M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/16	DIR	M1	2.68	2.87	Outperform	DDM, PER13.4x FY16
01/18/16	Citigroup	M1	2.6	2.56	Hold
01/18/16	DMG & Partners	M1	2.6	3.2	Buy	DCF
01/18/16	OCBC	M1	2.6	2.95	Buy	DCF
01/19/16	CIMB	M1	2.61	3.1	Hold	DCF
01/19/16	Credit Suisse	M1	2.61	2.15	Underperform
01/19/16	DBS Vickers	M1	2.61	2.6	Hold	DCF
01/19/16	DIR	M1	2.61	2.94	Outperform	DDM
01/19/16	Kim Eng	M1	2.61	3.09	Hold	DCF
01/19/16	Lim & Tan	M1	2.61	0	Buy
01/19/16	Nomura	M1	2.61	2.95	Neutral
01/19/16	UOB Kay Hian	M1	2.61	3.34	Buy	DCF
01/26/16	Deutsche	M1	2.24	3.9	Buy
01/26/16	DIR	M1	2.24	2.94	Buy	DDM
02/19/16	Credit Suisse	M1	2.52	2.15	Underperform
02/19/16	DBS Vickers	M1	2.52	2.6	Hold
02/19/16	DMG & Partners	M1	2.52	3.2	Buy
02/19/16	UOB Kay Hian	M1	2.52	3.34	Buy
02/22/16	CIMB	M1	2.54	3.1	Hold
02/22/16	Nomura	M1	2.54	3.3	Buy
03/04/16	Citigroup	M1	2.54	2.82	Buy
03/04/16	Deutsche	M1	2.54	3.9	Buy
03/15/16	CIMB	M1	2.57	3.1	Hold
03/16/16	OCBC	M1	2.59	2.95	Buy
03/17/16	UOB Kay Hian	M1	2.58	3.34	Buy
03/21/16	Credit Suisse	M1	2.59	2.15	Underperform
03/28/16	UOB Kay Hian	M1	2.7	3.02	Buy	Probability weighted target
03/29/16	Nomura	M1	2.6	3.3	Buy
04/13/16	CIMB	M1	2.47	2.4	Hold	DCF
04/13/16	Credit Suisse	M1	2.47	2.15	Underperform
04/14/16	Credit Suisse	M1	2.48	2.05	Underperform
04/14/16	DBS Vickers	M1	2.48	2.56	Hold	DCF
04/14/16	DMG & Partners	M1	2.48	3.2	Buy
04/14/16	Lim & Tan	M1	2.48	0	Hold
04/14/16	OCBC	M1	2.48	2.9	Buy	DCF
04/14/16	UOB Kay Hian	M1	2.48	3.02	Buy	Probability weighted target
05/10/16	UOB Kay Hian	M1	2.41	3.02	Buy	Probability weighted target
05/12/16	UOB Kay Hian	M1	2.37	2.14	Sell
05/26/16	DIR	M1	2.35	2.94	Buy	DDM
06/06/16	DBS Vickers	M1	2.42	2.6	Buy
06/13/16	Kim Eng	M1	2.55	3.09	Hold
06/15/16	UOB Kay Hian	M1	2.52	2.14	Sell
06/21/16	DIR	M1	2.43	2.94	Buy	DDM
07/07/16	Credit Suisse	M1	2.74	2.05	Underperform
07/11/16	DBS Vickers	M1	2.78	3.3	Buy
07/14/16	UOB Kay Hian	M1	2.89	2.14	Sell
07/18/16	CIMB	M1	2.78	2.8	Hold	DCF
07/18/16	Citigroup	M1	2.78	2.98	Hold
07/18/16	DBS Vickers	M1	2.78	3.3	Buy
07/18/16	DIR	M1	2.78	3.38	Buy	DDM
07/18/16	DMG & Partners	M1	2.78	3.02	Neutral	DCF
07/18/16	Kim Eng	M1	2.78	2.94	Hold	DCF
07/18/16	Nomura	M1	2.78	3.25	Buy
07/18/16	OCBC	M1	2.78	2.79	Hold	DCF
07/18/16	UOB Kay Hian	M1	2.78	2	Sell
08/05/16	DIR	M1	2.8	3.38	Buy	DDM
08/22/16	DBS Vickers	M1	2.72	2.85	Hold
08/22/16	UOB Kay Hian	M1	2.72	2.39	Sell
08/26/16	Credit Suisse	M1	2.73	2.05	Underperform
09/02/16	CIMB	M1	2.66	2.8	Hold	DCF
09/02/16	Credit Suisse	M1	2.66	2	Underperform
09/02/16	OCBC	M1	2.66	2.79	Hold
09/02/16	UOB Kay Hian	M1	2.66	2	Sell
09/05/16	Kim Eng	M1	2.61	2.04	Sell	DCF
09/06/16	Citigroup	M1	2.53	2.4	Sell
09/22/16	DBS Vickers	M1	2.39	2.15	Fully Valued	DCF
09/22/16	Deutsche	M1	2.39	3.1	Buy
10/04/16	DIR	M1	2.44	2.41	Hold	DDM
10/19/16	CIMB	M1	2.33	2.55	Hold	DCF
10/19/16	DBS Vickers	M1	2.33	1.97	Fully Valued	DCF
10/19/16	Deutsche	M1	2.33	2.9	Buy
10/19/16	DIR	M1	2.33	2.23	Hold	DDM
10/19/16	Kim Eng	M1	2.33	1.9	Sell	DCF
10/19/16	Lim & Tan	M1	2.33	0	Sell
10/19/16	Nomura	M1	2.33	2	Reduce
10/19/16	OCBC	M1	2.33	2.25	Hold	DCF
10/19/16	UOB Kay Hian	M1	2.33	1.76	Sell	DCF
11/14/16	DIR	M1	2.06	2.23	Hold	DDM
11/17/16	OCBC	M1	2.04	2.25	Hold
11/18/16	DBS Vickers	M1	1.995	1.97	Fully Valued
11/18/16	Nomura	M1	1.995	1.75	Reduce
11/21/16	CIMB	M1	1.935	2.1	Hold	DCF
11/21/16	UOB Kay Hian	M1	1.935	1.76	Sell
12/06/16	CIMB	M1	2	2.1	Hold	DCF
12/07/16	Deutsche	M1	1.985	2.9	Buy
12/09/16	OCBC	M1	2.02	2.08	Hold
12/13/16	Kim Eng	M1	2.03	1.9	Sell	DCF
12/15/16	Credit Suisse	M1	2.02	1.65	Underperform
12/15/16	DBS Vickers	M1	2.02	1.78	Fully Valued	DCF
12/15/16	UOB Kay Hian	M1	2.02	1.76	Sell
12/27/16	DMG & Partners	M1	1.915	2.05	Neutral
01/03/17	UOB Kay Hian	M1	1.96	1.76	Sell
01/12/17	CIMB	M1	2.06	1.9	Hold	DCF, Buy below $1.56
01/12/17	Deutsche	M1	2.06	2.6	Buy
01/13/17	Credit Suisse	M1	2.08	1.65	Underperform
01/13/17	DBS Vickers	M1	2.08	2.09	Hold	DCF
01/13/17	DMG & Partners	M1	2.08	2.05	Neutral	DCF
01/17/17	DIR	M1	2.08	2.02	Hold	DDM
01/18/17	UOB Kay Hian	M1	2.09	2.5	Buy	DCF
01/25/17	Credit Suisse	M1	2.17	1.55	Underperform
01/25/17	DBS Vickers	M1	2.17	1.97	Hold	DCF
01/25/17	Kim Eng	M1	2.17	1.85	Sell	DCF
01/25/17	Lim & Tan	M1	2.17	0	Sell
01/25/17	OCBC	M1	2.17	2.03	Hold
01/25/17	UOB Kay Hian	M1	2.17	2.48	Buy	DCF
01/26/17	CIMB	M1	2.05	1.8	Reduce	DCF
02/24/17	UOB Kay Hian	M1	2.03	2.52	Buy	DCF
02/24/17	Deutsche	M1	2.03	2.5	Buy
03/13/17	DIR	M1	2.11	1.93	Hold	DDM
03/17/17	OCBC	M1	2.03	1.75	Sell
03/20/17	Credit Suisse	M1	2.19	1.5	Underperform
03/20/17	DBS Vickers	M1	2.19	1.97	Hold
03/20/17	DMG & Partners	M1	2.19	2.05	Neutral	DCF
03/21/17	OCBC	M1	2.17	1.96	Hold	EV/EBitda8.5x FY17/18
04/05/17	CIMB	M1	2.16	1.8	Reduce
04/05/17	Credit Suisse	M1	2.16	1.5	Underperform
04/05/17	DMG & Partners	M1	2.16	2.05	Neutral
04/05/17	Kim Eng	M1	2.16	1.75	Sell	DCF
04/05/17	OCBC	M1	2.16	1.96	Hold
04/06/17	DBS Vickers	M1	2.12	1.97	Hold	DCF
04/18/17	CIMB	M1	2.14	1.7	Reduce	DCF
04/18/17	Credit Suisse	M1	2.14	1.45	Underperform
04/18/17	DIR	M1	2.14	1.93	Hold	DDM
04/18/17	Lim & Tan	M1	2.14	0	Hold
04/18/17	Deutsche	M1	2.14	2.3	Buy
05/02/17	DBS Vickers	M1	2.17	2.54	Buy	EV/Ebitda8.4x FY17
06/02/17	DMG & Partners	M1	2.27	2.05	Neutral	DCF
07/07/17	OCBC	M1	2.11	1.96	Hold
07/14/17	DMG & Partners	M1	2.07	2.05	Neutral
07/19/17	OCBC	M1	2.1	1.75	Sell
07/19/17	DIR	M1	2.1	1.93	Hold	DDM
07/19/17	Credit Suisse	M1	2.1	1.45	Underperform
07/19/17	DMG & Partners	M1	2.1	1.9	Neutral	DCF
07/19/17	CIMB	M1	2.1	1.7	Reduce	DCF
07/19/17	DBS Vickers	M1	2.1	1.78	Fully Valued	DCF
08/18/17	UOB Kay Hian	M1	1.77	1.98	Buy	DCF
08/23/17	DMG & Partners	M1	1.785	1.9	Neutral
09/11/17	OCBC	M1	1.78	1.65	Hold
09/14/17	Kim Eng	M1	1.79	1.59	Sell	DCF
09/18/17	Credit Suisse	M1	1.795	1.45	Underperform
09/20/17	Deutsche	M1	1.79	2.3	Buy
09/25/17	UOB Kay Hian	M1	1.78	1.98	Buy
09/25/17	CIMB	M1	1.78	1.8	Hold
09/28/17	DIR	M1	1.785	1.74	Hold	DDM
10/16/17	DBS Vickers	M1	1.815	1.49	Fully Valued	DCF
10/17/17	UOB Kay Hian	M1	1.805	1.95	Buy	DCF
10/17/17	OCBC	M1	1.805	1.65	Hold
10/17/17	DMG & Partners	M1	1.805	1.9	Neutral
10/17/17	Kim Eng	M1	1.805	1.59	Sell
10/17/17	CIMB	M1	1.805	1.8	Hold
11/23/17	OCBC	M1	1.77	1.65	Hold
11/28/17	Kim Eng	M1	1.77	1.59	Sell
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued	DCF
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF

Lippo-Malls Indo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/16	OCBC	Lippo-Malls Indo	0.32	0.35	Hold
02/25/16	CIMB	Lippo-Malls Indo	0.315	0.37	Add	DDM
05/04/16	OCBC	Lippo-Malls Indo	0.33	0.35	Hold
05/05/16	CIMB	Lippo-Malls Indo	0.335	0.37	Add	DDM
06/07/16	OCBC	Lippo-Malls Indo	0.33	0.35	Buy
08/08/16	CIMB	Lippo-Malls Indo	0.37	0.4	Add	DDM
11/14/16	CIMB	Lippo-Malls Indo	0.39	0.38	Hold	DDM
11/14/16	OCBC	Lippo-Malls Indo	0.39	0.4	Buy	DDM
02/17/17	CIMB	Lippo-Malls Indo	0.385	0.39	Hold	DDM
02/17/17	OCBC	Lippo-Malls Indo	0.385	0.43	Buy	DDM
04/04/17	OCBC	Lippo-Malls Indo	0.395	0.43	Buy
06/01/17	OCBC	Lippo-Malls Indo	0.415	0.435	Buy
06/22/17	CIMB	Lippo-Malls Indo	0.43	0.41	Hold	DDM
06/28/17	OCBC	Lippo-Malls Indo	0.44	0.475	Buy	DDM
08/07/17	OCBC	Lippo-Malls Indo	0.455	0.45	Hold	DDM
08/08/17	CIMB	Lippo-Malls Indo	0.455	0.43	Hold	DDM
08/30/17	OCBC	Lippo-Malls Indo	0.43	0.455	Buy
11/06/17	OCBC	Lippo-Malls Indo	0.44	0.46	Buy	DDM
12/13/17	OCBC	Lippo-Malls Indo	0.415	0.46	Buy

Stock calls for 25 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/18	Lim & Tan	CapitaCommercial	1.91	0	Hold
01/25/18	UOB Kay Hian	Keppel T&T	1.7	1.9	Buy	Sum of parts
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF
01/25/18	Lim & Tan	Mapletree Commercial	1.67	0	Hold
01/25/18	Phillip	Mapletree Industrial	2.12	2.15	Neutral	DDM, PB1.48x FY18
01/25/18	CIMB	Mapletree Industrial	2.12	2.16	Add	DDM
01/25/18	CIMB	Suntec Reit	2.15	2.17	Hold	DDM
01/25/18	DBS Vickers	Suntec Reit	2.15	2.3	Buy	DCF
01/25/18	OCBC	Suntec Reit	2.15	1.81	Sell
01/25/18	Kim Eng	Suntec Reit	2.15	1.91	Hold

Great news! Noble Group has struck a $3.5b restructuring deal.

https://finance.yahoo.com/news/noble-group-strikes-3-5-025617606.html

Noble Group has managed to strike a $3.5b restructuring deal, leaving it laden with only $600m debt.

With this restructuring deal, Noble Group is able to continue to operate without any on-going concern.  This restructuring deal also enables Noble Group to have a better bargaining power to negotiate with any potential investor.

The USA is barking up the wrong tree.

http://www.newindianexpress.com/world/2018/jan/24/us-warns-hong-kong-on-illicit-north-korea-trade-1762816.html

It's already been proven that it was a Taiwanese who chartered the HK flagged ship for the illegal oil shipment to NK but the USA still wanted to put the blame on China.

How the hell would HK authority know about the illegal oil shipment when the transponder was switched off at the open sea?

http://sg-stock.blogspot.sg/2018/01/taiwanese-boss-knew-that-oil-shipment.html

The USA should warn Taiwan government, not HK government!  Sigh! Stupidity has no cure!

Lian Beng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/17	NRA	Lian Beng	0.705	1.08	Not Rated	RNAV (11.6% discount)
12/06/17	DBS Vickers	Lian Beng	0.715	0.85	Not Rated	RNAV (50% discount)

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/05/16	Lim & Tan	KSH	0.5	0	Buy
02/10/16	OCBC	KSH	0.51	0.61	Buy	1-for-10 Bonus
05/31/16	Lim & Tan	KSH	0.55	0	Buy
06/02/16	OCBC	KSH	0.55	0.61	Buy
06/13/16	Lim & Tan	KSH	0.55	0.7	Buy
06/13/16	UOB Kay Hian	KSH	0.55	0.69	Buy	PB0.93x
08/11/16	Lim & Tan	KSH	0.56	0	Buy
08/11/16	UOB Kay Hian	KSH	0.56	0.69	Buy	PB0.93x
11/09/16	UOB Kay Hian	KSH	0.55	0.69	Buy	PB0.93x
02/10/17	UOB Kay Hian	KSH	0.54	0.69	Buy	PB0.93x
02/13/17	OCBC	KSH	0.54	0.61	Buy
03/08/17	UOB Kay Hian	KSH	0.54	0.69	Buy
04/11/17	UOB Kay Hian	KSH	0.775	1.18	Buy	RNAV (50% discount)
04/12/17	Lim & Tan	KSH	0.78	0	Buy
05/30/17	OCBC	KSH	0.935	0.86	Hold
05/31/17	UOB Kay Hian	KSH	0.915	1.12	Buy	Sum of parts
08/14/17	Lim & Tan	KSH	0.73	0	Hold
09/27/17	OCBC	KSH	0.74	0.69	Hold
10/06/17	Lim & Tan	KSH	0.785	0	Buy
11/06/17	UOB Kay Hian	KSH	0.89	0.87	Hold	Sum of parts
11/13/17	Lim & Tan	KSH	0.86	0	Hold
11/15/17	OCBC	KSH	0.865	0.79	Hold

Stock calls for 24 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/18	CIMB	AEM	4.16	5.97	Add	PER10x CY19
01/24/18	DMG & Partners	Avi-Tech	0.48	0.59	Buy
01/24/18	Phillip	Frasers Centrepoint Trust	2.3	2.14	Neutral	DDM, PB1.06x
01/24/18	UOB Kay Hian	Frasers Centrepoint Trust	2.3	2.43	Buy	DDM
01/24/18	Credit Suisse	Frasers Centrepoint Trust	2.3	2.26	Neutral
01/24/18	OCBC	Frasers Centrepoint Trust	2.3	2.49	Buy
01/24/18	CIMB	Frasers Centrepoint Trust	2.3	2.41	Add	DDM
01/24/18	Lim & Tan	Frasers Centrepoint Trust	2.3	0	Buy
01/24/18	DBS Vickers	Frasers Centrepoint Trust	2.3	2.48	Buy
01/24/18	CIMB	Frasers Commercial Trust	1.52	1.55	Hold	DDM
01/24/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
01/24/18	DBS Vickers	Keppel Infrastructure	0.58	0.6	Buy	DDM
01/24/18	Kim Eng	Keppel Reit	1.32	1.19	Hold
01/24/18	UOB Kay Hian	Keppel Reit	1.32	1.43	Buy	DDM
01/24/18	Credit Suisse	Keppel Reit	1.32	0.97	Underperform
01/24/18	CIMB	Keppel Reit	1.32	1.34	Hold	DDM
01/24/18	DBS Vickers	Keppel Reit	1.32	1.41	Buy	DCF
01/24/18	DMG & Partners	Keppel Reit	1.32	1.06	Sell
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued
01/24/18	OCBC	Mapletree Industrial	2.07	2.06	Hold
01/24/18	UOB Kay Hian	Mapletree Industrial	2.07	1.88	Hold	DDM
01/24/18	DBS Vickers	Mapletree Industrial	2.07	2.15	Buy
01/24/18	CIMB	Mapletree Logistics	1.38	1.43	Add	DDM
01/24/18	Credit Suisse	Mapletree Logistics	1.38	1.18	Neutral
01/24/18	OCBC	Mapletree Logistics	1.38	1.48	Buy
01/24/18	DBS Vickers	Mapletree Logistics	1.38	1.45	Buy
01/24/18	CLSA	Memtech	1.28	2	Buy	PEG0.45x, PER15x CY18
01/24/18	DMG & Partners	Moya Asia	0.098	0.17	Buy
01/24/18	DMG & Partners	Singapore Medical	0.605	0.79	Buy
01/24/18	DMG & Partners	Venture	23.9	24.1	Buy

What's wrong with Singapore's mindset nowadays?

Instead of telling the recalcitrant Japanese government not to deceive its people but to admit and acknowledge the past atrocities in WW2, Singapore told the world to stop dwelling on it.  There can never be trust between Japan and its neighbours as long as Japan is insincere about its apology especially when millions were killed by the Japanese.

Why was SG protecting and defending the perpetrator, Japan, instead of being empathetic towards other Asian countries?  The reason is very simple:  Japan is USA's ally!

http://sg-stock.blogspot.sg/2017/12/canada-to-proclaim-13-december-as.html

Why couldn't SG act like Canada?

Next, the whole world was silent about the Rohingya crisis for a reason but our MP said that there was not enough awareness about the Rohingya crisis in SG.

http://sg-stock.blogspot.sg/2018/01/singapore-has-no-future-when-weve.html

If the Rohingya crisis becomes a hot international issue, it will become harder for Rohingya to integrate into the Myanmar society.  Why?

Majorities of the Myanmar people and Rohingya do not know the acrimonious history anymore especially the Rohingya because the UK abandoned the Rohingya after using them.  If the world continues to blame Myanmar, the Myanmar historians will come out in defence to publicize the atrocities committed by the Rohingya in the past.  Once the new generation learns about the harsh history, will the Rohingya be welcome in Myanmar?  This new awareness will also make the UK looks bad on the international arena.  Therefore, it is a lose-lose situation if the Rohingya issue becomes a hot international issue.

The western media always put the blame of the Rohingya crisis on the Myanmar government without getting to the core of the issue.  The historical feud was caused by the British but nothing was mentioned in any publication.

Like I said before, the historical feud is very difficult to resolve.  This is the same when it comes to the Diaoyu Island for China & Japan.  The USA planted this seed of hatred between Japan & China after WW2 ended.  Therefore, it's best that SG doesn't get involved in meddling the historical feud between any 2 nations.

Kimly - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/17	Lim & Tan	Kimly	0.25	0	Subscribe	IPO
03/13/17	Amfrasers	Kimly	0.25	0	Do not subscribe	No competitive advantage
05/17/17	UOB Kay Hian	Kimly	0.44	0.48	Hold	DCF
08/08/17	UOB Kay Hian	Kimly	0.375	0.46	Buy	DCF
12/07/17	UOB Kay Hian	Kimly	0.355	0.45	Buy	DCF, PER22.8x FY18

Kim Heng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/25/16	OCBC	Kim Heng	0.075	0.096	Hold	PB0.8x FY16
05/03/16	OCBC	Kim Heng	0.09	0.093	Hold	PB0.8x FY16
08/17/16	OCBC	Kim Heng	0.07	0.089	Hold	PB0.8x FY16/17
11/30/16	OCBC	Kim Heng	0.07	0.09	Hold
03/03/17	OCBC	Kim Heng	0.075	0.089	Hold	PB0.8x FY17

Stock calls for 23 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/18	phillip	First Reit	1.42	1.32	Neutral	DDM
01/23/18	OCBC	Frasers Commercial Trust	1.55	1.51	Hold
01/23/18	DMG & Partners	Frasers Commercial Trust	1.55	1.55	Neutral
01/23/18	DBS Vickers	Keppel Corp	8.29	10.3	Buy	Sum of parts, PB1.3x FY18
01/23/18	OCBC	Keppel DC Reit	1.47	1.51	Hold
01/23/18	Lim & Tan	Keppel DC Reit	1.47	0	Hold
01/23/18	CIMB	Keppel DC Reit	1.47	1.44	Hold
01/23/18	DBS Vickers	Keppel DC Reit	1.47	1.6	Buy	DCF
01/23/18	UOB Kay Hian	Keppel Infrastructure	0.585	0.61	Buy
01/23/18	UOB Kay Hian	Mapletree Logistics	1.35	1.41	Hold	DDM
01/23/18	OCBC	Mapletree Logistics	1.35	1.35	Buy
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14	Hold
01/23/18	DBS Vickers	PACC Offshore	0.43	0.51	Buy	PB1x
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold

South Korea has removed anonymity in cryptocurrency.

https://finance.yahoo.com/news/south-korea-ban-cryptocurrency-traders-using-anonymous-bank-020713849--sector.html

Bitcoin prices are falling again because of the removal of anonymity in cryptocurrency prior to the G20 summit.

We did mention that the removal of anonymity would cause the bitcoin prices to fall.

http://sg-stock.blogspot.sg/2018/01/cryptocurrencies-have-crashed-but-have.html

Singapore has no future when we've ignorant MP in the parliament.

https://www.channelnewsasia.com/news/singapore/not-enough-awareness-in-singapore-about-rohingya-crisis-louis-ng-9885166

There is a reason why people are silent about the Rohingya crisis.  Only ignorant people will make the most noise because these ignorant people do not understand historical feud.

We did state this previously in our posting below.

https://sg-stock.blogspot.sg/2018/01/the-world-is-silent-on-rohingya-because.html

If there is enough awareness, it will make the UK look so bad.  Does SG want to badmouth the UK publicly? I don't think so.

China has named the USA as the real threat to global trade!

https://sg.news.yahoo.com/china-says-united-states-real-threat-global-trade-090631527.html

We did state that the USA was the real threat previously in our posting below.

We're glad that China has labelled the USA as the real threat publicly now.  We really need to stand up against the USA or else there won't be any peace in Asia.

http://sg-stock.blogspot.sg/2017/09/the-real-threat-to-global-trade.html

It doesn't pay to be a samaritan in Singapore.

https://sg.news.yahoo.com/shanmugam-kidnap-scares-beware-spreading-untrue-stories-042558898.html

These 2 incidents show that being a Samaritan is not encouraged in Singapore.  Please think twice when you try to do a good deed in Singapore because people will call POLICE to report you for being a Samaritan.

When you see someone gets drenched in the rain, do not offer your kind gesture or you will be reported to the police for harbouring malicious intention.  Welcome to this new society now!

Keppel T&T - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/16	CIMB	Keppel T&T	1.41	1.74	Add	Sum of parts (20% discount)
04/15/16	CIMB	Keppel T&T	1.4	1.72	Add	Sum of parts (20% discount)
07/21/16	CIMB	Keppel T&T	1.42	1.83	Add	Sum of parts (20% discount)
09/21/16	UOB Kay Hian	Keppel T&T	1.685	2.28	Buy	Sum of parts (10% discount)
10/03/16	UOB Kay Hian	Keppel T&T	1.835	2.28	Buy
10/20/16	UOB Kay Hian	Keppel T&T	1.8	2.36	Buy	PER30x
10/21/16	CIMB	Keppel T&T	1.77	1.77	Hold	Sum of parts (20% discount)
11/21/16	UOB Kay Hian	Keppel T&T	1.715	2.36	Buy
12/05/16	UOB Kay Hian	Keppel T&T	1.66	2.36	Buy
12/06/16	UOB Kay Hian	Keppel T&T	1.68	2.53	Buy	Sum of parts (10% discount)
01/03/17	UOB Kay Hian	Keppel T&T	1.715	2.53	Buy
01/26/17	CIMB	Keppel T&T	1.765	1.7	Hold	Sum of parts (20% discount)
01/26/17	UOB Kay Hian	Keppel T&T	1.765	2.51	Buy	Sum of parts
03/21/17	UOB Kay Hian	Keppel T&T	1.75	2.51	Buy
04/07/17	Lim & Tan	Keppel T&T	1.765	0	Buy
04/19/17	CIMB	Keppel T&T	1.755	1.73	Hold	Sum of parts (20% discount)
04/19/17	UOB Kay Hian	Keppel T&T	1.755	2.51	Buy	Sum of parts
05/17/17	UOB Kay Hian	Keppel T&T	1.745	2.51	Buy	Sum of parts
09/08/17	UOB Kay Hian	Keppel T&T	1.5	1.9	Buy	Sum of parts
10/02/17	UOB Kay Hian	Keppel T&T	1.49	1.9	Buy	Sum of parts

Keppel Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Keppel Reit	0.935	1.22	Buy	DDM
01/08/16	DBS Vickers	Keppel Reit	0.92	1.12	Buy	DCF
01/14/16	Kim Eng	Keppel Reit	0.91	0.88	Hold	Yield 7.25%
01/18/16	Lim & Tan	Keppel Reit	0.895	0	Hold
01/19/16	CIMB	Keppel Reit	0.88	1.08	Add	DDM
01/19/16	Credit Suisse	Keppel Reit	0.88	0.95	Neutral
01/19/16	DIR	Keppel Reit	0.88	0.9	Hold	DDM
01/19/16	DMG & Partners	Keppel Reit	0.88	0.83	Neutral	DDM
01/20/16	Jefferies	Keppel Reit	0.9	1.25	Buy
01/26/16	Deutsche	Keppel Reit	0.88	1	Hold
02/25/16	Deutsche	Keppel Reit	0.92	1	Hold
02/25/16	JP Morgan	Keppel Reit	0.92	0.85	Underweight
02/29/16	UOB Kay Hian	Keppel Reit	0.935	1.22	Buy	DDM
03/07/16	CIMB	Keppel Reit	0.975	1.08	Add
03/14/16	DIR	Keppel Reit	0.99	0.88	Underperform	DDM
03/17/16	DMG & Partners	Keppel Reit	0.995	0.83	Neutral	DDM
03/24/16	Deutsche	Keppel Reit	0.99	1	Hold
03/28/16	UOB Kay Hian	Keppel Reit	1	1.22	Buy
04/05/16	Deutsche	Keppel Reit	0.975	1	Hold
04/13/16	Kim Eng	Keppel Reit	1	0.97	Hold	Yield 6.75%
04/15/16	CIMB	Keppel Reit	1.005	1.08	Add	DDM
04/15/16	Credit Suisse	Keppel Reit	1.005	0.95	Neutral
04/15/16	DBS Vickers	Keppel Reit	1.005	1.11	Buy	DCF
04/15/16	DIR	Keppel Reit	1.005	0.88	Underperform	DDM
04/15/16	DMG & Partners	Keppel Reit	1.005	0.83	Neutral	DDM
04/15/16	UOB Kay Hian	Keppel Reit	1.005	1.22	Buy
04/18/16	Lim & Tan	Keppel Reit	1.01	0	Hold
05/03/16	UOB Kay Hian	Keppel Reit	1.05	1.22	Buy
05/17/16	CIMB	Keppel Reit	1.04	1.08	Add
05/17/16	Deutsche	Keppel Reit	1.04	1	Hold
05/17/16	Kim Eng	Keppel Reit	1.04	0.97	Hold
06/07/16	Credit Suisse	Keppel Reit	1.05	0.95	Neutral
06/23/16	JP Morgan	Keppel Reit	1.045	0.95	Underweight
06/23/16	Kim Eng	Keppel Reit	1.045	0.97	Hold
07/04/16	DMG & Partners	Keppel Reit	1.05	0.83	Neutral
07/08/16	UOB Kay Hian	Keppel Reit	1.07	1.22	Buy
07/18/16	UOB Kay Hian	Keppel Reit	1.075	1.31	Buy	DDM
07/19/16	Credit Suisse	Keppel Reit	1.095	1	Neutral
07/19/16	JP Morgan	Keppel Reit	1.095	1	Underweight
07/20/16	CIMB	Keppel Reit	1.08	1.14	Add
07/20/16	DBS Vickers	Keppel Reit	1.08	1.26	Buy
07/20/16	DIR	Keppel Reit	1.08	0.92	Underperform	DDM
07/20/16	Kim Eng	Keppel Reit	1.08	1.05	Hold	Yield 6.25%
07/20/16	Lim & Tan	Keppel Reit	1.08	0	Hold
07/26/16	Deutsche	Keppel Reit	1.07	1	Hold
08/01/16	UOB Kay Hian	Keppel Reit	1.065	1.31	Buy
08/16/16	DBS Vickers	Keppel Reit	1.06	1.26	Buy
09/05/16	DBS Vickers	Keppel Reit	1.085	1.26	Buy
09/07/16	Credit Suisse	Keppel Reit	1.135	1	Neutral
09/09/16	Kim Eng	Keppel Reit	1.125	1.21	Buy
10/14/16	DIR	Keppel Reit	1.115	0.92	Underperform
10/19/16	CIMB	Keppel Reit	1.115	1.14	Hold	DDM
10/19/16	DBS Vickers	Keppel Reit	1.115	1.23	Buy	DCF
10/19/16	DIR	Keppel Reit	1.115	0.95	Underperform	DDM
10/19/16	JP Morgan	Keppel Reit	1.115	1.2	Overweight
10/19/16	Kim Eng	Keppel Reit	1.115	1.21	Buy	Yield 5.25%
10/19/16	UOB Kay Hian	Keppel Reit	1.115	1.31	Buy	DDM
11/08/16	DBS Vickers	Keppel Reit	1.075	1.23	Buy
11/16/16	Deutsche	Keppel Reit	1.025	1	Hold
11/16/16	JP Morgan	Keppel Reit	1.025	1.15	Overweight
11/18/16	Kim Eng	Keppel Reit	1.065	1.21	Buy
12/05/16	DMG & Partners	Keppel Reit	1.05	0.99	Neutral
12/06/16	Kim Eng	Keppel Reit	1.06	1.21	Buy
12/07/16	Deutsche	Keppel Reit	1.05	1	Hold
12/09/16	UOB Kay Hian	Keppel Reit	1.05	1.21	Buy
12/12/16	JP Morgan	Keppel Reit	1.055	1.15	Overweight
01/09/17	DBS Vickers	Keppel Reit	1.05	1.23	Buy	DCF
01/09/17	Morgan Stanley	Keppel Reit	1.05	0.9	Underweight
01/11/17	Kim Eng	Keppel Reit	1.055	1.21	Buy
01/25/17	CIMB	Keppel Reit	1.045	1.03	Hold	DDM
01/25/17	Credit Suisse	Keppel Reit	1.045	0.97	Neutral
01/25/17	DIR	Keppel Reit	1.045	0.95	Underperform	DDM
01/25/17	DMG & Partners	Keppel Reit	1.045	0.99	Neutral	DDM
01/25/17	Kim Eng	Keppel Reit	1.045	1.18	Buy
01/25/17	Religare	Keppel Reit	1.045	1.02	Hold
01/25/17	UOB Kay Hian	Keppel Reit	1.045	1.21	Buy	DDM
02/07/17	DIR	Keppel Reit	1.19	0.92	Underperform	DDM
02/09/17	Credit Suisse	Keppel Reit	1.02	1	Neutral
02/17/17	JP Morgan	Keppel Reit	1.015	1.15	Overweight
02/28/17	Deutsche	Keppel Reit	1.025	1	Hold
03/07/17	UOB Kay Hian	Keppel Reit	1.02	1.21	Buy
03/10/17	DMG & Partners	Keppel Reit	1.01	0.99	Neutral
03/17/17	DBS Vickers	Keppel Reit	1.015	1.23	Buy
04/07/17	DMG & Partners	Keppel Reit	1.055	0.99	Neutral	DDM
04/11/17	UOB Kay Hian	Keppel Reit	1.055	1.21	Buy
04/18/17	DIR	Keppel Reit	1.055	0.92	Underperform	DDM
04/18/17	Kim Eng	Keppel Reit	1.055	1.18	Buy	Yield 5.25%
04/20/17	CIMB	Keppel Reit	1.07	1.09	Hold	DDM
04/21/17	DIR	Keppel Reit	1.05	0.94	Underperform	DDM
05/18/17	DBS Vickers	Keppel Reit	1.065	1.23	Buy
05/18/17	Deutsche	Keppel Reit	1.065	1.1	Hold
05/25/17	UOB Kay Hian	Keppel Reit	1.095	1.3	Buy
06/12/17	DBS Vickers	Keppel Reit	1.14	1.23	Buy
06/22/17	Deutsche	Keppel Reit	1.145	1.1	Hold
06/22/17	OCBC	Keppel Reit	1.145	1.23	Buy
07/03/17	DIR	Keppel Reit	1.145	0.98	Underperform	DDM
07/11/17	Kim Eng	Keppel Reit	1.15	1.18	Buy
07/12/17	DMG & Partners	Keppel Reit	1.16	0.99	Neutral
07/19/17	UOB Kay Hian	Keppel Reit	1.17	1.3	Buy	DDM
07/19/17	DMG & Partners	Keppel Reit	1.17	1.05	Neutral	DDM
07/19/17	Credit Suisse	Keppel Reit	1.17	0.97	Underperform
07/19/17	CIMB	Keppel Reit	1.17	1.16	Hold	DDM
07/19/17	Kim Eng	Keppel Reit	1.17	1.18	Hold
07/19/17	DBS Vickers	Keppel Reit	1.17	1.23	Buy	DCF
08/01/17	DBS Vickers	Keppel Reit	1.16	1.23	Buy
09/21/17	DMG & Partners	Keppel Reit	1.175	1.05	Neutral
09/25/17	Kim Eng	Keppel Reit	1.165	1.18	Hold
10/19/17	DMG & Partners	Keppel Reit	1.195	1.05	Neutral
10/19/17	DBS Vickers	Keppel Reit	1.195	1.28	Buy	DCF
10/19/17	DIR	Keppel Reit	1.195	0.98	Underperform	DDM
10/19/17	UOB Kay Hian	Keppel Reit	1.195	1.3	Buy	DDM
10/19/17	CIMB	Keppel Reit	1.195	1.2	Hold	DDM
11/03/17	Morgan Stanley	Keppel Reit	1.175	0.95	Underweight	Target Yield 6.5%
11/28/17	Macquarie	Keppel Reit	1.25	1.3	Outperform
12/01/17	UOB Kay Hian	Keppel Reit	1.26	1.43	Buy
12/18/17	DBS Vickers	Keppel Reit	1.25	1.39	Buy
12/18/17	Kim Eng	Keppel Reit	1.25	1.19	Hold	Target yield 5.25%, Up from $1.16
01/04/18	Deutsche	Keppel Reit	1.27	1.25	Hold
01/05/18	DMG & Partners	Keppel Reit	1.27	1.05	Neutral

Keppel KBS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Keppel KBS	0.905	0.95	Buy	DCF