ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/16	NRA	ISDN	0.198	0.3	Overweight	PB1.2x FY15, PER8.4x FY16 ex-cash
09/26/16	NRA	ISDN	183	0.3	Overweight
11/24/16	NRA	ISDN	0.2	0.3	Overweight
01/11/17	NRA	ISDN	0.27	0.3	Overweight
03/29/17	NRA	ISDN	0.197	0.32	Overweight	PER14.66x FY17
06/15/17	NRA	ISDN	0.225	0.32	Overweight	PER14.7x FY17
06/15/17	UOB Kay Hian	ISDN	0.225	0.35	Buy	PER10.6x FY18
07/03/17	UOB Kay Hian	ISDN	0.22	0.35	Buy
07/26/17	Lim & Tan	ISDN	0.225	0	Trading Buy
08/08/17	UOB Kay Hian	ISDN	0.26	0.35	Buy
08/15/17	Lim & Tan	ISDN	0.26	0	Sell	Take profit
11/15/17	UOB Kay Hian	ISDN	0.245	0.35	Buy

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Ireit	0.675	0.77	Buy	DCF
02/19/16	UOB Kay Hian	Ireit	0.695	0.77	Not Rated	Bloomberg consensus
02/22/16	DMG & Partners	Ireit	0.69	0.81	Buy	DDM
03/17/16	DMG & Partners	Ireit	0.685	0.81	Buy
05/18/16	DBS Vickers	Ireit	0.72	0.77	Buy
07/04/16	DMG & Partners	Ireit	0.74	0.81	Buy
08/12/16	DBS Vickers	Ireit	0.76	0.77	Hold
11/25/16	DBS Vickers	Ireit	0.72	0.75	Hold
01/09/17	DBS Vickers	Ireit	0.73	0.75	Hold	DCF
05/24/17	DBS Vickers	Ireit	0.755	0.75	Hold	DCF

IPS Securex - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
02/02/16	DMG & Partners	41N	IPS Securex	0.205	0.4	Buy	95.12	DCF, PER10.x FY17
08/25/16	DMG & Partners	41N	IPS Securex	0.147	0.4	Buy	172.11
10/18/16	DMG & Partners	41N	IPS Securex	0.149	0.4	Buy	168.46
12/02/16	DMG & Partners	41N	IPS Securex	0.156	0.4	Buy	156.41
02/14/17	DMG & Partners	41N	IPS Securex	0.155	0.34	Buy	119.35	DCF, PER13x FY18
09/11/17	DMG & Partners	41N	IPS Securex	0.082	0.09	Neutral	9.76	DCF

Stock calls for 12 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/18	DMG & Partners	APAC Realty	0.94	1.2	Buy
01/12/18	CIMB	CSE Global	0.37	0.31	Reduce	PER10x CY19
01/12/18	CIMB	Ezion	0.197	0.13	Reduce	PB0.15x CY17
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/12/18	UOB Kay Hian	Netlink	835	0.93	Buy
01/12/18	CIMB	Pacific Radiance	0.108	0.07	Reduce
01/12/18	UOB Kay Hian	Starhub	2.93	2.62	Hold

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/16	Credit Suisse	Indofood Agri	0.48	0.55	Outperform
02/23/16	DBS Vickers	Indofood Agri	0.46	0.54	Buy
02/29/16	CIMB	Indofood Agri	0.435	0.45	Hold	Sum of parts
02/29/16	DBS Vickers	Indofood Agri	0.435	0.52	Buy	DCF
03/04/16	UOB Kay Hian	Indofood Agri	0.45	0.8	Hold
03/14/16	Credit Suisse	Indofood Agri	0.52	0.54	Outperform	PER13x FY16
04/12/16	DBS Vickers	Indofood Agri	0.555	0.52	Buy
05/03/16	DBS Vickers	Indofood Agri	0.535	0.54	Hold
05/18/16	UOB Kay Hian	Indofood Agri	0.475	0.8	Hold
06/01/16	CIMB	Indofood Agri	0.495	0.54	Hold
06/17/16	Macquarie	Indofood Agri	0.47	0.57	Outperform
08/11/16	DBS Vickers	Indofood Agri	0.465	0.5	Hold
08/15/16	CIMB	Indofood Agri	0.47	0.44	Reduce	Sum of parts (20% discount)
08/16/16	DBS Vickers	Indofood Agri	0.47	0.48	Hold	DCF
08/19/16	UOB Kay Hian	Indofood Agri	0.475	0.8	Hold
09/15/16	DBS Vickers	Indofood Agri	0.445	0.48	Hold
10/25/16	DBS Vickers	Indofood Agri	0.45	0.58	Buy	DCF
10/31/16	CIMB	Indofood Agri	0.49	0.44	Reduce	Sum of parts (22% discount)
01/11/17	DBS Vickers	Indofood Agri	0.545	0.58	Buy
02/13/17	DBS Vickers	Indofood Agri	0.54	0.58	Buy
03/02/17	DBS Vickers	Indofood Agri	0.52	0.56	Hold
05/03/17	DBS Vickers	Indofood Agri	0.49	0.56	Hold	DCF
07/11/17	DBS Vickers	Indofood Agri	0.475	0.56	Hold
07/31/17	DBS Vickers	Indofood Agri	0.495	0.49	Hold	DCF
08/28/17	DIR	Indofood Agri	0.46	0.4	Underperform	PER7.5x FY17/18
09/13/17	DBS Vickers	Indofood Agri	0.46	0.49	Hold
10/30/17	DBS Vickers	Indofood Agri	0.455	0.48	Hold	DCF
11/13/17	DBS Vickers	Indofood Agri	0.455	0.48	Hold
11/20/17	DIR	Indofood Agri	0.445	0.4	Underperform	PER7.5x FY17/18

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/16	Kim Eng	IHH Healthcare	2	2.1	Hold	Ringgit $6.35 target price
01/26/16	DBS Vickers	IHH Healthcare	2.14	2.04	Hold	Ringgit $6.19 target price
02/23/16	UOB Kay Hian	IHH Healthcare	2.15	1.77	Hold
02/26/16	CIMB	IHH Healthcare	2.1	2.49	Add	Sum of parts
02/26/16	DBS Vickers	IHH Healthcare	2.1	2.09	Hold	Sum of parts, Ringgit $6.33 target
02/26/16	DIR	IHH Healthcare	2.1	2.04	Hold	Sum of parts, Ringgit $6.16 target
04/11/16	UOB Kay Hian	IHH Healthcare	2.26	2.07	Hold	Sum of parts, Buy @ $1.85
04/22/16	DBS Vickers	IHH Healthcare	2.29	2.09	Hold	Ringgit $6.33 target price
05/27/16	CIMB	IHH Healthcare	2.25	2.52	Add	Ringgit $7.46 target price
05/27/16	UOB Kay Hian	IHH Healthcare	2.25	2.09	Hold	Sum of parts, Buy @ $1.90
05/30/16	DIR	IHH Healthcare	2.25	2.1	Hold	Ringgit $6.25 target
06/10/16	Deutsche	IHH Healthcare	2.2	2.5	Buy	Ringgit $7.50 target
06/30/16	Kim Eng	IHH Healthcare	2.17	2.06	Hold	Ringgit $6.13 target
07/05/16	DBS Vickers	IHH Healthcare	2.19	2.51	Buy	Sum of parts, Ringgit $7.60 target
07/13/16	UOB Kay Hian	IHH Healthcare	2.21	2.31	Hold	Sum of parts, Buy @ $2.08
07/21/16	Amfrasers	IHH Healthcare	2.16	2.11	Hold	PER44x FY16/17
08/26/16	CIMB	IHH Healthcare	2.2	2.45	Add	Ringgit $7.30 target price
08/26/16	UOB Kay Hian	IHH Healthcare	2.2	2.14	Hold	Sum of parts, Buy @ $1.90
10/12/16	DBS Vickers	IHH Healthcare	2.13	2.5	Buy	Ringgit $7.60 target price
11/25/16	Kim Eng	IHH Healthcare	2.05	2.1	Hold	Sum of parts, Ringgit $ 6.52 target price
11/25/16	UOB Kay Hian	IHH Healthcare	2.05	2.03	Hold	Sum of parts, Buy @ $1.80
11/28/16	DBS Vickers	IHH Healthcare	2.1	2.29	Buy	Sum of parts, Ringgit $7.15 target
12/23/16	DBS Vickers	IHH Healthcare	2.05	2.31	Buy	Ringgit $7.15 target
02/27/17	Kim Eng	IHH Healthcare	1.93	1.83	Hold	Ringgit $5.80 target price
03/09/17	DIR	IHH Healthcare	1.91	2.06	Hold	Sum of parts, Ringgit $6.47 target price
04/10/17	UOB Kay Hian	IHH Healthcare	1.89	1.85	Hold
05/22/17	DBS Vickers	IHH Healthcare	1.91	2.3	Buy	Sum of parts, Ringgit $7.15 target price
05/22/17	DMG & Partners	IHH Healthcare	1.91	2.35	Buy	DCF, Sum of parts, EV/Ebitda18x FY18
05/23/17	DIR	IHH Healthcare	1.92	2.12	Hold	Sum of parts, Ringgit $6.56
05/23/17	UOB Kay Hian	IHH Healthcare	1.92	1.8	Hold	Sum of parts, Buy @ $1.60
06/05/17	Kim Eng	IHH Healthcare	1.92	2	Hold	Sum of parts, Ringgit $6.17 target
06/06/17	CIMB	IHH Healthcare	1.915	2.21	Add	Ringgit $6.84 target
06/14/17	DBS Vickers	IHH Healthcare	1.94	2.31	Buy	Sum of parts, Ringgit $7.15 target
06/19/17	UOB Kay Hian	IHH Healthcare	1.945	1.8	Hold
07/05/17	Kim Eng	IHH Healthcare	1.88	1.98	Hold	Ringgit $6.15 target price
08/01/17	UOB Kay Hian	IHH Healthcare	1.88	1.8	Hold
08/24/17	UOB Kay Hian	IHH Healthcare	1.895	1.73	Hold	Sum of parts, Buy @ $1.50
08/24/17	CIMB	IHH Healthcare	1.895	2.22	Add	Ringgit $6.99 target price
08/24/17	DBS Vickers	IHH Healthcare	1.895	2.16	Buy	Ringgit $6.81 target
08/25/17	DIR	IHH Healthcare	1.895	2.09	Hold	Ringgit $6.56 target
11/28/17	UOB Kay Hian	IHH Healthcare	1.83	1.71	Hold	Sum of parts, Buy @ $1.50
11/28/17	CIMB	IHH Healthcare	1.83	2.08	Add	Sum of parts, Ringgit $6.36 target
11/28/17	DBS Vickers	IHH Healthcare	1.83	2.23	Buy	Ringgit $6.81 target
11/28/17	Lim & Tan	IHH Healthcare	1.83	0	Hold	Expensive at PER50x FY18
01/08/17	CIMB	IHH Healthcare	1.96	2.35	Add	Ringgit $7.06 target price, Sum of parts

Stock calls for 11 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/18	UOB Kay Hian	Banyan Tree	0.63	0.92	Buy	Sum of parts
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy
01/11/18	SAC Advisors	Sanli Env	0.295	0.36	Buy	PER15.9x FY18
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy

China is retaliating against USA's anti-China rhetoric now.

https://finance.yahoo.com/news/china-officials-recommend-slowing-halting-u-bond-purchases-162651533--business.html

I think China has had enough of the USA's ante and anti-China rhetoric.

If China stops buying or starts selling USD treasuries, interest rates will go up much faster than anticipated in the bond markets and the ensuing outcome will be higher interest rates in other sectors such as mortgages and loans.

These rapid rises in interest rates will affect investors' sentiment and slow down corporations' investments because of higher capital costs and higher expectations on ROI.

Good luck to everyone!

South Korea will introduce a blanket ban on cryptocurrency trading.

https://finance.yahoo.com/news/cryptocurrency-markets-tanking-news-shutdown-052636106.html

South Korea will shut down cryptocurrency trading after China.

We've anticipated further action against cryptocurrency in South Korea in our earlier post.  Our prediction has come true.

http://sg-stock.blogspot.sg/2017/11/south-korea-will-take-further-action.html

OMG! My friend's car was shot in Manila today! - Part 2

This was the bullet that was taken out from my friend's car in Manila.

http://sg-stock.blogspot.sg/2018/01/omg-my-friends-car-was-shot-in-manila.html

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/16	DBS Vickers	Ifast Corp	1.25	1.45	Buy	DDM
02/23/16	DMG & Partners	Ifast Corp	1.28	1.27	Neutral	DCF
05/03/16	DBS Vickers	Ifast Corp	1.215	1.38	Buy
05/03/16	DMG & Partners	Ifast Corp	1.215	1.17	Neutral	DCF
07/15/16	phillip	Ifast Corp	1	1.275	Buy	PER25x FY17
08/01/16	DBS Vickers	Ifast Corp	0.92	1.2	Buy
08/01/16	DMG & Partners	Ifast Corp	0.92	0.88	Neutral
08/05/16	phillip	Ifast Corp	0.925	1.275	Buy	PER25x FY17
09/16/16	phillip	Ifast Corp	0.875	1.27	Buy
10/31/16	DBS Vickers	Ifast Corp	0.85	1.2	Buy
10/31/16	phillip	Ifast Corp	0.85	1.275	Buy	PER25x FY17
12/01/16	UOB Kay Hian	Ifast Corp	0.83	1.06	Buy
12/09/16	DBS Vickers	Ifast Corp	0.855	1.2	Buy
12/09/16	phillip	Ifast Corp	0.855	1.275	Buy	PER25x FY17
02/20/17	DBS Vickers	Ifast Corp	0.855	0.94	Hold	DDM
02/20/17	DMG & Partners	Ifast Corp	0.855	0.79	Neutral
02/22/17	phillip	Ifast Corp	0.845	0.78	Neutral	PER25x FY17
04/28/17	DMG & Partners	Ifast Corp	0.6	0.88	Buy	DCF
05/02/17	DBS Vickers	Ifast Corp	0.715	0.94	Buy	DDM
05/05/17	phillip	Ifast Corp	0.74	0.78	Accumulate
05/25/17	UOB Kay Hian	Ifast Corp	0.87	1.05	Buy
06/13/17	UOB Kay Hian	Ifast Corp	0.975	1.02	Hold	DCF, Buy @ $0.90
07/31/17	UOB Kay Hian	Ifast Corp	1.05	1.08	Hold	DCF, Buy @ $0.95
08/01/17	DMG & Partners	Ifast Corp	1.07	1.01	Neutral	DCF
08/01/17	DBS Vickers	Ifast Corp	1.07	1.26	Buy
08/02/17	phillip	Ifast Corp	1.055	1.11	Accumulate	PER34.3x FY17
10/30/17	DMG & Partners	Ifast Corp	0.94	1.01	Neutral	DCF
10/30/17	DBS Vickers	Ifast Corp	0.94	1.26	Buy	DDM
11/01/17	phillip	Ifast Corp	0.97	1.11	Accumulate	GGM

Hyflux - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/16	Credit Suisse	Hyflux	0.51	0.5	Neutral
02/19/16	OCBC	Hyflux	0.51	0.5	Hold	DCF
03/09/16	Bloomberg	Hyflux	0.565	0.5	Not Rated	Consensus target
05/13/16	OCBC	Hyflux	0.56	0.57	Hold	DCF
08/05/16	Credit Suisse	Hyflux	0.56	0.5	Neutral
04/07/17	Credit Suisse	Hyflux	0.57	0.5	Neutral
05/08/17	Credit Suisse	Hyflux	0.56	0.58	Neutral

Stock calls for 10 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/18	CIMB	AEM	3.31	4.55	Add
01/10/18	phillip	DBS	26.51	29.3	Buy
01/10/18	OCBC	Frasers Logistics	1.19	1.25	Buy
01/10/18	Amfrasers	Keppel Corp	7.85	8.04	Buy
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/10/18	Lim & Tan	Mapletree Logistics	1.35	0	Hold
01/10/18	CIMB	Memtech	1.15	1.33	Add
01/10/18	phillip	OCBC	12.91	13.48	Buy
01/10/18	OCBC	Singapore Post	1.23	1.26	Hold
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/10/18	DMG & Partners	Starhub	2.89	2.7	Neutral
01/10/18	CIMB	Sunningdale	1.92	2.79	Add
01/10/18	phillip	UOB	27.8	25.22	Accumulate
01/10/18	Amfrasers	Valuemax	0.295	0.39	Buy
01/10/18	Kim Eng	Venture	21.57	27.5	Buy	PER18.8x FY18

Sahara desert is covered in snow now. Can you believe that?

Have you seen snow in a desert before?

What has happened to the climate now?

Noble's future is getting from bad to worse.

https://sg.finance.yahoo.com/news/troubled-noble-group-says-goodbye-global-oil-trading-040332524--finance.html

Noble has given up its oil trading business and is only left with its hard commodities division which consists of LNG & coal trading.

The hard commodities are not doing well because countries are getting more environmentally conscious especially with the chaotic climatic changes nowadays.  Carbon emission is on the mind of every government now and some countries are imposing combustible cars sales ban by 2030.

Sigh! We really have nothing good to speak of right now for Noble.

Singapore has redefined its UN voting stance.

https://sg.news.yahoo.com/singapore-not-taking-sides-vote-un-resolution-jerusalem-balakrishnan-094124266.html

The UN resolution vote on Jerusalem was to show that the UN was against the USA's recognition of Jerusalem.

Therefore, when you had cast a "For or Yes" vote, it would mean that you had voted against the USA's recognition of Jerusalem and also meant that Israel was not the true ruler of Jerusalem.

Thus, the "For" vote was definitely not a neutral stance.  Generally speaking, a neutral stance would mean abstinence from voting.

If casting a "For" vote means not taking sides, then what about not voting?  Does abstinence mean taking sides?

SG had already redefined the definition of an elected president.  It is trying to redefine the meaning of its voting stance now.

http://sg-stock.blogspot.sg/2017/07/omg-singapore-didnt-support-banning-of.html

I would like to know what did SG mean when it abstained from voting for a nuclear ban since voting "Yes or For" meant not taking sides.

Hutchison Port - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/16	Deutsche	Hutchison Port	0.475	0.58	Buy
02/03/16	DBS Vickers	Hutchison Port	0.47	0.61	Buy
02/03/16	JP Morgan	Hutchison Port	0.47	0.53	Neutral
02/03/16	Lim & Tan	Hutchison Port	0.47	0	Buy on weakness
02/03/16	OCBC	Hutchison Port	0.47	0.46	Hold
03/29/16	OCBC	Hutchison Port	0.495	0.46	Hold
04/19/16	JP Morgan	Hutchison Port	0.5	0.39	Underweight	DCF
04/19/16	OCBC	Hutchison Port	0.5	0.46	Hold
04/20/16	DBS Vickers	Hutchison Port	0.465	0.57	Buy
05/27/16	Deutsche	Hutchison Port	0.425	0.49	Buy
05/27/16	OCBC	Hutchison Port	0.425	0.46	Hold
06/14/16	OCBC	Hutchison Port	0.45	0.41	Hold
07/14/16	OCBC	Hutchison Port	0.455	0.43	Hold
07/29/16	DBS Vickers	Hutchison Port	0.485	0.56	Buy
09/14/16	OCBC	Hutchison Port	0.44	0.46	Hold
10/04/16	OCBC	Hutchison Port	0.44	0.46	Hold
12/07/16	Deutsche	Hutchison Port	0.42	0.49	Buy
12/08/16	DBS Vickers	Hutchison Port	0.42	0.48	Buy	DCF
01/05/17	OCBC	Hutchison Port	0.435	0.46	Buy	DDM
02/03/17	OCBC	Hutchison Port	0.425	0.46	Buy
02/13/17	OCBC	Hutchison Port	0.44	0.45	Hold	Buy @ $0.41 or below
02/14/17	DBS Vickers	Hutchison Port	0.415	0.42	Hold	DCF
04/25/17	OCBC	Hutchison Port	0.41	0.42	Hold
04/26/17	DBS Vickers	Hutchison Port	0.395	0.42	Hold	DCF
06/19/17	OCBC	Hutchison Port	0.445	0.42	Hold	Buy below $0.40
07/20/17	OCBC	Hutchison Port	0.48	0.42	Sell
07/21/17	DBS Vickers	Hutchison Port	0.445	0.42	Hold	DCF
10/31/17	OCBC	Hutchison Port	0.435	0.42	Hold
10/31/17	DBS Vickers	Hutchison Port	0.435	0.39	Hold	DCF
11/22/17	OCBC	Hutchison Port	0.42	0.42	Hold	Buy @ $0.39

HRnet Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/20/17	Credit Suisse	HRnetGroup	0.855	1.1	Outperform	DCF, PER21.9x FY17
08/17/17	Credit Suisse	HRnetGroup	0.75	1.04	Outperform
11/02/17	DMG & Partners	HRnetGroup	0.865	1.14	Buy	DCF, PER16x FY18 Ex-Cash
01/03/18	DBS Vickers	HRnetGroup	0.79	0.96	Buy	DCF & PER15x FY18 (ex-cash)
01/09/18	DMG & Partners	HRnetGroup	0.82	1.14	Buy	DCF

Stock calls for 9 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/18	UOB Kay Hian	Citic Envirotech	0.74	1.09	Buy	DCF
01/09/18	UOB Kay Hian	Cityneon	0.97	1.55	Buy	PER15.4x FY18
01/09/18	Deutsche	DBS	26.45	27.1	Hold
01/09/18	DMG & Partners	HRnetGroup	0.82	1.14	Buy	DCF
01/09/18	DBS Vickers	Keppel Corp	7.77	9.8	Buy	Sum of parts, PB1.3x FY18
01/09/18	DBS Vickers	Mapletree Logistics	1.36	1.38	Buy
01/09/18	Deutsche	OCBC	12.99	13.6	Hold
01/09/18	OCBC	OUE Commercial	0.75	0.67	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF
01/09/18	Deutsche	UOB	27.25	30.6	Buy

Taiwan is embarking on a smearing campaign against China again.

http://www.worldnews.easybranches.com/regions/asia/taiwan-demands-immediate-halt-to-new-china-flight-routes-571987

ICAO, an agency under the UN, had approved the air route M503 for a 2-way flight (North-South & South-North) but China only started a one-way flight (North-South) in 2015 because of the friendly relationship between the 2 countries.  However, this was not mentioned by Taiwan at all during the protest.

Then, China decides to commence its South-North route for M503 in 2018 as it has the prerogative and approval from ICAO.  Therefore, I see no valid reason for Taiwan to demand China to halt this South-North flight on the M503 route because China has been flying on the M503 route for 3 years already.