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Tuesday, September 24, 2019

Thai Beverage - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 UOB Kay Hian Thai Beverage 0.59 0.8 Buy Sum of parts
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
08/15/19 DBS Vickers Thai Beverage 0.83 0.91 Buy
08/16/19 CIMB Thai Beverage 0.905 1 Add Sum of parts
08/16/19 DMG & Partners Thai Beverage 0.905 0.92 Take Profit Sum of parts, PER19x FY20
08/19/19 Amfrasers Thai Beverage 0.885 0.8 Neutral
08/22/19 Phillip Thai Beverage 0.925 0.83 Neutral Sum of parts
09/02/19 UOB Kay Hian Thai Beverage 0.9 0.87 Hold Sum of parts, Buy @ $0.76

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

Stock calls for 24 September 2019

Date Analyst Company Last Target Call Valuation
09/24/19 Phillip A-Reit 3.12 3.31 Accumulate
09/24/19 Phillip ART 1.31 1.36 Accumulate
09/24/19 phillip Cache Logistics 0.735 0.75 Neutral
09/24/19 Phillip CapitaCommercial 2.11 2.18 Neutral
09/24/19 Phillip Capitamall Trust 2.62 2.68 Neutral
09/24/19 Phillip CapitaRetail China 1.53 1.66 Accumulate
09/24/19 phillip Dasin Retail 0.845 0.94 Accumulate
09/24/19 phillip EC World Reit 0.735 0.87 Buy
09/24/19 Phillip Frasers Centrepoint Trust 2.71 2.77 Accumulate
09/24/19 Amfrasers Geo Energy 0.148 0.14 Neutral DCF
09/24/19 Lim & Tan Keppel Corp 6.04 0 Buy
09/24/19 Phillip Mapletree Industrial 2.47 2.03 Neutral
09/24/19 DMG & Partners Oxley 0.305 0.43 Buy RNAV (45% discount)
09/24/19 UOB Kay Hian Wilmar 3.72 4.4 Buy

Why did China cancel the US farm visits?

https://www.freightwaves.com/news/us-to-leave-global-postal-union-next-month

China trade representatives cancelled the US farm visits because China team had learnt that the US was trying to increase China parcel rates by pulling out of the universal postage union.

http://sg-stock.blogspot.com/2019/09/the-us-china-trade-talk-in-us-broke.html

Monday, September 23, 2019

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
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
07/04/19 DMG & Partners Suntec Reit 1.97 1.9 Neutral
07/10/19 UOB Kay Hian Suntec Reit 1.95 2 Hold DDM, Buy @ $1.82
07/29/19 DMG & Partners Suntec Reit 1.92 2.08 Buy DDM
07/29/19 OCBC Suntec Reit 1.92 2.07 Hold
07/30/19 UOB Kay Hian Suntec Reit 1.93 2.02 Hold Buy @ $1.84
07/30/19 DBS Vickers Suntec Reit 1.93 2.15 Buy DCF
08/27/19 UOB Kay Hian Suntec Reit 1.89 1.96 Hold Buy @ $1.79
09/11/19 DMG & Partners Suntec Reit 1.94 2.08 Buy

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
08/16/19 UOB Kay Hian Sunpower 0.44 0.83 Buy

Sunningdale - Stock calls

Date Analyst Company Last Target Call Valuation
03/01/19 UOB Kay Hian Sunningdale 1.56 1.3 Hold PER11x FY19, Buy @ $1.20
03/01/19 Lim & Tan Sunningdale 1.56 0 Hold
03/05/19 CIMB Sunningdale 1.4 1.38 Reduce PB0.69x FY19
04/11/19 Lim & Tan Sunningdale 1.39 0 Hold
05/07/19 Lim & Tan Sunningdale 1.35 0 Hold
05/09/19 UOB Kay Hian Sunningdale 1.32 1.22 Hold PER11x FY20, Buy @ $1.10
05/09/19 CIMB Sunningdale 1.32 1.38 Hold PB0.69x FY19
08/07/19 UOB Kay Hian Sunningdale 1.28 1.01 Sell

Stock calls for 23 September 2019

Date Analyst Company Last Target Call Valuation
09/23/19 CIMB Boustead 0.735 1 Add Sum of parts
09/23/19 DMG & Partners Dairy Farm 6.65 6.65 Neutral DCF
09/23/19 UOB Kay Hian ISOTeam 0.225 0.34 Buy

Sunday, September 22, 2019

The Amnesty International must be blind not to see ordinary people being bashed up by the HK protestors.

https://www.amnesty.org/en/latest/news/2019/09/hong-kong-arbitrary-arrests-brutal-beatings-and-torture-in-police-detention-revealed/

The Amnesty International accused the HK police of police brutality by interviewing the HK protestors.  However, the HK protestors had been smearing the HK police since the protests started.

The Amnesty International turned a blind eye to the violent french police crackdown on the yellow vest protests but criticized the restrained police crackdown on the HK anti-government protests.

Just look at the HK protestors bashing up ordinary people in the following videos.  This is just the tip of the iceberg.


How to trust Amnesty International with their biased eyes?  Shame on Amnesty International!

I hope that the HK Police will get tough with these rioters.  They are no longer protestors!

Saturday, September 21, 2019

Baltic dry index - 2131

Today, Friday, September 20 2019, the Baltic Dry Index decreased by 61 points, reaching 2131 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.
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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 868


Related stock: Keppel Corp, Sembcorp Marine & Cosco.

The US-China trade talk in US broke down again!

https://finance.yahoo.com/news/global-markets-stocks-hit-china-183911675.html

The US keeps breaking its promises.  Initially, Trump wanted to have an interim trade agreement but he reneged on his own words by insisting a complete trade deal during the trade talk.

No wonder the Chinese cancelled the farm visits.

Friday, September 20, 2019

Starhub - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 UOB Kay Hian Starhub 1.75 1.6 Sell
01/02/19 Kim Eng Starhub 1.75 2.21 Buy
01/04/19 Phillip Starhub 1.71 1.88 Accumlate EV/Ebitda6x FY19
01/14/19 DMG & Partners Starhub 1.77 1.9 Neutral
01/15/19 DBS Vickers Starhub 1.77 2.45 Buy DCF
02/07/19 Kim Eng Starhub 1.82 2.21 Buy
02/08/19 DBS Vickers Starhub 1.89 2.45 Buy
02/15/19 OCBC Starhub 1.9 1.64 Sell
02/15/19 DMG & Partners Starhub 1.9 2.02 Neutral DCF
02/15/19 DBS Vickers Starhub 1.9 1.92 Hold DCF
02/15/19 Lim & Tan Starhub 1.9 0 Sell
02/18/19 Phillip Starhub 1.67 1.58 Neutral EV/Ebitda
02/18/19 Kim Eng Starhub 1.67 2.18 Buy DCF
02/18/19 UOB Kay Hian Starhub 1.67 1.45 Sell DCF
02/19/19 CIMB Starhub 1.61 2 Hold DCF
03/26/19 CIMB Starhub 1.51 1.65 Hold DCF (10% discount)
04/01/19 Kim Eng Starhub 1.49 2.18 Buy
05/06/19 Phillip Starhub 1.58 1.62 Neutral
05/06/19 UOB Kay Hian Starhub 1.58 1.45 Sell DCF
05/06/19 CIMB Starhub 1.58 1.65 Hold DCF (10% discount)
05/06/19 DMG & Partners Starhub 1.58 1.72 Neutral DCF
05/06/19 OCBC Starhub 1.58 1.64 Hold
05/06/19 Kim Eng Starhub 1.58 2 buy DCF
06/03/19 Phillip Starhub 1.49 1.62 Accumlate EV/Ebitda6x FY19
06/06/19 DMG & Partners Starhub 1.49 1.72 Neutral
07/17/19 UOB Kay Hian Starhub 1.54 1.45 Sell DCF
08/07/19 Phillip Starhub 1.48 1.58 Accumlate EV/Ebitda6x
08/07/19 DMG & Partners Starhub 1.48 1.52 Neutral DCF
08/07/19 OCBC Starhub 1.48 1.52 Hold
08/07/19 UOB Kay Hian Starhub 1.48 1.45 Sell
08/07/19 DBS Vickers Starhub 1.48 1.55 Hold EV/Ebitda 6.6x FY19
08/13/19 CIMB Starhub 1.45 1.65 Hold DCF

Starhill - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Starhill 0.68 0.8 Buy DDM
01/31/19 CIMB Starhill 0.72 0.75 Add DDM
01/31/19 DBS Vickers Starhill 0.72 0.75 Buy
02/01/19 OCBC Starhill 0.715 0.75 Buy
03/13/19 DMG & Partners Starhill 0.7 0.8 Buy
03/19/19 OCBC Starhill 0.7 0.75 Buy
03/20/19 DBS Vickers Starhill 0.695 0.75 Buy
03/21/19 DMG & Partners Starhill 0.705 0.78 Buy DDM
03/22/19 CIMB Starhill 0.7 0.74 Add DDM
04/29/19 OCBC Starhill 0.75 0.8 Buy
04/29/19 DMG & Partners Starhill 0.75 0.78 Buy DDM
04/29/19 DBS Vickers Starhill 0.75 0.8 Buy
04/29/19 CIMB Starhill 0.75 0.77 Add
04/29/19 Kim Eng Starhill 0.75 0.7 Hold
04/30/19 UOB Kay Hian Starhill 0.755 0.9 Buy DDM
05/07/19 DMG & Partners Starhill 0.74 0.78 Buy DDM
06/06/19 DMG & Partners Starhill 0.735 0.78 Buy
06/17/19 OCBC Starhill 0.755 0.8 Buy
07/04/19 DMG & Partners Starhill 0.78 0.78 Buy
07/31/19 CIMB Starhill 0.8 0.79 Hold
08/02/19 DMG & Partners Starhill 0.78 0.78 Neutral DDM
08/06/19 OCBC Starhill 0.775 0.81 Buy

Stamford Land - Stock calls

Date Analyst Company Last Target Call Valuation
05/23/19 Lim & Tan Stamford Land 0.49 0 Hold

Stock calls for 20 September 2019

Date Analyst Company Last Target Call Valuation
09/20/19 Kim Eng Manulife US Reit 0.91 1.05 Buy DDM
09/20/19 DMG & Partners Manulife US Reit 0.91 1 Buy DDM
09/20/19 Amfrasers Manulife US Reit 0.91 1.01 outperform
09/20/19 Kim Eng SATS 4.78 6.1 Buy
09/20/19 UOB Kay Hian Singapore Post 0.92 1.04 Hold Sum of parts
09/20/19 DBS Vickers Singapore Post 0.92 0.96 Hold
09/20/19 Kim Eng ST Engineering 3.92 4.3 Hold

Thursday, September 19, 2019

DPM Heng: Asian FTAs not exclusive. How about western FTAs?

https://www.businesstimes.com.sg/government-economy/asian-ftas-not-exclusive-support-multilateral-trading-system-heng

DPM Heng said that Asian FTAs such as RCEP shouldn't be exclusive.  I don't know whether this will go down well with China or not.  Why?

DPM Heng didn't say the same thing about TPP in ASEAN that it shouldn't be exclusive and TPP had a poison clause, investor­state dispute settlement.  Why didn't SG demand that TPP be inclusive instead?

http://sg-stock.blogspot.com/2017/05/fearmongering-by-western-media.html

Why is there a display of double standards here?

SG has to be very careful nowadays because China is watching SG closely.  Please remember that SG exports are declining continuously now and we need China more than China needs SG.

http://sg-stock.blogspot.com/2019/09/httpswww.html

ST Engineering - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners ST Engineering 3.51 3.97 Buy
01/23/19 CIMB ST Engineering 3.66 3.94 Add
01/31/19 UOB Kay Hian ST Engineering 3.66 4.06 Buy
02/08/19 DBS Vickers ST Engineering 3.75 4.15 Buy Sum of parts
02/21/19 Lim & Tan ST Engineering 3.77 0 Hold
02/22/19 OCBC ST Engineering 3.71 4.01 Buy FCFE
02/22/19 DMG & Partners ST Engineering 3.71 4.1 Buy
02/22/19 UOB Kay Hian ST Engineering 3.71 4.06 Buy
02/22/19 Kim Eng ST Engineering 3.71 4.25 Buy DCF
03/13/19 DMG & Partners ST Engineering 3.74 4.1 Buy
03/26/19 CIMB ST Engineering 3.75 4.08 Add
03/28/19 UOB Kay Hian ST Engineering 3.75 4.06 Buy
03/28/19 Lim & Tan ST Engineering 3.75 0 Hold
03/29/19 UOB Kay Hian ST Engineering 3.73 4.4 Buy EV/Invested capital basis
03/29/19 OCBC ST Engineering 3.73 4.07 Buy
03/29/19 DBS Vickers ST Engineering 3.73 4.15 Buy
04/15/19 Kim Eng ST Engineering 3.82 4.25 Buy
04/25/19 UOB Kay Hian ST Engineering 3.9 4.7 Buy EV/Invested capital basis
04/25/19 DMG & Partners ST Engineering 3.9 4.1 Buy
04/25/19 Kim Eng ST Engineering 3.9 4.3 Buy DCF
04/26/19 DBS Vickers ST Engineering 3.89 4.15 Buy
05/13/19 UOB Kay Hian ST Engineering 4.02 4.7 Buy
05/16/19 OCBC ST Engineering 3.9 4.22 Buy
05/16/19 DBS Vickers ST Engineering 3.9 4.5 Buy Sum of parts
05/16/19 CIMB ST Engineering 3.9 4.43 Add PER22x FY20
05/22/19 DMG & Partners ST Engineering 3.96 4.45 Buy DCF & PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20
06/06/19 DMG & Partners ST Engineering 4 4.45 Buy
06/06/19 DBS Vickers ST Engineering 4 4.5 Buy
06/13/19 OCBC ST Engineering 4.09 4.38 Buy
06/13/19 UOB Kay Hian ST Engineering 4.09 4.7 Buy
07/05/19 DMG & Partners ST Engineering 4.24 4.45 Buy PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20 & DCF
07/15/19 UOB Kay Hian ST Engineering 4.29 4.7 Buy
08/15/19 UOB Kay Hian ST Engineering 4.22 4.36 Hold
08/15/19 DMG & Partners ST Engineering 4.22 4.7 Buy Sum of parts
08/16/19 CIMB ST Engineering 4.07 4.36 Add Sum of parts
08/16/19 DBS Vickers ST Engineering 4.07 4.64 Buy Sum of parts
08/16/19 Lim & Tan ST Engineering 4.07 0 Hold
09/11/19 DMG & Partners ST Engineering 3.9 4.7 Buy
09/18/19 UOB Kay Hian ST Engineering 3.9 4.34 Buy

SPH Reit - Stock calls

Date Analyst Company Last Target Call Valuation
01/07/19 OCBC SPH Reit 1.01 0.99 Hold
01/07/19 Kim Eng SPH Reit 1.01 1.02 Hold DDM
01/07/19 DBS Vickers SPH Reit 1.01 1.05 Buy DCF
01/07/19 Lim & Tan SPH Reit 1.01 0 Hold
01/07/19 CIMB SPH Reit 1.01 1.02 Hold DDM
04/08/19 Kim Eng SPH Reit 1.06 1.05 Hold DDM
04/08/19 CIMB SPH Reit 1.06 1.08 Hold DDM
04/08/19 OCBC SPH Reit 1.06 1 Hold
04/08/19 DBS Vickers SPH Reit 1.06 1.15 Buy DCF
07/12/19 CIMB SPH Reit 1.12 1.11 Hold DDM
07/12/19 Lim & Tan SPH Reit 1.12 0 Hold
07/15/19 OCBC SPH Reit 1.1 1.05 Hold
07/16/19 Kim Eng SPH Reit 1.1 1.05 Hold DDM
07/17/19 DBS Vickers SPH Reit 1.11 1.2 Buy DCF

SPH - Stock calls

Date Analyst Company Last Target Call Valuation
01/14/19 CIMB SPH 2.49 2.64 Hold Sum of parts
01/14/19 Lim & Tan SPH 2.49 0 Hold
01/15/19 OCBC SPH 2.47 2.55 Hold
04/03/19 UOB Kay Hian SPH 2.43 2.82 Buy
04/10/19 Lim & Tan SPH 2.53 0 Hold
04/10/19 CIMB SPH 2.53 2.64 Hold Sum of parts
04/18/19 UOB Kay Hian SPH 2.46 2.86 Buy Sum of parts
04/18/19 OCBC SPH 2.46 2.55 Hold
05/13/19 UOB Kay Hian SPH 2.39 2.86 Buy
06/06/19 UOB Kay Hian SPH 2.31 2.86 Buy Sum of parts
07/15/19 UOB Kay Hian SPH 2.49 2.33 Hold Sum of parts, Buy @ $2.10
07/16/19 CIMB SPH 2.32 2.22 Hold Sum of parts
07/16/19 DBS Vickers SPH 2.32 2.22 Hold Sum of parts
09/10/19 Lim & Tan SPH 1.99 0 Hold

Stock calls for 19 September 2019

Date Analyst Company Last Target Call Valuation
09/19/19 Kim Eng A-Reit 3.11 3.3 Buy
09/19/19 CIMB CDL Hospitality 1.62 1.92 Add
09/19/19 Kim Eng CDL Hospitality 1.62 1.8 Buy
09/19/19 DMG & Partners Comfortdelgro 2.45 2.55 Neutral DCF
09/19/19 Kim Eng Far East Hospitality 0.675 0.8 Buy
09/19/19 Kim Eng Frasers Centrepoint Trust 2.7 2.8 Buy
09/19/19 Phillip Keppel DC Reit 1.97 2 Accumulate DDM
09/19/19 Kim Eng Mapletree Industrial 2.4 2.5 Buy
09/19/19 OCBC Mapletree Industrial 2.4 2.55 Buy
09/19/19 UOB Kay Hian SIA 9.15 9.5 Hold Sum of parts
09/19/19 OCBC Singapore Post 0.93 1 Hold

Hong Kong property market is coming down!

https://sg.finance.yahoo.com/news/civil-unrest-stalling-hong-kong-032000773.html

The HK protestors must be satisfied now because the property market is coming down now.  Prices and rentals are expected to fall further with the continuous protests.

I just hope another group of people won't come out to protest against the falls in property prices and rentals because the banks will start to recall the mortgage loans or request the borrowers to top up the property valuation shortfalls.  This was exactly what the banks did during the financial crisis.

US FED reduced interest rates in September 2019! - How did we get it right?

https://finance.yahoo.com/news/fed-likely-cut-rates-2nd-040547311.html

The US FED cut its rates by 0.25%.  We had predicted this by analyzing the 4 US rates.

http://sg-stock.blogspot.com/2019/09/will-us-fed-reduce-its-interest-rates.html

How effective were our analyses of the 4 US rates?  Let's recall.

We predicted the US FED to cut in September - We got it right!

We predicted the US FED to cut in July - We got it right!
https://sg-stock.blogspot.com/2019/08/the-us-fed-has-cut-interest-rate-by-025.html

We predicted the US FED to stay put in May - We got it right!
http://sg-stock.blogspot.com/2019/04/will-us-fed-cut-interest-rate-in-may.html

https://sg-stock.blogspot.com/2019/05/the-us-fed-has-stayed-put-but-something.html

Thus, our methodology has proven to work and it is better than listening to other analysts and relying on market expectation polls.  We teach you what others don't know or don't want to reveal.  Cheers!