UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/19	DBS Vickers	UMS	0.615	0.55	Fully Valued	PER8x FY19
05/16/19	DBS Vickers	UMS	0.64	0.45	Fully Valued	PER8x FY19/20
05/21/19	CIMB	UMS	0.62	0.55	Reduce
08/16/19	DBS Vickers	UMS	0.585	0.49	Fully Valued	PER9x FY20
08/16/19	CIMB	UMS	0.585	0.55	Hold	PB1.24x FY19
10/24/19	DBS Vickers	UMS	0.705	0.87	Buy	PER12x FY20
10/25/19	CIMB	UMS	0.74	0.67	Hold	PB1.4x FY20
11/13/19	DBS Vickers	UMS	0.81	1	Buy	PER13x FY20
11/29/19	DBS Vickers	UMS	0.89	1.08	Buy	PER14x FY20
12/05/19	Kim Eng	UMS	0.95	1.13	Buy	PB2.2x FY20
01/03/20	Kim Eng	UMS	1.08	1.13	Buy	PB2.2x FY20
01/24/20	DBS Vickers	UMS	0.98	1.16	Buy	PER14.9x FY20
02/04/20	CIMB	UMS	0.925	0.96	Hold	GGM, PB1.93x FY20
02/11/20	Kim Eng	UMS	0.94	1.13	Buy
02/26/20	CIMB	UMS	0.965	1.08	Add	GGM, PB2.16x FY20
02/26/20	DBS Vickers	UMS	0.965	1.12	Buy	PER15x FY20
03/10/20	Kim Eng	UMS	0.81	1.13	Buy	PB2.3x FY20
03/30/20	Kim Eng	UMS	0.635	0.96	Buy	PB2x FY20
04/02/20	DBS Vickers	UMS	0.62	0.77	Buy
04/20/20	Kim Eng	UMS	0.78	0.96	Buy
05/04/20	Amfrasers	UMS	0.82	0.67	Underperform	PER11x FY20
05/11/20	CIMB	UMS	0.795	0.98	Add
05/14/20	DBS Vickers	UMS	0.94	1.04	Buy	PER13x FY20
05/14/20	Kim Eng	UMS	0.94	0.96	Buy	Roe-g/Coe-g
05/21/20	Amfrasers	UMS	0.915	0.74	Underperform

Stock calls for 22 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/20	UOB Kay Hian	Frencken	0.86	1.15	Buy
06/22/20	CIMB	Ifast Corp	1.31	1.65	Add	Sum of parts
06/22/20	phillip	Sheng Siong	1.54	0	Hold
06/22/20	DBS Vickers	Valuetronics	0.58	0.53	Hold	PER9.4x
06/22/20	Phillip	Yoma	0.245	0.46	Buy	Sum of parts (20% discount)

No money, no honey for Hong Kong!

https://sg.news.yahoo.com/hong-kong-unions-students-fail-012434300.html

Without foreign funding, the HK organizers cannot even get 9,000 supporters.  Hahaha!

Where were those 1-2 million protestors from last year?  All went missing and hiding?

The hard truth speaks for itself now.

The latest US unemployment data is a fudge. - Part 2

https://www.bbc.com/news/business-53096716

The latest US jobless claims have debunked the recent euphoric US employment data.

https://sg-stock.blogspot.com/2020/06/the-latest-us-unemployment-data-is-fudge.html

We've stated that the US employment data was a fudge because the US manipulated the data.  We've been proven right again with the latest US jobless claims.  The US cannot keep fudging its employment data when the US jobless claims are showing otherwise.

Baltic dry index - 1555

Today, Friday, June 19 2020, the Baltic Dry Index climbed by 28 points, reaching 1555 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 - 967

Related stock: Keppel Corp, Sembcorp Marine & Cosco

The IMF has finally agreed with our US economic assessment for Q2.

https://www.channelnewsasia.com/news/business/imf-says-deeper-than-expected-contraction-in-us-economy-likely-in-second-quarter-12849538

We had stated that the US Q2 economic growth would be worse than Q1 by analyzing the ISM PMI data in April 2020.  We are right again in our analysis.

http://sg-stock.blogspot.com/2020/05/the-us-ism-pmi-in-april-had-worsened.html

The IMF has concurred with our previous assessment now.

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/07/19	DMG & Partners	UG Healthcare	0.18	0.32	Buy	PER10x FY20
08/28/19	DMG & Partners	UG Healthcare	0.18	0.3	Buy	PER11x FY20
02/18/20	Lim & Tan	UG Healthcare	0.25	0	Buy on weakness
02/21/20	DMG & Partners	UG Healthcare	0.235	0.33	Buy	PER9.2x FY21

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/16/20	DBS Vickers	Tuan Sing	0.235	0.38	Buy	Sum of parts

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/17/19	UOB Kay Hian	Top Glove	1.48	1.34	Hold	Ringgit target $4.10, Buy @ $3.70
06/27/19	Kim Eng	Top Glove	1.62	1.59	Hold	Ringgit target $4.85
03/20/20	Kim Eng	Top Glove	1.9	2.08	Buy	Ringgit target $6.32, PER30x CY21
03/20/20	UOB Kay Hian	Top Glove	1.9	1.99	Hold	Ringgit target $6.05, Buy @ $5.50
03/20/20	CIMB	Top Glove	1.9	2.24	Add	Ringgit target $6.80
03/27/20	DBS Vickers	Top Glove	2.02	1.99	Hold	Ringgit target $6.05
05/14/20	CIMB	Top Glove	3.08	3.41	Add	Ringgit target $10.40, PER32x CY21
05/14/20	Kim Eng	Top Glove	3.08	3.59	Buy	Ringgit target $10.95, PER30x CY21
05/27/20	CIMB	Top Glove	4.42	5.37	Add	Ringgit target $15.50, PER36.8x CY21
05/27/20	UOB Kay Hian	Top Glove	4.42	6.05	Buy	Ringgit target $17.50
05/29/20	Kim Eng	Top Glove	4.62	6.52	Buy	Ringgit target $20, PER23x CY21
06/10/20	Kim Eng	Top Glove	5.7	6.52	Buy	Ringgit target $20, PER23x CY21
06/10/20	CIMB	Top Glove	5.7	8.14	Add	Ringgit target $25, PER22x CY21
06/12/20	Kim Eng	Top Glove	5.56	7.13	Buy	Ringgit target $21.9, PER23x CY21
06/12/20	UOB Kay Hian	Top Glove	5.56	7.13	Buy	Ringgit target $21.90

Stock calls for 19 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/20	UOB Kay Hian	Singapore Post	0.775	0.8	Hold	Sum of parts, Buy @ $0.7
06/19/20	DMG & Partners	ST Engineering	3.41	3.9	Buy

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Tianjin Zhongxin	0.915	1.7	Buy	PER13.6x FY19
05/02/19	UOB Kay Hian	Tianjin Zhongxin	0.985	1.7	Buy
06/14/19	UOB Kay Hian	Tianjin Zhongxin	0.885	1.7	Buy
08/15/19	UOB Kay Hian	Tianjin Zhongxin	0.795	1.4	Buy
04/20/20	Lim & Tan	Tianjin Zhongxin	0.67	0	Accumulate
04/21/20	UOB Kay Hian	Tianjin Zhongxin	0.715	1.35	Buy	PER10.5x FY20

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy
05/13/19	Phillip	Thai Beverage	0.825	0.83	Neutral	Sum of parts
05/13/19	CIMB	Thai Beverage	0.825	0.94	Add
05/13/19	UOB Kay Hian	Thai Beverage	0.825	0.85	Hold	Sum of parts, Buy @ $0.76
05/13/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy	Sum of parts
05/13/19	OCBC	Thai Beverage	0.825	0.88	Hold
05/13/19	DBS Vickers	Thai Beverage	0.825	0.91	Buy	Sum of parts
05/14/19	Amfrasers	Thai Beverage	0.765	0.75	Hold
05/28/19	OCBC	Thai Beverage	0.805	0.86	Hold
06/06/19	DMG & Partners	Thai Beverage	0.84	0.92	Buy	Sum of parts, PER23x
06/06/19	JP Morgan	Thai Beverage	0.84	0.88	Overweight
06/06/19	DBS Vickers	Thai Beverage	0.84	0.91	Buy
06/06/19	Amfrasers	Thai Beverage	0.885	0.8	Neutral
08/15/19	DBS Vickers	Thai Beverage	0.83	0.91	Buy
08/15/19	JP Morgan	Thai Beverage	0.83	0.96	Overweight
08/16/19	CIMB	Thai Beverage	0.905	1	Add	Sum of parts
08/16/19	DMG & Partners	Thai Beverage	0.905	0.92	Take Profit	Sum of parts, PER19x FY20
08/22/19	Phillip	Thai Beverage	0.925	0.83	Neutral	Sum of parts
09/02/19	UOB Kay Hian	Thai Beverage	0.9	0.87	Hold	Sum of parts, Buy @ $0.76
10/01/19	DBS Vickers	Thai Beverage	0.885	0.91	Buy
10/03/19	CIMB	Thai Beverage	0.88	1	Add	Sum of parts
10/03/19	UOB Kay Hian	Thai Beverage	0.88	0.87	Hold	Sum of parts, Buy @ $0.76
11/25/19	UOB Kay Hian	Thai Beverage	0.89	0.9	Hold	Buy @ $0.78
11/25/19	DMG & Partners	Thai Beverage	0.89	0.95	Neutral	Sum of parts
11/25/19	CIMB	Thai Beverage	0.89	1.02	Add	Sum of parts
11/25/19	DBS Vickers	Thai Beverage	0.89	1.04	Buy	Sum of parts
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
11/29/19	Morgan Stanley	Thai Beverage	0.865	1.08	Overweight
11/29/19	Nomura	Thai Beverage	0.865	1.04	Buy
11/29/19	JP Morgan	Thai Beverage	0.865	1	Overweight
11/29/19	Credit Suisse	Thai Beverage	0.865	0.9	Neutral
12/03/19	UOB Kay Hian	Thai Beverage	0.89	0.9	Hold	Sum of parts, Buy @ $0.78
12/11/19	DMG & Partners	Thai Beverage	0.89	0.95	Neutral
01/06/20	DBS Vickers	Thai Beverage	0.895	1.04	Buy
01/28/20	UOB Kay Hian	Thai Beverage	0.795	0.9	Hold	Sum of parts, Buy @ $0.75
02/17/20	Phillip	Thai Beverage	0.785	0.95	Buy	Sum of parts
02/17/20	DMG & Partners	Thai Beverage	0.785	0.92	Buy	Sum of parts
02/17/20	UOB Kay Hian	Thai Beverage	0.785	0.9	Hold	Buy @ $0.75
02/17/20	CIMB	Thai Beverage	0.785	0.9	Add	Sum of parts
02/20/20	Amfrasers	Thai Beverage	0.845	0.96	Outperform	Sum of parts
03/10/20	Amfrasers	Thai Beverage	0.755	0.96	Outperform
04/16/20	DMG & Partners	Thai Beverage	0.675	0.79	Buy	Sum of parts
04/16/20	OCBC	Thai Beverage	0.675	0.9	Buy
04/20/20	CIMB	Thai Beverage	0.695	0.7	Hold
05/15/20	DBS Vickers	Thai Beverage	0.665	0.9	Buy	Sum of parts
05/18/20	Phillip	Thai Beverage	0.67	0.8	Buy	PER18x FY20
05/18/20	DMG & Partners	Thai Beverage	0.67	0.72	Neutral	Sum of parts
05/18/20	UOB Kay Hian	Thai Beverage	0.67	0.78	Buy
05/18/20	CIMB	Thai Beverage	0.67	0.7	Hold	Sum of parts
05/20/20	OCBC	Thai Beverage	0.66	0.71	Hold

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/29/19	DMG & Partners	Talkmed	0.51	0.62	Buy	DCF
10/15/19	DMG & Partners	Talkmed	0.515	0.62	Buy
11/15/19	DMG & Partners	Talkmed	0.505	0.62	Buy	DCF
02/19/20	DMG & Partners	Talkmed	0.515	0.62	Buy	DCF
04/01/20	DMG & Partners	Talkmed	0.43	0.53	Buy	DCF

Stock calls for 18 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/18/20	DMG & Partners	DBS	21.57	18.7	Neutral
06/18/20	DMG & Partners	OCBC	9.16	8.7	Neutral
06/18/20	Lim & Tan	Overseas Edu	0.32	0	Buy on weakness
06/18/20	Lim & Tan	PanUnited	0.31	0	Buy
06/18/20	CIMB	Penguin	0.49	0.55	Add
06/18/20	UOB Kay Hian	SIA	4.13	3.8	Sell	PB0.8x
06/18/20	DMG & Partners	UOB	21.03	19.4	Neutral

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/19	DBS Vickers	Suntec Reit	1.96	2.12	Buy
04/24/19	OCBC	Suntec Reit	1.86	1.84	Hold
04/25/19	OCBC	Suntec Reit	1.89	1.83	Hold	DDM
05/28/19	CIMB	Suntec Reit	1.82	2.06	Add
05/30/19	OCBC	Suntec Reit	1.82	1.99	Hold	Buy @ $1.81
06/20/19	DMG & Partners	Suntec Reit	1.92	1.9	Neutral	DDM
07/02/19	CIMB	Suntec Reit	1.95	2.15	Add	DDM
07/02/19	DBS Vickers	Suntec Reit	1.95	2.2	Buy	DCF
07/04/19	DMG & Partners	Suntec Reit	1.97	1.9	Neutral
07/10/19	UOB Kay Hian	Suntec Reit	1.95	2	Hold	DDM, Buy @ $1.82
07/29/19	DMG & Partners	Suntec Reit	1.92	2.08	Buy	DDM
07/29/19	OCBC	Suntec Reit	1.92	2.07	Hold
07/30/19	UOB Kay Hian	Suntec Reit	1.93	2.02	Hold	Buy @ $1.84
07/30/19	DBS Vickers	Suntec Reit	1.93	2.15	Buy	DCF
08/27/19	UOB Kay Hian	Suntec Reit	1.89	1.96	Hold	Buy @ $1.79
09/11/19	DMG & Partners	Suntec Reit	1.94	2.08	Buy
10/02/19	DMG & Partners	Suntec Reit	1.91	2.08	Buy
10/04/19	DBS Vickers	Suntec Reit	1.9	2.15	Buy
10/24/19	OCBC	Suntec Reit	1.85	2.05	Hold
10/25/19	UOB Kay Hian	Suntec Reit	1.89	1.99	Hold	Buy @ $1.82
12/04/19	DBS Vickers	Suntec Reit	1.83	2.15	Buy
12/10/19	DMG & Partners	Suntec Reit	1.84	2.08	Buy
01/03/20	DMG & Partners	Suntec Reit	1.85	2.08	Buy	DDM
01/24/20	DBS Vickers	Suntec Reit	1.85	2.15	Buy	DCF
01/28/20	OCBC	Suntec Reit	1.86	2.05	Buy
02/25/20	OCBC	Suntec Reit	1.8	2.05	Buy
03/18/20	DBS Vickers	Suntec Reit	1.31	2.15	Buy
03/30/20	DMG & Partners	Suntec Reit	1.33	2.08	Buy
04/03/20	DMG & Partners	Suntec Reit	1.1	1.78	Buy	DDM
04/23/20	CIMB	Suntec Reit	1.29	1.75	Add	DDM
06/08/20	DBS Vickers	Suntec Reit	1.6	1.81	Buy	DCF

Sunpower - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/19	UOB Kay Hian	Sunpower	0.44	0.83	Buy
12/06/19	Amfrasers	Sunpower	0.55	0.91	outperform	Sum of parts
12/16/19	DBS Vickers	Sunpower	0.59	0.81	Buy	DCF
03/02/20	UOB Kay Hian	Sunpower	0.525	0.88	Buy	Sum of parts
03/03/20	DBS Vickers	Sunpower	0.53	0.84	Buy
03/10/20	Amfrasers	Sunpower	0.47	0.91	outperform	Sum of parts
04/20/20	DBS Vickers	Sunpower	0.425	0.49	Hold	DCF
05/18/20	Amfrasers	Sunpower	0.43	0.91	Buy	Sum of parts
05/18/20	DBS Vickers	Sunpower	0.43	0.49	Hold	DCF
05/20/20	UOB Kay Hian	Sunpower	0.445	0.88	Buy

Sunningdale - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/19	Lim & Tan	Sunningdale	1.39	0	Hold
05/07/19	Lim & Tan	Sunningdale	1.35	0	Hold
05/09/19	UOB Kay Hian	Sunningdale	1.32	1.22	Hold	PER11x FY20, Buy @ $1.10
05/09/19	CIMB	Sunningdale	1.32	1.38	Hold	PB0.69x FY19
08/07/19	UOB Kay Hian	Sunningdale	1.28	1.01	Sell
11/08/19	UOB Kay Hian	Sunningdale	1.27	1.13	Hold	PER12.3x FY20, Buy @ $1.05
12/13/19	Lim & Tan	Sunningdale	1.28	0	Buy
12/13/19	CIMB	Sunningdale	1.28	1.14	Reduce
03/02/20	UOB Kay Hian	Sunningdale	1.21	1.06	Hold	Buy @ $1
03/04/20	CIMB	Sunningdale	1.2	1.1	Hold
03/20/20	Lim & Tan	Sunningdale	0.82	0	Buy
04/09/20	CIMB	Sunningdale	0.875	1.09	Add
05/08/20	UOB Kay Hian	Sunningdale	0.98	1.02	Hold	PB0.54x FY20, Buy @ $0.90
05/08/20	CIMB	Sunningdale	0.98	0.917	Hold
05/11/20	Lim & Tan	Sunningdale	1	0	Hold

Stock calls for 17 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/17/20	UOB Kay Hian	Riverstone	2.37	3.15	Buy	PER23.1x FY20

Singapore's May export resumes its decline again.

https://sg.finance.yahoo.com/news/singapore-exports-drop-may-three-003000238.html

Year on year changes (YOY):

May 2020: -4.5%

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%