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Wednesday, January 22, 2020

Stock calls for 21 January 2020

Date Analyst Company Last Target Call Valuation
01/21/20 DMG & Partners China Aviation Oil 1.28 1.55 Buy
01/21/20 DBS Vickers Mapletree Logistics 1.81 1.9 Buy DCF
01/21/20 OCBC Mapletree Logistics 1.81 1.59 Hold
01/21/20 Lim & Tan Mapletree Logistics 1.81 0 Hold
01/21/20 CIMB Sembcorp Industries 2.28 2.78 Add
01/21/20 UOB Kay Hian Sembcorp Marine 1.28 1.4 Hold
01/21/20 UOB Kay Hian Starhub 1.48 1.45 Hold DCF, Buy @ $1.25

Monday, January 20, 2020

Comfortdelgro - Stock calls

Date Analyst Company Last Target Call Valuation
01/25/19 DBS Vickers Comfortdelgro 2.24 2.56 Buy
02/01/19 CIMB Comfortdelgro 2.33 2.74 Add DCF
02/08/19 UOB Kay Hian Comfortdelgro 2.36 2.59 Buy PER16.8x FY19
02/08/19 DBS Vickers Comfortdelgro 2.36 2.56 Buy
02/14/19 phillip Comfortdelgro 2.38 2.72 Accumulate DCF, PER18.5x FY19
02/14/19 UOB Kay Hian Comfortdelgro 2.38 2.66 Buy PER16.8x FY19
02/14/19 OCBC Comfortdelgro 2.38 2.38 Hold
02/14/19 DMG & Partners Comfortdelgro 2.38 2.65 Buy
02/14/19 DBS Vickers Comfortdelgro 2.38 2.57 Buy DCF & PER16x FY19
02/19/19 Amfrasers Comfortdelgro 2.41 2.77 Buy PER19x FY19
03/04/19 Kim Eng Comfortdelgro 2.43 2.45 Hold DCF
03/08/19 CIMB Comfortdelgro 2.41 2.74 Add DCF
03/22/19 UOB Kay Hian Comfortdelgro 2.54 2.77 Buy PER17.5x FY20
04/03/19 DMG & Partners Comfortdelgro 2.59 2.65 Take Profit Buy below $2.50
04/16/19 OCBC Comfortdelgro 2.63 2.63 Hold DCF
04/30/19 CIMB Comfortdelgro 2.69 2.88 Add DCF, PER18.1x FY20
05/08/19 CIMB Comfortdelgro 2.61 2.88 Add DCF
05/15/19 DMG & Partners Comfortdelgro 2.57 2.65 Take Profit
05/15/19 OCBC Comfortdelgro 2.57 2.69 Hold
05/15/19 UOB Kay Hian Comfortdelgro 2.57 2.77 Buy
05/16/19 DBS Vickers Comfortdelgro 2.52 2.59 Hold DCF, PER17.7x, Buy @ $2.40
05/16/19 Kim Eng Comfortdelgro 2.52 2.4 Hold
05/16/19 Amfrasers Comfortdelgro 2.52 2.77 Buy PER19x FY19
05/17/19 phillip Comfortdelgro 2.54 2.72 Accumulate DCF, PER16.8x FY19
05/28/19 CIMB Comfortdelgro 2.45 2.82 Add
06/12/19 UOB Kay Hian Comfortdelgro 2.55 2.77 Buy
06/18/19 DMG & Partners Comfortdelgro 2.58 2.65 Neutral DCF & FCF
07/10/19 Kim Eng Comfortdelgro 2.84 2.76 Hold DCF
07/10/19 UOB Kay Hian Comfortdelgro 2.84 3.08 Buy PER19.5x FY20
07/11/19 Amfrasers Comfortdelgro 2.82 2.77 Neutral PER19x FY19
07/15/19 phillip Comfortdelgro 2.81 2.99 Accumulate DCF
07/22/19 DMG & Partners Comfortdelgro 2.8 2.65 Neutral DCF
08/14/19 CIMB Comfortdelgro 2.62 2.78 Add DCF
08/14/19 DMG & Partners Comfortdelgro 2.62 2.55 Neutral DCF
08/14/19 OCBC Comfortdelgro 2.62 2.91 Hold
08/14/19 phillip Comfortdelgro 2.62 2.99 Accumulate DCF, PER18.6x FY19
08/14/19 UOB Kay Hian Comfortdelgro 2.62 2.95 Buy
08/14/19 DBS Vickers Comfortdelgro 2.62 2.59 Hold
08/15/19 Amfrasers Comfortdelgro 2.51 2.77 Neutral PER19x FY19
08/15/19 CIMB Comfortdelgro 2.51 2.78 Add
09/04/19 DBS Vickers Comfortdelgro 2.46 2.59 Hold
09/19/19 DMG & Partners Comfortdelgro 2.45 2.55 Neutral DCF
10/02/19 Kim Eng Comfortdelgro 2.41 2.76 Buy DCF
10/09/19 UOB Kay Hian Comfortdelgro 2.42 2.95 Buy
10/09/19 DBS Vickers Comfortdelgro 2.42 2.59 Hold
11/14/19 Kim Eng Comfortdelgro 2.38 2.7 Buy DCF
11/14/19 DMG & Partners Comfortdelgro 2.38 2.38 Neutral DCF
11/14/19 UOB Kay Hian Comfortdelgro 2.38 2.27 Hold Buy @ $2
11/14/19 DBS Vickers Comfortdelgro 2.38 2.48 Hold Sum of parts, PER17.8x FY20
11/14/19 CIMB Comfortdelgro 2.38 2.28 Hold DCF
11/20/19 Amfrasers Comfortdelgro 2.36 2.61 Outperform PER19x FY20
11/21/19 phillip Comfortdelgro 2.35 2.56 Accumulate DCF, PER18.6x FY19
12/02/19 Amfrasers Comfortdelgro 2.35 2.61 Outperform PER19x FY20
12/06/19 DMG & Partners Comfortdelgro 2.4 2.38 Neutral DCF

CNMC - Stock calls

Date Analyst Company Last Target Call Valuation
03/01/19 phillip CNMC 0.225 0.31 Buy DCF
03/12/19 Tayrona CNMC 0.21 0.31 Overweight
05/22/19 phillip CNMC 0.2 0.31 Buy DCF
08/19/19 phillip CNMC 0.3 0.33 Accumulate DCF

Clearbridge - Stock calls

Date Analyst Company Last Target Call Valuation
04/01/19 phillip Clearbridge 0.142 0.28 Buy DCF
05/30/19 phillip Clearbridge 0.149 0.28 Buy DCF
09/06/19 phillip Clearbridge 0.142 0.26 Buy DCF

Stock calls for 20 January 2020

Date Analyst Company Last Target Call Valuation
01/20/20 DMG & Partners Bumitama 0.741 0.95 Buy PER16x FY20
01/20/20 DMG & Partners First Resources 1.77 2.3 Buy PER18x FY20
01/20/20 DMG & Partners Golden Agri 0.235 0.27 Buy Sum of parts
01/20/20 UOB Kay Hian Japfa 0.64 0.8 Buy
01/20/20 UOB Kay Hian Keppel Corp 6.84 7.61 Buy
01/20/20 OCBC Mapletree North Asia 1.24 1.37 Buy
01/20/20 Lim & Tan Mapletree North Asia 1.24 0 Hold
01/20/20 UOB Kay Hian Yangzijiang 1.16 1.46 Buy

Saturday, January 18, 2020

Baltic dry index - 754

Today, Friday, January 17 2020, the Baltic Dry Index decreased by 14 points, reaching 754 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 - 796


Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Friday, January 17, 2020

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
10/18/19 Credit Suisse City Developments 10.39 11.6 Outperform
10/23/19 UOB Kay Hian City Developments 10.67 12 Buy
11/13/19 UOB Kay Hian City Developments 10.67 12 Buy
11/14/19 DMG & Partners City Developments 10.47 10.5 Neutral RNAV (40% discount)
11/25/19 DBS Vickers City Developments 10.78 11 Hold
12/11/19 Lim & Tan City Developments 10.54 0 Buy
12/16/19 DMG & Partners City Developments 10.7 10.5 Neutral
12/17/19 CIMB City Developments 10.8 12.09 Add
01/02/20 DBS Vickers City Developments 10.95 13 Buy RNAV (18% discount), PB1.08x FY2020

Citic Envirotech - Stock calls

Date Analyst Company Last Target Call Valuation
07/25/19 DBS Vickers Citic Envirotech 0.305 0.34 Hold
11/07/19 Lim & Tan Citic Envirotech 0.37 0.55 Accept Offer offer price @ $0.55

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 January 2020

Date Analyst Company Last Target Call Valuation
01/17/20 DMG & Partners Food Empire 0.705 0.83 Buy PER12x FY20

Singapore's Nodx expanded by 2.4% in December 2019.

https://finance.yahoo.com/news/singapore-december-exports-snap-nine-021633088.html
Year on year changes (YOY):
December 2019: 2.4%
November 2019: - 5.9%
October 2019: - 12.3%
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%

Thursday, January 16, 2020

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
11/12/19 Amfrasers China Sunsine 1.03 1.2 Outperform DCF
12/02/19 Amfrasers China Sunsine 1.03 1.2 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
11/04/19 DMG & Partners China Aviation Oil 1.23 1.55 Buy Sum of parts

Stock calls for 16 January 2020

Date Analyst Company Last Target Call Valuation
01/16/20 UOB Kay Hian Boustead 0.78 0.92 Buy Sum of parts
01/16/20 UOB Kay Hian Boustead Projects 0.925 1.18 Buy RNAV (40% discount)

The phase 1 US-China trade deal can be rescinded anytime. Why?

https://sg.finance.yahoo.com/news/chinas-liu-says-u-achieve-140439672.html

It is extremely difficult to execute the phase 1 trade deal because the targets set are simply unrealistic.  There is no way for China to buy a total of US$200B worth of goods and services when the US doesn't want to sell high technology goods and services to China.  Furthermore, China has to cut back its purchases from developing economies substantially so that China can buy from the US.  This will result in those badly affected developing economies to lodge formal complaints to WTO for US preferential treatment.

Therefore, I am not optimistic about the execution of the phase 1 trade deal.

http://sg-stock.blogspot.com/2019/04/many-countries-are-fearful-of-upcoming.html

http://sg-stock.blogspot.com/2019/12/the-15-dec-tariffs-between-us-china-are.html

The US is demanding Taiwan to import US beef and pork after Taiwan election.

The US is demanding Taiwan to import ractopamine laced beef and pork after helping President Tsai to win the Taiwan election.

https://chinapost.nownews.com/20200113-931049

http://sg-stock.blogspot.com/2020/01/taiwan-president-tsai-won-2020-election.html

Hahaha! Taiwanese people have to pay with their health now.  Is this worth doing?

http://sg-stock.blogspot.com/2016/11/what-do-you-get-for-being-staunch-usa.html

Wednesday, January 15, 2020

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
10/25/19 DBS Vickers Centurion 0.41 0.52 Buy DCF
11/14/19 DMG & Partners Centurion 0.42 0.43 Neutral DCF
11/14/19 DBS Vickers Centurion 0.42 0.52 Buy DCF
12/17/19 DMG & Partners Centurion 0.435 0.47 Neutral DCF
01/08/20 CIMB Centurion 0.44 0.61 Add 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