Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/19	DBS Vickers	Sembcorp Industries	2.75	3.9	Buy
05/16/19	OCBC	Sembcorp Industries	2.54	3.13	Buy	Sum of parts
05/16/19	DBS Vickers	Sembcorp Industries	2.54	3.9	Buy	Sum of parts, PB1x
05/16/19	CIMB	Sembcorp Industries	2.54	3.41	Add	Sum of parts
05/17/19	phillip	Sembcorp Industries	2.55	3.75	Buy	Sum of parts
06/04/19	OCBC	Sembcorp Industries	2.38	3.03	Buy	Sum of parts
06/04/19	Citi Research	Sembcorp Industries	2.38	3.15	Buy
07/03/19	OCBC	Sembcorp Industries	2.47	3.03	Buy
07/04/19	Macquarie	Sembcorp Industries	2.41	2.84	Outperform
08/15/19	CIMB	Sembcorp Industries	2.26	2.83	Add	Sum of parts
08/15/19	UOB Kay Hian	Sembcorp Industries	2.26	2.34	Hold
08/15/19	Citi Research	Sembcorp Industries	2.26	3.05	Buy
08/16/19	DBS Vickers	Sembcorp Industries	2.26	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	DBS Vickers	Sembcorp Industries	2.21	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	Lim & Tan	Sembcorp Industries	2.21	0	Buy
09/18/19	DMG & Partners	Sembcorp Industries	2.22	2.68	Buy	Sum of parts, PER9.9x FY20
09/18/19	OCBC	Sembcorp Industries	2.22	2.79	Buy
10/07/19	UOB Kay Hian	Sembcorp Industries	2.06	2.22	Hold	Buy @ $2
10/08/19	CIMB	Sembcorp Industries	2.08	2.83	Add	Sum of parts
10/09/19	DBS Vickers	Sembcorp Industries	2.11	3.2	Buy
10/25/19	DBS Vickers	Sembcorp Industries	2.28	2.9	Buy
11/15/19	OCBC	Sembcorp Industries	2.29	2.51	Hold	Sum of parts
11/15/19	DMG & Partners	Sembcorp Industries	2.29	2.68	Buy	Sum of parts (20% discount), PER10x FY20
11/18/19	UOB Kay Hian	Sembcorp Industries	2.26	2.19	Hold	Buy @ $2
11/18/19	DBS Vickers	Sembcorp Industries	2.26	2.9	Buy	RNAV (10% discount), PB0.7x
11/18/19	Citi Research	Sembcorp Industries	2.26	2.8	Buy
12/27/19	CIMB	Sembcorp Industries	2.28	2.78	Add
01/21/20	CIMB	Sembcorp Industries	2.28	2.78	Add
02/07/20	DBS Vickers	Sembcorp Industries	2.16	2.21	Hold	Sum of parts (10% discount), PER10.1x FY20, PB0.5x FY20
02/07/20	Citi Research	Sembcorp Industries	2.16	2.8	Buy
02/07/20	OCBC	Sembcorp Industries	2.16	2.13	Hold
02/07/20	UOB Kay Hian	Sembcorp Industries	2.16	2.17	Hold	Buy @ $2.05
02/07/20	Lim & Tan	Sembcorp Industries	2.16	0	Hold
02/07/20	DMG & Partners	Sembcorp Industries	2.16	2.68	Buy	Sum of parts, PER10x FY20
02/24/20	DMG & Partners	Sembcorp Industries	2.01	2.33	Buy	Sum of parts, PER10x FY20
04/29/20	HSBC	Sembcorp Industries	1.57	2.21	Buy	Cut from $2.68
05/19/20	DBS Vickers	Sembcorp Industries	1.55	1.7	Hold	Sum of parts, PB0.5x
05/19/20	Lim & Tan	Sembcorp Industries	1.55	0	Hold
05/19/20	UOB Kay Hian	Sembcorp Industries	1.55	1.7	Hold	Buy @ $1.50
05/19/20	CIMB	Sembcorp Industries	1.55	1.76	Hold
05/20/20	DMG & Partners	Sembcorp Industries	1.55	2	Buy	Sum of parts
06/01/20	DBS Vickers	Sembcorp Industries	1.36	1.7	Buy	Sum of parts (10% discount)
06/09/20	DMG & Partners	Sembcorp Industries	1.53	2.11	Buy	Sum of parts
06/09/20	CIMB	Sembcorp Industries	1.53	2.49	Add	Sum of parts
06/09/20	Lim & Tan	Sembcorp Industries	1.53	0	Buy

Stock calls for 9 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/09/20	OCBC	A-Reit	3.26	3.52	Buy
06/09/20	CIMB	CDL Hospitality	1.19	1.31	Add
06/09/20	CIMB	Far East Hospitality	0.57	0.59	Add
06/09/20	DMG & Partners	Food Empire	0.55	0.75	Buy	PER12x FY20
06/09/20	Lim & Tan	Keppel Corp	6.23	0	Buy
06/09/20	OCBC	Mapletree Industrial	2.82	2.84	Buy
06/09/20	OCBC	Mapletree North Asia	0.98	1.13	Buy
06/09/20	DMG & Partners	Sembcorp Industries	1.53	2.11	Buy	Sum of parts
06/09/20	CIMB	Sembcorp Industries	1.53	2.49	Add	Sum of parts
06/09/20	Lim & Tan	Sembcorp Industries	1.53	0	Buy
06/09/20	DMG & Partners	Sembcorp Marine	0.85	1.13	Buy	PB1.1x
06/09/20	Lim & Tan	Sembcorp Marine	0.85	0	Sell

The latest US unemployment data is a fudge.

Don't believe in the latest US unemployment data.  The overly optimistic numbers are fake!

The US will be revising the unemployment data soon.

The US is officially in a recession.

https://finance.yahoo.com/news/us-economy-officially-in-recession-nber-165226139.html

This is not surprising as we've been stating this.

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

With China ramping up its chip developments, the US golden days will be over in a few years time because countries have to choose between an Asian or western technology in the future.  Nevertheless, western economies will lose a big chunk of the technology business to the Asian giant (China) and China will be setting the new technological standards with its new chips.

China has many PHD scientists at its disposal to work 24/7 either in 2 or 3 shifts to expedite its chip developments and commercialization.  5 years is a long time in the technological world and China will be able to fulfill its grandeur 2025 Made In China project.

Disruption in the semiconductor industry will come in 5 years time or lesser!

The US government has killed the western semiconductor industry by encouraging China to develop its own semiconductor expeditiously.

As many silicon-based semiconductor patents are held by the west, China has managed to achieve a carbon-based semiconductor breakthrough and this will enable China to bypass all the western patents because different materials have different properties and need different techniques for production.

https://www.globaltimes.cn/content/1189631.shtml

I believe China has managed to create a breakthrough with a carbon-based semiconductor material known as graphene.  I knew that China was doing this research for a few years already.

https://www.graphene-info.com/graphene-semiconductor

China will be able to revolutionize the semiconductor industry with this carbon-based semiconductor and the west will lose a big chunk of the semiconductor business in the future.  The dichotomy in chip technology (silicon vs carbon) has happened.  China will satisfy its own chip demand first before exporting to the rest of the world.

Moreover, China has also produced its first semiconductor machine in 1 year after the start of the US-China trade war.  Kudos to China!

https://cntechpost.com/2020/05/18/chinese-firm-develops-countrys-first-semiconductor-laser-invisible-wafer-scribing-machine/

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/15/19	Kim Eng	SATS	5.31	5.8	Buy
05/13/19	UOB Kay Hian	SATS	5.27	5.6	Buy
05/17/19	OCBC	SATS	5.22	5.35	Hold
05/21/19	phillip	SATS	5.08	5.47	Accumulate	DCF, PER24x FY19
05/21/19	UOB Kay Hian	SATS	5.08	5.05	Hold	Buy @ 4.60
05/21/19	DBS Vickers	SATS	5.08	5.44	Buy	DCF & PER22x FY20
06/03/19	UOB Kay Hian	SATS	5.07	5.05	Hold	Buy @ $4.70
06/06/19	DBS Vickers	SATS	5.04	5.44	Buy
06/12/19	Kim Eng	SATS	5.04	6.1	Buy	DCF
06/17/19	CIMB	SATS	5.14	5.4	Add	PER21.9x CY20
07/05/19	Kim Eng	SATS	5.36	6.1	Buy	DCF
07/15/19	UOB Kay Hian	SATS	5.37	5.05	Sell
07/19/19	UOB Kay Hian	SATS	5.32	4.8	Sell
07/19/19	DBS Vickers	SATS	5.32	5	Hold	DCF
07/19/19	CIMB	SATS	5.32	5.4	Hold	PER21.9x CY20
07/22/19	OCBC	SATS	5	5.28	Hold	FCFF
07/22/19	phillip	SATS	5	5.47	Accumulate
07/22/19	Lim & Tan	SATS	5	0	Hold
09/20/19	Kim Eng	SATS	4.78	6.1	Buy
10/15/19	UOB Kay Hian	SATS	4.82	5.3	Buy	DCF
11/13/19	UOB Kay Hian	SATS	5.09	5.3	Buy
11/14/19	DBS Vickers	SATS	4.99	5.06	Hold	DCF & PER22x FY21
11/19/19	phillip	SATS	5.07	5.36	Accumulate	DCF, PER23.3x FY19
11/19/19	OCBC	SATS	5.07	5.28	Hold
11/25/19	Kim Eng	SATS	5.06	6.1	Buy
02/04/20	UOB Kay Hian	SATS	4.49	4.8	Hold	Buy @ $4.30
02/06/20	CIMB	SATS	4.46	4.07	Reduce
02/14/20	DBS Vickers	SATS	4.54	4.46	Hold	DCF & PER22x FY21
02/17/20	phillip	SATS	4.43	4.45	Neutral	DCF, PER19x FY21
03/19/20	DBS Vickers	SATS	3.12	2.66	Fully Valued	DCF, PER15.8x FY21
03/27/20	UOB Kay Hian	SATS	3.32	3.96	Buy	PER19.4x FY22
05/04/20	UOB Kay Hian	SATS	3.28	3.3	Hold	Buy @ $2.80-2.90
05/06/20	DBS Vickers	SATS	2.98	2.64	Fully Valued	DCF & PER25x FY22
06/01/20	DBS Vickers	SATS	2.66	2.64	Hold	DCF & PER25x

Sasseur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/14/20	DBS Vickers	Sasseur	0.62	0.8	Buy	DCF, PB0.9x
05/15/20	UOB Kay Hian	Sasseur	0.72	0.96	Buy	DDM
06/03/20	DBS Vickers	Sasseur	0.8	0.8	Buy

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 8 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/08/20	CIMB	ART	1.05	1.21	Add
06/08/20	UOB Kay Hian	ART	1.05	1.16	Buy
06/08/20	DBS Vickers	CapitaCommercial	1.82	1.95	Buy	DCF
06/08/20	UOB Kay Hian	Capitamall Trust	2.12	2.6	Buy
06/08/20	DMG & Partners	Dairy Farm	4.75	4.95	Neutral
06/08/20	phillip	DBS	22.28	20.6	Neutral
06/08/20	Citibank	DBS	22.28	25.5	Buy
06/08/20	UOB Kay Hian	Far East Hospitality	0.545	0.62	Buy
06/08/20	UOB Kay Hian	Frasers Centrepoint Trust	2.58	2.85	Buy
06/08/20	DMG & Partners	Keppel Pacific	0.725	0.8	Buy	DDM
06/08/20	DBS Vickers	Keppel Reit	1.16	1.35	Buy	DCF
06/08/20	UOB Kay Hian	Keppel Reit	1.16	1.3	Buy
06/08/20	Macquarie	Mapletree Commercial	2.12	2.05	Neutral
06/08/20	phillip	OCBC	9.44	9.14	Neutral
06/08/20	Citi Research	OCBC	9.44	10.85	Buy
06/08/20	DBS Vickers	OUE Commercial	0.4	0.5	Buy	DCF
06/08/20	DMG & Partners	Sheng Siong	1.56	1.72	Buy	DCF
06/08/20	DBS Vickers	SIA Engineering	2.22	2.3	Hold	Sum of parts (15% premium)
06/08/20	DBS Vickers	Suntec Reit	1.6	1.81	Buy	DCF
06/08/20	phillip	UOB	22	20.7	Neutral
06/08/20	Citi Research	UOB	22	25	Buy
06/08/20	Lim & Tan	UOB	22	0	Hold

Baltic dry index - 632

Today, Thursday, June 04 2020, the Baltic Dry Index climbed by 40 points, reaching 632 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 - 284

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
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
05/08/20	UOB Kay Hian	Riverstone	1.21	1.46	Buy	PER22x FY20
05/13/20	UOB Kay Hian	Riverstone	1.62	2.15	Buy	PER23.7x FY20
05/13/20	DBS Vickers	Riverstone	1.62	2.2	Buy	PER26x FY20
05/14/20	CIMB	Riverstone	1.84	1.86	Add	PER19.3x CY21
05/22/20	CIMB	Riverstone	1.94	2.5	Add	PER22.7x CY21
05/26/20	UOB Kay Hian	Riverstone	1.87	2.53	Buy	PER23.1x FY20
06/03/20	DBS Vickers	Riverstone	2.24	3.09	Buy	PER28x 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 5 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/20	Amfrasers	Delfi	0.77	0.93	outperform
06/05/20	UOB Kay Hian	OCBC	9.3	12.18	Buy
06/05/20	Lim & Tan	Sembcorp Marine	0.85	0	Hold
06/05/20	DMG & Partners	Valuetronics	0.585	0.5	Sell	DCF
06/05/20	Kim Eng	Valuetronics	0.585	0.66	Hold	PB1.2x FY21

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/30/19	DMG & Partners	Raffles Medical	1.07	1.02	Neutral
05/02/19	phillip	Raffles Medical	1.08	1.09	Neutral	DCF
05/02/19	DBS Vickers	Raffles Medical	1.08	1.12	Hold	Sum of parts
05/14/19	Kim Eng	Raffles Medical	1.02	1.13	Hold	DCF
06/12/19	CIMB	Raffles Medical	1.02	1.1	Hold
07/30/19	UOB Kay Hian	Raffles Medical	1.03	1.27	Buy	DCF
07/30/19	DMG & Partners	Raffles Medical	1.03	1.02	Neutral
07/30/19	DBS Vickers	Raffles Medical	1.03	1.12	Hold	Sum of parts
07/31/19	phillip	Raffles Medical	1.04	1.09	Neutral	DCF
07/31/19	Kim Eng	Raffles Medical	1.04	1.05	Hold	DCF
07/31/19	OCBC	Raffles Medical	1.04	1.06	Hold
10/30/19	DMG & Partners	Raffles Medical	1	1.02	Neutral	DCF
10/30/19	CIMB	Raffles Medical	1	1.16	Add	Sum of parts
10/30/19	UOB Kay Hian	Raffles Medical	1	1.27	Buy	DCF
10/30/19	DBS Vickers	Raffles Medical	1	1.12	Hold
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
02/25/20	DMG & Partners	Raffles Medical	1.02	0.96	Neutral	DCF
02/25/20	UOB Kay Hian	Raffles Medical	1.02	1.21	Buy	DCF
02/25/20	DBS Vickers	Raffles Medical	1.02	1.1	Hold	Sum of parts
02/25/20	Kim Eng	Raffles Medical	1.02	1.06	Hold	DCF
02/25/20	CIMB	Raffles Medical	1.02	1.16	Add
02/26/20	phillip	Raffles Medical	1.01	0.99	Neutral	DCF
03/25/20	CIMB	Raffles Medical	0.745	0.98	Add	Sum of parts
04/28/20	DMG & Partners	Raffles Medical	0.87	0.93	Neutral	DCF
04/28/20	UOB Kay Hian	Raffles Medical	0.87	1.11	Buy	DCF
04/29/20	Kim Eng	Raffles Medical	0.87	0.99	Buy	DCF
04/29/20	DBS Vickers	Raffles Medical	0.87	0.96	Hold	Sum of parts

Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Propnex	0.595	0.66	Buy
05/16/19	UOB Kay Hian	Propnex	0.505	0.6	Buy	DCF, PER10x FY19
06/03/19	phillip	Propnex	0.5	0.63	Buy	DCF
06/07/19	CIMB	Propnex	0.49	0.64	Add
08/16/19	UOB Kay Hian	Propnex	0.505	0.5	Hold
08/19/19	phillip	Propnex	0.5	0.59	Buy	DCF
10/11/19	phillip	Propnex	0.49	0.59	Buy
10/14/19	UOB Kay Hian	Propnex	0.49	0.56	Buy	PER12x FY20
11/15/19	UOB Kay Hian	Propnex	0.525	0.62	Buy	PER12x FY20
11/18/19	phillip	Propnex	0.515	0.59	Buy	DCF
11/25/19	CIMB	Propnex	0.515	0.68	Add
02/21/20	Lim & Tan	Propnex	0.53	0.68	Buy
02/28/20	CIMB	Propnex	0.555	0.7	Add	DCF
02/28/20	UOB Kay Hian	Propnex	0.555	0.68	Buy
03/02/20	phillip	Propnex	0.545	0.7	Buy	DCF
03/06/20	UOB Kay Hian	Propnex	0.555	0.68	Buy
03/10/20	Lim & Tan	Propnex	0.515	0.68	Buy
05/15/20	Lim & Tan	Propnex	0.485	0	Buy
05/19/20	UOB Kay Hian	Propnex	0.5	0.65	Buy
05/19/20	CIMB	Propnex	0.5	0.625	Add
05/20/20	phillip	Propnex	0.495	0.6	Buy	DCF

Prime US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/19	DBS Vickers	Prime US Reit	0.94	1.05	Buy	DCF
02/13/20	Kim Eng	Prime US Reit	1.02	1.1	Buy	DDM
03/06/20	DBS Vickers	Prime US Reit	0.995	1.05	Buy	DCF

Stock calls for 4 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/20	Jefferies	A-Reit		3.1	Buy
06/04/20	DMG & Partners	CSE Global	0.49	0.54	Buy	PER12x FY20
06/04/20	Lim & Tan	CSE Global	0.49	0	Buy
06/04/20	CIMB	CSE Global	0.49	0.55	Add
06/04/20	UOB Kay Hian	Valuetronics	0.625	0.55	Sell
06/04/20	CIMB	Valuetronics	0.625	0.53	Reduce	PER9x FY20

Perennial Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/19	DBS Vickers	Perennial Reit	0.65	0.83	Buy	RNAV (55% discount)
05/13/19	DBS Vickers	Perennial Reit	0.64	0.83	Buy	RNAV (55% discount)
02/21/20	DBS Vickers	Perennial Reit	0.52	0.83	Buy	RNAV (55% discount)
05/08/20	DBS Vickers	Perennial Reit	0.5	0.83	Buy

Penguin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	phillip	Penguin	0.45	0.61	Buy	PER5x FY19 (ex-cash)
05/21/19	phillip	Penguin	0.44	0.61	Buy	PER5x FY19 (ex-cash)
05/27/19	CIMB	Penguin	0.445	0.72	Add	PB1x FY19
08/07/19	phillip	Penguin	0.495	0.61	Buy	PER5x FY19 (ex-cash)
10/09/19	UOB Kay Hian	Penguin	0.62	0.85	Buy	PER7.6x FY2020
11/08/19	CIMB	Penguin	0.66	0.81	Add	PB1x FY20
11/08/19	UOB Kay Hian	Penguin	0.66	0.85	Buy
11/11/19	phillip	Penguin	0.7	0.93	Buy	PER5x FY20 (ex-cash)
12/06/19	UOB Kay Hian	Penguin	0.725	0.85	Buy
02/26/20	CIMB	Penguin	0.71	0.82	Add	PB1x FY20
02/26/20	UOB Kay Hian	Penguin	0.71	0.85	Buy
02/27/20	phillip	Penguin	0.675	0.88	Buy	PER5x FY20 (ex-cash)
04/15/20	Lim & Tan	Penguin	0.495	0.7	Buy	PB1x
06/01/20	Lim & Tan	Penguin	0.5	0	Buy
06/03/20	phillip	Penguin	0.525	0.55	Accumlate	PB0.7x FY20