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Saturday, January 11, 2020

Taiwan President Tsai won the 2020 election again with help from the US.

Taiwan President Tsai has just won the 2020 election with help from the US.

http://sg-stock.blogspot.com/2020/01/facebook-is-intervening-in-asia.html

Taiwan looks set to suffer economically for the next 4 years under Tsai.

Baltic dry index - 774

Today, Friday, January 10 2020, the Baltic Dry Index climbed by 2 points, reaching 774 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.

US rig count - 781


Related stock: Keppel Corp, Sembcorp Marine & Cosco.

The US bases suffered damages in Iraq after Iran's attack.



It looked like some US building structures (hangers) were destroyed.  If some aircrafts were in the hangers, more than US$100m were lost.

Friday, January 10, 2020

Breadtalk - Stock calls

Date Analyst Company Last Target Call Valuation
02/21/19 DBS Vickers Breadtalk 0.88 0.92 Hold Sum of parts
02/21/19 DMG & Partners Breadtalk 0.88 0.81 Neutral Sum of parts
04/05/19 DMG & Partners Breadtalk 0.87 0.81 Neutral
05/07/19 DBS Vickers Breadtalk 0.835 0.92 Hold
05/08/19 DMG & Partners Breadtalk 0.825 0.81 Neutral Sum of parts
07/02/19 DMG & Partners Breadtalk 0.75 0.81 Neutral
08/02/19 DBS Vickers Breadtalk 0.715 0.77 Hold Sum of parts
08/05/19 DMG & Partners Breadtalk 0.69 0.71 Neutral Sum of parts
09/03/19 DMG & Partners Breadtalk 0.665 0.71 Neutral
09/04/19 DMG & Partners Breadtalk 0.65 0.67 Neutral Sum of parts, EV/Ebitda7.64x
09/06/19 DBS Vickers Breadtalk 0.645 0.61 Hold Sum of parts
12/11/19 DMG & Partners Breadtalk 0.625 0.67 Neutral

BRC Asia - Stock calls

Date Analyst Company Last Target Call Valuation
07/31/19 UOB Kay Hian BRC Asia 1.37 1.75 Buy PER11.5x FY20
08/08/19 UOB Kay Hian BRC Asia 1.31 1.75 Buy PER11.5x FY20
10/01/19 UOB Kay Hian BRC Asia 1.34 1.75 Buy
11/18/19 CIMB BRC Asia 1.47 1.9 Add
11/18/19 Lim & Tan BRC Asia 1.47 1.8 Buy DCF
11/26/19 UOB Kay Hian BRC Asia 1.49 1.75 Buy PER11.5x FY20
01/09/20 CIMB BRC Asia 1.54 1.9 Add

Boustead - Stock calls

Date Analyst Company Last Target Call Valuation
09/23/19 CIMB Boustead 0.735 1 Add Sum of parts
11/25/19 CIMB Boustead 0.765 1 Add
01/03/20 CIMB Boustead 0.76 1 Add Sum of parts

Stock calls for 10 January 2020

Date Analyst Company Last Target Call Valuation
01/10/20 DBS Vickers A-Reit 3.06 3.45 Buy DCF
01/10/20 UOB Kay Hian SIA 8.93 9.1 Hold Sum of parts

Thursday, January 9, 2020

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 January 2020

Date Analyst Company Last Target Call Valuation
01/09/20 CIMB BRC Asia 1.54 1.9 Add
01/09/20 DMG & Partners Moya Asia 0.08 0.093 Buy DCF
01/09/20 UOB Kay Hian Unusual 0.275 0.44 Buy

The US-Iran attack will not escalate into a full blown war.

Trump declared no casualties on the US bases in Iraq.  However, Iran declared 80 Americans were killed by its missiles.

https://economictimes.indiatimes.com/news/defence/iran-says-80-american-killed-in-the-missile-strike-here-is-all-you-should-know-about-the-attack/articleshow/73149977.cms

Does the US death toll matter? No! Why?

This is because the unjustified killing of the Iranian top general results in a strong resistance in the US to wage a war with Iran over Iran's retaliation.

https://www.forbes.com/sites/rachelsandler/2020/01/08/pelosi-announces-vote-to-limit-trumps-war-powers-against-iran/#734016227a2e

Nancy is trying to de-escalate the tension by limiting Trump's power and the US citizens are not supporting a US-Iran war because they do not want to be conscripted to fight an unjustified war.  Furthermore, Nancy knows that this is not the time to engage in a war because the US economy is weakening.

The upcoming US GDP will be a better number but it is an illusion. Why?

https://www.cnbc.com/2020/01/07/us-trade-deficit-at-43point09b-in-november-vs-43point6b-estimate.html

The most recent US deficit fell to its lowest level under Trump's presidency because of the huge reduction in imports.  Being a consumption-led economy (70% of GDP), this doesn't bode well for the US because import is a precursor of local consumption.

Please read our post on China to understand the importance of imports since China is also a consumption-led economy.

http://sg-stock.blogspot.com/2019/12/how-is-chinas-economy-doing.html

The reduction in imports usually signals a future reduction in consumption.  Since import is part of the GDP formula, the decline in imports will boost the GDP figure.

Please read our post on the GDP calculation.

http://sg-stock.blogspot.com/2019/11/the-latest-us-gdp-growth-is-not.html

Wednesday, January 8, 2020

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
11/07/19 DMG & Partners Avi-Tech 0.35 0.41 Buy DCF
12/10/19 DMG & Partners Avi-Tech 0.4 0.44 Buy DCF

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
10/25/19 DBS Vickers Ascendas India Trust 1.55 1.65 Buy DDM
12/19/19 DBS Vickers Ascendas India Trust 1.53 1.65 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 January 2020

Date Analyst Company Last Target Call Valuation
01/08/20 DMG & Partners Capitaland 3.84 4.2 Buy
01/08/20 DMG & Partners CDL Hospitality 1.63 1.78 Buy
01/08/20 CIMB Centurion 0.44 0.61 Add DCF
01/08/20 UOB Kay Hian CSE Global 0.56 0.7 Buy
01/08/20 DMG & Partners CSE Global 0.56 0.69 Buy
01/08/20 CIMB DBS 26.05 28.29 Add
01/08/20 Kim Eng DBS 26.05 29.92 Buy
01/08/20 DMG & Partners Fu Yu 0.255 0.27 Buy
01/08/20 DMG & Partners Keppel Corp 6.84 7.8 Buy
01/08/20 DMG & Partners Manulife US Reit 0.99 1.1 Buy
01/08/20 CIMB OCBC 11 11.94 Hold
01/08/20 DMG & Partners Oxley 0.375 0.43 Buy
01/08/20 DMG & Partners Sheng Siong 1.26 1.39 Buy
01/08/20 DMG & Partners ST Engineering 4.02 4.55 Buy
01/08/20 DMG & Partners Unusual 0.285 0.42 Buy
01/08/20 CIMB UOB 26.7 29.1 Add
01/08/20 DMG & Partners UOB 26.7 29.5 Buy
01/08/20 DMG & Partners Wilmar 4.29 4.75 Buy

Iran has retaliated against the US by attacking 2 US bases in Iraq.

https://sg.news.yahoo.com/thousands-prepare-bury-iranian-general-050819484.html

We had stated that Iran would retaliate against the US even though Trump gave a stern warning to Iran that the US would attack 52 targets including cultural sites in Iran if Iran retaliated against the US for the killing of the Iranian top general.

http://sg-stock.blogspot.com/2020/01/the-recession-constellation-is-aligning.html

The ball is in the US court now.  The US and Iran would enter into a vicious cycle of retaliation if the US retaliated again.  The US had no proper justification to kill the Iranian top general in Iraq in the first place.  This unjustified killing had irked and angered the Iraqis and Iranians which prompted the Iraqi parliament to expel the US forces in Iraq.

http://sg-stock.blogspot.com/2020/01/the-truth-behind-us-killing-of-top.html


Boeing 737 crashed again!

https://news.yahoo.com/ukrainian-airplane-180-aboard-crashes-034030181.html

We had already warned that the Boeing 737 model was a flying coffin on numerous postings.

http://sg-stock.blogspot.com/2019/11/do-not-take-boeing-737-because-it-is.html