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Thursday, October 17, 2019

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
08/13/19 OCBC City Developments 9.04 10.68 Buy
08/13/19 DMG & Partners City Developments 9.04 9.2 Neutral RNAV (40% discount)
08/13/19 DBS Vickers City Developments 9.04 11 Buy RNAV (30% discount)
08/19/19 Lim & Tan City Developments 9.16 0 Buy
09/12/19 DMG & Partners City Developments 9.9 9.2 Neutral
10/01/19 DBS Vickers City Developments 9.82 11 Buy

Citic Envirotech - Stock calls

Date Analyst Company Last Target Call Valuation
07/25/19 DBS Vickers Citic Envirotech 0.305 0.34 Hold

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

Stock calls for 17 October 2019

Date Analyst Company Last Target Call Valuation
10/17/19 Macquarie Keppel Corp 5.98 7.5 Outperform Sum of parts
10/17/19 Amfrasers Keppel DC Reit 2 2.11 Outperform
10/17/19 OCBC Keppel DC Reit 2 2.08 Hold
10/17/19 CIMB Keppel Reit 1.24 1.35 Add DDM
10/17/19 UOB Kay Hian Keppel Reit 1.24 1.2 Hold DDM, Buy @ $1.1
10/17/19 Lim & Tan Keppel Reit 1.24 0 Hold
10/17/19 Kim Eng Netlink 0.9 1.03 Buy DDM
10/17/19 UOB Kay Hian OCBC 10.86 14.45 Buy  GGM, PB1.4x FY19
10/17/19 UOB Kay Hian SIA 9.16 9.5 Hold Buy @ $9

Singapore's September Nodx fell 8.1% year on year.

https://sg.finance.yahoo.com/news/nodx-contracts-7th-straight-month-040715492.html

Year on year changes (YOY):
September 2019: -8.1%
August 2019: - 8.9%
July 2019: -11.2%
June 2019: -17.3%
May 2019: -15.9%
April 2019: -10%
March 2019: -11.7%
February 2019: 4.9%
January 2019: -10.1%
December 2018: -8.5%
November 2018: -2.6%
October 2018: 8.3%
September 2018: 8.3%
August 2018: 5%
July 2018: 11.8% (Corrected)
June 2018: 1.1%
May 2018: 15.5%
April 2018: 11.8%
March 2018: -2.7%
February 2018: -5.9%
January 2018: 13%
December 2017: 3.1%
November 2017: 9.1%
October 2017: 20.9%
September 2017: -1.1%
August 2017: 16.7%
July 2017: 8.5%
June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

IMF: US stock market is overvalued.

https://www.marketwatch.com/story/us-stock-market-is-overvalued-imf-says-2019-10-16?siteid=yhoof2&yptr=yahoo

The IMF gave its harshest assessment of the US stock market.

I believe that the US stock market must be reaching a precipice that the IMF cannot ignore anymore since the US market is the largest in the world.  Any fallout from the US market will send great financial tsunami to the rest of the world.

Let's see how this will pan out.

Wednesday, October 16, 2019

The US-China trade deal is in jeopardy again!

https://sg.news.yahoo.com/latest-protest-interrupts-hong-kong-032448776.html

The US-China trade deal is not signed yet and the US is creating troubles again.

Either the US is not sincere in reaching a trade deal with China or Trump is trying to manipulate the stock market again.

Let's see how China will retaliate against this.

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
08/08/19 phillip China Sunsine 1.08 1.43 Buy FCFE
10/04/19 CIMB China Sunsine 1.1 1.1 Hold
10/10/19 Amfrasers China Sunsine 1.12 1.4 Outperform DCF

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
08/16/19 phillip China Everbright 0.315 0.5 Buy PER9x

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
08/08/19 DMG & Partners China Aviation Oil 1.23 1.6 Buy
08/13/19 phillip China Aviation Oil 1.18 1.52 Buy PER10.5x FY20
08/13/19 DMG & Partners China Aviation Oil 1.18 1.5 Buy Sum of parts
08/13/19 DBS Vickers China Aviation Oil 1.18 1.85 Buy
09/02/19 DMG & Partners China Aviation Oil 1.15 1.5 Buy Sum of parts

Stock calls for 16 October 2019

Date Analyst Company Last Target Call Valuation
10/16/19 CIMB Keppel DC Reit 1.99 1.88 Hold DDM
10/16/19 Phillip Keppel DC Reit 1.99 2.06 Accumulate
10/16/19 Lim & Tan Keppel DC Reit 1.99 0 Hold
10/16/19 DBS Vickers Keppel Pacific 0.76 0.9 Buy DCF
10/16/19 DMG & Partners Keppel Pacific 0.76 0.88 Buy DDM
10/16/19 UOB Kay Hian Mapletree Commercial 2.34 2.38 Hold DDM, Buy @ $2.16
10/16/19 CIMB Mapletree Commercial 2.34 2.39 Hold DDM
10/16/19 OCBC Mapletree Commercial 2.34 2.28 Hold
10/16/19 Kim Eng Mapletree Commercial 2.34 2.35 Hold DDM

Tuesday, October 15, 2019

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
08/15/19 DMG & Partners Centurion 0.41 0.43 Neutral DCF
10/07/19 DMG & Partners Centurion 0.4 0.43 Neutral DCF

CEI - Stock calls

Date Analyst Company Last Target Call Valuation
03/13/19 CIMB CEI 0.945 0.97 Hold PER10x FY20
08/13/19 CIMB CEI 0.985 0.9 Hold PER10x FY20

CDL Hospitality - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners CDL Hospitality 1.46 1.8 Buy DDM
01/02/19 CIMB CDL Hospitality 1.46 1.63 Add
01/17/19 Kim Eng CDL Hospitality 1.56 1.75 Buy
01/22/19 UOB Kay Hian CDL Hospitality 1.56 1.83 Buy
01/31/19 CIMB CDL Hospitality 1.63 1.64 Add DDM
01/31/19 Kim Eng CDL Hospitality 1.63 1.8 Buy DDM
01/31/19 OCBC CDL Hospitality 1.63 1.56 Hold
01/31/19 DBS Vickers CDL Hospitality 1.63 1.85 Buy DCF
02/11/19 CIMB CDL Hospitality 1.62 1.8 Add
02/28/19 Kim Eng CDL Hospitality 1.6 1.8 Buy
03/13/19 DMG & Partners CDL Hospitality 1.63 1.8 Buy
03/26/19 CIMB CDL Hospitality 1.64 1.8 Add
04/04/19 Kim Eng CDL Hospitality 1.65 1.85 Buy
04/09/19 DMG & Partners CDL Hospitality 1.67 1.8 Buy
05/02/19 DMG & Partners CDL Hospitality 1.6 1.77 Buy DDM
05/02/19 Kim Eng CDL Hospitality 1.6 1.8 Buy DDM
05/02/19 OCBC CDL Hospitality 1.6 1.54 Hold
05/02/19 DBS Vickers CDL Hospitality 1.6 1.85 Buy
05/02/19 UOB Kay Hian CDL Hospitality 1.6 1.99 Buy
05/03/19 CIMB CDL Hospitality 1.61 1.85 Add DDM
06/06/19 DMG & Partners CDL Hospitality 1.61 1.77 Buy
06/11/19 UOB Kay Hian CDL Hospitality 1.62 2.06 Buy DDM
06/25/19 Kim Eng CDL Hospitality 1.62 1.8 Buy
07/04/19 DMG & Partners CDL Hospitality 1.66 1.77 Buy
07/15/19 UOB Kay Hian CDL Hospitality 1.65 2.06 Buy
07/31/19 OCBC CDL Hospitality 1.66 1.56 Hold
07/31/19 DMG & Partners CDL Hospitality 1.66 1.79 Buy DDM
07/31/19 CIMB CDL Hospitality 1.66 1.92 Add
07/31/19 DBS Vickers CDL Hospitality 1.66 1.8 Buy DCF
08/27/19 UOB Kay Hian CDL Hospitality 1.58 2.06 Buy
09/11/19 DMG & Partners CDL Hospitality 1.63 1.79 Buy
09/19/19 CIMB CDL Hospitality 1.62 1.92 Add
09/19/19 Kim Eng CDL Hospitality 1.62 1.8 Buy
10/01/19 UOB Kay Hian CDL Hospitality 1.64 2.06 Buy
10/02/19 DMG & Partners CDL Hospitality 1.63 1.79 Buy
10/09/19 DBS Vickers CDL Hospitality 1.64 1.8 Buy

Stock calls for 15 October 2019

Date Analyst Company Last Target Call Valuation
10/15/19 UOB Kay Hian Golden Agri 0.21 0.16 Sell
10/15/19 DMG & Partners HRnetGroup 0.58 0.94 Buy
10/15/19 DMG & Partners Hyphens Pharma 0.199 0.25 Buy
10/15/19 DMG & Partners ISOTeam 0.225 0.31 Buy
10/15/19 DBS Vickers Keppel Infrastructure 0.545 0.58 Buy
10/15/19 DMG & Partners Kimly 0.225 0.23 Neutral
10/15/19 DIR Lendlease Reit 0.94 1.01 outperform
10/15/19 DMG & Partners Moya Asia 0.065 0.08 Buy
10/15/19 DMG & Partners Oxley 0.325 0.43 Buy
10/15/19 UOB Kay Hian SATS 4.82 5.3 Buy
10/15/19 DMG & Partners Singapore Medical 0.305 0.48 Buy
10/15/19 OCBC SPH Reit 1.15 1.1 Hold
10/15/19 DMG & Partners Talkmed 0.515 0.62 Buy
10/15/19 DMG & Partners Unusual 0.27 0.42 Buy

Monday, October 14, 2019

Trump has fallen into China's gambit.

Trump was so happy with the trade truce that he had asked his farmers to buy more lands and machinery to increase the soybean production and yield.

Unbeknownst to him, this was actually a tactical gambit by the Chinese.

https://www.scmp.com/news/china/science/article/3031579/new-soybean-could-make-china-more-self-reliant-during-trade-war

China had, in fact, produced a new soybean hybrid called Henong 71.  This hybrid soybean was being tested in Xinjiang with a real production yield of 6.7 tonnes per hectare compared to the average US yield of 3 tonnes per hectare.

China has started to plant this new breed massively in China with the intention to replace US imports.  When the US farmers start to commit heavily to plant their soybeans, China could reduce the US imports substantially as its retaliatory action in the future without affecting the local supply.

CapitaRetail China - Stock calls

Date Analyst Company Last Target Call Valuation
02/04/19 OCBC CapitaRetail China 1.48 1.42 Hold
02/04/19 DBS Vickers CapitaRetail China 1.48 1.65 Buy DCF
02/15/19 Phillip CapitaRetail China 1.39 1.66 Accumulate
03/21/19 Amfrasers CapitaRetail China 1.52 1.61 Buy DDM
04/03/19 DBS Vickers CapitaRetail China 1.57 1.65 Buy
04/26/19 OCBC CapitaRetail China 1.51 1.5 Hold
06/11/19 OCBC CapitaRetail China 1.56 1.5 Hold
06/12/19 OCBC CapitaRetail China 1.53 1.35 Sell
06/12/19 DBS Vickers CapitaRetail China 1.53 1.65 Buy
06/12/19 Lim & Tan CapitaRetail China 1.53 0 Hold
06/14/19 OCBC CapitaRetail China 1.5 1.38 Hold
06/19/19 Phillip CapitaRetail China 1.55 1.66 Accumulate
07/22/19 Phillip CapitaRetail China 1.59 1.66 Accumulate
08/01/19 OCBC CapitaRetail China 1.59 1.45 Hold
08/01/19 DBS Vickers CapitaRetail China 1.59 1.8 Buy
08/02/19 Amfrasers CapitaRetail China 1.55 1.68 Outperform
08/26/19 Phillip CapitaRetail China 1.54 1.66 Accumulate
09/24/19 Phillip CapitaRetail China 1.53 1.66 Accumulate

Capitamall Trust - Stock calls

Date Analyst Company Last Target Call Valuation
01/22/19 CIMB Capitamall Trust 2.26 2.29 Hold DDM
01/23/19 OCBC Capitamall Trust 2.27 2.12 Hold
01/24/19 Phillip Capitamall Trust 2.31 2.09 Neutral DDM, PB1.06x FY19
01/24/19 Kim Eng Capitamall Trust 2.31 2.25 Hold DDM
01/24/19 OCBC Capitamall Trust 2.31 2.25 Hold
01/24/19 DBS Vickers Capitamall Trust 2.31 2.44 Buy
01/28/19 UOB Kay Hian Capitamall Trust 2.36 2.02 Hold Buy @ $1.84
02/15/19 Phillip Capitamall Trust 2.38 2.09 Neutral
02/28/19 Kim Eng Capitamall Trust 2.42 2.25 Hold
03/14/19 DMG & Partners Capitamall Trust 2.39 2.2 Neutral DDM
04/04/19 Kim Eng Capitamall Trust 2.41 2.4 Hold DDM
04/24/19 OCBC Capitamall Trust 2.32 2.25 Hold
04/25/19 DBS Vickers Capitamall Trust 2.36 2.55 Buy
04/25/19 OCBC Capitamall Trust 2.36 2.32 Hold
04/26/19 Phillip Capitamall Trust 2.39 2.21 Neutral DDM
04/26/19 CIMB Capitamall Trust 2.39 2.39 Hold DDM
05/27/19 UOB Kay Hian Capitamall Trust 2.44 2.65 Buy DDM
06/06/19 OCBC Capitamall Trust 2.46 2.33 Hold
06/19/19 Phillip Capitamall Trust 2.57 2.21 Neutral
06/21/19 UOB Kay Hian Capitamall Trust 2.58 2.65 Hold
06/25/19 Kim Eng Capitamall Trust 2.6 2.4 Hold
07/04/19 DMG & Partners Capitamall Trust 2.71 2.2 Neutral
07/04/19 DBS Vickers Capitamall Trust 2.71 2.95 Buy
07/22/19 Phillip Capitamall Trust 2.64 2.36 Neutral
07/23/19 Lim & Tan Capitamall Trust 2.6 0 Hold
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
07/25/19 Phillip Capitamall Trust 2.62 2.68 Neutral DDM, PB1.09x
08/26/19 Phillip Capitamall Trust 2.64 2.68 Neutral
09/24/19 Phillip Capitamall Trust 2.62 2.68 Neutral

Capitaland - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Capitaland 3.11 4 Buy
01/03/19 OCBC Capitaland 3.07 3.96 Buy RNAV (20% discount)
01/07/19 CIMB Capitaland 3.06 3.55 Add RNAV (35% discount)
01/15/19 DBS Vickers Capitaland 3.27 3.62 Buy
01/15/19 Phillip Capitaland 3.27 4 Accumulate RNAV (20% discount), PB0.75x FY18
02/20/19 Lim & Tan Capitaland 3.39 0 Buy
02/21/19 OCBC Capitaland 3.43 3.98 Buy RNAV
02/21/19 Phillip Capitaland 3.43 4 Accumulate PB0.75x FY19
02/21/19 CIMB Capitaland 3.43 3.56 Add RNAV (35% discount)
02/21/19 DBS Vickers Capitaland 3.43 3.62 Buy
03/18/19 OCBC Capitaland 3.44 3.98 Buy
03/21/19 Lim & Tan Capitaland 3.47 0 Buy
03/26/19 CIMB Capitaland 3.44 3.56 Add
04/01/19 UOB Kay Hian Capitaland 3.65 4.4 Buy
04/02/19 Macquarie Capitaland 3.69 3.9 Outperform RNAV (30% discount)
04/02/19 OCBC Capitaland 3.69 3.98 Buy
05/02/19 Phillip Capitaland 3.53 4 Accumulate RNAV (20% discount)
05/02/19 Lim & Tan Capitaland 3.53 0 Hold
05/03/19 OCBC Capitaland 3.54 4.04 Buy
05/03/19 CIMB Capitaland 3.54 3.56 Add
05/27/19 DBS Vickers Capitaland 3.28 4 Buy RNAV (25% discount)
06/12/19 DBS Vickers Capitaland 3.41 4 Buy
06/18/19 Macquarie Capitaland 3.42 4.1 Outperform RNAV (25% discount)
07/05/19 DBS Vickers Capitaland 3.69 4 Buy
07/15/19 Phillip Capitaland 3.69 4 Accumulate
07/15/19 CIMB Capitaland 3.69 4.15 Add RNAV (35% discount)
07/15/19 OCBC Capitaland 3.69 4.04 Buy
08/07/19 OCBC Capitaland 3.48 4.04 Buy
08/14/19 Macquarie Capitaland 3.42 4.15 Outperform
08/19/19 Phillip Capitaland 3.4 4.2 Buy PB0.75x FY19
08/20/19 CIMB Capitaland 3.46 4.15 Add RNAV (35% discount)
08/22/19 DIR Capitaland 3.5 4.1 Buy RNAV (20% discount)
09/05/19 Lim & Tan Capitaland 3.49 0 Accumulate
09/06/19 DBS Vickers Capitaland 3.51 4 Buy
10/11/19 Phillip Capitaland 3.51 4.2 Buy