Date | Analyst | Company | Last | Target | Call | Valuation |
01/11/17 | NRA | ISDN | 0.27 | 0.3 | Overweight | |
03/29/17 | NRA | ISDN | 0.197 | 0.32 | Overweight | PER14.66x FY17 |
06/15/17 | NRA | ISDN | 0.225 | 0.32 | Overweight | PER14.7x FY17 |
06/15/17 | UOB Kay Hian | ISDN | 0.225 | 0.35 | Buy | PER10.6x FY18 |
07/03/17 | UOB Kay Hian | ISDN | 0.22 | 0.35 | Buy | |
07/26/17 | Lim & Tan | ISDN | 0.225 | 0 | Trading Buy | |
08/08/17 | UOB Kay Hian | ISDN | 0.26 | 0.35 | Buy | |
08/15/17 | Lim & Tan | ISDN | 0.26 | 0 | Sell | Take profit |
11/15/17 | UOB Kay Hian | ISDN | 0.245 | 0.35 | Buy | |
02/20/18 | NRA | ISDN | 0.22 | 0.32 | Overweight | PER12.5x FY18 |
02/20/18 | UOB Kay Hian | ISDN | 0.22 | 0.35 | Buy | |
02/20/18 | Lim & Tan | ISDN | 0.22 | 0 | Trading Buy | |
02/28/18 | Lim & Tan | ISDN | 0.23 | 0 | Take Profit | |
05/15/18 | UOB Kay Hian | ISDN | 0.21 | 0.365 | Buy | |
08/13/18 | NRA | ISDN | 0.215 | 0.32 | Overweight | PER7.3x FY18 |
Friday, October 19, 2018
ISDN - Stock calls
Stock calls for 19 October 2018
Date | Analyst | Company | Last | Target | Call | Valuation |
10/19/18 | Lim & Tan | Frasers Commercial Trust | 1.41 | 0 | Hold | |
10/19/18 | SAC Advisors | Hong Lai Huat | 0.2 | 0.51 | Buy | RNAV (40% discount), PB0.8x FY18 |
10/19/18 | UOB Kay Hian | Keppel Corp | 6.76 | 6.79 | Hold | Sum of parts, Buy @ $6.10 |
10/19/18 | OCBC | Keppel Corp | 6.76 | 7.97 | Buy | |
10/19/18 | CIMB | Keppel Corp | 6.76 | 8.28 | Add | Sum of parts |
10/19/18 | DBS Vickers | Keppel KBS | 0.73 | 0.95 | Buy | |
10/19/18 | DBS Vickers | OCBC | 10.7 | 12.4 | Hold | |
10/19/18 | DBS Vickers | Soilbuild Reit | 0.585 | 0.65 | Buy | DCF |
10/19/18 | OCBC | Soilbuild Reit | 0.585 | 0.665 | Buy | |
10/19/18 | UOB Kay Hian | Starhub | 1.96 | 2.3 | Buy | DCF |
10/19/18 | DBS Vickers | UOB | 25.48 | 31.7 | Buy | |
10/19/18 | JP Morgan | Yangzijiang | 1.37 | 1.4 | Neutral |
SIA's notes coupon is higher than Temasek's bond.
https://www.businesstimes.com.sg/companies-markets/sia-prices-s600m-notes-issue-names-shells-goh-swee-chen-as-board-director
We had stated yesterday that the Temasek's bond was not attractive.
True enough, SIA prices its notes much higher than Temasek.
http://sg-stock.blogspot.com/2018/10/temasek-5-year-retail-bond-yield-of-27.html
We had stated yesterday that the Temasek's bond was not attractive.
True enough, SIA prices its notes much higher than Temasek.
http://sg-stock.blogspot.com/2018/10/temasek-5-year-retail-bond-yield-of-27.html
The US-China trade war will intensify.
https://sg.finance.yahoo.com/news/u-economic-policy-toward-china-tougher-economists-reuters-012214372--business.html
This is not surprising as Trump sees no reason not to. We've stated the rationale for such a scenario below.
http://sg-stock.blogspot.com/2018/10/jp-morgan-sees-all-out-trade-war.html
This is not surprising as Trump sees no reason not to. We've stated the rationale for such a scenario below.
http://sg-stock.blogspot.com/2018/10/jp-morgan-sees-all-out-trade-war.html
China GDP was growing at 6.5% in Q3 2018.
https://finance.yahoo.com/news/instant-view-chinas-third-quarter-gdp-rises-6-023650286--business.html
The China economy is slowing down and it will affect the global markets because China contributes around 39% of the world GDP growth.
The global stock markets cannot continue to rise when the global economies are slowing down.
The China economy is slowing down and it will affect the global markets because China contributes around 39% of the world GDP growth.
The global stock markets cannot continue to rise when the global economies are slowing down.
Thursday, October 18, 2018
Ireit - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
01/09/17 | DBS Vickers | Ireit | 0.73 | 0.75 | Hold | DCF |
05/24/17 | DBS Vickers | Ireit | 0.755 | 0.75 | Hold | DCF |
IPS Securex - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
02/14/17 | DMG & Partners | IPS Securex | 0.155 | 0.34 | Buy | DCF, PER13x FY18 |
09/11/17 | DMG & Partners | IPS Securex | 0.082 | 0.09 | Neutral | DCF |
Indofood Agri - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
01/11/17 | DBS Vickers | Indofood Agri | 0.545 | 0.58 | Buy | |
02/13/17 | DBS Vickers | Indofood Agri | 0.54 | 0.58 | Buy | |
03/02/17 | DBS Vickers | Indofood Agri | 0.52 | 0.56 | Hold | |
05/03/17 | DBS Vickers | Indofood Agri | 0.49 | 0.56 | Hold | DCF |
07/11/17 | DBS Vickers | Indofood Agri | 0.475 | 0.56 | Hold | |
07/31/17 | DBS Vickers | Indofood Agri | 0.495 | 0.49 | Hold | DCF |
08/28/17 | DIR | Indofood Agri | 0.46 | 0.4 | Underperform | PER7.5x FY17/18 |
09/13/17 | DBS Vickers | Indofood Agri | 0.46 | 0.49 | Hold | |
10/30/17 | DBS Vickers | Indofood Agri | 0.455 | 0.48 | Hold | DCF |
11/13/17 | DBS Vickers | Indofood Agri | 0.455 | 0.48 | Hold | |
11/20/17 | DIR | Indofood Agri | 0.445 | 0.4 | Underperform | PER7.5x FY17/18 |
01/15/18 | DBS Vickers | Indofood Agri | 0.405 | 0.48 | Hold | |
03/02/18 | DBS Vickers | Indofood Agri | 0.34 | 0.36 | Hold | DCF |
04/13/18 | DBS Vickers | Indofood Agri | 0.325 | 0.36 | Hold | |
05/02/18 | DBS Vickers | Indofood Agri | 0.32 | 0.36 | Hold | DCF |
08/03/18 | DBS Vickers | Indofood Agri | 0.225 | 0.21 | Hold | DCF |
09/13/18 | DBS Vickers | Indofood Agri | 0.183 | 0.21 | Hold | |
10/11/18 | DBS Vickers | Indofood Agri | 0.215 | 0.21 | Hold | DCF |
Stock calls for 18 October 2018
Date | Analyst | Company | Last | Target | Call | Valuation |
10/18/18 | DBS Vickers | Keppel Infrastructure | 0.49 | 0.58 | Buy | DDM |
10/18/18 | Lim & Tan | Keppel Infrastructure | 0.49 | 0 | Hold | |
10/18/18 | CIMB | Sembcorp Marine | 1.87 | 2.52 | Add | PB2.2x CY18 |
Temasek 5-year retail bond yield of 2.7% is not good. Why?
The US 2-year treasury yield is already at 2.895% but the Temasek 5-year retail bond yield is only at 2.7%.
As the US Fed is expected to increase interest rates 3x in 2019 and another 1x in 2020, the USD is expected to appreciate against Asian currencies. Therefore, it is unlikely to suffer currency exchange loss from the USD. It is better to invest in a shorter bond term so that investors can reinvest upon maturity to capture the higher interest rate.
All the factors make Temasek's 5-year retail bond looks like a not so good investment.
As the US Fed is expected to increase interest rates 3x in 2019 and another 1x in 2020, the USD is expected to appreciate against Asian currencies. Therefore, it is unlikely to suffer currency exchange loss from the USD. It is better to invest in a shorter bond term so that investors can reinvest upon maturity to capture the higher interest rate.
All the factors make Temasek's 5-year retail bond looks like a not so good investment.
Wednesday, October 17, 2018
Indian's HSR has stalled!
https://www.thestar.com.my/business/business-news/2018/10/17/india-200-mph-bullet-train-cant-get-started/
The Indian government has encountered some problem in land acquisitions for Japan made HSR.
The government doesn't have the money to properly compensate those affected residents, resulting in huge protests.
There is no way the government can start this HSR project because only 0.9Ha of land is acquired out of the 1400ha needed. It will take a super long time to acquire the required land size. Therefore, this HSR project will not kick off.
The Indian government has encountered some problem in land acquisitions for Japan made HSR.
The government doesn't have the money to properly compensate those affected residents, resulting in huge protests.
There is no way the government can start this HSR project because only 0.9Ha of land is acquired out of the 1400ha needed. It will take a super long time to acquire the required land size. Therefore, this HSR project will not kick off.
IHH Healthcare - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
01/08/17 | CIMB | IHH Healthcare | 1.96 | 2.35 | Add | Ringgit $7.06 target price, Sum of parts |
02/27/17 | Kim Eng | IHH Healthcare | 1.93 | 1.83 | Hold | Ringgit $5.80 target price |
03/09/17 | DIR | IHH Healthcare | 1.91 | 2.06 | Hold | Sum of parts, Ringgit $6.47 target price |
04/10/17 | UOB Kay Hian | IHH Healthcare | 1.89 | 1.85 | Hold | |
05/22/17 | DBS Vickers | IHH Healthcare | 1.91 | 2.3 | Buy | Sum of parts, Ringgit $7.15 target price |
05/22/17 | DMG & Partners | IHH Healthcare | 1.91 | 2.35 | Buy | DCF, Sum of parts, EV/Ebitda18x FY18 |
05/23/17 | DIR | IHH Healthcare | 1.92 | 2.12 | Hold | Sum of parts, Ringgit $6.56 |
05/23/17 | UOB Kay Hian | IHH Healthcare | 1.92 | 1.8 | Hold | Sum of parts, Buy @ $1.60 |
06/05/17 | Kim Eng | IHH Healthcare | 1.92 | 2 | Hold | Sum of parts, Ringgit $6.17 target |
06/06/17 | CIMB | IHH Healthcare | 1.915 | 2.21 | Add | Ringgit $6.84 target |
06/14/17 | DBS Vickers | IHH Healthcare | 1.94 | 2.31 | Buy | Sum of parts, Ringgit $7.15 target |
06/19/17 | UOB Kay Hian | IHH Healthcare | 1.945 | 1.8 | Hold | |
07/05/17 | Kim Eng | IHH Healthcare | 1.88 | 1.98 | Hold | Ringgit $6.15 target price |
08/01/17 | UOB Kay Hian | IHH Healthcare | 1.88 | 1.8 | Hold | |
08/24/17 | UOB Kay Hian | IHH Healthcare | 1.895 | 1.73 | Hold | Sum of parts, Buy @ $1.50 |
08/24/17 | CIMB | IHH Healthcare | 1.895 | 2.22 | Add | Ringgit $6.99 target price |
08/24/17 | DBS Vickers | IHH Healthcare | 1.895 | 2.16 | Buy | Ringgit $6.81 target |
08/24/17 | Kim Eng | IHH Healthcare | 1.895 | 1.94 | Hold | Ringgit $6.1 target price |
08/25/17 | DIR | IHH Healthcare | 1.895 | 2.09 | Hold | Ringgit $6.56 target |
11/28/17 | UOB Kay Hian | IHH Healthcare | 1.83 | 1.71 | Hold | Sum of parts, Buy @ $1.50 |
11/28/17 | CIMB | IHH Healthcare | 1.83 | 2.08 | Add | Sum of parts, Ringgit $6.36 target |
11/28/17 | DBS Vickers | IHH Healthcare | 1.83 | 2.23 | Buy | Ringgit $6.81 target |
11/28/17 | Lim & Tan | IHH Healthcare | 1.83 | 0 | Hold | Expensive at PER50x FY18 |
11/28/17 | Kim Eng | IHH Healthcare | 1.83 | 2.05 | Buy | Ringgit $6.3 target price |
02/28/18 | DMG & Partners | IHH Healthcare | 2.05 | 2.36 | Buy | DCF/SOP-based Ringgit $7 target price |
03/20/18 | DBS Vickers | IHH Healthcare | 2.02 | 2.29 | Buy | Sum of parts, Ringgit $6.81 target |
03/23/18 | MIDF | IHH Healthcare | 2.01 | 2.32 | Buy | Ringgit $6.91 target price |
04/17/18 | Kim Eng | IHH Healthcare | 2.05 | 2.36 | Buy | Sum of parts, Ringgit $7 target price |
04/17/18 | UOB Kay Hian | IHH Healthcare | 2.05 | 2.31 | Buy | Ringgit $6.86 |
04/26/18 | DBS Vickers | IHH Healthcare | 2.04 | 2.31 | Buy | Rinngit $6.81 target |
05/28/18 | DMG & Partners | IHH Healthcare | 2.08 | 2.36 | Buy | DCF & Sum of parts & EV/Ebitda 18x FY19, Ringgit $7 target price |
08/21/18 | CIMB | IHH Healthcare | 1.84 | 2.29 | Add | Ringgit $6.86 target |
08/21/18 | DBS Vickers | IHH Healthcare | 1.84 | 2.14 | Buy | Ringgit $6.35 target price |
08/29/18 | CIMB | IHH Healthcare | 1.85 | 2.2 | Add | Sum of parts, Ringgit $6.63 target |
10/10/18 | DBS Vickers | IHH Healthcare | 1.81 | 2.11 | Buy | Ringgit $6.35 target price |
IFS Capital - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
10/17/18 | Amfrasers | IFS Capital | 0.21 | 0.29 | Buy |
Ifast Corp - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
02/20/17 | DBS Vickers | Ifast Corp | 0.855 | 0.94 | Hold | DDM |
02/20/17 | DMG & Partners | Ifast Corp | 0.855 | 0.79 | Neutral | |
02/22/17 | phillip | Ifast Corp | 0.845 | 0.78 | Neutral | PER25x FY17 |
04/28/17 | DMG & Partners | Ifast Corp | 0.6 | 0.88 | Buy | DCF |
05/02/17 | DBS Vickers | Ifast Corp | 0.715 | 0.94 | Buy | DDM |
05/05/17 | phillip | Ifast Corp | 0.74 | 0.78 | Accumulate | |
05/25/17 | UOB Kay Hian | Ifast Corp | 0.87 | 1.05 | Buy | |
06/13/17 | UOB Kay Hian | Ifast Corp | 0.975 | 1.02 | Hold | DCF, Buy @ $0.90 |
07/31/17 | UOB Kay Hian | Ifast Corp | 1.05 | 1.08 | Hold | DCF, Buy @ $0.95 |
08/01/17 | DMG & Partners | Ifast Corp | 1.07 | 1.01 | Neutral | DCF |
08/01/17 | DBS Vickers | Ifast Corp | 1.07 | 1.26 | Buy | |
08/02/17 | phillip | Ifast Corp | 1.055 | 1.11 | Accumulate | PER34.3x FY17 |
10/30/17 | DMG & Partners | Ifast Corp | 0.94 | 1.01 | Neutral | DCF |
10/30/17 | DBS Vickers | Ifast Corp | 0.94 | 1.26 | Buy | DDM |
11/01/17 | phillip | Ifast Corp | 0.97 | 1.11 | Accumulate | GGM |
02/15/18 | DBS Vickers | Ifast Corp | 0.88 | 1.26 | Buy | DDM |
04/30/18 | DBS Vickers | Ifast Corp | 0.9 | 1.26 | Buy | DDM |
07/30/18 | DBS Vickers | Ifast Corp | 1.09 | 1.26 | Buy | DDM |
Stock calls for 17 October 2018
Date | Analyst | Company | Last | Target | Call | Valuation |
10/17/18 | phillip | Cache Logistics | 0.715 | 0.82 | Neutral | |
10/17/18 | Phillip | CapitaCommercial | 1.69 | 1.88 | Accumulate | |
10/17/18 | Phillip | Capitamall Trust | 2.11 | 2.05 | Neutral | |
10/17/18 | Phillip | CapitaRetail China | 1.4 | 1.66 | Accumulate | |
10/17/18 | phillip | Dasin Retail | 0.855 | 0.97 | Accumulate | |
10/17/18 | UOB Kay Hian | DBS | 24.24 | 29.5 | Buy | GGM, PB1.53x FY19 |
10/17/18 | phillip | First Reit | 1.18 | 1.3 | Neutral | |
10/17/18 | CIMB | First Reit | 1.18 | 1.36 | Add | DDM |
10/17/18 | Phillip | Frasers Centrepoint Trust | 2.23 | 2.15 | Neutral | |
10/17/18 | Amfrasers | IFS Capital | 0.21 | 0.29 | Buy | |
10/17/18 | UOB Kay Hian | Japfa | 0.61 | 0.9 | Buy | |
10/17/18 | Phillip | Keppel DC Reit | 1.34 | 1.45 | Accumulate | DDM |
10/17/18 | DBS Vickers | Keppel DC Reit | 1.34 | 1.52 | Buy | |
10/17/18 | OCBC | Keppel DC Reit | 1.34 | 1.48 | Buy | DDM |
10/17/18 | CIMB | Keppel DC Reit | 1.34 | 1.51 | Add | DDM |
10/17/18 | Phillip | Mapletree Industrial | 1.94 | 2.09 | Neutral | |
10/17/18 | OCBC | SIA | 9.15 | 10.71 | Buy | PB0.9x |
Singapore NODX grew 8.3% in September 2018.
https://www.straitstimes.com/business/economy/singapore-non-oil-export-growth-picks-up-with-83-rise-in-september-electronic?xtor=CS11-86
http://sg-stock.blogspot.com/2018/09/singapore-nodx-grew-5-in-august-2018.html
Year on year changes (YOY):
September 2018: 8.3%
August 2018: 5%
July 2018: 11.8% (Corrected)
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%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%
http://sg-stock.blogspot.com/2018/09/singapore-nodx-grew-5-in-august-2018.html
OMG! Anti-US movement has started in China!
The boycott of US goods has started in China and is spreading to many provinces.
The US-China trade war has escalated. There are many analysts who think that Trump and Xi will meet in November G20 to de-escalate the trade war. However, we must also be prepared for the unexpected outcome that the 2 leaders won't meet at all because Trump wants to force Xi to submit to him and Xi doesn't want to lose face. China is preparing to fight this trade war because Xi has lost faith in Trump because Trump has portrayed himself as non-trustworthy.
This is really bad news for the world as the global economy will suffer.
Tuesday, October 16, 2018
Hyflux - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
04/07/17 | Credit Suisse | Hyflux | 0.57 | 0.5 | Neutral | |
05/08/17 | Credit Suisse | Hyflux | 0.56 | 0.58 | Neutral |
Hutchison Port - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
01/05/17 | OCBC | Hutchison Port | 0.435 | 0.46 | Buy | DDM |
02/03/17 | OCBC | Hutchison Port | 0.425 | 0.46 | Buy | |
02/13/17 | OCBC | Hutchison Port | 0.44 | 0.45 | Hold | Buy @ $0.41 or below |
02/14/17 | DBS Vickers | Hutchison Port | 0.415 | 0.42 | Hold | DCF |
04/25/17 | OCBC | Hutchison Port | 0.41 | 0.42 | Hold | |
04/26/17 | DBS Vickers | Hutchison Port | 0.395 | 0.42 | Hold | DCF |
06/19/17 | OCBC | Hutchison Port | 0.445 | 0.42 | Hold | Buy below $0.40 |
07/20/17 | OCBC | Hutchison Port | 0.48 | 0.42 | Sell | |
07/21/17 | DBS Vickers | Hutchison Port | 0.445 | 0.42 | Hold | DCF |
10/31/17 | OCBC | Hutchison Port | 0.435 | 0.42 | Hold | |
10/31/17 | DBS Vickers | Hutchison Port | 0.435 | 0.39 | Hold | DCF |
11/22/17 | OCBC | Hutchison Port | 0.42 | 0.42 | Hold | Buy @ $0.39 |
02/06/18 | OCBC | Hutchison Port | 0.375 | 0.43 | Buy | |
02/06/18 | DBS Vickers | Hutchison Port | 0.375 | 0.39 | Hold | DCF, Buy @ $0.35 |
04/16/18 | OCBC | Hutchison Port | 0.33 | 0.43 | Buy | |
04/16/18 | DBS Vickers | Hutchison Port | 0.33 | 0.38 | Buy | DCF |
06/01/18 | OCBC | Hutchison Port | 0.275 | 0.43 | Buy | |
06/05/18 | DBS Vickers | Hutchison Port | 0.28 | 0.38 | Buy | |
06/07/18 | OCBC | Hutchison Port | 0.305 | 0.375 | Buy | |
07/03/18 | UOB Kay Hian | Hutchison Port | 0.28 | 0.34 | Not Rated | |
07/17/18 | OCBC | Hutchison Port | 0.28 | 0.37 | Buy | |
07/24/18 | OCBC | Hutchison Port | 0.275 | 0.36 | Buy | |
07/25/18 | DBS Vickers | Hutchison Port | 0.27 | 0.28 | Hold | DCF |
HRnet Group - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
07/20/17 | Credit Suisse | HRnetGroup | 0.855 | 1.1 | Outperform | DCF, PER21.9x FY17 |
08/17/17 | Credit Suisse | HRnetGroup | 0.75 | 1.04 | Outperform | |
11/02/17 | DMG & Partners | HRnetGroup | 0.865 | 1.14 | Buy | DCF, PER16x FY18 Ex-Cash |
01/03/18 | DBS Vickers | HRnetGroup | 0.79 | 0.96 | Buy | DCF & PER15x FY18 (ex-cash) |
01/09/18 | DMG & Partners | HRnetGroup | 0.82 | 1.14 | Buy | DCF |
02/15/18 | DMG & Partners | HRnetGroup | 0.81 | 1.14 | Buy | DCF |
02/27/18 | Credit Suisse | HRnetGroup | 0.805 | 1.06 | Outperform | |
02/27/18 | DBS Vickers | HRnetGroup | 0.805 | 0.97 | Buy | PER15x FY18, Ex-cash |
05/11/18 | DBS Vickers | HRnetGroup | 0.83 | 0.98 | Buy | DCF & PER15x (ex-cash) |
05/11/18 | DMG & Partners | HRnetGroup | 0.83 | 1.14 | Buy | DCF |
06/11/18 | DBS Vickers | HRnetGroup | 0.84 | 0.98 | Buy | |
06/27/18 | DMG & Partners | HRnetGroup | 0.865 | 1.18 | Buy | DCF |
08/13/18 | DMG & Partners | HRnetGroup | 0.9 | 1.18 | Buy | DCF |
08/14/18 | DBS Vickers | HRnetGroup | 0.885 | 1.01 | Buy | PER15x FY19, ex-cash |
09/26/18 | CIMB | HRnetGroup | 0.87 | 1.1 | Add | PER18x CY20 |
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