sell
10/01/18	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	DCF
10/17/18	Phillip	Mapletree Industrial	1.94	2.09	Neutral
10/24/18	OCBC	Mapletree Industrial	1.95	2.01	Hold	DDM
10/24/18	Lim & Tan	Mapletree Industrial	1.95	0	Hold
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
10/26/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy
11/21/18	Phillip	Mapletree Industrial	1.84	1.99	Neutral
12/17/18	DBS Vickers	Mapletree Industrial	1.91	2.22	Buy
01/17/19	OCBC	Mapletree Industrial	1.97	2.04	Hold
01/18/19	CIMB	Mapletree Industrial	1.99	2.1	Add	DDM
01/23/19	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	PER16.8x FY19
01/23/19	DIR	Mapletree Industrial	1.98	1.78	Underperform
01/24/19	Phillip	Mapletree Industrial	1.96	2.03	Neutral	DDM, PB1.36x FY19
01/24/19	Kim Eng	Mapletree Industrial	1.96	2.2	Buy	DDM
01/28/19	UOB Kay Hian	Mapletree Industrial	2.03	1.94	Hold	Buy @ $1.78
02/12/19	OCBC	Mapletree Industrial	2.03	2.04	Hold
02/15/19	Phillip	Mapletree Industrial	1.99	2.03	Neutral
02/19/19	OCBC	Mapletree Industrial	1.99	1.98	Hold
02/20/19	DBS Vickers	Mapletree Industrial	1.99	2.3	Buy

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	Mapletree Commercial	1.62	1.45	Sell	DDM
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/25/18	Lim & Tan	Mapletree Commercial	1.67	0	Hold
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Add	DDM
04/25/18	Kim Eng	Mapletree Commercial	1.6	1.5	Hold	DDM
04/25/18	CIMB	Mapletree Commercial	1.6	1.75	Add	DDM
04/25/18	DBS Vickers	Mapletree Commercial	1.6	1.8	Buy	DCF, PB1.2x
07/27/18	Kim Eng	Mapletree Commercial	1.64	1.5	Hold	DDM
07/27/18	CIMB	Mapletree Commercial	1.64	1.75	Add	DDM
07/27/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy
09/25/18	Deutsche	Mapletree Commercial	1.64	1.7	Buy
10/01/18	DBS Vickers	Mapletree Commercial	1.61	1.8	Buy	DCF
10/26/18	Kim Eng	Mapletree Commercial	1.63	1.6	Hold	DDM
10/26/18	CIMB	Mapletree Commercial	1.63	1.75	Add
10/29/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy	DCF, PB1.2x
11/16/18	CIMB	Mapletree Commercial	1.62	1.67	Add	DDM
11/28/18	OCBC	Mapletree Commercial	1.63	1.79	Buy	DDM
01/24/19	OCBC	Mapletree Commercial	1.72	1.79	Hold
01/24/19	CIMB	Mapletree Commercial	1.72	1.79	Add	DDM
01/24/19	DBS Vickers	Mapletree Commercial	1.72	2	Buy	DCF
01/24/19	Kim Eng	Mapletree Commercial	1.72	1.6	Hold
02/08/19	DBS Vickers	Mapletree Commercial	1.81	2	Buy

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/05/18	DMG & Partners	Manulife US Reit	0.935	0.98	Buy
02/06/18	UOB Kay Hian	Manulife US Reit	0.92	1.12	Buy	DDM
02/06/18	Lim & Tan	Manulife US Reit	0.92	1	Hold
02/06/18	DMG & Partners	Manulife US Reit	0.92	0.98	Buy	DDM
02/07/18	DBS Vickers	Manulife US Reit	0.91	1	Buy	DCF
02/21/18	Amfrasers	Manulife US Reit	0.91	1.008	Buy	DDM
04/13/18	Lim & Tan	Manulife US Reit	0.925	1	Hold
04/16/18	DMG & Partners	Manulife US Reit	0.82	1	Buy	DDM
04/16/18	DBS Vickers	Manulife US Reit	0.82	1	Buy
04/17/18	Amfrasers	Manulife US Reit	0.925	1.01	Buy
05/02/18	DMG & Partners	Manulife US Reit	0.95	1	Buy	DDM
05/02/18	UOB Kay Hian	Manulife US Reit	0.95	1.12	Buy
05/08/18	Amfrasers	Manulife US Reit	0.945	1.02	Buy
06/26/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF
08/07/18	UOB Kay Hian	Manulife US Reit	0.86	1.06	Buy	DDM
08/07/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF
08/14/18	Amfrasers	Manulife US Reit	0.845	0.97	Buy
09/25/18	Deutsche	Manulife US Reit	0.795	1	Buy
10/16/18	DMG & Partners	Manulife US Reit	0.78	0.92	Buy	DDM
10/25/18	UOB Kay Hian	Manulife US Reit	0.775	1.06	Buy
11/01/18	Deutsche	Manulife US Reit	0.71	1	Buy
11/02/18	DBS Vickers	Manulife US Reit	0.73	0.97	Buy
11/05/18	DMG & Partners	Manulife US Reit	0.75	0.92	Buy	DDM
11/07/18	UOB Kay Hian	Manulife US Reit	0.76	1.07	Buy	DDM
11/07/18	DBS Vickers	Manulife US Reit	0.76	0.88	Buy	DCF
12/11/18	DMG & Partners	Manulife US Reit	0.755	0.92	Buy
01/02/19	DMG & Partners	Manulife US Reit	0.77	0.92	Buy
01/02/19	DBS Vickers	Manulife US Reit	0.77	0.88	Buy	DCF
02/12/19	Lim & Tan	Manulife US Reit	0.855	0	Hold
02/12/19	DMG & Partners	Manulife US Reit	0.855	0.94	Buy	DDM
02/12/19	DBS Vickers	Manulife US Reit	0.855	0.92	Buy	DCF
02/26/19	Amfrasers	Manulife US Reit	0.835	0.95	Buy

Stock calls for 27 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/19	Kim Eng	Bumitama	0.675	0.97	Buy	PER13x FY19
02/27/19	UOB Kay Hian	Fu Yu	0.21	0.285	Buy
02/27/19	Lim & Tan	Fu Yu	0.21	0	Buy
02/27/19	DMG & Partners	Golden Agri	0.28	0.23	Sell	Sum of parts
02/27/19	Lim & Tan	Hotel Properties	3.76	0	Hold
02/27/19	DBS Vickers	Koufu	0.63	0.8	Buy
02/27/19	Macquarie	OCBC	11.2	13	Outperform	PB
02/27/19	UOB Kay Hian	Propnex	0.565	0.66	Buy
02/27/19	CIMB	Riverstone	1.1	1.22	Add	PER16.7x FY20
02/27/19	DBS Vickers	Riverstone	1.1	1.19	Hold	PER16x FY19
02/27/19	DMG & Partners	Sheng Siong	1.09	1.25	Buy	DCF
02/27/19	OCBC	Sheng Siong	1.09	1.19	Buy
02/27/19	DBS Vickers	Sheng Siong	1.09	1.25	Buy	PER25x FY19
02/27/19	CIMB	Sheng Siong	1.09	1.22	Add	PER22.2x FY20
02/27/19	DBS Vickers	Sheng Siong	1.09	1.24	Buy
02/27/19	UOB Kay Hian	Sheng Siong	1.09	1.11	Hold
02/27/19	DBS Vickers	Thai Beverage	0.81	0.94	Buy
02/27/19	CIMB	UOL	6.77	8.45	Add	RNAV
02/27/19	OCBC	UOL	6.77	8.45	Buy	RNAV
02/27/19	Lim & Tan	UOL	6.77	0	Buy

M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued	DCF
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF
02/21/18	OCBC	M1	1.8	1.7	Hold
03/12/18	UOB Kay Hian	M1	1.79	1.84	Hold
03/14/18	Kim Eng	M1	1.78	1.63	Sell	DCF
03/15/18	CIMB	M1	1.78	1.85	Hold
03/15/18	DMG & Partners	M1	1.78	1.95	Neutral
03/20/18	UOB Kay Hian	M1	1.79	1.6	Sell	DCF
03/27/18	Deutsche	M1	1.77	2.3	Buy
04/03/18	Kim Eng	M1	1.75	1.63	Hold	DCF
04/11/18	DBS Vickers	M1	1.72	1.76	Hold	DCF
04/17/18	UOB Kay Hian	M1	1.79	1.6	Sell	DCF
04/17/18	DMG & Partners	M1	1.79	1.95	Neutral	DCF
04/17/18	OCBC	M1	1.79	1.7	Hold
04/17/18	CIMB	M1	1.79	1.85	Hold
05/23/18	UOB Kay Hian	M1	1.76	1.6	Sell
06/04/18	UOB Kay Hian	M1	1.71	1.6	Sell	DCF
06/27/18	DBS Vickers	M1	1.59	1.46	Hold	EV/Ebitda6x
07/03/18	DMG & Partners	M1	1.59	1.63	Hold	DCF
07/05/18	Kim Eng	M1	1.58	1.63	Hold
07/30/18	UOB Kay Hian	M1	1.6	1.55	Sell	DCF
07/30/18	DMG & Partners	M1	1.6	1.68	Neutral	DCF
07/30/18	OCBC	M1	1.6	1.65	Hold
07/31/18	CIMB	M1	1.64	1.5	Hold	DCF
08/17/18	UOB Kay Hian	M1	1.6	1.55	Sell	DCF
09/07/18	UOB Kay Hian	M1	1.57	1.55	Sell
09/24/18	OCBC	M1	1.63	1.65	Hold
09/24/18	Kim Eng	M1	1.63	1.63	Hold	DCF
09/25/18	UOB Kay Hian	M1	1.63	1.88	Buy	DCF
09/25/18	CIMB	M1	1.63	1.5	Hold
09/28/18	UOB Kay Hian	M1	1.63	2.06	Accept Offer	Offer $2.06
09/28/18	DMG & Partners	M1	1.63	2.06	Neutral
09/28/18	CIMB	M1	1.63	2.06	Add
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
10/26/18	Kim Eng	M1	2.09	1.63	Sell	DDM
10/26/18	DMG & Partners	M1	2.09	2.06	Neutral
11/05/18	CIMB	M1	2.11	2.06	Hold	Offer $2.06
01/02/19	Kim Eng	M1	2.09	1.63	Sell
01/04/19	Phillip	M1	2.08	2.06	Accept Offer	Offer $2.06
01/08/19	OCBC	M1	2.06	2.06	Accept Offer	Offer $2.06
01/14/19	DMG & Partners	M1	2.07	2.06	Neutral	Offer $2.06
01/29/19	CIMB	M1	2.06	2.06	Hold	Offer $2.06
02/12/19	Kim Eng	M1	2.04	1.77	Sell

Lippo-Malls Indo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	OCBC	Lippo-Malls Indo	0.4	0.405	Hold
04/13/18	CIMB	Lippo-Malls Indo	0.365	0.33	Reduce	DDM
04/13/18	OCBC	Lippo-Malls Indo	0.365	0.31	Sell
05/07/18	CIMB	Lippo-Malls Indo	0.32	0.33	Reduce	DDM
08/06/18	CIMB	Lippo-Malls Indo	0.315	0.33	Hold	DDM
11/13/18	CIMB	Lippo-Malls Indo	0.23	0.27	Hold	DDM

Lian Beng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/18	DBS Vickers	Lian Beng	0.625	0.85	Not Rated	Sum of parts
01/16/19	Lim & Tan	Lian Beng	0.515	0	Buy on weakness

Stock calls for 26 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	Kim Eng	AEM	1.05	1.24	Buy	PB2.8x FY19/20
02/26/19	CIMB	AEM	1.05	1.11	Hold	PER10x FY20
02/26/19	DMG & Partners	Bumitama	0.67	0.67	Neutral	PER11x FY19
02/26/19	Amfrasers	DBS	25.18	27.7	Buy	RIM
02/26/19	Lim & Tan	Ho Bee	2.51	0	Buy
02/26/19	DBS Vickers	HRnetGroup	0.8	1.05	Buy	PER15x FY19, ex-cash
02/26/19	Amfrasers	Manulife US Reit	0.835	0.95	Buy
02/26/19	DBS Vickers	PACC Offshore	0.183	0.2	Hold	PB0.8x FY19
02/26/19	DMG & Partners	Raffles Medical	1.12	1.02	Neutral	DCF
02/26/19	OCBC	Raffles Medical	1.12	1.25	Buy
02/26/19	DBS Vickers	Raffles Medical	1.12	1.12	Hold
02/26/19	Amfrasers	Sembcorp Marine	1.72	2.48	Buy
02/26/19	DBS Vickers	UMS	0.71	0.55	Fully Valued	PER8x FY19
02/26/19	Macquarie	UOB	25.39	30.5	Outperform	PB

"Pump and dump" for crypto again!

https://www.trustnodes.com/2019/02/24/bitcoin-crashes-500-in-minutes-profit-taking-short-making-or-what

When the price of crypto is below its mining cost, volatility will increase because miners and crypto exchanges have to find ways to survive.  They will resort to pump and dump tactics to keep themselves afloat.

http://sg-stock.blogspot.com/2018/12/pump-and-dump-tactics-are-at-work-again.html

RMB appreciates because of the US.

Why did the RMB appreciate recently? Please see below.

https://sg-stock.blogspot.com/2019/02/usa-is-gearing-up-for-usd-depreciation.html

When one currency depreciates (USD), the other competing currency (RMB) will appreciate.

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/18	Lim & Tan	KSH	0.705	0	Hold
02/13/18	OCBC	KSH	0.695	0.79	Hold
02/22/18	UOB Kay Hian	KSH	0.76	1.08	Buy	Sum of parts
06/01/18	Lim & Tan	KSH	0.645	0	Hold
06/04/18	OCBC	KSH	0.635	0.98	Buy
06/07/18	UOB Kay Hian	KSH	0.65	1.04	Buy	Sum of parts
07/16/18	OCBC	KSH	0.615	0.94	Buy
08/13/18	UOB Kay Hian	KSH	0.61	0.87	Buy	RNAV (50% discount)
08/13/18	OCBC	KSH	0.61	0.98	Buy
11/19/18	OCBC	KSH	0.525	0.81	Buy
11/19/18	Lim & Tan	KSH	0.525	0	Buy
02/15/19	OCBC	KSH	0.52	0.81	Buy

Koufu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/28/18	DBS Vickers	Koufu	0.655	0.84	Buy	PER17x FY19
11/05/18	DBS Vickers	Koufu	0.63	0.84	Buy
11/13/18	DBS Vickers	Koufu	0.635	0.8	Buy	PER17x FY19
12/17/18	DBS Vickers	Koufu	0.605	0.8	Buy

Kimly - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/16/18	DMG & Partners	Kimly	0.34	0.43	Buy	DCF, PER22.8x FY18
05/09/18	DMG & Partners	Kimly	0.345	0.43	Buy	DCF, PER22.8x FY18
06/22/18	DMG & Partners	Kimly	0.345	0.43	Buy	DCF
07/04/18	DMG & Partners	Kimly	0.37	0.46	Buy	DCF
08/10/18	DMG & Partners	Kimly	0.335	0.46	Buy	DCF
09/12/18	DMG & Partners	Kimly	0.325	0.46	Buy	DCF
12/03/18	DMG & Partners	Kimly	0.255	0.27	Neutral	DCF
01/07/19	DMG & Partners	Kimly	0.24	0.27	Neutral
02/14/19	DMG & Partners	Kimly	0.245	0.24	Neutral	DCF

Stock calls for 25 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/25/19	phillip	China Everbright	0.355	0.48	Buy	PER8.9x FY19
02/25/19	DMG & Partners	EC World Reit	0.755	0.84	Buy	DDM
02/25/19	DBS Vickers	Genting	1.07	1.54	Buy	EV/Ebitda12x
02/25/19	Kim Eng	Hi-P	1.14	1.22	Hold	PB1.5x
02/25/19	DMG & Partners	HRnetGroup	0.795	1.06	Buy	DCF
02/25/19	OCBC	Hutchison Port	0.235	0.22	Hold
02/25/19	CIMB	OCBC	11.39	12	Hold	PB1.2x CY19
02/25/19	UOB Kay Hian	OCBC	11.39	13.85	Buy
02/25/19	DBS Vickers	OCBC	11.39	12.9	Buy	GGM, PB1.2x FY19
02/25/19	Kim Eng	OCBC	11.39	10.73	Hold	DDM
02/25/19	OCBC	Roxy-Pacific	0.415	0.41	Hold
02/25/19	DBS Vickers	Sembcorp Industries	2.67	3.9	Buy	RNAV (10% discount), PB1x
02/25/19	Jefferies	UOB	25.58	30	Buy	PER12.3x FY19
02/25/19	OCBC	UOB	25.58	28.3	Buy	PB1.2x FY19
02/25/19	DBS Vickers	UOB	25.58	29.2	Buy	GGM, PB1.2x
02/25/19	phillip	UOB	25.58	32.51	Buy	GGM, PB1.4x FY19
02/25/19	Kim Eng	UOB	25.58	29.71	Buy	DDM
02/25/19	CIMB	UOB	25.58	29	Add	GGM, PB1.3x FY19
02/25/19	CIMB	Venture	16.12	17.88	Add	PER12.56x FY20
02/25/19	Kim Eng	Venture	16.12	19.23	Buy	Roe-g/Coe-g, PB2.2x FY19
02/25/19	DMG & Partners	Venture	16.12	19	Buy
02/25/19	DBS Vickers	Venture	16.12	21.7	Buy	PER15.8x FY19
02/25/19	Lim & Tan	Venture	16.12	0	Buy
02/25/19	OCBC	Venture	16.12	20.89	Buy
02/25/19	DMG & Partners	Wilmar	3.26	3.63	Buy	Sum of parts
02/25/19	DBS Vickers	Wilmar	3.26	3.6	Buy	DCF, PER15.4x FY19

We hit the jackpot on the USD trajectory.

The USD has been trending down after we expressed our view on the downtrend.  Please see below.

https://sg-stock.blogspot.com/2019/02/usd-is-likely-to-depreciate-soon-why.html