Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/18	DMG & Partners	Sheng Siong	0.915	0.99	Neutral	Up from $0.93
02/20/18	UOB Kay Hian	Sheng Siong	0.92	1.06	Hold
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/26/18	phillip	Sheng Siong	0.93	1.13	Buy	PER23x FY18
02/26/18	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER
02/26/18	OCBC	Sheng Siong	0.93	1.06	Buy
02/26/18	CIMB	Sheng Siong	0.93	1.08	Add	PER22.3x CY19
03/19/18	phillip	Sheng Siong	0.945	1.13	Buy
04/03/18	Kim Eng	Sheng Siong	0.95	1.2	Buy	DCF, PER25x FY18, EV/Ebitda7x
04/03/18	UOB Kay Hian	Sheng Siong	0.95	1.1	Buy
04/11/18	DMG & Partners	Sheng Siong	0.97	1.11	Buy	DCF & PER21x
04/16/18	phillip	Sheng Siong	1	1.13	Accumulate
04/30/18	DMG & Partners	Sheng Siong	1.02	1.18	Buy	DCF & PER
04/30/18	UOB Kay Hian	Sheng Siong	1.02	1.09	Hold	PER22.5x FY18, Buy @ $0.98
04/30/18	OCBC	Sheng Siong	1.02	1.06	Buy
04/30/18	DBS Vickers	Sheng Siong	1.02	1.21	Buy	PER25x FY18
05/02/18	phillip	Sheng Siong	1.02	1.13	Accumulate	PER23x FY18
05/02/18	CIMB	Sheng Siong	1.02	1.18	Add	PER22.3x FY19
05/21/18	DMG & Partners	Sheng Siong	1	1.18	Buy	DCF & PER
06/22/18	DMG & Partners	Sheng Siong	1	1.18	Buy
06/28/18	OCBC	Sheng Siong	1.05	1.12	Buy
07/04/18	CIMB	Sheng Siong	1.06	1.18	Add	PER22.2x FY19
07/13/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
07/31/18	UOB Kay Hian	Sheng Siong	1.07	1.09	Hold	PER22.5x FY18, Buy @ $0.98
07/31/18	DBS Vickers	Sheng Siong	1.07	1.26	Buy	PER25x FY19
08/01/18	DMG & Partners	Sheng Siong	1.07	1.27	Buy	DCF & PER
08/02/18	phillip	Sheng Siong	1.09	1.13	Accumulate	PER23x FY18
08/02/18	OCBC	Sheng Siong	1.09	1.25	Buy
08/20/18	CIMB	Sheng Siong	1.09	1.26	Add	PER22.2x FY19
08/20/18	DMG & Partners	Sheng Siong	1.09	1.3	Buy	DCF & PER21x
08/21/18	UOB Kay Hian	Sheng Siong	1.11	1.14	Hold	DCF, PER21.8x FY19, Buy @ $1.05
09/14/18	CIMB	Sheng Siong	1.12	1.26	Add
09/18/18	Amfrasers	Sheng Siong	1.12	1.24	Buy	DCF, PER25.1x FY18
09/18/18	DBS Vickers	Sheng Siong	1.12	1.26	Buy
10/02/18	Amfrasers	Sheng Siong	1.13	1.24	Buy	DCF, PER21x FY18
10/23/18	CIMB	Sheng Siong	1.05	1.26	Add
10/31/18	DBS Vickers	Sheng Siong	1.08	1.24	Buy	PER25x FY19
10/31/18	DMG & Partners	Sheng Siong	1.08	1.3	Buy	DCF & PER21x
11/01/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
11/01/18	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold	PER22.7x FY19, Buy @ $1.04
11/01/18	OCBC	Sheng Siong	1.08	1.13	Hold
11/01/18	CIMB	Sheng Siong	1.08	1.25	Add	PER22.2x FY20
11/05/18	DBS Vickers	Sheng Siong	1.04	1.24	Buy
11/05/18	phillip	Sheng Siong	1.04	1.13	Accumulate	PER25x FY19
12/10/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy
12/17/18	DBS Vickers	Sheng Siong	1.09	1.24	Buy
01/02/19	DMG & Partners	Sheng Siong	1.06	1.27	Buy
01/04/19	phillip	Sheng Siong	1.07	1.13	Accumulate
02/20/19	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold
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	UOB Kay Hian	Sheng Siong	1.09	1.11	Hold
03/04/19	phillip	Sheng Siong	1.09	1.3	Accumulate	PER25x
03/05/19	Amfrasers	Sheng Siong	1.09	1.24	Buy
03/13/19	DMG & Partners	Sheng Siong	1.08	1.25	Buy	DCF
03/19/19	Kim Eng	Sheng Siong	1.08	0.95	Sell	DCF, PER19.5x FY19

Stock calls for 22 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/19	UOB Kay Hian	Comfortdelgro	2.54	2.77	Buy
03/22/19	DBS Vickers	Frasers Property	1.77	1.98	Buy	RNAV (35% discount)
03/22/19	OCBC	Shangri-La Asia	11.18	16.16	Buy
03/22/19	DMG & Partners	Singtel	2.97	3.06	Neutral
03/22/19	CIMB	Starhill	0.7	0.74	Add	DDM

The US treasury's situation is getting chaotic. - Part 2

The US bond market doesn't look good after the US Fed expressed its super dovish stance (No interest rate hikes in 2019 and termination of QT).

From the screen above, we can see the following yield curve inversions:
1m yield > 2m yield
1m yield > 3m yield
1m yield > 6m yield
1m yield > 1y yield
1m yield > 2y yield
1m yield > 3y yield
1m yield > 5y yield
1m yield > 7y yield

3m yield (2.49%)  < 10y yield (2.54%) = Spread is narrowing!

When the short term yield is more than the long term yield, it is a monetary tightening symptom.  Why?

When I was a finance student, I learnt the time value of money concept in the university.  Money is worth lesser and lesser into the future and it needs to be compensated if we use our monies for investment for the current period.  Therefore, the interest or yield return that we demand must commensurate with time.  In other words, the longer is the investment period, the higher is the interest.

Furthermore, uncertainty (risk) increases with time and we also must be compensated more for investing in a longer period.

When the short term yield is greater than the long term yield, it is showing that access to cheap money is no longer available because investors are demanding a higher interest rate for taking a short term risk.  This will create short term cash flow problems for many companies and defaults will rise.  This is something that the US Fed is trying to avoid by terminating the QT but the reality in the bond market is showing otherwise.

The preferred US Fed yield curve inversion indicator is the 3-month yield vs 10-year month yield.  The 3m-10y yield spread is narrowing and this is not a good sign.  When this indicator starts to invert, it is showing that the recession is in the offing.

https://sg-stock.blogspot.com/2019/01/the-us-treasurys-situation-is-getting.html

Indonesia's Garuda has cancelled Boeing 737-Max orders. More to come!

https://www.channelnewsasia.com/news/asia/indonesia-s-garuda-cancelling-49-boeing-737-max-8-plane-orders-11368824

Garuda is right to cancel the unsafe plane orders.  However, Indonesia is not Boeing's biggest customer.  Boeing's biggest customer is China.

Boeing will be in a crash mode when China cancels 737-Max orders.

http://sg-stock.blogspot.com/2019/03/boeing-saga.html

Shangri-La Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/19	OCBC	Shangri-La Asia	11.04	16.4	Buy

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/18	DMG & Partners	SGX	7.98	9	Buy	PER24x FY19
01/22/18	Kim Eng	SGX	7.98	8.82	Buy	PER23x FY19
01/22/18	DBS Vickers	SGX	7.98	8.9	Buy	DDM, PER21x FY19
01/22/18	OCBC	SGX	7.98	8.16	Hold	PER24x FY18
01/22/18	CIMB	SGX	7.98	8.5	Add	PER24x FY19
01/22/18	phillip	SGX	7.98	9	Accumulate	DCF
01/22/18	UBS	SGX	7.98	8.7	Buy
01/22/18	Citibank	SGX	7.98	8.88	Hold
02/07/18	CIMB	SGX	7.88	8.5	Add	PER24x FY19
02/07/18	DMG & Partners	SGX	7.88	9	Buy	PER24x FY19
02/07/18	OCBC	SGX	7.88	8.16	Hold
02/07/18	Kim Eng	SGX	7.88	8.82	Buy	PER23x FY19
02/07/18	DBS Vickers	SGX	7.88	8.9	Buy	DDM, PER21x FY19
02/11/18	Citibank	SGX	7.89	7.9	Hold
02/13/18	JP Morgan	SGX	7.31	9	Overweight
02/13/18	Jefferies	SGX	7.31	8	Buy
02/13/18	UBS	SGX	7.31	8.7	Buy
02/13/18	CIMB	SGX	7.31	7.85	Hold	PER24x FY19
02/13/18	Goldman Sachs	SGX	7.31	6.6	Sell
02/14/18	phillip	SGX	7.3	8.89	Buy	DCF
02/19/18	Jefferies	SGX	7.37	8	Buy
02/20/18	DBS Vickers	SGX	7.71	8.9	Buy	DDM, PER21x FY19
03/08/18	Kim Eng	SGX	7.44	8.73	Buy	PER23x FY19
03/13/18	Amfrasers	SGX	7.58	8.14	Buy
04/23/18	phillip	SGX	7.56	9.2	Buy	DCF
04/23/18	CIMB	SGX	7.56	8.2	Add	PER24x FY19
04/23/18	Lim & Tan	SGX	7.56	0	Buy
04/23/18	OCBC	SGX	7.56	8.22	Buy
04/23/18	DMG & Partners	SGX	7.56	9	Buy	PER24x FY19
05/23/18	Lim & Tan	SGX	7.48	0	Buy on weakness
06/01/18	OCBC	SGX	7.24	7.89	Buy	PER23x
06/22/18	DMG & Partners	SGX	7.25	9	Buy	PER24x FY19
07/03/18	UOB Kay Hian	SGX	7.14	8.14	Not Rated
07/18/18	Macquarie	SGX	7.45	7.7	Neutral
07/25/18	DMG & Partners	SGX	7.5	9	Buy	PER24x FY19
07/30/18	OCBC	SGX	7.58	8.32	Buy	PER23x FY19
07/30/18	CIMB	SGX	7.58	8.02	Add	PER24x FY20
07/30/18	Lim & Tan	SGX	7.58	0	Buy
07/31/18	phillip	SGX	7.41	8.93	Buy	DCF
08/05/18	Citibank	SGX	7.36	7.7	Hold
09/04/18	DMG & Partners	SGX	7.42	8.4	Buy	PER23.4x FY19
10/16/18	Citibank	SGX	6.83	7.1	Hold
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
10/24/18	Macquarie	SGX	7.05	7.7	Neutral
11/22/18	DMG & Partners	SGX	7.21	8.4	Buy
11/27/18	DMG & Partners	SGX	7.24	8.2	Buy	PER22x FY20
01/04/19	phillip	SGX	7.15	9.01	Buy
01/25/19	CIMB	SGX	7.5	7.9	Add	PER22.1x FY20
01/25/19	DMG & Partners	SGX	7.5	8.2	Buy	PER22x FY20
01/28/19	phillip	SGX	7.57	8.36	Buy	PER23.2x FY19
01/28/19	OCBC	SGX	7.57	7.98	Buy	PER22x F19/20
02/22/19	Citibank	SGX	7.87	7.8	Hold
03/12/19	Citibank	SGX	7.46	7	Sell
03/14/19	DBS Vickers	SGX	7.26	7.05	Hold	DDM, PER20x CY20
03/19/19	phillip	SGX	7.31	8.17	Accumulate	PER23.2x

Serial System - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/22/18	Tayona	Serial System	0.1666	0.24	Overweight	DCF
08/17/18	Tayona	Serial System	0.146	0.24	Overweight	Sum of parts, PER11.2x FY18

Stock calls for 21 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/19	Lim & Tan	Capitaland	3.47	0	Buy
03/21/19	Amfrasers	CapitaRetail China	1.52	1.61	Buy	DDM
03/21/19	Lim & Tan	City Developments	9.02	0	Buy
03/21/19	Kim Eng	Japfa	0.65	1.05	Buy	Sum of parts
03/21/19	OCBC	Shangri-La Asia	11.04	16.4	Buy
03/21/19	UOB Kay Hian	Singtel	2.99	3.58	Buy	DCF
03/21/19	DMG & Partners	Starhill	0.705	0.78	Buy	DDM
03/21/19	Kim Eng	Valuetronics	0.685	1.05	Buy	PB2.1x FY20

US FAA has lost its credibility.

https://sg.finance.yahoo.com/news/european-canadian-regulators-own-review-040547617.html

Europe and Canada will not recognize FAA certification anymore.

Europe and Canada will do their own review of Boeing jets from now instead of accepting the FAA certification.

I hope our CAAS will do the same and not accept the FAA certification for the safety of Singaporeans.

Boeing saga!

https://www.marketwatch.com/story/faa-on-sullenberger-criticisms-of-boeing-737-max-certification-process-consistently-produced-safe-aircraft-designs-2019-03-19

https://www.bloomberg.com/news/articles/2019-03-18/boeing-drops-as-role-in-vetting-its-own-jets-comes-under-fire-jtecyagp

Omg! US FAA outsources its certification to Boeing.  No wonder Boeing 737-Max was allowed to fly despite its defective design which needed an anti-stall software to correct its abnormal uplift.

Boeing 737-Max wings and engines were moved forward in its design and this forward movement caused the abnormal uplift.  The same anti-stall software is not installed in all Boeing planes.

Do not fly in Boeing 737-Max as the US government is hiding the truth! Boeing 737-Max is an unsafe airplane.

The semiconductor is facing a collapse. - Part 2

https://finance.yahoo.com/news/micron-reports-second-quarter-earnings-201323152.html

Micron has started to cut its production output and investment in anticipation of the semiconductor slowdown.

https://sg-stock.blogspot.com/2019/03/the-semiconductor-is-facing-collapse.html

Singapore is caught defying US sanction by trading in Iran oil

https://finance.yahoo.com/news/exclusive-iran-fuel-oil-exports-beat-u-sanctions-063832574--sector.html

Hahaha! I didn't know SG was so brave to defy US sanction.  Look like we're a small nation with big guts.

Global inflation or deflation?

The US Fed has concluded with no interest rate movement and termination of quantitative tightening (QT).  Therefore, we can deduce that the US Fed is expecting the US economy to slow down in the latter half.

Economists and analysts are anticipating the CPIs in the US and China to rise in the 2nd half of 2019.  The FAO price index is also substantiating the uprising CPI trend.

The chart above shows that the food price index is trending higher in 2019 after reaching a trough in 2018.

https://www.foodinsiderjournal.com/supply-chain/cereal-dairy-continue-drive-fao-price-index-higher-march

The US Fed is watching the economic situation as it unfolds because the upcoming inflation is desirable unless it is runaway inflation.  Why is inflation desirable? Please read our post below to find out more.

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

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
02/02/18	Deutsche	Sembcorp Marine	2.57	2.9	Buy
02/02/18	Credit Suisse	Sembcorp Marine	2.57	3	Outperform
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
02/22/18	OCBC	Sembcorp Marine	2.63	2.43	Hold
02/22/18	UOB Kay Hian	Sembcorp Marine	2.63	1.9	Hold	PB1.6x FY19, Buy @ $1.80
02/22/18	DBS Vickers	Sembcorp Marine	2.63	2.9	Buy	PB2.4x FY18
02/22/18	CIMB	Sembcorp Marine	2.63	3.01	Add	PB2.5x FY18
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold
03/05/18	CIMB	Sembcorp Marine	2.02	3.01	Add	PB2.5x FY18
03/05/18	OCBC	Sembcorp Marine	2.02	2.07	Hold	PB1.7x FY18/19
03/06/18	DBS Vickers	Sembcorp Marine	1.9	2.9	Buy	PB2.4x FY18
03/26/18	Morgan Stanley	Sembcorp Marine	2.09	2.45	Overweight	PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/28/18	UOB Kay Hian	Sembcorp Marine	2.21	2.78	Buy
04/03/18	DBS Vickers	Sembcorp Marine	2.22	2.9	Buy
04/06/18	CIMB	Sembcorp Marine	2.17	3.01	Add	PB2.5x FY18
04/11/18	OCBC	Sembcorp Marine	2.23	2.07	Hold
04/23/18	Macquarie	Sembcorp Marine	2.32	1.8	Underperform	PB1.5x
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB
04/26/18	UOB Kay Hian	Sembcorp Marine	2.23	2.05	Hold	PB1.7x FY19, Buy @ $1.90
04/26/18	OCBC	Sembcorp Marine	2.23	2.1	Hold	PB1.75x FY18/19
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB2.2x CY18
04/26/18	Lim & Tan	Sembcorp Marine	2.23	0	Hold
04/27/18	phillip	Sembcorp Marine	2.11	1.85	Reduce	PER51.4x
04/27/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy	PB2.4x FY18
05/08/18	Amfrasers	Sembcorp Marine	2.1	2.64	Buy	PB2.4x FY18
05/08/18	OCBC	Sembcorp Marine	2.1	2.1	Hold
05/22/18	CIMB	Sembcorp Marine	2.27	2.52	Add	PB2.2x CY18
06/05/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy
06/25/18	UOB Kay Hian	Sembcorp Marine	1.96	2.05	Hold
07/11/18	CIMB	Sembcorp Marine	1.97	2.52	Add	PB2.2x CY18
07/13/18	DBS Vickers	Sembcorp Marine	1.95	2.9	Buy
07/23/18	UOB Kay Hian	Sembcorp Marine	1.96	1.83	Hold	PB1.7x FY19, Buy @ $1.73
07/23/18	Credit Suisse	Sembcorp Marine	1.96	2.4	Outperform
07/23/18	OCBC	Sembcorp Marine	1.96	2.1	Hold
07/23/18	phillip	Sembcorp Marine	1.96	1.78	Reduce	PB1.6x FY19
07/24/18	DBS Vickers	Sembcorp Marine	1.83	2.5	Buy
07/24/18	Lim & Tan	Sembcorp Marine	1.83	0	Hold
08/20/18	OCBC	Sembcorp Marine	1.67	1.74	Hold	PB1.75x FY19
08/30/18	CIMB	Sembcorp Marine	1.69	2.52	Add	PB2.2x CY18
09/06/18	DBS Vickers	Sembcorp Marine	1.68	2.5	Buy
10/18/18	CIMB	Sembcorp Marine	1.87	2.52	Add	PB2.2x CY18
10/26/18	CIMB	Sembcorp Marine	1.72	2.46	Add	PB2.2x CY18
10/26/18	UOB Kay Hian	Sembcorp Marine	1.72	1.83	Hold	PB1.7x FY18, Buy @ $1.65
10/26/18	OCBC	Sembcorp Marine	1.72	1.73	Hold
10/29/18	phillip	Sembcorp Marine	1.61	1.65	Neutral	PB1.6x FY19
10/29/18	DBS Vickers	Sembcorp Marine	1.61	2.4	Buy	PB2.1x FY18
10/29/18	Lim & Tan	Sembcorp Marine	1.61	0	Hold
01/10/19	DIR	Sembcorp Marine	1.62	1.62	Hold	Cut from $1.78, PB1.8x FY19
01/22/19	Amfrasers	Sembcorp Marine	1.66	2.5	Buy
02/01/19	UOB Kay Hian	Sembcorp Marine	1.6	1.83	Hold	PB1.7x FY19, Buy @ $1.50
02/04/19	DBS Vickers	Sembcorp Marine	1.59	2.4	Buy	PB2.1x FY19
02/21/19	CIMB	Sembcorp Marine	1.68	2.21	Add	PB2x CY19
02/21/19	OCBC	Sembcorp Marine	1.68	1.77	Hold
02/21/19	phillip	Sembcorp Marine	1.68	1.76	Neutral	PB1.6x
02/21/19	Lim & Tan	Sembcorp Marine	1.68	0	Hold
02/26/19	Amfrasers	Sembcorp Marine	1.72	2.48	Buy

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x
03/05/18	OCBC	Sembcorp Industries	3.12	3.59	Buy
03/07/18	DBS Vickers	Sembcorp Industries	3.08	4.4	Buy	RNAV (10% discount), PB1.1x
03/26/18	Morgan Stanley	Sembcorp Industries	3.04	2.77	Underweight	Sum of parts, Up from $2.39
04/03/18	DBS Vickers	Sembcorp Industries	3.11	4.4	Buy
04/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.28	Hold	Sum of parts, Buy @ $3
04/12/18	CIMB	Sembcorp Industries	3.11	4.13	Add	Sum of parts
04/23/18	Macquarie	Sembcorp Industries	3.24	3.6	Outperform
05/04/18	OCBC	Sembcorp Industries	3.06	3.59	Buy
05/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.6	Hold	Sum of parts, Buy @ $2.90
05/04/18	CIMB	Sembcorp Industries	3.06	3.49	Add	Sum of parts
05/07/18	DBS Vickers	Sembcorp Industries	3.04	4.4	Buy	Sum of parts (10% discount), PB1.1x
05/09/18	phillip	Sembcorp Industries	3.06	3.83	Buy	Sum of parts (10% discount)
06/04/18	CIMB	Sembcorp Industries	2.93	3.49	Add
06/04/18	DBS Vickers	Sembcorp Industries	2.93	4.5	Buy
06/25/18	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Hold	PER8.5x FY19
06/25/18	Lim & Tan	Sembcorp Industries	2.76	0	Accumulate
07/03/18	UOB Kay Hian	Sembcorp Industries	2.72	3.6	Buy
07/11/18	CIMB	Sembcorp Industries	2.67	3.49	Add
08/06/18	DBS Vickers	Sembcorp Industries	2.63	3.9	Buy	RNAV (10% discount), PB1x
08/06/18	UOB Kay Hian	Sembcorp Industries	2.63	3.41	Buy
08/06/18	CIMB	Sembcorp Industries	2.63	3.49	Add	Sum of parts
08/07/18	phillip	Sembcorp Industries	2.7	3.7	Buy	Sum of parts
08/07/18	Lim & Tan	Sembcorp Industries	2.7	0	Buy
09/06/18	DBS Vickers	Sembcorp Industries	2.75	3.9	Buy
09/19/18	CIMB	Sembcorp Industries	2.9	3.49	Add	Sum of parts
09/24/18	phillip	Sembcorp Industries	3.03	3.7	Buy
09/24/18	OCBC	Sembcorp Industries	3.03	3.53	Buy
10/02/18	DBS Vickers	Sembcorp Industries	3.07	3.9	Buy	Sum of parts (10% discount), PER19.2x FY18, PB1x FY18
10/02/18	CIMB	Sembcorp Industries	3.07	3.49	Add	Sum of parts
10/09/18	UOB Kay Hian	Sembcorp Industries	2.96	3.41	Buy
10/11/18	Lim & Tan	Sembcorp Industries	2.95	0	Buy
11/01/18	Macquarie	Sembcorp Industries	2.82	3.6	Buy
11/05/18	OCBC	Sembcorp Industries	2.84	3.3	Buy	Sum of parts
11/05/18	UOB Kay Hian	Sembcorp Industries	2.84	3.41	Buy	Sum of parts
11/05/18	CIMB	Sembcorp Industries	2.84	3.49	Add	Sum of parts
11/05/18	DBS Vickers	Sembcorp Industries	2.84	3.7	Buy	RNAV (10% discount), PB1x
11/08/18	phillip	Sembcorp Industries	2.67	3.6	Buy	Sum of parts
11/08/18	Lim & Tan	Sembcorp Industries	2.67	0	Hold
12/13/18	UOB Kay Hian	Sembcorp Industries	2.61	3.41	Buy
12/21/18	DBS Vickers	Sembcorp Industries	2.54	3.7	Buy
01/10/19	DIR	Sembcorp Industries	2.64	3.05	Outperform	Sum of parts, cut from $3.26
01/15/19	UOB Kay Hian	Sembcorp Industries	2.63	3.2	Buy	Sum of parts
01/23/19	CIMB	Sembcorp Industries	2.69	3.49	Add
02/01/19	UOB Kay Hian	Sembcorp Industries	2.59	3.2	Buy
02/04/19	DBS Vickers	Sembcorp Industries	2.58	3.7	Buy
02/21/19	Lim & Tan	Sembcorp Industries	2.66	0	Hold
02/25/19	DBS Vickers	Sembcorp Industries	2.67	3.9	Buy	RNAV (10% discount), PB1x
03/13/19	UOB Kay Hian	Sembcorp Industries	2.57	2.8	Hold	Sum of parts, Buy @ $2.35
03/18/19	Lim & Tan	Sembcorp Industries	2.52	0	Hold

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	OCBC	SATS	5.78	5.5	Hold	Buy @ $5.05 or lower
01/16/18	Citi Research	SATS	5.78	6.1	Buy	Up from $5.63
02/14/18	Kim Eng	SATS	5.25	6.1	Buy	PER21x FY20
02/14/18	UOB Kay Hian	SATS	5.25	5.9	Buy	DCF, PER25.2x FY18
02/14/18	OCBC	SATS	5.25	5.5	Hold	Buy @ $5.05 or lower
02/14/18	CIMB	SATS	5.25	5.17	Hold	PER20x FY19
02/14/18	phillip	SATS	5.25	5.33	Neutral	DCF, PER23.3x FY18
02/14/18	DBS Vickers	SATS	5.25	5.67	Buy	DCF, PER22x FY19
03/09/18	UOB Kay Hian	SATS	5.03	5.9	Buy
04/13/18	UOB Kay Hian	SATS	5.18	5.8	Buy	PER25.3x FY19
04/19/18	CIMB	SATS	5.45	5.17	Hold
05/30/18	Lim & Tan	SATS	5.35	0	Hold
05/31/18	phillip	SATS	5.28	5.58	Accumulate	DCF
05/31/18	UOB Kay Hian	SATS	5.28	5.7	Buy	DCF, PER24.3x FY19
05/31/18	DBS Vickers	SATS	5.28	5.64	Buy
05/31/18	OCBC	SATS	5.28	5.5	Hold
06/11/18	UOB Kay Hian	SATS	5.13	5.7	Buy
06/14/18	OCBC	SATS	5.06	5.5	Buy
07/03/18	UOB Kay Hian	SATS	4.91	5.7	Buy
07/20/18	phillip	SATS	5.1	5.58	Accumulate	DCF, PER24.7x FY19
07/20/18	UOB Kay Hian	SATS	5.1	6.1	Buy	DCF, PER23x FY20
07/20/18	Kim Eng	SATS	5.1	5.9	Buy	PER21x FY20
07/20/18	CIMB	SATS	5.1	5.06	Hold	PER20x CY19
07/20/18	DBS Vickers	SATS	5.1	5.65	Buy	DCF & PER22x FY19
08/17/18	UOB Kay Hian	SATS	5.1	6.1	Buy
09/10/18	UOB Kay Hian	SATS	5.01	6.1	Buy
09/18/18	OCBC	SATS	4.93	5.39	Buy
11/08/18	UOB Kay Hian	SATS	4.99	5.6	Buy	EV/Invested Capital
11/09/18	phillip	SATS	5.11	5.47	Accumulate	DCF, PER24.3x FY19
11/09/18	OCBC	SATS	5.11	5.39	Hold
11/09/18	CIMB	SATS	5.11	5.06	Hold	PER20x CY19
11/12/18	DBS Vickers	SATS	4.88	5.6	Buy	DCF, PER22x FY20
11/12/18	Citi Research	SATS	4.88	6	Buy
11/29/18	OCBC	SATS	4.65	5.34	Buy	FCFE
11/30/18	UOB Kay Hian	SATS	4.83	5.4	Buy
12/10/18	UOB Kay Hian	SATS	4.65	5.6	Buy
01/04/19	UOB Kay Hian	SATS	4.59	5.6	Buy
01/11/19	OCBC	SATS	4.94	5.23	Hold	DCF
02/08/19	UOB Kay Hian	SATS	4.8	5.6	Buy
02/14/19	phillip	SATS	4.98	5.47	Accumulate	DCF, PER24.6x FY19
02/14/19	OCBC	SATS	4.98	5.23	Hold
02/14/19	CIMB	SATS	4.98	5.46	Add	PER20.3x
02/14/19	Lim & Tan	SATS	4.98	0	Hold
02/14/19	DBS Vickers	SATS	4.98	5.59	Buy	DCF & PER22x FY19
02/14/19	Kim Eng	SATS	4.98	5.8	Buy
02/15/19	Citi Research	SATS	5.08	6	Buy

Stock calls for 20 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/19	DMG & Partners	Dairy Farm	7.41	8.25	Buy	DCF
03/20/19	CIMB	Mapletree Commercial	1.83	1.94	Add	DDM
03/20/19	DBS Vickers	Starhill	0.695	0.75	Buy
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9	Buy