Mapletree North Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Mapletree North Asia	0.955	1.11	Buy	DCF
01/31/17	CIMB	Mapletree North Asia	0.955	1.13	Add	DDM
01/31/17	OCBC	Mapletree North Asia	0.955	1.08	Buy
03/06/17	OCBC	Mapletree North Asia	0.985	1.08	Buy
03/30/17	DBS Vickers	Mapletree North Asia	1.015	1.11	Buy	DCF
04/03/17	CIMB	Mapletree North Asia	1.02	1.13	Add
04/27/17	OCBC	Mapletree North Asia	1.06	1.08	Buy
04/28/17	CIMB	Mapletree North Asia	1.045	1.14	Add
04/28/17	DBS Vickers	Mapletree North Asia	1.045	1.25	Buy	DCF
04/28/17	OCBC	Mapletree North Asia	1.045	1.13	Buy
06/23/17	CIMB	Mapletree North Asia	1.075	1.14	Add
07/31/17	OCBC	Mapletree North Asia	1.11	1.22	Buy
08/01/17	CIMB	Mapletree North Asia	1.11	1.17	Add	DDM
08/01/17	DBS Vickers	Mapletree North Asia	1.11	1.25	Buy
10/24/17	CIMB	Mapletree North Asia	1.215	1.2	Hold	DDM
10/24/17	OCBC	Mapletree North Asia	1.215	1.28	Buy
10/24/17	DBS Vickers	Mapletree North Asia	1.215	1.3	Buy	DCF
11/30/17	OCBC	Mapletree North Asia	1.16	1.28	Buy
12/14/17	OCBC	Mapletree North Asia	1.19	1.28	Buy
12/18/17	DBS Vickers	Mapletree North Asia	1.19	1.3	Buy
01/29/18	OCBC	Mapletree North Asia	1.27	1.39	Buy
01/29/18	CIMB	Mapletree North Asia	1.27	1.26	Hold	DDM
01/29/18	DBS Vickers	Mapletree North Asia	1.27	1.4	Buy
03/28/18	Lim & Tan	Mapletree North Asia	1.18	0	Buy on weakness
03/29/18	CIMB	Mapletree North Asia	1.15	1.3	Add	DDM
04/26/18	OCBC	Mapletree North Asia	1.13	1.39	Buy
04/27/18	OCBC	Mapletree North Asia	1.15	1.42	Buy	DDM
04/27/18	CIMB	Mapletree North Asia	1.15	1.3	Add	DDM
05/23/18	OCBC	Mapletree North Asia	1.16	1.42	Buy
06/26/18	DBS Vickers	Mapletree North Asia	1.13	1.45	Buy	DCF
07/31/18	OCBC	Mapletree North Asia	1.15	1.42	Buy
08/01/18	CIMB	Mapletree North Asia	1.15	1.3	Add	DDM
08/01/18	DBS Vickers	Mapletree North Asia	1.15	1.45	Buy
09/04/18	OCBC	Mapletree North Asia	1.15	1.42	Buy
10/01/18	DBS Vickers	Mapletree North Asia	1.14	1.45	Buy	DCF
10/29/18	OCBC	Mapletree North Asia	1.13	1.34	Buy
10/30/18	CIMB	Mapletree North Asia	1.13	1.28	Add	DDM

Stock calls for 1 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/01/18	CIMB	AEM	0.8	0.75	Hold	PER10x FY19
11/01/18	OCBC	CapitaRetail China	1.37	1.39	Hold
11/01/18	OCBC	CDL Hospitality	1.45	1.45	Hold
11/01/18	DMG & Partners	CDL Hospitality	1.45	1.8	Buy	DDM
11/01/18	UOB Kay Hian	CDL Hospitality	1.45	1.83	Buy	DDM
11/01/18	CIMB	CDL Hospitality	1.45	1.61	Add	DDM
11/01/18	phillip	DBS	23.46	33.32	Buy
11/01/18	DBS Vickers	First Sponsor	1.27	1.62	Buy	RNAV (35% discount)
11/01/18	DBS Vickers	Indofood Agri	0.2	0.19	Hold	DCF
11/01/18	CIMB	Japfa	0.665	0.8	Add	Sum of parts
11/01/18	Deutsche	Manulife US Reit	0.71	1	Buy
11/01/18	Phillip	Micro-Mechanics	1.8	2.05	Buy	PER16x FY19
11/01/18	phillip	OCBC	10.74	14.9	Buy
11/01/18	Lim & Tan	OCBC	10.74	0	Buy
11/01/18	OCBC	Roxy-Pacific	0.38	0.41	Hold	RNAV (40% discount)
11/01/18	Macquarie	Sembcorp Industries	2.82	3.6	Buy
11/01/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
11/01/18	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold	PER22.7x FY19, Buy @ $1.04
11/01/18	OCBC	Sheng Siong	1.08	1.13	Hold
11/01/18	CIMB	Sheng Siong	1.08	1.25	Add	PER22.2x FY20
11/01/18	CIMB	Starhill	0.67	0.74	Add	DDM
11/01/18	phillip	UOB	24.38	32.52	Buy

Stock buybacks will boost the stock prices up but will also increase the leverage ratio.

https://sg.finance.yahoo.com/news/october-buybacks-60m-seven-stocks-060313368.html

Generally speaking, stock buybacks will boost up the stock prices but the corporate actions will also increase the leverage ratio which is not good.

Why?

If we look at the balance sheet format whereby Assets (A) = Liabilities (L) + Owner's Equities (OE), doing stock buybacks will reduce the A because money is used to buy back the shares.  Consequently, OE will reduce simultaneously because the stock capital is shrunk.  Since the leverage ratio (LR) is equal to L divided by OE and add 1, the leverage ratio will increase because the denominator (OE) is getting smaller.

LR = (L/OE) + 1

Having a high leverage ratio is dangerous for a company because LR is a multiplier. It can increase a company's profit or loss exponentially.  A high LR means that the company is a risk-taker and it is extremely risky in an interest rate rising environment.

Therefore, improving a company stock price through corporate action like stock buyback is not as good as improving the profitability of the business.

We need to take note when a company does a buyback because it may be a precursor that the company cannot improve its profitability anymore and has to resort to corporate action.

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Mapletree Commercial	1.45	1.62	Buy	DCF
01/12/17	HSBC	Mapletree Commercial	1.47	1.75	Buy
01/24/17	Deutsche	Mapletree Commercial	1.47	1.6	Buy
01/26/17	CIMB	Mapletree Commercial	1.48	1.45	Hold	DDM
01/26/17	Credit Suisse	Mapletree Commercial	1.48	1.73	Outperform
01/26/17	Lim & Tan	Mapletree Commercial	1.48	0	Hold
02/09/17	Credit Suisse	Mapletree Commercial	1.52	1.73	Outperform
02/28/17	Deutsche	Mapletree Commercial	1.495	1.6	Buy
03/17/17	DBS Vickers	Mapletree Commercial	1.49	1.62	Buy	DCF
04/26/17	DBS Vickers	Mapletree Commercial	1.57	1.62	Buy
04/27/17	CIMB	Mapletree Commercial	1.585	1.7	Add	DDM
06/22/17	Deutsche	Mapletree Commercial	1.555	1.6	Buy
06/23/17	CIMB	Mapletree Commercial	1.56	1.7	Add
07/28/17	DBS Vickers	Mapletree Commercial	1.63	1.62	Hold
07/28/17	Credit Suisse	Mapletree Commercial	1.63	1.73	Outperform
07/28/17	CIMB	Mapletree Commercial	1.63	1.79	Add	DDM
09/13/17	Credit Suisse	Mapletree Commercial	1.55	1.73	Outperform
10/27/17	DBS Vickers	Mapletree Commercial	1.58	1.62	Hold
10/27/17	CIMB	Mapletree Commercial	1.58	1.75	Add	DDM
12/11/17	DBS Vickers	Mapletree Commercial	1.58	1.75	Buy
01/02/18	Kim Eng	Mapletree Commercial	1.62	1.45	Sell	DDM
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/25/18	Lim & Tan	Mapletree Commercial	1.67	0	Hold
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Add	DDM
04/25/18	Kim Eng	Mapletree Commercial	1.6	1.5	Hold	DDM
04/25/18	CIMB	Mapletree Commercial	1.6	1.75	Add	DDM
04/25/18	DBS Vickers	Mapletree Commercial	1.6	1.8	Buy	DCF, PB1.2x
07/27/18	Kim Eng	Mapletree Commercial	1.64	1.5	Hold	DDM
07/27/18	CIMB	Mapletree Commercial	1.64	1.75	Add	DDM
07/27/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy
09/25/18	Deutsche	Mapletree Commercial	1.64	1.7	Buy
10/01/18	DBS Vickers	Mapletree Commercial	1.61	1.8	Buy	DCF
10/26/18	Kim Eng	Mapletree Commercial	1.63	1.6	Hold	DDM
10/26/18	CIMB	Mapletree Commercial	1.63	1.75	Add
10/29/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy	DCF, PB1.2x

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Manulife US Reit	0.83	0.96	Buy	DDM
01/05/17	Lim & Tan	Manulife US Reit	0.835	0	Buy
01/09/17	DBS Vickers	Manulife US Reit	0.84	0.93	Buy	DCF
02/14/17	DBS Vickers	Manulife US Reit	0.86	0.95	Buy	DCF
02/14/17	DMG & Partners	Manulife US Reit	0.86	0.96	Buy	DDM
02/28/17	Deutsche	Manulife US Reit	0.84	0.95	Buy
03/10/17	DMG & Partners	Manulife US Reit	0.84	0.96	Buy
04/07/17	DMG & Partners	Manulife US Reit	0.835	0.96	Buy
05/03/17	DBS Vickers	Manulife US Reit	0.84	1.01	Buy	DCF
05/04/17	DMG & Partners	Manulife US Reit	0.85	0.96	Buy
05/08/17	Lim & Tan	Manulife US Reit	0.865	0	Buy
06/21/17	DMG & Partners	Manulife US Reit	0.885	0.99	Buy	DDM
06/21/17	Lim & Tan	Manulife US Reit	0.885	0	Buy on weakness
06/22/17	Deutsche	Manulife US Reit	0.89	0.95	Buy
07/12/17	DMG & Partners	Manulife US Reit	0.915	0.99	Buy
08/10/17	DMG & Partners	Manulife US Reit	0.925	1	Buy	DDM
08/10/17	DBS Vickers	Manulife US Reit	0.925	1.07	Buy	DCF
08/10/17	Lim & Tan	Manulife US Reit	0.925	1	Buy
08/10/17	Deutsche	Manulife US Reit	0.925	1	Buy
09/04/17	Lim & Tan	Manulife US Reit	0.965	0	Buy
09/05/17	DMG & Partners	Manulife US Reit	0.94	0.98	Buy	DDM, Ex-Rights 41-for-100 @ $0.695
11/06/17	DMG & Partners	Manulife US Reit	0.905	0.98	Buy	DDM
11/29/17	DBS Vickers	Manulife US Reit	0.865	0.99	Buy	DCF
12/19/17	DMG & Partners	Manulife US Reit	0.93	0.98	Buy
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/05/18	DMG & Partners	Manulife US Reit	0.935	0.98	Buy
02/06/18	UOB Kay Hian	Manulife US Reit	0.92	1.12	Buy	DDM
02/06/18	Lim & Tan	Manulife US Reit	0.92	1	Hold
02/06/18	DMG & Partners	Manulife US Reit	0.92	0.98	Buy	DDM
02/07/18	DBS Vickers	Manulife US Reit	0.91	1	Buy	DCF
02/21/18	Amfrasers	Manulife US Reit	0.91	1.008	Buy	DDM
04/13/18	Lim & Tan	Manulife US Reit	0.925	1	Hold
04/16/18	DMG & Partners	Manulife US Reit	0.82	1	Buy	DDM
04/16/18	DBS Vickers	Manulife US Reit	0.82	1	Buy
04/17/18	Amfrasers	Manulife US Reit	0.925	1.01	Buy
05/02/18	DMG & Partners	Manulife US Reit	0.95	1	Buy	DDM
05/02/18	UOB Kay Hian	Manulife US Reit	0.95	1.12	Buy
05/08/18	Amfrasers	Manulife US Reit	0.945	1.02	Buy
06/26/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF
08/07/18	UOB Kay Hian	Manulife US Reit	0.86	1.06	Buy	DDM
08/07/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF
08/14/18	Amfrasers	Manulife US Reit	0.845	0.97	Buy
09/25/18	Deutsche	Manulife US Reit	0.795	1	Buy
10/16/18	DMG & Partners	Manulife US Reit	0.78	0.92	Buy	DDM
10/25/18	UOB Kay Hian	Manulife US Reit	0.775	1.06	Buy

M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	M1	1.96	1.76	Sell
01/12/17	CIMB	M1	2.06	1.9	Hold	DCF, Buy below $1.56
01/12/17	Deutsche	M1	2.06	2.6	Buy
01/13/17	Credit Suisse	M1	2.08	1.65	Underperform
01/13/17	DBS Vickers	M1	2.08	2.09	Hold	DCF
01/13/17	DMG & Partners	M1	2.08	2.05	Neutral	DCF
01/17/17	DIR	M1	2.08	2.02	Hold	DDM
01/18/17	UOB Kay Hian	M1	2.09	2.5	Buy	DCF
01/25/17	Credit Suisse	M1	2.17	1.55	Underperform
01/25/17	DBS Vickers	M1	2.17	1.97	Hold	DCF
01/25/17	Kim Eng	M1	2.17	1.85	Sell	DCF
01/25/17	Lim & Tan	M1	2.17	0	Sell
01/25/17	OCBC	M1	2.17	2.03	Hold
01/25/17	UOB Kay Hian	M1	2.17	2.48	Buy	DCF
01/26/17	CIMB	M1	2.05	1.8	Reduce	DCF
02/24/17	UOB Kay Hian	M1	2.03	2.52	Buy	DCF
02/24/17	Deutsche	M1	2.03	2.5	Buy
03/13/17	DIR	M1	2.11	1.93	Hold	DDM
03/17/17	OCBC	M1	2.03	1.75	Sell
03/20/17	Credit Suisse	M1	2.19	1.5	Underperform
03/20/17	DBS Vickers	M1	2.19	1.97	Hold
03/20/17	DMG & Partners	M1	2.19	2.05	Neutral	DCF
03/21/17	OCBC	M1	2.17	1.96	Hold	EV/EBitda8.5x FY17/18
04/05/17	CIMB	M1	2.16	1.8	Reduce
04/05/17	Credit Suisse	M1	2.16	1.5	Underperform
04/05/17	DMG & Partners	M1	2.16	2.05	Neutral
04/05/17	Kim Eng	M1	2.16	1.75	Sell	DCF
04/05/17	OCBC	M1	2.16	1.96	Hold
04/06/17	DBS Vickers	M1	2.12	1.97	Hold	DCF
04/18/17	CIMB	M1	2.14	1.7	Reduce	DCF
04/18/17	Credit Suisse	M1	2.14	1.45	Underperform
04/18/17	DIR	M1	2.14	1.93	Hold	DDM
04/18/17	Lim & Tan	M1	2.14	0	Hold
04/18/17	Deutsche	M1	2.14	2.3	Buy
05/02/17	DBS Vickers	M1	2.17	2.54	Buy	EV/Ebitda8.4x FY17
06/02/17	DMG & Partners	M1	2.27	2.05	Neutral	DCF
07/07/17	OCBC	M1	2.11	1.96	Hold
07/14/17	DMG & Partners	M1	2.07	2.05	Neutral
07/19/17	OCBC	M1	2.1	1.75	Sell
07/19/17	DIR	M1	2.1	1.93	Hold	DDM
07/19/17	Credit Suisse	M1	2.1	1.45	Underperform
07/19/17	DMG & Partners	M1	2.1	1.9	Neutral	DCF
07/19/17	CIMB	M1	2.1	1.7	Reduce	DCF
07/19/17	DBS Vickers	M1	2.1	1.78	Fully Valued	DCF
08/18/17	UOB Kay Hian	M1	1.77	1.98	Buy	DCF
08/23/17	DMG & Partners	M1	1.785	1.9	Neutral
09/11/17	OCBC	M1	1.78	1.65	Hold
09/14/17	Kim Eng	M1	1.79	1.59	Sell	DCF
09/18/17	Credit Suisse	M1	1.795	1.45	Underperform
09/20/17	Deutsche	M1	1.79	2.3	Buy
09/25/17	UOB Kay Hian	M1	1.78	1.98	Buy
09/25/17	CIMB	M1	1.78	1.8	Hold
09/28/17	DIR	M1	1.785	1.74	Hold	DDM
10/16/17	DBS Vickers	M1	1.815	1.49	Fully Valued	DCF
10/17/17	UOB Kay Hian	M1	1.805	1.95	Buy	DCF
10/17/17	OCBC	M1	1.805	1.65	Hold
10/17/17	DMG & Partners	M1	1.805	1.9	Neutral
10/17/17	Kim Eng	M1	1.805	1.59	Sell
10/17/17	CIMB	M1	1.805	1.8	Hold
11/23/17	OCBC	M1	1.77	1.65	Hold
11/28/17	Kim Eng	M1	1.77	1.59	Sell
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued	DCF
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF
02/21/18	OCBC	M1	1.8	1.7	Hold
03/12/18	UOB Kay Hian	M1	1.79	1.84	Hold
03/14/18	Kim Eng	M1	1.78	1.63	Sell	DCF
03/15/18	CIMB	M1	1.78	1.85	Hold
03/15/18	DMG & Partners	M1	1.78	1.95	Neutral
03/20/18	UOB Kay Hian	M1	1.79	1.6	Sell	DCF
03/27/18	Deutsche	M1	1.77	2.3	Buy
04/03/18	Kim Eng	M1	1.75	1.63	Hold	DCF
04/11/18	DBS Vickers	M1	1.72	1.76	Hold	DCF
04/17/18	UOB Kay Hian	M1	1.79	1.6	Sell	DCF
04/17/18	DMG & Partners	M1	1.79	1.95	Neutral	DCF
04/17/18	OCBC	M1	1.79	1.7	Hold
04/17/18	CIMB	M1	1.79	1.85	Hold
05/23/18	UOB Kay Hian	M1	1.76	1.6	Sell
06/04/18	UOB Kay Hian	M1	1.71	1.6	Sell	DCF
06/27/18	DBS Vickers	M1	1.59	1.46	Hold	EV/Ebitda6x
07/03/18	DMG & Partners	M1	1.59	1.63	Hold	DCF
07/05/18	Kim Eng	M1	1.58	1.63	Hold
07/30/18	UOB Kay Hian	M1	1.6	1.55	Sell	DCF
07/30/18	DMG & Partners	M1	1.6	1.68	Neutral	DCF
07/30/18	OCBC	M1	1.6	1.65	Hold
07/31/18	CIMB	M1	1.64	1.5	Hold	DCF
08/17/18	UOB Kay Hian	M1	1.6	1.55	Sell	DCF
09/07/18	UOB Kay Hian	M1	1.57	1.55	Sell
09/24/18	OCBC	M1	1.63	1.65	Hold
09/24/18	Kim Eng	M1	1.63	1.63	Hold	DCF
09/25/18	UOB Kay Hian	M1	1.63	1.88	Buy	DCF
09/25/18	CIMB	M1	1.63	1.5	Hold
09/28/18	UOB Kay Hian	M1	1.63	2.06	Accept Offer	Offer $2.06
09/28/18	DMG & Partners	M1	1.63	2.06	Neutral
09/28/18	CIMB	M1	1.63	2.06	Add
10/25/18	UOB Kay Hian	M1	2.1	2.06	Accept Offer	Offer $2.06, PER13.2x, EV/Ebidta7.2x FY18
10/25/18	OCBC	M1	2.1	2.06	Hold	Offer $2.06
10/26/18	Kim Eng	M1	2.09	1.63	Sell	DDM
10/26/18	DMG & Partners	M1	2.09	2.06	Neutral

Stock calls for 31 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/31/18	Tayrona	Capital World	0.037	0.147	Overweight	Sum of parts
10/31/18	DBS Vickers	CapitaRetail China	1.36	1.63	Buy
10/31/18	DBS Vickers	Cityneon	1.29	1.57	Accept Offer	Offer $1.30
10/31/18	DBS Vickers	Comfortdelgro	2.22	2.59	Buy
10/31/18	Kim Eng	Far East Hospitality	0.59	0.75	Buy	DDM
10/31/18	OCBC	Far East Hospitality	0.59	0.675	Buy
10/31/18	Lim & Tan	Far East Hospitality	0.59	0	Buy
10/31/18	DBS Vickers	Far East Hospitality	0.59	0.7	Buy	DCF
10/31/18	UOB Kay Hian	Japfa	0.69	0.98	Buy	Sum of parts, PER12.2x FY18
10/31/18	DBS Vickers	Sheng Siong	1.08	1.24	Buy
10/31/18	DMG & Partners	Sheng Siong	1.08	1.3	Buy	DCF & PER21x
10/31/18	OCBC	Starhill	0.665	0.71	Buy
10/31/18	UOB Kay Hian	Tianjin Zhongxin	0.895	1.59	Buy	PER14.1x FY18
10/31/18	Macquarie	UOB	24	30.5	Outperform

Lippo-Malls Indo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/17	CIMB	Lippo-Malls Indo	0.385	0.39	Hold	DDM
02/17/17	OCBC	Lippo-Malls Indo	0.385	0.43	Buy	DDM
04/04/17	OCBC	Lippo-Malls Indo	0.395	0.43	Buy
06/01/17	OCBC	Lippo-Malls Indo	0.415	0.435	Buy
06/22/17	CIMB	Lippo-Malls Indo	0.43	0.41	Hold	DDM
06/28/17	OCBC	Lippo-Malls Indo	0.44	0.475	Buy	DDM
08/07/17	OCBC	Lippo-Malls Indo	0.455	0.45	Hold	DDM
08/08/17	CIMB	Lippo-Malls Indo	0.455	0.43	Hold	DDM
08/30/17	OCBC	Lippo-Malls Indo	0.43	0.455	Buy
11/06/17	OCBC	Lippo-Malls Indo	0.44	0.46	Buy	DDM
12/13/17	OCBC	Lippo-Malls Indo	0.415	0.46	Buy
02/15/18	OCBC	Lippo-Malls Indo	0.4	0.405	Hold
04/13/18	CIMB	Lippo-Malls Indo	0.365	0.33	Reduce	DDM
04/13/18	OCBC	Lippo-Malls Indo	0.365	0.31	Sell
05/07/18	CIMB	Lippo-Malls Indo	0.32	0.33	Reduce	DDM
08/06/18	CIMB	Lippo-Malls Indo	0.315	0.33	Hold	DDM

Lian Beng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/17	NRA	Lian Beng	0.705	1.08	Not Rated	RNAV (11.6% discount)
12/06/17	DBS Vickers	Lian Beng	0.715	0.85	Not Rated	RNAV (50% discount)
04/24/18	DBS Vickers	Lian Beng	0.625	0.85	Not Rated	Sum of parts

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/17	UOB Kay Hian	KSH	0.54	0.69	Buy	PB0.93x
02/13/17	OCBC	KSH	0.54	0.61	Buy
03/08/17	UOB Kay Hian	KSH	0.54	0.69	Buy
04/11/17	UOB Kay Hian	KSH	0.775	1.18	Buy	RNAV (50% discount)
04/12/17	Lim & Tan	KSH	0.78	0	Buy
05/30/17	OCBC	KSH	0.935	0.86	Hold
05/31/17	UOB Kay Hian	KSH	0.915	1.12	Buy	Sum of parts
08/14/17	Lim & Tan	KSH	0.73	0	Hold
09/27/17	OCBC	KSH	0.74	0.69	Hold
10/06/17	Lim & Tan	KSH	0.785	0	Buy
11/06/17	UOB Kay Hian	KSH	0.89	0.87	Hold	Sum of parts
11/13/17	Lim & Tan	KSH	0.86	0	Hold
11/15/17	OCBC	KSH	0.865	0.79	Hold
02/12/18	Lim & Tan	KSH	0.705	0	Hold
02/13/18	OCBC	KSH	0.695	0.79	Hold
02/22/18	UOB Kay Hian	KSH	0.76	1.08	Buy	Sum of parts
06/01/18	Lim & Tan	KSH	0.645	0	Hold
06/04/18	OCBC	KSH	0.635	0.98	Buy
06/07/18	UOB Kay Hian	KSH	0.65	1.04	Buy	Sum of parts
07/16/18	OCBC	KSH	0.615	0.94	Buy
08/13/18	UOB Kay Hian	KSH	0.61	0.87	Buy	RNAV (50% discount)
08/13/18	OCBC	KSH	0.61	0.98	Buy

Stock calls for 30 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/30/18	DBS Vickers	Cache Logistics	0.71	0.75	Hold	DCF
10/30/18	CIMB	Cityneon	1.26	1.3	Accept Offer	Offer $1.30
10/30/18	DBS Vickers	Ifast Corp	1.14	1.33	Buy	DDM
10/30/18	CIMB	Mapletree North Asia	1.13	1.28	Add	DDM
10/30/18	OCBC	Raffles Medical	1.09	1.26	Buy	Sum of parts
10/30/18	UOB Kay Hian	Raffles Medical	1.09	1.27	Buy	DCF
10/30/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral	DCF
10/30/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts
10/30/18	DBS Vickers	Y Venture	0.24	0.34	Hold	EV/Ebitda14x FY19
10/30/18	UOB Kay Hian	Y Venture	0.24	0.57	Buy	PB2.1x FY19
10/30/18	UOB Kay Hian	Yangzijiang	1.21	1.25	Buy

Mark my words! Singapore price hikes are coming in the future! - Part 2

https://sg.news.yahoo.com/bus-train-card-fares-adults-increase-6-cents-public-transport-council-090932523.html

We did warn about the price hikes in our previous post.  More will come!

https://sg-stock.blogspot.com/2018/08/mark-my-words-singapore-price-hikes-are.html

China tourism in the USA is faltering.

http://www.chinadaily.com.cn/a/201809/30/WS5bb0a08ba310eff3032806dc.html

Look like anti-USA sentiment is brewing in China.

The Chinese had reduced their US trips.

Trump threatens President Xi prior to G20 meeting.

https://sg.finance.yahoo.com/news/u-plans-more-china-tariffs-trump-xi-meeting-194826425--finance.html

If Trump continues in his antes such as economic threats and military FONs in the South China Sea, President Xi will just cancel the meeting with Trump during the G20 meeting and all the stock markets will continue to fall further.

China is ready to fight a prolonged economic war but Trump is not as he has an election to deal with.

Trump is destroying the semiconductor industry.

https://sg.finance.yahoo.com/news/u-restricts-exports-chinese-semiconductor-firm-181101429--sector.html

Micron tech will suffer because it generates more than 50% sales from China.  Is history going to repeat itself? Micron tech collapsed in the past under Singapore PM's wife Ho Ching before it was sold to the USA.  Ho Ching caused Micron to lose $500m in the past but Trump will cause Micron to lose more.

Sigh! Another company is leaving SGX.

https://sg.finance.yahoo.com/news/cityneon-gets-1-30-share-232839455.html

It looks like more companies are leaving SGX this year than those wanting to list on SGX.

SGX is fast becoming a derivatives exchange more than a securities exchange.

Noble Group warns of another loss.

https://sg.finance.yahoo.com/news/noble-group-warns-another-loss-restructuring-costs-mount-005456757.html

This is a foregone company.  Noble won't be able to repay its colossal debt as it is burning cash like hell.