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Friday, July 5, 2019

Valuetronics - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 UOB Kay Hian Valuetronics 0.66 0.87 Buy
01/07/19 DMG & Partners Valuetronics 0.675 0.82 Buy
01/08/19 Kim Eng Valuetronics 0.69 0.9 Buy PB1.9x FY19
02/14/19 Kim Eng Valuetronics 0.74 1.05 Buy ROE-g/COE-g, PB2.1x FY20
02/14/19 DMG & Partners Valuetronics 0.74 0.78 Neutral DCF
02/14/19 CIMB Valuetronics 0.74 0.73 Hold PER8.5x CY19
02/15/19 UOB Kay Hian Valuetronics 0.71 0.87 Buy
03/19/19 DMG & Partners Valuetronics 0.69 0.78 Neutral
03/21/19 Kim Eng Valuetronics 0.685 1.05 Buy PB2.1x FY20
04/09/19 Kim Eng Valuetronics 0.7 1.05 Buy
05/27/19 DMG & Partners Valuetronics 0.61 0.67 Neutral DCF
05/31/19 DMG & Partners Valuetronics 0.625 0.61 Neutral DCF
05/31/19 UOB Kay Hian Valuetronics 0.625 0.8 Buy
06/03/19 CIMB Valuetronics 0.605 0.63 Hold PER8x CY20
06/11/19 Kim Eng Valuetronics 0.64 0.99 Buy PB2x FY20

Stock calls for 5 July 2019

Date Analyst Company Last Target Call Valuation
07/05/19 Phillip ART 1.31 1.36 Accumulate DDM
07/05/19 DBS Vickers Capitaland 3.69 4 Buy
07/05/19 Kim Eng SATS 5.36 6.1 Buy
07/05/19 DBS Vickers SIA Engineering 2.72 3.01 Buy
07/05/19 DMG & Partners ST Engineering 4.24 4.45 Buy PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20 & DCF
07/05/19 Lim & Tan Venture 16.35 0 Hold

Nationalistic South Koreans are calling for boycott of Japanese goods.

https://www.scmp.com/week-asia/economics/article/3017263/south-koreans-call-boycott-japanese-cars-beer-and-cosmetics

South Koreans have retaliated against Japan's export curbs.

However, I believe the US will step in to rein in these 2 countries before any serious damage is being done to the political relationship between SK and JP.

http://sg-stock.blogspot.com/2019/07/korea-japan-trade-war-has-just-begun.html

Thursday, July 4, 2019

UOL - Stock calls

Date Analyst Company Last Target Call Valuation
01/03/19 OCBC UOL 6.07 8.41 Buy
01/04/19 Lim & Tan UOL 6 0 Buy
01/17/19 DBS Vickers UOL 6.65 7.15 Hold
02/12/19 Lim & Tan UOL 6.57 0 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
02/28/19 DBS Vickers UOL 6.75 7.15 Hold RNAV (40% discount)
03/18/19 OCBC UOL 6.45 8.45 Buy RNAV
03/28/19 CIMB UOL 6.78 8.45 Add
04/02/19 OCBC UOL 7.11 8.45 Buy RNAV
04/16/19 DBS Vickers UOL 7.36 8.53 Buy RNAV (35% discount)
05/13/19 Lim & Tan UOL 7.26 0 Buy
05/13/19 CIMB UOL 7.26 8.45 Add RNAV (30% discount)
05/13/19 OCBC UOL 7.26 8.5 Buy
05/14/19 DBS Vickers UOL 7.08 8.53 Buy RNAV (35% discount)
06/07/19 CIMB UOL 6.8 8.45 Add

UOB - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 phillip UOB 23.99 32.52 Buy
01/04/19 Jefferies UOB 23.99 31 Buy
01/29/19 DMG & Partners UOB 25.83 29.8 Buy GGM, PB1.37x FY19
01/29/19 CIMB UOB 25.83 32 Add GGM, PB1.4x CY19
01/31/19 Kim Eng UOB 25.3 30.5 Buy DDM
02/01/19 phillip UOB 25.19 32.52 Buy
02/12/19 Kim Eng UOB 25.34 30.5 Buy
02/22/19 DMG & Partners UOB 25.98 29.8 Buy PB1.35x FY19
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
02/26/19 Macquarie UOB 25.39 30.5 Outperform PB
03/04/19 phillip UOB 25 32.5 Buy
03/07/19 Kim Eng UOB 25.1 29.71 Buy
03/11/19 CIMB UOB 24.91 29 Add
03/13/19 DMG & Partners UOB 25.04 29.8 Buy PB1.35x FY19
03/26/19 OCBC UOB 24.95 28.3 Buy
04/02/19 phillip UOB 25.42 32.5 Buy
04/02/19 DBS Vickers UOB 25.42 29.2 Buy
04/11/19 CIMB UOB 26.56 29 Add
04/12/19 Kim Eng UOB 26.53 29.71 Buy
04/18/19 phillip UOB 26.87 32.02 Buy GGM, PB1.4x FY19
04/22/19 DMG & Partners UOB 26.8 29.8 Buy
04/24/19 DMG & Partners UOB 26.99 30.8 Buy PB1.29x FY20
05/03/19 phillip UOB 27.75 32.5 Buy
05/03/19 DMG & Partners UOB 27.75 30.8 Buy GGM, PB1.29x FY20
05/03/19 DBS Vickers UOB 27.75 29.2 Buy GGM, PB1.2x FY19
05/03/19 CIMB UOB 27.75 29 Add GGM
05/06/19 Jefferies UOB 27.77 31 Buy PER12.4x FY19
05/06/19 OCBC UOB 27.77 28.9 Hold GGM, PB1.2x
05/06/19 phillip UOB 27.77 30.87 Accumulate GGM, PB1.4x FY19
05/06/19 CIMB UOB 27.77 29.58 Add GGM, PB1.3x
05/06/19 Lim & Tan UOB 27.77 0 Buy on weakness
05/07/19 OCBC UOB 25.85 27.3 Hold
05/16/19 CIMB UOB 25.1 29.58 Add GGM
05/22/19 Kim Eng UOB 24.83 28.97 Buy
06/03/19 CIMB UOB 23.5 29.58 Add
06/06/19 phillip UOB 24 30.9 Accumulate
06/06/19 DMG & Partners UOB 24 30.8 Buy
06/17/19 Kim Eng UOB 24.99 28.97 Buy
06/20/19 OCBC UOB 26.14 28.9 Buy
06/25/19 DBS Vickers UOB 25.86 29.2 Buy
07/01/19 Kim Eng UOB 26.13 28.97 Buy
07/02/19 OCBC UOB 26.61 29.4 Buy GGM, PB1.3x, PER11.3x
07/03/19 phillip UOB 26.55 30.9 Accumulate

Uni-Asia - Stock calls

Date Analyst Company Last Target Call Valuation
03/14/19 Amfrasers Uni-Asia 1.2 2.07 Buy Sum of parts, PB0.6x FY19, PER9.5x FY19
04/09/19 Amfrasers Uni-Asia 1.16 1.86 Buy Sum of parts, PB0.6x FY19, PER9.5x FY19
05/17/19 Amfrasers Uni-Asia 1.13 1.86 Buy Sum of parts, PB0.6x FY19, PER9.5x FY19

Stock calls for 4 July 2019

Date Analyst Company Last Target Call Valuation
07/04/19 DMG & Partners A-Reit 3.15 2.9 Neutral
07/04/19 OCBC ART 1.28 1.31 Hold
07/04/19 CIMB ART 1.28 1.15 Hold DDM
07/04/19 UOB Kay Hian ART 1.28 1.46 Buy
07/04/19 DMG & Partners Cache Logistics 0.785 0.83 Buy
07/04/19 DMG & Partners CapitaCommercial 2.23 1.86 Neutral
07/04/19 DMG & Partners Capitamall Trust 2.71 2.2 Neutral
07/04/19 DMG & Partners CDL Hospitality 1.66 1.77 Buy
07/04/19 DMG & Partners EC World Reit 0.78 0.85 Buy
07/04/19 DMG & Partners Frasers Centrepoint Trust 2.64 2.25 Neutral
07/04/19 DMG & Partners Frasers Commercial Trust 1.68 1.65 Neutral
07/04/19 OCBC Frasers Logistics 1.23 1.2 Hold
07/04/19 Lim & Tan Frasers Logistics 1.23 0 Hold
07/04/19 CIMB Frasers Logistics 1.23 1.25 Hold
07/04/19 phillip Geo Energy 0.155 0.15 Neutral
07/04/19 phillip Golden Energy 0.225 0.24 Accumulate
07/04/19 DMG & Partners Keppel Reit 1.28 1.12 Neutral
07/04/19 DMG & Partners Manulife US Reit 0.88 0.96 Buy
07/04/19 DMG & Partners OUE Hospitality 0.72 0.76 Take Profit
07/04/19 Macquarie Sembcorp Industries 2.41 2.84 Outperform
07/04/19 Macquarie Sembcorp Marine 1.41 1.57 Neutral
07/04/19 DBS Vickers Sembcorp Marine 1.41 2.4 Buy
07/04/19 DMG & Partners Starhill 0.78 0.78 Buy
07/04/19 DMG & Partners Suntec Reit 1.97 1.9 Neutral

Putin rejected Abe's request in G20 summit to return the 4 northern islands

https://www.scmp.com/news/asia/east-asia/article/2181546/japan-thought-deal-kuril-islands-was-its-way-russia-just

The Japanese PM Abe made a fool of himself by making an unreasonable request to Putin to return the 4 northern islands under Russian's control.

Why? The 4 northern islands don't belong to Japan in the first place.  We posted this before in 2016.

http://sg-stock.blogspot.com/2016/12/putin-is-making-fool-out-of-abe-but-abe.html

The Japanese government is just trying to whitewash its history.

Diaoyu island also doesn't belong to Japan.

Wednesday, July 3, 2019

UMS - Stock calls

Date Analyst Company Last Target Call Valuation
02/26/19 DBS Vickers UMS 0.71 0.55 Fully Valued PER8x FY19
02/28/19 CIMB UMS 0.74 0.62 Reduce PB1.37x CY19
05/14/19 DBS Vickers UMS 0.615 0.55 Fully Valued PER8x FY19
05/16/19 DBS Vickers UMS 0.64 0.45 Fully Valued PER8x FY19/20
05/21/19 CIMB UMS 0.62 0.55 Reduce

UG Healthcare - Stock calls

Date Analyst Company Last Target Call Valuation
03/11/19 DMG & Partners UG Healthcare 0.205 0.32 Buy PER10x FY20
05/07/19 DMG & Partners UG Healthcare 0.18 0.32 Buy PER10x FY20

Tuan Sing - Stock calls

Date Analyst Company Last Target Call Valuation
01/29/19 Amfrasers Tuan Sing 0.395 0.46 Not Rated RNAV (50% discount)

Stock calls for 3 July 2019

Date Analyst Company Last Target Call Valuation
07/03/19 Kim Eng A-Reit 3.13 3.3 Buy DDM
07/03/19 phillip DBS 26.5 29 Accumulate
07/03/19 DMG & Partners Hyphens Pharma 0.196 0.25 Buy DCF, PER12.2x FY19
07/03/19 DBS Vickers Keppel Corp 6.77 9.2 Buy
07/03/19 OCBC Keppel Corp 6.77 7.83 Buy
07/03/19 UOB Kay Hian Koufu 0.72 0.95 Buy
07/03/19 phillip OCBC 11.54 12.7 Accumulate
07/03/19 OCBC Sembcorp Industries 2.47 3.03 Buy
07/03/19 CIMB Sembcorp Marine 1.54 1.75 Add PB1.6x CY19
07/03/19 OCBC Sembcorp Marine 1.54 1.6 Hold
07/03/19 phillip UOB 26.55 30.9 Accumulate
07/03/19 Kim Eng Wilmar 3.73 4.21 Buy DCF & PER

Trump is starting to backtrack on the truce deal with China.

https://sg.finance.yahoo.com/news/u-govt-staff-told-treat-033337237.html

Huawei ban will continue to be in effect.

We have just predicted this and Trump is doing it now as he is pressured by the hawkish politicians.

http://sg-stock.blogspot.com/2019/07/look-like-trump-will-renege-on-us-china.html

Mahathir is skinning Singapore again.

https://sg.finance.yahoo.com/news/exclusive-blow-singapores-expansion-malaysia-035646777.html

Here we go again!

Mahathir likes to impede SG's economic developments.  He is trying to stop or delay our Tuas Mega Port construction by banning sea sand exports to SG.

We've stated before that a pro-China Malaysia is a threat to SG (Read below).

http://sg-stock.blogspot.com/2019/05/a-pro-china-malaysia-is-threat-to.html


Tuesday, July 2, 2019

ISM PMI analysis for the US economy in June 2019.

The PMI prices dropped in June from 53.2 to 47.9 because the US reduced its local raw material purchases (estimated -2.4) and imported more raw materials (+0.6) which were cheaper.

The inventories and supplier's deliveries declined because the manufacturing sector was just producing enough to fulfill the backlog of orders since the new order dropped in June that was caused by a fall in overseas order.  The rises in the employment, production and customers' inventories also reflected the phenomenon to fulfill existing orders instead of new orders.

The local new order (estimated +0.1) denoted that the local consumption was relatively unchanged and couldn't hold up the PMI headline number (51.7, -0.4).  The PMI has been falling for 3 consecutive months already and the 2nd QTR GDP will be much weaker than the 1st QTR GDP.

http://sg-stock.blogspot.com/2019/06/ism-pmi-analysis-for-us-economy.html



Look like Trump will renege on the US-China truce deal.

https://sg.finance.yahoo.com/news/apos-don-apos-t-believe-073039714.html

The hawkish politicians are pressuring Trump to break away from the truce deal and ban Huawei in the US.  They're embarking on a smearing campaign against China and Huawei to force Trump to act.

The US has reneged on international pacts (Paris & Iran) before and won't bat an eyelid from breaking away from the truce.  The US will fabricate intelligence and create lies to serve its own political interests.  This is the characteristic of the American culture and it will never change.


Top Glove - Stock calls

Date Analyst Company Last Target Call Valuation
03/11/19 Kim Eng Top Glove 1.5 1.53 Hold Ringgit target $4.60, PER24x CY20
04/17/19 UOB Kay Hian Top Glove 1.48 1.34 Hold Ringgit target $4.10, Buy @ $3.70
06/27/19 Kim Eng Top Glove 1.62 1.59 Hold Ringgit target $4.85

Tianjin Zhongxin - Stock calls

Date Analyst Company Last Target Call Valuation
04/01/19 UOB Kay Hian Tianjin Zhongxin 0.915 1.7 Buy PER13.6x FY19
05/02/19 UOB Kay Hian Tianjin Zhongxin 0.985 1.7 Buy
06/14/19 UOB Kay Hian Tianjin Zhongxin 0.885 1.7 Buy

Thai Beverage - Stock calls

Date Analyst Company Last Target Call Valuation
01/18/19 DMG & Partners Thai Beverage 0.715 0.85 Buy Sum of parts
02/13/19 CIMB Thai Beverage 0.72 0.83 Add Sum of parts
02/15/19 DBS Vickers Thai Beverage 0.72 0.87 Buy
02/18/19 UOB Kay Hian Thai Beverage 0.815 0.86 Hold Sum of parts, buy @ $0.76
02/18/19 DMG & Partners Thai Beverage 0.815 0.92 Buy Sum of parts
02/18/19 CIMB Thai Beverage 0.815 0.9 Add Sum of parts
02/18/19 OCBC Thai Beverage 0.815 0.91 Buy
02/19/19 Phillip Thai Beverage 0.82 0.81 Neutral Sum of parts
02/19/19 Amfrasers Thai Beverage 0.82 0.75 Hold
02/27/19 DBS Vickers Thai Beverage 0.81 0.94 Buy
03/14/19 UOB Kay Hian Thai Beverage 0.805 0.86 Hold Sum of parts, Buy @ $0.78
04/05/19 DMG & Partners Thai Beverage 0.825 0.92 Buy
05/13/19 Phillip Thai Beverage 0.825 0.83 Neutral Sum of parts
05/13/19 CIMB Thai Beverage 0.825 0.94 Add
05/13/19 UOB Kay Hian Thai Beverage 0.825 0.85 Hold Sum of parts, Buy @ $0.76
05/13/19 DMG & Partners Thai Beverage 0.825 0.92 Buy Sum of parts
05/13/19 OCBC Thai Beverage 0.825 0.88 Hold
05/13/19 DBS Vickers Thai Beverage 0.825 0.91 Buy Sum of parts
05/14/19 Amfrasers Thai Beverage 0.765 0.75 Hold
05/28/19 OCBC Thai Beverage 0.805 0.86 Hold
06/06/19 DMG & Partners Thai Beverage 0.84 0.92 Buy Sum of parts, PER23x
06/06/19 DBS Vickers Thai Beverage 0.84 0.91 Buy

Stock calls for 2 July 2019

Date Analyst Company Last Target Call Valuation
07/02/19 DMG & Partners Breadtalk 0.75 0.81 Neutral
07/02/19 Kim Eng Bumitama 0.63 1.01 Buy
07/02/19 DMG & Partners Dairy Farm 7.29 8.25 Neutral
07/02/19 OCBC DBS 26.6 29.2 Buy GGM, PB1.4x, PER14.7x
07/02/19 Kim Eng First Resources 1.6 1.93 Buy
07/02/19 Kim Eng OCBC 11.59 11.07 Hold
07/02/19 DMG & Partners Sheng Siong 1.1 1.23 Buy
07/02/19 Kim Eng SIA Engineering 2.51 2.85 Buy
07/02/19 UOB Kay Hian Singapore Post 0.965 1.04 Hold Sum of parts, Buy @ $0.88
07/02/19 CIMB Suntec Reit 1.95 2.15 Add DDM
07/02/19 DBS Vickers Suntec Reit 1.95 2.2 Buy DCF
07/02/19 OCBC UOB 26.61 29.4 Buy GGM, PB1.3x, PER11.3x

The semiconductor is facing a collapse. - Part 5

https://www.cnbc.com/2019/07/02/us-china-tech-war-causing-chinese-semiconductor-firms-to-develop-chips.html

We projected the semiconductor outcome in 2018 and the venture capitalist saw it happening in 2019.

https://sg-stock.blogspot.com/2018/10/the-global-semiconductor-slowdown-is.html


Monday, July 1, 2019

Korea-Japan trade war has just begun!

https://sg.finance.yahoo.com/news/japan-toughen-restrictions-exports-south-030402201.html

Notwithstanding the US-China trade war, 2 Asian giants, South Korea & Japan, have started another trade war because of the historical feud.

The US won't allow the Korea-Japan trade war to escalate because this will hurt the US strategic alliance in the South China Sea.  The US needs Korea and Japan to work together to contain China military advancement in the South China Sea.

I'm pretty confident that the US will act as a mediator between Korea & Japan to resolve this trade war.

Talkmed - Stock calls

Date Analyst Company Last Target Call Valuation
01/07/19 DMG & Partners Talkmed 0.59 0.64 Neutral
02/21/19 DMG & Partners Talkmed 0.58 0.62 Neutral DCF
04/29/19 DMG & Partners Talkmed 0.51 0.62 Buy DCF

Suntec Reit - Stock calls

Date Analyst Company Last Target Call Valuation
01/23/19 OCBC Suntec Reit 1.86 1.83 Hold
01/24/19 DBS Vickers Suntec Reit 1.87 2.12 Buy DCF
01/24/19 OCBC Suntec Reit 1.87 1.84 Hold
01/24/19 DMG & Partners Suntec Reit 1.87 1.9 Neutral DDM
01/24/19 Jefferies Suntec Reit 1.87 1.85 Hold Up from $1.80
01/28/19 UOB Kay Hian Suntec Reit 1.93 2.01 Hold Buy @ $1.83
01/28/19 CIMB Suntec Reit 1.93 2.06 Add
03/18/19 DMG & Partners Suntec Reit 1.93 1.9 Neutral
04/02/19 DBS Vickers Suntec Reit 1.96 2.12 Buy
04/24/19 OCBC Suntec Reit 1.86 1.84 Hold
04/25/19 OCBC Suntec Reit 1.89 1.83 Hold DDM
05/28/19 CIMB Suntec Reit 1.82 2.06 Add
05/30/19 OCBC Suntec Reit 1.82 1.99 Hold Buy @ $1.81
06/20/19 DMG & Partners Suntec Reit 1.92 1.9 Neutral DDM

Sunpower - Stock calls

Date Analyst Company Last Target Call Valuation
01/10/19 UOB Kay Hian Sunpower 0.385 0.76 Buy Sum of parts
03/01/19 UOB Kay Hian Sunpower 0.585 0.88 Buy Sum of parts

Stock calls for 1July 2019

Date Analyst Company Last Target Call Valuation
07/01/19 Kim Eng DBS 25.96 29.46 Buy
07/01/19 UOB Kay Hian DBS 25.96 30.5 Buy
07/01/19 CIMB ISDN 0.235 0.32 Add
07/01/19 UOB Kay Hian OCBC 11.4 14.62 Buy
07/01/19 Kim Eng UOB 26.13 28.97 Buy