Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/23/19	CIMB	Boustead	0.735	1	Add	Sum of parts

Stock calls for 10 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/10/19	DMG & Partners	A-Reit	3.12	3	Neutral	DDM
10/10/19	Amfrasers	China Sunsine	1.12	1.4	Outperform	DCF
10/10/19	Kim Eng	Hi-P	1.19	1.21	Hold	PB1.5x FY19
10/10/19	SAC Advisors	Interra Resources	0.026	0.089	Buy	EV/IP reserves 6.4x
10/10/19	UOB Kay Hian	Mapletree Industrial	2.5	2.69	Buy
10/10/19	Kim Eng	Singtel	3.14	3.44	Hold	Sum of parts
10/10/19	DBS Vickers	Singtel	3.14	3.12	Hold	EV/Ebitda6x

PM Lee: Choosing between US and China will be painful.

https://www.todayonline.com/singapore/choosing-between-us-or-china-will-be-painful-says-pm-lee-cnn-interview

It is not a difficult decision to know which side to choose.  Why?

The US is NEVER a trustworthy country.  Just look at the Kurds.  They fought and died for the US and were easily abandoned by the US after outliving their usefulness.

http://sg-stock.blogspot.com/2019/10/the-usa-has-abandoned-syrian-kurds-part.html

Singaporeans, do you want to suffer the same fate as the Kurds?  The US will have no qualms to abandon SG because we have never fought side by side with the US before.  The US is only interested to sell their weapons to SG!

Furthermore, our neighbour (Malaysia) had chosen China and SG would be on a collision course with Malaysia if we were to side the US.

http://sg-stock.blogspot.com/2019/03/singapore-is-heading-towards-political.html

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

In conclusion, it is a no brainer decision but our government is just blindsided.  We need to know what's at stake here.  Malaysia is just next door but the US is so far away.

The US-China trade talk in Washington broke down again!

https://finance.yahoo.com/news/1-u-china-made-no-231817051.html

This is expected because the US increased the tension prior to the trade talk.

http://sg-stock.blogspot.com/2019/10/the-us-china-tension-is-rising-rapidly.html

What was the US thinking?

When will China reduce its interest rates? - Part 2

https://www.scmp.com/economy/china-economy/article/3032210/china-relaxes-grip-mortgage-rates-and-shanghai-jumps-cut

China has introduced a new property measure by giving empowerment to provincial banks to decide their own mortgage rates.  This is an uncanny central government policy because this involves a big leap of faith in the provincial mayors to rein in their property markets.

Therefore, the central government has also implemented data authenticity accountability as a check and balance measure.  In other words, the provincial mayors and their employees will be punished for fudging their statistics.

https://www.chinadaily.com.cn/a/201910/09/WS5d9d17bea310cf3e3556f42c.html

We had stated previously that China would only cut its official interest rates after figuring out how to rein in its property prices.

http://sg-stock.blogspot.com/2019/09/when-will-china-reduce-its-interest.html

I guess I am the only one who said what China must do first before cutting its official interest rates.

Nevertheless,  China has staged itself up for an upcoming interest rate cut because China cannot alienate itself from the global rate-cutting frenzy.

The USA has abandoned the Syrian Kurds. - Part 2

https://www.washingtonpost.com/business/who-are-the-syrian-kurds-the-us-is-abandoning/2019/10/07/b0e75ed4-e919-11e9-a329-7378fbfa1b63_story.html

The US has abandoned the Syrian Kurds again!

Yes, again!

We had warned this before (Please see below).

http://sg-stock.blogspot.com/2018/02/the-usa-has-abandoned-syrian-kurds.html

http://sg-stock.blogspot.com/2017/12/the-kurds-are-living-in-land-of.html

Biolidics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/19	CIMB	Biolidics	0.27	0.32	Add	EV/Sales 12x

Best World - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	DMG & Partners	Best World	2.56	2.95	Buy	DCF & PER18x
02/28/19	CIMB	Best World	2.56	2.43	Reduce	PER14.9x CY20
04/05/19	DMG & Partners	Best World	2.02	2.95	Buy
04/16/19	CLSA	Best World	1.77	1.75	Sell	Up from $1.29
04/26/19	DMG & Partners	Best World	1.62	0	Cease Coverage	Suspension

Banyan Tree - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	phillip	Banyan Tree	0.57	0.76	Accumulate	Sum of parts, PB0.72x FY19
05/22/19	phillip	Banyan Tree	0.535	0.76	Accumulate	Sum of parts, PB0.7x FY19
08/16/19	phillip	Banyan Tree	0.455	0.51	Accumulate	Sum of parts, PB0.6x FY19

Stock calls for 9 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/09/19	DBS Vickers	ART	1.32	1.45	Buy
10/09/19	DBS Vickers	CDL Hospitality	1.64	1.8	Buy
10/09/19	UOB Kay Hian	Comfortdelgro	2.42	2.95	Buy
10/09/19	DBS Vickers	Comfortdelgro	2.42	2.59	Hold
10/09/19	DBS Vickers	Far East Hospitality	0.69	0.7	Hold
10/09/19	DBS Vickers	Frasers Hospitality Trust	0.715	0.77	Hold
10/09/19	UOB Kay Hian	Fu Yu	0.225	0.285	Buy
10/09/19	OCBC	Keppel Corp	5.93	7.58	Buy
10/09/19	DBS Vickers	Keppel Corp	5.93	8.5	Buy
10/09/19	CIMB	MM2 Asia	0.215	0.32	Add	Sum of parts
10/09/19	UOB Kay Hian	Penguin	0.62	0.85	Buy
10/09/19	DBS Vickers	Sembcorp Industries	2.11	3.2	Buy
10/09/19	CIMB	Sembcorp Marine	1.2	1.26	Hold	PB1.2x CY19
10/09/19	OCBC	Sembcorp Marine	1.2	1.29	Hold
10/09/19	DBS Vickers	Sembcorp Marine	1.2	1.9	Buy
10/09/19	DMG & Partners	SGX	8.4	8.1	Neutral	PER23x FY20
10/09/19	UOB Kay Hian	ST Engineering	3.92	4.34	Buy
10/09/19	Kim Eng	Wilmar	3.63	3.89	Hold	DCF
10/09/19	UOB Kay Hian	Wilmar	3.63	4.4	Buy
10/09/19	UOB Kay Hian	Yangzijiang	0.95	1.46	Buy

The US-China tension is rising rapidly.

https://fortune.com/2019/10/08/china-ai-us-entity-list/

https://www.cnbc.com/2019/10/08/us-puts-visa-restrictions-on-chinese-officials-over-abuses-of-muslims-in-xinjiang.html

The US is increasing tension with China now.  There won't be any good outcome for the October trade talk on 10 October because the US has added 28 Chinese firms to its entity list and banned some Chinese officials to the US.

This October will be a volatile month because there will be a trade talk on 10 October, Brexit on 31 October and FED interest rate on 31 October.

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	DMG & Partners	Avi-Tech	0.3	0.34	Neutral
02/14/19	DMG & Partners	Avi-Tech	0.29	0.3	Neutral	DCF
03/19/19	DMG & Partners	Avi-Tech	0.29	0.3	Neutral
07/16/19	DMG & Partners	Avi-Tech	0.28	0.27	Neutral	DCF
08/29/19	Lim & Tan	Avi-Tech	0.27	0	Buy
09/10/19	DMG & Partners	Avi-Tech	0.31	0.31	Neutral	DCF
10/08/19	DMG & Partners	Avi-Tech	0.34	0.31	Neutral

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/19	Jefferies	Ascendas India Trust	1.08	1.2	Buy
01/28/19	DBS Vickers	Ascendas India Trust	1.08	1.25	Buy	DDM
02/08/19	DBS Vickers	Ascendas India Trust	1.13	1.25	Buy
04/29/19	DBS Vickers	Ascendas India Trust	1.27	1.4	Buy	DDM
07/29/19	DBS Vickers	Ascendas India Trust	1.42	1.55	Buy

Ascendas Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/19	DBS Vickers	Ascendas Hospitality Trust	0.835	0.98	Buy	DCF
07/04/19	DBS Vickers	Ascendas Hospitality Trust	1.04	1.21	Buy	Pegged to ART

Stock calls for 8 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/08/19	DMG & Partners	Avi-Tech	0.34	0.31	Neutral
10/08/19	DMG & Partners	Frencken	0.675	0.82	Buy
10/08/19	DMG & Partners	GSS Energy	0.066	0.08	Neutral
10/08/19	CIMB	Keppel Corp	5.91	8.41	Add
10/08/19	DMG & Partners	Keppel Corp	5.91	7.3	Buy
10/08/19	DBS Vickers	Keppel DC Reit	1.9	2.2	Buy
10/08/19	CIMB	Sembcorp Industries	2.08	2.83	Add	Sum of parts
10/08/19	DMG & Partners	Silverlake	0.44	0.56	Buy
10/08/19	Kim Eng	ST Engineering	3.91	4.5	Buy	DCF
10/08/19	DMG & Partners	Valuetronics	0.615	0.61	Neutral
10/08/19	DMG & Partners	Venture	15.42	16.3	Buy

ART - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	OCBC	ART	1.1	1.18	Buy
01/10/19	CIMB	ART	1.1	1.13	Hold	DDM
01/11/19	DBS Vickers	ART	1.11	1.25	Buy
01/30/19	OCBC	ART	1.19	1.25	Buy
01/30/19	DBS Vickers	ART	1.19	1.35	Buy	DCF
03/05/19	OCBC	ART	1.14	1.25	Buy
03/05/19	CIMB	ART	1.14	1.15	Hold
03/29/19	Lim & Tan	ART	1.18	0	Hold	BV
04/09/19	Phillip	ART	1.18	1.36	Buy	DDM, PB0.94x FY19
04/12/19	UOB Kay Hian	ART	1.2	1.46	Buy	DDM
04/15/19	OCBC	ART	1.2	1.25	Hold
05/02/19	OCBC	ART	1.2	1.25	Hold
05/02/19	UOB Kay Hian	ART	1.2	1.46	Buy
05/03/19	DBS Vickers	ART	1.2	1.35	Buy	DCF
05/06/19	Phillip	ART	1.21	1.36	Buy	DDM
06/10/19	UOB Kay Hian	ART	1.27	1.46	Buy
06/19/19	Phillip	ART	1.31	1.36	Buy
06/25/19	OCBC	ART	1.3	1.25	Hold
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
07/05/19	Phillip	ART	1.31	1.36	Accumulate	DDM
07/31/19	CIMB	ART	1.3	1.31	Hold	DDM
07/31/19	UOB Kay Hian	ART	1.3	1.54	Buy
07/31/19	DBS Vickers	ART	1.3	1.45	Buy
08/02/19	DIR	ART	1.32	1.34	Outperform
08/02/19	Kim Eng	ART	1.32	1.3	Hold
08/02/19	Phillip	ART	1.32	1.36	Accumulate	DDM
08/27/19	UOB Kay Hian	ART	1.3	1.54	Buy
09/24/19	Phillip	ART	1.31	1.36	Accumulate

ARA Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/18/19	UOB Kay Hian	ARA Hospitality	0.87	1.15	Buy
07/16/19	UOB Kay Hian	ARA Hospitality	0.885	1.15	Buy
08/01/19	UOB Kay Hian	ARA Hospitality	0.885	1.21	Buy	DDM
10/02/19	Amfrasers	ARA Hospitality	0.87	0.96	Outperform	DDM

APTV - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	Phillip	APTV	0.13	0.14	Accumulate
05/16/19	Phillip	APTV	0.178	0.16	Reduce	EV/Ebitda11x
08/19/19	Phillip	APTV	0.17	0.165	Neutral	EV/Ebitda9.5x

Stock calls for 7 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/07/19	DBS Vickers	A-Reit	3.08	3.4	Buy
10/07/19	DMG & Partners	Centurion	0.4	0.43	Neutral	DCF
10/07/19	UOB Kay Hian	Netlink	0.9	1.01	Buy	DCF
10/07/19	UOB Kay Hian	Sembcorp Industries	2.06	2.22	Hold
10/07/19	CIMB	Starhill	0.74	0.75	Hold	DDM

The truth of the HK protests (riots).