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Tuesday, July 24, 2018

Sembcorp Marine - Stock calls


Date Analyst Company Last Target Call Valuation
01/05/17 Deutsche Sembcorp Marine 1.42 1.9 Buy PB1.5x FY17
01/05/17 Morgan Stanley Sembcorp Marine 1.42 1 Underweight
01/06/17 CIMB Sembcorp Marine 1.455 1.7 Add PB1.3x CY17
01/13/17 DBS Vickers Sembcorp Marine 1.51 1.55 Hold PB1.3x FY17
01/16/17 DIR Sembcorp Marine 1.515 0.94 Sell PB0.9x FY16/17
01/16/17 UOB Kay Hian Sembcorp Marine 1.515 1.61 Hold PB1.3x FY17, Buy @ $1.45
01/17/17 OCBC Sembcorp Marine 1.49 1.43 Hold
01/25/17 Credit Suisse Sembcorp Marine 1.545 1.2 Neutral
02/07/17 CIMB Sembcorp Marine 1.475 1.7 Add PB1.3x FY17
02/17/17 CLSA Sembcorp Marine 1.545 2 Buy
02/23/17 CIMB Sembcorp Marine 1.535 1.88 Add PB1.5x
02/23/17 DBS Vickers Sembcorp Marine 1.535 1.78 Buy PB1.5x FY17
02/23/17 DMG & Partners Sembcorp Marine 1.535 1.46 Neutral PER16x FY17
02/23/17 Lim & Tan Sembcorp Marine 1.535 0 Buy
02/23/17 OCBC Sembcorp Marine 1.535 1.76 Buy PB1.4x FY17
02/23/17 UOB Kay Hian Sembcorp Marine 1.535 1.61 Hold PB1.2x, FY17, Buy @ $1.45
02/24/17 phillip Sembcorp Marine 1.815 1.58 Reduce PER25.4x
02/28/17 Amfrasers Sembcorp Marine 1.73 1.63 Hold
03/01/17 Credit Suisse Sembcorp Marine 1.78 2.4 Outperform
03/06/17 Deutsche Sembcorp Marine 2.03 2.1 Buy
03/06/17 UOB Kay Hian Sembcorp Marine 2.03 1.61 Hold PB1.2x FY17
03/14/17 DIR Sembcorp Marine 1.86 1.22 Sell PB1x FY17
04/03/17 UOB Kay Hian Sembcorp Marine 1.92 1.61 Hold PB1.3x FY17, Buy @ $1.45
04/10/17 Credit Suisse Sembcorp Marine 1.875 2.4 Outperform
04/28/17 CIMB Sembcorp Marine 1.73 1.88 Add PB1.5x CY17
04/28/17 DIR Sembcorp Marine 1.73 1.22 Sell PB1x FY17
04/28/17 Lim & Tan Sembcorp Marine 1.73 0 Hold
04/28/17 OCBC Sembcorp Marine 1.73 2.01 Buy PB1.6x FY17
04/28/17 UOB Kay Hian Sembcorp Marine 1.73 1.43 Sell PB1.1x FY17
04/28/17 UBS Sembcorp Marine 1.73 1.75 Neutral
05/02/17 DBS Vickers Sembcorp Marine 1.63 1.78 Buy PB1.5x FY17
05/02/17 DMG & Partners Sembcorp Marine 1.63 1.65 Neutral PB1.3x
05/02/17 phillip Sembcorp Marine 1.63 1.58 Neutral PER23.9x
06/06/17 Credit Suisse Sembcorp Marine 1.665 2.4 Outperform
06/09/17 Deutsche Sembcorp Marine 1.64 2.1 Buy PB1.7x FY17
06/12/17 OCBC Sembcorp Marine 1.635 2.01 Buy
06/20/17 UOB Kay Hian Sembcorp Marine 1.595 1.43 Sell PB1.1x FY17
07/11/17 CIMB Sembcorp Marine 1.68 1.88 Add PB1.5x FY17
07/18/17 Credit Suisse Sembcorp Marine 1.65 2.4 Outperform
07/21/17 DBS Vickers Sembcorp Marine 1.74 2.3 Buy PB1.8x FY17
07/28/17 DIR Sembcorp Marine 1.74 1.22 Sell PB1x FY17/18
07/28/17 UOB Kay Hian Sembcorp Marine 1.74 1.8 Hold PB1.4x FY18, Buy @ $1.60
07/28/17 OCBC Sembcorp Marine 1.74 1.98 Buy PB1.6x FY17
07/28/17 CIMB Sembcorp Marine 1.74 1.87 Add PB1.5x FY17
07/28/17 Lim & Tan Sembcorp Marine 1.74 0 Hold
07/28/17 DMG & Partners Sembcorp Marine 1.74 1.65 Neutral PB1.3x FY17
07/31/17 phillip Sembcorp Marine 1.695 1.55 Reduce PER28.5x
07/31/17 Amfrasers Sembcorp Marine 1.695 2.05 Buy PB1.8x FY17
08/01/17 Credit Suisse Sembcorp Marine 1.685 2.4 Outperform PER43.4x FY17, PB1.4x
08/25/17 Morgan Stanley Sembcorp Marine 1.605 1.05 Underweight
09/12/17 CIMB Sembcorp Marine 1.575 1.87 Add PB1.5x FY17
09/12/17 DMG & Partners Sembcorp Marine 1.575 1.65 Neutral PB1.3x FY17
09/15/17 UOB Kay Hian Sembcorp Marine 1.59 1.8 Hold
09/19/17 OCBC Sembcorp Marine 1.63 1.98 Buy
09/19/17 Lim & Tan Sembcorp Marine 1.63 0 Buy
09/19/17 UBS Sembcorp Marine 1.63 1.67 Neutral
09/20/17 DBS Vickers Sembcorp Marine 1.67 2.3 Buy PB1.8x FY17
09/27/17 Credit Suisse Sembcorp Marine 1.68 2.4 Outperform
10/02/17 UOB Kay Hian Sembcorp Marine 1.745 1.77 Hold PB1.3x, Buy @ $1.60
10/05/17 CIMB Sembcorp Marine 1.745 1.87 Add PB1.5x FY17
10/09/17 CIMB Sembcorp Marine 1.735 2.51 Add PB2x
10/09/17 UOB Kay Hian Sembcorp Marine 1.735 1.9 Buy PB1.5x FY18
10/09/17 OCBC Sembcorp Marine 1.735 1.98 Buy
10/09/17 DBS Vickers Sembcorp Marine 1.735 2.3 Buy
10/09/17 phillip Sembcorp Marine 1.735 1.82 Neutral PER33.6x FY18
10/09/17 Lim & Tan Sembcorp Marine 1.735 0 Buy
10/09/17 UBS Sembcorp Marine 1.735 1.82 Neutral
10/10/17 DIR Sembcorp Marine 1.815 1.22 Sell PB1x FY17/18
10/10/17 DMG & Partners Sembcorp Marine 1.815 1.65 Neutral
10/24/17 Credit Suisse Sembcorp Marine 1.86 2.4 Outperform
10/24/17 Deutsche Sembcorp Marine 1.86 2.6 Buy
11/01/17 CIMB Sembcorp Marine 1.93 2.49 Add PB2x FY18
11/01/17 Credit Suisse Sembcorp Marine 1.93 2.4 Outperform
11/01/17 OCBC Sembcorp Marine 1.93 2.26 Buy PB1.8x
11/01/17 UOB Kay Hian Sembcorp Marine 1.93 2.1 Buy
11/01/17 Lim & Tan Sembcorp Marine 1.93 0 Buy
11/02/17 phillip Sembcorp Marine 2.01 1.91 Neutral PER38.2x FY18
11/02/17 DBS Vickers Sembcorp Marine 2.01 2.3 Buy PB1.8x FY17
11/02/17 Amfrasers Sembcorp Marine 2.01 2.05 Hold
11/03/17 Morgan Stanley Sembcorp Marine 2.01 1.18 Underweight PB1x
11/03/17 UBS Sembcorp Marine 2.01 1.85 Neutral
12/04/17 UOB Kay Hian Sembcorp Marine 1.87 2.1 Buy PB1.6x FY19
12/04/17 Amfrasers Sembcorp Marine 1.87 2.05 Hold
12/20/17 CIMB Sembcorp Marine 1.93 2.49 Add PB2x FY18
12/26/17 OCBC Sembcorp Marine 1.94 1.74 Sell PB1.8x
12/27/17 Lim & Tan Sembcorp Marine 1.87 0 Hold Bribery alert!
12/27/17 Deutsche Sembcorp Marine 1.87 2.4 Buy PB1.8x
01/02/18 UOB Kay Hian Sembcorp Marine 1.84 2.1 Buy
01/02/18 CIMB Sembcorp Marine 1.84 2.49 Add PB2x FY18
01/03/18 OCBC Sembcorp Marine 1.87 1.78 Hold PB1.85x
01/05/18 Amfrasers Sembcorp Marine 1.83 2.05 Hold
01/22/18 OCBC Sembcorp Marine 2.3 2.37 Hold PB2x FY18
01/23/18 UBS Sembcorp Marine 2.39 3.06 Buy
01/23/18 DBS Vickers Sembcorp Marine 2.39 3.1 Buy PB2.4x FY18
02/02/18 Deutsche Sembcorp Marine 2.57 2.9 Buy
02/02/18 Credit Suisse Sembcorp Marine 2.57 3 Outperform
02/07/18 CIMB Sembcorp Marine 2.71 2.49 Neutral Buy @ $2
02/13/18 DBS Vickers Sembcorp Marine 2.37 3.1 Buy
02/22/18 OCBC Sembcorp Marine 2.63 2.43 Hold
02/22/18 UOB Kay Hian Sembcorp Marine 2.63 1.9 Hold PB1.6x FY19, Buy @ $1.80
02/22/18 DBS Vickers Sembcorp Marine 2.63 2.9 Buy PB2.4x FY18
02/22/18 CIMB Sembcorp Marine 2.63 3.01 Add PB2.5x FY18
02/26/18 phillip Sembcorp Marine 2.23 1.91 Reduce PER43.4x FY18
02/27/18 Amfrasers Sembcorp Marine 2.18 2.06 Hold
03/05/18 CIMB Sembcorp Marine 2.02 3.01 Add PB2.5x FY18
03/05/18 OCBC Sembcorp Marine 2.02 2.07 Hold PB1.7x FY18/19
03/06/18 DBS Vickers Sembcorp Marine 1.9 2.9 Buy PB2.4x FY18
03/26/18 Morgan Stanley Sembcorp Marine 2.09 2.45 Overweight PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/28/18 UOB Kay Hian Sembcorp Marine 2.21 2.78 Buy
04/03/18 DBS Vickers Sembcorp Marine 2.22 2.9 Buy
04/06/18 CIMB Sembcorp Marine 2.17 3.01 Add PB2.5x FY18
04/11/18 OCBC Sembcorp Marine 2.23 2.07 Hold
04/23/18 Macquarie Sembcorp Marine 2.32 1.8 Underperform PB1.5x
04/26/18 CIMB Sembcorp Marine 2.23 2.52 Add PB
04/26/18 UOB Kay Hian Sembcorp Marine 2.23 2.05 Hold PB1.7x FY19, Buy @ $1.90
04/26/18 OCBC Sembcorp Marine 2.23 2.1 Hold PB1.75x FY18/19
04/26/18 CIMB Sembcorp Marine 2.23 2.52 Add PB2.2x CY18
04/26/18 Lim & Tan Sembcorp Marine 2.23 0 Hold
04/27/18 phillip Sembcorp Marine 2.11 1.85 Reduce PER51.4x
04/27/18 DBS Vickers Sembcorp Marine 2.11 2.9 Buy PB2.4x FY18
05/08/18 Amfrasers Sembcorp Marine 2.1 2.64 Buy PB2.4x FY18
05/08/18 OCBC Sembcorp Marine 2.1 2.1 Hold
05/22/18 CIMB Sembcorp Marine 2.27 2.52 Add PB2.2x CY18
06/05/18 DBS Vickers Sembcorp Marine 2.11 2.9 Buy
06/25/18 UOB Kay Hian Sembcorp Marine 1.96 2.05 Hold
07/11/18 CIMB Sembcorp Marine 1.97 2.52 Add PB2.2x CY18
07/13/18 DBS Vickers Sembcorp Marine 1.95 2.9 Buy
07/23/18 UOB Kay Hian Sembcorp Marine 1.96 1.83 Hold PB1.7x FY19, Buy @ $1.73
07/23/18 Credit Suisse Sembcorp Marine 1.96 2.4 Outperform
07/23/18 OCBC Sembcorp Marine 1.96 2.1 Hold
07/23/18 phillip Sembcorp Marine 1.96 1.78 Reduce PB1.6x FY19
07/24/18 DBS Vickers Sembcorp Marine 1.83 2.5 Buy
07/24/18 Lim & Tan Sembcorp Marine 1.83 0 Hold

Stock calls for 24 July 2018


Date Analyst Company Last Target Call Valuation
07/24/18 DBS Vickers First Sponsor 1.25 1.62 Buy
07/24/18 DBS Vickers Hongkong Land 7.2 8.57 Buy
07/24/18 OCBC Hutchison Port 0.275 0.36 Buy
07/24/18 OCBC Mapletree Logistics 1.28 1.34 Buy
07/24/18 UOB Kay Hian Raffles Medical 1.1 1.28 Buy DCF, PER34.8x FY18
07/24/18 DBS Vickers Sembcorp Marine 1.83 2.5 Buy
07/24/18 Lim & Tan Sembcorp Marine 1.83 0 Hold
07/24/18 Jefferies Wing Tai 2.11 2.4 Buy

The USA is getting antsy because it is losing the trade war now.

https://www.scmp.com/news/china/article/2155890/xi-jinping-doesnt-intend-follow-through-trade-war-talks-says-top-donald

China Xi Jinping has stopped all trade negotiations with the USA and this is causing the USA to get very antsy as the USA will face an arduous November election this year.

China knows that Trump will lose the November election if this trade war continues or escalates.  The USA doesn't have the high saving rates and political will to win this trade war and China capitalizes on these weaknesses to win the trade war.

The USA is trying very hard to get China back into the trade negotiation but China is playing it cool by ignoring the USA.

The analysts and academia who said that China would bow to the USA or lose in this trade war just didn't understand the whole situation well enough and made the wrong judgement call.  We need to look at the situation from a holistic viewpoint rather than a singularity point (trade figures) to make an accurate assessment.

If we just look at trade figures between US & China per se, I will agree that China will lose based on this simplicity of argument but the real situation is more complex than the trade figures.

In any analysis, there are qualitative and quantitive assessments.  However, many analysts and researchers relied more on qualitative assessment and erred in their judgement call.

Monday, July 23, 2018

Sembcorp Industries - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 Lim & Tan Sembcorp Industries 2.85 0 Buy
01/03/17 UOB Kay Hian Sembcorp Industries 2.85 3.2 Buy
01/05/17 Deutsche Sembcorp Industries 2.93 3.45 Buy Sum of parts (15% discount)
01/11/17 OCBC Sembcorp Industries 3.06 3.36 Buy Sum of parts (5% discount)
01/25/17 Credit Suisse Sembcorp Industries 3.27 2.7 Neutral
02/03/17 OCBC Sembcorp Industries 3.18 3.36 Buy
02/24/17 CIMB Sembcorp Industries 3.36 3.51 Hold Sum of parts, PB0.6x CY17
02/24/17 DMG & Partners Sembcorp Industries 3.36 4.17 Buy Sum of parts
02/24/17 OCBC Sembcorp Industries 3.36 3.69 Buy
02/24/17 UOB Kay Hian Sembcorp Industries 3.36 3.95 Buy Sum of parts
02/27/17 DBS Vickers Sembcorp Industries 3.27 3.8 Buy Sum of parts (10% discount), PB1.1x, PER17.2X FY17
02/27/17 Lim & Tan Sembcorp Industries 3.27 0 Buy
03/01/17 Credit Suisse Sembcorp Industries 3.2 3.6 Neutral
03/02/17 UOB Kay Hian Sembcorp Industries 3.27 3.95 Buy
03/24/17 UOB Kay Hian Sembcorp Industries 3.13 3.78 Buy Sum of parts
04/04/17 UOB Kay Hian Sembcorp Industries 3.2 3.78 Buy PER9.8x FY18
04/07/17 Credit Suisse Sembcorp Industries 3.15 3.6 Neutral
04/10/17 Lim & Tan Sembcorp Industries 3.15 0 Buy
04/11/17 CIMB Sembcorp Industries 3.14 3.51 Hold Sum of parts
05/04/17 CIMB Sembcorp Industries 3 3.51 Add Sum of parts
05/04/17 Credit Suisse Sembcorp Industries 3 3.6 Neutral
05/04/17 DBS Vickers Sembcorp Industries 3 3.8 Buy RNAV (10% discount), PB1x
05/04/17 DIR Sembcorp Industries 3 2.67 Underperform Sum of parts
05/04/17 Lim & Tan Sembcorp Industries 3 0 Hold
05/04/17 OCBC Sembcorp Industries 3 3.48 Buy
05/04/17 UOB Kay Hian Sembcorp Industries 3 3.66 Buy Sum of parts
05/05/17 DMG & Partners Sembcorp Industries 3.15 3.2 Neutral Sum of parts
05/11/17 DIR Sembcorp Industries 3.14 3.14 Hold
05/29/17 phillip Sembcorp Industries 3.15 3.5 Accumulate Sum of parts (10% discount)
06/02/17 OCBC Sembcorp Industries 3.19 3.48 Buy
06/06/17 Credit Suisse Sembcorp Industries 3.16 3.6 Neutral Sum of parts
06/20/17 UOB Kay Hian Sembcorp Industries 3.1 3.66 Buy
07/12/17 OCBC Sembcorp Industries 3.13 3.48 Buy
07/13/17 UOB Kay Hian Sembcorp Industries 3.09 3.66 Buy Sum of parts
07/18/17 Credit Suisse Sembcorp Industries 3.15 3.6 Neutral
07/21/17 DBS Vickers Sembcorp Industries 3.24 4.1 Buy Sum of parts, PB1.1x FY17
07/24/17 CIMB Sembcorp Industries 3.29 3.52 Add Sum of parts
08/01/17 Credit Suisse Sembcorp Industries 3.23 3.6 Neutral PER13.9x FY17, PB0.8x
08/04/17 DIR Sembcorp Industries 3.22 3.14 Hold Probability weighted
08/04/17 UOB Kay Hian Sembcorp Industries 3.22 3.57 Buy Sum of parts
08/04/17 DMG & Partners Sembcorp Industries 3.22 3.2 Neutral Sum of parts
08/04/17 OCBC Sembcorp Industries 3.22 3.43 Hold
08/04/17 CIMB Sembcorp Industries 3.22 3.47 Add Sum of parts
08/04/17 DBS Vickers Sembcorp Industries 3.22 4 Buy RNAV (10% discount), PB1.1x
08/07/17 phillip Sembcorp Industries 3.18 3.5 Accumulate Sum of parts
08/07/17 Lim & Tan Sembcorp Industries 3.18 0 Hold
08/23/17 OCBC Sembcorp Industries 2.99 3.43 Buy
08/25/17 Morgan Stanley Sembcorp Industries 3.03 2.39 Underweight
09/04/17 CIMB Sembcorp Industries 2.98 3.47 Add Sum of parts
09/04/17 UOB Kay Hian Sembcorp Industries 2.98 3.59 Buy Sum of parts, PER10.1x FY18
09/05/17 Lim & Tan Sembcorp Industries 2.93 0 Buy
09/20/17 DBS Vickers Sembcorp Industries 2.96 4 Buy RNAV (10% discount), PB1.1x
09/27/17 Credit Suisse Sembcorp Industries 2.95 3.6 Neutral
10/02/17 UOB Kay Hian Sembcorp Industries 2.96 3.57 Buy Sum of parts
10/09/17 DBS Vickers Sembcorp Industries 3.02 4 Buy
10/24/17 Credit Suisse Sembcorp Industries 3.24 3.6 Neutral
11/03/17 CIMB Sembcorp Industries 3.38 3.87 Add Sum of parts, PER8.1x FY18, PB0.59x FY17
11/03/17 UOB Kay Hian Sembcorp Industries 3.38 3.87 Buy Sum of parts
11/03/17 Credit Suisse Sembcorp Industries 3.38 3.6 Neutral
11/03/17 OCBC Sembcorp Industries 3.38 3.59 Hold
11/03/17 Lim & Tan Sembcorp Industries 3.38 0 Buy
11/06/17 phillip Sembcorp Industries 3.3 3.7 Accumulate Sum of parts (10% discount)
11/06/17 DBS Vickers Sembcorp Industries 3.3 4.2 Buy Sum of parts, PB1.1x
11/21/17 OCBC Sembcorp Industries 3.05 3.59 Buy
12/12/17 UOB Kay Hian Sembcorp Industries 3.04 3.87 Buy Sum of parts
12/20/17 CIMB Sembcorp Industries 3.02 3.87 Add
01/02/18 UOB Kay Hian Sembcorp Industries 3.03 3.87 Buy
01/23/18 DBS Vickers Sembcorp Industries 3.38 4.5 Buy Sum of parts (10% discount), PB1.1x
02/05/18 OCBC Sembcorp Industries 3.57 3.95 Buy Sum of parts
02/13/18 DBS Vickers Sembcorp Industries 3.21 4.5 Buy
02/19/18 Lim & Tan Sembcorp Industries 3.22 0 Buy
02/20/18 UOB Kay Hian Sembcorp Industries 3.3 3.87 Buy
02/21/18 CIMB Sembcorp Industries 3.28 3.87 Add Sum of parts
02/26/18 OCBC Sembcorp Industries 3.24 3.84 Buy
02/26/18 phillip Sembcorp Industries 3.24 3.86 Accumulate Sum of parts
02/26/18 UOB Kay Hian Sembcorp Industries 3.24 3.28 Hold Sum of parts, Buy @ $2.90
02/26/18 CIMB Sembcorp Industries 3.24 4.13 Add Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18 DBS Vickers Sembcorp Industries 3.2 4.4 Buy Sum of parts (10% discount), PB1.1x
03/05/18 OCBC Sembcorp Industries 3.12 3.59 Buy
03/07/18 DBS Vickers Sembcorp Industries 3.08 4.4 Buy RNAV (10% discount), PB1.1x
03/26/18 Morgan Stanley Sembcorp Industries 3.04 2.77 Underweight Sum of parts, Up from $2.39
04/03/18 DBS Vickers Sembcorp Industries 3.11 4.4 Buy
04/04/18 UOB Kay Hian Sembcorp Industries 3.06 3.28 Hold Sum of parts, Buy @ $3
04/12/18 CIMB Sembcorp Industries 3.11 4.13 Add Sum of parts
04/23/18 Macquarie Sembcorp Industries 3.24 3.6 Outperform
05/04/18 OCBC Sembcorp Industries 3.06 3.59 Buy
05/04/18 UOB Kay Hian Sembcorp Industries 3.06 3.6 Hold Sum of parts, Buy @ $2.90
05/04/18 CIMB Sembcorp Industries 3.06 3.49 Add Sum of parts
05/07/18 DBS Vickers Sembcorp Industries 3.04 4.4 Buy Sum of parts (10% discount), PB1.1x
05/09/18 phillip Sembcorp Industries 3.06 3.83 Buy Sum of parts (10% discount)
06/04/18 CIMB Sembcorp Industries 2.93 3.49 Add
06/04/18 DBS Vickers Sembcorp Industries 2.93 4.5 Buy
06/25/18 UOB Kay Hian Sembcorp Industries 2.76 3.6 Hold PER8.5x FY19
06/25/18 Lim & Tan Sembcorp Industries 2.76 0 Accumulate
07/03/18 UOB Kay Hian Sembcorp Industries 2.72 3.6 Buy
07/11/18 CIMB Sembcorp Industries 2.67 3.49 Add

SATS - Stock calls


Date Analyst Company Last Target Call Valuation
01/11/17 UOB Kay Hian SATS 4.94 4.5 Hold
01/20/17 DIR SATS 5.19 4.97 Hold
02/02/17 Credit Suisse SATS 5.26 4.9 Neutral
02/08/17 UOB Kay Hian SATS 5.15 4.5 Hold
02/10/17 CIMB SATS 4.98 5 Hold DCF & PER19x CY19
02/10/17 DIR SATS 4.98 4.93 Hold DCF
02/10/17 Kim Eng SATS 4.98 3.76 Sell PER17x FY18
02/10/17 Lim & Tan SATS 4.98 0 Hold
02/10/17 OCBC SATS 4.98 4.7 Hold Buy @ $4.40
02/10/17 phillip SATS 4.98 4.73 Neutral DCF
02/10/17 UOB Kay Hian SATS 4.98 4.6 Hold DDM, PER23x FY18, Buy @ $4.30
03/21/17 DIR SATS 4.82 4.93 Hold DCF
04/03/17 UOB Kay Hian SATS 4.88 4.6 Hold
04/07/17 Credit Suisse SATS 4.89 4.9 Neutral
05/03/17 UOB Kay Hian SATS 5.12 4.6 Hold
05/18/17 CIMB SATS 5.28 5.17 Hold DCF & PER19x
05/22/17 CIMB SATS 5.29 5.11 Hold DCF & PER19x
05/22/17 Credit Suisse SATS 5.29 4.65 Underperform
05/22/17 DIR SATS 5.29 5 Hold DCF
05/22/17 Kim Eng SATS 5.29 4.9 Hold PER17x
05/22/17 OCBC SATS 5.29 5.12 Hold DCF, Buy @ $4.7 or lower
05/22/17 phillip SATS 5.29 5.08 Hold DCF, PER23.2x FY18
05/22/17 UOB Kay Hian SATS 5.29 5.05 Hold DDM
06/06/17 UOB Kay Hian SATS 5.22 5.05 Hold Buy @ $4.75
06/16/17 OCBC SATS 5.08 5.12 Hold Buy @ $4.70 or lower
07/14/17 DIR SATS 4.94 5 Hold DCF
07/20/17 Credit Suisse SATS 5.09 4.65 Underperform
07/24/17 Kim Eng SATS 5.08 4.9 Hold PER
07/24/17 DIR SATS 5.08 5.05 Hold DCF
07/24/17 phillip SATS 5.08 5.08 Neutral DCF, PER23.2x FY18
07/24/17 UOB Kay Hian SATS 5.08 5.1 Hold DDM
07/24/17 CIMB SATS 5.08 5.11 Hold DCF & PER19x
07/24/17 OCBC SATS 5.08 5.05 Hold DCF, Buy @ $4.7 or lower
07/24/17 Lim & Tan SATS 5.08 5.09 Sell Bloomberg consensus
08/02/17 DIR SATS 4.85 5.05 Hold
08/02/17 UOB Kay Hian SATS 4.85 5.4 Buy DDM, PER23.5x FY18
08/22/17 Credit Suisse SATS 4.83 4.6 Underperform
09/05/17 UOB Kay Hian SATS 4.76 5.4 Buy DDM, PER23.5x FY18
09/18/17 OCBC SATS 4.74 5.05 Hold Buy @ $4.70 or lower
09/25/17 DBS Vickers SATS 4.65 5.02 Buy DCF & PER21x FY18
09/25/17 CIMB SATS 4.65 4.24 Reduce PER18x CY19
09/26/17 DIR SATS 4.57 5.19 Outperform DCF
10/02/17 OCBC SATS 4.61 5.05 Buy
10/04/17 UOB Kay Hian SATS 4.66 5.4 Buy PER23.5x FY18
11/01/17 DBS Vickers SATS 4.7 5.02 Buy
11/02/17 UOB Kay Hian SATS 4.75 5.4 Buy PER23.5x FY18
11/10/17 UOB Kay Hian SATS 4.71 6 Buy DCF, PER24.6x FY18
11/10/17 OCBC SATS 4.71 5.05 Buy
11/10/17 CIMB SATS 4.71 4.81 Hold PER20x CY18
11/10/17 phillip SATS 4.71 5.24 Accumulate DCF, PER23.2x FY18
11/13/17 Kim Eng SATS 5.01 5.7 Buy PER21x FY19/20
11/13/17 Credit Suisse SATS 5.01 4.6 Neutral
12/04/17 UOB Kay Hian SATS 5.24 6 Buy
12/20/17 CIMB SATS 5.26 4.81 Hold
01/16/18 OCBC SATS 5.78 5.5 Hold Buy @ $5.05 or lower
02/14/18 Kim Eng SATS 5.25 6.1 Buy PER21x FY20
02/14/18 UOB Kay Hian SATS 5.25 5.9 Buy DCF, PER25.2x FY18
02/14/18 OCBC SATS 5.25 5.5 Hold Buy @ $5.05 or lower
02/14/18 CIMB SATS 5.25 5.17 Hold PER20x FY19
02/14/18 phillip SATS 5.25 5.33 Neutral DCF, PER23.3x FY18
02/14/18 DBS Vickers SATS 5.25 5.67 Buy DCF, PER22x FY19
03/09/18 UOB Kay Hian SATS 5.03 5.9 Buy
04/13/18 UOB Kay Hian SATS 5.18 5.8 Buy PER25.3x FY19
04/19/18 CIMB SATS 5.45 5.17 Hold
05/30/18 Lim & Tan SATS 5.35 0 Hold
05/31/18 phillip SATS 5.28 5.58 Accumulate DCF
05/31/18 UOB Kay Hian SATS 5.28 5.7 Buy DCF, PER24.3x FY19
05/31/18 DBS Vickers SATS 5.28 5.64 Buy
05/31/18 OCBC SATS 5.28 5.5 Hold
06/11/18 UOB Kay Hian SATS 5.13 5.7 Buy
06/14/18 OCBC SATS 5.06 5.5 Buy
07/03/18 UOB Kay Hian SATS 4.91 5.7 Buy
07/20/18 phillip SATS 5.1 5.58 Accumulate DCF, PER24.7x FY19
07/20/18 UOB Kay Hian SATS 5.1 6.1 Buy DCF, PER23x FY20
07/20/18 Kim Eng SATS 5.1 5.9 Buy PER21x FY20
07/20/18 CIMB SATS 5.1 5.06 Hold PER20x CY19
07/20/18 DBS Vickers SATS 5.1 5.65 Buy DCF & PER22x FY19

Sasseur - Stock calls


Date Analyst Company Last Target Call Valuation
06/07/18 Kim Eng Sasseur 0.77 0.9 Buy
06/20/18 Citi Research Sasseur 0.76 0.92 Buy

Stock calls for 23 July 2018


Date Analyst Company Last Target Call Valuation
07/23/18 DMG & Partners Capitaland 3.19 3.95 Buy RNAV (20% discount)
07/23/18 Phillip Capitamall Trust 2.16 2.05 Neutral DDM, PB1.03x FY18
07/23/18 DBS Vickers Capitamall Trust 2.16 2.3 Buy
07/23/18 UOB Kay Hian Capitamall Trust 2.16 2.02 Hold DDM, Buy @ $1.84
07/23/18 Credit Suisse Capitamall Trust 2.16 2.3 Outperform
07/23/18 OCBC Capitamall Trust 2.16 2.1 Hold
07/23/18 CIMB Capitamall Trust 2.16 2.21 Hold DDM
07/23/18 Deutsche Capitamall Trust 2.16 2.3 Buy DDM & RNAV
07/23/18 DMG & Partners City Developments 10.06 10.4 Neutral RNAV (35% discount)
07/23/18 Kim Eng Genting 1.28 1.46 Buy EV/Ebitda 12x FY18
07/23/18 CIMB Keppel Corp 7.09 8.82 Add Sum of parts
07/23/18 Lim & Tan Keppel Corp 7.09 0 Hold
07/23/18 Deutsche Keppel Corp 7.09 8.4 Hold RNAV (35% discount)
07/23/18 UOB Kay Hian Sembcorp Marine 1.96 1.83 Hold PB1.7x FY19, Buy @ $1.73
07/23/18 Credit Suisse Sembcorp Marine 1.96 2.4 Outperform
07/23/18 OCBC Sembcorp Marine 1.96 2.1 Hold
07/23/18 phillip Sembcorp Marine 1.96 1.78 Reduce PB1.6x FY19
07/23/18 UOB Kay Hian SIA Engineering 3.2 3.4 Hold DCF, PER21.8x FY19, Buy @ $3-3.1

Saturday, July 21, 2018

This is how a crab defends itself!

Don't mess with a wrong crab and this crab won't be a chilli pepper crab on your table.

Friday, July 20, 2018

Trump threatens tariffs on 500b China goods.

https://www.reuters.com/article/us-usa-trade-china/trump-threatens-tariffs-on-all-500-billion-of-chinese-imports-cnbc-idUSKBN1KA18Q

This is great news because Trump will lose the election in November 2018 as China will boycott USA goods in retaliation.

Sarine - Stock calls


Date Analyst Company Last Target Call Valuation
02/28/17 CIMB Sarine 1.9 1.95 Hold
05/15/17 CIMB Sarine 1.915 1.96 Hold PER15.3x CY18
02/06/18 CIMB Sarine 1.05 1.56 Add PER17.2x CY19
02/27/18 CIMB Sarine 1.18 1.53 Add PER17.2x CY19
05/15/18 CIMB Sarine 1.03 1.53 Add PER17.2x CY19

Sanli Env - Stock calls


Date Analyst Company Last Target Call Valuation
11/14/17 SAC Advisors Sanli Env 0.3 0.36 Buy
01/11/18 SAC Advisors Sanli Env 0.295 0.36 Buy PER15.9x FY18
05/25/18 SAC Advisors Sanli Env 0.25 0.36 Buy

Stock calls for 20 July 2018


Date Analyst Company Last Target Call Valuation
07/20/18 CIMB CapitaCommercial 1.75 1.9 Add
07/20/18 UOB Kay Hian CapitaCommercial 1.75 1.99 Buy DDM
07/20/18 DBS Vickers Keppel Corp 6.96 8.82 Buy Sum of parts, PB1.3x FY18
07/20/18 OCBC Keppel Corp 6.96 8.7 Buy
07/20/18 phillip SATS 5.1 5.58 Accumulate DCF, PER24.7x FY19
07/20/18 UOB Kay Hian SATS 5.1 6.1 Buy DCF, PER23x FY20
07/20/18 Kim Eng SATS 5.1 5.9 Buy PER21x FY20
07/20/18 CIMB SATS 5.1 5.06 Hold PER20x CY19
07/20/18 DBS Vickers SATS 5.1 5.65 Buy DCF & PER22x FY19
07/20/18 phillip SIA Engineering 3.19 3.56 Accumulate DCF, PER22x FY19
07/20/18 DBS Vickers SIA Engineering 3.19 3.92 Buy Sum of parts

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.

Thursday, July 19, 2018

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