Stock calls for 3 May 2021

Date	Analyst	Company	Last	Target	Call	Valuation
05/03/21	CIMB	ART	1.06	1.2	Add
05/03/21	OCBC	CDL Hospitality	1.25	1.38	Buy
05/03/21	CIMB	CDL Hospitality	1.25	1.43	Add
05/03/21	DMG & Partners	CDL Hospitality	1.25	1.25	Neutral
05/03/21	Kim Eng	CDL Hospitality	1.25	1.3	Hold
05/03/21	CIMB	China Sunsine	0.565	0.66	Add
05/03/21	DBS Vickers	Cromwell EUR	0.475	0.6	Buy	DCF
05/03/21	phillip	DBS	29.91	31.4	Accumulate	GGM, PB1.36x FY21
05/03/21	UOB Kay Hian	DBS	29.91	35.45	Buy
05/03/21	DMG & Partners	DBS	29.91	34	Buy
05/03/21	Jefferies	DBS	29.91	33.5	Buy
05/03/21	CIMB	Far East Hospitality	0.63	0.745	Add	DDM
05/03/21	Phillip	First Ship Lease Trust	0.09	0.03	Accumulate	PB0.9x FY22
05/03/21	CIMB	Japfa	0.915	1.22	Add
05/03/21	UOB Kay Hian	Japfa	0.915	1.17	Buy
05/03/21	CIMB	Mapletree Commercial	2.19	2.32	Hold
05/03/21	OCBC	Mapletree Commercial	2.19	2.2	Hold
05/03/21	CIMB	Mapletree Industrial	2.83	3.05	Add	DDM
05/03/21	UOB Kay Hian	Mapletree Industrial	2.83	3.55	Buy
05/03/21	Phillip	Micro-Mechanics	3.33	3.02	Neutral	PER21x FY21, Ex-cash
05/03/21	Lim & Tan	Sembcorp Marine	0.21	0	Hold
05/03/21	Phillip	Venture	20.15	19.2	Neutral	PER16x FY21
05/03/21	DBS Vickers	Venture	20.15	22.7	Buy	PER20.5x FY21
05/03/21	UOB Kay Hian	Venture	20.15	23.47	Buy
05/03/21	Lim & Tan	Venture	20.15	0	Hold
05/03/21	UOB Kay Hian	Yangzijiang	1.43	1.76	Buy

The real motive behind the US green technology movement. - Part 2.

Which country is more likely to cut down its carbon emissions more successfully?

Although the US is a service-based economy with less than 15% manufacturing sector, its energy generation structure is worse than China.

Let's break down the energy sectors in the US and China.

US:

Fossil fuel (gas=38%, coal=23%): 61%

Nuclear: 20%

Green energy (Wind and solar): 17%

China:

Fossil fuel: 57.7%

Nuclear: 2.03%

Green energy (Wind=11.7% and solar=11.1%): 22.8%

Hydroelectricity: 17.2%

In order for the US to reduce its carbon emissions, the US has to reclassify nuclear energy as a source of green energy despite it producing radioactive waste.  Therefore, the US is replacing one type of pollution with another.

This will allow China to ramp up its nuclear power stations since it has a low percentage (2.03%) in its energy infrastructure.  China is also able to reduce its carbon emissions by reducing its internal flights as it has about 38,000km of high-speed railway.

https://en.wikipedia.org/wiki/High-speed_rail_in_China

However, the US is unable to reduce its internal flights because it has no high-speed railway for its citizens to move around.

Therefore, we can see that China has a more diversified energy infrastructure than the US.  Furthermore, China wants to commercialize its nuclear fusions in 2050 which will allow China to be a carbon-neutral country in 2060 as stipulated by President Xi.

http://epaper.chinadaily.com.cn/a/202101/08/WS5ff796a0a31099a2343531ab.html

The US stimulus packages under Trump and Biden.

Trump (2020):

1. $2.2T Cares Act

2. $2.3T Omnibus Act

3. $3T Heroes Act

4. $484B Coronavirus Bill

Biden (2021):

1. $1.9T American Rescue Plan

2. $2.7T American Jobs Plan

3. $2.3T American Infrastructure Plan

3. $1.8T American Family Plan

The US has increased its debts by US$16.7T in 2020 & 2021 insofar.

Is anybody concerned at all?

Q&M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/26/20	Amfrasers	Q&M	0.465	0.54	Outperform
02/08/21	phillip	Q&M	0.485	0.7	Buy	PER20x FY21 + assoc cap
03/10/21	CIMB	Q&M	0.645	0.92	Add	PER20x FY22
03/30/21	Kim Eng	Q&M	0.605	0.87	Buy	PER22x FY21
04/30/21	DBS Vickers	Q&M	0.62	0.81	Buy	Sum of parts

Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
08/14/20	UOB Kay Hian	Propnex	0.585	0.69	Buy
08/17/20	phillip	Propnex	0.59	0.7	Buy	DCF
08/19/20	CIMB	Propnex	0.6	0.708	Add
09/03/20	Lim & Tan	Propnex	0.57	0.69	Buy
09/17/20	Lim & Tan	Propnex	0.6	0.71	Buy
10/05/20	phillip	Propnex	0.59	0.7	Buy
10/27/20	UOB Kay Hian	Propnex	0.635	0.86	Buy	PER11x FY21, Ex-cash
11/13/20	CIMB	Propnex	0.69	0.825	Add
11/16/20	phillip	Propnex	0.68	0.85	Buy	DCF
11/16/20	UOB Kay Hian	Propnex	0.68	0.89	Buy
01/05/21	phillip	Propnex	0.77	0.85	Buy
02/24/21	Lim & Tan	Propnex	0.78	0	Accumulate on weakness
02/26/21	UOB Kay Hian	Propnex	0.81	0.97	Buy
02/26/21	CIMB	Propnex	0.81	0.888	Add
03/01/21	phillip	Propnex	0.81	1	Buy	DCF
03/08/21	Lim & Tan	Propnex	0.875	1	Buy	PER11.6x FY21