US-Vietnam trade war has started!

https://finance.yahoo.com/news/u-slaps-import-duties-more-020115584.html

The US has started to impose more than 400% tariffs against Vietnam steels.  The US also wants Vietnam to reduce the US-Vietnam trade deficits.

We had already anticipated this outcome.

http://sg-stock.blogspot.com/2019/06/many-analysts-were-dead-wrong-about.html

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Wilmar	3.16	3.58	Buy
01/03/19	UOB Kay Hian	Wilmar	3.13	3.9	Buy
02/20/19	OCBC	Wilmar	3.37	3.42	Hold
02/22/19	DMG & Partners	Wilmar	3.39	3.58	Buy
02/22/19	CIMB	Wilmar	3.39	3.96	Add	Sum of parts
02/22/19	UOB Kay Hian	Wilmar	3.39	3.9	Buy
02/25/19	DMG & Partners	Wilmar	3.26	3.63	Buy	Sum of parts
02/25/19	DBS Vickers	Wilmar	3.26	3.6	Buy	DCF, PER15.4x FY19
03/12/19	CIMB	Wilmar	3.2	3.96	Add	Sum of parts
03/12/19	DBS Vickers	Wilmar	3.2	3.6	Buy
03/13/19	DMG & Partners	Wilmar	3.24	3.63	Buy
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9	Buy
04/08/19	UOB Kay Hian	Wilmar	3.48	3.9	Buy
04/09/19	OCBC	Wilmar	3.49	3.44	Hold	PB0.9x
04/09/19	CIMB	Wilmar	3.49	3.96	Add
05/02/19	UOB Kay Hian	Wilmar	3.64	3.9	Buy
05/13/19	DMG & Partners	Wilmar	3.51	3.8	Buy	Sum of parts
05/13/19	DBS Vickers	Wilmar	3.51	3.86	Buy	DCF, PER15.6x FY19
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
06/06/19	DMG & Partners	Wilmar	3.3	3.94	Buy
06/13/19	UOB Kay Hian	Wilmar	3.41	3.9	Buy	PER12.8x FY20
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER

Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Venture	13.85	19	Buy	PER14x FY19
01/07/19	UOB Kay Hian	Venture	13.71	12.9	Hold
01/07/19	Lim & Tan	Venture	13.71	0	Buy
01/08/19	Kim Eng	Venture	14.44	17.48	Buy	PB2x FY19, PER14.4x FY19
02/11/19	UOB Kay Hian	Venture	15.72	12.9	Hold	PER11x FY19, Buy @ $12.40
02/12/19	CIMB	Venture	15.97	17.44	Add	PER12.56x FY20
02/25/19	CIMB	Venture	16.12	17.88	Add	PER12.56x FY20
02/25/19	Kim Eng	Venture	16.12	19.23	Buy	Roe-g/Coe-g, PB2.2x FY19
02/25/19	DMG & Partners	Venture	16.12	19	Buy
02/25/19	DBS Vickers	Venture	16.12	21.7	Buy	PER15.8x FY19
02/25/19	Lim & Tan	Venture	16.12	0	Buy
02/25/19	OCBC	Venture	16.12	20.89	Buy	PER15x
03/19/19	DMG & Partners	Venture	18	19	Buy
03/29/19	DBS Vickers	Venture	17.8	21.7	Buy
04/03/19	Lim & Tan	Venture	18.6	0	Hold
04/26/19	OCBC	Venture	19.29	20.89	Buy	PER15x FY19/20
04/26/19	DMG & Partners	Venture	19.29	19	Neutral
04/26/19	DBS Vickers	Venture	19.29	21.7	Buy	PER15.8x FY19
04/29/19	CIMB	Venture	17.52	17.88	Hold	PER12.5x
04/29/19	Kim Eng	Venture	17.52	19.74	Hold	Roe-g/Coe-g, PB2.2x FY19
05/02/19	Lim & Tan	Venture	16.97	0	Buy on weakness
05/03/19	UOB Kay Hian	Venture	17.4	19.01	Hold	Buy @ $17
06/11/19	Kim Eng	Venture	15.7	19.74	Buy	Roe-g/Coe-g, PB2.2x FY19
06/25/19	Lim & Tan	Venture	17.3	0	Hold
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	PER14x FY19, Buy at $15
06/26/19	CLSA	Venture	16.46	17.3	Underperform
07/05/19	Lim & Tan	Venture	16.35	0	Hold

Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	Valuetronics	0.66	0.87	Buy
01/07/19	DMG & Partners	Valuetronics	0.675	0.82	Buy
01/08/19	Kim Eng	Valuetronics	0.69	0.9	Buy	PB1.9x FY19
02/14/19	Kim Eng	Valuetronics	0.74	1.05	Buy	ROE-g/COE-g, PB2.1x FY20
02/14/19	DMG & Partners	Valuetronics	0.74	0.78	Neutral	DCF
02/14/19	CIMB	Valuetronics	0.74	0.73	Hold	PER8.5x CY19
02/15/19	UOB Kay Hian	Valuetronics	0.71	0.87	Buy
03/19/19	DMG & Partners	Valuetronics	0.69	0.78	Neutral
03/21/19	Kim Eng	Valuetronics	0.685	1.05	Buy	PB2.1x FY20
04/09/19	Kim Eng	Valuetronics	0.7	1.05	Buy
05/27/19	DMG & Partners	Valuetronics	0.61	0.67	Neutral	DCF
05/31/19	DMG & Partners	Valuetronics	0.625	0.61	Neutral	DCF
05/31/19	UOB Kay Hian	Valuetronics	0.625	0.8	Buy
06/03/19	CIMB	Valuetronics	0.605	0.63	Hold	PER8x CY20
06/11/19	Kim Eng	Valuetronics	0.64	0.99	Buy	PB2x FY20

Stock calls for 5 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/19	Phillip	ART	1.31	1.36	Accumulate	DDM
07/05/19	DBS Vickers	Capitaland	3.69	4	Buy
07/05/19	Kim Eng	SATS	5.36	6.1	Buy
07/05/19	DBS Vickers	SIA Engineering	2.72	3.01	Buy
07/05/19	DMG & Partners	ST Engineering	4.24	4.45	Buy	PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20 & DCF
07/05/19	Lim & Tan	Venture	16.35	0	Hold

Nationalistic South Koreans are calling for boycott of Japanese goods.

https://www.scmp.com/week-asia/economics/article/3017263/south-koreans-call-boycott-japanese-cars-beer-and-cosmetics

South Koreans have retaliated against Japan's export curbs.

However, I believe the US will step in to rein in these 2 countries before any serious damage is being done to the political relationship between SK and JP.

http://sg-stock.blogspot.com/2019/07/korea-japan-trade-war-has-just-begun.html

UOL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	OCBC	UOL	6.07	8.41	Buy
01/04/19	Lim & Tan	UOL	6	0	Buy
01/17/19	DBS Vickers	UOL	6.65	7.15	Hold
02/12/19	Lim & Tan	UOL	6.57	0	Buy
02/27/19	CIMB	UOL	6.77	8.45	Add	RNAV
02/27/19	OCBC	UOL	6.77	8.45	Buy	RNAV
02/27/19	Lim & Tan	UOL	6.77	0	Buy
02/28/19	DBS Vickers	UOL	6.75	7.15	Hold	RNAV (40% discount)
03/18/19	OCBC	UOL	6.45	8.45	Buy	RNAV
03/28/19	CIMB	UOL	6.78	8.45	Add
04/02/19	OCBC	UOL	7.11	8.45	Buy	RNAV
04/16/19	DBS Vickers	UOL	7.36	8.53	Buy	RNAV (35% discount)
05/13/19	Lim & Tan	UOL	7.26	0	Buy
05/13/19	CIMB	UOL	7.26	8.45	Add	RNAV (30% discount)
05/13/19	OCBC	UOL	7.26	8.5	Buy
05/14/19	DBS Vickers	UOL	7.08	8.53	Buy	RNAV (35% discount)
06/07/19	CIMB	UOL	6.8	8.45	Add

UOB - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	UOB	23.99	32.52	Buy
01/04/19	Jefferies	UOB	23.99	31	Buy
01/29/19	DMG & Partners	UOB	25.83	29.8	Buy	GGM, PB1.37x FY19
01/29/19	CIMB	UOB	25.83	32	Add	GGM, PB1.4x CY19
01/31/19	Kim Eng	UOB	25.3	30.5	Buy	DDM
02/01/19	phillip	UOB	25.19	32.52	Buy
02/12/19	Kim Eng	UOB	25.34	30.5	Buy
02/22/19	DMG & Partners	UOB	25.98	29.8	Buy	PB1.35x FY19
02/25/19	Jefferies	UOB	25.58	30	Buy	PER12.3x FY19
02/25/19	OCBC	UOB	25.58	28.3	Buy	PB1.2x FY19
02/25/19	DBS Vickers	UOB	25.58	29.2	Buy	GGM, PB1.2x
02/25/19	phillip	UOB	25.58	32.51	Buy	GGM, PB1.4x FY19
02/25/19	Kim Eng	UOB	25.58	29.71	Buy	DDM
02/25/19	CIMB	UOB	25.58	29	Add	GGM, PB1.3x FY19
02/26/19	Macquarie	UOB	25.39	30.5	Outperform	PB
03/04/19	phillip	UOB	25	32.5	Buy
03/07/19	Kim Eng	UOB	25.1	29.71	Buy
03/11/19	CIMB	UOB	24.91	29	Add
03/13/19	DMG & Partners	UOB	25.04	29.8	Buy	PB1.35x FY19
03/26/19	OCBC	UOB	24.95	28.3	Buy
04/02/19	phillip	UOB	25.42	32.5	Buy
04/02/19	DBS Vickers	UOB	25.42	29.2	Buy
04/11/19	CIMB	UOB	26.56	29	Add
04/12/19	Kim Eng	UOB	26.53	29.71	Buy
04/18/19	phillip	UOB	26.87	32.02	Buy	GGM, PB1.4x FY19
04/22/19	DMG & Partners	UOB	26.8	29.8	Buy
04/24/19	DMG & Partners	UOB	26.99	30.8	Buy	PB1.29x FY20
05/03/19	phillip	UOB	27.75	32.5	Buy
05/03/19	DMG & Partners	UOB	27.75	30.8	Buy	GGM, PB1.29x FY20
05/03/19	DBS Vickers	UOB	27.75	29.2	Buy	GGM, PB1.2x FY19
05/03/19	CIMB	UOB	27.75	29	Add	GGM
05/06/19	Jefferies	UOB	27.77	31	Buy	PER12.4x FY19
05/06/19	OCBC	UOB	27.77	28.9	Hold	GGM, PB1.2x
05/06/19	phillip	UOB	27.77	30.87	Accumulate	GGM, PB1.4x FY19
05/06/19	CIMB	UOB	27.77	29.58	Add	GGM, PB1.3x
05/06/19	Lim & Tan	UOB	27.77	0	Buy on weakness
05/07/19	OCBC	UOB	25.85	27.3	Hold
05/16/19	CIMB	UOB	25.1	29.58	Add	GGM
05/22/19	Kim Eng	UOB	24.83	28.97	Buy
06/03/19	CIMB	UOB	23.5	29.58	Add
06/06/19	phillip	UOB	24	30.9	Accumulate
06/06/19	DMG & Partners	UOB	24	30.8	Buy
06/17/19	Kim Eng	UOB	24.99	28.97	Buy
06/20/19	OCBC	UOB	26.14	28.9	Buy
06/25/19	DBS Vickers	UOB	25.86	29.2	Buy
07/01/19	Kim Eng	UOB	26.13	28.97	Buy
07/02/19	OCBC	UOB	26.61	29.4	Buy	GGM, PB1.3x, PER11.3x
07/03/19	phillip	UOB	26.55	30.9	Accumulate

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/19	Amfrasers	Uni-Asia	1.2	2.07	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
04/09/19	Amfrasers	Uni-Asia	1.16	1.86	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
05/17/19	Amfrasers	Uni-Asia	1.13	1.86	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19

Stock calls for 4 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	A-Reit	3.15	2.9	Neutral
07/04/19	OCBC	ART	1.28	1.31	Hold
07/04/19	CIMB	ART	1.28	1.15	Hold	DDM
07/04/19	UOB Kay Hian	ART	1.28	1.46	Buy
07/04/19	DMG & Partners	Cache Logistics	0.785	0.83	Buy
07/04/19	DMG & Partners	CapitaCommercial	2.23	1.86	Neutral
07/04/19	DMG & Partners	Capitamall Trust	2.71	2.2	Neutral
07/04/19	DMG & Partners	CDL Hospitality	1.66	1.77	Buy
07/04/19	DMG & Partners	EC World Reit	0.78	0.85	Buy
07/04/19	DMG & Partners	Frasers Centrepoint Trust	2.64	2.25	Neutral
07/04/19	DMG & Partners	Frasers Commercial Trust	1.68	1.65	Neutral
07/04/19	OCBC	Frasers Logistics	1.23	1.2	Hold
07/04/19	Lim & Tan	Frasers Logistics	1.23	0	Hold
07/04/19	CIMB	Frasers Logistics	1.23	1.25	Hold
07/04/19	phillip	Geo Energy	0.155	0.15	Neutral
07/04/19	phillip	Golden Energy	0.225	0.24	Accumulate
07/04/19	DMG & Partners	Keppel Reit	1.28	1.12	Neutral
07/04/19	DMG & Partners	Manulife US Reit	0.88	0.96	Buy
07/04/19	DMG & Partners	OUE Hospitality	0.72	0.76	Take Profit
07/04/19	Macquarie	Sembcorp Industries	2.41	2.84	Outperform
07/04/19	Macquarie	Sembcorp Marine	1.41	1.57	Neutral
07/04/19	DBS Vickers	Sembcorp Marine	1.41	2.4	Buy
07/04/19	DMG & Partners	Starhill	0.78	0.78	Buy
07/04/19	DMG & Partners	Suntec Reit	1.97	1.9	Neutral

Putin rejected Abe's request in G20 summit to return the 4 northern islands

https://www.scmp.com/news/asia/east-asia/article/2181546/japan-thought-deal-kuril-islands-was-its-way-russia-just

The Japanese PM Abe made a fool of himself by making an unreasonable request to Putin to return the 4 northern islands under Russian's control.

Why? The 4 northern islands don't belong to Japan in the first place.  We posted this before in 2016.

http://sg-stock.blogspot.com/2016/12/putin-is-making-fool-out-of-abe-but-abe.html

The Japanese government is just trying to whitewash its history.

Diaoyu island also doesn't belong to Japan.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	DBS Vickers	UMS	0.71	0.55	Fully Valued	PER8x FY19
02/28/19	CIMB	UMS	0.74	0.62	Reduce	PB1.37x CY19
05/14/19	DBS Vickers	UMS	0.615	0.55	Fully Valued	PER8x FY19
05/16/19	DBS Vickers	UMS	0.64	0.45	Fully Valued	PER8x FY19/20
05/21/19	CIMB	UMS	0.62	0.55	Reduce

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	DMG & Partners	UG Healthcare	0.205	0.32	Buy	PER10x FY20
05/07/19	DMG & Partners	UG Healthcare	0.18	0.32	Buy	PER10x FY20

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/19	Amfrasers	Tuan Sing	0.395	0.46	Not Rated	RNAV (50% discount)

Stock calls for 3 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	Kim Eng	A-Reit	3.13	3.3	Buy	DDM
07/03/19	phillip	DBS	26.5	29	Accumulate
07/03/19	DMG & Partners	Hyphens Pharma	0.196	0.25	Buy	DCF, PER12.2x FY19
07/03/19	DBS Vickers	Keppel Corp	6.77	9.2	Buy
07/03/19	OCBC	Keppel Corp	6.77	7.83	Buy
07/03/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
07/03/19	phillip	OCBC	11.54	12.7	Accumulate
07/03/19	OCBC	Sembcorp Industries	2.47	3.03	Buy
07/03/19	CIMB	Sembcorp Marine	1.54	1.75	Add	PB1.6x CY19
07/03/19	OCBC	Sembcorp Marine	1.54	1.6	Hold
07/03/19	phillip	UOB	26.55	30.9	Accumulate
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER

Trump is starting to backtrack on the truce deal with China.

https://sg.finance.yahoo.com/news/u-govt-staff-told-treat-033337237.html

Huawei ban will continue to be in effect.

We have just predicted this and Trump is doing it now as he is pressured by the hawkish politicians.

http://sg-stock.blogspot.com/2019/07/look-like-trump-will-renege-on-us-china.html

Mahathir is skinning Singapore again.

https://sg.finance.yahoo.com/news/exclusive-blow-singapores-expansion-malaysia-035646777.html

Here we go again!

Mahathir likes to impede SG's economic developments.  He is trying to stop or delay our Tuas Mega Port construction by banning sea sand exports to SG.

We've stated before that a pro-China Malaysia is a threat to SG (Read below).

http://sg-stock.blogspot.com/2019/05/a-pro-china-malaysia-is-threat-to.html

ISM PMI analysis for the US economy in June 2019.

The PMI prices dropped in June from 53.2 to 47.9 because the US reduced its local raw material purchases (estimated -2.4) and imported more raw materials (+0.6) which were cheaper.

The inventories and supplier's deliveries declined because the manufacturing sector was just producing enough to fulfill the backlog of orders since the new order dropped in June that was caused by a fall in overseas order.  The rises in the employment, production and customers' inventories also reflected the phenomenon to fulfill existing orders instead of new orders.

The local new order (estimated +0.1) denoted that the local consumption was relatively unchanged and couldn't hold up the PMI headline number (51.7, -0.4).  The PMI has been falling for 3 consecutive months already and the 2nd QTR GDP will be much weaker than the 1st QTR GDP.

http://sg-stock.blogspot.com/2019/06/ism-pmi-analysis-for-us-economy.html

Look like Trump will renege on the US-China truce deal.

https://sg.finance.yahoo.com/news/apos-don-apos-t-believe-073039714.html

The hawkish politicians are pressuring Trump to break away from the truce deal and ban Huawei in the US.  They're embarking on a smearing campaign against China and Huawei to force Trump to act.

The US has reneged on international pacts (Paris & Iran) before and won't bat an eyelid from breaking away from the truce.  The US will fabricate intelligence and create lies to serve its own political interests.  This is the characteristic of the American culture and it will never change.

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	Kim Eng	Top Glove	1.5	1.53	Hold	Ringgit target $4.60, PER24x CY20
04/17/19	UOB Kay Hian	Top Glove	1.48	1.34	Hold	Ringgit target $4.10, Buy @ $3.70
06/27/19	Kim Eng	Top Glove	1.62	1.59	Hold	Ringgit target $4.85