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Wednesday, November 6, 2019

GSS Energy - Stock calls

Date Analyst Company Last Target Call Valuation
01/07/19 DMG & Partners GSS Energy 0.097 0.19 Buy
03/04/19 DMG & Partners GSS Energy 0.112 0.17 Buy DCF
05/14/19 DMG & Partners GSS Energy 0.081 0.08 Neutral DCF
06/06/19 DMG & Partners GSS Energy 0.069 0.08 Neutral
08/20/19 DMG & Partners GSS Energy 0.074 0.08 Neutral DCF
10/08/19 DMG & Partners GSS Energy 0.066 0.08 Neutral

Stock calls for 6 November 2019

Date Analyst Company Last Target Call Valuation
11/06/19 DMG & Partners Capitaland 3.69 4.2 Buy RNAV (20% discount)
11/06/19 Lim & Tan Frasers Logistics 1.25 0 Hold
11/06/19 UOB Kay Hian Koufu 0.77 0.95 Buy
11/06/19 Macquarie OCBC 11.08 12.4 Outperform PB
11/06/19 Kim Eng OCBC 11.08 11.26 Hold DDM
11/06/19 UOB Kay Hian OCBC 11.08 14.45 Buy GGM, PB1.4x FY19
11/06/19 DBS Vickers OCBC 11.08 11.5 Hold GGM, PB1.1x FY20
11/06/19 CIMB SIA 9.43 10 Hold PB0.9x CY19
11/06/19 Kim Eng SIA 9.43 10.7 Buy PB1x FY21
11/06/19 CIMB Starhub 1.32 1.65 Add DCF
11/06/19 Kim Eng Starhub 1.32 2 Buy DCF
11/06/19 DMG & Partners Starhub 1.32 1.44 Neutral DCF
11/06/19 UOB Kay Hian Starhub 1.32 1.45 Hold Buy @ $1.25

Tuesday, November 5, 2019

Grand Venture - Stock calls

Date Analyst Company Last Target Call Valuation
04/04/19 CIMB Grand Venture 0.25 0.34 Add PER10x FY20
08/19/19 CIMB Grand Venture 0.22 0.22 Hold

Golden Energy - Stock calls

Date Analyst Company Last Target Call Valuation
02/13/19 phillip Golden Energy 0.245 0.36 Buy
03/07/19 phillip Golden Energy 0.235 0.3 Buy PER10x
04/26/19 phillip Golden Energy 0.215 0.3 Buy
05/24/19 phillip Golden Energy 0.198 0.24 Accumulate PER10x
06/03/19 phillip Golden Energy 0.198 0.24 Accumulate
07/04/19 phillip Golden Energy 0.225 0.24 Accumulate
08/23/19 phillip Golden Energy 0.188 0.19 Neutral PER10x

Golden Agri - Stock calls

Date Analyst Company Last Target Call Valuation
01/03/19 UOB Kay Hian Golden Agri 0.245 0.2 Sell
01/28/19 DMG & Partners Golden Agri 0.27 0.23 Sell Sum of parts, PER10x, cut from $0.39
02/20/19 OCBC Golden Agri 0.255 0.24 Hold
02/27/19 DMG & Partners Golden Agri 0.28 0.23 Sell Sum of parts
02/28/19 UOB Kay Hian Golden Agri 0.28 0.21 Sell
03/01/19 CIMB Golden Agri 0.275 0.23 Reduce Sum of parts (10% discount)
03/01/19 OCBC Golden Agri 0.275 0.27 Hold
04/09/19 OCBC Golden Agri 0.315 0.29 Hold PB0.65x
04/09/19 CIMB Golden Agri 0.315 0.23 Reduce
04/22/19 UOB Kay Hian Golden Agri 0.295 0.21 Sell
05/14/19 OCBC Golden Agri 0.275 0.29 Hold
05/15/19 DMG & Partners Golden Agri 0.275 0.23 Sell Sum of parts
05/27/19 OCBC Golden Agri 0.265 0.27 Hold
05/28/19 CIMB Golden Agri 0.26 0.23 Reduce Sum of parts (10% discount)
05/28/19 UOB Kay Hian Golden Agri 0.26 0.21 Sell
08/16/19 DMG & Partners Golden Agri 0.295 0.22 Sell Sum of parts
08/19/19 OCBC Golden Agri 0.29 0.27 Sell
09/30/19 DMG & Partners Golden Agri 0.23 0.25 Neutral Sum of parts
10/15/19 UOB Kay Hian Golden Agri 0.21 0.16 Sell PER13x FY20

Stock calls for 5 November 2019

Date Analyst Company Last Target Call Valuation
11/05/19 UOB Kay Hian A-Reit 3.12 3.28 Hold Buy @ $2.99
11/05/19 phillip DBS 26.13 27.6 Accumulate
11/05/19 DBS Vickers Koufu 0.755 0.88 Buy PER17x FY20
11/05/19 DMG & Partners Manulife US Reit 0.92 1 Buy DDM
11/05/19 DBS Vickers Manulife US Reit 0.92 1.1 Buy
11/05/19 Kim Eng Manulife US Reit 0.92 1.05 Buy
11/05/19 Phillip Micro-Mechanics 1.9 1.6 Reduce
11/05/19 OCBC Netlink 0.955 1.03 Buy
11/05/19 DBS Vickers Netlink 0.955 1.04 Buy DCF
11/05/19 Kim Eng Netlink 0.955 1.06 Buy
11/05/19 phillip OCBC 11.07 12.32 Accumulate
11/05/19 DMG & Partners OCBC 11.07 11.5 Neutral GGM, PB1.07x FY20
11/05/19 Lim & Tan OCBC 11.07 0 Buy
11/05/19 DBS Vickers Prime US Reit 0.94 1.05 Buy DCF
11/05/19 phillip Raffles Medical 1 1.05 Neutral DCF
11/05/19 Kim Eng Raffles Medical 1 1.07 Hold DCF
11/05/19 OCBC Raffles Medical 1 1.02 Hold
11/05/19 UOB Kay Hian SIA Engineering 2.77 3.13 Buy
11/05/19 DBS Vickers SIA Engineering 2.77 3.3 Buy Sum of parts
11/05/19 OCBC SIA Engineering 2.77 2.86 Hold
11/05/19 CIMB SIA Engineering 2.77 3.3 Add DCF
11/05/19 UOB Kay Hian Singapore Post 0.955 1.04 Hold Sum of parts, Buy @ $0.88
11/05/19 DBS Vickers Singapore Post 0.955 0.96 Hold DCF
11/05/19 OCBC Singapore Post 0.955 1.02 Hold

China has cut its loan rate finally since 2016.

https://www.reuters.com/article/us-china-economy-mlf/china-central-bank-cuts-medium-term-loan-rate-for-first-time-since-2016-as-growth-cools-idUSKBN1XF05K

We had stated that China would only cut its interest rate after it had figured out how to rein in its property prices.  We told you that China couldn't alienate itself from the global rate-cutting frenzy.

http://sg-stock.blogspot.com/2019/10/when-will-china-reduce-its-interest.html

True enough, China cut its interest rate after the announcement of its recent property measure.

President Trump is losing his republican's support.

https://finance.yahoo.com/news/president-trump-will-be-out-of-office-by-march-2020-says-anthony-scaramucci-210434593.html

The Republicans are trying to remove their own President by March 2020.  Hahaha!

It is not easy to impeach the US President as 2/3 of the congress members (including the Republicans) have to approve the impeachment.

Monday, November 4, 2019

GL Ltd - Stock calls

Date Analyst Company Last Target Call Valuation
02/07/19 Lim & Tan GL Ltd 0.735 1.76 Buy Sum of parts

Geo Energy - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 phillip Geo Energy 0.176 0.245 Buy
02/13/19 phillip Geo Energy 0.198 0.245 Buy
03/18/19 phillip Geo Energy 0.183 0.245 Buy
03/25/19 phillip Geo Energy 0.186 0.215 Accumulate PER10x
03/26/19 Amfrasers Geo Energy 0.182 0.19 Hold DCF
04/26/19 phillip Geo Energy 0.176 0.215 Accumulate
05/29/19 phillip Geo Energy 0.148 0.15 Neutral PER10x
06/03/19 phillip Geo Energy 0.149 0.15 Neutral
07/04/19 phillip Geo Energy 0.155 0.15 Neutral
08/29/19 Amfrasers Geo Energy 0.15 0.14 Neutral DCF
09/24/19 Amfrasers Geo Energy 0.148 0.14 Neutral DCF

Genting - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Genting 0.975 1.23 Buy DCF
01/15/19 Kim Eng Genting 1.03 1.26 Buy EV/Ebitda9x FY19
01/28/19 UOB Kay Hian Genting 1.06 1.38 Buy EV/Ebitda10x FY19
02/15/19 DMG & Partners Genting 1.1 1.23 Buy DCF
02/22/19 CIMB Genting 1.11 1.28 Add EV/Ebitda9x CY20
02/22/19 OCBC Genting 1.11 1.31 Buy FCFE
02/22/19 DMG & Partners Genting 1.11 1.22 Buy DCF
02/22/19 UOB Kay Hian Genting 1.11 1.32 Buy
02/22/19 Kim Eng Genting 1.11 1.26 Buy EV/Ebitda9x FY19
02/25/19 DBS Vickers Genting 1.07 1.54 Buy EV/Ebitda12x
03/13/19 DMG & Partners Genting 1.02 1.22 Buy
03/26/19 CIMB Genting 1.03 1.28 Add
04/04/19 UOB Kay Hian Genting 1.07 1.26 Buy EV/Ebitda 9x
04/04/19 DMG & Partners Genting 1.07 1.08 Neutral DCF
04/04/19 CIMB Genting 1.07 1.11 Add EV/Ebitda8x
04/04/19 OCBC Genting 1.07 1.31 Buy
04/04/19 DBS Vickers Genting 1.07 1.54 Buy EV/Ebitda 12x
04/04/19 Kim Eng Genting 1.07 1.12 Hold EV/Ebitda 8x FY19
04/04/19 Citibank Genting 1.07 1.28 Buy
05/10/19 Kim Eng Genting 0.95 1.04 Hold
05/10/19 OCBC Genting 0.95 1.23 Buy
05/10/19 DMG & Partners Genting 0.95 1.02 Neutral DCF
05/10/19 CIMB Genting 0.95 1.06 Add EV/Ebitda8x CY20
05/10/19 UOB Kay Hian Genting 0.95 1.26 Buy
05/10/19 DBS Vickers Genting 0.95 1.2 Buy DCF
05/10/19 Citibank Genting 0.95 1.16 Buy
06/06/19 DMG & Partners Genting 0.86 1.02 Neutral
06/24/19 CIMB Genting 0.93 1.06 Add
08/05/19 DMG & Partners Genting 0.9 0.97 Neutral EV/Ebitda7x FY19
08/05/19 UOB Kay Hian Genting 0.9 1.11 Buy
08/06/19 Kim Eng Genting 0.885 0.99 Hold
08/06/19 Citibank Genting 0.885 1.07 Buy
08/06/19 CIMB Genting 0.885 1 Add EV/Ebitda8x CY20
08/06/19 DBS Vickers Genting 0.885 1.2 Buy
08/06/19 Lim & Tan Genting 0.885 0 Hold
10/01/19 DBS Vickers Genting 0.88 1.2 Buy
10/11/19 DMG & Partners Genting 0.9 0.97 Neutral
10/25/19 UOB Kay Hian Genting 0.925 1.11 Buy

Stock calls for 4 November 2019

Date Analyst Company Last Target Call Valuation
11/04/19 DMG & Partners A-Reit 3.17 3 Neutral DDM
11/04/19 OCBC A-Reit 3.17 3.25 Hold
11/04/19 Amfrasers AEM 1.53 1.8 Outperform PER12x FY20
11/04/19 CIMB ART 1.37 1.34 Hold
11/04/19 OCBC ART 1.37 1.41 Hold
11/04/19 CIMB CDL Hospitality 1.64 1.83 Add
11/04/19 OCBC CDL Hospitality 1.64 1.69 Hold
11/04/19 DMG & Partners China Aviation Oil 1.23 1.55 Buy Sum of parts
11/04/19 CIMB Far East Hospitality 0.735 0.7 Hold
11/04/19 OCBC Far East Hospitality 0.735 0.68 Hold
11/04/19 UOB Kay Hian Netlink 0.935 1.01 Buy DCF
11/04/19 Phillip Netlink 0.935 0.99 Accumulate
11/04/19 phillip Sheng Siong 1.18 1.32 Accumulate PER25x
11/04/19 Amfrasers Sheng Siong 1.18 1.35 Outperform
11/04/19 CIMB Sheng Siong 1.18 1.3 Add PER22.5x CY20
11/04/19 OCBC Sheng Siong 1.18 1.21 Hold
11/04/19 Lim & Tan SIA Engineering 2.65 0 Hold
11/04/19 CIMB Singapore Post 0.965 1.13 Add DCF
11/04/19 phillip UOB 26.57 27.8 Accumulate GGM, PB1.3x
11/04/19 Kim Eng UOB 26.57 30.5 Buy DDM
11/04/19 OCBC UOB 26.57 29.4 Buy
11/04/19 DBS Vickers UOB 26.57 29.2 Buy GGM, PB1.1x FY20

Saturday, November 2, 2019

The US PMI is still contracting in October 2019.

The ISM PMI is in its 3rd consecutive contraction month at 48.3.

The PMI prices decreased to 45.5 because the producers reduced their imports and used more local raw materials.

The supplier's deliveries were reduced because of lower production.  However, the new order increased because of a huge jump in the export order.  The new local order decreased tremendously which showed that the local consumption was weakening drastically.  As the US economy is made up of 70% consumer consumption, this drastic drop will affect the US GDP severely.  This might also explain the reduced production as the producers were not optimistic about the US future economic growth.

The increase in customers' inventories was just to fulfill existing orders (backlog of order) and the export order but the local consumption is deteriorating rapidly which is a major concern.

The latest GDP forecast by the Atlanta FED is also showing a worrying economic sign.


The Atlanta FED is forecasting real GDP growth of 1.1% for 4th Qtr 2019 which is way below the recent 1.9% GDP growth in 3rd Qtr 2019.

Baltic dry index - 1731

Today, Thursday, October 31 2019, the Baltic Dry Index decreased by 51 points, reaching 1731 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 - 822

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Friday, November 1, 2019

Do not take Boeing 737 because it is a flying coffin. - Part 2

https://www.channelnewsasia.com/news/business/boeing-737ng-up-to-50-planes-grounded-globally-over-cracks-12050670

Boeing 737 is really an unsafe airplane.  We had already warned our viewers in October 2019.  We cannot trust the US FAA anymore.

http://sg-stock.blogspot.com/2019/10/do-not-take-boeing-737-because-it-is.html

Fu Yu - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Fu Yu 0.19 0.23 Buy DCF
01/04/19 UOB Kay Hian Fu Yu 0.186 0.27 Buy EV/Ebitda 5.3x FY19
01/15/19 CIMB Fu Yu 0.2 0.2 Hold PB0.9x
02/08/19 UOB Kay Hian Fu Yu 0.205 0.27 Buy
02/27/19 UOB Kay Hian Fu Yu 0.21 0.285 Buy
02/27/19 Lim & Tan Fu Yu 0.21 0 Buy
02/28/19 DMG & Partners Fu Yu 0.215 0.24 Buy DCF
02/28/19 CIMB Fu Yu 0.215 0.2 Hold
03/13/19 DMG & Partners Fu Yu 0.205 0.24 Buy
03/26/19 UOB Kay Hian Fu Yu 0.2 0.285 Buy
04/15/19 UOB Kay Hian Fu Yu 0.205 0.285 Buy EV/Ebitda5.5x
05/07/19 DMG & Partners Fu Yu 0.21 0.24 Buy DCF
05/10/19 UOB Kay Hian Fu Yu 0.205 0.285 Buy
05/10/19 Lim & Tan Fu Yu 0.205 0 Buy
06/06/19 DMG & Partners Fu Yu 0.19 0.24 Buy
06/13/19 UOB Kay Hian Fu Yu 0.2 0.29 Buy
07/09/19 DMG & Partners Fu Yu 0.215 0.24 Buy DCF
07/15/19 UOB Kay Hian Fu Yu 0.215 0.29 Buy
08/14/19 Lim & Tan Fu Yu 0.215 0 Buy
08/14/19 DMG & Partners Fu Yu 0.215 0.24 Buy DCF
08/14/19 UOB Kay Hian Fu Yu 0.215 0.285 Buy
09/11/19 DMG & Partners Fu Yu 0.215 0.24 Buy
09/16/19 UOB Kay Hian Fu Yu 0.23 0.285 Buy EV/Ebitda5.7x FY19
10/02/19 DMG & Partners Fu Yu 0.22 0.24 Buy DCF
10/09/19 UOB Kay Hian Fu Yu 0.225 0.285 Buy

Frencken - Stock calls

Date Analyst Company Last Target Call Valuation
03/12/19 Amfrasers Frencken 0.51 0.67 Buy PER10x FY19
04/15/19 DBS Vickers Frencken 0.6 0.75 Buy PER8.5x FY19/20
04/17/19 CIMB Frencken 0.635 0.9 Add PER10x FY20
05/09/19 DMG & Partners Frencken 0.615 0.82 Buy DCF
05/10/19 DBS Vickers Frencken 0.615 0.75 Buy PER8.5x FY19/20
05/10/19 Lim & Tan Frencken 0.615 0 Buy
05/10/19 CIMB Frencken 0.615 0.9 Add
05/14/19 Amfrasers Frencken 0.595 0.67 Buy PER10x FY19
06/12/19 DMG & Partners Frencken 0.625 0.82 Buy DCF
08/13/19 DBS Vickers Frencken 0.66 0.8 Buy
08/13/19 CIMB Frencken 0.66 0.9 Add
08/13/19 DMG & Partners Frencken 0.66 0.82 Buy DCF
08/13/19 DBS Vickers Frencken 0.66 0.8 Buy PER8.5x
08/22/19 CIMB Frencken 0.73 0.95 Add
08/22/19 Amfrasers Frencken 0.73 0.81 Neutral PER10x FY20
09/11/19 Amfrasers Frencken 0.675 0.81 outperform PER10x FY20
10/08/19 DMG & Partners Frencken 0.675 0.82 Buy

Frasers Property - Stock calls

Date Analyst Company Last Target Call Valuation
01/17/19 DBS Vickers Frasers Property 1.74 1.98 Buy RNAV (35% discount)
02/14/19 CIMB Frasers Property 1.7 2.08 Add
02/14/19 DBS Vickers Frasers Property 1.7 1.98 Buy RNAV (35% discount)
03/22/19 DBS Vickers Frasers Property 1.77 1.98 Buy RNAV (35% discount)
04/08/19 DBS Vickers Frasers Property 1.81 1.98 Buy
04/10/19 DBS Vickers Frasers Property 1.84 2.3 Buy RNAV (35% discount)
05/06/19 DBS Vickers Frasers Property 1.89 2.3 Buy RNAV (35% discount)
05/07/19 CIMB Frasers Property 1.85 2.08 Add

Stock calls for 1 November 2019

Date Analyst Company Last Target Call Valuation
11/01/19 Kim Eng ART 1.38 1.35 Hold DDM
11/01/19 Amfrasers CapitaRetail China 1.52 1.74 Outperform
11/01/19 DMG & Partners CSE Global 0.525 0.69 Buy DCF
11/01/19 Kim Eng Far East Hospitality 0.73 0.8 Buy DDM
11/01/19 Kim Eng Frasers Hospitality Trust 0.735 0.8 Buy DDM
11/01/19 DBS Vickers Hi-P 1.44 1.39 Hold
11/01/19 Kim Eng Hi-P 1.44 1.34 Sell PB1.5x FY20
11/01/19 DBS Vickers Ifast Corp 1.01 1.05 Hold DDM
11/01/19 UOB Kay Hian Japfa 0.49 0.5 Hold Sum of parts, Buy @ $0.44
11/01/19 DBS Vickers Japfa 0.49 0.53 Hold
11/01/19 CIMB Japfa 0.49 0.56 Add
11/01/19 CIMB Manulife US Reit 0.915 1.12 Add
11/01/19 UOB Kay Hian Parkway Life 3.27 3.58 Buy DDM
11/01/19 CIMB Parkway Life 3.27 3.26 Hold
11/01/19 UOB Kay Hian Sheng Siong 1.17 1.27 Hold Buy @ $1.14
11/01/19 DMG & Partners Sheng Siong 1.17 1.32 Buy
11/01/19 Kim Eng Sheng Siong 1.17 1 Sell DCF
11/01/19 DBS Vickers Sheng Siong 1.17 1.32 Buy
11/01/19 CIMB UOB 26.83 29.54 Add GGM, PB1.3x
11/01/19 DMG & Partners UOB 26.83 29.5 Buy GGM, PB1.24x FY20
11/01/19 Lim & Tan UOB 26.83 0 Buy on weakness

Thursday, October 31, 2019

Frasers Logistics - Stock calls

Date Analyst Company Last Target Call Valuation
01/28/19 DBS Vickers Frasers Logistics 1.06 1.2 Buy DCF
01/28/19 OCBC Frasers Logistics 1.06 1.19 Buy
01/28/19 CIMB Frasers Logistics 1.06 1.19 Add
02/08/19 DBS Vickers Frasers Logistics 1.09 1.2 Buy
04/03/19 DBS Vickers Frasers Logistics 1.16 1.2 Buy
04/30/19 OCBC Frasers Logistics 1.18 1.2 Hold
05/02/19 CIMB Frasers Logistics 1.18 1.21 Hold DDM
06/28/19 OCBC Frasers Logistics 1.19 1.2 Hold
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
08/21/19 CIMB Frasers Logistics 1.2 1.27 Add

Frasers Hospitality Trust - Stock calls

Date Analyst Company Last Target Call Valuation
02/01/19 Kim Eng Frasers Hospitality Trust 0.735 0.8 Buy DDM
02/01/19 DBS Vickers Frasers Hospitality Trust 0.735 0.78 Buy
02/04/19 UOB Kay Hian Frasers Hospitality Trust 0.74 0.82 Buy
05/03/19 Kim Eng Frasers Hospitality Trust 0.745 0.85 Buy
05/03/19 DBS Vickers Frasers Hospitality Trust 0.745 0.77 Hold DCF
07/12/19 DBS Vickers Frasers Hospitality Trust 0.72 0.77 Hold DCF
10/09/19 DBS Vickers Frasers Hospitality Trust 0.715 0.77 Hold
10/31/19 DBS Vickers Frasers Hospitality Trust 0.735 0.78 Hold