Capitacommercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	CapitaCommercial	1.48	1.68	Buy	DDM
01/03/17	UOB Kay Hian	CapitaCommercial	1.48	1.78	Buy
01/09/17	DBS Vickers	CapitaCommercial	1.535	1.7	Buy	DCF
01/11/17	Deutsche	CapitaCommercial	1.56	1.6	Hold
01/11/17	Kim Eng	CapitaCommercial	1.56	1.81	Buy
01/18/17	DIR	CapitaCommercial	1.565	1.37	Underperform
01/18/17	Lim & Tan	CapitaCommercial	1.565	0	Buy
01/18/17	OCBC	CapitaCommercial	1.565	1.53	Hold
01/18/17	Religare	CapitaCommercial	1.565	1.46	Hold
01/19/17	Credit Suisse	CapitaCommercial	1.565	1.51	Underperform
01/19/17	DBS Vickers	CapitaCommercial	1.565	1.69	Buy	DCF
01/19/17	DIR	CapitaCommercial	1.565	1.35	Underperform	DDM
01/19/17	UOB Kay Hian	CapitaCommercial	1.565	1.75	Buy	DDM
01/24/17	Phillip	CapitaCommercial	1.565	1.63	Neutral	DDM
02/09/17	Credit Suisse	CapitaCommercial	1.54	1.51	Neutral
02/17/17	JP Morgan	CapitaCommercial	1.535	1.65	Overweight
02/28/17	Deutsche	CapitaCommercial	1.545	1.6	Hold
03/02/17	UOB Kay Hian	CapitaCommercial	1.55	1.75	Buy
03/08/17	DBS Vickers	CapitaCommercial	1.525	1.69	Buy	DCF
03/10/17	DMG & Partners	CapitaCommercial	1.525	1.68	Buy
03/24/17	Kim Eng	CapitaCommercial	1.53	1.81	Buy	Target yield 5%
04/07/17	DMG & Partners	CapitaCommercial	1.56	1.68	Buy
04/11/17	UOB Kay Hian	CapitaCommercial	1.57	1.75	Buy
04/18/17	DIR	CapitaCommercial	1.61	1.35	Underperform
04/18/17	Kim Eng	CapitaCommercial	1.61	1.81	Buy
04/19/17	OCBC	CapitaCommercial	1.62	1.53	Hold
04/19/17	Religare	CapitaCommercial	1.62	1.5	Hold
04/20/17	CIMB	CapitaCommercial	1.63	1.55	Hold	DDM
04/20/17	Credit Suisse	CapitaCommercial	1.63	1.51	Neutral
04/20/17	DIR	CapitaCommercial	1.63	1.38	Underperform	DDM
04/20/17	DMG & Partners	CapitaCommercial	1.63	1.68	Take Profit	DDM
04/20/17	Lim & Tan	CapitaCommercial	1.63	0	Hold
04/20/17	Phillip	CapitaCommercial	1.63	1.63	Neutral	DDM
05/02/17	DBS Vickers	CapitaCommercial	1.625	1.69	Buy
05/03/17	CIMB	CapitaCommercial	1.63	1.55	Hold	DDM
05/03/17	Kim Eng	CapitaCommercial	1.63	1.81	Buy	Target yield 5%
05/03/17	Phillip	CapitaCommercial	1.63	1.63	Neutral	DDM
05/03/17	UOB Kay Hian	CapitaCommercial	1.63	1.75	Buy
05/25/17	Deutsche	CapitaCommercial	1.68	1.7	Hold
05/25/17	UOB Kay Hian	CapitaCommercial	1.68	1.94	Buy
06/13/17	OCBC	CapitaCommercial	1.645	1.69	Hold
06/22/17	Deutsche	CapitaCommercial	1.64	1.7	Hold
06/23/17	UOB Kay Hian	CapitaCommercial	1.65	1.9	Buy	DDM
07/04/17	DBS Vickers	CapitaCommercial	1.665	1.69	Buy
07/04/17	Lim & Tan	CapitaCommercial	1.665	0	Hold
07/04/17	UOB Kay Hian	CapitaCommercial	1.665	1.9	Buy	DDM
07/05/17	DIR	CapitaCommercial	1.675	1.36	Sell	DDM
07/05/17	DMG & Partners	CapitaCommercial	1.675	1.68	Take Profit	DDM
07/11/17	Kim Eng	CapitaCommercial	1.71	1.81	Buy
07/14/17	CIMB	CapitaCommercial	1.67	1.68	Hold	DDM
07/19/17	OCBC	CapitaCommercial	1.69	1.69	Hold
07/20/17	DMG & Partners	CapitaCommercial	1.725	1.69	Take Profit	DDM
07/20/17	DIR	CapitaCommercial	1.725	1.42	Sell	DDM
07/20/17	Phillip	CapitaCommercial	1.725	1.8	Accumulate	DDM
07/20/17	Credit Suisse	CapitaCommercial	1.725	1.54	Neutral
07/20/17	DBS Vickers	CapitaCommercial	1.725	1.85	Buy	DCF
07/25/17	UOB Kay Hian	CapitaCommercial	1.755	1.9	Buy
07/31/17	UOB Kay Hian	CapitaCommercial	1.73	1.75	Buy
08/01/17	DBS Vickers	CapitaCommercial	1.72	1.85	Buy	DCF
08/17/17	UOB Kay Hian	CapitaCommercial	1.715	1.9	Buy
09/21/17	DMG & Partners	CapitaCommercial	1.71	1.68	Take Profit
09/21/17	Deutsche	CapitaCommercial	1.71	1.75	Hold
09/22/17	Kim Eng	CapitaCommercial	1.695	1.81	Buy	Target yield 5%
09/22/17	DIR	CapitaCommercial	1.695	1.39	Sell	DDM, Ex-rights 166-for-1000 at 1.363
09/22/17	UOB Kay Hian	CapitaCommercial	1.695	1.9	Buy
09/22/17	Lim & Tan	CapitaCommercial	1.695	0	Buy on weakness
09/22/17	Phillip	CapitaCommercial	1.695	1.8	Accumulate	DDM, PB1x
09/26/17	OCBC	CapitaCommercial	1.7	1.65	Hold
10/09/17	Phillip	CapitaCommercial	1.64	1.8	Accumulate	DDM, PB1x
10/20/17	Kim Eng	CapitaCommercial	1.66	1.77	Buy	Target yield 5%
10/23/17	UOB Kay Hian	CapitaCommercial	1.66	1.9	Buy	DDM
10/23/17	Credit Suisse	CapitaCommercial	1.66	1.49	Neutral
10/23/17	DMG & Partners	CapitaCommercial	1.66	1.6	Take Profit	DDM
10/23/17	OCBC	CapitaCommercial	1.66	1.66	Hold	DDM
10/23/17	CIMB	CapitaCommercial	1.66	1.68	Hold	DDM
10/23/17	DBS Vickers	CapitaCommercial	1.66	1.8	Buy	DCF
11/09/17	UOB Kay Hian	CapitaCommercial	1.81	1.9	Buy
12/01/17	UOB Kay Hian	CapitaCommercial	1.89	2.09	Buy
12/18/17	Kim Eng	CapitaCommercial	1.87	1.8	Hold	Target yield 5%
12/20/17	CIMB	CapitaCommercial	1.93	1.68	Hold
01/04/18	Deutsche	CapitaCommercial	1.99	1.85	Hold
01/05/18	DMG & Partners	CapitaCommercial	2.03	1.6	Take Profit
01/19/18	UOB Kay Hian	CapitaCommercial	1.92	2.09	Buy
01/25/18	Lim & Tan	CapitaCommercial	1.91	0	Hold
01/26/18	Kim Eng	CapitaCommercial	1.9	1.8	Hold
01/26/18	DMG & Partners	CapitaCommercial	1.9	1.63	Sell	DDM
01/26/18	OCBC	CapitaCommercial	1.9	1.84	Hold
01/26/18	DBS Vickers	CapitaCommercial	1.9	2.1	Buy	DCF
01/26/18	CIMB	CapitaCommercial	1.9	1.84	Hold
01/29/18	Phillip	CapitaCommercial	1.92	1.8	Neutral	DDM
02/13/18	UOB Kay Hian	CapitaCommercial	1.72	2.09	Buy
02/14/18	Deutsche	CapitaCommercial	1.74	1.9	Buy
02/20/18	DBS Vickers	CapitaCommercial	1.78	2.1	Buy
03/05/18	UOB Kay Hian	CapitaCommercial	1.72	2.09	Buy
03/06/18	UOB Kay Hian	CapitaCommercial	1.7	1.91	Buy
03/14/18	Lim & Tan	CapitaCommercial	1.77	0	Buy
04/13/18	DBS Vickers	CapitaCommercial	1.83	2.1	Buy	DCF
04/24/18	UOB Kay Hian	CapitaCommercial	1.82	2.09	Buy	DDM
04/24/18	OCBC	CapitaCommercial	1.82	1.84	Hold
04/24/18	Lim & Tan	CapitaCommercial	1.82	0	Buy
04/25/18	Phillip	CapitaCommercial	1.8	1.88	Accumulate	DDM
04/25/18	DMG & Partners	CapitaCommercial	1.8	1.63	Sell	DDM
04/25/18	CIMB	CapitaCommercial	1.8	1.93	Hold	DDM
05/02/18	UOB Kay Hian	CapitaCommercial	1.82	2.09	Buy	DDM
05/08/18	DBS Vickers	CapitaCommercial	1.79	2.1	Buy
05/17/18	DMG & Partners	CapitaCommercial	1.72	1.63	Sell
05/17/18	OCBC	CapitaCommercial	1.72	1.84	Hold
05/18/18	DMG & Partners	CapitaCommercial	1.72	1.65	Neutral	DDM
05/18/18	CIMB	CapitaCommercial	1.72	1.94	Add	DDM
06/04/18	UOB Kay Hian	CapitaCommercial	1.69	2.09	Buy
06/12/18	DBS Vickers	CapitaCommercial	1.7	2.1	Buy
06/22/18	UOB Kay Hian	CapitaCommercial	1.64	2.11	Buy	DDM
06/26/18	DBS Vickers	CapitaCommercial	1.64	2.12	Buy	DCF
06/26/18	Lim & Tan	CapitaCommercial	1.64	0	Buy
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	DCF
07/03/18	UOB Kay Hian	CapitaCommercial	1.63	2.11	Buy
07/13/18	Lim & Tan	CapitaCommercial	1.75	0	Buy
07/20/18	CIMB	CapitaCommercial	1.75	1.9	Add
07/20/18	UOB Kay Hian	CapitaCommercial	1.75	1.99	Buy	DDM
08/02/18	DBS Vickers	CapitaCommercial	1.74	2.12	Buy
08/17/18	UOB Kay Hian	CapitaCommercial	1.74	1.99	Buy
09/13/18	OCBC	CapitaCommercial	1.74	1.69	Hold
09/13/18	DBS Vickers	CapitaCommercial	1.74	2.12	Buy
09/13/18	UOB Kay Hian	CapitaCommercial	1.74	1.99	Buy	DDM

Stock calls for 13 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/13/18	Kim Eng	Bumitama	0.675	0.98	Buy
09/13/18	DBS Vickers	Bumitama	0.675	0.88	Buy
09/13/18	OCBC	CapitaCommercial	1.74	1.69	Hold
09/13/18	DBS Vickers	CapitaCommercial	1.74	2.12	Buy
09/13/18	UOB Kay Hian	CapitaCommercial	1.74	1.99	Buy	DDM
09/13/18	Macquarie	Capitaland	3.26	4.32	Outperform
09/13/18	Kim Eng	First Resources	1.67	2	Buy
09/13/18	DBS Vickers	First Resources	1.67	2	Buy
09/13/18	DBS Vickers	Indofood Agri	0.183	0.21	Hold
09/13/18	CIMB	SPH	2.74	2.88	Add	Sum of parts
09/13/18	DBS Vickers	Wilmar	3.15	3.61	Buy

Cache Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Cache Logistics	0.82	0.93	Hold
01/24/17	CIMB	Cache Logistics	0.81	0.71	Reduce	DDM
01/24/17	DMG & Partners	Cache Logistics	0.81	0.86	Neutral
01/24/17	OCBC	Cache Logistics	0.81	0.78	Hold
01/24/17	UOB Kay Hian	Cache Logistics	0.81	0.95	Buy	DDM
01/25/17	DBS Vickers	Cache Logistics	0.82	0.77	Hold	DCF
01/26/17	phillip	Cache Logistics	0.815	0.73	Reduce	DDM
02/20/17	phillip	Cache Logistics	0.81	0.73	Reduce
02/23/17	DBS Vickers	Cache Logistics	0.82	0.77	Hold
02/23/17	DMG & Partners	Cache Logistics	0.82	0.86	Neutral
02/23/17	OCBC	Cache Logistics	0.82	0.78	Hold
02/27/17	phillip	Cache Logistics	0.82	0.74	Reduce	DDM
02/28/17	OCBC	Cache Logistics	0.815	0.79	Hold	Buy @ $0.75 or below
03/07/17	UOB Kay Hian	Cache Logistics	0.815	0.95	Buy
04/10/17	CIMB	Cache Logistics	0.88	0.71	Reduce
04/11/17	UOB Kay Hian	Cache Logistics	0.88	0.95	Buy
04/18/17	Kim Eng	Cache Logistics	0.86	0.95	Hold	DDM
04/21/17	CIMB	Cache Logistics	0.87	0.82	Hold
04/21/17	OCBC	Cache Logistics	0.87	0.79	Hold
04/21/17	phillip	Cache Logistics	0.87	0.75	Reduce	DDM, PB0.98x FY17
04/24/17	DBS Vickers	Cache Logistics	0.885	0.77	Hold
04/24/17	DMG & Partners	Cache Logistics	0.885	0.86	Neutral	DDM
05/08/17	phillip	Cache Logistics	0.88	0.75	Reduce
05/25/17	UOB Kay Hian	Cache Logistics	0.89	0.96	Hold
06/22/17	Kim Eng	Cache Logistics	0.905	0.95	Hold
07/03/17	Kim Eng	Cache Logistics	0.92	0.95	Hold	DDM
07/12/17	DMG & Partners	Cache Logistics	0.935	0.86	Neutral
07/24/17	CIMB	Cache Logistics	0.94	0.84	Reduce	DDM
07/24/17	phillip	Cache Logistics	0.94	0.86	Neutral	DDM, PB1.12x FY17
07/24/17	OCBC	Cache Logistics	0.94	0.82	Sell
07/24/17	Religare	Cache Logistics	0.94	0.95	Buy
07/27/17	DBS Vickers	Cache Logistics	0.91	0.82	Hold
09/06/17	CIMB	Cache Logistics	0.855	0.76	Reduce	DDM
09/06/17	OCBC	Cache Logistics	0.855	0.81	Hold	Ex-right $0.78 (18 for 100 @ $0.632)
09/12/17	phillip	Cache Logistics	0.825	0.82	Neutral	DDM, PB1.09x FY17
09/21/17	DMG & Partners	Cache Logistics	0.815	0.86	Neutral	DDM
10/25/17	Kim Eng	Cache Logistics	0.84	0.85	Hold
10/25/17	phillip	Cache Logistics	0.84	0.82	Neutral	DDM, PB1.1x FY17
10/25/17	DMG & Partners	Cache Logistics	0.84	0.84	Neutral	DDM
10/25/17	CIMB	Cache Logistics	0.84	0.77	Hold	DDM
10/26/17	OCBC	Cache Logistics	0.845	0.78	Hold
10/26/17	DBS Vickers	Cache Logistics	0.845	0.83	Hold
11/01/17	phillip	Cache Logistics	0.82	0.82	Neutral	DDM
11/01/17	DBS Vickers	Cache Logistics	0.82	0.83	Hold
11/02/17	OCBC	Cache Logistics	0.84	0.81	Hold
12/19/17	DMG & Partners	Cache Logistics	0.84	0.84	Neutral
01/05/18	DMG & Partners	Cache Logistics	0.875	0.84	Neutral
01/19/18	Kim Eng	Cache Logistics	0.875	0.9	Hold	DDM
01/19/18	CIMB	Cache Logistics	0.875	0.85	Hold	DDM
01/22/18	DMG & Partners	Cache Logistics	0.88	0.96	Buy	DDM
01/22/18	phillip	Cache Logistics	0.88	0.92	Accumulate	DDM
01/22/18	DBS Vickers	Cache Logistics	0.88	0.9	Hold
01/22/18	OCBC	Cache Logistics	0.88	0.81	Hold
02/02/18	phillip	Cache Logistics	0.88	0.93	Accumulate	DDM
02/02/18	OCBC	Cache Logistics	0.88	0.85	Hold
02/02/18	DMG & Partners	Cache Logistics	0.88	0.98	Buy	DDM
02/02/18	Kim Eng	Cache Logistics	0.88	0.95	Buy
02/02/18	CIMB	Cache Logistics	0.88	0.88	Hold
03/27/18	phillip	Cache Logistics	0.825	0.93	Accumulate
04/13/18	phillip	Cache Logistics	0.84	0.91	Accumulate	DDM
04/16/18	Kim Eng	Cache Logistics	0.83	0.95	Buy
04/26/18	DBS Vickers	Cache Logistics	0.83	0.88	Hold
04/26/18	OCBC	Cache Logistics	0.83	0.83	Hold
04/26/18	CIMB	Cache Logistics	0.83	0.8	Hold	DDM
04/27/18	DMG & Partners	Cache Logistics	0.825	0.98	Buy	DDM
05/17/18	DMG & Partners	Cache Logistics	0.795	0.98	Buy
05/21/18	phillip	Cache Logistics	0.805	0.91	Accumulate
05/24/18	OCBC	Cache Logistics	0.795	0.83	Hold
06/26/18	CIMB	Cache Logistics	0.76	0.8	Hold
07/06/18	DBS Vickers	Cache Logistics	0.76	0.88	Hold
08/01/18	OCBC	Cache Logistics	0.775	0.81	Buy
08/01/18	phillip	Cache Logistics	0.775	0.82	Neutral	DDM
08/01/18	Kim Eng	Cache Logistics	0.775	0.95	Buy	DDM
08/01/18	CIMB	Cache Logistics	0.775	0.78	Hold	DDM
08/01/18	DBS Vickers	Cache Logistics	0.775	0.88	Hold

Bund Centre - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/17	DMG & Partners	Bund Centre	0.78	1.04	Buy	RNAV (60% discount)

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	UOB Kay Hian	Bumitama	0.8	1.25	Buy	PER15x FY17
01/11/17	DBS Vickers	Bumitama	0.81	0.95	Buy
01/11/17	DMG & Partners	Bumitama	0.81	0.75	Neutral
01/11/17	Kim Eng	Bumitama	0.81	0.97	Buy	PER14x FY17
02/06/17	DMG & Partners	Bumitama	0.795	0.85	Neutral	PER13x FY17
02/08/17	UOB Kay Hian	Bumitama	0.795	1.25	Buy	PER15x FY17
02/13/17	DBS Vickers	Bumitama	0.815	0.95	Buy
02/27/17	DBS Vickers	Bumitama	0.785	0.99	Buy	DCF
02/27/17	Kim Eng	Bumitama	0.785	0.96	Buy	PER14x FY17
03/03/17	UOB Kay Hian	Bumitama	0.785	1.25	Buy
03/09/17	DMG & Partners	Bumitama	0.83	0.88	Neutral
03/31/17	DMG & Partners	Bumitama	0.795	0.89	Buy	PER13x FY17
04/10/17	DBS Vickers	Bumitama	0.795	0.99	Buy
04/11/17	DMG & Partners	Bumitama	0.785	0.89	Buy
05/08/17	UOB Kay Hian	Bumitama	0.73	1.25	Buy	PER15x FY17
05/16/17	DMG & Partners	Bumitama	0.75	0.89	Buy	PER13x FY17
05/16/17	Kim Eng	Bumitama	0.75	0.96	Buy	PER14x FY17
05/17/17	DBS Vickers	Bumitama	0.785	0.99	Buy	DCF
06/29/17	UOB Kay Hian	Bumitama	0.76	1.03	Buy
07/11/17	DBS Vickers	Bumitama	0.75	0.99	Buy
08/11/17	Kim Eng	Bumitama	0.705	0.96	Buy	PER14x FY17
08/15/17	DMG & Partners	Bumitama	0.7	0.89	Buy	PER13x FY17
08/16/17	UOB Kay Hian	Bumitama	0.735	1.03	Buy	PER13x FY18
08/16/17	DMG & Partners	Bumitama	0.735	0.85	Buy	PER11x FY18
08/16/17	DBS Vickers	Bumitama	0.735	0.94	Buy	DCF, PER13.7x FY18
09/11/17	Kim Eng	Bumitama	0.72	0.96	Buy
09/13/17	DBS Vickers	Bumitama	0.715	0.94	Buy
09/20/17	UOB Kay Hian	Bumitama	0.74	1.03	Buy	PER13x FY18
09/27/17	DMG & Partners	Bumitama	0.74	0.85	Buy	PER11x FY18
10/11/17	Kim Eng	Bumitama	0.73	0.95	Buy	PER14x FY17
10/24/17	UOB Kay Hian	Bumitama	0.74	1.03	Buy	PER13x FY18
11/13/17	Kim Eng	Bumitama	0.805	0.95	Buy
11/13/17	DBS Vickers	Bumitama	0.805	0.94	Buy	DCF, PER13.7x FY18
11/15/17	Kim Eng	Bumitama	0.835	0.95	Buy	PER14x FY17
11/15/17	DMG & Partners	Bumitama	0.835	0.95	Buy	PER12x FY18
11/15/17	UOB Kay Hian	Bumitama	0.835	1.03	Buy	PER13x FY18
11/15/17	Credit Suisse	Bumitama	0.835	1	Outperform
12/13/17	Kim Eng	Bumitama	0.76	0.95	Buy	PER11x FY18
12/13/17	DMG & Partners	Bumitama	0.76	0.95	Buy
01/15/18	DBS Vickers	Bumitama	0.755	0.94	Buy
02/13/18	Kim Eng	Bumitama	0.695	0.95	Buy
02/21/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
02/28/18	DMG & Partners	Bumitama	0.745	0.85	Buy	PER12x FY18
02/28/18	DBS Vickers	Bumitama	0.745	0.94	Buy	DCF, PER14.5x FY18
02/28/18	Kim Eng	Bumitama	0.745	0.99	Buy	PER14x FY18
02/28/18	Credit Suisse	Bumitama	0.745	1	Outperform
03/05/18	Kim Eng	Bumitama	0.72	0.99	Buy
03/07/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
03/14/18	DBS Vickers	Bumitama	0.715	0.94	Buy
04/03/18	DBS Vickers	Bumitama	0.72	0.94	Buy
05/08/18	DMG & Partners	Bumitama	0.69	0.85	Buy	PER12x FY18
05/09/18	Kim Eng	Bumitama	0.67	0.99	Buy	PER14x FY18
05/09/18	UOB Kay Hian	Bumitama	0.67	0.8	Buy	PER11x FY18
05/09/18	DBS Vickers	Bumitama	0.67	0.94	Buy	DCF, PER15.3x FY18
06/21/18	UOB Kay Hian	Bumitama	0.65	0.8	Buy
07/03/18	DBS Vickers	Bumitama	0.635	0.88	Buy	DCF, PER13.7x FY19
07/11/18	Kim Eng	Bumitama	0.65	0.98	Buy
07/16/18	UOB Kay Hian	Bumitama	0.65	0.93	Buy	PER11x FY18
08/15/18	DBS Vickers	Bumitama	0.705	0.88	Buy	DCF, PER13.7x FY19
08/15/18	DMG & Partners	Bumitama	0.705	0.8	Buy	PER11x FY19
08/16/18	UOB Kay Hian	Bumitama	0.7	0.93	Buy

Stock calls for 12 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/18	DMG & Partners	Avi-Tech	0.355	0.38	Neutral	DCF
09/12/18	DMG & Partners	Kimly	0.325	0.46	Buy	DCF
09/12/18	CIMB	OUE Commercial	0.66	0.6	Hold	DDM
09/12/18	DBS Vickers	OUE Commercial	0.66	0.67	Hold
09/12/18	UOB Kay Hian	Propnex	0.535	0.65	Buy	DCF, PER10x FY19

The truth behind Jack Ma's step down.

It is not a secret that the China government is targeting Jack Ma because of his political connection to Jiang Zeming.

http://sg-stock.blogspot.com/2018/01/hot-news-winston-wen-son-of-wen-jiabao.html

Jack Ma has to step down from his helm this time because of Fan BingBing's arrest.

https://nextshark.com/fan-bingbing-tax-evasion-accusation/

How is Jack Ma connected to Fan BingBing?

Fan BingBing is connected to Feng XiaoGang and Feng XiaoGang is Jack Ma's henchman.

If Jack Ma doesn't step down from his leadership in Alibaba, he will be the next billionaire to fall.

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?