Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	Lim & Tan	Innotek	0.5	0	Buy on weakness

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DBS Vickers	Indofood Agri	0.2	0.19	Hold	DCF
04/12/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
05/02/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
07/16/19	DBS Vickers	Indofood Agri	0.325	0.33	Hold
08/05/19	DBS Vickers	Indofood Agri	0.32	0.29	Hold	DCF

Stock calls for 13 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/13/19	DBS Vickers	Bumitama	0.62	0.72	Buy	DCF
11/13/19	Kim Eng	Bumitama	0.62	0.8	Buy
11/13/19	UOB Kay Hian	City Developments	10.67	12	Buy
11/13/19	DMG & Partners	Delfi	0.955	1.68	Buy	DCF
11/13/19	Kim Eng	First Resources	1.78	1.86	Hold	PER18x FY20
11/13/19	UOB Kay Hian	First Resources	1.78	1.85	Buy
11/13/19	DBS Vickers	First Resources	1.78	1.95	Buy	DCF
11/13/19	UOB Kay Hian	SATS	5.09	5.3	Buy
11/13/19	OCBC	Sembcorp Marine	1.34	1.24	Sell
11/13/19	DMG & Partners	Singapore Medical	0.325	0.36	Neutral	DCF
11/13/19	DBS Vickers	UMS	0.81	1	Buy	PER13x FY20
11/13/19	OCBC	UOL	7.91	9.25	Buy
11/13/19	Lim & Tan	UOL	7.91	0	Buy on weakness
11/13/19	DMG & Partners	Wilmar	3.85	4.75	Buy	Sum of parts

The French police beat up Catalan protestors.

https://www.washingtonpost.com/world/europe/french-police-clear-protesters-at-spanish-border-crossing/2019/11/12/ae1d91d2-052f-11ea-9118-25d6bd37dfb1_story.html

French supported the HK protestors and accused the HK police of using excessive force.  How times have changed so fast!

The French police also used baton and pepper spray against the Catalan protestors.  Please don't forget that the HK protestors support the Catalan protestors.  How could the french police use excessive force against Catalan protestors when the French condemned HK police brutality against the HK protestors?

The French police should stop bullying and abusing the Catalan protestors when the French were condemning the same police act in HK.

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price
03/01/19	Kim Eng	IHH Healthcare	1.85	2.29	Buy	Sum of parts, Ringgit $6.90 target
05/31/19	UOB Kay Hian	IHH Healthcare	1.79	2.07	Buy	Ringgit $6.30 target price, PER32.8x FY2020
06/12/19	CIMB	IHH Healthcare	1.84	2.09	Add	Ringgit $6.37 target price
07/31/19	Kim Eng	IHH Healthcare	1.88	2.16	Buy	Sum of parts, Ringgit $6.50 target price
09/09/19	Kim Eng	IHH Healthcare	1.85	2.1	Hold	Sum of parts, Ringgit $6.30 target price

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18
08/26/19	Amfrasers	IFS Capital	0.22	0.3	Outperform	PB0.6x FY20

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/19	DBS Vickers	Ifast Corp	1.11	1.19	Hold	DDM
04/30/19	DBS Vickers	Ifast Corp	1.12	1.05	Hold	DDM
07/30/19	DBS Vickers	Ifast Corp	1.1	1.05	Hold	DDM
11/01/19	DBS Vickers	Ifast Corp	1.01	1.05	Hold	DDM

Stock calls for 12 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/12/19	Phillip	APTV	0.171	0.165	Neutral	EV/Ebitda9.5x
11/12/19	DMG & Partners	Bumitama	0.595	0.69	Buy	PER16x FY20
11/12/19	UOB Kay Hian	CDL Hospitality	1.58	2.05	Buy
11/12/19	Amfrasers	China Sunsine	1.03	1.2	Outperform	DCF
11/12/19	Macquarie	DBS	26.64	25.8	Neutral	PB
11/12/19	phillip	DBS	26.64	27.3	Accumulate	GGM, PB1.4x
11/12/19	DMG & Partners	DBS	26.64	25.8	Neutral	GGM, PB1.28x FY20
11/12/19	Kim Eng	DBS	26.64	29.92	Buy	DDM
11/12/19	UOB Kay Hian	DBS	26.64	30	Buy
11/12/19	phillip	EC World Reit	0.74	0.84	Buy	DDM
11/12/19	DBS Vickers	EC World Reit	0.74	0.86	Buy	DCF
11/12/19	DMG & Partners	First Resources	1.73	1.95	Buy	PER18x FY20
11/12/19	DMG & Partners	Food Empire	0.54	0.73	Buy
11/12/19	UOB Kay Hian	Fu Yu	0.225	0.285	Buy
11/12/19	UOB Kay Hian	Keppel Corp	6.86	7.61	Buy
11/12/19	Lim & Tan	KSH	0.465	0	Buy
11/12/19	DBS Vickers	Mapletree North Asia	1.23	1.6	Buy
11/12/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy
11/12/19	UOB Kay Hian	Sembcorp Marine	1.33	1.22	Sell
11/12/19	DBS Vickers	ST Engineering	4	4.64	Buy
11/12/19	CIMB	ST Engineering	4	4.47	Add
11/12/19	Kim Eng	ST Engineering	4	4.5	Buy
11/12/19	OCBC	ST Engineering	4	4.64	Buy
11/12/19	DMG & Partners	ST Engineering	4	4.55	Buy	Sum of parts
11/12/19	UOB Kay Hian	ST Engineering	4	4.32	Buy
11/12/19	UOB Kay Hian	Wilmar	3.83	4.4	Buy
11/12/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy

The HK rioters burnt a man who disagreed with their act.

https://sg.news.yahoo.com/hong-kong-father-two-burned-115921690.html

This is outrageous and inhumane.  The HK rioters burnt a man who disagreed with their vandalism act.

It is time for the HK police to get tough with these rioters so that ordinary citizens can be protected.

HK is becoming a lawless city now because these rioters think they're the laws or above the laws.

The US loves to poison Asia!

https://sg.news.yahoo.com/thailand-wants-ban-three-pesticides-070030802.html

The US loves to poison Asia with its chemical-laced meats and farming chemicals.

Asia must unite together to ban these farming chemicals from the US.

Hyphens Pharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	DMG & Partners	Hyphens Pharma	0.196	0.25	Buy	DCF, PER12.2x FY19
08/20/19	DMG & Partners	Hyphens Pharma	0.2	0.25	Buy	DCF
10/15/19	DMG & Partners	Hyphens Pharma	0.199	0.25	Buy
11/08/19	SAC Advisors	Hyphens Pharma	0.195	0.285	Buy

Hutchison Port - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	OCBC	Hutchison Port	0.26	0.22	Sell
02/13/19	DBS Vickers	Hutchison Port	0.26	0.26	Hold	DCF
02/25/19	OCBC	Hutchison Port	0.235	0.22	Hold
04/30/19	OCBC	Hutchison Port	0.24	0.22	Hold
04/30/19	DBS Vickers	Hutchison Port	0.24	0.26	Hold
07/25/19	OCBC	Hutchison Port	0.225	0.22	Hold
07/26/19	DBS Vickers	Hutchison Port	0.225	0.23	Hold	DCF
09/06/19	OCBC	Hutchison Port	0.22	0.17	Hold
10/30/19	OCBC	Hutchison Port	0.158	0.155	Hold

HRnetGroup - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	HRnetGroup	0.8	1.18	Buy	DCF
02/25/19	DMG & Partners	HRnetGroup	0.795	1.06	Buy	DCF
02/26/19	DBS Vickers	HRnetGroup	0.8	1.05	Buy	PER15x FY19, ex-cash
03/13/19	DMG & Partners	HRnetGroup	0.79	1.06	Buy
03/26/19	CIMB	HRnetGroup	0.765	1.03	Add
05/07/19	DMG & Partners	HRnetGroup	0.77	1.06	Buy	DCF
05/13/19	DMG & Partners	HRnetGroup	0.77	0.94	Buy	DCF
05/14/19	DBS Vickers	HRnetGroup	0.76	0.85	Hold	PER16x FY19, ex-cash
06/06/19	DMG & Partners	HRnetGroup	0.71	0.94	Buy
06/13/19	CIMB	HRnetGroup	0.72	1.01	Add	PER18x CY20
08/14/19	DMG & Partners	HRnetGroup	0.66	0.94	Buy	DCF
10/15/19	DMG & Partners	HRnetGroup	0.58	0.94	Buy
11/11/19	CIMB	HRnetGroup	0.64	0.83	Add
11/11/19	DMG & Partners	HRnetGroup	0.64	0.81	Buy	DCF

Stock calls for 11 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/11/19	UOB Kay Hian	A-Reit	2.89	3.25	Buy
11/11/19	DMG & Partners	DBS	26.61	25.3	Neutral	GGM, PB1.23x FY20
11/11/19	Lim & Tan	DBS	26.61	0	Buy on weakness
11/11/19	DMG & Partners	Frencken	0.76	0.82	Buy	DCF
11/11/19	CIMB	HRnetGroup	0.64	0.83	Add
11/11/19	DMG & Partners	HRnetGroup	0.64	0.81	Buy	DCF
11/11/19	Amfrasers	Japan Foods	0.425	0.46	Neutral
11/11/19	phillip	Penguin	0.7	0.93	Buy	PER5x FY20 (ex-cash)
11/11/19	CIMB	Riverstone	0.985	1.25	Add
11/11/19	DBS Vickers	Riverstone	0.985	1.16	Buy	PER14.5x FY20
11/11/19	UOB Kay Hian	Singtel	3.35	3.32	Hold	Buy @ $3
11/11/19	DMG & Partners	ST Engineering	4.12	4.7	Buy	Sum of parts
11/11/19	Phillip	Venture	16.6	17.18	Accumulate	PER14x FY19
11/11/19	Kim Eng	Venture	16.6	16.91	Hold	PB1.8x FY20
11/11/19	DMG & Partners	Venture	16.6	16.3	Neutral	PER13x FY19
11/11/19	CIMB	Venture	16.6	16.88	Hold	PER12.5x
11/11/19	UOB Kay Hian	Venture	16.6	16.67	Hold	PER14x FY20
11/11/19	DBS Vickers	Venture	16.6	17.2	Hold	PER13.7x FY20
11/11/19	Lim & Tan	Venture	16.6	0	Sell

Hang Seng Index fell heavily because of police shooting on 1st weekday.

The HK police should have taken a tough stance from the beginning so that these rioters would not be emboldened to challenge the police by obstructing them from carrying out their police duties.

I'm glad that the HK police have taken a harder stance now by shooting the rioters.  This will send a crystal clear signal to the rioters that the police will not hesitate to fire if the rioters challenge the police.  No government in the world will allow rioters to challenge the police.  Singapore also won't allow it.

What is Samsung trying to do in China?

https://www.reuters.com/article/us-samsung-elec-china/samsung-ends-mobile-phone-production-in-china-idUSKBN1WH0LR

Samsung had shut down its manufacturing plant in China last month and moved its production to Thailand.  Many analysts were convinced that the shutdown was due to the US-China tariffs and Samsung was trying to evade the US-China tariffs by shifting its production to other Asian countries.

However, Samsung outsourced 20% of its mobile phone production (60m units) to China after the shutdown when it could produce the 60m units in its own plant in Korea, Vietnam, India or even Thailand.

https://www.gizmochina.com/2019/10/30/samsung-will-boost-odm-smartphone-orders-in-2020-to-stay-ahead-of-chinese-competitors/

It was supposed to be cheaper to manufacture the 60m units in its own China's plant since its plant was producing 63m units in 2017.  Why did Samsung want to benefit the ODM in China?

The truth is Samsung realizes by now that it makes a strategic mistake by being short-sighted with the pullout and it wants to appease the China government with 60m units order.  This outsourced order was supposed to be much larger but Samsung shrunk it after intense discussion with the Korean government.

The US national debt has exceeded US$23T.

Are you worried about the unbridled US national debt?

Please share your thoughts with us.

Hong Kong is a financial hub because of China.

Many analysts don't understand the truth behind the financial hub status of HK.  HK is able to be a financial hub because China gives preferential treatment to HK as it regards HK as a long lost child.

China has to suppress Shenzhen's economic developments just to let HK continue to prosper. Why did I say this?  Shenzhen is a technological and logistics hub that has all the opportunities to overtake HK as a financial hub because technological titans like Alibaba and Tencent set up its HQs in Shenzhen.  In other words, Shenzhen is often touted as the Silicon Valley of China.  Furthermore, Shenzhen's GDP had already surpassed HK's.

https://www.chinadaily.com.cn/a/201902/28/WS5c7720fda3106c65c34ebd70.html

However, many analysts think that HK is the financial conduit for China since many foreign funds get into China through HK.  Therefore, they think that China needs HK for foreign capital more than HK needs China for its financial hub status.

Let me debunk this perception.  The truth is China allows HK to be its financial conduit even though China has other alternatives.

China doesn't need HK for its foreign funding and it doesn't have any financial merit to use HK to get funding other than for the political reason to bolster HK's financial hub status and economic developments.

Ever since the EU adopted a negative yield policy, it would have more financial merit to get foreign funding in the EU than in HK because of the interest rate differentials between EU and HK.

A 1-year bond yield in HK is 2.9%.

http://www.xinhuanet.com/english/2019-11/07/c_138536926.htm

A 20-year bond yield in the EU is 1.078% and the 7-year bond yield is only 0.197%.  Currently, China's MLF is 3.25%.  Therefore, China can make a risk-free gain of at least 3% by issuing a 7-year bond yield in the EU.  Furthermore, China's bonds are highly coveted in the EU now because they are highly oversubscribed.

https://www.chinadaily.com.cn/a/201911/07/WS5dc35266a310cf3e35575d95.html

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

The current generation in HK is trying to destroy HK's success and HK will lose its financial hub status and vibrancy when China cannot tolerate the irrational and illogical mindsets of the current Hongkongers.  HK should cherish what it has now and not regret its actions after losing all the privileges that China bestows to HK.

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.

=========================

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.