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Wednesday, November 27, 2019

Stock calls for 27 November 2019

Date Analyst Company Last Target Call Valuation
11/27/19 phillip Dasin Retail 0.84 0.88 Accumulate DDM, PB0.62x FY19
11/27/19 DBS Vickers Jumbo 0.37 0.47 Buy PER23x FY20
11/27/19 CIMB Jumbo 0.37 0.47 Add

Tuesday, November 26, 2019

Micro-Mechanics - Stock calls

Date Analyst Company Last Target Call Valuation
01/30/19 Phillip Micro-Mechanics 1.67 1.7 Accumulate PER15x FY19
05/02/19 Phillip Micro-Mechanics 1.63 1.63 Neutral PER15x FY20
09/03/19 Phillip Micro-Mechanics 1.59 1.6 Neutral PER15x FY20
11/05/19 Phillip Micro-Mechanics 1.9 1.6 Reduce

Mermaid Maritime - Stock calls

Date Analyst Company Last Target Call Valuation
03/19/19 DBS Vickers Mermaid Maritime 0.084 0.06 Sell Sum of parts
03/19/19 CIMB Mermaid Maritime 0.084 0.158 Hold PB0.48x CY18

Memtech - Stock calls

Date Analyst Company Last Target Call Valuation
02/28/19 Lim & Tan Memtech 1.03 0 Buy on weakness
02/28/19 CIMB Memtech 1.03 1.08 Hold PER8.5x FY20
03/01/19 UOB Kay Hian Memtech 0.985 1.33 Buy PER11x FY19
04/26/19 UOB Kay Hian Memtech 0.96 1.33 Buy
05/15/19 CIMB Memtech 1.09 1.35 Accept offer offer $1.35
05/15/19 Lim & Tan Memtech 1.09 1.35 Accept offer offer $1.35
06/17/19 Lim & Tan Memtech 1.33 1.35 Accept offer offer $1.35

Stock calls for 26 November 2019

Date Analyst Company Last Target Call Valuation
11/26/19 UOB Kay Hian BRC Asia 1.49 1.75 Buy PER11.5x FY20
11/26/19 Kim Eng CDL Hospitality 1.6 1.8 Buy
11/26/19 Amfrasers EC World Reit 0.74 0.84 outperform DDM
11/26/19 Lim & Tan Olam 1.82 0 Hold
11/26/19 Kim Eng SIA Engineering 2.85 3 Buy
11/26/19 Phillip Thai Beverage 0.89 0.8 Reduce Sum of parts
11/26/19 OCBC Thai Beverage 0.89 0.91 Hold

Monday, November 25, 2019

Mapletree North Asia - Stock calls

Date Analyst Company Last Target Call Valuation
01/29/19 OCBC Mapletree North Asia 1.25 1.35 Buy
01/29/19 DBS Vickers Mapletree North Asia 1.25 1.45 Buy
02/09/19 DBS Vickers Mapletree North Asia 1.25 1.45 Buy
04/03/19 DBS Vickers Mapletree North Asia 1.31 1.45 Buy
05/02/19 OCBC Mapletree North Asia 1.36 1.4 Hold
05/02/19 DBS Vickers Mapletree North Asia 1.36 1.6 Buy DCF
07/19/19 DBS Vickers Mapletree North Asia 1.45 1.65 Buy DCF
07/30/19 OCBC Mapletree North Asia 1.38 1.43 Hold
07/31/19 CIMB Mapletree North Asia 1.42 1.5 Add DDM
08/14/19 OCBC Mapletree North Asia 1.28 1.43 Buy
09/30/19 DBS Vickers Mapletree North Asia 1.33 1.65 Buy DCF
10/29/19 Lim & Tan Mapletree North Asia 1.26 0 Hold
10/30/19 DBS Vickers Mapletree North Asia 1.27 1.6 Buy DCF
10/31/19 OCBC Mapletree North Asia 1.27 1.43 Buy
11/12/19 DBS Vickers Mapletree North Asia 1.23 1.6 Buy

Mapletree Logistics - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 CIMB Mapletree Logistics 1.26 1.42 Add DDM
01/11/19 UOB Kay Hian Mapletree Logistics 1.33 1.39 Hold DDM, Buy @ $1.26
01/22/19 OCBC Mapletree Logistics 1.34 1.4 Buy
01/23/19 DBS Vickers Mapletree Logistics 1.34 1.5 Buy
01/23/19 Kim Eng Mapletree Logistics 1.34 1.3 Hold DDM
02/08/19 DBS Vickers Mapletree Logistics 1.39 1.5 Buy
01/23/19 CIMB Mapletree Logistics 1.34 1.44 Add DDM
02/28/19 Kim Eng Mapletree Logistics 1.39 1.3 Hold
03/07/19 OCBC Mapletree Logistics 1.42 1.5 Buy
04/18/19 OCBC Mapletree Logistics 1.44 1.45 Hold
04/29/19 Kim Eng Mapletree Logistics 1.48 1.4 Hold
04/29/19 DBS Vickers Mapletree Logistics 1.48 1.6 Buy
04/29/19 CIMB Mapletree Logistics 1.48 1.48 Hold
04/30/19 OCBC Mapletree Logistics 1.47 1.38 Hold
05/02/19 UOB Kay Hian Mapletree Logistics 1.48 1.39 Hold Buy @ $1.26
06/06/19 DBS Vickers Mapletree Logistics 1.5 1.6 Buy
07/19/19 DBS Vickers Mapletree Logistics 1.61 1.85 Buy
07/23/19 OCBC Mapletree Logistics 1.61 1.4 Hold
07/24/19 Kim Eng Mapletree Logistics 1.61 1.55 Hold
07/25/19 UOB Kay Hian Mapletree Logistics 1.6 1.39 Hold DDM
09/18/19 DBS Vickers Mapletree Logistics 1.58 1.85 Buy
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
11/07/19 DBS Vickers Mapletree Logistics 1.69 1.9 Buy

Mapletree Industrial - Stock calls

Date Analyst Company Last Target Call Valuation
01/17/19 OCBC Mapletree Industrial 1.97 2.04 Hold
01/18/19 CIMB Mapletree Industrial 1.99 2.1 Add DDM
01/23/19 DBS Vickers Mapletree Industrial 1.98 2.22 Buy PER16.8x FY19
01/23/19 DIR Mapletree Industrial 1.98 1.78 Underperform
01/24/19 Phillip Mapletree Industrial 1.96 2.03 Neutral DDM, PB1.36x FY19
01/24/19 Kim Eng Mapletree Industrial 1.96 2.2 Buy DDM
01/28/19 UOB Kay Hian Mapletree Industrial 2.03 1.94 Hold Buy @ $1.78
02/12/19 OCBC Mapletree Industrial 2.03 2.04 Hold
02/15/19 Phillip Mapletree Industrial 1.99 2.03 Neutral
02/19/19 OCBC Mapletree Industrial 1.99 1.98 Hold
02/20/19 DBS Vickers Mapletree Industrial 1.99 2.3 Buy
04/03/19 DBS Vickers Mapletree Industrial 2.12 2.3 Buy
04/04/19 Kim Eng Mapletree Industrial 2.11 2.25 Buy DDM
06/19/19 Phillip Mapletree Industrial 2.17 2.03 Neutral
06/25/19 Kim Eng Mapletree Industrial 2.18 2.25 Buy
07/11/19 CIMB Mapletree Industrial 2.29 2.32 Add DDM
07/11/19 Kim Eng Mapletree Industrial 2.29 2.4 Buy DDM
07/11/19 DBS Vickers Mapletree Industrial 2.29 2.5 Buy DCF
07/22/19 Phillip Mapletree Industrial 2.31 2.03 Neutral DDM, PB1.36x FY19
07/24/19 OCBC Mapletree Industrial 2.3 2.06 Hold
07/24/19 CIMB Mapletree Industrial 2.3 2.37 Hold
07/25/19 OCBC Mapletree Industrial 2.25 2.29 Hold
07/25/19 UOB Kay Hian Mapletree Industrial 2.25 1.94 Hold
08/26/19 Phillip Mapletree Industrial 2.28 2.03 Neutral
09/13/19 UOB Kay Hian Mapletree Industrial 2.3 2.58 Buy DDM
09/17/19 OCBC Mapletree Industrial 2.33 2.29 Hold
09/19/19 Kim Eng Mapletree Industrial 2.4 2.5 Buy
09/19/19 OCBC Mapletree Industrial 2.4 2.55 Buy
09/24/19 Phillip Mapletree Industrial 2.47 2.03 Neutral
09/25/19 DBS Vickers Mapletree Industrial 2.49 2.75 Buy
09/26/19 CIMB Mapletree Industrial 2.49 2.44 Add DDM
10/10/19 UOB Kay Hian Mapletree Industrial 2.5 2.69 Buy
10/18/19 Phillip Mapletree Industrial 2.57 2.06 Neutral
10/24/19 OCBC Mapletree Industrial 2.52 2.55 Hold
10/24/19 UOB Kay Hian Mapletree Industrial 2.52 2.9 Buy
10/24/19 DBS Vickers Mapletree Industrial 2.52 2.75 Buy
11/21/19 Kim Eng Mapletree Industrial 2.5 2.7 Buy
11/25/19 Phillip Mapletree Industrial 2.51 2.03 Neutral

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

Saturday, November 23, 2019

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.
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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 803


Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Friday, November 22, 2019

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

Thursday, November 21, 2019

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