SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell
03/14/18	UOB Kay Hian	SPH	2.56	2.39	Sell	Sum of parts
04/11/18	UOB Kay Hian	SPH	2.49	2.41	Hold	Sum of parts, Buy @ $2.30
04/11/18	Lim & Tan	SPH	2.49	0	Hold
04/12/18	OCBC	SPH	2.49	2.52	Hold
04/12/18	DBS Vickers	SPH	2.49	2.6	Hold	Sum of parts
06/13/18	UOB Kay Hian	SPH	2.69	2.46	Hold	Buy @ $2.40
07/03/18	UOB Kay Hian	SPH	2.59	2.46	Hold
07/05/18	CIMB	SPH	2.59	2.85	Add	Sum of parts
07/06/18	DBS Vickers	SPH	2.67	2.6	Hold
07/12/18	DBS Vickers	SPH	2.75	2.58	Hold	Sum of parts
07/12/18	UOB Kay Hian	SPH	2.75	2.58	Hold	Sum of parts, Buy @ $2.40
07/12/18	Lim & Tan	SPH	2.75	0	Hold
07/13/18	OCBC	SPH	2.76	2.52	Hold
07/13/18	CIMB	SPH	2.76	2.88	Add	Sum of parts
09/04/18	UOB Kay Hian	SPH	2.81	2.58	Hold	DCF, Buy @ $2.45
09/10/18	DBS Vickers	SPH	2.73	2.58	Hold
09/11/18	OCBC	SPH	2.79	2.52	Hold
09/11/18	Lim & Tan	SPH	2.79	0	Hold
09/13/18	CIMB	SPH	2.74	2.88	Add	Sum of parts
10/16/18	OCBC	SPH	2.62	2.55	Hold
10/16/18	UOB Kay Hian	SPH	2.62	2.75	Hold	Buy @ $2.50
10/16/18	CIMB	SPH	2.62	2.74	Hold	Sum of parts
10/16/18	Lim & Tan	SPH	2.62	0	Hold
01/14/19	CIMB	SPH	2.49	2.64	Hold	Sum of parts
01/14/19	Lim & Tan	SPH	2.49	0	Hold
01/15/19	OCBC	SPH	2.47	2.55	Hold

Stock calls for 29 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/29/19	Lim & Tan	ART	1.18	0	Hold	BV
03/29/19	DBS Vickers	Jumbo	0.395	0.5	Buy	PER23x FY19/20
03/29/19	UOB Kay Hian	ST Engineering	3.73	4.4	Buy	EV/Invested capital basis
03/29/19	OCBC	ST Engineering	3.73	4.07	Buy
03/29/19	DBS Vickers	ST Engineering	3.73	4.15	Buy
03/29/19	DBS Vickers	Venture	17.8	21.7	Buy

Hyflux's white knight is trying to wiggle itself out of the deal.

https://sg.finance.yahoo.com/news/white-knight-investor-throws-singapores-083341266.html

Hahaha! The white knight is regretting its own decision to invest in Hyflux and wants a way out after realizing that Hyflux is beyond hope.

A big blow to Boeing!

https://www.news.com.au/travel/travel-advice/flights/inside-the-aircraft-boneyard-thats-now-housing-boeings-max-8s/news-story/00fd9b3a093893d2454e2a7fadd1d504

The US Southwest airlines will be sending its Boeing 737-Max planes to the remote desert graveyard for parking.  This means that Boeing 737-Max won't be returned to flying in the short run.

Furthermore, this move also shows that Boeing 737-Max is really an unsafe plane as it is expensive to park the planes in a desert graveyard.  The planes need to be sand-proof and the airline will also suffer from loss of incomes for not using the planes.

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/18	DMG & Partners	Spackman	0.073	0.1	Buy	DCF, PER14x FY18

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/18	OCBC	Soilbuild Reit	0.695	0.68	Hold
01/19/18	DBS Vickers	Soilbuild Reit	0.7	0.62	Hold	DCF
01/19/18	Lim & Tan	Soilbuild Reit	0.7	0	Hold
01/19/18	Jefferies	Soilbuild Reit	0.7	0.7	Buy
03/29/18	OCBC	Soilbuild Reit	0.645	0.7	Buy
04/17/18	OCBC	Soilbuild Reit	0.66	0.7	Buy
04/18/18	DBS Vickers	Soilbuild Reit	0.66	0.62	Hold
04/18/18	OCBC	Soilbuild Reit	0.66	0.71	Buy
04/18/18	Jefferies	Soilbuild Reit	0.66	0.7	Hold
05/24/18	OCBC	Soilbuild Reit	0.665	0.71	Buy
07/18/18	OCBC	Soilbuild Reit	0.65	0.69	Buy
07/18/18	DBS Vickers	Soilbuild Reit	0.65	0.62	Hold	DCF
09/10/18	DBS Vickers	Soilbuild Reit	0.625	0.62	Hold
09/10/18	OCBC	Soilbuild Reit	0.625	0.69	Buy
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	Jefferies	Soilbuild Reit	0.585	0.62	Hold
01/23/19	DBS Vickers	Soilbuild Reit	0.62	0.65	Buy	DCF
01/23/19	OCBC	Soilbuild Reit	0.62	0.62	Hold
01/23/19	Jefferies	Soilbuild Reit	0.62	0.62	Hold

SLB Dev - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/18	SAC Advisors	SLB Dev	0.215	0.28	Buy

Stock calls for 28 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/28/19	UOB Kay Hian	Ho Bee	2.5	2.79	Buy	RNAV (30% discount)
03/28/19	UOB Kay Hian	ST Engineering	3.75	4.06	Buy
03/28/19	Lim & Tan	ST Engineering	3.75	0	Hold
03/28/19	CIMB	UOL	6.78	8.45	Add

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy	Sum of parts
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/09/18	OCBC	Singtel	3.4	4.15	Buy
02/09/18	UOB Kay Hian	Singtel	3.4	4.4	Buy	DCF
02/09/18	CIMB	Singtel	3.4	4	Add
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy
03/14/18	Kim Eng	Singtel	3.41	3.69	Hold	Sum of parts
03/15/18	CIMB	Singtel	3.4	4	Add	Sum of parts
03/15/18	DMG & Partners	Singtel	3.4	4.1	Buy	Sum of parts
04/03/18	UOB Kay Hian	Singtel	3.39	4.4	Buy
04/03/18	Kim Eng	Singtel	3.39	3.69	Hold
04/16/18	UOB Kay Hian	Singtel	3.37	4.35	Buy
05/03/18	UOB Kay Hian	Singtel	3.5	4.35	Buy	DCF
05/04/18	Kim Eng	Singtel	3.52	3.69	Hold
05/07/18	DBS Vickers	Singtel	3.5	3.85	Buy	Sum of parts
05/17/18	Lim & Tan	Singtel	3.42	0	Buy
05/18/18	UOB Kay Hian	Singtel	3.44	4.22	Buy	DCF
05/18/18	DMG & Partners	Singtel	3.44	3.9	Buy	Sum of parts
05/18/18	CIMB	Singtel	3.44	3.9	Add	Sum of parts
05/18/18	OCBC	Singtel	3.44	4.1	Buy
05/18/18	Kim Eng	Singtel	3.44	3.57	Hold	Sum of parts
06/04/18	UOB Kay Hian	Singtel	3.25	4.22	Buy	DCF
06/05/18	DBS Vickers	Singtel	3.27	3.85	Buy
06/18/18	CIMB	Singtel	3.19	3.9	Add
06/19/18	DBS Vickers	Singtel	3.19	3.7	Buy	Sum of parts
06/19/18	Kim Eng	Singtel	3.19	3.57	Hold
06/20/18	OCBC	Singtel	3.18	4.1	Buy	PER18.3x FY19
06/27/18	DMG & Partners	Singtel	3.12	4.05	Buy
07/03/18	UOB Kay Hian	Singtel	3.05	4.22	Buy
08/10/18	OCBC	Singtel	3.2	4.08	Buy
08/10/18	UOB Kay Hian	Singtel	3.2	4.05	Buy	DCF
08/10/18	CIMB	Singtel	3.2	3.7	Add	Sum of parts
08/10/18	DBS Vickers	Singtel	3.2	3.7	Buy	Sum of parts
08/10/18	DMG & Partners	Singtel	3.2	3.7	Buy	Sum of parts
08/13/18	Lim & Tan	Singtel	3.14	0	Hold
08/20/18	UOB Kay Hian	Singtel	3.11	3.98	Buy	DCF
08/24/18	Kim Eng	Singtel	3.28	3.46	Hold	Sum of parts
09/03/18	DIR	Singtel	3.23	3.47	Outperform	Sum of parts
09/03/18	UOB Kay Hian	Singtel	3.23	3.98	Buy
09/25/18	UOB Kay Hian	Singtel	3.15	3.94	Buy	DCF
10/03/18	UOB Kay Hian	Singtel	3.23	3.94	Buy	DCF
10/11/18	DMG & Partners	Singtel	3.14	3.7	Buy
10/24/18	DBS Vickers	Singtel	3.13	3.64	Buy	Sum of parts
11/02/18	UOB Kay Hian	Singtel	3.18	3.94	Buy
11/02/18	DBS Vickers	Singtel	3.18	3.64	Buy	Sum of parts
11/07/18	CIMB	Singtel	3.17	3.7	Add	Sum of parts
11/09/18	DBS Vickers	Singtel	3.08	3.59	Buy	Sum of parts
11/09/18	UOB Kay Hian	Singtel	3.08	3.9	Buy	DCF
11/09/18	Kim Eng	Singtel	3.08	3.39	Hold	DCF
11/09/18	OCBC	Singtel	3.08	3.95	Buy
11/09/18	CIMB	Singtel	3.08	3.4	Add	Sum of parts
11/09/18	DMG & Partners	Singtel	3.08	3.22	Neutral
11/14/18	Macquarie	Singtel	3.03	3.14	Outperform
12/04/18	UOB Kay Hian	Singtel	3.09	3.9	Buy	DCF
12/06/18	DMG & Partners	Singtel	3.08	3.22	Neutral
12/10/18	OCBC	Singtel	3.08	3.95	Buy
12/20/18	DBS Vickers	Singtel	2.96	3.59	Buy
01/02/19	UOB Kay Hian	Singtel	2.83	3.58	Buy	DCF
01/02/19	Kim Eng	Singtel	2.83	3.39	Hold
01/04/19	Phillip	Singtel	2.86	3.4	Buy	Sum of parts
01/14/19	DMG & Partners	Singtel	3.05	3.22	Neutral
01/15/19	DBS Vickers	Singtel	3.05	3.59	Buy	Sum of parts
02/08/19	UOB Kay Hian	Singtel	3.05	3.58	Buy
02/12/19	DBS Vickers	Singtel	3.05	3.5	Buy	Sum of parts
02/12/19	Kim Eng	Singtel	3.05	3.39	Hold	Sum of parts
02/15/19	OCBC	Singtel	3.03	3.79	Buy
02/15/19	DMG & Partners	Singtel	3.03	3.22	Neutral	Sum of parts
02/18/19	Phillip	Singtel	2.99	3.27	Accumulate	Sum of parts
02/18/19	CIMB	Singtel	2.99	3.4	Add	Sum of parts
03/11/19	OCBC	Singtel	2.94	3.79	Buy
03/11/19	DMG & Partners	Singtel	2.94	3.09	Neutral	Sum of parts
03/11/19	Lim & Tan	Singtel	2.94	0	Hold
03/12/19	CIMB	Singtel	2.93	3.4	Add	Sum of parts
03/21/19	UOB Kay Hian	Singtel	2.99	3.58	Buy	DCF
03/22/19	DMG & Partners	Singtel	2.97	3.06	Neutral
03/26/19	CIMB	Singtel	2.97	3.3	Add	Sum of parts

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/18	OCBC	Singapore Post	1.23	1.26	Hold
02/02/18	OCBC	Singapore Post	1.3	1.26	Hold
02/05/18	CIMB	Singapore Post	1.38	1.58	Add	DCF
02/05/18	UOB Kay Hian	Singapore Post	1.38	1.62	Buy	Sum of parts
02/05/18	Kim Eng	Singapore Post	1.38	1.5	Buy	DCF
02/05/18	DBS Vickers	Singapore Post	1.38	1.61	Buy	DCF
03/06/18	DBS Vickers	Singapore Post	1.33	1.61	Buy
03/16/18	UOB Kay Hian	Singapore Post	1.37	1.6	Buy	Sum of parts
04/02/18	Kim Eng	Singapore Post	1.37	1.5	Buy	DCF
04/24/18	UOB Kay Hian	Singapore Post	1.31	1.6	Buy	Sum of parts
05/14/18	UOB Kay Hian	Singapore Post	1.36	1.59	Buy	Sum of parts
05/14/18	Kim Eng	Singapore Post	1.36	1.5	Buy	DCF
05/14/18	CIMB	Singapore Post	1.36	1.59	Add	DCF
05/14/18	OCBC	Singapore Post	1.36	1.5	Buy
05/15/18	DBS Vickers	Singapore Post	1.37	1.55	Buy	DCF
06/04/18	UOB Kay Hian	Singapore Post	1.32	1.59	Buy
06/11/18	CIMB	Singapore Post	1.36	1.59	Add
07/02/18	Kim Eng	Singapore Post	1.26	1.5	Buy	DCF
07/06/18	DBS Vickers	Singapore Post	1.27	1.55	Buy	DCF
07/13/18	UOB Kay Hian	Singapore Post	1.3	1.59	Buy
08/03/18	OCBC	Singapore Post	1.23	1.53	Buy
08/06/18	DBS Vickers	Singapore Post	1.25	1.28	Hold	DCF
08/06/18	UOB Kay Hian	Singapore Post	1.25	1.45	Hold	Sum of parts, Buy @ $1.23
08/06/18	OCBC	Singapore Post	1.25	1.5	Buy
08/07/18	CIMB	Singapore Post	1.23	1.27	Hold	DCF
11/05/18	UOB Kay Hian	Singapore Post	1.03	1.04	Hold	Sum of parts, PER24x FY19, Buy @ $0.90
11/05/18	CIMB	Singapore Post	1.03	1.12	Hold	DCF, PER20.3x FY20
11/05/18	DBS Vickers	Singapore Post	1.03	1.04	Hold	DCF
02/04/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
02/04/19	CIMB	Singapore Post	0.965	1.03	Hold	DCF
02/04/19	DBS Vickers	Singapore Post	0.965	0.92	Hold	DCF
02/04/19	Lim & Tan	Singapore Post	0.965	0	Hold
02/04/19	OCBC	Singapore Post	0.965	1.23	Buy
02/08/19	OCBC	Singapore Post	0.955	1	Hold
02/08/19	CLSA	Singapore Post	0.955	1.17	Buy

Singapore O&G - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/18	phillip	Singapore O&G	0.385	0.42	Accumulate	PER23.2x
05/15/18	phillip	Singapore O&G	0.38	0.42	Accumulate	PER23.2x
08/14/18	phillip	Singapore O&G	0.36	0.42	Accumulate	PER23.2x
01/23/19	phillip	Singapore O&G	0.34	0.42	Buy
02/21/19	phillip	Singapore O&G	0.355	0	Cease Coverage

Stock calls for 27 March 2017

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/19	CIMB	Biolidics	0.27	0.32	Add	EV/Sales 12x
03/27/19	DMG & Partners	China Aviation Oil	1.27	1.6	Buy	DCF, PER10x, PB1.2x, Ev/Ebitda6.5x
03/27/19	Lim & Tan	MIT	0.36	0.405	Buy	Mid-point of $0.4-0.41
03/27/19	Phillip	Netlink	0.825	0.89	Accumulate	DCF

Boeing 737-Max may not be able to fly to china for at least 1 year.

https://www.channelnewsasia.com/news/asia/china-not-taking-boeing-737-max-8-airworthiness-certificate-11382038

China won't give certification to Boeing 737-Max now and it may take up to 15 months to get the certification in China.

Therefore, no Boeing 737-Max will be able to fly in and out of China since it doesn't have the airworthiness certification.

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/18	DMG & Partners	Singapore Medical	0.605	0.79	Buy
01/26/18	UOB Kay Hian	Singapore Medical	0.63	0.83	Buy	PER26.8x FY18, PEG0.3x
02/06/18	DMG & Partners	Singapore Medical	0.58	0.79	Buy	DCF, PER27x FY18
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/02/18	DBS Vickers	Singapore Medical	0.56	0.73	Buy
03/02/18	Kim Eng	Singapore Medical	0.56	0.7	Buy	PER27x FY18
03/02/18	DMG & Partners	Singapore Medical	0.56	0.68	Buy	DCF, PER26x FY18
03/19/18	UOB Kay Hian	Singapore Medical	0.51	0.74	Buy	PER25.8x FY18
05/16/18	UOB Kay Hian	Singapore Medical	0.505	0.74	Buy	PER26.8x FY18
05/16/18	DMG & Partners	Singapore Medical	0.505	0.68	Buy	DCF
05/16/18	DBS Vickers	Singapore Medical	0.505	0.73	Buy	PER25x FY19
06/06/18	UOB Kay Hian	Singapore Medical	0.495	0.74	Buy
06/27/18	DMG & Partners	Singapore Medical	0.46	0.68	Buy
07/31/18	DMG & Partners	Singapore Medical	0.425	0.56	Buy	DCF, PER21.5x
08/15/18	DMG & Partners	Singapore Medical	0.43	0.56	Buy	DCF
08/16/18	UOB Kay Hian	Singapore Medical	0.425	0.74	Buy
11/07/18	UOB Kay Hian	Singapore Medical	0.4	0.74	Buy	PER22.2x FY19
11/08/18	DMG & Partners	Singapore Medical	0.41	0.56	Buy	DCF
12/14/18	DMG & Partners	Singapore Medical	0.405	0.56	Buy
01/02/19	DMG & Partners	Singapore Medical	0.4	0.56	Buy
02/21/19	UOB Kay Hian	Singapore Medical	0.47	0.65	Buy	PER23x FY19
02/21/19	DMG & Partners	Singapore Medical	0.47	0.54	Buy	DCF

Sing Holdings - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/18	Amfrasers	Sing Holdings	0.42	0.68	Buy	RNAV (30% discount), PB1x FY17

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/25/18	CIMB	Silverlake	0.53	0.58	Add	DCF
05/16/18	DMG & Partners	Silverlake	0.55	0.65	Buy	DCF, PER21x FY19
05/16/18	CIMB	Silverlake	0.55	0.56	Add	DCF
05/24/18	DBS Vickers	Silverlake	0.545	0.65	Not Rated	PER22x FY19
06/20/18	DMG & Partners	Silverlake	0.52	0.65	Buy	DCF, PERf21x FY19
07/27/18	DMG & Partners	Silverlake	0.515	0.65	Buy	DCF, PER23x FY19
08/27/18	CIMB	Silverlake	0.455	0.56	Add	DCF
08/28/18	DMG & Partners	Silverlake	0.46	0.57	Buy	DCF
09/07/18	DMG & Partners	Silverlake	0.445	0.57	Buy
09/14/18	CIMB	Silverlake	0.42	0.56	Add	DCF
11/14/18	DMG & Partners	Silverlake	0.41	0.65	Buy	DCF
11/14/18	CIMB	Silverlake	0.41	0.56	Add	Sum of parts, PER17.6x FY20
12/14/18	DMG & Partners	Silverlake	0.415	0.65	Buy
01/02/19	DMG & Partners	Silverlake	0.415	0.65	Buy	DCF
01/03/19	DBS Vickers	Silverlake	0.405	0.6	Buy	PER21x FY19
01/07/19	DBS Vickers	Silverlake	0.425	0.62	Buy	PER21x FY19
02/01/19	DMG & Partners	Silverlake	0.485	0.65	Buy	DCF
02/15/19	DBS Vickers	Silverlake	0.515	0.62	Buy	PER21x FY19
03/01/19	CIMB	Silverlake	0.57	0.62	Add	Sum of parts, PER19x CY20
03/13/19	DMG & Partners	Silverlake	0.555	0.65	Buy

Stock calls for 26 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/26/19	UOB Kay Hian	CapitaCommercial	1.92	2.16	Buy
03/26/19	CIMB	Capitaland	3.44	3.56	Add
03/26/19	CIMB	CDL Hospitality	1.64	1.8	Add
03/26/19	CIMB	City Developments	8.87	10.66	Add
03/26/19	UOB Kay Hian	CSE Global	0.54	0.62	Buy
03/26/19	DMG & Partners	CSE Global	0.54	0.61	Buy	DCF
03/26/19	CIMB	CSE Global	0.54	0.6	Add
03/26/19	OCBC	DBS	25.12	29.31	Buy
03/26/19	UOB Kay Hian	Fu Yu	0.2	0.285	Buy
03/26/19	CIMB	Genting	1.03	1.28	Add
03/26/19	Amfrasers	Geo Energy	0.182	0.19	Hold	DCF
03/26/19	CIMB	HRnetGroup	0.765	1.03	Add
03/26/19	CIMB	Keppel Corp	6.17	8.41	Add
03/26/19	Kim Eng	MM2 Asia	0.315	0.34	Buy	PEG0.93x
03/26/19	UOB Kay Hian	OCBC	10.99	13.85	Buy
03/26/19	UOB Kay Hian	SATS	5.06	5.6	Buy
03/26/19	CIMB	Singtel	2.97	3.3	Add	Sum of parts
03/26/19	CIMB	ST Engineering	3.75	4.08	Add
03/26/19	CIMB	Starhub	1.51	1.65	Hold	DCF (10% discount)
03/26/19	OCBC	UOB	24.95	28.3	Buy

Global inflation or deflation? - Part 2

https://sg-stock.blogspot.com/2019/03/global-inflation-or-deflation.html

Our latest analysis is that inflation will rear its head in the 2nd half of 2019.

What caused the sudden change from our previous analysis whereby Asia would face deflation?

https://sg-stock.blogspot.com/2019/03/asian-deflation-is-happening.html

https://sg-stock.blogspot.com/2019/01/deflation-will-start-in-asia-soon.html

Well, our change stemmed from the US political will to depreciate the USD to create inflation which ran counter to our previous deflation analysis.

https://sg-stock.blogspot.com/2019/03/usd-is-likely-to-depreciate-soon-why.html

Furthermore, the pork prices in China will appreciate in the 2nd half of 2019 because of swine disease.  This forces China to import pigs in huge numbers which will boost the pork prices as pork is a staple food in China.  It also forms part of the CPI calculation.

https://www.porkbusiness.com/article/chinas-pork-imports-double-2019-rabobank-analyst-predicts

As the USD is expected to depreciate and worldwide food prices (including China) are expected to increase, we have decided to change our stance from deflation to inflation in the 2nd half of 2019.