Stock calls for 4 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/20	CIMB	AEM	3.66	4.63	Add	GGM
08/04/20	OCBC	ARA Logistics	0.665	0.64	Hold
08/04/20	OCBC	CapitaRetail China	1.21	1.35	Buy
08/04/20	OCBC	CDL Hospitality	0.945	0.92	Hold
08/04/20	Macquarie	DBS	19.45	24.25	outperform	PB
08/04/20	OCBC	Far East Hospitality	0.49	0.51	Hold
08/04/20	OCBC	Frasers Centrepoint Trust	2.36	2.44	Hold
08/04/20	Kim Eng	Manulife US Reit	0.775	1.15	Buy	DDM
08/04/20	DMG & Partners	Manulife US Reit	0.775	0.9	Buy	DDM
08/04/20	UOB Kay Hian	Manulife US Reit	0.775	0.85	Buy
08/04/20	Lim & Tan	Manulife US Reit	0.775	0	Buy at weakness
08/04/20	CIMB	Manulife US Reit	0.775	1.05	Add	DDM
08/04/20	Macquarie	OCBC	8.52	10.65	Outperform	PB
08/04/20	OCBC	OUE Commercial	0.37	0.39	Hold
08/04/20	Lim & Tan	PanUnited	0.29	0.31	Hold	PB1x FY20
08/04/20	OCBC	Sheng Siong	1.69	1.85	Hold
08/04/20	OCBC	SIA	3.31	3.5	Hold
08/04/20	DBS Vickers	Singtel	2.45	3.04	Buy	Sum of parts
08/04/20	Macquarie	UOB	19.07	21	Neutral	PB

Australia is really the white trash of the East.

https://ca.finance.yahoo.com/news/china-australia-spar-twitter-over-081512855.html

Australia wants China to adhere to the 2016 PCA ruling but it doesn't recognize PCA ruling at all.  Just look at the 2016 PCA ruling between East Timor and Australia.  Australia only adheres to ICJ ruling but not PCA ruling because PCA is not under the UN and is only a self-proclaimed international court.

http://sg-stock.blogspot.com/2016/09/australia-declares-that-pca-has-no.html

The ugly side of Facebook - A thug in disguise!

FB Zuckerberg was grilled by a congresswoman last week and the video showed the thuggish behaviour of FB such as threatening, cloning, spying, etc.

US ISM PMI had shown great improvement in July.

 

The July PMI (54.2, +1.6) had continued to improve because of pandemic relief packages implemented worldwide including the US ($600 per week). This had resulted in the new order including the new export and local orders rising altogether and pushed up the prices to 53.2 (+1.9). Thus, the producers ramped up their production (62.1, +4.8) to meet the rising new orders while the customers’ inventories were reduced by fulfilling the rising orders.

All in all, the improvement in the July PMI showed that the worldwide pandemic relief packages were helping to boost some consumer spendings. However, the real test will be whether the consumer spendings will be sustainable without the pandemic relief packages and also the re-surging COVID outbreak situation.

If the US can continue the pandemic relief money and contain the deteriorating outbreak, the US GDP will rebound in Q3.

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/19	DBS Vickers	Hongkong Land	6.09	7.93	Buy
08/05/19	DBS Vickers	Hongkong Land	6.02	7.7	Buy	RNAV (40% discount)
08/06/19	CIMB	Hongkong Land	5.74	7.4	Add
08/06/19	Citibank	Hongkong Land	5.74	5.85	Sell
12/12/19	DBS Vickers	Hongkong Land	5.47	6.64	Buy	RNAV (45% discount)
12/12/19	CIMB	Hongkong Land	5.47	6.9	Add
03/06/20	DBS Vickers	Hongkong Land	5.05	5.81	Buy	RNAV (50% discount)
03/10/20	CIMB	Hongkong Land	4.55	6.05	Add
05/05/20	DBS Vickers	Hongkong Land	4.13	5.22	Buy	RNAV (55% discount)
07/30/20	Lim & Tan	Hongkong Land	3.72	0	Buy
07/30/20	DBS Vickers	Hongkong Land	3.72	4.94	Buy	RNAV (55% discount)
08/03/20	DBS Vickers	Hongkong Land	3.79	4.8	Buy	RNAV (55% discount)
08/03/20	CIMB	Hongkong Land	3.79	5.1	Add

Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/20	Lim & Tan	Hong Leong Asia	0.625	0	Buy on weakness

Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/19	Lim & Tan	Hock Lian Seng	0.33	0	Buy on weakness

Stock calls for 3 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/20	DBS Vickers	Far East Hospitality	0.49	0.6	Buy
08/03/20	CIMB	First Reit	0.555	0.957	Add	DDM
08/03/20	Kim Eng	Hi-P	1.28	1.23	Hold
08/03/20	DBS Vickers	Hi-P	1.28	1.34	Hold	PER13x FY21
08/03/20	UOB Kay Hian	Hi-P	1.28	1.11	Sell
08/03/20	DBS Vickers	Hongkong Land	3.79	4.8	Buy	RNAV (55% discount)
08/03/20	CIMB	Hongkong Land	3.79	5.1	Add
08/03/20	UOB Kay Hian	Japfa	0.66	0.98	Buy	Sum of parts
08/03/20	DBS Vickers	Japfa	0.66	0.82	Buy	Sum of parts
08/03/20	CIMB	Japfa	0.66	0.96	Add
08/03/20	CIMB	Jardine Matheson	40.92	48.61	Add
08/03/20	UOB Kay Hian	Keppel Corp	5.4	7.1	Buy	Sum of parts
08/03/20	DMG & Partners	Keppel Corp	5.4	7.3	Buy	Sum of parts
08/03/20	DBS Vickers	Keppel Corp	5.4	6.4	Buy	sum of parts, PB1x
08/03/20	CIMB	Keppel Corp	5.4	6.46	Add	Sum of parts
08/03/20	OCBC	Keppel Corp	5.4	6.4	Buy
08/03/20	Lim & Tan	KSH	0.345	0	Neutral
08/03/20	phillip	SGX	8.17	9.45	Buy	PER21.4x
08/03/20	CIMB	SGX	8.17	9	Add
08/03/20	DMG & Partners	SGX	8.17	9.2	Buy	PER24x FY21
08/03/20	DBS Vickers	SGX	8.17	8.4	Hold	DDM, PER21x FY21
08/03/20	OCBC	SGX	8.17	8.3	Hold
08/03/20	phillip	Sheng Siong	1.7	1.65	Neutral	PER25x FY21
08/03/20	DMG & Partners	Sheng Siong	1.7	1.87	Buy	DCF
08/03/20	UOB Kay Hian	SIA	3.42	3.64	Hold
08/03/20	DMG & Partners	Starhill	0.465	0.6	Buy	DDM

It is foolish of the US to accuse China of IP theft because WIPO will reveal the truth.

IP Screenshots below are taken from WIPO.

US IP Filings Data

China IP Filings Data

The total filings by China had already overtaken the US a few years ago but the US (with fewer IPs) was still accusing China (with more IPs) of IP thefts.

This is akin to a top scorer Asian student in a western class of being accused of cheating by his caucasian classmates.  This is also the reason that the US has to work with Huawei to set 5G standards.

http://sg-stock.blogspot.com/2020/05/why-does-us-need-to-work-with-huawei-to.html

There is no way a country can digest all the stolen research data and information in such a short time if it doesn't know much about it and file IPs for such R&D.  If a country can do such a brilliant act in such a short time, it doesn't have to steal at all because it has the capabilities already.

The US cannot provide any proof that China has stolen the US IPs or else the US can apply to void China IP.s  The US thinks that repeating a lie over a thousand times will make other people believe it to be the truth but a lie is still a lie no matter how many times you lie about it.  We all know that the US cannot find weapons of mass destruction in Iraq until now because the US fabricated the lie.

Let's all be smart.  We need to verify and authenticate what the US is saying because the US has lost all credibilities.

Baltic dry index - 1348

Today, Thursday, July 30 2020, the Baltic Dry Index climbed by 31 points, reaching 1348 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 - 942

Related stock: Keppel Corp, Sembcorp Marine & Cosco

The US treasury department is awashed with US$1.8T.

https://finance.yahoo.com/news/money-markets-seek-treasury-answer-100000877.html

The US treasury has US$1.8T in cash.

We had stated previously that the US treasury department was flushed with USD.

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

Red alert: The US economy is going to contract sharply in Q2. - Part 2

https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html

The US Q2 GDP collapsed by 32.9% and the Q1 GDP was revised down to -5%.  We're right again!

We had stated on numerous postings that the US Q2 GDP would be worse than Q1 by analyzing US consumer spendings and PMIs.  Therefore, the big drop in US Q2 GDP is an expected outcome if you've been following our earlier postings.

http://sg-stock.blogspot.com/2020/04/red-alert-us-economy-is-going-to.html

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

http://sg-stock.blogspot.com/2020/06/the-imf-has-finally-agreed-with-our-us.html

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/19/19	Lim & Tan	Ho Bee	2.34	0	Buy

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/19	UOB Kay Hian	HMI	0.660	0.73	Accept offer	offer at $0.73
07/08/19	Kim Eng	HMI	0.660	0.66	Hold	DCF, accept offer at $0.73
07/08/19	CIMB	HMI	0.660	0.68	Add	offer at $0.73
07/09/19	phillip	HMI	0.720	0.73	Accept offer	offer at $0.73
08/20/19	Lim & Tan	HMI	0.720	0.73	Accept offer	offer at $0.73
08/21/19	Kim Eng	HMI	0.720	0.73	Hold	offer at $0.73

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/19	DBS Vickers	Hi-P	1.43	1.41	Hold	PER12x FY19
08/05/19	DBS Vickers	Hi-P	1.34	1.32	Hold	PER12x FY20
10/10/19	Kim Eng	Hi-P	1.19	1.21	Hold	PB1.5x FY19
11/01/19	DBS Vickers	Hi-P	1.44	1.39	Hold	PER13x FY20
11/01/19	Kim Eng	Hi-P	1.44	1.34	Sell	PB1.5x FY20
02/14/20	DBS Vickers	Hi-P	1.3	1.37	Hold	PER14x FY20
02/18/20	Kim Eng	Hi-P	1.31	1	Sell	PB1.2x FY20
03/30/20	Kim Eng	Hi-P	0.83	0.78	Hold	Roe-g/Coe-g, PB1x FY20
04/02/20	DBS Vickers	Hi-P	0.835	0.85	Hold
04/20/20	Kim Eng	Hi-P	0.97	0.78	Neutral

Stock calls for 30 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/30/20	OCBC	ART	0.895	1.03	Buy
07/30/20	DBS Vickers	Capitaland	2.76	4.5	Buy
07/30/20	UOB Kay Hian	CDL Hospitality	0.97	1	Hold	DDM, Buy @ $0.9
07/30/20	DBS Vickers	CDL Hospitality	0.97	1.3	Buy
07/30/20	Kim Eng	CDL Hospitality	0.97	0.95	Hold
07/30/20	DBS Vickers	City Developments	8.28	13	Buy
07/30/20	DMG & Partners	Dairy Farm	4.15	4.47	Neutral	DCF
07/30/20	DBS Vickers	Dairy Farm	4.15	4.86	Buy	Sum of parts
07/30/20	Macquarie	DBS	20.4	25.5	outperform	PB
07/30/20	OCBC	DBS	20.4	20	Hold
07/30/20	UOB Kay Hian	DBS	20.4	23.12	Buy
07/30/20	DBS Vickers	Frasers Property	1.18	1.7	Buy
07/30/20	Lim & Tan	Hongkong Land	3.72	0	Buy
07/30/20	Macquarie	OCBC	8.9	11	Outperform	PB
07/30/20	UOB Kay Hian	OCBC	8.9	11.22	Buy
07/30/20	CIMB	Parkway Life	3.44	3.43	Hold
07/30/20	DBS Vickers	Sheng Siong	1.73	1.91	Buy	PER25x FY21
07/30/20	DBS Vickers	SIA	3.53	3.75	Hold	PB0.8x FY21/22
07/30/20	CIMB	SIA	3.53	3.55	Hold	PB0.84x FY22
07/30/20	OCBC	Starhill	0.47	0.53	Buy
07/30/20	Macquarie	UOB	20.02	21	Neutral	PB
07/30/20	OCBC	UOB	20.02	21.5	Hold
07/30/20	DBS Vickers	UOL	6.7	9.5	Buy

The HK commercial reits are in troubles.

https://sg.finance.yahoo.com/news/hong-kongs-commercial-lenders-edge-025659845.html

The HK commercial REITs are in trouble because HK banks will be taking actions against them by recalling their loans or getting them to top up the fallen values.  We can't blame the banks because they need to cut their risk exposures too.

We had stated this situation before below.

http://sg-stock.blogspot.com/2020/04/why-am-i-not-interested-in-reits-and.html

We've just added the following feature.

We've just added the following feature so that our viewers can receive updates whenever we have some new postings.

Please feel free to be our followers to receive our latest updates so that you won't miss our important and accurate analyses anymore. Cheers!

MAS has capped SG banks' dividend payout to 60% and this causes SG bank stocks to tank.

https://www.theedgesingapore.com/news/banking-finance/mas-calls-banks-cap-dividends-fy20-60-fy19

SG banks' share prices drop immediately after MAS's announcement.  The share price reaction is totally expected and we're not saying this on hindsight as we've stated this before.

Why did MAS make such an announcement that would cause the share prices to drop and make investors lose money?

We had explained this before in April 2020.  Please take a look and you will understand what's happening.

https://sg-stock.blogspot.com/2020/04/what-will-companies-do-with-credit.html

Latest Canadian court disclosure showed that Meng didn't deceive HSBC.

http://en.people.cn/n3/2020/0724/c90000-9714596.html

The latest Canadian court showed that HSBC set up Meng to get itself off the hook.

HSBC's internal email correspondences showed that HSBC was in full knowledge of the relationship between Huawei and the Iranian company.  HSBC claimed that its junior executive didn't report the relationship to the top management but the junior executive was not that junior as he was the VP of the department.  Whatever miscommunication happened between HSBC and its VP shouldn't be pinned on Huawei as the internal documents showed that Huawei didn't hide the relationship.

This disclosure is in Meng's favour now and it puts the Canadian authority in a bad light because it would mean the arrest was politically motivated.

GSS Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/19	DMG & Partners	GSS Energy	0.074	0.08	Neutral	DCF
10/08/19	DMG & Partners	GSS Energy	0.066	0.08	Neutral	DCF

Great Eastern - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/09/19	Citibank	Great Eastern	23.29	27.8	Buy
02/21/20	Citibank	Great Eastern	22.15	27	Buy
03/18/20	Citibank	Great Eastern	18.2	19.5	Hold

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/19/19	CIMB	Grand Venture	0.22	0.22	Hold
07/06/20	CIMB	Grand Venture	0.22	0.262	Add

Stock calls for 29 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/20	Kim Eng	ARA Logistics	0.635	0.8	Buy	DDM
07/29/20	DMG & Partners	ARA Logistics	0.635	0.72	Buy	DDM
07/29/20	UOB Kay Hian	ART	0.895	0.98	Hold	DDM
07/29/20	Phillip	ART	0.895	1.08	Buy
07/29/20	Kim Eng	ART	0.895	1.05	Buy
07/29/20	CIMB	ART	0.895	1.08	Add
07/29/20	DBS Vickers	Ascendas India Trust	1.33	1.85	Buy	DDM
07/29/20	DBS Vickers	Mapletree North Asia	0.875	1.05	Buy
07/29/20	OCBC	Mapletree North Asia	0.875	1.09	Buy
07/29/20	CIMB	Mapletree North Asia	0.875	1.12	Add
07/29/20	Amfrasers	Mermaid	0.07	0.085	Neutral	Sum of parts
07/29/20	UOB Kay Hian	Parkway Life	3.44	3.8	Buy	DDM
07/29/20	Lim & Tan	Parkway Life	3.44	0	Hold
07/29/20	phillip	Raffles Medical	0.92	0.94	Neutral	DCF
07/29/20	DBS Vickers	Singapore Post	0.74	0.64	Fully Valued	DCF, PER17x FY21
07/29/20	DMG & Partners	ST Engineering	3.31	3.9	Buy
07/29/20	CIMB	Starhill	0.475	0.706	Add	DDM
07/29/20	UOB Kay Hian	Top Glove	8.65	11.97	Buy	PER16x FY21, Ringgit target $36.90

The FED will remain status quo again!

I see no point in analyzing the Fed interest rate movement for now because the Fed has rejected a negative rate policy.  Therefore, I will just use Fedwatch tool for now.

Fedwatch tool is indicating that there won't be any change to the Fed interest rate policy which is in sync with the previous Fed's pronouncement.

US national guards were sent to suppress peaceful protestors.

https://www.bbc.com/news/world-us-canada-53559501

US national guards were sent to suppress peaceful protestors.  This is the kind of human rights that the US is propagating.

The international human rights group is missing again and keeping quiet about this excessive force being used by the US government.

The US repo market is dead which is exactly just how we've envisioned.

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

We told you that the repo market would be wiped out when the US cut its rates to Zero.  It had happened.

Repo Market Data:

22 July - Zero deal!

23 July - Zero deal!

24 July - Zero deal!

27 July - Zero deal!

Reverse Repo Market Data:

22 July - Zero deal!

23 July - Zero deal!

24 July - Zero deal!

27 July - Zero deal!

Like we said before, we're not always right but we're also seldom wrong.  Therefore, when we tell you something, you better pay attention.

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	phillip	Golden Energy	0.225	0.24	Accumulate
08/23/19	phillip	Golden Energy	0.188	0.19	Neutral	PER10x

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/19	DMG & Partners	Golden Agri	0.295	0.22	Sell	Sum of parts
08/19/19	OCBC	Golden Agri	0.29	0.27	Sell
09/30/19	DMG & Partners	Golden Agri	0.23	0.25	Neutral	Sum of parts
10/15/19	UOB Kay Hian	Golden Agri	0.21	0.16	Sell	PER13x FY20
11/14/19	DMG & Partners	Golden Agri	0.265	0.25	Neutral	Sum of parts
11/15/19	OCBC	Golden Agri	0.245	0.26	Hold
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)
01/20/20	DMG & Partners	Golden Agri	0.235	0.27	Buy	Sum of parts
03/02/20	DMG & Partners	Golden Agri	0.2	0.25	Buy	Sum of parts
03/02/20	OCBC	Golden Agri	0.2	0.22	Hold
03/02/20	UOB Kay Hian	Golden Agri	0.2	0.22	Hold	Buy @ $0.20
03/02/20	CIMB	Golden Agri	0.2	0.21	Hold	Sum of parts (20% discount)
03/24/20	DMG & Partners	Golden Agri	0.129	0.125	Sell	Sum of parts, PER15x FY20
05/15/20	DMG & Partners	Golden Agri	0.146	0.12	Sell	Sum of parts
06/26/20	DMG & Partners	Golden Agri	0.15	0.13	Sell	Sum of parts

GL Ltd - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/19/20	Lim & Tan	GL Ltd	0.495	0.8	Hold
07/28/20	Lim & Tan	GL Ltd	0.59	0.7	Hold