Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	phillip	Golden Energy	0.245	0.36	Buy
03/07/19	phillip	Golden Energy	0.235	0.3	Buy	PER10x
04/26/19	phillip	Golden Energy	0.215	0.3	Buy

Stock calls for 16 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DCF
05/16/19	DBS Vickers	APAC Realty	0.525	0.58	Hold	PER10x
05/16/19	Phillip	APTV	0.178	0.16	Reduce	EV/Ebitda11x
05/16/19	DMG & Partners	City Developments	8.54	9.2	Neutral	RNAV (40% discount)
05/16/19	OCBC	City Developments	8.54	10.68	Buy
05/16/19	CIMB	City Developments	8.54	10.66	Add
05/16/19	DBS Vickers	Comfortdelgro	2.52	2.59	Hold	DCF, PER17.7x, Buy @ $2.40
05/16/19	Kim Eng	Comfortdelgro	2.52	2.4	Hold
05/16/19	Amfrasers	Comfortdelgro	2.52	2.77	Buy
05/16/19	DMG & Partners	First Resources	1.7	1.53	Neutral	PER13x FY20
05/16/19	Kim Eng	First Resources	1.7	1.93	Buy	PER17x
05/16/19	DBS Vickers	First Resources	1.7	1.95	Buy	DCF, PER16.5x FY19
05/16/19	UOB Kay Hian	First Resources	1.7	1.7	Hold	Buy @ $1.50
05/16/19	Kim Eng	HMI	0.545	0.66	Buy	DCF
05/16/19	DBS Vickers	Jumbo	0.405	0.51	Buy	PER23x FY19
05/16/19	UOB Kay Hian	Jumbo	0.405	0.41	Hold	Buy @ $0.37
05/16/19	CIMB	Jumbo	0.405	0.52	Add
05/16/19	UOB Kay Hian	Propnex	0.505	0.6	Buy
05/16/19	DBS Vickers	Riverstone	0.975	1.03	Hold	PER16.8x FY19/20
05/16/19	OCBC	Sembcorp Industries	2.54	3.13	Buy	Sum of parts
05/16/19	DBS Vickers	Sembcorp Industries	2.54	3.9	Buy
05/16/19	CIMB	Sembcorp Industries	2.54	3.41	Add
05/16/19	DBS Vickers	Silverlake	0.52	0.63	Buy	PER21x FY19
05/16/19	CIMB	Silverlake	0.52	0.58	Add
05/16/19	DMG & Partners	Singtel	3.13	3.35	Neutral	Sum of parts
05/16/19	OCBC	Singtel	3.13	3.59	Buy
05/16/19	CIMB	Singtel	3.13	3.4	Add	Sum of parts
05/16/19	UOB Kay Hian	Singtel	3.13	3.58	Buy
05/16/19	Kim Eng	Singtel	3.13	3.37	Hold	Sum of parts
05/16/19	OCBC	ST Engineering	3.9	4.22	Buy
05/16/19	DBS Vickers	ST Engineering	3.9	4.5	Buy
05/16/19	CIMB	ST Engineering	3.9	4.43	Add	PER22x FY20
05/16/19	DBS Vickers	UMS	0.64	0.45	Fully Valued	PER8x FY19/20
05/16/19	CIMB	UOB	25.1	29.58	Add	GGM
05/16/19	DMG & Partners	Wilmar	3.5	3.94	Buy	Sum of parts
05/16/19	OCBC	Wilmar	3.5	3.66	Hold	PB0.95x
05/16/19	CIMB	Wilmar	3.5	3.96	Add	Sum of parts
05/16/19	OCBC	Yanlord	1.44	1.68	Buy	PER5x

China has started to sell US treasuries.

https://www.reuters.com/article/us-usa-treasury-securities/china-sells-most-us-treasuries-in-nearly-two-and-a-half-years-idUSKCN1SL2U4

This is indeed an unusual move as it is the biggest selloff in nearly 2 and a half years.

However, this move might be misinterpreted by many because it could be that China was trying to stop its RMB from sliding further.

Like I said before, China is a consuming nation now and further slides in RMB will cause inflation in China to spike and slow down local consumption.  A rapid deterioration in RMB will impact imports and this will be bad for other export-oriented countries.

http://sg-stock.blogspot.com/2019/04/china-is-consuming-economy-not.html

Wow! Singapore is trying to get into China's good books.

https://sg.finance.yahoo.com/news/singapore-urges-us-to-accept-chinas-rise-spare-other-nations-035332068.html

Wow! I can't believe this is coming from Singapore.  Singapore has spoken in favour of China for the first time.

Look like SG has woken up because it knows its economic growth will be badly affected soon in the US-China trade war as China's imports are dwindling.  The ugly figures will show up in SG economic data soon if the US-China trade war is prolonged.

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	UOB Kay Hian	Golden Agri	0.245	0.2	Sell
01/28/19	DMG & Partners	Golden Agri	0.27	0.23	Sell	Sum of parts, PER10x, cut from $0.39
02/20/19	OCBC	Golden Agri	0.255	0.24	Hold
02/27/19	DMG & Partners	Golden Agri	0.28	0.23	Sell	Sum of parts
02/28/19	UOB Kay Hian	Golden Agri	0.28	0.21	Sell
03/01/19	CIMB	Golden Agri	0.275	0.23	Reduce	Sum of parts (10% discount)
03/01/19	OCBC	Golden Agri	0.275	0.27	Hold
04/09/19	OCBC	Golden Agri	0.315	0.29	Hold	PB0.65x
04/09/19	CIMB	Golden Agri	0.315	0.23	Reduce
04/22/19	UOB Kay Hian	Golden Agri	0.295	0.21	Sell
05/14/19	OCBC	Golden Agri	0.275	0.29	Hold
05/15/19	DMG & Partners	Golden Agri	0.275	0.23	Sell	Sum of parts

GL Ltd - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/19	Lim & Tan	GL Ltd	0.735	1.76	Buy	Sum of parts

Geo Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	Geo Energy	0.176	0.245	Buy
02/13/19	phillip	Geo Energy	0.198	0.245	Buy
03/18/19	phillip	Geo Energy	0.183	0.245	Buy
03/25/19	phillip	Geo Energy	0.186	0.215	Accumulate	PER10x
03/26/19	Amfrasers	Geo Energy	0.182	0.19	Hold	DCF
04/26/19	phillip	Geo Energy	0.176	0.215	Accumulate

Stock calls for 15 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/19	UOB Kay Hian	Bumitama	0.69	0.81	Buy
05/15/19	DBS Vickers	Bumitama	0.69	0.8	Buy	DCF
05/15/19	DMG & Partners	Centurion	0.405	0.41	Neutral	DCF
05/15/19	DMG & Partners	Comfortdelgro	2.57	2.65	Take Profit
05/15/19	OCBC	Comfortdelgro	2.57	2.69	Hold
05/15/19	UOB Kay Hian	Comfortdelgro	2.57	2.77	Buy
05/15/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.6x
05/15/19	phillip	EC World Reit	0.785	0.87	Buy	DDM, PB0.93x
05/15/19	DMG & Partners	Golden Agri	0.275	0.23	Sell	Sum of parts
05/15/19	phillip	HMI	0.530	0.73	Buy	DCF
05/15/19	CIMB	HMI	0.530	0.68	Add	DCF
05/15/19	UOB Kay Hian	HMI	0.530	0.73	Buy
05/15/19	DMG & Partners	ISOTeam	0.22	0.29	Buy	DCF
05/15/19	CIMB	Memtech	1.09	1.35	Accept offer	offer $1.35
05/15/19	Lim & Tan	Memtech	1.09	1.35	Accept offer	offer $1.35
05/15/19	OCBC	Netlink	0.835	0.95	Buy
05/15/19	DBS Vickers	Netlink	0.835	0.9	Buy
05/15/19	Phillip	Netlink	0.835	0.93	Accumulate	DCF
05/15/19	Kim Eng	Netlink	0.835	0.94	Buy	DDM

The US is going to impose a blanket ban on Huawei.

https://sg.finance.yahoo.com/news/exclusive-trump-expected-sign-order-paving-way-u-045236197--finance.html

It is time for China to impose a ban on US IT firm too.  Many US IT firms have backdoors for NSA and FBI to snoop around to gather intelligence of any kind, be it for terrorism or commercial purposes.

https://www.theverge.com/2013/6/6/4403868/nsa-fbi-mine-data-apple-google-facebook-microsoft-others-prism

https://en.wikipedia.org/wiki/NSAKEY

China should ban Microsoft as it poses a high security risk.

I've stopped using Microsoft a long time ago and switched to Linux (ubuntu).

Genting - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Genting	0.975	1.23	Buy	DCF
01/15/19	Kim Eng	Genting	1.03	1.26	Buy	EV/Ebitda9x FY19
01/28/19	UOB Kay Hian	Genting	1.06	1.38	Buy	EV/Ebitda10x FY19
02/15/19	DMG & Partners	Genting	1.1	1.23	Buy	DCF
02/22/19	CIMB	Genting	1.11	1.28	Add	EV/Ebitda9x CY20
02/22/19	OCBC	Genting	1.11	1.31	Buy	FCFE
02/22/19	DMG & Partners	Genting	1.11	1.22	Buy	DCF
02/22/19	UOB Kay Hian	Genting	1.11	1.32	Buy
02/22/19	Kim Eng	Genting	1.11	1.26	Buy	EV/Ebitda9x FY19
02/25/19	DBS Vickers	Genting	1.07	1.54	Buy	EV/Ebitda12x
03/13/19	DMG & Partners	Genting	1.02	1.22	Buy
03/26/19	CIMB	Genting	1.03	1.28	Add
04/04/19	UOB Kay Hian	Genting	1.07	1.26	Buy	EV/Ebitda 9x
04/04/19	DMG & Partners	Genting	1.07	1.08	Neutral	DCF
04/04/19	CIMB	Genting	1.07	1.11	Add	EV/Ebitda8x
04/04/19	OCBC	Genting	1.07	1.31	Buy
04/04/19	DBS Vickers	Genting	1.07	1.54	Buy	EV/Ebitda 12x
04/04/19	Kim Eng	Genting	1.07	1.12	Hold	EV/Ebitda 8x FY19
05/10/19	Kim Eng	Genting	0.95	1.04	Hold
05/10/19	OCBC	Genting	0.95	1.23	Buy
05/10/19	DMG & Partners	Genting	0.95	1.02	Neutral	DCF
05/10/19	CIMB	Genting	0.95	1.06	Add	EV/Ebitda8x CY20
05/10/19	UOB Kay Hian	Genting	0.95	1.26	Buy
05/10/19	DBS Vickers	Genting	0.95	1.2	Buy	DCF

Fu Yu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Fu Yu	0.19	0.23	Buy	DCF
01/04/19	UOB Kay Hian	Fu Yu	0.186	0.27	Buy	EV/Ebitda 5.3x FY19
01/15/19	CIMB	Fu Yu	0.2	0.2	Hold	PB0.9x
02/08/19	UOB Kay Hian	Fu Yu	0.205	0.27	Buy
02/27/19	UOB Kay Hian	Fu Yu	0.21	0.285	Buy
02/27/19	Lim & Tan	Fu Yu	0.21	0	Buy
02/28/19	DMG & Partners	Fu Yu	0.215	0.24	Buy	DCF
02/28/19	CIMB	Fu Yu	0.215	0.2	Hold
03/13/19	DMG & Partners	Fu Yu	0.205	0.24	Buy
03/26/19	UOB Kay Hian	Fu Yu	0.2	0.285	Buy
04/15/19	UOB Kay Hian	Fu Yu	0.205	0.285	Buy	EV/Ebitda5.5x
05/07/19	DMG & Partners	Fu Yu	0.21	0.24	Buy	DCF
05/10/19	UOB Kay Hian	Fu Yu	0.205	0.285	Buy
05/10/19	Lim & Tan	Fu Yu	0.205	0	Buy

Frencken - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/19	Amfrasers	Frencken	0.51	0.67	Buy	PER10x FY19
04/15/19	DBS Vickers	Frencken	0.6	0.75	Buy	PER8.5x FY19/20
04/17/19	CIMB	Frencken	0.635	0.9	Add	PER10x FY20
05/09/19	DMG & Partners	Frencken	0.615	0.82	Buy	DCF
05/10/19	DBS Vickers	Frencken	0.615	0.75	Buy	PER8.5x FY19/20
05/10/19	Lim & Tan	Frencken	0.615	0	Buy
05/10/19	CIMB	Frencken	0.615	0.9	Add
05/14/19	Amfrasers	Frencken	0.595	0.67	Buy	PER10x FY19

Stock calls for 14 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/19	DMG & Partners	APAC Realty	0.545	0.67	Buy	DCF
05/14/19	DMG & Partners	DBS	26	30.8	Buy	GGM, PB1.5x FY20
05/14/19	DMG & Partners	EC World Reit	0.79	0.85	Buy	DDM
05/14/19	Amfrasers	Frencken	0.595	0.67	Buy	PER10x FY19
05/14/19	OCBC	Golden Agri	0.275	0.29	Hold
05/14/19	DMG & Partners	GSS Energy	0.081	0.08	Neutral	DCF
05/14/19	Kim Eng	HMI	0.540	0.68	Buy	DCF, PER27x FY20
05/14/19	DBS Vickers	HRnetGroup	0.76	0.85	Hold
05/14/19	DBS Vickers	PACC Offshore	0.173	0.2	Hold
05/14/19	Kim Eng	Raffles Medical	1.02	1.13	Hold	DCF
05/14/19	CIMB	Riverstone	0.995	1.22	Add
05/14/19	Kim Eng	SIA Engineering	2.43	2.85	Buy	DCF
05/14/19	OCBC	SIA Engineering	2.43	2.43	Hold
05/14/19	UOB Kay Hian	SIA Engineering	2.43	2.55	Hold	Buy @ $2.30
05/14/19	DBS Vickers	SIA Engineering	2.43	2.6	Hold
05/14/19	CIMB	SIA Engineering	2.43	3.11	Add
05/14/19	Amfrasers	Thai Beverage	0.765	0.75	Hold
05/14/19	DBS Vickers	UMS	0.615	0.55	Fully Valued	PER8x FY19
05/14/19	DBS Vickers	UOL	7.08	8.53	Buy
05/14/19	OCBC	Wing Tai	2.01	2.41	Buy

What will China do when it runs out of US products to tax?

The trade deficit that exists between the US and China only includes physical products that are being traded but doesn't include services like finance, IT, banking, insurance, tourism, etc.

The real trade deficit is only about US$100++ billion between the 2 countries after including the services.  Therefore, China is likely to target the US services when all the Chinese goods are being taxed and this will hurt the US very badly since the US is a service-oriented country.

Risk-free arbitrage opportunity exists in RMB now.

The CNH-CNY spread is widening and this will present a risk-free arbitrage opportunity between currency trading in HK & China.

The US has issued $300b target list of China goods.

https://sg.finance.yahoo.com/news/us-issues-300b-target-list-065125531.html

This $300b target list will be imposed after the G20 summit in June 2019 when the US and China presidents cannot achieve a trade deal.

China will be preparing a list too but this list will extend to other things.

Let's sit back and watch!

China is brilliant to be hush-hush about its retaliatory US tariffs - Part 2

https://www.channelnewsasia.com/news/business/us-china-donald-trump-xi-jinping-trade-war-escalates-beijing-11530484

China had retaliated with its own tariffs and slaughtered investors who had bought the stocks last Friday.  Those investors bought stocks with the assumption that China would relent and conclude the US-China trade deal soon but they've misjudged the situation.

This US-China trade war won't be a short one!

https://sg-stock.blogspot.com/2019/05/china-is-brilliant-to-be-hush-hush.html

Frasers Property - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Frasers Property	1.74	1.98	Buy	RNAV (35% discount)
02/14/19	CIMB	Frasers Property	1.7	2.08	Add
02/14/19	DBS Vickers	Frasers Property	1.7	1.98	Buy	RNAV (35% discount)
03/22/19	DBS Vickers	Frasers Property	1.77	1.98	Buy	RNAV (35% discount)
04/08/19	DBS Vickers	Frasers Property	1.81	1.98	Buy
04/10/19	DBS Vickers	Frasers Property	1.84	2.3	Buy	RNAV (35% discount)
05/06/19	DBS Vickers	Frasers Property	1.89	2.3	Buy	RNAV (35% discount)
05/07/19	CIMB	Frasers Property	1.85	2.08	Add

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/19	DBS Vickers	Frasers Logistics	1.06	1.2	Buy	DCF
01/28/19	OCBC	Frasers Logistics	1.06	1.19	Buy
01/28/19	CIMB	Frasers Logistics	1.06	1.19	Add
02/08/19	DBS Vickers	Frasers Logistics	1.09	1.2	Buy
04/03/19	DBS Vickers	Frasers Logistics	1.16	1.2	Buy
04/30/19	OCBC	Frasers Logistics	1.18	1.2	Hold
05/02/19	CIMB	Frasers Logistics	1.18	1.21	Hold	DDM

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/19	Kim Eng	Frasers Hospitality Trust	0.735	0.8	Buy	DDM
02/01/19	DBS Vickers	Frasers Hospitality Trust	0.735	0.78	Buy
02/04/19	UOB Kay Hian	Frasers Hospitality Trust	0.74	0.82	Buy
05/03/19	Kim Eng	Frasers Hospitality Trust	0.745	0.85	Buy
05/03/19	DBS Vickers	Frasers Hospitality Trust	0.745	0.77	Hold	DCF