SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	OCBC	SPH Reit	1.01	0.99	Hold
01/07/19	Kim Eng	SPH Reit	1.01	1.02	Hold	DDM
01/07/19	DBS Vickers	SPH Reit	1.01	1.05	Buy	DCF
01/07/19	Lim & Tan	SPH Reit	1.01	0	Hold
01/07/19	CIMB	SPH Reit	1.01	1.02	Hold	DDM
04/08/19	Kim Eng	SPH Reit	1.06	1.05	Hold	DDM
04/08/19	CIMB	SPH Reit	1.06	1.08	Hold	DDM
04/08/19	OCBC	SPH Reit	1.06	1	Hold
04/08/19	DBS Vickers	SPH Reit	1.06	1.15	Buy	DCF

Stock calls for 27 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/19	DBS Vickers	A-Reit	3.05	3.21	Buy
06/27/19	UOB Kay Hian	Bumitama	0.615	0.81	Buy
06/27/19	DMG & Partners	Frasers Commercial Trust	1.66	1.65	Neutral	DDM
06/27/19	Kim Eng	Netlink	0.89	0.94	Buy
06/27/19	Kim Eng	Top Glove	1.62	1.59	Hold	Ringgit target $4.85
06/27/19	OCBC	Wing Tai	2.05	2.41	Buy

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/03/19	UOB Kay Hian	SPH	2.43	2.82	Buy
04/10/19	Lim & Tan	SPH	2.53	0	Hold
04/10/19	CIMB	SPH	2.53	2.64	Hold	Sum of parts
04/18/19	UOB Kay Hian	SPH	2.46	2.86	Buy	Sum of parts
04/18/19	OCBC	SPH	2.46	2.55	Hold
05/13/19	UOB Kay Hian	SPH	2.39	2.86	Buy
06/06/19	UOB Kay Hian	SPH	2.31	2.86	Buy	Sum of parts

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/22/19	OCBC	Soilbuild Reit	0.63	0.62	Hold
04/22/19	DBS Vickers	Soilbuild Reit	0.63	0.63	Hold	DCF
05/31/19	OCBC	Soilbuild Reit	0.6	0.62	Hold

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/01/19	Kim Eng	Singtel	3.02	3.39	Hold
04/09/19	DBS Vickers	Singtel	3.06	3.55	Buy	Sum of parts
05/09/19	DBS Vickers	Singtel	3.11	3.55	Buy	Sum of parts
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
05/17/19	Phillip	Singtel	3.14	3.31	Accumulate	Sum of parts, EV/Ebitda7x FY20
06/03/19	Phillip	Singtel	3.2	3.66	Buy	EV/Ebitda7x FY20
06/06/19	DMG & Partners	Singtel	3.21	3.35	Neutral
06/06/19	DBS Vickers	Singtel	3.21	3.55	Buy
06/13/19	UOB Kay Hian	Singtel	3.32	3.58	Buy	DCF
06/13/19	Kim Eng	Singtel	3.32	3.48	Hold	Sum of parts
06/14/19	CIMB	Singtel	3.35	3.5	Add	Sum of parts

Stock calls for 26 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/19	OCBC	Frasers Commercial Trust	1.58	1.69	Buy
06/26/19	CIMB	Frasers Commercial Trust	1.58	1.64	Add	DDM
06/26/19	DMG & Partners	Venture	16.46	16.3	Neutral	PER13x FY19
06/26/19	UOB Kay Hian	Venture	16.46	17.91	Hold
06/26/19	CLSA	Venture	16.46	17.3	Underperform

China is imposing an all out ban on Canadian meats.

https://sg.finance.yahoo.com/news/china-suspends-canadian-meat-imports-002201108.html

Ractopamine is banned in 160 countries because it is harmful to humans.

http://sg-stock.blogspot.com/2016/11/what-do-you-get-for-being-staunch-usa.html

Canada is trying to poison the Chinese with ractopamine laced meats.

China is right to impose a ban on Canadian and US meats.

http://sg-stock.blogspot.com/2019/04/china-is-right-to-ban-ractopamine-for.html

Fed's Bullard agrees to a 25bp cut in July 2019 after Kashkari.

https://finance.yahoo.com/news/feds-bullard-says-quarter-point-175245421.html

It looks like a July rate cut is a fait accompli because 2 Fed governors have agreed to a rate cut in July 2019.

http://sg-stock.blogspot.com/2019/06/citibank-and-fed-kashkari-look-towards.html

The 2 Fed governors corroborate our rate cut analysis.

http://sg-stock.blogspot.com/2019/06/traders-are-pricing-in-100-chance-of.html

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/04/19	OCBC	Singapore Post	0.995	1	Hold
04/08/19	CIMB	Singapore Post	1.03	1.2	Add	DCF, PER18.2x FY21
05/08/19	OCBC	Singapore Post	1.01	1	Hold
05/08/19	CIMB	Singapore Post	1.01	1.17	Add	DCF
05/08/19	DBS Vickers	Singapore Post	1.01	0.96	Hold	DCF
05/09/19	UOB Kay Hian	Singapore Post	0.99	1.06	Hold	Buy @ $0.95

Singapore O&G - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	phillip	Singapore O&G	0.34	0.42	Buy
02/21/19	phillip	Singapore O&G	0.355	0	Cease Coverage

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/10/19	UOB Kay Hian	Singapore Medical	0.445	0.62	Buy	PER23x FY19
05/10/19	DMG & Partners	Singapore Medical	0.445	0.48	Neutral	DCF
06/06/19	DMG & Partners	Singapore Medical	0.385	0.48	Neutral	DCF
06/07/19	DMG & Partners	Singapore Medical	0.38	0.48	Buy	DCF

Stock calls for 25 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/19	Kim Eng	A-Reit	3.01	3.2	Buy
06/25/19	OCBC	ART	1.3	1.25	Hold
06/25/19	Kim Eng	Capitamall Trust	2.6	2.4	Hold
06/25/19	Kim Eng	CDL Hospitality	1.62	1.8	Buy
06/25/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
06/25/19	Kim Eng	Frasers Centrepoint Trust	2.59	2.6	Buy
06/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy
06/25/19	Kim Eng	Mapletree Industrial	2.18	2.25	Buy
06/25/19	DBS Vickers	OCBC	11.28	11.5	Hold	GGM, PB1.1x FY20
06/25/19	Kim Eng	Sasseur	0.79	0.9	Buy
06/25/19	DBS Vickers	UOB	25.86	29.2	Buy
06/25/19	Lim & Tan	Venture	17.3	0	Hold

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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	DCF
05/07/19	DMG & Partners	Silverlake	0.61	0.65	Buy	DCF
05/16/19	DBS Vickers	Silverlake	0.52	0.63	Buy	PER21x FY19
05/16/19	CIMB	Silverlake	0.52	0.58	Add
06/06/19	DMG & Partners	Silverlake	0.53	0.65	Buy	DCF

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/19	DBS Vickers	SIIC	0.29	0.32	Hold	PER13x FY19

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	UOB Kay Hian	SIA Engineering	2.39	2.7	Buy	DCF
02/11/19	Kim Eng	SIA Engineering	2.52	2.85	Buy	DCF
02/11/19	OCBC	SIA Engineering	2.52	2.47	Hold
02/11/19	phillip	SIA Engineering	2.52	2.66	Neutral	DCF
02/11/19	UOB Kay Hian	SIA Engineering	2.52	2.55	Hold
02/12/19	CIMB	SIA Engineering	2.39	3.11	Add	DCF
02/12/19	DBS Vickers	SIA Engineering	2.39	2.7	Hold	DCF & PER16x FY20 & Div Yield 4.5% & EV/Ebitda11x
04/15/19	Kim Eng	SIA Engineering	2.49	2.85	Buy
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	Sum of parts
05/14/19	CIMB	SIA Engineering	2.43	3.11	Add

Stock calls for 24 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/24/19	OCBC	CapitaCommercial	2.14	1.88	Sell
06/24/19	Lim & Tan	Cromwell Reit (EUR)	0.505	0	Hold
06/24/19	DBS Vickers	Frasers Centrepoint Trust	2.54	2.85	Buy
06/24/19	Amfrasers	Frasers Centrepoint Trust	2.54	2.33	Neutral	DDM
06/24/19	CIMB	Genting	0.93	1.06	Add

Citibank and Fed Kashkari look towards a 50bp cut in July 2019.

https://sg.finance.yahoo.com/news/citi-sees-case-fed-cut-213503893.html

https://finance.yahoo.com/news/minneapolis-fed-president-kashkari-advocated-for-50-basis-point-rate-cut-140027452.html

Wow! Wow!

Look like the Fed and Citi are expecting a very bad GDP number to come out in July.  This means that the US economy is deteriorating fast and furious now because of the US-China trade war.

Baltic dry index - 1239

Today, Friday, June 21 2019, the Baltic Dry Index climbed by 45 points, reaching 1239 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 - 967

Related stock: Keppel Corp, Sembcorp Marine & Cosco

SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Sum of parts, Buy @ $9
01/24/19	Kim Eng	SIA	9.5	11.2	Buy	PB0.94x
01/24/19	CIMB	SIA	9.5	10.25	Hold	PB0.9x CY19
02/15/19	CIMB	SIA	9.87	10.25	Hold	PB0.9x CY19
02/15/19	DBS Vickers	SIA	9.87	11	Buy	PB0.9x FY20
02/15/19	Lim & Tan	SIA	9.87	0	Hold
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	Buy @ $9.50
02/18/19	OCBC	SIA	9.76	10.71	Buy
03/19/19	CIMB	SIA	9.83	10.25	Hold
03/19/19	UOB Kay Hian	SIA	9.83	10.1	Hold	Buy @ $9
04/16/19	UOB Kay Hian	SIA	9.88	10.1	Hold	Sum of parts
04/16/19	OCBC	SIA	9.88	11.02	Buy
05/17/19	CIMB	SIA	9.4	10.14	Hold	PB0.9x CY19
05/21/19	OCBC	SIA	9.3	11.02	Buy
05/21/19	UOB Kay Hian	SIA	9.3	9.6	Hold	Buy @ $8.80
05/21/19	DBS Vickers	SIA	9.3	10.8	Buy	PB0.95x FY20
06/19/19	UOB Kay Hian	SIA	9.17	9.5	Hold	Sum of parts, Buy @ $8.60