Sasseur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/19	Kim Eng	Sasseur	0.74	0.9	Buy	DDM
02/20/19	DBS Vickers	Sasseur	0.74	0.97	Buy	DCF
04/03/19	CIMB	Sasseur	0.78	0.92	Add
06/25/19	Kim Eng	Sasseur	0.79	0.9	Buy
08/08/19	DBS Vickers	Sasseur	0.8	0.97	Buy	DCF
08/13/19	CIMB	Sasseur	0.805	0.94	Add	DDM
10/30/19	UOB Kay Hian	Sasseur	0.8	0.97	Buy	DDM
11/18/19	Kim Eng	Sasseur	0.845	1	Buy	DDM
11/18/19	UOB Kay Hian	Sasseur	0.845	0.97	Buy
11/18/19	DBS Vickers	Sasseur	0.845	0.97	Buy
11/20/19	CIMB	Sasseur	0.85	0.94	Add
02/21/20	CIMB	Sasseur	0.82	0.85	Add
02/24/20	DBS Vickers	Sasseur	0.815	0.93	Buy	DCF
02/24/20	Kim Eng	Sasseur	0.815	0.95	Buy
03/10/20	UOB Kay Hian	Sasseur	0.73	0.92	Buy	DDM

Sanli Env - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/06/19	Tayrona	Sanli Env	0.18	0.234	Overweight

Sabana - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/19	DBS Vickers	Sabana	0.455	0.48	Hold	DCF
10/25/19	DBS Vickers	Sabana	0.455	0.48	Hold	DCF
01/30/20	DBS Vickers	Sabana	0.46	0.48	Hold	DCF

Stock calls for 11 March 2020

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/20	Amfrasers	IFS Capital	0.2	0.3	Outperform
03/11/20	DMG & Partners	Keppel Corp	5.7	7.6	Buy	Sum of parts
03/11/20	Amfrasers	Keppel DC Reit	2.38	2.19	Neutral
03/11/20	Jefferies	OCBC	9.72	11	Buy
03/11/20	CIMB	Valuetronics	0.605	0.62	Hold

We've correctly predicted the end of a good US period by March 2020. So what's next? - Part 3

https://sg.finance.yahoo.com/news/p-global-slashes-oil-price-124113479.html

The S&P credit rating firm is warning about massive credit rating downgrades for oil and gas companies.

We had warned about the impending credit rating downgrades recently.

http://sg-stock.blogspot.com/2020/03/weve-correctly-predicted-end-of-good-us.html

We highlighted 3 things recently.

1. FED is short of USD.
The New York Fed expanded its repo funding by injecting cash into the US FED (after our posting).  The New York Fed is both the boss of the US FED and is also a subordinate.

2.  The US treasury department is flushed with cash.

3.  Massive credit rating downgrades are coming.
The first to fire the salvo is the S&P global credit rating firm by targeting the oil and gas companies (after our posting).

https://sg.finance.yahoo.com/news/p-global-slashes-oil-price-124113479.html

Yeah! We're right again!

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold
02/25/19	OCBC	Roxy-Pacific	0.415	0.41	Hold
04/17/19	OCBC	Roxy-Pacific	0.4	0.41	Hold
05/09/19	OCBC	Roxy-Pacific	0.405	0.41	Hold
05/10/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold	RNAV (55% discount)
07/15/19	OCBC	Roxy-Pacific	0.385	0.41	Hold
08/05/19	DBS Vickers	Roxy-Pacific	0.39	0.39	Hold	RNAV (55% discount)

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/19	CIMB	Riverstone	1.1	1.22	Add	PER16.7x FY20
02/27/19	DBS Vickers	Riverstone	1.1	1.19	Hold	PER16x FY19
05/14/19	CIMB	Riverstone	0.995	1.22	Add	PER16.5x FY20
05/16/19	DBS Vickers	Riverstone	0.975	1.03	Hold	PER16.8x FY19/20
08/13/19	DBS Vickers	Riverstone	0.9	1.16	Buy	PER14.5x FY20
11/11/19	CIMB	Riverstone	0.985	1.25	Add
11/11/19	DBS Vickers	Riverstone	0.985	1.16	Buy	PER14.5x FY20
02/27/20	CIMB	Riverstone	1.05	1.3	Add
02/27/20	DBS Vickers	Riverstone	1.05	1.34	Buy	PER20x FY20

Rex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/19	UOB Kay Hian	Rex	0.167	0.218	Buy	Sum of parts, PB1.1x FY20
03/05/20	UOB Kay Hian	Rex	0.184	0.27	Buy	Sum of parts

Stock calls for 10 March 2020

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/20	Kim Eng	AEM	1.83	2.82	Buy
03/10/20	Amfrasers	AEM	1.83	2.6	Outperform	PER12x FY20
03/10/20	Amfrasers	ARA Hospitality	0.55	0.95	Outperform
03/10/20	DMG & Partners	Cache Logistics	0.64	0.74	Buy	DDM
03/10/20	Amfrasers	CapitaRetail China	1.37	1.66	Outperform
03/10/20	phillip	Clearbridge	0.116	0.26	Buy	DCF
03/10/20	Amfrasers	Comfortdelgro	1.81	2.28	Outperform	PER17.5x FY20
03/10/20	phillip	Dasin Retail	0.805	0.88	Accumulate	DDM
03/10/20	phillip	DBS	21.15	27.3	Accumulate
03/10/20	Amfrasers	Eagle Hospitality Trust	0.28	0.51	Neutral
03/10/20	Amfrasers	Frencken	0.75	1.01	outperform	PER10x FY20
03/10/20	CIMB	Hongkong Land	4.55	6.05	Add
03/10/20	CIMB	Jardine Matheson	50.12	52.53	Hold	Cut from $61.66
03/10/20	Amfrasers	Manulife US Reit	0.98	1.11	Neutral
03/10/20	phillip	OCBC	9.52	12.1	Accumulate
03/10/20	Lim & Tan	Propnex	0.515	0.68	Buy
03/10/20	UOB Kay Hian	Sasseur	0.73	0.92	Buy	DDM
03/10/20	Amfrasers	Sembcorp Marine	0.895	1.19	Neutral
03/10/20	Amfrasers	Sheng Siong	1.21	1.4	Outperform
03/10/20	Amfrasers	Sunpower	0.47	0.91	outperform	Sum of parts
03/10/20	Amfrasers	Thai Beverage	0.755	0.96	Outperform
03/10/20	Kim Eng	UMS	0.81	1.13	Buy
03/10/20	phillip	UOB	21.5	27.8	Accumulate

We've correctly predicted the end of a good US period by March 2020. So what's next? - Part 2

We highlighted 3 things recently below.

http://sg-stock.blogspot.com/2020/03/weve-correctly-predicted-end-of-good-us.html

1. Fed is short of USD.

2. US treasury dept is flushed with cash.

3. Massive credit rating downgrades are coming.

The New York FED is a major shareholder of the US FED and is also one of its 12 subsidiaries.  The New York FED has just expanded its repo market funding to US$150B because the US FED is short of USD.

https://finance.yahoo.com/news/barclays-fed-taps-repo-operations-to-boost-liquidity-162615044.html

The risk-free rate (10-year yield) is around 0.5% now which is only half of the on rrp rate but there is no panic in the repo market yet because the repo rate is still within 1% to 1.25% as set by the US FED.

The New York FED is trying to prevent the US FED from doing another inter-meeting rate cut due to the stock market crashes which trigger the circuit breakers.  If the 10-year yield continues to fall closer to Zero, the US FED will have to do another rate cut in its upcoming March meeting.

What's going on for the oil price? Why is the oil price collapsing to US$30 per barrel?

https://www.nytimes.com/2020/03/08/business/saudi-arabia-oil-prices.html

Don't be deceived by the news that Saudi Arabia and Russia are fighting an oil price war with each other.

They are, in fact, collaborating to fight against the US shale oil industry on the pretence that they're fighting against each other.

Russia refused to cut oil output with the aim to gain market share and bring down the oil price to crumble the US shale oil producers.

Saudi Arabia is cutting oil price with the same intention to gain market share and bring down the oil price to crumble the US shale oil producers.

Both acted with a common AIM.

What's a better time to fight the US shale oil industry than now?  Both countries know that the recession constellation is aligning in the US prior to the covid-19 outbreak.  The covid-19 is just the last straw to break the camel's back and both countries capitalize on it to make sure that the inevitable will happen in the US.