Keppel Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/22	DBS Vickers	Keppel Pacific	0.735	0.85	Buy
02/07/22	DMG & Partners	Keppel Pacific	0.735	0.92	Buy
04/20/22	DBS Vickers	Keppel Pacific	0.745	0.85	Buy
04/20/22	DMG & Partners	Keppel Pacific	0.745	0.92	Buy	DDM
04/21/22	UOB Kay Hian	Keppel Pacific	0.74	1.07	Buy	DDM
05/26/22	DBS Vickers	Keppel Pacific	0.685	0.86	Buy	DCF
05/30/22	UOB Kay Hian	Keppel Pacific	0.7	1.07	Buy	DDM
06/03/22	UOB Kay Hian	Keppel Pacific	0.69	1.01	Buy
07/28/22	DBS Vickers	Keppel Pacific	0.69	0.78	Buy
07/28/22	DMG & Partners	Keppel Pacific	0.69	0.87	Buy	DDM
10/14/22	UOB Kay Hian	Keppel Pacific	0.55	0.8	Buy	DDM
10/27/22	DBS Vickers	Keppel Pacific	0.54	0.65	Buy
10/27/22	DMG & Partners	Keppel Pacific	0.54	0.74	Buy	DDM
11/03/22	UOB Kay Hian	Keppel Pacific	0.57	0.74	Buy
02/02/23	Lim & Tan	Keppel Pacific	0.545	0.69	Buy
02/02/23	DMG & Partners	Keppel Pacific	0.545	0.69	Buy	DDM
02/13/23	UOB Kay Hian	Keppel Pacific	0.515	0.71	Buy	DDM
04/19/23	UOB Kay Hian	Keppel Pacific	0.365	0.7	Buy	DDM
04/19/23	DBS Vickers	Keppel Pacific	0.365	0.65	Buy
04/19/23	DMG & Partners	Keppel Pacific	0.365	0.64	Buy	DDM

Stock calls for 24 April 2023

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/23	DBS Vickers	Dairy Farm	3.04	3.8	Buy
04/24/23	DBS Vickers	Frasers Centrepoint Trust	2.31	2.6	Buy
04/24/23	Phillip	Keppel Corp	6.46	7.01	Accumulate	Sum of parts
04/24/23	Phillip	Lendlease Reit	0.695	0.91	Buy	DDM
04/24/23	Lim & Tan	Overseas Edu	0.25	0	Hold
04/24/23	DBS Vickers	ST Engineering	3.73	4.2	Buy

Bitcoin is a manipulated commodity!

We haven't been discussing bitcoin for a long time and we will give an impromptu talk about it now.

In our perspective, Bitcoin is a manipulated commodity because its liquidity and retail activity are declining despite its skyrocketing prices.  What does this phenomenon mean? It means that many retail investors are staying away from bitcoin trading and leaving only some big whales to trade among themselves to prod up the prices.  Thus, the skyrocketing prices are unsustainable without the general public support.

The chart above shows that bitcoin liquidity has been trending down since 2021.

The chart above shows the declining retail activity and this means that retail investors are staying away.

Baltic dry index - 1504

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig counts (weekly) - 753

Related stock: Sembcorp Marine & Cosco.

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/27/22	DBS Vickers	Keppel Infrastructure	0.55	0.61	Buy	DDM
03/24/22	Lim & Tan	Keppel Infrastructure	0.555	0.61	Buy
03/30/22	DBS Vickers	Keppel Infrastructure	0.56	0.6	Buy
07/28/22	DBS Vickers	Keppel Infrastructure	0.58	0.6	Buy
08/03/22	DBS Vickers	Keppel Infrastructure	0.585	0.63	Buy
10/21/22	DBS Vickers	Keppel Infrastructure	0.525	0.63	Buy
01/31/23	Lim & Tan	Keppel Infrastructure	0.57	0.62	Hold
02/01/23	DBS Vickers	Keppel Infrastructure	0.575	0.63	Buy