Baltic dry index - 1378

Today, Friday, November 08 2019, the Baltic Dry Index decreased by 50 points, reaching 1378 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 - 817

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/19	Lim & Tan	Hotel Properties	3.76	0	Hold
04/17/19	OCBC	Hotel Properties	3.88	4.74	Buy
07/15/19	OCBC	Hotel Properties	3.69	4.74	Buy

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Hongkong Land	6.92	7.86	Buy
01/17/19	Citibank	Hongkong Land	6.92	5.9	Sell
03/01/19	DBS Vickers	Hongkong Land	6.77	8.02	Buy	RNAV (40% discount)
03/01/19	Citibank	Hongkong Land	6.77	6.45	Sell
05/10/19	DBS Vickers	Hongkong Land	6.97	8.02	Buy	RNAV (40% discount)
08/02/19	DBS Vickers	Hongkong Land	6.09	7.93	Buy
08/05/19	DBS Vickers	Hongkong Land	6.02	7.7	Buy	RNAV (40% discount)
08/06/19	CIMB	Hongkong Land	5.74	7.4	Add
08/06/19	Citibank	Hongkong Land	5.74	5.85	Sell

Hong Leong Finance (HLF) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	Lim & Tan	Hong Leong Finance	2.71	0	Buy
04/26/19	Lim & Tan	Hong Leong Finance	2.8	0	Buy

Stock calls for 8 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/08/19	UOB Kay Hian	CSE Global	0.53	0.7	Buy
11/08/19	Amfrasers	CSE Global	0.53	0.61	Outperform	Sum of parts
11/08/19	DBS Vickers	CSE Global	0.53	0.69	Buy	PER12x FY20
11/08/19	Kim Eng	Genting	0.96	0.99	Hold	EV/Ebitda7x FY20
11/08/19	DMG & Partners	Genting	0.96	0.97	Neutral	EV/Ebitda7x FY20
11/08/19	UOB Kay Hian	Genting	0.96	1.11	Buy
11/08/19	SAC Advisors	Hyphens Pharma	0.195	0.285	Buy
11/08/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/08/19	DBS Vickers	Mapletree Commercial	2.39	2.6	Buy	DCF
11/08/19	CIMB	Penguin	0.66	0.81	Add	PB1x FY20
11/08/19	UOB Kay Hian	Penguin	0.66	0.85	Buy
11/08/19	DBS Vickers	SPH Reit	1.14	1.25	Buy
11/08/19	CIMB	SPH Reit	1.14	1.16	Hold	DDM
11/08/19	UOB Kay Hian	Sunningdale	1.27	1.13	Hold	PER12.3x FY20, Buy @ $1.05

Why did India pull out of RCEP?

https://www.channelnewsasia.com/news/commentary/why-india-left-rejected-rcep-trade-asean-china-modi-12071704

The author of the article was very biased in his analysis and I would like to offer the alternative truth about the RCEP discussion by highlighting 2 main points.

First of all, India wanted to be accorded the same developing status as Myanmar and Cambodia in the RCEP accord and enjoy the same privileges as them.  However, India is not the same as Myanmar and Cambodia because its population size and GDP are much bigger than theirs.  Therefore, many developed countries under RCEP cannot accept India's demand.

Next, India wanted to be exempted from the farm and agricultural rules and regulations.  This demand was fervently rejected by New Zealand and Australia because they believe that there must be free trading of farm and agricultural products under RCEP.

In conclusion, it will be hard for India to join RCEP if it just wants to impose its demands on other countries without any reciprocation.  India will be missing out on a lot of things by pulling out of RCEP while the other countries under RCEP will flourish.

Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/19	Lim & Tan	Hock Lian Seng	0.33	0	Buy on weakness

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	Lim & Tan	Ho Bee	2.51	0	Buy
03/28/19	UOB Kay Hian	Ho Bee	2.5	2.79	Buy	RNAV (30% discount)
04/01/19	Lim & Tan	Ho Bee	2.52	0	Buy
06/28/19	UOB Kay Hian	Ho Bee	2.38	2.79	Buy

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	phillip	HMI	0.540	0.77	Buy
02/13/19	UOB Kay Hian	HMI	0.535	0.73	Buy	DCF
02/14/19	phillip	HMI	0.550	0.77	Buy	DCF
05/14/19	Kim Eng	HMI	0.540	0.68	Buy	DCF, PER27x FY20
05/15/19	phillip	HMI	0.530	0.73	Buy	DCF
05/15/19	CIMB	HMI	0.530	0.68	Add	DCF
05/15/19	UOB Kay Hian	HMI	0.530	0.73	Buy	DCF
05/16/19	Kim Eng	HMI	0.545	0.66	Buy	DCF
06/18/19	UOB Kay Hian	HMI	0.635	0.73	Buy	DCF
07/08/19	UOB Kay Hian	HMI	0.660	0.73	Accept offer	offer at $0.73
07/08/19	Kim Eng	HMI	0.660	0.66	Hold	DCF, accept offer at $0.73
07/08/19	CIMB	HMI	0.660	0.68	Add	offer at $0.73
07/09/19	phillip	HMI	0.720	0.73	Accept offer	offer at $0.73
08/20/19	Lim & Tan	HMI	0.720	0.73	Accept offer	offer at $0.73
08/21/19	Kim Eng	HMI	0.720	0.73	Hold	offer at $0.73

Stock calls for 7 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/07/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy
11/07/19	UOB Kay Hian	ARA Hospitality	0.86	1.16	Buy	DDM
11/07/19	Amfrasers	ARA Hospitality	0.86	0.99	Outperform	DDM
11/07/19	DMG & Partners	Avi-Tech	0.35	0.41	Buy	DCF
11/07/19	OCBC	Capitaland	3.66	4.42	Buy	RNAV (15% discount)
11/07/19	Lim & Tan	Citic Envirotech	0.37	0.55	Accept Offer	offer price @ $0.55
11/07/19	Lim & Tan	CSE Global	0.54	0	Buy
11/07/19	CIMB	First Reit	1.05	1.2	Add
11/07/19	UOB Kay Hian	First Resources	1.73	1.9	Buy
11/07/19	OCBC	Frasers Logistics	1.26	1.28	Hold
11/07/19	DBS Vickers	Frasers Logistics	1.26	1.4	Buy	DCF
11/07/19	CIMB	Frasers Logistics	1.26	1.31	Add
11/07/19	CIMB	Frencken	0.72	0.94	Add
11/07/19	Amfrasers	Frencken	0.72	0.93	outperform	PER10x FY20
11/07/19	DBS Vickers	Frencken	0.72	0.95	Buy	PER9x FY20
11/07/19	DBS Vickers	Mapletree Logistics	1.69	1.9	Buy
11/07/19	phillip	OCBC	11.1	11.7	Accumulate	GGM, PB1.1x
11/07/19	DBS Vickers	PACC Offshore	0.21	0.22	Hold	PB1x FY19
11/07/19	OCBC	SIA	9.18	10.46	Buy
11/07/19	UOB Kay Hian	SIA	9.18	9.4	Hold	Buy @ $8.70
11/07/19	DBS Vickers	SIA	9.18	10.4	Buy	PB0.95x FY20
11/07/19	Phillip	Starhub	1.43	1.58	Accumlate	EV/Ebitda6x
11/07/19	OCBC	Starhub	1.43	1.32	Hold
11/07/19	DBS Vickers	Starhub	1.43	1.43	Buy	EV/Ebitda6x

What's the big hoo-ha about Molotov cocktails in Chile?

https://sg.finance.yahoo.com/news/chilean-police-officers-set-fire-093056778.html

Hong Kong protestors also use Molotov cocktails against HK police.  This act by HK protestors is defined as peaceful protests by foreign media in HK.

Please do not exaggerate the act in Chile when the same act is happening in HK because it is just part and parcel of peaceful protests.

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/19	Kim Eng	Hi-P	0.965	0.68	Sell	PB0.8x
02/22/19	DBS Vickers	Hi-P	1.05	1.12	Hold	PER10x FY19
02/25/19	Kim Eng	Hi-P	1.14	1.22	Hold	PB1.5x
03/13/19	Lim & Tan	Hi-P	1.75	0	Avoid	overvalued
04/09/19	Kim Eng	Hi-P	1.63	1.22	Sell	PB1.5x FY19
05/06/19	DBS Vickers	Hi-P	1.44	1.41	Hold	PER12x FY19
05/06/19	Kim Eng	Hi-P	1.44	1.22	Sell	PB1.5x FY19
06/11/19	Kim Eng	Hi-P	1.29	1.22	Hold	PB1.5x FY19
07/19/19	DBS Vickers	Hi-P	1.43	1.41	Hold	PER12x FY19
08/05/19	DBS Vickers	Hi-P	1.34	1.32	Hold	PER12x FY20
10/10/19	Kim Eng	Hi-P	1.19	1.21	Hold	PB1.5x FY19
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

Haw Par - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	Lim & Tan	Haw Par	12.39	0	Buy

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

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.

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