Singapore Stock Exchange - Equity Investments

Tuesday, January 16, 2018

The petrol-yuan era is coming!

https://oilprice.com/Geopolitics/International/China-Is-About-To-Shake-Up-Oil-Futures.html

The Shanghai International Energy Exchange will start oil futures trading in RMB on 18 Jan. This will definitely affect the USD demands and internationalize the RMB. Investors who dabble in oil trading will need to have RMB accounts and they'll also use their RMBs to buy other commodities and assets such as gold in RMB too.

Oil trading in RMB is not uncommon as Russia and some other Middle Eastern countries have already begun exporting oil to China in RMB. Therefore, it makes sense for these countries to participate in the oil trading futures in China. Presently, the oil trading on the Shanghai exchange is Russia's oil. In time to come, Iran & Saudi may join the oil trading in China. Let's see how this will pan out in the future.

Monday, January 15, 2018

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/17	DMG & Partners	Jadason	0.07	0.15	Buy	DCF, PER12x FY18
06/27/17	DMG & Partners	Jadason	0.088	0.15	Buy	DCF, PER12x FY18
07/03/17	CIMB	Jadason	0.084	0.17	Add	PER12.34x FY18
08/04/17	CIMB	Jadason	0.103	0.17	Add	PER12.34x FY18
08/07/17	DMG & Partners	Jadason	0.1	0.15	Buy	DCF, PER12x FY18
09/04/17	DMG & Partners	Jadason	0.102	0.12	Buy	DCF, PER11.4x FY18
09/05/17	CIMB	Jadason	0.095	0.13	Add	PER12.34x FY18
11/09/17	DMG & Partners	Jadason	0.093	0.1	Buy	DCF, PER11.3x FY18
11/13/17	CIMB	Jadason	0.087	0.11	Add	PER12.34x FY19

Isoteam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/16	UOB Kay Hian	ISOTeam	0.62	0.73	Buy	PER9.6x FY17
02/03/16	DMG & Partners	ISOTeam	0.61	0.82	Buy	DCF, PER10x FY16
02/22/16	Kim Eng	ISOTeam	0.32	0.41	Not Rated	Bloomberg consensus, Ex-Bonus 1 for 1
06/01/16	DMG & Partners	ISOTeam	0.32	0.41	Buy	DCF, PER10x FY16
07/27/16	UOB Kay Hian	ISOTeam	0.38	0.53	Buy	DCF
08/10/16	DMG & Partners	ISOTeam	0.425	0.51	Buy	DCF, PER12x FY17
08/25/16	UOB Kay Hian	ISOTeam	0.43	0.53	Hold	DCF, PER13.3x, PB2.5x
08/26/16	DMG & Partners	ISOTeam	0.41	0.54	Buy
12/02/16	DMG & Partners	ISOTeam	0.385	0.54	Buy
01/10/17	DMG & Partners	ISOTeam	0.395	0.54	Buy	DCF, PER14x FY17
01/12/17	UOB Kay Hian	ISOTeam	0.405	0.6	Buy	DCF
02/14/17	UOB Kay Hian	ISOTeam	0.42	0.6	Buy	DCF
02/15/17	DMG & Partners	ISOTeam	0.405	0.59	Buy	DCF, PER13.5x FY17
03/02/17	UOB Kay Hian	ISOTeam	0.395	0.6	Buy
05/15/17	UOB Kay Hian	ISOTeam	0.37	0.54	Buy
08/28/17	DMG & Partners	ISOTeam	0.345	0.5	Buy	DCF
11/13/17	DMG & Partners	ISOTeam	0.345	0.46	Buy	DCF, PER13x FY18

ISEC Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/16	Kim Eng	Isec Healthcare	0.22	0.4	Buy	PER27x FY16
05/31/16	Kim Eng	Isec Healthcare	0.27	0.42	Buy	PER30x FY16
06/05/17	Kim Eng	Isec Healthcare	0.345	0.4	Buy	PER23x FY18
07/13/17	Kim Eng	Isec Healthcare	0.315	0.4	Buy	PER23x FY18

Stock calls for 15 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Bumitama	0.755	0.94	Buy
01/15/18	OCBC	Capitamall Trust	2.06	2.2	Buy
01/15/18	OCBC	City Developments	13.04	15.3	Buy	RNAV (10% discount)
01/15/18	CIMB	Far East Hospitality	0.72	0.82	Add	DDM
01/15/18	DBS Vickers	First Resources	1.87	2.18	Buy
01/15/18	OCBC	Frasers Centrepoint Trust	2.26	2.4	Buy
01/15/18	DBS Vickers	Indofood Agri	0.405	0.48	Hold
01/15/18	DBS Vickers	Keppel KBS	0.905	0.95	Buy	DCF
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/15/18	UOB Kay Hian	Tuan Sing	0.49	0.71	Buy
01/15/18	UOB Kay Hian	Venture	22.65	23.5	Buy
01/15/18	DBS Vickers	Wilmar	3.16	3.5	Hold

Saturday, January 13, 2018

Baltic dry index - 1279

Today, Friday, January 12 2018, the Baltic Dry Index decreased by 24 points, reaching 1279 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 stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 939

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by 15 this week to 939.

That exceeds the 659 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported on Friday that 752 rigs were drilling for oil and 187 for natural gas this week.

Among oil- and gas-producing states, Louisiana and New Mexico each gained five rigs, Oklahoma increased by three, Colorado gained two and Alaska and Utah each increased by one.

Texas lost two rigs.

Arkansas, California, North Dakota, Ohio, Pennsylvania, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco

SPH core media business is still worsening.

https://sg.news.yahoo.com/sph-media-revenue-fell-13-9-per-cent-lower-ad-circulation-business-132508048.html

SPH has to venture into non-media sectors despite having a monopoly in the media industry to boost its incomes.

SPH is losing its readers because it cannot produce quality and unbiased news anymore.

https://sg-stock.blogspot.sg/2017/10/sph-is-shutting-down-asiaone-website.html

Bitcoin is inching closer to its death once anonymity is removed.

https://finance.yahoo.com/news/mnuchin-warns-against-bitcoin-becoming-145648873.html

The USA is going to work with G20 nations to remove anonymity in cryptocurrency. Once this anonymity is removed, cryptocurrency will lose its intrinsic value because every criminal will dump and avoid it.

Hot news! Winston Wen, Son of Wen Jiabao (ex-premier) is arrested!

https://www.taiwannews.com.tw/en/news/3338161

As Winston Wen is a major investor in Alibaba, is Jack Ma going to be implicated soon?

The political battle in China is still on-going. Please see our previous post below to understand China's political situation.

http://sg-stock.blogspot.sg/2017/11/china-government-is-targeting-jack-ma.html

Friday, January 12, 2018

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/16	NRA	ISDN	0.198	0.3	Overweight	PB1.2x FY15, PER8.4x FY16 ex-cash
09/26/16	NRA	ISDN	183	0.3	Overweight
11/24/16	NRA	ISDN	0.2	0.3	Overweight
01/11/17	NRA	ISDN	0.27	0.3	Overweight
03/29/17	NRA	ISDN	0.197	0.32	Overweight	PER14.66x FY17
06/15/17	NRA	ISDN	0.225	0.32	Overweight	PER14.7x FY17
06/15/17	UOB Kay Hian	ISDN	0.225	0.35	Buy	PER10.6x FY18
07/03/17	UOB Kay Hian	ISDN	0.22	0.35	Buy
07/26/17	Lim & Tan	ISDN	0.225	0	Trading Buy
08/08/17	UOB Kay Hian	ISDN	0.26	0.35	Buy
08/15/17	Lim & Tan	ISDN	0.26	0	Sell	Take profit
11/15/17	UOB Kay Hian	ISDN	0.245	0.35	Buy

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Ireit	0.675	0.77	Buy	DCF
02/19/16	UOB Kay Hian	Ireit	0.695	0.77	Not Rated	Bloomberg consensus
02/22/16	DMG & Partners	Ireit	0.69	0.81	Buy	DDM
03/17/16	DMG & Partners	Ireit	0.685	0.81	Buy
05/18/16	DBS Vickers	Ireit	0.72	0.77	Buy
07/04/16	DMG & Partners	Ireit	0.74	0.81	Buy
08/12/16	DBS Vickers	Ireit	0.76	0.77	Hold
11/25/16	DBS Vickers	Ireit	0.72	0.75	Hold
01/09/17	DBS Vickers	Ireit	0.73	0.75	Hold	DCF
05/24/17	DBS Vickers	Ireit	0.755	0.75	Hold	DCF

IPS Securex - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
02/02/16	DMG & Partners	41N	IPS Securex	0.205	0.4	Buy	95.12	DCF, PER10.x FY17
08/25/16	DMG & Partners	41N	IPS Securex	0.147	0.4	Buy	172.11
10/18/16	DMG & Partners	41N	IPS Securex	0.149	0.4	Buy	168.46
12/02/16	DMG & Partners	41N	IPS Securex	0.156	0.4	Buy	156.41
02/14/17	DMG & Partners	41N	IPS Securex	0.155	0.34	Buy	119.35	DCF, PER13x FY18
09/11/17	DMG & Partners	41N	IPS Securex	0.082	0.09	Neutral	9.76	DCF

Stock calls for 12 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/18	DMG & Partners	APAC Realty	0.94	1.2	Buy
01/12/18	CIMB	CSE Global	0.37	0.31	Reduce	PER10x CY19
01/12/18	CIMB	Ezion	0.197	0.13	Reduce	PB0.15x CY17
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/12/18	UOB Kay Hian	Netlink	835	0.93	Buy
01/12/18	CIMB	Pacific Radiance	0.108	0.07	Reduce
01/12/18	UOB Kay Hian	Starhub	2.93	2.62	Hold

Thursday, January 11, 2018

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/16	Credit Suisse	Indofood Agri	0.48	0.55	Outperform
02/23/16	DBS Vickers	Indofood Agri	0.46	0.54	Buy
02/29/16	CIMB	Indofood Agri	0.435	0.45	Hold	Sum of parts
02/29/16	DBS Vickers	Indofood Agri	0.435	0.52	Buy	DCF
03/04/16	UOB Kay Hian	Indofood Agri	0.45	0.8	Hold
03/14/16	Credit Suisse	Indofood Agri	0.52	0.54	Outperform	PER13x FY16
04/12/16	DBS Vickers	Indofood Agri	0.555	0.52	Buy
05/03/16	DBS Vickers	Indofood Agri	0.535	0.54	Hold
05/18/16	UOB Kay Hian	Indofood Agri	0.475	0.8	Hold
06/01/16	CIMB	Indofood Agri	0.495	0.54	Hold
06/17/16	Macquarie	Indofood Agri	0.47	0.57	Outperform
08/11/16	DBS Vickers	Indofood Agri	0.465	0.5	Hold
08/15/16	CIMB	Indofood Agri	0.47	0.44	Reduce	Sum of parts (20% discount)
08/16/16	DBS Vickers	Indofood Agri	0.47	0.48	Hold	DCF
08/19/16	UOB Kay Hian	Indofood Agri	0.475	0.8	Hold
09/15/16	DBS Vickers	Indofood Agri	0.445	0.48	Hold
10/25/16	DBS Vickers	Indofood Agri	0.45	0.58	Buy	DCF
10/31/16	CIMB	Indofood Agri	0.49	0.44	Reduce	Sum of parts (22% discount)
01/11/17	DBS Vickers	Indofood Agri	0.545	0.58	Buy
02/13/17	DBS Vickers	Indofood Agri	0.54	0.58	Buy
03/02/17	DBS Vickers	Indofood Agri	0.52	0.56	Hold
05/03/17	DBS Vickers	Indofood Agri	0.49	0.56	Hold	DCF
07/11/17	DBS Vickers	Indofood Agri	0.475	0.56	Hold
07/31/17	DBS Vickers	Indofood Agri	0.495	0.49	Hold	DCF
08/28/17	DIR	Indofood Agri	0.46	0.4	Underperform	PER7.5x FY17/18
09/13/17	DBS Vickers	Indofood Agri	0.46	0.49	Hold
10/30/17	DBS Vickers	Indofood Agri	0.455	0.48	Hold	DCF
11/13/17	DBS Vickers	Indofood Agri	0.455	0.48	Hold
11/20/17	DIR	Indofood Agri	0.445	0.4	Underperform	PER7.5x FY17/18

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/16	Kim Eng	IHH Healthcare	2	2.1	Hold	Ringgit $6.35 target price
01/26/16	DBS Vickers	IHH Healthcare	2.14	2.04	Hold	Ringgit $6.19 target price
02/23/16	UOB Kay Hian	IHH Healthcare	2.15	1.77	Hold
02/26/16	CIMB	IHH Healthcare	2.1	2.49	Add	Sum of parts
02/26/16	DBS Vickers	IHH Healthcare	2.1	2.09	Hold	Sum of parts, Ringgit $6.33 target
02/26/16	DIR	IHH Healthcare	2.1	2.04	Hold	Sum of parts, Ringgit $6.16 target
04/11/16	UOB Kay Hian	IHH Healthcare	2.26	2.07	Hold	Sum of parts, Buy @ $1.85
04/22/16	DBS Vickers	IHH Healthcare	2.29	2.09	Hold	Ringgit $6.33 target price
05/27/16	CIMB	IHH Healthcare	2.25	2.52	Add	Ringgit $7.46 target price
05/27/16	UOB Kay Hian	IHH Healthcare	2.25	2.09	Hold	Sum of parts, Buy @ $1.90
05/30/16	DIR	IHH Healthcare	2.25	2.1	Hold	Ringgit $6.25 target
06/10/16	Deutsche	IHH Healthcare	2.2	2.5	Buy	Ringgit $7.50 target
06/30/16	Kim Eng	IHH Healthcare	2.17	2.06	Hold	Ringgit $6.13 target
07/05/16	DBS Vickers	IHH Healthcare	2.19	2.51	Buy	Sum of parts, Ringgit $7.60 target
07/13/16	UOB Kay Hian	IHH Healthcare	2.21	2.31	Hold	Sum of parts, Buy @ $2.08
07/21/16	Amfrasers	IHH Healthcare	2.16	2.11	Hold	PER44x FY16/17
08/26/16	CIMB	IHH Healthcare	2.2	2.45	Add	Ringgit $7.30 target price
08/26/16	UOB Kay Hian	IHH Healthcare	2.2	2.14	Hold	Sum of parts, Buy @ $1.90
10/12/16	DBS Vickers	IHH Healthcare	2.13	2.5	Buy	Ringgit $7.60 target price
11/25/16	Kim Eng	IHH Healthcare	2.05	2.1	Hold	Sum of parts, Ringgit $ 6.52 target price
11/25/16	UOB Kay Hian	IHH Healthcare	2.05	2.03	Hold	Sum of parts, Buy @ $1.80
11/28/16	DBS Vickers	IHH Healthcare	2.1	2.29	Buy	Sum of parts, Ringgit $7.15 target
12/23/16	DBS Vickers	IHH Healthcare	2.05	2.31	Buy	Ringgit $7.15 target
02/27/17	Kim Eng	IHH Healthcare	1.93	1.83	Hold	Ringgit $5.80 target price
03/09/17	DIR	IHH Healthcare	1.91	2.06	Hold	Sum of parts, Ringgit $6.47 target price
04/10/17	UOB Kay Hian	IHH Healthcare	1.89	1.85	Hold
05/22/17	DBS Vickers	IHH Healthcare	1.91	2.3	Buy	Sum of parts, Ringgit $7.15 target price
05/22/17	DMG & Partners	IHH Healthcare	1.91	2.35	Buy	DCF, Sum of parts, EV/Ebitda18x FY18
05/23/17	DIR	IHH Healthcare	1.92	2.12	Hold	Sum of parts, Ringgit $6.56
05/23/17	UOB Kay Hian	IHH Healthcare	1.92	1.8	Hold	Sum of parts, Buy @ $1.60
06/05/17	Kim Eng	IHH Healthcare	1.92	2	Hold	Sum of parts, Ringgit $6.17 target
06/06/17	CIMB	IHH Healthcare	1.915	2.21	Add	Ringgit $6.84 target
06/14/17	DBS Vickers	IHH Healthcare	1.94	2.31	Buy	Sum of parts, Ringgit $7.15 target
06/19/17	UOB Kay Hian	IHH Healthcare	1.945	1.8	Hold
07/05/17	Kim Eng	IHH Healthcare	1.88	1.98	Hold	Ringgit $6.15 target price
08/01/17	UOB Kay Hian	IHH Healthcare	1.88	1.8	Hold
08/24/17	UOB Kay Hian	IHH Healthcare	1.895	1.73	Hold	Sum of parts, Buy @ $1.50
08/24/17	CIMB	IHH Healthcare	1.895	2.22	Add	Ringgit $6.99 target price
08/24/17	DBS Vickers	IHH Healthcare	1.895	2.16	Buy	Ringgit $6.81 target
08/25/17	DIR	IHH Healthcare	1.895	2.09	Hold	Ringgit $6.56 target
11/28/17	UOB Kay Hian	IHH Healthcare	1.83	1.71	Hold	Sum of parts, Buy @ $1.50
11/28/17	CIMB	IHH Healthcare	1.83	2.08	Add	Sum of parts, Ringgit $6.36 target
11/28/17	DBS Vickers	IHH Healthcare	1.83	2.23	Buy	Ringgit $6.81 target
11/28/17	Lim & Tan	IHH Healthcare	1.83	0	Hold	Expensive at PER50x FY18
01/08/17	CIMB	IHH Healthcare	1.96	2.35	Add	Ringgit $7.06 target price, Sum of parts

Stock calls for 11 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/18	UOB Kay Hian	Banyan Tree	0.63	0.92	Buy	Sum of parts
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy
01/11/18	SAC Advisors	Sanli Env	0.295	0.36	Buy	PER15.9x FY18
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy

China is retaliating against USA's anti-China rhetoric now.

https://finance.yahoo.com/news/china-officials-recommend-slowing-halting-u-bond-purchases-162651533--business.html

I think China has had enough of the USA's ante and anti-China rhetoric.

If China stops buying or starts selling USD treasuries, interest rates will go up much faster than anticipated in the bond markets and the ensuing outcome will be higher interest rates in other sectors such as mortgages and loans.

These rapid rises in interest rates will affect investors' sentiment and slow down corporations' investments because of higher capital costs and higher expectations on ROI.

Good luck to everyone!