CDL Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	CDL Hospitality	1.66	1.77	Buy
07/15/19	UOB Kay Hian	CDL Hospitality	1.65	2.06	Buy
07/31/19	OCBC	CDL Hospitality	1.66	1.56	Hold
07/31/19	DMG & Partners	CDL Hospitality	1.66	1.79	Buy	DDM
07/31/19	CIMB	CDL Hospitality	1.66	1.92	Add
07/31/19	DBS Vickers	CDL Hospitality	1.66	1.8	Buy	DCF
08/27/19	UOB Kay Hian	CDL Hospitality	1.58	2.06	Buy
09/11/19	DMG & Partners	CDL Hospitality	1.63	1.79	Buy
09/19/19	CIMB	CDL Hospitality	1.62	1.92	Add
09/19/19	Kim Eng	CDL Hospitality	1.62	1.8	Buy
10/01/19	UOB Kay Hian	CDL Hospitality	1.64	2.06	Buy
10/02/19	DMG & Partners	CDL Hospitality	1.63	1.79	Buy
10/09/19	DBS Vickers	CDL Hospitality	1.64	1.8	Buy
10/31/19	DMG & Partners	CDL Hospitality	1.63	1.78	Buy	DDM
10/31/19	Kim Eng	CDL Hospitality	1.63	1.8	Buy	DDM
10/31/19	UOB Kay Hian	CDL Hospitality	1.63	2.05	Buy
11/04/19	CIMB	CDL Hospitality	1.64	1.83	Add
11/04/19	OCBC	CDL Hospitality	1.64	1.69	Buy
11/12/19	UOB Kay Hian	CDL Hospitality	1.58	2.05	Buy	DDM
11/21/19	Kim Eng	CDL Hospitality	1.59	1.8	Buy
11/22/19	DMG & Partners	CDL Hospitality	1.59	1.78	Buy	DDM
11/25/19	DBS Vickers	CDL Hospitality	1.58	1.8	Buy
11/26/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy
12/10/19	DMG & Partners	CDL Hospitality	1.63	1.78	Buy
01/08/20	DMG & Partners	CDL Hospitality	1.63	1.78	Buy
01/14/20	DBS Vickers	CDL Hospitality	1.64	1.8	Buy
01/31/20	DMG & Partners	CDL Hospitality	1.56	1.62	Neutral	DDM
01/31/20	DBS Vickers	CDL Hospitality	1.56	1.75	Buy	DCF
02/03/20	OCBC	CDL Hospitality	1.56	1.62	Hold
02/03/20	Kim Eng	CDL Hospitality	1.56	1.75	Buy
02/03/20	UOB Kay Hian	CDL Hospitality	1.56	1.89	Buy
02/04/20	DBS Vickers	CDL Hospitality	1.56	1.75	Buy
02/13/20	CIMB	CDL Hospitality	1.51	1.5	Hold	PB1x
02/19/20	OCBC	CDL Hospitality	1.5	1.62	Buy
03/16/20	OCBC	CDL Hospitality	1.12	1.09	Hold
04/20/20	DMG & Partners	CDL Hospitality	0.955	1.03	Neutral	DDM
04/21/20	DBS Vickers	CDL Hospitality	0.95	1.3	Buy	DCF
04/27/20	UOB Kay Hian	CDL Hospitality	0.895	1.32	Buy	DDM
06/01/20	DBS Vickers	CDL Hospitality	0.95	1.3	Buy
06/09/20	CIMB	CDL Hospitality	1.19	1.31	Add
06/23/20	DMG & Partners	CDL Hospitality	1.09	1.03	Neutral

Stock calls for 9 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/09/20	DMG & Partners	A-Reit	3.3	3	Neutral	DDM
07/09/20	DBS Vickers	ARA Logistics	0.595	0.7	Buy
07/09/20	DBS Vickers	Keppel Reit	1.1	1.35	Buy
07/09/20	DBS Vickers	Mapletree Commercial	1.99	2.25	Buy
07/09/20	CIMB	Riverstone	3.3	3.9	Add
07/09/20	Amfrasers	Silverlake	0.25	0.3	outperform
07/09/20	DBS Vickers	Soilbuild Reit	0.41	0.5	Buy
07/09/20	Lim & Tan	Tiong Woon	0.375	0	Accumlate
07/09/20	CIMB	UG Healthcare	1.8	2.1	Add

Trump's aides are desperate in fighting for their jobs. - Part 2

https://www.marketwatch.com/story/why-currency-traders-dont-believe-trump-administration-will-pursue-a-proposal-to-break-hong-kong-dollar-peg-2020-07-08?siteid=yhoof2&yptr=yahoo

Most analysts agree with our opinion below.  We've been proven right again!

http://sg-stock.blogspot.com/2020/07/trumps-aides-are-desperate-in-fighting.html

The bottom line is there is nothing the US government can do to de-peg the US-HK peg because only the HK government can do it.

CapitaRetail China - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/19	Phillip	CapitaRetail China	1.59	1.66	Accumulate
08/01/19	OCBC	CapitaRetail China	1.59	1.45	Hold
08/01/19	DBS Vickers	CapitaRetail China	1.59	1.8	Buy
08/02/19	Amfrasers	CapitaRetail China	1.55	1.68	Outperform
08/26/19	Phillip	CapitaRetail China	1.54	1.66	Accumulate
09/24/19	Phillip	CapitaRetail China	1.53	1.66	Accumulate
10/18/19	Phillip	CapitaRetail China	1.53	1.66	Accumulate
10/29/19	DBS Vickers	CapitaRetail China	1.55	1.8	Buy
11/01/19	Amfrasers	CapitaRetail China	1.52	1.74	Outperform
11/01/19	OCBC	CapitaRetail China	1.52	1.62	Buy
11/25/19	Phillip	CapitaRetail China	1.55	1.66	Accumulate
02/10/20	OCBC	CapitaRetail China	1.52	1.57	Hold
02/10/20	DBS Vickers	CapitaRetail China	1.52	1.75	Buy
02/18/20	Amfrasers	CapitaRetail China	1.51	1.66	Outperform
03/10/20	Amfrasers	CapitaRetail China	1.37	1.66	Outperform
03/13/20	Phillip	CapitaRetail China	1.3	1.66	Accumulate
04/14/20	DBS Vickers	CapitaRetail China	1.32	1.55	Buy
06/03/20	DBS Vickers	CapitaRetail China	1.38	1.55	Buy

Capitamall Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	Capitamall Trust	2.71	2.2	Neutral
07/04/19	DBS Vickers	Capitamall Trust	2.71	2.95	Buy
07/22/19	Phillip	Capitamall Trust	2.64	2.36	Neutral
07/23/19	Lim & Tan	Capitamall Trust	2.6	0	Hold
07/24/19	UOB Kay Hian	Capitamall Trust	2.64	2.65	Hold	DDM, Buy @ $2.42
07/24/19	OCBC	Capitamall Trust	2.64	2.51	Hold
07/24/19	Kim Eng	Capitamall Trust	2.64	2.6	Hold	DDM
07/24/19	DMG & Partners	Capitamall Trust	2.64	2.38	Neutral	DDM
07/24/19	CIMB	Capitamall Trust	2.64	2.6	Hold	DDM
07/25/19	Phillip	Capitamall Trust	2.62	2.68	Neutral	DDM, PB1.09x
08/26/19	Phillip	Capitamall Trust	2.64	2.68	Neutral
09/24/19	Phillip	Capitamall Trust	2.62	2.68	Neutral
10/18/19	Phillip	Capitamall Trust	2.63	2.68	Neutral	DDM
10/22/19	UOB Kay Hian	Capitamall Trust	2.65	2.88	Buy	DDM, PB1.35x
10/22/19	OCBC	Capitamall Trust	2.65	2.73	Hold
10/22/19	DMG & Partners	Capitamall Trust	2.65	2.38	Neutral	DDM
10/22/19	DBS Vickers	Capitamall Trust	2.65	2.85	Buy
10/23/19	CIMB	Capitamall Trust	2.62	2.64	Hold	DDM
11/25/19	Phillip	Capitamall Trust	2.49	2.68	Neutral
12/10/19	DMG & Partners	Capitamall Trust	2.52	2.38	Neutral	DDM
01/23/20	UOB Kay Hian	Capitamall Trust	2.59	2.88	Buy
01/24/20	Phillip	Capitamall Trust	2.57	2.7	Accumulate	DDM
01/24/20	DBS Vickers	Capitamall Trust	2.57	2.95	Buy
03/13/20	Phillip	Capitamall Trust	2.25	2.7	Accumulate
03/17/20	Kim Eng	Capitamall Trust	2	2.7	Buy
03/27/20	UOB Kay Hian	Capitamall Trust	1.78	2.72	Buy	DDM
03/31/20	CIMB	Capitamall Trust	1.75	2.75	Add
04/02/20	DBS Vickers	Capitamall Trust	1.73	1.75	Hold
04/02/20	Kim Eng	Capitamall Trust	1.73	2.7	Buy
04/08/20	OCBC	Capitamall Trust	1.74	2.12	Hold
04/15/20	CIMB	Capitamall Trust	1.81	2.24	Add
04/23/20	DMG & Partners	Capitamall Trust	1.73	2.38	Neutral
05/04/20	Kim Eng	Capitamall Trust	1.89	2.4	Buy	DDM
05/04/20	DMG & Partners	Capitamall Trust	1.89	2.03	Neutral	DDM
05/06/20	Phillip	Capitamall Trust	1.82	2.22	Buy	DDM
05/27/20	UOB Kay Hian	Capitamall Trust	1.88	2.6	Buy
05/29/20	DBS Vickers	Capitamall Trust	1.93	2.15	Buy	PB1x
06/03/20	DBS Vickers	Capitamall Trust	2.13	2.15	Buy
06/08/20	UOB Kay Hian	Capitamall Trust	2.12	2.6	Buy
06/23/20	DMG & Partners	Capitamall Trust	2	2.03	Neutral
07/02/20	UOB Kay Hian	Capitamall Trust	2	2.6	Buy
07/03/20	DBS Vickers	Capitamall Trust	2.03	2.4	Buy	DCF

Capitaland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/19	DBS Vickers	Capitaland	3.69	4	Buy
07/15/19	Phillip	Capitaland	3.69	4	Accumulate
07/15/19	CIMB	Capitaland	3.69	4.15	Add	RNAV (35% discount)
07/15/19	OCBC	Capitaland	3.69	4.04	Buy
08/07/19	OCBC	Capitaland	3.48	4.04	Buy
08/14/19	Macquarie	Capitaland	3.42	4.15	Outperform
08/19/19	Phillip	Capitaland	3.4	4.2	Buy	PB0.75x FY19
08/20/19	CIMB	Capitaland	3.46	4.15	Add	RNAV (35% discount)
08/22/19	DIR	Capitaland	3.5	4.1	Buy	RNAV (20% discount)
09/05/19	Lim & Tan	Capitaland	3.49	0	Accumulate
09/06/19	DBS Vickers	Capitaland	3.51	4	Buy
10/11/19	Phillip	Capitaland	3.51	4.2	Buy
10/23/19	UOB Kay Hian	Capitaland	3.62	3.8	Hold	Buy @ $3.30
11/06/19	DMG & Partners	Capitaland	3.69	4.2	Buy	RNAV (20% discount)
11/07/19	OCBC	Capitaland	3.66	4.42	Buy	RNAV (15% discount)
11/25/19	CIMB	Capitaland	3.66	4.15	Add
12/02/19	Phillip	Capitaland	3.68	4.2	Buy	RNAV (20% discount)
12/02/19	DMG & Partners	Capitaland	3.68	4.2	Buy	RNAV (20% discount)
12/02/19	UOB Kay Hian	Capitaland	3.68	3.8	Hold	RNAV (20% discount)
12/18/19	Lim & Tan	Capitaland	3.67	0	Hold
01/02/20	DBS Vickers	Capitaland	3.75	4.5	Buy	RNAV (18% discount)
01/08/20	DMG & Partners	Capitaland	3.84	4.2	Buy
01/29/20	Lim & Tan	Capitaland	3.7	0	Hold
02/25/20	Macquarie	Capitaland	3.67	4.15	Outperform
02/26/20	OCBC	Capitaland	3.72	4.42	Buy	RNAV (15% discount)
02/27/20	DMG & Partners	Capitaland	3.67	4.2	Buy	RNAV (20% discount)
02/27/20	OCBC	Capitaland	3.67	4.24	Buy	RNAV (20% discount)
02/27/20	CIMB	Capitaland	3.67	4.25	Add
02/28/20	UOB Kay Hian	Capitaland	3.64	3.7	Hold	Buy @ $3.50
02/28/20	DBS Vickers	Capitaland	3.64	4.5	Buy	RNAV (20% discount)
03/04/20	Phillip	Capitaland	3.58	4.2	Buy	RNAV (20% discount)
03/30/20	DMG & Partners	Capitaland	2.95	4.2	Buy
04/07/20	DMG & Partners	Capitaland	2.74	4.2	Buy
05/05/20	DMG & Partners	Capitaland	2.9	4	Buy
05/05/20	CIMB	Capitaland	2.9	3.52	Add	RNAV (45% discount)
05/05/20	UOB Kay Hian	Capitaland	2.9	3.2	Hold	RNAV (30% discount), Buy @ $2.70
05/11/20	Phillip	Capitaland	2.93	3.94	Buy	RNAV (20% discount)
06/02/20	DMG & Partners	Capitaland	2.97	4	Buy
07/06/20	Lim & Tan	Capitaland	3.04	0	Hold
07/08/20	Macquarie	Capitaland	2.9	3.95	Outperform

Stock calls for 8 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/20	CIMB	ARA Logistics	0.57	0.713	Add
07/08/20	Lim & Tan	Boustead	0.645	0	Accumlate
07/08/20	Macquarie	Capitaland	2.9	3.95	Outperform
07/08/20	UOB Kay Hian	OCBC	9.24	11.58	Buy
07/08/20	Amfrasers	Singapore Medical	0.24	0.34	outperform	PER11x FY21

IMF is warning about the debt crisis now!

https://www.reuters.com/article/us-health-coronavirus-debt/many-countries-may-need-debt-restructuring-after-pandemic-fallout-imf-chief-economist-idUSKBN2482R3

It makes sense to restructure the debts in many countries because high debts are unsustainable over the long term.

The USA has about US$80T total debts now with a GDP of US$21T.  Therefore, the ratio of debt to GDP is 4:1.

http://sg-stock.blogspot.com/2020/04/the-us-economy-will-be-in-deep-troubles.html

http://sg-stock.blogspot.com/2020/05/the-us-economy-will-be-in-deep-troubles.html

This means that the USA is using US$4 debt to generate a US$1 GDP which is unsustainable in the long run.

Trump's aides are desperate in fighting for their jobs.

https://sg.finance.yahoo.com/news/trump-aides-weighed-proposals-undermine-022404563.html

There is no way for a country to interfere in another country's currency peg because it is a government's monetary policy.  In other words, only the HK government can peg or de-peg from the USD because the HK government can buy and sell the USD as it deems fit.  Furthermore, HK has the support of China which has the largest foreign reserves.

How do you stop another state from buying or selling your currency? It's almost impossible especially since that state is part of China.

Trump's aides are really dumb because they cannot ban HK from using USD since HK is part of China unless they want to ban China from using USD.  Banning China from using USD will cause USD to depreciate beyond the US's control and hyperinflation will happen overnight.

This is why I'm not concerned about this HK-USD peg issue because the US has no control over this.

CapitaCommercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	CapitaCommercial	2.23	1.86	Neutral
07/17/19	OCBC	CapitaCommercial	2.18	1.88	Sell
07/17/19	Lim & Tan	CapitaCommercial	2.18	0	Hold
07/18/19	UOB Kay Hian	CapitaCommercial	2.17	2.17	Hold	DDM, Buy @ $1.98
07/18/19	DBS Vickers	CapitaCommercial	2.17	2.4	Buy	DCF
07/18/19	Kim Eng	CapitaCommercial	2.17	1.8	Hold
07/18/19	OCBC	CapitaCommercial	2.17	1.92	Sell
07/18/19	CIMB	CapitaCommercial	2.17	2.25	Add
07/19/19	DMG & Partners	CapitaCommercial	2.15	1.98	Neutral	DDM
07/22/19	Phillip	CapitaCommercial	2.15	2.18	Neutral	DDM
08/26/19	Phillip	CapitaCommercial	2.07	2.18	Neutral
08/27/19	UOB Kay Hian	CapitaCommercial	2.08	2.04	Hold	Buy @ $1.85
08/30/19	DBS Vickers	CapitaCommercial	2.13	2.3	Buy	DCF
09/24/19	Phillip	CapitaCommercial	2.11	2.18	Neutral
09/24/19	Jefferies	CapitaCommercial	2.11	2.35	Buy
10/04/19	DBS Vickers	CapitaCommercial	2.04	2.3	Buy
10/18/19	Phillip	CapitaCommercial	2.05	2.18	Neutral
10/24/19	OCBC	CapitaCommercial	2.04	1.92	Hold
10/24/19	UOB Kay Hian	CapitaCommercial	2.04	2.3	Buy
11/25/19	Phillip	CapitaCommercial	1.99	2.18	Neutral
12/04/19	DBS Vickers	CapitaCommercial	2.01	2.3	Buy
12/10/19	DMG & Partners	CapitaCommercial	2	1.98	Neutral
01/22/20	Jefferies	CapitaCommercial	2.13	2.3	Buy
01/23/20	UOB Kay Hian	CapitaCommercial	2.13	2.3	Buy
01/24/20	DBS Vickers	CapitaCommercial	2.12	2.3	Buy
02/11/20	DIR	CapitaCommercial	2.04	2.29	Outperform
03/13/20	Phillip	CapitaCommercial	1.83	2.18	Neutral
04/22/20	DMG & Partners	CapitaCommercial	1.5	1.7	Neutral	DDM
04/30/20	UOB Kay Hian	CapitaCommercial	1.57	1.68	Buy	DDM
04/30/20	DBS Vickers	CapitaCommercial	1.57	1.55	Hold	DCF
05/04/20	Lim & Tan	CapitaCommercial	1.61	0	Hold
05/05/20	Phillip	CapitaCommercial	1.54	1.736	Accumulate	DDM
06/08/20	DBS Vickers	CapitaCommercial	1.82	1.95	Buy	DCF
06/23/20	DMG & Partners	CapitaCommercial	1.73	1.7	Neutral
07/03/20	DBS Vickers	CapitaCommercial	1.75	1.95	Buy

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	Kim Eng	Bumitama	0.63	1.01	Buy
07/16/19	DBS Vickers	Bumitama	0.605	0.75	Buy	DCF
08/14/19	DMG & Partners	Bumitama	0.6	0.54	Neutral	PER14x FY20
08/15/19	DBS Vickers	Bumitama	0.59	0.69	Buy	DCF, PER18.5x FY19
08/28/19	Kim Eng	Bumitama	0.575	0.8	Buy
09/30/19	DMG & Partners	Bumitama	0.58	0.6	Neutral	PER16x FY20
11/12/19	DMG & Partners	Bumitama	0.595	0.69	Buy	PER16x FY20
11/13/19	DBS Vickers	Bumitama	0.62	0.72	Buy	DCF
11/13/19	Kim Eng	Bumitama	0.62	0.8	Buy	PER13x FY20
11/22/19	UOB Kay Hian	Bumitama	0.7	0.75	Buy
12/09/19	DMG & Partners	Bumitama	0.73	0.8	Buy	PER18x FY20
12/10/19	DBS Vickers	Bumitama	0.725	0.81	Buy	DCF
01/20/20	DMG & Partners	Bumitama	0.741	0.95	Buy	PER16x FY20
02/18/20	DMG & Partners	Bumitama	0.685	0.85	Buy	PER18x FY20
02/19/20	UOB Kay Hian	Bumitama	0.68	0.85	Buy
02/19/20	DBS Vickers	Bumitama	0.68	0.81	Buy	DCF
02/19/20	Kim Eng	Bumitama	0.68	0.78	Buy
03/24/20	DMG & Partners	Bumitama	0.37	0.38	Neutral	Sum of parts, PER12x FY20
04/13/20	DBS Vickers	Bumitama	0.405	0.81	Buy
04/27/20	Kim Eng	Bumitama	0.4	0.78	Buy	PER14.5x FY20
05/13/20	DMG & Partners	Bumitama	0.435	0.43	Neutral	PER12x FY20
05/13/20	DBS Vickers	Bumitama	0.435	0.66	Buy	DCF
05/13/20	Kim Eng	Bumitama	0.435	0.78	Buy	PER14.5x FY20
06/26/20	DMG & Partners	Bumitama	0.44	0.48	Neutral	PER12x FY21

Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	DMG & Partners	Breadtalk	0.75	0.81	Neutral
08/02/19	DBS Vickers	Breadtalk	0.715	0.77	Hold	Sum of parts
08/05/19	DMG & Partners	Breadtalk	0.69	0.71	Neutral	Sum of parts
09/03/19	DMG & Partners	Breadtalk	0.665	0.71	Neutral
09/04/19	DMG & Partners	Breadtalk	0.65	0.67	Neutral	Sum of parts, EV/Ebitda7.64x
09/06/19	DBS Vickers	Breadtalk	0.645	0.61	Hold	Sum of parts
12/11/19	DMG & Partners	Breadtalk	0.625	0.67	Neutral
02/25/20	DBS Vickers	Breadtalk	0.645	0.49	Accept offer	offer @ $0.77, Sum of parts
02/25/20	Lim & Tan	Breadtalk	0.645	0	Accept offer	offer @ $0.77
02/26/20	DMG & Partners	Breadtalk	0.645	0.77	Accept offer	offer @ $0.77
04/22/20	DBS Vickers	Breadtalk	0.765	0.49	Accept offer	offer @ $0.77