Stock calls for 22 November 2023

Date	Analyst	Company	Last	Target	Call	Valuation
11/22/23	DBS Vickers	BRC Asia	1.65	1.89	Buy
11/22/23	CIMB	BRC Asia	1.65	2.3	Add	PER6x FY24
11/22/23	DMG & Partners	Cromwell EUR	1.3	2.1	Buy	DDM
11/22/23	UOB Kay Hian	Emperador	0.515	0.48	Hold	PER32x FY23
11/22/23	Lim & Tan	Marco Polo	0.051	0.06	Buy
11/22/23	Kim Eng	Venture	12.89	15.4	Buy	PER15x FY23

Audience Analytics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/23	Lim & Tan	Audience Analytics	0.31	0.425	Buy	Sum of parts, PER10.6x FY23

Asia Enterprise - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/23	Lim & Tan	Asia Enterprise	0.159	0	Accumulate

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/23	DBS Vickers	Ascendas India Trust	1.17	1.5	Buy
02/07/23	Lim & Tan	Ascendas India Trust	1.19	0	Hold
02/08/23	DBS Vickers	Ascendas India Trust	1.18	1.5	Buy
04/20/23	Citi Research	Ascendas India Trust	1.09	1.25	Buy
05/17/23	DBS Vickers	Ascendas India Trust	1.03	1.45	Buy	DDM
07/31/23	DBS Vickers	Ascendas India Trust	1.16	1.45	Buy	DDM
09/12/23	DBS Vickers	Ascendas India Trust	1.17	1.45	Buy
10/27/23	DBS Vickers	Ascendas India Trust	0.96	1.35	Buy	DDM
11/16/23	DBS Vickers	Ascendas India Trust	1.1	1.35	Buy	DDM

Stock calls for 21 November 2023

Date	Analyst	Company	Last	Target	Call	Valuation
11/21/23	UOB Kay Hian	Delfi	1.16	1.76	Buy	PER17x FY24
11/21/23	Amfrasers	Food Empire	1.1	1.45	outperform	Sum of parts
11/21/23	DBS Vickers	Frasers Hospitality Trust	0.515	0.62	Buy	DCF
11/21/23	CIMB	Frasers Property	0.825	1.41	Add	RNAV (45% discount)
11/21/23	Lim & Tan	Keppel Corp	6.43	7.52	Accumulate
11/21/23	DBS Vickers	Sarine	0.285	0.25	Fully Valued	PER21x FY24
11/21/23	DMG & Partners	SGX	9.44	10.3	Neutral
11/21/23	DMG & Partners	Wilmar	3.64	4.4	Buy

A banking crisis is developing in Vietnam. - Part 4

https://e.vnexpress.net/news/business/companies/how-van-thinh-phat-chairwoman-withdrew-44b-from-lender-scb-4678721.html

A Vietnamese woman had stolen US$44B from a bank and this amount constituted more than 10% of Vietnam GDP (around US$400B).

With this latest heist and the ongoing property crisis in Vietnam, the banking industry is in dire straits now.

https://sg-stock.blogspot.com/2023/11/a-banking-crisis-is-developing-in.html

Philippines President Marcos created troubles in South China Sea for his own personal gains.

The Philippines President Marcos has been stirring up troubles in South China Sea (SCS) after his US visitation because he wants to unfreeze his family's US$3B ill-gotten money (frozen by the US) in the US.

The West and other SCS claimants (Malaysia, Vietnam and Philippines) tried to distort historical facts to discredit China and deny China's legitimate SCS claims.

What's the historical facts? 

In 1946, the USS Hornet and USS Midway accompanied the Chinese navy to reclaim the Paracel and Spratly Islands after the Japanese's surrender.  As the China navy was relatively weak, the 2 US navy ships provided security and support for the Chinese ships as they reoccupied the islands.  Simultaneously, the US companion was done to prevent excessive claims by China and to ensure that the region remained stable and open to all nations.

Thereafter, China renamed the Mischief Reef as Meiji Jiao (美济礁) to commemorate this historical event.  Mei(美) means USA, Ji(济) means help/aid and Jiao(礁) means reef.

The historical facts showed that the US accepted China's sovereignty claims in SCS in 1946 by accompanying China to reclaim the islands and reefs.  China was the sole and rightful country to reclaim the islands and reefs in SCS and no other country did any claim for SCS for at least a decade after China.  I would like to highlight that sovereignty is something that the international community has accepted and can't renege.

Under the international law (Terra Nullius principle) recognised and accepted by the UN, when a nobody's island has been claimed by a country first, other countries can't claim the same island as it is no longer a nobody's island.

Since China was the first country to claim the SCS islands and reefs in 1946 without any objection and rejection, other claimants had no right to claim the same islands and reefs later based on the Terra Nullius principle under the international law.

After China claimed back the SCS islands and reefs, it published the new 11-dash line SCS map in 1947.

Furthermore, the reputable mapping company (Rand McNally) also published the new SCS map in 1947 by stating the true ownerships in bracket (China).  We had stated this before below.

https://sg-stock.blogspot.com/2018/11/a-1947-map-showed-that-south-china-sea.html

When we understand the true historical facts, we will know who is the true and rightful owner and who is the troublemaker.