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Friday, July 26, 2019

The semiconductor is facing a collapse. - Part 6

What is happening in the semiconductor industry?

We've stated the permanent slowdown in the global semiconductor industry except for China in our previous post because China will be ramping up its own semiconductor developments.

Huawei has developed its own Kirin chips.

Xiaomi will also launch its own chips.

https://www.scmp.com/tech/china-tech/article/2074805/xiaomi-launches-its-own-smartphone-processor-cut-reliance-suppliers

Alibaba has just revealed its own processor now.

https://www.scmp.com/tech/innovation/article/3020161/alibaba-unveils-first-self-developed-chip-processor-china-looks

More and more Chinese companies will reduce their dependences on foreign chips and this will affect the global semiconductor industry excludes China.

https://sg-stock.blogspot.com/2019/07/the-semiconductor-is-facing-collapse.html

Singapore issues travel alert to HK.

https://sg.news.yahoo.com/mfa-issues-travel-advisory-avoid-2-upcoming-protest-locations-in-hong-kong-001354311.html

SG MFA has issued a travel alert to HK now but we've warned our viewers much earlier.

http://sg-stock.blogspot.com/2019/07/stay-away-from-hong-kong-part-2.html

Huawei deceived elderly Singaporeans with its National Day Promotion (NDP)!

https://sg.style.yahoo.com/huawei-54-units-sold-on-carousell-doubled-the-price-police-activated-at-stores-030005276.html

Huawei is executing a misleading NDP by not stating the total number of promo sets available for sale.  Huawei only assigns 20-30 sets to every retailer involved in the NDP but refuses to reveal this vital statistic to the general public so that it can create a buzz in SG.

Picture was taken at Blk 178 TPY central.

The marketing manager should be fired for making the elderly Singaporeans queue for nothing and my elderly parents are those victims.

If Huawei can make fools out of elderly Singaporeans during our national day, I think it is really a devious company.  No wonder the USA wants to ban Huawei!

I fully support the USA to ban Huawei now because it is a devious company in SG.

Thursday, July 25, 2019

CSE Global - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 UOB Kay Hian CSE Global 0.385 0.59 Buy
01/07/19 DMG & Partners CSE Global 0.395 0.59 Buy DCF
01/11/19 Lim & Tan CSE Global 0.395 0 Buy
01/15/19 CIMB CSE Global 0.405 0.56 Add PER13.5x FY20
01/22/19 Amfrasers CSE Global 0.43 0.57 Buy
02/08/19 UOB Kay Hian CSE Global 0.455 0.59 Buy
02/22/19 DMG & Partners CSE Global 0.465 0.6 Buy DCF
02/22/19 CIMB CSE Global 0.465 0.6 Add PER13.5x FY19
02/22/19 UOB Kay Hian CSE Global 0.465 0.62 Buy
03/05/19 Amfrasers CSE Global 0.505 0.58 Buy
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
04/02/19 Lim & Tan CSE Global 0.545 0 Buy
05/07/19 DMG & Partners CSE Global 0.475 0.61 Buy DCF, PER13.7x FY19
05/07/19 Lim & Tan CSE Global 0.475 0 Buy
05/09/19 UOB Kay Hian CSE Global 0.485 0.62 Buy
05/21/19 Amfrasers CSE Global 0.49 0.58 Buy Sum of parts, PER12.5x FY19, PB2.1x FY19
05/28/19 CIMB CSE Global 0.475 0.6 Add
06/06/19 DMG & Partners CSE Global 0.48 0.61 Buy

Cromwell Reit (EUR) - Stock calls

Date Analyst Company Last Target Call Valuation
03/15/19 DBS Vickers Cromwell Reit (EUR) 0.49 0.59 Buy DCF
06/24/19 Lim & Tan Cromwell Reit (EUR) 0.505 0 Hold

Comfortdelgro - Stock calls

Date Analyst Company Last Target Call Valuation
01/25/19 DBS Vickers Comfortdelgro 2.24 2.56 Buy
02/01/19 CIMB Comfortdelgro 2.33 2.74 Add DCF
02/08/19 UOB Kay Hian Comfortdelgro 2.36 2.59 Buy PER16.8x FY19
02/08/19 DBS Vickers Comfortdelgro 2.36 2.56 Buy
02/14/19 phillip Comfortdelgro 2.38 2.72 Accumulate DCF, PER18.5x FY19
02/14/19 UOB Kay Hian Comfortdelgro 2.38 2.66 Buy PER16.8x FY19
02/14/19 OCBC Comfortdelgro 2.38 2.38 Hold
02/14/19 DMG & Partners Comfortdelgro 2.38 2.65 Buy
02/14/19 DBS Vickers Comfortdelgro 2.38 2.57 Buy DCF & PER16x FY19
02/19/19 Amfrasers Comfortdelgro 2.41 2.77 Buy PER19x FY19
03/04/19 Kim Eng Comfortdelgro 2.43 2.45 Hold DCF
03/08/19 CIMB Comfortdelgro 2.41 2.74 Add DCF
03/22/19 UOB Kay Hian Comfortdelgro 2.54 2.77 Buy PER17.5x FY20
04/03/19 DMG & Partners Comfortdelgro 2.59 2.65 Take Profit Buy below $2.50
04/16/19 OCBC Comfortdelgro 2.63 2.63 Hold DCF
04/30/19 CIMB Comfortdelgro 2.69 2.88 Add DCF, PER18.1x FY20
05/08/19 CIMB Comfortdelgro 2.61 2.88 Add 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
05/16/19 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 PER19x FY19
05/17/19 phillip Comfortdelgro 2.54 2.72 Accumulate DCF, PER16.8x FY19
05/28/19 CIMB Comfortdelgro 2.45 2.82 Add
06/12/19 UOB Kay Hian Comfortdelgro 2.55 2.77 Buy
06/18/19 DMG & Partners Comfortdelgro 2.58 2.65 Neutral DCF & FCF
07/10/19 Kim Eng Comfortdelgro 2.84 2.76 Hold DCF
07/10/19 UOB Kay Hian Comfortdelgro 2.84 3.08 Buy PER19.5x FY20
07/11/19 Amfrasers Comfortdelgro 2.82 2.77 Neutral PER19x FY19
07/15/19 phillip Comfortdelgro 2.81 2.99 Accumulate DCF
07/22/19 DMG & Partners Comfortdelgro 2.8 2.65 Neutral DCF

Stock calls for 25 July 2019

Date Analyst Company Last Target Call Valuation
07/25/19 Lim & Tan AIMS AMP Cap Ind Reit 1.47 0 Hold
07/25/19 Phillip Capitamall Trust 2.62 2.68 Neutral DDM, PB1.09x
07/25/19 DBS Vickers Citic Envirotech 0.305 0.34 Hold
07/25/19 OCBC Hutchison Port 0.225 0.22 Hold
07/25/19 DMG & Partners ISOTeam 0.245 0.31 Buy DCF
07/25/19 UOB Kay Hian ISOTeam 0.245 0.34 Buy PER12.4x FY20
07/25/19 OCBC Mapletree Industrial 2.25 2.29 Hold
07/25/19 UOB Kay Hian Mapletree Industrial 2.25 1.94 Hold
07/25/19 UOB Kay Hian Mapletree Logistics 1.6 1.39 Hold DDM

Wednesday, July 24, 2019

CNMC - Stock calls

Date Analyst Company Last Target Call Valuation
03/01/19 phillip CNMC 0.225 0.31 Buy DCF
03/12/19 Tayrona CNMC 0.21 0.31 Overweight
05/22/19 phillip CNMC 0.2 0.31 Buy DCF

Clearbridge - Stock calls

Date Analyst Company Last Target Call Valuation
04/01/19 phillip Clearbridge 0.142 0.28 Buy DCF
05/30/19 phillip Clearbridge 0.149 0.28 Buy DCF

City Developments - Stock calls

Date
Analyst
Company
Last
Target
Call
Valuation
01/04/19
Lim & Tan
City Developments
7.94
0
Buy

01/17/19
CIMB
City Developments
8.85
10.65
Add
RNAV (35% discount)
02/11/19
Jefferies
City Developments
9.16
12
Buy

02/22/19
phillip
City Developments
9.54
11.82
Accumulate
RNAV (30% discount)
02/22/19
OCBC
City Developments
9.54
10.68
Buy

02/22/19
DMG & Partners
City Developments
9.54
9.2
Neutral
RNAV (40% discount)
02/22/19
DBS Vickers
City Developments
9.54
9.5
Hold
RNAV (40% discount)
02/22/19
CIMB
City Developments
9.54
10.66
Add

03/21/19
Lim & Tan
City Developments
9.02
0
Buy

03/26/19
CIMB
City Developments
8.87
10.66
Add

04/04/19
DMG & Partners
City Developments
9.31
9.2
Neutral

04/17/19
OCBC
City Developments
9.32
10.68
Buy

05/03/19
Jefferies
City Developments
9
12
Buy
PB0.84x
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

05/17/19
phillip
City Developments
8.63
11.82
Buy
RNAV (30% discount)
06/10/19
DMG & Partners
City Developments
8.47
9.2
Neutral

06/10/19
DBS Vickers
City Developments
8.47
9.5
Hold

06/10/19
Lim & Tan
City Developments
8.47
0
Buy

06/11/19
OCBC
City Developments
8.97
10.68
Buy

06/11/19
CIMB
City Developments
8.97
10.66
Add
RNAV (35% discount)
06/11/19
Jefferies
City Developments
8.97
12
Buy

07/15/19
OCBC
City Developments
9.47
10.68
Buy

Stock calls for 24 July 2019

Date Analyst Company Last Target Call Valuation
07/24/19 UOB Kay Hian Capitamall Trust 2.64 2.65 Hold DDM, Buy @ $2.42
07/24/19 OCBC Capitamall Trust 2.64 2.51 Hold
07/24/19 Kim Eng Capitamall Trust 2.64 2.6 Hold DDM
07/24/19 DMG & Partners Capitamall Trust 2.64 2.38 Neutral DDM
07/24/19 CIMB Capitamall Trust 2.64 2.6 Hold DDM
07/24/19 OCBC ESR-Reit 0.535 0.58 Buy
07/24/19 CIMB ESR-Reit 0.535 0.61 Add DDM
07/24/19 UOB Kay Hian Frasers Centrepoint Trust 2.65 2.66 Hold DDM, Buy @ $2.42
07/24/19 Kim Eng Frasers Centrepoint Trust 2.65 2.8 Buy DDM
07/24/19 OCBC Frasers Centrepoint Trust 2.65 2.69 Hold
07/24/19 CIMB Frasers Centrepoint Trust 2.65 2.79 Add
07/24/19 Lim & Tan Frasers Centrepoint Trust 2.65 0 Hold
07/24/19 OCBC Mapletree Industrial 2.3 2.06 Hold
07/24/19 CIMB Mapletree Industrial 2.3 2.37 Hold
07/24/19 Kim Eng Mapletree Logistics 1.61 1.55 Hold

SEMI: Global semiconductor sales are expected to decline 12-13% in 2019.

https://sg.finance.yahoo.com/news/exclusive-bearing-brunt-trade-war-072136810.html

Singapore semiconductor industry is downsizing and will be laying off 10-20% employees.

We've been warning about the global semiconductor slowdown in 2018.

http://sg-stock.blogspot.com/2019/07/the-semiconductor-is-facing-collapse.html

China retail sales vs US retail sales.


Please note that the above-mentioned retail sales figure excludes HK.

US GDP in 2018 was US$20.5T and China GDP in 2018 was US$13.6T.

The retail-GDP ratios were 26% for the US and 37.6% for China respectively in 2018.  What do these ratios mean?  It means that China has more leverage than the US because China can boost its local consumption to stimulate its economy and achieve better economic results than the US does.  In other words, China is a consuming nation and will outgrow the US soon.

Tuesday, July 23, 2019

Chip Eng Seng - Stock calls

Date Analyst Company Last Target Call Valuation
01/17/19 DBS Vickers Chip Eng Seng 0.705 0.75 Hold

China Sunsine - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 phillip China Sunsine 1.2 1.68 Buy
03/04/19 phillip China Sunsine 1.26 1.55 Buy FCFE
05/03/19 phillip China Sunsine 1.17 1.43 Buy FCFE

China Everbright - Stock calls

Date Analyst Company Last Target Call Valuation
01/21/19 DBS Vickers China Everbright 0.345 0.475 Buy PER15x FY19
02/21/19 DBS Vickers China Everbright 0.35 0.49 Buy
02/25/19 phillip China Everbright 0.355 0.48 Buy PER8.9x FY19
05/21/19 phillip China Everbright 0.385 0.5 Buy PER9x

Stock calls for 23 July 2019

Date Analyst Company Last Target Call Valuation
07/23/19 Lim & Tan Capitamall Trust 2.6 0 Hold
07/23/19 Amfrasers Keppel DC Reit 1.75 1.71 Neutral
07/23/19 OCBC Mapletree Logistics 1.61 1.4 Hold
07/23/19 DBS Vickers OCBC 11.64 11.5 Hold
07/23/19 DMG & Partners Singtel 3.52 3.4 Buy Sum of parts
07/23/19 DBS Vickers UOB 26.8 29.2 Buy

Monday, July 22, 2019

Stay away from Hong Kong! - Part 2.

https://sg.news.yahoo.com/two-three-men-arrested-over-132451500.html

HK bombers got arrested!  Kudos to the HK police!  If not, many innocent people would suffer including tourists.

Do not visit HK now!

China Aviation Oil - Stock calls

Date Analyst Company Last Target Call Valuation
03/01/19 DMG & Partners China Aviation Oil 1.37 1.5 Neutral
03/01/19 DBS Vickers China Aviation Oil 1.37 1.85 Buy PER12x FY19
03/01/19 UOB Kay Hian China Aviation Oil 1.37 1.25 Hold PER8.4x FY19, Buy @ $1.1
03/05/19 phillip China Aviation Oil 1.3 1.67 Buy PER11.5x FY19
03/27/19 DMG & Partners China Aviation Oil 1.27 1.6 Buy DCF, PER10x, PB1.2x, Ev/Ebitda6.5x
04/02/19 CIMB China Aviation Oil 1.38 1.7 Add PER11x FY20
04/26/19 DMG & Partners China Aviation Oil 1.43 1.6 Buy
04/29/19 UOB Kay Hian China Aviation Oil 1.39 1.25 Hold PER8.4x FY19, Buy @ $1.1
05/02/19 phillip China Aviation Oil 1.37 1.67 Buy PER11.5x FY20
05/03/19 DMG & Partners China Aviation Oil 1.36 1.6 Buy Sum of parts, PER5.8x FY19, ex-cash
06/11/19 DMG & Partners China Aviation Oil 1.31 1.6 Buy
07/10/19 DMG & Partners China Aviation Oil 1.3 1.6 Buy

Centurion - Stock calls

Date Analyst Company Last Target Call Valuation
02/04/19 DMG & Partners Centurion 0.405 0.41 Neutral DCF
03/06/19 DMG & Partners Centurion 0.425 0.41 Neutral DCF
05/15/19 DMG & Partners Centurion 0.405 0.41 Neutral DCF