Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	DBS Vickers	Bukit Sembawang	4.85	7.55	Buy	Takeover target
12/14/17	Kim Eng	Bukit Sembawang	5.93	8.25	Buy	RNAV (20% discount)
01/16/18	Kim Eng	Bukit Sembawang	6.39	8.25	Buy	RNAV (38% discount), PB1.37x
02/22/18	Kim Eng	Bukit Sembawang	6.13	8.25	Buy	RNAV (20% discount)
03/20/18	Kim Eng	Bukit Sembawang	6.03	8.55	Buy	RNAV (20% discount)
04/11/18	Kim Eng	Bukit Sembawang	6.08	8.55	Buy
05/25/18	Kim Eng	Bukit Sembawang	6.17	8.55	Buy	RNAV (20% discount)
06/20/18	Kim Eng	Bukit Sembawang	6.04	8.55	Buy
07/09/18	Kim Eng	Bukit Sembawang	5.31	5.1	Hold
09/06/18	Kim Eng	Bukit Sembawang	5.92	5.1	Hold

Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/17	DIR	Breadtalk	1.285	1.42	Outperform	PER20.9x FY17
01/03/17	DMG & Partners	Breadtalk	1.16	1.45	Buy	EV/Ebitda5x FY17, PER16.5x FY17
01/26/17	OCBC	Breadtalk	1.225	1.07	Hold	PER23x FY17
02/24/17	DMG & Partners	Breadtalk	1.31	1.5	Buy	EV/Ebitda 6x FY17
02/24/17	OCBC	Breadtalk	1.31	1.21	Hold	PER24x FY17
04/04/17	DBS Vickers	Breadtalk	1.355	1.69	Buy
05/04/17	DIR	Breadtalk	1.395	1.53	Outperform	PER20.9x FY17
05/04/17	DMG & Partners	Breadtalk	1.395	1.6	Buy	EV/Ebitda 6x FY17
05/04/17	OCBC	Breadtalk	1.395	1.21	Hold
06/09/17	DBS Vickers	Breadtalk	1.65	1.92	Buy	Sum of parts
07/04/17	DMG & Partners	Breadtalk	1.515	1.6	Buy
08/01/17	DBS Vickers	Breadtalk	1.75	1.92	Buy
08/03/17	DMG & Partners	Breadtalk	1.795	1.83	Neutral	EV/Ebitda 6x FY18
08/03/17	DBS Vickers	Breadtalk	1.795	2.04	Buy	PER18x FY18
10/31/17	DBS Vickers	Breadtalk	1.555	2.04	Buy
11/06/17	DMG & Partners	Breadtalk	1.615	1.83	Buy	EV/Ebitda 6x FY18
11/07/17	DBS Vickers	Breadtalk	1.605	2.01	Buy	Sum of parts
01/26/18	DMG & Partners	Breadtalk	1.72	2.09	Buy	Sum of parts
02/20/18	DMG & Partners	Breadtalk	1.69	2.09	Buy
02/23/18	DMG & Partners	Breadtalk	1.75	2	Buy	Sum of parts
02/23/18	DBS Vickers	Breadtalk	1.75	2.05	Buy	Sum of parts
03/19/18	DMG & Partners	Breadtalk	1.94	2	Take Profit	Sum of parts
05/04/18	DMG & Partners	Breadtalk	1.83	1.86	Neutral	Sum of parts
05/08/18	DBS Vickers	Breadtalk	1.78	1.98	Buy	Sum of parts
05/23/18	DMG & Partners	Breadtalk	0.925	0.93	Neutral	Sum of parts, Stock split 1-into-2
06/22/18	DMG & Partners	Breadtalk	1	0.93	Neutral
07/19/18	DMG & Partners	Breadtalk	1.1	1.04	Neutral	Sum of parts, Stock split target $0.99
08/03/18	DMG & Partners	Breadtalk	1.14	1	Sell
08/07/18	DBS Vickers	Breadtalk	1.05	1.07	Hold	Sum of parts

Boustead Projects - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/17	CIMB	Boustead Projects	0.805	1.04	Add	RNAV (40% discount)
05/24/17	CIMB	Boustead Projects	0.86	1.04	Add	RNAV (40% discount)
05/21/18	Lim & Tan	Boustead Projects	0.81	0	Hold

Stock calls for 11 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/11/18	DMG & Partners	Capitaland	3.29	4	Buy
09/11/18	DBS Vickers	Capitamall Trust	2.09	2.45	Buy
09/11/18	phillip	Comfortdelgro	2.23	2.78	Accumulate
09/11/18	UOB Kay Hian	CSE Global	0.435	0.59	Buy	PER15x FY19
09/11/18	CIMB	Japfa	0.595	0.8	Add	Sum of parts
09/11/18	OCBC	SPH	2.79	2.52	Hold
09/11/18	Lim & Tan	SPH	2.79	0	Hold

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/17	CIMB	Boustead	0.88	0.96	Add	Sum of parts (20% discount)
05/24/18	Lim & Tan	Boustead	0.785	0	Hold

Blackgold - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/28/17	phillip	Blackgold	0.118	0.16	Trading Buy	PER10x
12/06/17	phillip	Blackgold	0.086	0.16	Trading Buy	PER10x

Best World - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/17	CLSA	Best World	1.46	2.5	Buy	PER18x FY17
02/01/17	DBS Vickers	Best World	1.83	2.36	Buy	PER16x FY17
02/23/17	CIMB	Best World	1.93	2.97	Add	PER16.1x CY18
02/27/17	DBS Vickers	Best World	2.03	2.44	Buy	PER16x FY17
03/24/17	Kim Eng	Best World	2.54	2.34	Buy	PER16x FY17
05/11/17	CIMB	Best World	2.79	3.05	Add	PER16.1x CY18
05/11/17	Kim Eng	Best World	2.79	3.53	Buy	PEG0.75x
05/12/17	DBS Vickers	Best World	2.84	3.31	Buy	PER18x FY17
05/22/17	DBS Vickers	Best World	1.44	1.65	Buy	1 for 2 stock split
07/19/17	CIMB	Best World	1.345	1.7	Add	PER18x CY18
08/08/17	Kim Eng	Best World	1.59	1.88	Buy	PER19x FY18, PEG0.7x
08/08/17	CIMB	Best World	1.59	1.8	Add	PER18x CY18
08/10/17	DBS Vickers	Best World	1.525	1.82	Buy	PER18x FY18
08/17/17	DBS Vickers	Best World	1.34	1.45	Hold	PER17x FY17
09/07/17	CIMB	Best World	1.235	1.8	Add	PER18x CY18
11/09/17	Kim Eng	Best World	1.315	1.88	Buy	PER19x FY18
11/10/17	CIMB	Best World	1.26	1.4	Hold	PER14.6x CY18
11/10/17	DBS Vickers	Best World	1.26	1.45	Hold	PER17x FY18
12/04/17	Kim Eng	Best World	1.26	1.88	Buy	PER19x FY18, PEG0.7x
02/27/18	Kim Eng	Best World	1.37	2.06	Buy
02/28/18	DBS Vickers	Best World	1.44	1.79	Buy	PER17x FY18
02/28/18	CIMB	Best World	1.44	1.7	Add	PER14x CY19
04/02/18	Kim Eng	Best World	1.84	2.06	Buy
05/15/18	DBS Vickers	Best World	1.45	1.29	Fully Valued	PER15x FY18/19
05/16/18	CIMB	Best World	1.29	1.39	Hold	PER12.5x CY19
08/10/18	CIMB	Best World	1.25	1.39	Hold	PER12.5x CY19
08/10/18	DBS Vickers	Best World	1.25	1.15	Fully Valued	PER15x FY18

Stock calls for 10 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/10/18	CIMB	A-Reit	2.63	2.89	Add	DDM
09/10/18	UOB Kay Hian	DISA	0.008	0.013	Buy	DCF
09/10/18	OCBC	Keppel Corp	6.36	8.38	Buy	Sum of parts
09/10/18	Kim Eng	Netlink	0.785	0.93	Buy	DDM
09/10/18	UOB Kay Hian	SATS	5.01	6.1	Buy
09/10/18	UOB Kay Hian	SIA	9.62	11.1	Hold
09/10/18	UOB Kay Hian	SIA Engineering	2.93	3.4	Hold
09/10/18	DBS Vickers	Soilbuild Reit	0.625	0.62	Hold
09/10/18	OCBC	Soilbuild Reit	0.625	0.69	Buy
09/10/18	DBS Vickers	SPH	2.73	2.58	Hold
09/10/18	UOB Kay Hian	ST Engineering	3.32	3.8	Buy	EV/Invested capital basis

Democracy has prevailed in Singapore gay sex ban.

https://sg.news.yahoo.com/thousands-back-petition-maintain-singapores-gay-sex-ban-071417138.html

Many people do not understand the true meaning of democracy.  Democracy is not about individual rights.

Please see below for the definition.

https://www.merriam-webster.com/dictionary/democracy

In a plain form, democracy is the rule of the majority.  Therefore, the minority cannot impose its rights and beliefs on the majority under a democratic society.  When there is a conflict between the majority and the minority, the democratic government must allow the majority rule to prevail to maintain the peace and order of the democratic society or else it will risk losing credibility and integrity because the government is voted into power by the majority.

Our society cannot accept gays and lesbians' sex or same-sex marriage in Singapore.  Therefore, these people cannot impose their values on the society and disrupt the peace and order.

We must not allow selective democracy to prevail because it is a prejudiced system.

China's export growth is still powering ahead despite US tariffs.

https://www.bloombergquint.com/china/2018/09/08/china-s-export-growth-in-august-beats-forecasts-in-yuan-terms#gs.kCwr08Y

The RMB depreciation is helping China's export growth because it helps to cushion against the US tariffs.  The consumer consumption is also showing no letdown because the import is also growing.

This shows that the Chinese have high savings to withstand the US tariffs.

Baltic dry index - 1484

Today, Thursday, September 7 2018, the Baltic Dry Index climbed by 7 points, reaching 1484 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.

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Related stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 1048

HOUSTON, Sept. 7 (Xinhua) -- The number of active drilling rigs in the United States stayed steady this week, showed weekly data released by Baker Hughes on Friday.

The Houston-based oilfield services company reported that the U.S. count remained at 1,048 drilling rigs, but still 104 more than that this time last year.

The number of rigs operating in U.S. oil fields decreased by two to a total of 860, while the number of rigs drilling for gas gained two to a total of 186 this week. The count of miscellaneous rigs remained level at two.

U.S. oil price slightly decreased by 0.03 percent on Friday amid higher U.S. dollar index, strong monthly payroll data in the country, as well as new tariff threat on imported goods from China.

The West Texas Intermediate (WTI) for October delivery decreased 0.02 U.S. dollar to settle at 67.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.49 dollar to 76.99 dollars a barrel on the London ICE Futures Exchange.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Trump has another additional tariff for $267b of Chinese goods.

https://finance.yahoo.com/news/trump-threatens-tariffs-another-267-161253830.html

Besides the impending tariffs on $200b Chinese goods, Trump has another tariff for $267b of Chinese goods.  By then, Trump will have imposed tariffs on all Chinese goods.

However, Trump doesn't understand China's resolve to defend itself by imposing in-kind retaliation and US consumers have limited savings to withstand the price hikes from the tariffs.

What is Trump going to do next after imposing tariffs on all Chinese goods?

Banyan Tree - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/17	phillip	Banyan Tree	0.565	0.77	Buy	Sum of parts
08/14/17	phillip	Banyan Tree	0.55	0.74	Buy	Sum of parts, PB0.87x FY18
09/12/17	UOB Kay Hian	Banyan Tree	0.64	0.93	Buy	Sum of parts, EV/Ebitda12.9x FY18
09/27/17	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts, EV/Ebitda12.9x FY18
11/09/17	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
11/13/17	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts, PB0.7x FY18
01/11/18	UOB Kay Hian	Banyan Tree	0.63	0.92	Buy	Sum of parts
02/28/18	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/05/18	UOB Kay Hian	Banyan Tree	0.585	0.92	Buy
04/20/18	UOB Kay Hian	Banyan Tree	0.605	1	Buy	Sum of parts
05/16/18	UOB Kay Hian	Banyan Tree	0.58	1	Buy	Sum of parts
05/17/18	phillip	Banyan Tree	0.575	0.73	Accumulate	Sum of parts, PB0.94x FY18
07/16/18	phillip	Banyan Tree	0.525	0.73	Accumulate	Sum of parts, PB0.94x FY18
08/15/18	UOB Kay Hian	Banyan Tree	0.535	1	Buy	Sum of parts
08/24/18	phillip	Banyan Tree	0.54	0.73	Accumulate	Sum of parts, PB0.94x FY18

Ayonda - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/18	phillip	Ayonda	0.009	0.22	Buy	Price to sales 6x FY18

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	Lim & Tan	Avi-Tech	0.335	0	Buy
03/29/17	DMG & Partners	Avi-Tech	0.4	0.52	Buy	DCF, PER5.7x FY18, Ex-cash
05/15/17	DMG & Partners	Avi-Tech	0.44	0.52	Buy	DCF
08/07/17	DMG & Partners	Avi-Tech	0.51	0.52	Buy
08/21/17	DMG & Partners	Avi-Tech	0.47	0.59	Buy	DCF, PER12x FY18
08/21/17	Lim & Tan	Avi-Tech	0.47	0	Buy
11/14/17	DMG & Partners	Avi-Tech	0.525	0.59	Buy	DCF, PER12x FY18
01/24/18	DMG & Partners	Avi-Tech	0.48	0.59	Buy	DCF, PER12x FY18
02/20/18	DMG & Partners	Avi-Tech	0.49	0.59	Buy
05/08/18	DMG & Partners	Avi-Tech	0.455	0.46	Neutral	DCF, PER11.5x FY19
05/16/18	DMG & Partners	Avi-Tech	0.44	0.43	Neutral	DCF, PER11.5x FY19
06/27/18	DMG & Partners	Avi-Tech	0.39	0.43	Neutral

Stock calls for 7 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/07/18	OCBC	A-Reit	2.69	2.71	Hold
09/07/18	DBS Vickers	APAC Realty	0.565	0.62	Hold	PER10x FY19
09/07/18	OCBC	Frasers Logistics	1.08	1.19	Buy
09/07/18	phillip	Geo Energy	0.22	0.34	Buy
09/07/18	phillip	Golden Energy	0.255	0.41	Buy
09/07/18	UOB Kay Hian	M1	1.57	1.55	Sell
09/07/18	DMG & Partners	Silverlake	0.445	0.57	Buy

The US is starting an economic imperialism programme for developing countries.

https://sg.finance.yahoo.com/news/proposed-us-initiative-aims-apos-065000915.html

While the US accuses China of economic imperialism, it is starting its own imperialism programme for developing countries with the BUILD programme, albeit at a much smaller fund than China's BRI.

If you think the US won't impose any unreasonable conditions, you will be dead wrong about it because the US will only think of its own benefits.  A good example would be the abandoned TPP by the US because it couldn't impose more unreasonable conditions on other countries on top of the ISDS.

https://sg-stock.blogspot.com/2017/05/fearmongering-by-western-media.html

The US is finding an excuse to attack Syria now.

https://sg.news.yahoo.com/u-seen-evidence-syria-preparing-chemical-weapons-idlib-001207754.html

The US is using the same tactic to launch an attack against Syria now.  The US also said the same thing about Iraq possessing WMDs before the US attacked Iraq but couldn't find any WMDs at the end.

Astaka - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/24/17	NRA	Astaka	0.092	0.13	Overweight	RNAV (56% discount)