The US is alienating itself in WTO.

https://finance.yahoo.com/news/over-40-countries-object-wto-182120367.html

More than 40 countries are against US car tariffs and will take retaliatory actions which will put about US$300b of US goods in jeopardy.

US allies are slowly turning into foes in the trade war.

SharebikeSG shuts down in Singapore after oBike.

https://www.todayonline.com/singapore/sharebikesg-exits-spore-3rd-bike-sharing-operator-shut-past-month

This is not surprising as this business model needs high riding volume to break even.  Please read our previous postings regarding the bike sharing model.

http://sg-stock.blogspot.com/2018/06/another-bike-sharing-company-obike-has.html

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/17	DBS Vickers	Nam Cheong	0.055	0.04	Fully Valued	PB0.2x
07/20/17	Lim & Tan	Nam Cheong	0.021	0	Avoid

Moya Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/17	DMG & Partners	Moya Asia	0.118	0.17	Buy	DCF, PER13.8x FY18
11/14/17	DMG & Partners	Moya Asia	0.101	0.17	Buy	DCF
01/24/18	DMG & Partners	Moya Asia	0.098	0.17	Buy
02/09/18	DMG & Partners	Moya Asia	0.091	0.17	Buy	DCF
03/02/18	DMG & Partners	Moya Asia	0.091	0.15	Buy	DCF, PER15x FY18
04/09/18	DMG & Partners	Moya Asia	0.099	0.15	Buy	DCF
05/02/18	DMG & Partners	Moya Asia	0.1	0.15	Buy	DCF
06/05/18	DMG & Partners	Moya Asia	0.087	0.14	Buy	DCF

MM2 Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	DBS Vickers	MM2 Asia	0.49	0.56	Buy
04/07/17	CIMB	MM2 Asia	0.5	0.6	Add	Sum of parts, PER22.6x FY18
04/13/17	DBS Vickers	MM2 Asia	0.5	0.63	Buy	Sum of parts
05/23/17	DBS Vickers	MM2 Asia	0.575	0.63	Buy	Sum of parts
05/24/17	DBS Vickers	MM2 Asia	0.585	0.7	Buy	Sum of parts
05/25/17	CIMB	MM2 Asia	0.585	0.65	Add	Sum of parts
06/14/17	CIMB	MM2 Asia	0.62	0.72	Add	Sum of parts
06/14/17	DBS Vickers	MM2 Asia	0.62	0.7	Buy
07/20/17	DBS Vickers	MM2 Asia	0.59	0.75	Buy	Sum of parts
07/25/17	CIMB	MM2 Asia	0.525	0.58	Hold	Sum of parts
08/14/17	DBS Vickers	MM2 Asia	0.465	0.6	Buy	Sum of parts
08/17/17	CIMB	MM2 Asia	0.475	0.58	Add	Sum of parts
11/02/17	DBS Vickers	MM2 Asia	0.58	0.73	Buy	Sum of parts
11/06/17	CIMB	MM2 Asia	0.55	0.76	Add	Sum of parts
12/20/17	CIMB	MM2 Asia	0.52	0.76	Add
01/05/18	DBS Vickers	MM2 Asia	0.545	0.73	Buy
02/07/18	CIMB	MM2 Asia	0.49	0.76	Add
02/08/18	DBS Vickers	MM2 Asia	0.495	0.75	Buy	Sum of parts
03/05/18	CIMB	MM2 Asia	0.47	0.76	Add
03/15/18	CIMB	MM2 Asia	0.505	0.74	Add	Sum of parts
04/06/18	CIMB	MM2 Asia	0.49	0.74	Add
04/23/18	Kim Eng	MM2 Asia	0.495	0.56	Buy
05/30/18	DBS Vickers	MM2 Asia	0.495	0.7	Buy	Sum of parts
06/05/18	CIMB	MM2 Asia	0.485	0.72	Add	Sum of parts

Stock calls for 3 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	A-Reit	2.61	3.05	Buy
07/03/18	DMG & Partners	APAC Realty	0.785	1.35	Buy
07/03/18	DBS Vickers	Bumitama	0.635	0.88	Buy	DCF, PER13.7x FY19
07/03/18	UOB Kay Hian	CapitaCommercial	1.63	2.11	Buy
07/03/18	UOB Kay Hian	Capitaland	3.14	4.3	Buy
07/03/18	UOB Kay Hian	Capitamall Trust	2.02	2.13	Hold
07/03/18	OCBC	CapitaRetail China	1.51	1.64	Buy
07/03/18	DMG & Partners	China Aviation Oil	1.5	1.8	Buy
07/03/18	UOB Kay Hian	City Developments	10.88	14.03	Buy
07/03/18	DMG & Partners	City Developments	10.88	15	Buy
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/03/18	UOB Kay Hian	DBS	26.38	30.15	Buy
07/03/18	UOB Kay Hian	DISA	0.009	0.013	Buy	DCF
07/03/18	DBS Vickers	First Resources	1.55	2	Buy	DCF
07/03/18	UOB Kay Hian	Genting	1.21	1.38	Buy
07/03/18	DBS Vickers	Genting	1.21	1.49	Buy
07/03/18	UOB Kay Hian	Golden Agri	0.305	0.26	Sell
07/03/18	UOB Kay Hian	Hongkong Land	7.13	8.55	Not Rated
07/03/18	UOB Kay Hian	Hutchison Port	0.28	0.34	Not Rated
07/03/18	UOB Kay Hian	Jardine C&C	30.77	44.13	Not Rated
07/03/18	UOB Kay Hian	Jardine Matheson	63.2	65.72	Not Rated
07/03/18	UOB Kay Hian	Jardine Strategic	36.65	42.67	Not Rated
07/03/18	UOB Kay Hian	Keppel Corp	7.01	9	Buy
07/03/18	DBS Vickers	Keppel Corp	7.01	10.2	Buy
07/03/18	DMG & Partners	M1	1.59	1.63	Hold	DCF
07/03/18	UOB Kay Hian	OCBC	11.51	14.28	Buy
07/03/18	UOB Kay Hian	SATS	4.91	5.7	Buy
07/03/18	UOB Kay Hian	Sembcorp Industries	2.72	3.6	Buy
07/03/18	UOB Kay Hian	SGX	7.14	8.14	Not Rated
07/03/18	UOB Kay Hian	SIA	10.42	11.9	Hold
07/03/18	UOB Kay Hian	Singtel	3.05	4.22	Buy
07/03/18	UOB Kay Hian	SPH	2.59	2.46	Hold
07/03/18	UOB Kay Hian	ST Engineering	3.27	4.1	Buy
07/03/18	UOB Kay Hian	Starhub	1.64	1.98	Hold
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/03/18	UOB Kay Hian	Venture	17.66	25	Buy
07/03/18	UOB Kay Hian	Wilmar	3.04	3.9	Buy
07/03/18	DBS Vickers	Wilmar	3.04	3.5	Buy	DCF
07/03/18	DBS Vickers	Yangzijiang	0.885	1.82	Buy	Sum of parts, PB1.25x
07/03/18	UOB Kay Hian	Yangzijiang	0.885	1.3	Buy

MIT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/17	Kim Eng	MIT	0.245	0.32	Not Rated	PB1.6x
11/22/17	Lim & Tan	MIT	0.245	0.32	Buy	PER8x FY18
01/03/18	Lim & Tan	MIT	0.26	0	Buy

Mindchamps - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/18	Amfrasers	Mindchamps	0.74	0.86	Buy	DCF, PER23.2x FY18
04/23/18	DMG & Partners	Mindchamps	0.815	0.95	Buy	EV/Ebitda19x & DCF
04/27/18	DMG & Partners	Mindchamps	0.815	1	Buy	EV/Ebitda19x & DCF
05/09/18	DMG & Partners	Mindchamps	0.795	1	Buy	EV/Ebitda19x & DCF
05/15/18	Amfrasers	Mindchamps	0.78	0.86	Buy	PER23.2x FY18

Midas - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
03/01/17	OCBC	5EN	Midas	0.26	0.255	Hold	-1.92	PB0.6x FY17
03/02/17	DBS Vickers	5EN	Midas	0.245	0.36	Buy	46.94
04/10/17	DBS Vickers	5EN	Midas	0.225	0.36	Buy	60.00
04/11/17	OCBC	5EN	Midas	0.23	0.255	Hold	10.87
05/18/17	OCBC	5EN	Midas	0.225	0.245	Hold	8.89	PB0.6x FY17
05/23/17	DBS Vickers	5EN	Midas	0.225	0.36	Buy	60.00
08/16/17	OCBC	5EN	Midas	0.215	0.225	Hold	4.65	PB0.5x FY17
08/16/17	DBS Vickers	5EN	Midas	0.215	0.36	Buy	67.44	PB0.8x
11/14/17	OCBC	5EN	Midas	0.215	0.225	Hold	4.65

Stock calls for 2 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/18	Phillip	CapitaCommercial	1.66	1.88	Accumulate	DDM, PB0.97x
07/02/18	CIMB	CapitaCommercial	1.66	1.9	Add	DDM
07/02/18	OCBC	CapitaCommercial	1.66	1.84	Hold
07/02/18	DBS Vickers	CapitaCommercial	1.66	2.12	Buy
07/02/18	CIMB	China Sunsine	1.55	1.87	Add	PER9.8x CY19
07/02/18	phillip	DBS	26.61	32.7	Accumulate
07/02/18	OCBC	Frasers Commercial Trust	1.38	1.53	Buy
07/02/18	DBS Vickers	Netlink	0.74	0.87	Buy	DCF
07/02/18	phillip	OCBC	11.64	14.9	Accumulate
07/02/18	Kim Eng	Singapore Post	1.26	1.5	Buy	DCF
07/02/18	phillip	UOB	26.76	31.7	Accumulate

Why did Mad Dog Mattis become so docile in China?

General Mattis is not called Mad Dog Mattis for no reason.  He was a very aggressive military man but he became very docile during his recent visit to China.

Why? What happened to him?

I would attribute his recent docile behaviour in China to a recent China missile exercise video which was released by China prior to his arrival.  As a military veteran, he knew and understood what he was watching.

This missile video was released by China prior to his arrival and I believed this video shocked him.

DF-10A has an effective range of 1500km and this can keep US aircraft carriers at bay which will render any encroachment on China ineffective.  A DF-10A can destroy a building completely in the video.  Moreover, DF-10A can carry a 500kg nuclear warhead.  DF-16 has an even longer range and can push any US carrier further away from China coastlines.

Canada is the latest country to hit back at Trump.

https://www.channelnewsasia.com/news/business/canada-hits-back-on-us-tariffs--mnuchin-denies-trump-wants-to-quit-wto-10485368

Trump is digging his own grave now.

Trump will be the first to blink in this trade was as he has to deal with a November election.

We just need to prolong the trade war and Trump will cave in.

Another bike sharing company, obike, has folded in Singapore.

https://www.channelnewsasia.com/news/commentary/obike-closure-singapore-bike-sharing-operator-bad-business-idea-10482320

We had stated in 2017 that this bike sharing business concept was flawed but VCs continued to invest in such businesses.

This shows that VCs do not know how to evaluate businesses at all as there are precursory signs of such businesses will flop.

http://sg-stock.blogspot.com/2018/06/bike-sharing-business-concept-is-not.html

Baltic dry index - 1385

Today, Friday, June 29 2018, the Baltic Dry Index climbed by 56 points, reaching 1385 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 stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 1047

HOUSTON, June 29 (Xinhua) -- The number of active drilling rigs in the United States fell by five this week to 1,047, but still 107 more than that this time last year, showed weekly data collected by Baker Hughes released Friday.

The Houston-based oilfield services company Baker Hughes reported that the number of oil rigs operating in the United States fell by four while those seeking natural gas dropped by one, driving the overall rig count down to 1,047.

There are now 858 rigs drilling for oil with more than half of them - 474 - situated in the Permian Basin region of West Texas and New Mexico. There are exactly 187 gas-seeking rigs and two miscellaneous rigs.

Baker Hughes reported a fall of seven active rigs in the previous week.

Oil prices were sluggish for most of June, although the prices have shown an upswing starting last Friday as OPEC reached a deal for only modest oil production hikes.

=========================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/22/17	Phillip	Micro-Mechanics	1.545	2	Buy	PER15x FY18
10/31/17	Phillip	Micro-Mechanics	2.03	2.5	Buy	PER16x FY18
01/31/18	Phillip	Micro-Mechanics	2.35	2.5	Accumulate
05/02/18	Phillip	Micro-Mechanics	1.82	2.3	Buy	PER17x FY18

Metro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/30/17	Lim & Tan	Metro	1.17	0	Hold
05/25/18	Lim & Tan	Metro	1.17	0	Hold

Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Mermaid Maritime	0.15	0.24	Add	PB0.65x CY17
01/09/17	DBS Vickers	Mermaid Maritime	0.195	0.24	Buy	PB0.7x FY17
03/02/17	CIMB	Mermaid Maritime	0.2	0.28	Add	PB0.77x FY17
03/02/17	DBS Vickers	Mermaid Maritime	0.2	0.25	Buy	DCF & PER0.7x
05/17/17	CIMB	Mermaid Maritime	0.18	0.19	Hold	PB0.56x FY17
05/17/17	DBS Vickers	Mermaid Maritime	0.18	0.2	Hold	Sum of parts
08/18/17	CIMB	Mermaid Maritime	0.143	0.14	Reduce	PB0.4x FY17
08/18/17	DBS Vickers	Mermaid Maritime	0.143	0.14	Hold	PB0.6x
09/14/17	CIMB	Mermaid Maritime	0.126	0.14	Reduce
11/16/17	CIMB	Mermaid Maritime	0.138	0.14	Reduce	PB0.4x CY17
11/17/17	DBS Vickers	Mermaid Maritime	0.138	0.14	Hold	PB0.6x
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14	Hold
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Hold	Sum of parts
05/18/18	DBS Vickers	Mermaid Maritime	0.138	0.13	Hold	PB0.6x

Stock calls for 29 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/18	DMG & Partners	DBS	26.49	30.3	Buy	GGM, PB1.47x FY19
06/29/18	Lim & Tan	Del Monte	0.18	0	Neutral
06/29/18	SAC	HLH	0.163	0.51	Buy	RNAV (40% discount), PB0.8x FY18
06/29/18	DMG & Partners	Raffles Medical	1.01	1.02	Neutral	DCF
06/29/18	DBS Vickers	SPH Reit	0.99	1.07	Buy	DCF
06/29/18	CIMB	Yoma	0.365	0.62	Not Rated	Bloomberg consensus
06/28/18	DBS Vickers	Capitaland	3.13	4.35	Buy
06/28/18	DMG & Partners	Capitaland	3.13	4.25	Buy	RNAV (15% discount)
06/28/18	UOB Kay Hian	Chip Eng Seng	0.84	1.38	Buy
06/28/18	OCBC	Sheng Siong	1.05	1.12	Buy
06/28/18	DBS Vickers	ST Engineering	3.29	4.1	Buy
06/28/18	NRA	Trendlines	0.119	0.225	Overweight
06/28/18	DBS Vickers	UOB	26.36	33.2	Buy
06/28/18	CIMB	Y Venture	0.445	0.62	Add	PER30x CY19

Memtech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	OCBC	Memtech	0.635	0.76	Buy
02/27/17	CIMB	Memtech	0.65	0.76	Add	PER8x FY18
02/27/17	OCBC	Memtech	0.65	0.77	Hold	PER11.1x FY17, Buy @ $0.60 or lower
04/25/17	Lim & Tan	Memtech	0.79	1	Buy	PER10.6x, PB0.9x
04/25/17	UOB Kay Hian	Memtech	0.79	1.05	Buy
04/28/17	CIMB	Memtech	0.875	1.09	Add	PER10x FY18
05/02/17	OCBC	Memtech	0.855	0.85	Hold
05/19/17	CIMB	Memtech	0.785	1.09	Add	PER10x FY18
05/29/17	Lim & Tan	Memtech	0.92	1.1	Buy	PER11x, PB1x
05/30/17	UOB Kay Hian	Memtech	0.97	1.15	Buy	PER12.5x FY17
07/03/17	UOB Kay Hian	Memtech	0.895	1.15	Buy	PER12.5x FY17
07/05/17	CIMB	Memtech	0.905	1.09	Add
07/06/17	OCBC	Memtech	0.91	0.85	Hold
07/28/17	Lim & Tan	Memtech	1.005	0	Buy
08/04/17	CIMB	Memtech	1.035	1.16	Add	PER10.4x FY18
08/08/17	UOB Kay Hian	Memtech	1.02	1.15	Buy	PER12.5x FY17
08/11/17	UOB Kay Hian	Memtech	1.04	1.18	Buy	PER10.3x FY18
08/11/17	Lim & Tan	Memtech	1.04	1.13	Buy	PB1x
09/05/17	UOB Kay Hian	Memtech	0.945	1.18	Buy	PER10.3x FY18
10/04/17	UOB Kay Hian	Memtech	1.01	1.18	Buy	PER10.3x FY18
10/11/17	UOB Kay Hian	Memtech	1.045	1.33	Buy	PER11.6x FY18
10/11/17	Lim & Tan	Memtech	1.045	1.3	Buy	PER13.7x
11/02/17	UOB Kay Hian	Memtech	1.175	1.33	Buy
11/13/17	CIMB	Memtech	1.14	1.33	Add	PER10x FY19
12/20/17	CIMB	Memtech	1.09	1.33	Add
01/10/18	CIMB	Memtech	1.15	1.33	Add	PER10x FY19
01/24/18	CLSA	Memtech	1.28	2	Buy	PEG0.45x, PER15x CY18
02/09/18	UOB Kay Hian	Memtech	1.29	1.43	Buy	PER11.6x FY18
03/05/18	Lim & Tan	Memtech	1.52	0	Buy
03/07/18	CIMB	Memtech	1.54	1.76	Add	PER12x FY19
04/06/18	UOB Kay Hian	Memtech	1.58	1.5	Hold	PER12x FY18, Buy @ $1.35
04/26/18	Lim & Tan	Memtech	1.37	0	Hold
04/27/18	CIMB	Memtech	1.29	1.47	Add	PER10x FY19
04/27/18	UOB Kay Hian	Memtech	1.29	1.32	Hold	PER10.6x FY18, Buy @ $1.18
06/26/18	CIMB	Memtech	1.13	1.47	Add