Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	phillip	Dasin Retail	0.885	0.95	Accumulate	DDM
02/28/19	phillip	Dasin Retail	0.885	0.94	Accumulate	DDM, PB0.64x
05/15/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.6x
06/19/19	phillip	Dasin Retail	0.88	0.94	Accumulate
07/22/19	phillip	Dasin Retail	0.875	0.94	Accumulate
08/16/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.65x
09/24/19	phillip	Dasin Retail	0.845	0.94	Accumulate
10/18/19	phillip	Dasin Retail	0.845	0.94	Accumulate

Stock calls for 22 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/22/19	CIMB	AEM	1.3	1.44	Add
10/22/19	OCBC	ART	1.37	1.31	Hold
10/22/19	UOB Kay Hian	Capitamall Trust	2.65	2.88	Buy	DDM
10/22/19	OCBC	Capitamall Trust	2.65	2.73	Hold
10/22/19	DMG & Partners	Capitamall Trust	2.65	2.38	Neutral	DDM
10/22/19	DBS Vickers	Capitamall Trust	2.65	2.85	Buy
10/22/19	DMG & Partners	Keppel Corp	5.84	7.8	Buy	Sum of parts (13% disc)
10/22/19	Kim Eng	Mapletree Logistics	1.66	1.6	Hold
10/22/19	OCBC	Mapletree Logistics	1.66	1.41	Hold
10/22/19	CIMB	Mapletree Logistics	1.66	1.55	Hold	DDM

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Dairy Farm	8.57	8.64	Neutral	DCF
03/04/19	DBS Vickers	Dairy Farm	8.57	8.44	Hold	Sum of parts
03/06/19	CIMB	Dairy Farm	8.33	8.54	Hold	PER23.5x FY20
03/20/19	DMG & Partners	Dairy Farm	7.41	8.25	Buy	DCF
04/05/19	DMG & Partners	Dairy Farm	8.14	8.25	Buy
05/30/19	DMG & Partners	Dairy Farm	7.83	8.25	Neutral	DCF
07/02/19	DMG & Partners	Dairy Farm	7.29	8.25	Neutral
08/02/19	DBS Vickers	Dairy Farm	7.38	7.99	Hold	Sum of parts
08/05/19	DMG & Partners	Dairy Farm	7.6	7.38	Neutral	DCF
08/13/19	CIMB	Dairy Farm	6.98	7.29	Hold
09/23/19	DMG & Partners	Dairy Farm	6.65	6.63	Neutral	DCF

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	CSE Global	0.385	0.59	Buy
01/07/19	DMG & Partners	CSE Global	0.395	0.59	Buy	DCF
01/11/19	Lim & Tan	CSE Global	0.395	0	Buy
01/15/19	CIMB	CSE Global	0.405	0.56	Add	PER13.5x FY20
01/22/19	Amfrasers	CSE Global	0.43	0.57	Buy
02/08/19	UOB Kay Hian	CSE Global	0.455	0.59	Buy
02/22/19	DMG & Partners	CSE Global	0.465	0.6	Buy	DCF
02/22/19	CIMB	CSE Global	0.465	0.6	Add	PER13.5x FY19
02/22/19	UOB Kay Hian	CSE Global	0.465	0.62	Buy
03/05/19	Amfrasers	CSE Global	0.505	0.58	Buy
03/26/19	UOB Kay Hian	CSE Global	0.54	0.62	Buy
03/26/19	DMG & Partners	CSE Global	0.54	0.61	Buy	DCF
03/26/19	CIMB	CSE Global	0.54	0.6	Add
04/02/19	Lim & Tan	CSE Global	0.545	0	Buy
05/07/19	DMG & Partners	CSE Global	0.475	0.61	Buy	DCF, PER13.7x FY19
05/07/19	Lim & Tan	CSE Global	0.475	0	Buy
05/09/19	UOB Kay Hian	CSE Global	0.485	0.62	Buy
05/21/19	Amfrasers	CSE Global	0.49	0.58	Buy	Sum of parts, PER12.5x FY19, PB2.1x FY19
05/28/19	CIMB	CSE Global	0.475	0.6	Add
06/06/19	DMG & Partners	CSE Global	0.48	0.61	Buy
08/15/19	Lim & Tan	CSE Global	0.435	0	Buy
08/16/19	DMG & Partners	CSE Global	0.44	0.61	Buy	DCF
08/16/19	UOB Kay Hian	CSE Global	0.44	0.62	Buy
08/29/19	CIMB	CSE Global	0.425	0.6	Add	PER13.5x FY20
09/03/19	Lim & Tan	CSE Global	0.44	0	Buy
09/04/19	UOB Kay Hian	CSE Global	0.455	0.65	Buy	PER15x FY19
09/04/19	DMG & Partners	CSE Global	0.455	0.69	Buy	DCF, PER11.9x FY20
09/06/19	DBS Vickers	CSE Global	0.47	0.65	Buy	PER12x FY20
09/09/19	CIMB	CSE Global	0.465	0.68	Add
09/10/19	Amfrasers	CSE Global	0.46	0.64	Outperform	Sum of parts, PER12x, PB2x
10/02/19	DMG & Partners	CSE Global	0.46	0.69	Buy
10/11/19	UOB Kay Hian	CSE Global	0.465	0.65	Buy

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/19	DBS Vickers	Cromwell Reit (EUR)	0.49	0.59	Buy	DCF
06/24/19	Lim & Tan	Cromwell Reit (EUR)	0.505	0	Hold

Stock calls for 21 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/21/19	Phillip	JEP	0.162	0.2	Buy	PER10x FY19
10/21/19	Amfrasers	Keppel Corp	5.84	7.44	Overweight	Sum of parts
10/21/19	OCBC	Keppel Corp	5.84	7.58	Buy
10/21/19	UOB Kay Hian	SPH	2.15	2.25	Hold	Sum of parts, Buy @ $2
10/21/19	DBS Vickers	SPH	2.15	2.19	Hold	Sum of parts
10/21/19	CIMB	Venture	15.35	16.28	Add

Baltic dry index - 1855

Today, Friday, October 18 2019, the Baltic Dry Index decreased by 6 points, reaching 1855 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 stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 851

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/19	DBS Vickers	Comfortdelgro	2.24	2.56	Buy
02/01/19	CIMB	Comfortdelgro	2.33	2.74	Add	DCF
02/08/19	UOB Kay Hian	Comfortdelgro	2.36	2.59	Buy	PER16.8x FY19
02/08/19	DBS Vickers	Comfortdelgro	2.36	2.56	Buy
02/14/19	phillip	Comfortdelgro	2.38	2.72	Accumulate	DCF, PER18.5x FY19
02/14/19	UOB Kay Hian	Comfortdelgro	2.38	2.66	Buy	PER16.8x FY19
02/14/19	OCBC	Comfortdelgro	2.38	2.38	Hold
02/14/19	DMG & Partners	Comfortdelgro	2.38	2.65	Buy
02/14/19	DBS Vickers	Comfortdelgro	2.38	2.57	Buy	DCF & PER16x FY19
02/19/19	Amfrasers	Comfortdelgro	2.41	2.77	Buy	PER19x FY19
03/04/19	Kim Eng	Comfortdelgro	2.43	2.45	Hold	DCF
03/08/19	CIMB	Comfortdelgro	2.41	2.74	Add	DCF
03/22/19	UOB Kay Hian	Comfortdelgro	2.54	2.77	Buy	PER17.5x FY20
04/03/19	DMG & Partners	Comfortdelgro	2.59	2.65	Take Profit	Buy below $2.50
04/16/19	OCBC	Comfortdelgro	2.63	2.63	Hold	DCF
04/30/19	CIMB	Comfortdelgro	2.69	2.88	Add	DCF, PER18.1x FY20
05/08/19	CIMB	Comfortdelgro	2.61	2.88	Add	DCF
05/15/19	DMG & Partners	Comfortdelgro	2.57	2.65	Take Profit
05/15/19	OCBC	Comfortdelgro	2.57	2.69	Hold
05/15/19	UOB Kay Hian	Comfortdelgro	2.57	2.77	Buy
05/16/19	DBS Vickers	Comfortdelgro	2.52	2.59	Hold	DCF, PER17.7x, Buy @ $2.40
05/16/19	Kim Eng	Comfortdelgro	2.52	2.4	Hold
05/16/19	Amfrasers	Comfortdelgro	2.52	2.77	Buy	PER19x FY19
05/17/19	phillip	Comfortdelgro	2.54	2.72	Accumulate	DCF, PER16.8x FY19
05/28/19	CIMB	Comfortdelgro	2.45	2.82	Add
06/12/19	UOB Kay Hian	Comfortdelgro	2.55	2.77	Buy
06/18/19	DMG & Partners	Comfortdelgro	2.58	2.65	Neutral	DCF & FCF
07/10/19	Kim Eng	Comfortdelgro	2.84	2.76	Hold	DCF
07/10/19	UOB Kay Hian	Comfortdelgro	2.84	3.08	Buy	PER19.5x FY20
07/11/19	Amfrasers	Comfortdelgro	2.82	2.77	Neutral	PER19x FY19
07/15/19	phillip	Comfortdelgro	2.81	2.99	Accumulate	DCF
07/22/19	DMG & Partners	Comfortdelgro	2.8	2.65	Neutral	DCF
08/14/19	CIMB	Comfortdelgro	2.62	2.78	Add	DCF
08/14/19	DMG & Partners	Comfortdelgro	2.62	2.55	Neutral	DCF
08/14/19	OCBC	Comfortdelgro	2.62	2.91	Hold
08/14/19	phillip	Comfortdelgro	2.62	2.99	Accumulate	DCF, PER18.6x FY19
08/14/19	UOB Kay Hian	Comfortdelgro	2.62	2.95	Buy
08/14/19	DBS Vickers	Comfortdelgro	2.62	2.59	Hold
08/15/19	Amfrasers	Comfortdelgro	2.51	2.77	Neutral	PER19x FY19
08/15/19	CIMB	Comfortdelgro	2.51	2.78	Add
09/04/19	DBS Vickers	Comfortdelgro	2.46	2.59	Hold
09/19/19	DMG & Partners	Comfortdelgro	2.45	2.55	Neutral	DCF
10/02/19	Kim Eng	Comfortdelgro	2.41	2.76	Buy	DCF
10/09/19	UOB Kay Hian	Comfortdelgro	2.42	2.95	Buy
10/09/19	DBS Vickers	Comfortdelgro	2.42	2.59	Hold

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	phillip	CNMC	0.225	0.31	Buy	DCF
03/12/19	Tayrona	CNMC	0.21	0.31	Overweight
05/22/19	phillip	CNMC	0.2	0.31	Buy	DCF
08/19/19	phillip	CNMC	0.3	0.33	Accumulate	DCF

Clearbridge - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	phillip	Clearbridge	0.142	0.28	Buy	DCF
05/30/19	phillip	Clearbridge	0.149	0.28	Buy	DCF
09/06/19	phillip	Clearbridge	0.142	0.26	Buy	DCF

Stock calls for 18 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/18/19	Phillip	A-Reit	3.13	3.31	Accumulate
10/18/19	phillip	Cache Logistics	0.73	0.75	Neutral
10/18/19	Phillip	CapitaCommercial	2.05	2.18	Neutral
10/18/19	Phillip	Capitamall Trust	2.63	2.68	Neutral
10/18/19	Phillip	CapitaRetail China	1.53	1.66	Accumulate
10/18/19	Credit Suisse	City Developments	10.39	11.6	Outperform
10/18/19	phillip	Dasin Retail	0.845	0.94	Accumulate
10/18/19	phillip	EC World Reit	0.735	0.87	Buy
10/18/19	Phillip	Frasers Centrepoint Trust	2.77	2.77	Accumulate
10/18/19	CIMB	Keppel Corp	5.96	8.36	Add	Sum of parts
10/18/19	DMG & Partners	Keppel Corp	5.96	7.18	Buy	Sum of parts
10/18/19	Lim & Tan	Keppel Corp	5.96	0	Hold
10/18/19	DBS Vickers	Keppel Corp	5.96	7.5	Buy	Sum of parts, PB1.2x FY19
10/18/19	Phillip	Mapletree Industrial	2.57	2.06	Neutral
10/18/19	DBS Vickers	Netlink	0.91	0.95	Buy
10/18/19	CIMB	Singtel	3.16	3.6	Add
10/18/19	DBS Vickers	Soilbuild Reit	0.525	0.55	Hold	DCF
10/18/19	OCBC	Soilbuild Reit	0.525	0.52	Hold
10/18/19	Amfrasers	Soilbuild Reit	0.525	0.58	Neutral
10/18/19	DBS Vickers	Starhub	1.28	1.55	Hold

Is Catalan the next Hong Kong?

https://sg.news.yahoo.com/spain-pm-holds-emergency-talks-over-violent-catalan-110542018.html

Let's see whether the western countries will support the Catalan protestors like they've supported HK protestors.

My answer is No!  The west will nominate the HK protestors for the Nobel Peace Prize but will just keep mum about the Catalan protestors.

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	Lim & Tan	City Developments	7.94	0	Buy
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)
02/11/19	Jefferies	City Developments	9.16	12	Buy
02/22/19	phillip	City Developments	9.54	11.82	Accumulate	RNAV (30% discount)
02/22/19	OCBC	City Developments	9.54	10.68	Buy
02/22/19	DMG & Partners	City Developments	9.54	9.2	Neutral	RNAV (40% discount)
02/22/19	DBS Vickers	City Developments	9.54	9.5	Hold	RNAV (40% discount)
02/22/19	CIMB	City Developments	9.54	10.66	Add
03/21/19	Lim & Tan	City Developments	9.02	0	Buy
03/26/19	CIMB	City Developments	8.87	10.66	Add
04/04/19	DMG & Partners	City Developments	9.31	9.2	Neutral
04/17/19	OCBC	City Developments	9.32	10.68	Buy
05/03/19	Jefferies	City Developments	9	12	Buy	PB0.84x
05/16/19	DMG & Partners	City Developments	8.54	9.2	Neutral	RNAV (40% discount)
05/16/19	OCBC	City Developments	8.54	10.68	Buy
05/16/19	CIMB	City Developments	8.54	10.66	Add
05/17/19	phillip	City Developments	8.63	11.82	Buy	RNAV (30% discount)
06/10/19	DMG & Partners	City Developments	8.47	9.2	Neutral
06/10/19	DBS Vickers	City Developments	8.47	9.5	Hold
06/10/19	Lim & Tan	City Developments	8.47	0	Buy
06/11/19	OCBC	City Developments	8.97	10.68	Buy
06/11/19	CIMB	City Developments	8.97	10.66	Add	RNAV (35% discount)
06/11/19	Jefferies	City Developments	8.97	12	Buy
07/15/19	OCBC	City Developments	9.47	10.68	Buy
08/13/19	OCBC	City Developments	9.04	10.68	Buy
08/13/19	DMG & Partners	City Developments	9.04	9.2	Neutral	RNAV (40% discount)
08/13/19	DBS Vickers	City Developments	9.04	11	Buy	RNAV (30% discount)
08/19/19	Lim & Tan	City Developments	9.16	0	Buy
09/12/19	DMG & Partners	City Developments	9.9	9.2	Neutral
10/01/19	DBS Vickers	City Developments	9.82	11	Buy

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/19	DBS Vickers	Citic Envirotech	0.305	0.34	Hold

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Chip Eng Seng	0.705	0.75	Hold

Stock calls for 17 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/17/19	Macquarie	Keppel Corp	5.98	7.5	Outperform	Sum of parts
10/17/19	Amfrasers	Keppel DC Reit	2	2.11	Outperform
10/17/19	OCBC	Keppel DC Reit	2	2.08	Hold
10/17/19	CIMB	Keppel Reit	1.24	1.35	Add	DDM
10/17/19	UOB Kay Hian	Keppel Reit	1.24	1.2	Hold	DDM, Buy @ $1.1
10/17/19	Lim & Tan	Keppel Reit	1.24	0	Hold
10/17/19	Kim Eng	Netlink	0.9	1.03	Buy	DDM
10/17/19	UOB Kay Hian	OCBC	10.86	14.45	Buy	GGM, PB1.4x FY19
10/17/19	UOB Kay Hian	SIA	9.16	9.5	Hold	Buy @ $9

Singapore's September Nodx fell 8.1% year on year.

https://sg.finance.yahoo.com/news/nodx-contracts-7th-straight-month-040715492.html

Year on year changes (YOY):

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

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/2019/09/httpswww.html

IMF: US stock market is overvalued.

https://www.marketwatch.com/story/us-stock-market-is-overvalued-imf-says-2019-10-16?siteid=yhoof2&yptr=yahoo

The IMF gave its harshest assessment of the US stock market.

I believe that the US stock market must be reaching a precipice that the IMF cannot ignore anymore since the US market is the largest in the world.  Any fallout from the US market will send great financial tsunami to the rest of the world.

Let's see how this will pan out.

The US-China trade deal is in jeopardy again!

https://sg.news.yahoo.com/latest-protest-interrupts-hong-kong-032448776.html

The US-China trade deal is not signed yet and the US is creating troubles again.

Either the US is not sincere in reaching a trade deal with China or Trump is trying to manipulate the stock market again.

Let's see how China will retaliate against this.

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	China Sunsine	1.2	1.68	Buy
03/04/19	phillip	China Sunsine	1.26	1.55	Buy	FCFE
05/03/19	phillip	China Sunsine	1.17	1.43	Buy	FCFE
08/08/19	phillip	China Sunsine	1.08	1.43	Buy	FCFE
10/04/19	CIMB	China Sunsine	1.1	1.1	Hold
10/10/19	Amfrasers	China Sunsine	1.12	1.4	Outperform	DCF

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/19	DBS Vickers	China Everbright	0.345	0.475	Buy	PER15x FY19
02/21/19	DBS Vickers	China Everbright	0.35	0.49	Buy
02/25/19	phillip	China Everbright	0.355	0.48	Buy	PER8.9x FY19
05/21/19	phillip	China Everbright	0.385	0.5	Buy	PER9x
08/16/19	phillip	China Everbright	0.315	0.5	Buy	PER9x

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DMG & Partners	China Aviation Oil	1.37	1.5	Neutral
03/01/19	DBS Vickers	China Aviation Oil	1.37	1.85	Buy	PER12x FY19
03/01/19	UOB Kay Hian	China Aviation Oil	1.37	1.25	Hold	PER8.4x FY19, Buy @ $1.1
03/05/19	phillip	China Aviation Oil	1.3	1.67	Buy	PER11.5x FY19
03/27/19	DMG & Partners	China Aviation Oil	1.27	1.6	Buy	DCF, PER10x, PB1.2x, Ev/Ebitda6.5x
04/02/19	CIMB	China Aviation Oil	1.38	1.7	Add	PER11x FY20
04/26/19	DMG & Partners	China Aviation Oil	1.43	1.6	Buy
04/29/19	UOB Kay Hian	China Aviation Oil	1.39	1.25	Hold	PER8.4x FY19, Buy @ $1.1
05/02/19	phillip	China Aviation Oil	1.37	1.67	Buy	PER11.5x FY20
05/03/19	DMG & Partners	China Aviation Oil	1.36	1.6	Buy	Sum of parts, PER5.8x FY19, ex-cash
06/11/19	DMG & Partners	China Aviation Oil	1.31	1.6	Buy
07/10/19	DMG & Partners	China Aviation Oil	1.3	1.6	Buy
08/08/19	DMG & Partners	China Aviation Oil	1.23	1.6	Buy
08/13/19	phillip	China Aviation Oil	1.18	1.52	Buy	PER10.5x FY20
08/13/19	DMG & Partners	China Aviation Oil	1.18	1.5	Buy	Sum of parts
08/13/19	DBS Vickers	China Aviation Oil	1.18	1.85	Buy
09/02/19	DMG & Partners	China Aviation Oil	1.15	1.5	Buy	Sum of parts