Stock calls for 25 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/25/19	Phillip	A-Reit	2.94	3.31	Accumulate
11/25/19	CIMB	AEM	1.8	2.12	Add
11/25/19	Phillip	ART	1.32	1.36	Accumulate
11/25/19	DBS Vickers	ART	1.32	1.45	Buy
11/25/19	CIMB	Boustead	0.765	1	Add
11/25/19	phillip	Cache Logistics	0.71	0.75	Neutral
11/25/19	Phillip	CapitaCommercial	1.99	2.18	Neutral
11/25/19	CIMB	Capitaland	3.66	4.15	Add
11/25/19	Phillip	Capitamall Trust	2.49	2.68	Neutral
11/25/19	Phillip	CapitaRetail China	1.55	1.66	Accumulate
11/25/19	DBS Vickers	CDL Hospitality	1.58	1.8	Buy
11/25/19	DBS Vickers	City Developments	10.78	11	Hold
11/25/19	CIMB	CSE Global	0.54	0.73	Add
11/25/19	phillip	Dasin Retail	0.84	0.94	Accumulate
11/25/19	Phillip	Frasers Centrepoint Trust	2.76	3.11	Accumulate
11/25/19	CIMB	Frasers Centrepoint Trust	2.76	2.89	Add
11/25/19	Phillip	Keppel DC Reit	2.01	2.06	Accumulate
11/25/19	Phillip	Mapletree Industrial	2.51	2.03	Neutral
11/25/19	CIMB	Propnex	0.515	0.68	Add
11/25/19	Kim Eng	SATS	5.06	6.1	Buy
11/25/19	phillip	SGX	8.97	8.6	Neutral	PER22x
11/25/19	UOB Kay Hian	Thai Beverage	0.89	0.9	Hold
11/25/19	DMG & Partners	Thai Beverage	0.89	0.95	Neutral	Sum of parts
11/25/19	CIMB	Thai Beverage	0.89	1	Add
11/25/19	DBS Vickers	Thai Beverage	0.89	1.04	Buy	Sum of parts
11/25/19	CIMB	Wilmar	4.1	4.58	Add
11/25/19	CIMB	Yangzijiang	1.02	1.45	Add

What has China done to stimulate its economy and its impacts?

China has been cutting its RRR in 2019 to boost its money supply.

http://sg-stock.blogspot.com/2019/05/how-china-rrr-cut-will-impact-its.html

China has implemented a new LPR to be used as a new benchmark for commercial loans (SMEs).  This is meant to boost bank lending, a.k.a, money supply to business owners.

http://sg-stock.blogspot.com/2019/08/why-is-renminbi-rmb-depreciating-again.html

China has just implemented a property measure to keep its property prices at bay to prevent any disruption to its economy.

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

China has cut its MLF for the first time since 2016 to boost money supply to financial institutions.  This, in turn, will lower the LPR because it is pegged to MLF.  Again, this will boost the money supply to business owners.

http://sg-stock.blogspot.com/2019/11/china-has-cut-its-loan-rate-finally.html

China has cut its 7-day repo rate for the first time since 2015.  The repo facility is a short-term sale and repurchase agreement (borrowing), issued by the government (central bank) with mainly government securities.  Therefore any repo rate cut will discourage buying by financial investors and keep cash in the economy.  In other words, this is to maintain the money supply and prevent a monetary tightening situation in the economy without injecting new cash into the economy.

https://www.reuters.com/article/us-china-openmarket-omo/china-cuts-key-liquidity-rate-for-first-time-since-2015-idUSKBN1XS04E

China has cut the 5-year LPR for the first time and this will affect the property sector since the 5-year LPR is used as a benchmark for the property loans.

https://www.reuters.com/article/us-china-economy-lpr/china-cuts-new-benchmark-lending-rate-to-lower-costs-shore-up-economy-idUSKBN1XU05H

From these monetary actions, we can see that China is maintaining the existing money supply and injecting new money supply into its economy to stimulate some growth.  Furthermore, China is willing to encourage some growth in its property sector by tweaking its LPR.

Baltic dry index - 1284

Today, Friday, November 22 2019, the Baltic Dry Index climbed by 29 points, reaching 1284 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 - 803

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/19	OCBC	Mapletree Commercial	1.72	1.79	Hold
01/24/19	CIMB	Mapletree Commercial	1.72	1.79	Add	DDM
01/24/19	DBS Vickers	Mapletree Commercial	1.72	2	Buy	DCF
01/24/19	Kim Eng	Mapletree Commercial	1.72	1.6	Hold
02/08/19	DBS Vickers	Mapletree Commercial	1.81	2	Buy
02/08/19	CIMB	Mapletree Commercial	1.81	1.9	Add
03/20/19	CIMB	Mapletree Commercial	1.83	1.94	Add	DDM
04/04/19	Kim Eng	Mapletree Commercial	1.87	1.8	Hold
04/24/19	OCBC	Mapletree Commercial	1.84	1.85	Hold
04/25/19	DBS Vickers	Mapletree Commercial	1.89	2	Buy	DCF
05/28/19	CIMB	Mapletree Commercial	1.93	2.03	Add
06/21/19	UOB Kay Hian	Mapletree Commercial	2.04	2.22	Buy	DDM
07/10/19	CIMB	Mapletree Commercial	2.05	2.03	Add
07/19/19	DBS Vickers	Mapletree Commercial	2.07	2.25	Buy	DCF
07/26/19	OCBC	Mapletree Commercial	2.1	1.89	Sell
07/26/19	UOB Kay Hian	Mapletree Commercial	2.1	2.22	Buy
07/26/19	Lim & Tan	Mapletree Commercial	2.1	0	Hold
07/29/19	Kim Eng	Mapletree Commercial	2.07	2.1	Hold	DDM
08/22/19	CIMB	Mapletree Commercial	2.08	2.24	Add
08/28/19	UOB Kay Hian	Mapletree Commercial	2.12	2.22	Buy
09/09/19	DBS Vickers	Mapletree Commercial	2.24	2.39	Buy	DCF
09/27/19	Lim & Tan	Mapletree Commercial	2.36	0	Hold
09/30/19	UOB Kay Hian	Mapletree Commercial	2.34	2.38	Hold	DDM
09/30/19	Kim Eng	Mapletree Commercial	2.34	2.1	Hold
09/30/19	CIMB	Mapletree Commercial	2.34	2.38	Hold	DDM
10/16/19	UOB Kay Hian	Mapletree Commercial	2.34	2.38	Hold	DDM, Buy @ $2.16
10/16/19	CIMB	Mapletree Commercial	2.34	2.39	Hold	DDM
10/16/19	OCBC	Mapletree Commercial	2.34	2.28	Hold
10/16/19	Kim Eng	Mapletree Commercial	2.34	2.35	Hold	DDM
11/08/19	DBS Vickers	Mapletree Commercial	2.39	2.6	Buy	DCF

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Manulife US Reit	0.77	0.92	Buy
01/02/19	DBS Vickers	Manulife US Reit	0.77	0.88	Buy	DCF
02/12/19	Lim & Tan	Manulife US Reit	0.855	0	Hold
02/12/19	DMG & Partners	Manulife US Reit	0.855	0.94	Buy	DDM
02/12/19	DBS Vickers	Manulife US Reit	0.855	0.92	Buy	DCF
02/26/19	Amfrasers	Manulife US Reit	0.835	0.95	Buy
03/13/19	DMG & Partners	Manulife US Reit	0.85	0.94	Buy
03/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy	DDM
04/25/19	Lim & Tan	Manulife US Reit	0.87	0	Hold
04/26/19	DMG & Partners	Manulife US Reit	0.865	0.94	Buy	DDM
04/26/19	DBS Vickers	Manulife US Reit	0.865	0.92	Buy
04/26/19	Kim Eng	Manulife US Reit	0.865	1	Buy	DDM
04/30/19	Amfrasers	Manulife US Reit	0.88	0.97	Buy	DDM
05/02/19	DMG & Partners	Manulife US Reit	0.87	0.96	Buy	DDM
05/29/19	Kim Eng	Manulife US Reit	0.86	1	Buy	DDM
06/06/19	DMG & Partners	Manulife US Reit	0.845	0.96	Buy
06/17/19	DBS Vickers	Manulife US Reit	0.87	1	Buy	DDM
06/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy
07/04/19	DMG & Partners	Manulife US Reit	0.88	0.96	Buy
07/12/19	DMG & Partners	Manulife US Reit	0.875	0.98	Buy	DDM
08/15/19	Amfrasers	Manulife US Reit	0.89	0.98	outperform
08/15/19	DMG & Partners	Manulife US Reit	0.89	0.98	Buy	DDM
08/19/19	Kim Eng	Manulife US Reit	0.89	1	Buy	DDM
08/23/19	DBS Vickers	Manulife US Reit	0.895	1.1	Buy	DCF
09/11/19	DMG & Partners	Manulife US Reit	0.915	0.98	Buy
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
10/02/19	DMG & Partners	Manulife US Reit	0.895	1	Buy
10/11/19	DBS Vickers	Manulife US Reit	0.905	1.1	Buy	DCF
11/01/19	CIMB	Manulife US Reit	0.915	1.12	Add	DDM
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

M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	Kim Eng	M1	2.09	1.63	Sell
01/04/19	Phillip	M1	2.08	2.06	Accept Offer	Offer $2.06
01/08/19	OCBC	M1	2.06	2.06	Accept Offer	Offer $2.06
01/14/19	DMG & Partners	M1	2.07	2.06	Neutral	Offer $2.06
01/29/19	CIMB	M1	2.06	2.06	Hold	Offer $2.06
02/12/19	Kim Eng	M1	2.04	1.77	Sell
03/07/19	OCBC	M1	2.05	2.06	Accept Offer	Offer $2.06

Stock calls for 22 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/22/19	UOB Kay Hian	ART	1.31	1.66	Buy	DDM
11/22/19	UOB Kay Hian	Bumitama	0.7	0.75	Buy
11/22/19	DMG & Partners	CDL Hospitality	1.59	1.78	Buy	DDM
11/22/19	UOB Kay Hian	Golden Agri	0.235	0.27	Hold
11/22/19	CIMB	Golden Agri	0.235	0.23	Reduce	Sum of parts (10% discount)
11/22/19	DBS Vickers	Singtel	3.26	3.6	Buy	Sum of parts

Lian Beng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/19	Lim & Tan	Lian Beng	0.515	0	Buy on weakness

Lendlease Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/15/19	DIR	Lendlease Reit	0.94	1.01	outperform

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	OCBC	KSH	0.52	0.81	Buy
04/17/19	OCBC	KSH	0.535	0.81	Buy
05/31/19	Lim & Tan	KSH	0.45	0	Buy
06/03/19	OCBC	KSH	0.45	0	Cease coverage
11/12/19	Lim & Tan	KSH	0.465	0	Buy

Stock calls for 21 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/21/19	Kim Eng	A-Reit	2.91	3.35	Buy
11/21/19	Kim Eng	CDL Hospitality	1.59	1.8	Buy
11/21/19	phillip	Comfortdelgro	2.35	2.56	Accumulate	DCF, PER18.6x FY19
11/21/19	Kim Eng	Far East Hospitality	0.72	0.8	Buy
11/21/19	DMG & Partners	Food Empire	0.6	0.83	Buy	PER12x FY20
11/21/19	Kim Eng	Mapletree Industrial	2.5	2.7	Buy
11/21/19	OCBC	OUE	1.49	1.69	Buy

Koufu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/19	DBS Vickers	Koufu	0.63	0.8	Buy	PER17x FY19
03/08/19	UOB Kay Hian	Koufu	0.67	0.95	Buy	PER18.1x FY19
03/08/19	Lim & Tan	Koufu	0.67	0.85	Buy	PER18x FY19
04/08/19	UOB Kay Hian	Koufu	0.805	0.95	Buy
05/07/19	DBS Vickers	Koufu	0.77	0.8	Hold	PER17x FY19
05/09/19	UOB Kay Hian	Koufu	0.75	0.95	Buy
06/13/19	UOB Kay Hian	Koufu	0.675	0.95	Buy
06/28/19	DBS Vickers	Koufu	0.675	0.85	Buy	PER17x FY19
07/03/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
08/08/19	UOB Kay Hian	Koufu	0.71	0.95	Buy
08/08/19	DBS Vickers	Koufu	0.71	0.88	Buy	PER17x FY20
10/01/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
10/01/19	DBS Vickers	Koufu	0.72	0.88	Buy
11/05/19	DBS Vickers	Koufu	0.755	0.88	Buy	PER17x FY20
11/06/19	UOB Kay Hian	Koufu	0.77	0.95	Buy

Kimly - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	DMG & Partners	Kimly	0.24	0.27	Neutral
02/14/19	DMG & Partners	Kimly	0.245	0.24	Neutral	DCF
04/05/19	DMG & Partners	Kimly	0.24	0.24	Neutral
05/09/19	DMG & Partners	Kimly	0.245	0.23	Neutral	DCF
06/06/19	DMG & Partners	Kimly	0.23	0.23	Neutral
08/13/19	DMG & Partners	Kimly	0.235	0.23	Neutral	DCF
10/15/19	DMG & Partners	Kimly	0.225	0.23	Neutral

Keppel Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/19	DBS Vickers	Keppel Reit	1.18	1.31	Buy	DCF
01/22/19	CIMB	Keppel Reit	1.18	1.34	Add	DDM
01/22/19	DMG & Partners	Keppel Reit	1.18	1.06	Neutral	DDM
01/28/19	UOB Kay Hian	Keppel Reit	1.18	1.35	Buy
03/07/19	UOB Kay Hian	Keppel Reit	1.28	1.35	Buy	DDM
03/18/19	DMG & Partners	Keppel Reit	1.23	1.06	Neutral
04/01/19	UOB Kay Hian	Keppel Reit	1.29	1.35	Buy	DDM
04/18/19	DMG & Partners	Keppel Reit	1.24	1.12	Neutral	DDM
04/18/19	DBS Vickers	Keppel Reit	1.24	1.38	Buy	DCF
04/18/19	Lim & Tan	Keppel Reit	1.24	0	Hold
04/24/19	UOB Kay Hian	Keppel Reit	1.21	1.37	Buy	DDM
04/24/19	DBS Vickers	Keppel Reit	1.21	1.4	Buy	DCF
04/25/19	CIMB	Keppel Reit	1.23	1.34	Add	DDM
05/30/19	UOB Kay Hian	Keppel Reit	1.21	1.37	Buy
07/04/19	DMG & Partners	Keppel Reit	1.28	1.12	Neutral
07/16/19	CIMB	Keppel Reit	1.26	1.41	Add	DDM
07/16/19	DMG & Partners	Keppel Reit	1.26	1.2	Neutral	DDM
07/16/19	UOB Kay Hian	Keppel Reit	1.26	1.37	Buy
07/16/19	DBS Vickers	Keppel Reit	1.26	1.45	Buy	DCF
07/16/19	Lim & Tan	Keppel Reit	1.26	0	Hold
08/06/19	DBS Vickers	Keppel Reit	1.2	1.45	Buy
08/27/19	UOB Kay Hian	Keppel Reit	1.24	1.21	Hold	Buy @ $1.1
10/02/19	DBS Vickers	Keppel Reit	1.26	1.45	Buy	DCF
10/02/19	DMG & Partners	Keppel Reit	1.26	1.23	Neutral	DDM
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

Stock calls for 20 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/20/19	Amfrasers	Comfortdelgro	2.36	2.61	Outperform	PER19x FY20
11/20/19	DMG & Partners	Hyphens Pharma	0.21	0.25	Buy	DCF
11/20/19	CIMB	Japfa	0.61	0.7	Add
11/20/19	CIMB	Sasseur	0.85	0.94	Add
11/20/19	UOB Kay Hian	Unusual	0.305	0.44	Buy

Keppel Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DBS Vickers	Keppel Pacific	0.61	0.78	Buy	DCF
01/28/19	DBS Vickers	Keppel Pacific	0.68	0.8	Buy	DCF
04/03/19	DBS Vickers	Keppel Pacific	0.705	0.8	Buy
06/06/19	DBS Vickers	Keppel Pacific	0.74	0.8	Buy
06/17/19	DBS Vickers	Keppel Pacific	0.75	0.9	Buy	DCF
07/12/19	DMG & Partners	Keppel Pacific	0.79	0.88	Buy	DDM
07/18/19	DBS Vickers	Keppel Pacific	0.82	0.9	Buy
09/06/19	DMG & Partners	Keppel Pacific	0.74	0.88	Buy	DDM
09/09/19	DBS Vickers	Keppel Pacific	0.75	0.9	Buy
10/16/19	DBS Vickers	Keppel Pacific	0.76	0.9	Buy	DCF
10/16/19	DMG & Partners	Keppel Pacific	0.76	0.88	Buy	DDM

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	DBS Vickers	Keppel Infrastructure	0.515	0.58	Buy	DDM
03/15/19	Lim & Tan	Keppel Infrastructure	0.485	0	Hold
04/16/19	DBS Vickers	Keppel Infrastructure	0.48	0.58	Buy	DDM
07/16/19	DBS Vickers	Keppel Infrastructure	0.505	0.58	Buy	DDM
10/15/19	DBS Vickers	Keppel Infrastructure	0.545	0.58	Buy

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	Phillip	Keppel DC Reit	1.36	1.45	Accumulate
01/23/19	Phillip	Keppel DC Reit	1.44	1.52	Accumulate	DDM
01/23/19	CIMB	Keppel DC Reit	1.44	1.51	Add	DDM
01/23/19	OCBC	Keppel DC Reit	1.44	1.6	Buy
01/23/19	DBS Vickers	Keppel DC Reit	1.44	1.6	Buy	DCF
02/15/19	Phillip	Keppel DC Reit	1.45	1.52	Accumulate
03/12/19	OCBC	Keppel DC Reit	1.44	1.6	Buy
04/08/19	Amfrasers	Keppel DC Reit	1.47	1.62	Buy	DDM
04/09/19	CIMB	Keppel DC Reit	1.48	1.54	Add	DDM
04/16/19	OCBC	Keppel DC Reit	1.49	1.64	Buy
04/16/19	Lim & Tan	Keppel DC Reit	1.49	0	Hold
04/18/19	Phillip	Keppel DC Reit	1.49	1.59	Accumulate	DDM, PB1.37x FY19
05/02/19	Amfrasers	Keppel DC Reit	1.51	1.62	Buy
06/19/19	Phillip	Keppel DC Reit	1.64	1.59	Accumulate
07/10/19	CIMB	Keppel DC Reit	1.67	1.54	Add
07/17/19	OCBC	Keppel DC Reit	1.71	1.93	Buy
07/17/19	DBS Vickers	Keppel DC Reit	1.71	1.9	Buy	DCF
07/18/19	Phillip	Keppel DC Reit	1.73	1.71	Hold	DDM
07/18/19	CIMB	Keppel DC Reit	1.73	1.67	Hold	DDM
07/23/19	Amfrasers	Keppel DC Reit	1.75	1.71	Neutral
07/26/19	OCBC	Keppel DC Reit	1.71	1.93	Hold
08/26/19	Phillip	Keppel DC Reit	1.74	1.71	Neutral
09/17/19	OCBC	Keppel DC Reit	1.8	2.08	Buy	DDM
09/17/19	Amfrasers	Keppel DC Reit	1.8	1.95	Outperform
09/18/19	CIMB	Keppel DC Reit	1.93	1.82	Hold	DDM
09/19/19	Phillip	Keppel DC Reit	1.97	2	Accumulate	DDM
10/08/19	DBS Vickers	Keppel DC Reit	1.9	2.2	Buy	DCF
10/16/19	CIMB	Keppel DC Reit	1.99	1.88	Hold	DDM
10/16/19	Phillip	Keppel DC Reit	1.99	2.06	Accumulate	DDM
10/16/19	Lim & Tan	Keppel DC Reit	1.99	0	Hold
10/17/19	Amfrasers	Keppel DC Reit	2	2.11	Outperform
10/17/19	OCBC	Keppel DC Reit	2	2.08	Hold

Stock calls for 19 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/19/19	Lim & Tan	Ho Bee	2.34	0	Buy
11/19/19	OCBC	OUE Commercial	0.545	0.535	Hold
11/19/19	CIMB	OUE Commercial	0.545	0.57	Hold	DDM
11/19/19	phillip	SATS	5.07	5.36	Accumulate	DCF
11/19/19	OCBC	SATS	5.07	5.28	Hold
11/19/19	DMG & Partners	Unusual	0.295	0.42	Buy	DCF

Ordinary HK citizens are coming out to protect their communities.

Ordinary HK citizens have had enough of the black tees' riots.  They want their normal lives back now because they don't want the pseudo-democracy propagated by the black tees.  Cheers!

HSBC shut down another bank account that was used to fund HK protests.

https://sg.finance.yahoo.com/news/hsbc-cites-rules-as-protestlinked-account-reportedly-shut-084246829.html

These HK rioters still insist that their protests are leaderless.  It is very obvious that someone is funding them.

HSBC has made it more difficult for these HK rioters to continue their protests because they can't get paid for all the troubles they've created.