F & N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/18	phillip	F & N	2.39	2.83	Accumulate	Sum of parts, PER27.1x FY18
03/19/18	phillip	F & N	2.25	2.83	Buy
04/16/18	phillip	F & N	2.12	2.83	Buy
05/10/18	phillip	F & N	2.08	2.75	Buy	Sum of parts
05/24/19	DMG & Partners	F & N	1.73	3.53	Not Rated	Sum of parts

Stock calls for 25 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/25/19	DBS Vickers	Ascendas India Trust	1.55	1.65	Buy
10/25/19	DBS Vickers	Centurion	0.41	0.52	Buy	DCF
10/25/19	UOB Kay Hian	Eagle Hospitality Trust	0.645	1.02	Buy	DDM
10/25/19	OCBC	ESR-Reit	0.54	0.58	Buy
10/25/19	Phillip	Frasers Centrepoint Trust	2.75	3.11	Accumulate	DDM
10/25/19	UOB Kay Hian	Genting	0.925	1.11	Buy
10/25/19	DBS Vickers	Sabana	0.455	0.48	Hold
10/25/19	DBS Vickers	Sembcorp Industries	2.28	2.9	Buy
10/25/19	DBS Vickers	Sembcorp Marine	1.4	1.45	Hold
10/25/19	DMG & Partners	SGX	8.28	8.3	Neutral	PER23x FY20
10/25/19	CIMB	SGX	8.28	9	Add	PER22.4x FY20
10/25/19	OCBC	SGX	8.28	8.6	Hold	PER22x FY20
10/25/19	DBS Vickers	SGX	8.28	8.9	Buy
10/25/19	UOB Kay Hian	Suntec Reit	1.89	1.99	Hold	Buy @ $1.82
10/25/19	CIMB	UMS	0.74	0.67	Hold	PB1.4x FY20
10/25/19	Lim & Tan	United Engineers	2.66	0	Sell

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/19	DBS Vickers	Ezion	0.05	0.06	Hold	PB0.3x FY19
03/11/19	DBS Vickers	Ezion	0.043	0.05	Hold	PER10x F20
04/05/19	DBS Vickers	Ezion	0.043	0.05	Hold	PB1.4x

ESR Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	Lim & Tan	ESR-Reit	0.53	0	Hold
01/21/19	CIMB	ESR-Reit	0.53	0.62	Add	DDM
01/21/19	OCBC	ESR-Reit	0.53	0.575	Buy
01/22/19	DBS Vickers	ESR-Reit	0.53	0.59	Buy
02/12/19	DMG & Partners	ESR-Reit	0.515	0.61	Buy	DDM
03/07/19	CIMB	ESR-Reit	0.53	0.62	Add
03/13/19	DMG & Partners	ESR-Reit	0.53	0.61	Buy
04/10/19	OCBC	ESR-Reit	0.54	0.55	Hold
04/25/19	CIMB	ESR-Reit	0.51	0.6	Add	DDM
04/25/19	OCBC	ESR-Reit	0.51	0.565	Buy
06/18/19	CIMB	ESR-Reit	0.565	0.6	Add	DDM
06/19/19	OCBC	ESR-Reit	0.53	0.56	Buy
07/24/19	OCBC	ESR-Reit	0.535	0.58	Buy
07/24/19	CIMB	ESR-Reit	0.535	0.61	Add	DDM
08/21/19	Citibank	ESR-Reit	0.51	0.57	Buy

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/19	DMG & Partners	EC World Reit	0.7	0.81	Buy
02/15/19	phillip	EC World Reit	0.745	0.82	Buy
02/22/19	DBS Vickers	EC World Reit	0.745	0.86	Buy	DCF
02/25/19	DMG & Partners	EC World Reit	0.755	0.84	Buy	DDM
03/04/19	phillip	EC World Reit	0.76	0.85	Buy	DDM, PB0.84x FY19
03/18/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
05/07/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
05/14/19	DMG & Partners	EC World Reit	0.79	0.85	Buy	DDM
05/14/19	DBS Vickers	EC World Reit	0.79	0.86	Buy
05/15/19	phillip	EC World Reit	0.785	0.87	Buy	DDM, PB0.93x
06/19/19	phillip	EC World Reit	0.775	0.87	Buy
07/04/19	DMG & Partners	EC World Reit	0.78	0.85	Buy
07/22/19	phillip	EC World Reit	0.755	0.87	Buy
08/08/19	phillip	EC World Reit	0.735	0.87	Buy	DDM
08/08/19	DMG & Partners	EC World Reit	0.735	0.82	Buy	DDM
09/24/19	phillip	EC World Reit	0.735	0.87	Buy
10/18/19	phillip	EC World Reit	0.735	0.87	Buy

Stock calls for 24 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/24/19	OCBC	CapitaCommercial	2.04	1.92	Hold
10/24/19	UOB Kay Hian	CapitaCommercial	2.04	2.3	Buy
10/24/19	DMG & Partners	Frasers Centrepoint Trust	2.72	2.55	Neutral	DDM
10/24/19	OCBC	Frasers Centrepoint Trust	2.72	2.75	Hold
10/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.72	3.05	Buy
10/24/19	Lim & Tan	Frasers Centrepoint Trust	2.72	0	Hold
10/24/19	OCBC	Frasers Commercial Trust	1.65	1.76	Hold
10/24/19	CIMB	Frasers Commercial Trust	1.65	1.71	Add	DDM
10/24/19	OCBC	Mapletree Industrial	2.52	2.55	Hold
10/24/19	UOB Kay Hian	Mapletree Industrial	2.52	2.9	Buy
10/24/19	DBS Vickers	Mapletree Industrial	2.52	2.75	Buy
10/24/19	DBS Vickers	Starhub	1.32	1.3	Hold	EV/Ebitda6x FY20
10/24/19	CIMB	Starhub	1.32	1.65	Hold
10/24/19	Kim Eng	Starhub	1.32	2	Buy
10/24/19	OCBC	Suntec Reit	1.85	2.05	Hold
10/24/19	DBS Vickers	UMS	0.705	0.87	Buy	PER12x FY20

The Hong Kong protestors have just sealed their fate.

https://sg.finance.yahoo.com/news/hong-kong-protesters-rally-support-031001300.html

The HK protestors are rallying for support for Catalan protestors.  These HK protestors don't know what they're protesting about and also don't understand the western mentality.

The West will promote and support independence in Asia but will never allow independence in the West.  By supporting the Catalan protestors, the HK protestors will start to lose the western support.

This is great news for the HK government.  Cheers!

Eagle Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/19	UOB Kay Hian	Eagle Hospitality Trust	0.675	1.02	Buy	DDM
10/02/19	Amfrasers	Eagle Hospitality Trust	0.68	0.84	outperform	DDM

Duty Free - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	Lim & Tan	Duty Free	0.192	0	Accumulate

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Delfi	1.32	1.59	Buy
03/01/19	DMG & Partners	Delfi	1.45	1.68	Buy	DCF, PER28x FY19
04/05/19	DMG & Partners	Delfi	1.3	1.68	Buy
05/07/19	DMG & Partners	Delfi	1.3	1.68	Buy	DCF, PER28x FY19
08/14/19	DMG & Partners	Delfi	1.24	1.68	Buy	DCF, PER28x FY19

Stock calls for 23 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/19	UOB Kay Hian	Capitaland	3.62	3.8	Hold	Buy @ $3.30
10/23/19	CIMB	Capitamall Trust	2.62	2.64	Hold	DDM
10/23/19	UOB Kay Hian	City Developments	10.67	12	Buy
10/23/19	DMG & Partners	Frasers Commercial Trust	1.64	1.65	Neutral	DDM
10/23/19	DBS Vickers	OCBC	10.71	11.5	Hold
10/23/19	Macquarie	Venture	15.38	17	Outperform

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/19	Lim & Tan	Del Monte	0.12	0	Buy

DBS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	DBS	23.69	29.8	Buy	GGM, PB1.54x FY19
01/03/19	CIMB	DBS	23.49	27	Hold	PER10.7x FY20
01/03/19	JP Morgan	DBS	23.49	29	Overweight
01/08/19	UOB Kay Hian	DBS	23.75	28.5	Buy
01/08/19	Jefferies	DBS	23.75	28.5	Buy
01/29/19	CIMB	DBS	24.22	29	Add	GGM, PB1.4x CY19
01/31/19	Kim Eng	DBS	23.94	30.18	Buy	DDM
02/01/19	phillip	DBS	23.92	29.02	Buy
02/08/19	UOB Kay Hian	DBS	24.33	28.5	Buy
02/12/19	Kim Eng	DBS	24.36	30.18	Buy
02/18/19	DMG & Partners	DBS	24.74	29.8	Buy
02/18/19	Lim & Tan	DBS	24.74	0	Buy
02/19/19	Jefferies	DBS	25.2	28.5	Buy
02/19/19	OCBC	DBS	25.2	29.31	Buy
02/19/19	DMG & Partners	DBS	25.2	28.8	Buy	GGM, PB1.5x FY19
02/19/19	phillip	DBS	25.2	29	Buy	GGM, PB1.5x FY19
02/19/19	Kim Eng	DBS	25.2	29.56	Buy	DDM
02/19/19	CIMB	DBS	25.2	29	Add	GGM
02/19/19	UOB Kay Hian	DBS	25.2	28.4	Buy
02/20/19	Macquarie	DBS	25.1	27	Neutral	PB
02/26/19	Amfrasers	DBS	25.18	27.7	Buy	RIM
03/04/19	phillip	DBS	25.08	29	Buy
03/07/19	Kim Eng	DBS	25.36	29.56	Buy
03/11/19	CIMB	DBS	25.06	29	Add
03/13/19	DMG & Partners	DBS	25.3	28.8	Buy	GGM, PB1.5x FY19
03/26/19	OCBC	DBS	25.12	29.31	Buy
04/01/19	UOB Kay Hian	DBS	25.23	28.4	Buy
04/02/19	phillip	DBS	25.59	29	Buy
04/10/19	DMG & Partners	DBS	27	29.6	Buy	PB1.43x FY20
04/11/19	CIMB	DBS	26.97	29	Add
04/22/19	UOB Kay Hian	DBS	27.4	30.3	Buy	GGM, PB1.57x FY19
04/22/19	Kim Eng	DBS	27.4	29.56	Buy
04/29/19	Lim & Tan	DBS	27.41	0	Buy
04/29/19	Citibank	DBS	27.41	31.1	Buy
04/30/19	Macquarie	DBS	28.4	27	Neutral
04/30/19	phillip	DBS	28.4	29	Accumulate	GGM, PB1.5x FY19
04/30/19	OCBC	DBS	28.4	29.18	Hold	Buy @ $27.50 or lower
04/30/19	CIMB	DBS	28.4	30	Add	GGM, PB1.54x
04/30/19	DMG & Partners	DBS	28.4	30.8	Buy	PB1.5x FY20
04/30/19	Lim & Tan	DBS	28.4	30	Hold
05/02/19	Amfrasers	DBS	28.25	27.7	Hold
05/02/19	Jefferies	DBS	28.25	31.5	Buy	PER13.1x FY20
05/07/19	OCBC	DBS	26.53	27.5	Hold
05/13/19	UOB Kay Hian	DBS	26.55	30.5	Buy
05/13/19	Citibank	DBS	26.55	27	Neutral
05/14/19	DMG & Partners	DBS	26	30.8	Buy	GGM, PB1.5x FY20
05/22/19	CIMB	DBS	25.74	27.64	Hold
05/22/19	Kim Eng	DBS	25.74	29.46	Buy
06/03/19	CIMB	DBS	24.29	27.64	Hold
06/06/19	phillip	DBS	24.27	29	Accumulate
06/13/19	UOB Kay Hian	DBS	24.7	30.5	Buy
06/17/19	Kim Eng	DBS	24.81	29.46	Buy
06/19/19	OCBC	DBS	24.8	29.18	Buy	Buy @ $27.50 or lower
07/01/19	Kim Eng	DBS	25.96	29.46	Buy
07/01/19	UOB Kay Hian	DBS	25.96	30.5	Buy	GGM, PB1.59x FY19
07/02/19	OCBC	DBS	26.6	29.2	Buy	GGM, PB1.4x, PER14.7x
07/03/19	phillip	DBS	26.5	29	Accumulate
07/08/19	DMG & Partners	DBS	25.63	30.8	Buy	PB1.5x FY20
07/12/19	DMG & Partners	DBS	25.61	30.3	Buy	PB1.47x FY20
07/29/19	Lim & Tan	DBS	26.88	0	Buy
07/30/19	DMG & Partners	DBS	26.54	28.3	Hold	GGM, PB1.37x FY20
07/30/19	CIMB	DBS	26.54	27.59	Hold	GGM
07/30/19	Kim Eng	DBS	26.54	28.05	Hold	DDM
07/30/19	OCBC	DBS	26.54	28	Hold
07/30/19	phillip	DBS	26.54	30.9	Accumulate
07/30/19	UOB Kay Hian	DBS	26.54	31.3	Buy
07/31/19	Macquarie	DBS	26.49	25.8	Neutral	PB
07/31/19	phillip	DBS	26.49	27.6	Accumulate	GGM, PB1.4x
08/23/19	DMG & Partners	DBS	24.59	28.3	Neutral
08/29/19	Macquarie	DBS	24.02	25.8	Neutral	PB
09/05/19	phillip	DBS	24.54	27.6	Accumulate
09/06/19	DMG & Partners	DBS	24.63	25.3	Neutral	GGM, PB1.23x FY20
09/26/19	Kim Eng	DBS	24.73	28.05	Hold
09/27/19	CIMB	DBS	24.82	27.59	Hold
10/01/19	UOB Kay Hian	DBS	25	31.3	Buy
10/04/19	phillip	DBS	24.57	27.6	Accumulate

Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	phillip	Dasin Retail	0.885	0.95	Accumulate	DDM
02/28/19	phillip	Dasin Retail	0.885	0.94	Accumulate	DDM, PB0.64x
05/15/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.6x
06/19/19	phillip	Dasin Retail	0.88	0.94	Accumulate
07/22/19	phillip	Dasin Retail	0.875	0.94	Accumulate
08/16/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.65x
09/24/19	phillip	Dasin Retail	0.845	0.94	Accumulate
10/18/19	phillip	Dasin Retail	0.845	0.94	Accumulate

Stock calls for 22 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/22/19	CIMB	AEM	1.3	1.44	Add
10/22/19	OCBC	ART	1.37	1.31	Hold
10/22/19	UOB Kay Hian	Capitamall Trust	2.65	2.88	Buy	DDM
10/22/19	OCBC	Capitamall Trust	2.65	2.73	Hold
10/22/19	DMG & Partners	Capitamall Trust	2.65	2.38	Neutral	DDM
10/22/19	DBS Vickers	Capitamall Trust	2.65	2.85	Buy
10/22/19	DMG & Partners	Keppel Corp	5.84	7.8	Buy	Sum of parts (13% disc)
10/22/19	Kim Eng	Mapletree Logistics	1.66	1.6	Hold
10/22/19	OCBC	Mapletree Logistics	1.66	1.41	Hold
10/22/19	CIMB	Mapletree Logistics	1.66	1.55	Hold	DDM

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Dairy Farm	8.57	8.64	Neutral	DCF
03/04/19	DBS Vickers	Dairy Farm	8.57	8.44	Hold	Sum of parts
03/06/19	CIMB	Dairy Farm	8.33	8.54	Hold	PER23.5x FY20
03/20/19	DMG & Partners	Dairy Farm	7.41	8.25	Buy	DCF
04/05/19	DMG & Partners	Dairy Farm	8.14	8.25	Buy
05/30/19	DMG & Partners	Dairy Farm	7.83	8.25	Neutral	DCF
07/02/19	DMG & Partners	Dairy Farm	7.29	8.25	Neutral
08/02/19	DBS Vickers	Dairy Farm	7.38	7.99	Hold	Sum of parts
08/05/19	DMG & Partners	Dairy Farm	7.6	7.38	Neutral	DCF
08/13/19	CIMB	Dairy Farm	6.98	7.29	Hold
09/23/19	DMG & Partners	Dairy Farm	6.65	6.63	Neutral	DCF

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
08/15/19	Lim & Tan	CSE Global	0.435	0	Buy
08/16/19	DMG & Partners	CSE Global	0.44	0.61	Buy	DCF
08/16/19	UOB Kay Hian	CSE Global	0.44	0.62	Buy
08/29/19	CIMB	CSE Global	0.425	0.6	Add	PER13.5x FY20
09/03/19	Lim & Tan	CSE Global	0.44	0	Buy
09/04/19	UOB Kay Hian	CSE Global	0.455	0.65	Buy	PER15x FY19
09/04/19	DMG & Partners	CSE Global	0.455	0.69	Buy	DCF, PER11.9x FY20
09/06/19	DBS Vickers	CSE Global	0.47	0.65	Buy	PER12x FY20
09/09/19	CIMB	CSE Global	0.465	0.68	Add
09/10/19	Amfrasers	CSE Global	0.46	0.64	Outperform	Sum of parts, PER12x, PB2x
10/02/19	DMG & Partners	CSE Global	0.46	0.69	Buy
10/11/19	UOB Kay Hian	CSE Global	0.465	0.65	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

Stock calls for 21 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/21/19	Phillip	JEP	0.162	0.2	Buy	PER10x FY19
10/21/19	Amfrasers	Keppel Corp	5.84	7.44	Overweight	Sum of parts
10/21/19	OCBC	Keppel Corp	5.84	7.58	Buy
10/21/19	UOB Kay Hian	SPH	2.15	2.25	Hold	Sum of parts, Buy @ $2
10/21/19	DBS Vickers	SPH	2.15	2.19	Hold	Sum of parts
10/21/19	CIMB	Venture	15.35	16.28	Add

Baltic dry index - 1855

Today, Friday, October 18 2019, the Baltic Dry Index decreased by 6 points, reaching 1855 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.