Malaysia has to delay the HSR project after realising it cannot wiggle itself out of the contract.

https://sg.finance.yahoo.com/news/hsr-likely-delayed-not-scrapped-031520857.html

Flip-flop again and again.  Cancel or delay?

Look like Malaysia cannot wiggle itself out of the compensation clause and has no choice but to delay the HSR project.

However, Malaysia still has to pay for liquidation damage for the deferment which may be lower than the cancellation fee.

Singapore has signed the CPTPP.

https://www.channelnewsasia.com/news/business/singapore-cptpp-trade-tpp-10543674

I prefer Singapore to sign the RCEP rather the CPTPP because the RCEP is much bigger.  CPTPP had a bad name because it was known to be an economic cooperation to contain China's economic growth in the past.

Furthermore, the USA is getting very protectionist and we need to promote free trade for our economic growth.

http://sg-stock.blogspot.com/2018/03/cpttp-is-nothing-compared-to-rcep.html

Ofo bike sharing has failed in the USA.

https://www.businesstimes.com.sg/transport/china-bike-sharing-giant-ofo-to-close-most-us-operations-after-less-than-a-year-wsj

As expected, the bike sharing business has failed in the USA.  Please read our previous postings on this flawed business concept.

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

http://sg-stock.blogspot.com/2018/02/chinese-bike-sharing-firm-has-gone.html

http://sg-stock.blogspot.com/2018/07/sharebikesg-shuts-down-in-singapore.html

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

Tat Hong to be delisted soon!

https://www.businesstimes.com.sg/companies-markets/tat-hong-to-delist-on-friday-morning-after-successful-buyout

Delisting from SGX in 2018:

Jaya
GLP
Genting HK
Tat Hong

http://sg-stock.blogspot.com/2018/02/another-company-jaya-is-leaving-sgx.html

http://sg-stock.blogspot.com/2017/10/sigh-another-big-market-capitalisation.html

Samudera - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/17	Amfrasers	Samudera	0.189	0.26	Buy	PB0.4x
10/13/17	Amfrasers	Samudera	0.24	0.38	Buy	PB0.6x FY17

Sabana Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	phillip	Sabana Reit	0.375	0.51	Trading Buy	PB0.9x, Ex-rights 42 for 100 @ $0.258
03/06/17	phillip	Sabana Reit	0.43	0.54	Trading Buy	PB0.9x
05/11/17	phillip	Sabana Reit	0.455	0.54	Trading Buy	PB0.9X
08/08/17	phillip	Sabana Reit	0.49	0.57	Trading Buy	PB1x

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/17	OCBC	Roxy-Pacific	0.525	0.52	Hold
11/22/17	OCBC	Roxy-Pacific	0.52	0.52	Hold
12/07/17	OCBC	Roxy-Pacific	0.54	0.6	Buy
12/12/17	DBS Vickers	Roxy-Pacific	0.53	0.69	Buy	RNAV (30% discount)
02/15/18	OCBC	Roxy-Pacific	0.56	0.66	Buy
02/19/18	DBS Vickers	Roxy-Pacific	0.56	0.69	Buy	RNAV (30% discount)
03/20/18	DBS Vickers	Roxy-Pacific	0.555	0.69	Buy	RNAV (30% discount)
04/03/18	DBS Vickers	Roxy-Pacific	0.55	0.69	Buy
05/08/18	DBS Vickers	Roxy-Pacific	0.515	0.63	Buy
05/15/18	OCBC	Roxy-Pacific	0.515	0.6	Buy
06/05/18	DBS Vickers	Roxy-Pacific	0.505	0.63	Buy
07/09/18	DBS Vickers	Roxy-Pacific	0.43	0.4	Fully Valued	RNAV (55% discount)

Stock calls for 19 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/18	DMG & Partners	Breadtalk	1.1	1.04	Neutral	Sum of parts
07/19/18	phillip	First Reit	1.32	1.31	Neutral	DDM, PB1.21x
07/19/18	OCBC	First Reit	1.32	1.34	Hold
07/19/18	CIMB	First Reit	1.32	1.41	Hold	DDM
07/19/18	DBS Vickers	Keppel Infrastructure	0.53	0.58	Buy	DDM
07/19/18	DBS Vickers	Keppel KBS	0.88	0.95	Buy	DCF
07/19/18	Lim & Tan	MIT	0.33	0.456	Buy
07/19/18	UOB Kay Hian	OCBC	11.15	13.52	Buy	GGM, PB1.41x FY18
07/19/18	Credit Suisse	Venture	16.89	14.5	Underperform	PER11x
07/19/18	Lim & Tan	Wheelock Properties	1.74	2.1	Reject offer	Offer $2.1
07/19/18	OCBC	Wheelock Properties	1.74	2.34	Reject offer	Offer $2.1

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Riverstone	0.88	0.93	Neutral
02/24/17	CIMB	Riverstone	0.91	0.91	Hold	PER16.4x CY18
02/24/17	Kim Eng	Riverstone	0.91	0.83	Hold	PER16x FY17
05/05/17	Kim Eng	Riverstone	0.885	1.05	Buy
05/05/17	Lim & Tan	Riverstone	0.885	1.06	Buy	PER16x
05/08/17	CIMB	Riverstone	0.96	1.11	Add	PER18.3x FY18
05/08/17	DBS Vickers	Riverstone	0.96	1.07	Buy	PER16x FY18
08/04/17	Lim & Tan	Riverstone	1.065	0	Hold
08/04/17	DBS Vickers	Riverstone	1.065	1.07	Buy	PER16x FY18
08/07/17	CIMB	Riverstone	1.05	1.2	Add	PER16.3x FY18
08/07/17	Kim Eng	Riverstone	1.05	1.05	Hold
08/08/17	DBS Vickers	Riverstone	1.055	1.09	Hold	PER16x FY18
11/09/17	Kim Eng	Riverstone	1.065	1.05	Hold	PER16x FY18
11/09/17	DBS Vickers	Riverstone	1.065	1.09	Hold
02/26/18	CIMB	Riverstone	1.04	1.28	Add	PER18.6x FY19
02/26/18	DBS Vickers	Riverstone	1.04	1.27	Buy	PER16x FY19
02/26/18	Kim Eng	Riverstone	1.04	1.22	Buy	PER18x FY18
05/09/18	DBS Vickers	Riverstone	0.985	1.27	Buy
05/09/18	Lim & Tan	Riverstone	0.985	0	Hold
05/14/18	CIMB	Riverstone	1	1.28	Add

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/17	DBS Vickers	Religare Health Trust	0.925	0.85	Hold	DDM
02/08/17	CIMB	Religare Health Trust	0.89	0.89	Hold	DDM
05/24/17	DBS Vickers	Religare Health Trust	0.92	0.85	Hold	DDM, PB1x
08/07/17	CIMB	Religare Health Trust	0.88	0.92	Hold	DDM
11/16/17	DBS Vickers	Religare Health Trust	0.895	0.85	Hold	DDM, Offer $0.90
11/16/17	CIMB	Religare Health Trust	0.895	0.92	Hold	DDM, PB1.08x
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM
03/20/18	DBS Vickers	Religare Health Trust	0.775	0.85	Hold
06/14/18	CIMB	Religare Health Trust	0.765	0.81	Hold	DDM

Regal - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/17	NRA	Regal	0.145	0.315	Overweight
03/20/17	NRA	Regal	0.149	0.3	Overweight	RNAV (15% discount)
06/19/17	NRA	Regal	0.143	0.3	Overweight
12/11/17	NRA	Regal	0.135	0.3	Overweight
04/10/18	NRA	Regal	0.13	0.3	Overweight

Stock calls for 18 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/18/18	CIMB	CSE Global	0.44	0.5	Add	PER13.5x CY19
07/18/18	UOB Kay Hian	DBS	26.01	28.95	Buy	GGM, PB1.58x FY18
07/18/18	Phillip	Keppel DC Reit	1.35	1.45	Accumulate	DDM
07/18/18	OCBC	Keppel DC Reit	1.35	1.54	Buy
07/18/18	CIMB	Keppel DC Reit	1.35	1.49	Add	DDM
07/18/18	DBS Vickers	Keppel DC Reit	1.35	1.52	Buy
07/18/18	Macquarie	SGX	7.45	7.7	Neutral
07/18/18	OCBC	Soilbuild Reit	0.65	0.69	Buy
07/18/18	DBS Vickers	Soilbuild Reit	0.65	0.62	Hold	DCF

Another Indian rape again!

https://www.independent.co.uk/news/world/asia/india-police-arrest-18-men-repeated-rape-girl-sexual-violence-women-a8451626.html

Here we go again! This is never ending in India because of the rape culture.

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Raffles Medical	1.43	1.76	Buy	DCF
01/03/17	UOB Kay Hian	Raffles Medical	1.43	1.7	Buy	DCF
01/19/17	DIR	Raffles Medical	1.475	1.49	Hold	DCF
02/08/17	UOB Kay Hian	Raffles Medical	1.455	1.7	Buy
02/20/17	CIMB	Raffles Medical	1.48	1.46	Reduce	Sum of parts
02/20/17	OCBC	Raffles Medical	1.48	1.61	Buy
02/21/17	CIMB	Raffles Medical	1.46	1.36	Reduce	Sum of parts, EV/Ebitda23x CY17
02/21/17	Credit Suisse	Raffles Medical	1.46	1.6	Neutral
02/21/17	DBS Vickers	Raffles Medical	1.46	1.4	Hold	PER29x FY17/18
02/21/17	DIR	Raffles Medical	1.46	1.43	Hold	DCF
02/21/17	DMG & Partners	Raffles Medical	1.46	1.72	Buy	DCF
02/21/17	Kim Eng	Raffles Medical	1.46	1.7	Buy	DCF
02/21/17	Lim & Tan	Raffles Medical	1.46	0	Hold
02/21/17	OCBC	Raffles Medical	1.46	1.6	Buy
02/21/17	UOB Kay Hian	Raffles Medical	1.46	1.67	Buy
02/22/17	Phillip	Raffles Medical	1.445	1.6	Accumulate	DCF
03/21/17	UOB Kay Hian	Raffles Medical	1.42	1.66	Buy
03/24/17	Kim Eng	Raffles Medical	1.405	1.7	Buy	DCF
04/03/17	OCBC	Raffles Medical	1.415	1.6	Buy	Sum of parts
04/04/17	CIMB	Raffles Medical	1.43	1.36	Reduce	Sum of parts
04/04/17	Credit Suisse	Raffles Medical	1.43	1.6	Neutral
04/04/17	DIR	Raffles Medical	1.43	1.63	Outperform	DCF
04/04/17	DMG & Partners	Raffles Medical	1.43	1.72	Buy	Sum of parts
04/05/17	DBS Vickers	Raffles Medical	1.445	1.4	Hold	PER29x FY17/18
04/10/17	UOB Kay Hian	Raffles Medical	1.47	1.66	Buy	DCF
04/25/17	CIMB	Raffles Medical	1.415	1.37	Reduce	Sum of parts
04/25/17	DIR	Raffles Medical	1.415	1.56	Outperform	DCF
04/25/17	DMG & Partners	Raffles Medical	1.415	1.49	Neutral	DCF
04/25/17	Kim Eng	Raffles Medical	1.415	1.67	Buy	DCF
04/25/17	Phillip	Raffles Medical	1.415	1.49	Accumulate	DCF
04/25/17	UOB Kay Hian	Raffles Medical	1.415	1.52	Hold	DCF, Buy @ $1.35
06/05/17	Kim Eng	Raffles Medical	1.365	1.54	Buy	DCF
06/08/17	OCBC	Raffles Medical	1.375	1.6	Buy
06/19/17	UOB Kay Hian	Raffles Medical	1.355	1.52	Hold	DCF
06/20/17	CIMB	Raffles Medical	1.36	1.25	Reduce	Sum of parts
08/01/17	Phillip	Raffles Medical	1.285	1.27	Neutral	DCF
08/01/17	DIR	Raffles Medical	1.285	1.46	Outperform	DCF
08/01/17	DMG & Partners	Raffles Medical	1.285	1.1	Sell	DCF
08/01/17	UOB Kay Hian	Raffles Medical	1.285	1.3	Hold	DCF, Buy @ $1.17
08/01/17	Kim Eng	Raffles Medical	1.285	1.12	Sell	DCF
08/01/17	OCBC	Raffles Medical	1.285	1.47	Buy
08/01/17	Credit Suisse	Raffles Medical	1.285	1.45	Neutral
08/01/17	CIMB	Raffles Medical	1.285	1.25	Reduce	Sum of parts
08/01/17	Lim & Tan	Raffles Medical	1.285	0	Sell
08/02/17	DBS Vickers	Raffles Medical	1.11	1.2	Hold	PER25x FY17/18
09/18/17	CIMB	Raffles Medical	1.1	1.21	Add	Sum of parts
09/21/17	UOB Kay Hian	Raffles Medical	1.105	1.28	Buy	DCF
10/11/17	DIR	Raffles Medical	1.17	1.29	Outperform	DCF
10/16/17	UOB Kay Hian	Raffles Medical	1.155	1.28	Buy	DCF
10/31/17	CIMB	Raffles Medical	1.125	1.24	Add	Sum of parts
10/31/17	Phillip	Raffles Medical	1.125	1.32	Accumulate	DCF
10/31/17	UOB Kay Hian	Raffles Medical	1.125	1.34	Buy	DCF
10/31/17	DMG & Partners	Raffles Medical	1.125	1.1	Neutral	DCF
10/31/17	OCBC	Raffles Medical	1.125	1.26	Buy
10/31/17	DBS Vickers	Raffles Medical	1.125	1	Fully Valued	PER26x FY18, PER30x FY19
10/31/17	Lim & Tan	Raffles Medical	1.125	0	Hold
11/29/17	DMG & Partners	Raffles Medical	1.06	1.1	Neutral
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy
02/27/18	Phillip	Raffles Medical	1.1	1.32	Accumulate	DCF
02/27/18	UOB Kay Hian	Raffles Medical	1.1	1.32	Buy	DCF
02/27/18	OCBC	Raffles Medical	1.1	1.26	Buy	Sum of parts
02/27/18	Kim Eng	Raffles Medical	1.1	1.13	Hold	DCF
02/27/18	DMG & Partners	Raffles Medical	1.1	1.02	Neutral	DCF
02/28/18	DBS Vickers	Raffles Medical	1.16	1	Fully Valued	Sum of parts, PER26x FY18
03/13/18	UOB Kay Hian	Raffles Medical	1.17	1.32	Buy	DCF
05/02/18	Phillip	Raffles Medical	1.15	1.32	Accumulate	DCF
05/02/18	UOB Kay Hian	Raffles Medical	1.15	1.32	Buy	DCF
05/02/18	DMG & Partners	Raffles Medical	1.15	1.02	Sell	DCF
05/02/18	OCBC	Raffles Medical	1.15	1.26	Buy
05/02/18	CIMB	Raffles Medical	1.15	1.24	Hold	Sum of parts
05/02/18	Kim Eng	Raffles Medical	1.15	1.13	Hold
06/29/18	DMG & Partners	Raffles Medical	1.01	1.02	Neutral	DCF

QAF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	OCBC	QAF	1.41	1.46	Hold	Buy @ $1.36 or lower
05/08/17	OCBC	QAF	1.34	1.46	Hold

Q & M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	CIMB	Q & M	0.71	0.6	Reduce	PER28x
03/06/17	Kim Eng	Q & M	0.705	0.77	Hold	PER36x FY18
03/06/17	phillip	Q & M	0.705	0.65	Reduce	PER38.2x FY17
05/12/17	CIMB	Q & M	0.705	0.6	Reduce	PER28x CY18
05/15/17	phillip	Q & M	0.7	0.65	Reduce	PER38.2x FY17
06/05/17	Kim Eng	Q & M	0.685	0.6	Hold	PER28x FY18
08/21/17	phillip	Q & M	0.63	0.61	Neutral	PER32x
01/08/18	CIMB	Q & M	0.65	0.61	Reduce	PER28x CY19
03/02/18	phillip	Q & M	0.635	0.625	Hold	PER27x FY18
05/16/18	phillip	Q & M	0.605	0.625	Neutral	PER27x FY18

Stock calls for 17 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/17/18	OCBC	Hutchison Port	0.28	0.37	Buy
07/17/18	CIMB	Keppel Reit	1.14	1.34	Add	DDM
07/17/18	UOB Kay Hian	Keppel Reit	1.14	1.35	Buy	DDM
07/17/18	DBS Vickers	Keppel Reit	1.14	1.41	Buy	DCF
07/17/18	Lim & Tan	UOL	6.79	0	Buy

Singapore NODX increased only 1.1% in June 2018.

https://www.todayonline.com/singapore/singapores-non-oil-exports-notch-modest-increase-june

Year on year changes (YOY):

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

https://sg-stock.blogspot.com/2018/06/singapore-nodx-increased-155-in-may-2018.html

Procurri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/17	DBS Vickers	Procurri	0.405	0.4	Hold
05/15/17	DBS Vickers	Procurri	0.28	0.32	Hold	PER9.3x FY17/18
08/16/17	DBS Vickers	Procurri	0.21	0.18	Fully Valued	RNAV (5% discount)
11/16/17	DBS Vickers	Procurri	0.235	0.18	Fully Valued	RNAV (6% discount)

Powermatic - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/18	CIMB	Powermatic	1.39	2.58	Add	Sum of parts, PER12.8x FY19