Fortune Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/19	DBS Vickers	Fortune Reit	9.8	10.68	Buy
01/29/19	DBS Vickers	Fortune Reit	9.7	10.76	Buy
03/06/19	DBS Vickers	Fortune Reit	9.8	10.76	Buy
06/21/19	DBS Vickers	Fortune Reit	10.66	11.8	Buy	DDM

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Food Empire	0.58	0.69	Buy
04/05/19	DMG & Partners	Food Empire	0.56	0.69	Buy
08/13/19	DMG & Partners	Food Empire	0.525	0.73	Buy	PER13x FY19

Stock calls for 30 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/30/19	OCBC	Cache Logistics	0.72	0.72	Hold
10/30/19	Lim & Tan	Far East Hospitality	0.7	0	Hold
10/30/19	OCBC	Hutchison Port	0.158	0.155	Hold
10/30/19	DBS Vickers	Mapletree North Asia	1.27	1.6	Buy	DCF
10/30/19	DMG & Partners	Raffles Medical	1	1.02	Neutral	DCF
10/30/19	CIMB	Raffles Medical	1	1.16	Add	Sum of parts
10/30/19	UOB Kay Hian	Raffles Medical	1	1.27	Buy	DCF
10/30/19	DBS Vickers	Raffles Medical	1	1.12	Hold
10/30/19	UOB Kay Hian	Sasseur	0.8	0.97	Buy	DDM

When the US says it is deploying its troops to protect the oil field, you cannot trust the US government.

https://sg.finance.yahoo.com/news/russia-releases-damning-evidence-u-173000250.html

The US is caught red-handed by Russia for plundering Syrian oil under the guise of safeguarding the oil field.

Why am I not surprised?  If you truly understand the Americans, you will know that the US cannot be trusted.

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Food Empire	0.58	0.69	Buy
04/05/19	DMG & Partners	Food Empire	0.56	0.69	Buy
08/13/19	DMG & Partners	Food Empire	0.525	0.73	Buy	PER13x FY19

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/19	DBS Vickers	First Sponsor	1.27	1.62	Buy	RNAV (35% discount)
07/26/19	DBS Vickers	First Sponsor	1.31	1.62	Buy	RNAV (35% discount)

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	UOB Kay Hian	First Resources	1.56	1.6	Hold
02/20/19	UOB Kay Hian	First Resources	1.72	1.85	Hold	PER13x FY19, Buy @ $1.65
02/21/19	Kim Eng	First Resources	1.69	2.1	Buy
03/01/19	Kim Eng	First Resources	1.71	2.03	Buy	PER17x
03/04/19	DMG & Partners	First Resources	1.72	1.6	Neutral	PER13x FY19
03/04/19	DBS Vickers	First Resources	1.72	1.97	Buy	DCF
03/05/19	CIMB	First Resources	1.7	2.12	Add
03/12/19	UOB Kay Hian	First Resources	1.69	1.85	Hold	Buy @ $1.65
04/09/19	CIMB	First Resources	1.79	2.12	Add
04/22/19	UOB Kay Hian	First Resources	1.85	1.85	Hold
05/06/19	Kim Eng	First Resources	1.82	2.03	Buy	PER17x FY19
05/09/19	UOB Kay Hian	First Resources	1.79	1.85	Hold	PER13x FY19, Buy @ $1.65
05/16/19	DMG & Partners	First Resources	1.7	1.53	Neutral	PER13x FY20
05/16/19	Kim Eng	First Resources	1.7	1.93	Buy	PER17x
05/16/19	DBS Vickers	First Resources	1.7	1.95	Buy	DCF, PER16.5x FY19
05/16/19	UOB Kay Hian	First Resources	1.7	1.7	Hold	Buy @ $1.50
06/06/19	DMG & Partners	First Resources	1.56	1.53	Neutral
07/02/19	Kim Eng	First Resources	1.6	1.93	Buy
07/16/19	DBS Vickers	First Resources	1.55	1.82	Buy	DCF
08/06/19	UOB Kay Hian	First Resources	1.53	1.6	Hold	Buy @ $1.45
08/15/19	Kim Eng	First Resources	1.57	1.8	Buy
08/15/19	DMG & Partners	First Resources	1.57	1.45	Neutral	PER14x FY20
08/15/19	CIMB	First Resources	1.57	1.76	Add
08/21/19	UOB Kay Hian	First Resources	1.5	1.6	Hold	Buy @ $1.45
09/30/19	DMG & Partners	First Resources	1.6	1.9	Buy	PER18x FY20

Stock calls for 29 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/29/19	DBS Vickers	CapitaRetail China	1.55	1.8	Buy
10/29/19	UOB Kay Hian	DBS	25.18	29.75	Buy
10/29/19	Amfrasers	Eagle Hospitality Trust	0.545	0.72	outperform	DDM
10/29/19	DMG & Partners	ESR-Reit	0.53	0.6	Buy	DDM
10/29/19	Lim & Tan	Mapletree North Asia	1.26	0	Hold
10/29/19	UOB Kay Hian	Oxley	0.34	0.5	Buy	RNAV (30% discount)
10/29/19	Kim Eng	Venture	15.29	18.85	Buy	PB2.1x FY20

omg! Ang Mo Kio Block 4xx unit was ablaze this morning.

AMK again!

The US Fed will cut rates again in October 2019.

How did we reach our conclusion?  Please read our previous analysis to understand our methodology.

https://sg-stock.blogspot.com/2019/09/will-us-fed-reduce-its-interest-rates.html

Our analysis:

Iorr: 1.8% (falling), Max is 2% as set by the US FED.

Effr: 1.85% (falling)

Ioer: 1.8% (falling)

On RRP: 1.7% (falling), Min is 1.75% as set by the US FED.

The official US interest rates set by the FED range from 1.75% to 2% currently.

Effr: 1.85%
Ioer: 1.8%

The Effr-Ioer spread is widening compared to the previous spread in September which denotes a monetary tightening condition.

The On RRR (1.7%) has breached the minimum rate (1.75%) set by the US FED which is signalling some financial stress in the monetary system.  This breach is caused by FED's intervention in the repo market.  Any of the 4 rates must not trade outside of the range set by the US FED (1.75%-2%).

https://sg-stock.blogspot.com/2019/10/the-us-fed-will-start-to-purchase-60b-t.html

Therefore, we can conclude that the US FED will cut interest rates again in October 2019 to keep itself relevant since it cannot keep the rates within the set range.

Baltic dry index - 1801

Today, Friday, October 25 2019, the Baltic Dry Index climbed by 16 points, reaching 1801 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.

========================

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 830

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/19	phillip	First Reit	1.04	0.88	Neutral	DDM
01/17/19	Lim & Tan	First Reit	1.03	0	Neutral
01/18/19	OCBC	First Reit	1.01	0.97	Hold
01/18/19	CIMB	First Reit	1.01	1.2	Add	DDM
02/11/19	OCBC	First Reit	1.14	0.97	Sell
04/11/19	CIMB	First Reit	0.99	1.2	Add	DDM
08/13/19	CIMB	First Reit	1.06	1.23	Add

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	Far East Hospitality	0.605	0.68	Add
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy
02/07/19	OCBC	Far East Hospitality	0.66	0.675	Buy
02/13/19	Lim & Tan	Far East Hospitality	0.64	0	Buy
02/14/19	DBS Vickers	Far East Hospitality	0.635	0.7	Buy	DCF
02/14/19	CIMB	Far East Hospitality	0.635	0.68	Add	DDM
02/14/19	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM
02/14/19	OCBC	Far East Hospitality	0.635	0.68	Buy
04/15/19	OCBC	Far East Hospitality	0.685	0.68	Hold
04/26/19	OCBC	Far East Hospitality	0.66	0.67	Hold
04/26/19	DBS Vickers	Far East Hospitality	0.66	0.7	Buy
04/29/19	CIMB	Far East Hospitality	0.665	0.71	Add
04/29/19	Kim Eng	Far East Hospitality	0.665	0.8	Buy
06/12/19	OCBC	Far East Hospitality	0.645	0.67	Hold
06/25/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
07/22/19	UOB Kay Hian	Far East Hospitality	0.685	0.82	Buy	DDM
07/31/19	OCBC	Far East Hospitality	0.685	0.67	Hold
07/31/19	CIMB	Far East Hospitality	0.685	0.68	Hold
08/01/19	DBS Vickers	Far East Hospitality	0.68	0.7	Hold	DCF
08/27/19	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
09/19/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
10/09/19	DBS Vickers	Far East Hospitality	0.69	0.7	Hold

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