Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine C&C	30.77	44.13	Not Rated
01/04/19	DBS Vickers	Jardine C&C	35.28	43.1	Buy

Stock calls for 19 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/19	Amfrasers	Accordia Golf Trust	0.565	0.61	Buy
02/19/19	Amfrasers	Comfortdelgro	2.41	2.77	Buy	PER19x FY19
02/19/19	Jefferies	DBS	25.2	28.5	Buy
02/19/19	OCBC	DBS	25.2	29.31	Buy
02/19/19	DMG & Partners	DBS	25.2	28.8	Buy	GGM, PB1.5x FY19
02/19/19	phillip	DBS	25.2	29	Buy	GGM, PB1.5x FY19
02/19/19	Kim Eng	DBS	25.2	29.56	Buy	DDM
02/19/19	CIMB	DBS	25.2	29	Add	GGM
02/19/19	UOB Kay Hian	DBS	25.2	28.4	Buy
02/19/19	Amfrasers	DISA	0.003	0	Cease Coverage
02/19/19	OCBC	Mapletree Industrial	1.99	1.98	Hold
02/19/19	CIMB	Starhub	1.61	2	Hold	DCF
02/19/19	Phillip	Thai Beverage	0.82	0.81	Neutral	Sum of parts
02/19/19	Amfrasers	Thai Beverage	0.82	0.75	Hold

New Zealand is backpedaling on Huawei ban.

https://sg.finance.yahoo.com/news/zealand-leader-says-no-final-032231741.html

After seeing what the UK did, NZ is also backpedaling on Huawei ban.

https://sg-stock.blogspot.com/2019/02/uk-will-continue-to-use-huawei-5g.html

Look like NZ is smarter than the Aussie. Hahaha!

http://sg-stock.blogspot.com/2019/02/australia-is-suffering-backlash-from.html

Australia is suffering a backlash from China.

https://finance.yahoo.com/news/chinese-traders-cut-australian-coal-121834785.html

Australia really deserves this because it wants to earn China's money but also wants to be anti-China.

This is just a normal reaction from China.  We will also react in this way when someone wants to sell us something but also badmouth us at the same time.

Australia's economy will suffer a lot if it cannot export to China since China is the largest trading partner.  The property sector is already suffering tremendously right now.

http://sg-stock.blogspot.com/2017/12/australia-china-political-skirmish.html

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
08/01/18	Kim Eng	Japfa	0.745	0.86	Buy	Sum of parts
09/11/18	CIMB	Japfa	0.595	0.8	Add	Sum of parts
10/17/18	UOB Kay Hian	Japfa	0.61	0.9	Buy	Sum of parts, PER12.2x FY18
10/25/18	DBS Vickers	Japfa	0.63	0.86	Buy	Sum of parts (10% discount), PER12.2x FY19
10/31/18	UOB Kay Hian	Japfa	0.69	0.98	Buy	Sum of parts, PER12.2x FY18
11/01/18	CIMB	Japfa	0.665	0.8	Add	Sum of parts
11/02/18	DBS Vickers	Japfa	0.68	0.89	Buy	Sum of parts (15% discount), PER12.6x FY19
11/08/18	UOB Kay Hian	Japfa	0.715	0.98	Buy
12/10/18	UOB Kay Hian	Japfa	0.755	0.98	Buy
12/12/18	Kim Eng	Japfa	0.735	0.99	Buy	Sum of parts
01/29/19	CIMB	Japfa	0.82	0.9	Add	Sum of parts
01/30/19	Kim Eng	Japfa	0.81	0.99	Buy

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/18	Amfrasers	Japan Foods	0.46	0.54	Buy	DCF
05/07/18	DMG & Partners	Japan Foods	0.505	0.63	Buy	DCF, PER19x FY19
05/22/18	Amfrasers	Japan Foods	0.485	0.64	Buy	DCF
06/22/18	DMG & Partners	Japan Foods	0.5	0.63	Buy
08/08/18	DMG & Partners	Japan Foods	0.49	0.58	Buy	Sum of parts, PER16.6x FY19
08/21/18	Amfrasers	Japan Foods	0.5	0.64	Buy	DCF
11/09/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
11/13/18	Amfrasers	Japan Foods	0.455	0.56	Hold	DCF
12/10/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/07/18	CIMB	Jadason	0.07	0.08	Add	PER12.34x FY19
05/16/18	CIMB	Jadason	0.05	0.077	Add	PB1x CY18
05/18/18	DMG & Partners	Jadason	0.05	0.05	Neutral	DCF
06/27/18	DMG & Partners	Jadason	0.04	0.05	Neutral
08/17/18	CIMB	Jadason	0.037	0.073	Add	PB1x CY18
11/15/18	CIMB	Jadason	0.03	0.073	Add	PB1x FY18

Stock calls for 18 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/19	DMG & Partners	DBS	24.74	29.8	Buy
02/18/19	Lim & Tan	DBS	24.74	0	Buy
02/18/19	DMG & Partners	ISOTeam	0.22	0.23	Neutral	DCF
02/18/19	UOB Kay Hian	Jumbo	0.415	0.41	Hold
02/18/19	OCBC	Netlink	0.805	0.9	Buy
02/18/19	Kim Eng	SIA	9.76	11.2	Buy	PB0.94x
02/18/19	UOB Kay Hian	SIA	9.76	10.2	Hold
02/18/19	OCBC	SIA	9.76	10.71	Buy
02/18/19	Phillip	Singtel	2.99	3.27	Accumulate	Sum of parts
02/18/19	CIMB	Singtel	2.99	3.4	Add	Sum of parts
02/18/19	Phillip	Starhub	1.67	1.58	Neutral	EV/Ebitda
02/18/19	Kim Eng	Starhub	1.67	2.18	Buy	DCF
02/18/19	UOB Kay Hian	Starhub	1.67	1.45	Sell
02/18/19	UOB Kay Hian	Thai Beverage	0.815	0.86	Hold	Sum of parts
02/18/19	DMG & Partners	Thai Beverage	0.815	0.92	Buy	Sum of parts
02/18/19	CIMB	Thai Beverage	0.815	0.9	Add	Sum of parts
02/18/19	OCBC	Thai Beverage	0.815	0.91	Buy

Singapore Nodx fell 10.1% in January 2019

https://www.channelnewsasia.com/news/singapore/singapore-january-exports-down-10-1-biggest-drop-in-2-years-11252056

Year on year changes (YOY):

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

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%

http://sg-stock.blogspot.com/2019/01/singapore-nodx-fell-85-in-december-2018.html

UK will continue to use Huawei 5G equipment.

https://sg.finance.yahoo.com/news/uk-concludes-mitigate-risk-huawei-equipment-5g-ft-031519448--finance.html

The UK has realized that there is no better telecom equipment than Huawei's equipment and will continue to use Huawei.

It has dawned on the UK that the US is not a credible and trustworthy ally because the US will target the UK next after China.

http://sg-stock.blogspot.com/2019/02/trump-has-just-named-next-target-after.html

Well, late awakening is better than never.

Trump has just named the next target after China.

https://www.channelnewsasia.com/news/business/trump-says-trade-with-britain-to-increase-substantially-post-11248866

The UK without EU is just a lonely boy that Trump can bully.  Trump has just announced that the US trade with the UK would increase substantially.  In other words, Trump will force the UK to import more US goods.

Good luck to UK!

Baltic dry index - 639

Today, Friday, February 15 2019, the Baltic Dry Index climbed by 11 points, reaching 639 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 Stock: Sembcorp Marine, Cosco & Pan ocean

US rig count - 1051

The United States added three oil rigs and dropped one gas rig for a net gain of two rigs this week, according to weekly data from Baker Hughes, a GE Company.

The activity puts the nation’s weekly rig count total at 1,051 – higher than 975 count one year ago.

Louisiana saw the largest gain this week, with the addition of four rigs. Wyoming added three rigs while Alaska, California and Virginia added one rig each.

The following states saw rig declines this week: Pennsylvania (-3), Texas (-2), New Mexico (-2), North Dakota (-1) and Oklahoma (-1).

Among the major basins, the Permian dropped a total of five rigs this week bringing the total to 473, but still accounting for more than half of the nation’s oil rigs.

Earlier this week, the U.S. Energy Information Administration (EIA) forecasted that the nation’s crude oil production would average 12.4 million barrels per day in 2019 and 13.2 million barrels per day in 2020. The EIA projects the bulk of the production growth will come from the Permian.

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Related Stock: Keppel Corp, Sembcorp Marine & Cosco

USD is likely to depreciate soon. Why?

The chart above is the current USD dollar index.  It looks like USD has reached or is reaching its 1-year peak.

The chart above is the Saint Louis FED trade-weighted USD index.  It looks like the trade-weighted index has reached its peak and is developing a double top pattern (bearish signal).

Furthermore, the US has accumulated more than US$22T of national debt now.  The US has to resolve this debt conundrum or else its economy will collapse.  How is the US going to solve its debt problem?

Well, the easiest way out is to let inflation deflate the debt pressure.  However, the US CPI is not showing any inflation recently.  Therefore, the US must depreciate its USD to create inflation to reduce the colossal debt pressure.

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/18	UOB Kay Hian	ISOTeam	0.355	0.45	Buy	PER10.4x FY18
02/15/18	DMG & Partners	ISOTeam	0.33	0.46	Buy	DCF, PER13x FY18
05/17/18	DMG & Partners	ISOTeam	0.35	0.42	Buy	DCF
06/27/18	DMG & Partners	ISOTeam	0.335	0.42	Buy

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

Interra Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/20/18	SAC Advisors	Interra Resources	0.034	0.089	Buy

Stock calls for 15 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	Phillip	A-Reit	2.75	2.88	Accumulate
02/15/19	phillip	Cache Logistics	0.71	0.75	Neutral
02/15/19	Phillip	CapitaCommercial	1.86	1.93	Accumulate
02/15/19	Phillip	Capitamall Trust	2.38	2.09	Neutral
02/15/19	Phillip	CapitaRetail China	1.39	1.66	Accumulate
02/15/19	phillip	Dasin Retail	0.885	0.95	Accumulate
02/15/19	phillip	EC World Reit	0.745	0.82	Buy
02/15/19	Phillip	Frasers Centrepoint Trust	2.24	2.21	Neutral
02/15/19	DMG & Partners	Genting	1.1	1.23	Buy	DCF
02/15/19	DBS Vickers	Jumbo	0.415	0.44	Hold	PER23x FY19
02/15/19	CIMB	Jumbo	0.415	0.52	Add	PER21x FY20
02/15/19	Phillip	Keppel DC Reit	1.45	1.52	Accumulate
02/15/19	OCBC	KSH	0.52	0.81	Buy
02/15/19	Phillip	Mapletree Industrial	1.99	2.03	Neutral
02/15/19	UOB Kay Hian	Netlink	0.805	0.92	Buy	DCF
02/15/19	Citi Research	SATS	5.08	6	Buy
02/15/19	CIMB	SIA	9.87	10.25	Hold
02/15/19	DBS Vickers	SIA	9.87	11	Buy	PB0.9x FY20
02/15/19	Lim & Tan	SIA	9.87	0	Hold
02/15/19	DBS Vickers	Silverlake	0.515	0.62	Buy	PER21x FY19
02/15/19	OCBC	Singtel	3.03	3.79	Buy
02/15/19	DMG & Partners	Singtel	3.03	3.22	Neutral	Sum of parts
02/15/19	OCBC	Starhub	1.9	1.64	Sell
02/15/19	DMG & Partners	Starhub	1.9	2.02	Neutral	DCF
02/15/19	DBS Vickers	Starhub	1.9	1.92	Hold	DCF
02/15/19	Lim & Tan	Starhub	1.9	0	Sell
02/15/19	DBS Vickers	Thai Beverage	0.72	0.87	Buy
02/15/19	UOB Kay Hian	Valuetronics	0.71	0.87	Buy

Germany almost got into a recession.

https://sg.finance.yahoo.com/news/german-economy-stalled-fourth-quarter-just-escaping-recession-071949553--finance.html

Germany will enter a recession soon if the US-China trade war continues unabatedly.  We've been warning about this previously.

http://sg-stock.blogspot.com/2019/02/our-prediction-for-eu-is-coming-to.html

UK economy will perform badly this year!

https://sg.finance.yahoo.com/news/china-cancels-trade-talks-uk-protest-over-defence-091441063--business.html

The UK economy will perform badly this year because of Brexit and the absence of the UK-China trade deal.  Without a China trade deal, the UK will suffer tremendously because EU is not growing.