United Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/17	SAC Advisors	United Global	0.325	0.37	Buy
10/17/17	SAC Advisors	United Global	0.355	0.5	Buy
03/01/18	SAC Advisors	United Global	0.41	0.5	Buy	PER12.2x FY18

United Engineers - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/17	Lim & Tan	United Engineers	2.66	0	Buy
02/13/17	Lim & Tan	United Engineers	2.91	0	Buy
03/02/17	Lim & Tan	United Engineers	2.94	0	Hold
03/08/17	UOB Kay Hian	United Engineers	2.93	2.75	Hold
03/13/17	DBS Vickers	United Engineers	2.9	2.89	Not Rated
06/01/17	Lim & Tan	United Engineers	2.63	0	Buy
07/14/17	Lim & Tan	United Engineers	2.71	0	Hold	Offer price of $2.60 is too low.
08/16/17	Lim & Tan	United Engineers	2.69	0	Hold
09/21/17	Lim & Tan	United Engineers	2.68	0	Hold
04/02/18	CIMB	United Engineers	2.61	2.94	Add	RNAV (15% discount)
05/08/18	CIMB	United Engineers	2.67	2.94	Add	RNAV (15% discount)

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/17	Amfrasers	Uni-Asia	1.165	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
06/21/17	NRA	Uni-Asia	1.35	1.85	Overweight	PB0.5x
08/15/17	NRA	Uni-Asia	1355	1.86	Overweight	PB0.5x
08/22/17	Amfrasers	Uni-Asia	1.37	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
12/18/17	Amfrasers	Uni-Asia	1.23	1.85	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
03/16/18	Amfrasers	Uni-Asia	1.45	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18
05/22/18	Amfrasers	Uni-Asia	1.4	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18
06/06/18	Amfrasers	Uni-Asia	1.41	2	Buy	Sum of parts, PB0.55x FY18, PER11x FY18

Stock calls for 17 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/17/18	UOB Kay Hian	A-Reit	2.73	3.01	Buy
08/17/18	UOB Kay Hian	CapitaCommercial	1.74	1.99	Buy
08/17/18	Lim & Tan	Capitaland	3.32	0	Buy
08/17/18	UOB Kay Hian	CDL Hospitality	1.54	1.86	Buy
08/17/18	CIMB	Jadason	0.037	0.073	Add	PB1x CY18
08/17/18	UOB Kay Hian	M1	1.6	1.55	Sell
08/17/18	NRA	Megachem	0.32	0.51	Not Rated
08/17/18	DBS Vickers	Mermaid Maritime	0.106	0.13	Hold	Sum of parts
08/17/18	UOB Kay Hian	SATS	5.1	6.1	Buy
08/17/18	NRA	Serial System	0.146	0.24	Overweight	Sum of parts, PER11.2x FY18
08/17/18	OCBC	Starhill	0.675	0.74	Buy
08/17/18	Phillip	Y Venture	0.44	0.61	Buy	PER30x FY18

Number puzzle!

1111 = 0
1289 = 3
2256 = 1
3388 = 4
9090 = 4
1868 = ?

Please solve the puzzle.

Hong Kong-Zhuhai-Macau bridge will open soon!

Yes! It is possible to drive to HK now!

However, a special permit has to be applied in order to drive on this bridge.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/17	CIMB	UMS	0.675	0.82	Add	GGM, PB1.85x FY17
03/02/17	DBS Vickers	UMS	0.68	0.73	Buy	DCF
05/15/17	CIMB	UMS	0.87	1.15	Add	GGM, PB2.41x
05/16/17	DBS Vickers	UMS	0.98	1.07	Buy	DCF, PER7.4x FY18 ex-cash
05/23/17	DBS Vickers	UMS	1.07	1.33	Buy	PER11x FY18 ex-cash
06/16/17	DBS Vickers	UMS	1.08	1.33	Buy
07/05/17	CIMB	UMS	0.995	1.15	Add	GGM, PB2.41x
08/14/17	CIMB	UMS	1.08	1.12	Hold	GGM, PB2.41x
08/14/17	DBS Vickers	UMS	1.08	1.13	Hold	PER11x FY18 ex-cash
10/25/17	CIMB	UMS	0.925	1.13	Add	GGM, PB2,8x FY18, PER13.3x FY19, Ex-rights 1 for 4
11/13/17	DBS Vickers	UMS	1.02	1.21	Buy	PER12x FY18
11/13/17	CIMB	UMS	1.02	1.21	Add	GGM, PB2.88x
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x FY18
04/03/18	DBS Vickers	UMS	1.13	1.37	Buy
05/14/18	DBS Vickers	UMS	1.04	1.37	Buy	PER12x FY19
05/15/18	CIMB	UMS	1.07	1.21	Add	PB2.81x
08/15/18	CIMB	UMS	0.79	1.21	Add	PB2.82x
08/15/18	DBS Vickers	UMS	0.79	1.01	Buy	PER10x FY19

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	Lim & Tan	UG Healthcare	0.295	0	Hold
02/09/17	Kim Eng	UG Healthcare	0.295	0.25	Sell
08/31/17	Kim Eng	UG Healthcare	0.24	0.21	Sell	PER12x FY18
04/24/18	DMG & Partners	UG Healthcare	0.198	0.32	Buy	PER14x FY19
05/14/18	DMG & Partners	UG Healthcare	0.205	0.32	Buy	PER14x FY19

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/29/17	UOB Kay Hian	Tuan Sing	0.415	0.71	Buy	Sum of parts
01/15/18	UOB Kay Hian	Tuan Sing	0.49	0.71	Buy
01/29/18	UOB Kay Hian	Tuan Sing	0.48	0.71	Buy	Sum of parts

Stock calls for 16 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/18	UOB Kay Hian	Bumitama	0.7	0.93	Buy
08/16/18	DMG & Partners	Capitaland	3.31	3.95	Buy
08/16/18	DMG & Partners	City Developments	9.55	10.4	Neutral
08/16/18	DBS Vickers	First Resources	1.59	2	Buy	DCF
08/16/18	UOB Kay Hian	Golden Agri	0.28	0.16	Sell
08/16/18	CIMB	Golden Agri	0.28	0.25	Reduce	Sum of parts (20% discount)
08/16/18	DMG & Partners	GSS Energy	0.133	0.22	Buy	Sum of parts
08/16/18	CIMB	Ho Bee	2.57	2.9	Add
08/16/18	CIMB	MM2 Asia	0.42	0.72	Add	Sum of parts
08/16/18	phillip	Q & M	0.51	0.649	Buy	PER28x FY18
08/16/18	UOB Kay Hian	Singapore Medical	0.425	0.74	Buy
08/16/18	Lim & Tan	Sunpower	0.595	0.95	Buy	Sum of parts
08/16/18	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/16/18	DMG & Partners	Thai Beverage	0.68	0.88	Buy	Sum of parts
08/16/18	OCBC	Thai Beverage	0.68	0.89	Buy
08/16/18	CIMB	Y Venture	0.445	0.56	Add	PER30x FY19
08/16/18	OCBC	Yanlord	1.51	2.13	Buy	PER5.5x

The new Noble Group is still not viable!

https://sg.finance.yahoo.com/news/man-triggered-10-billion-commodity-collapse-finally-speaks-032429405.html

According to the ex-employee, Noble had been fudging its books by overvaluing its commodity assets.  The restructuring deal cannot save Noble at all and this ex-employee is trying to launch a class action suit with other shareholders against Noble.

OMG! Tan Chun Sing doesn't understand the USA mentality.

https://www.channelnewsasia.com/news/singapore/trade-chan-chun-sing-us-business-trade-war-china-america-10616794

Why did the USA pull out of TPP?  This was because Trump understood that bilateral negotiation would give the USA more bargaining power than multilateral negotiation.

When the USA engages in any bilateral trade negotiation with another country, it can use its US$19T economy to make an imposition on the smaller country to succumb to the USA demands.  However, it's harder for the USA to impose its demands during a multilateral negotiation.

Trump has this "America First" propaganda and he won't relent.  Tan Chun Sing doesn't understand this and still seeks to ask the USA to engage in multilateral negotiation.

The USA will only serve its own interest but won't care a hoot about others.  The recent incident of the USA punishing Turkey, a NATO member, already proved it.  Turkey stood by the USA in many international affairs but still got backstabbed by the USA in the end.

Tan should look at the bad records of the USA in the past first before he opened his mouth.

Triyards - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	Amfrasers	Triyards	0.315	0.43	Buy	PB0.5x FY17
01/09/17	OCBC	Triyards	0.315	0.47	Buy	PB0.55x FY17
01/09/17	UOB Kay Hian	Triyards	0.315	0.46	Buy	PB0.46x FY17
03/10/17	UOB Kay Hian	Triyards	0.395	0.27	Hold
03/15/17	OCBC	Triyards	0.295	0.345	Hold	PB
04/10/17	OCBC	Triyards	0.25	0.33	Hold	PB0.35x FY17/18
07/24/17	OCBC	Triyards	0.149	0.19	Hold	PB0.3x FY18

Trendlines - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/27/17	NRA	Trendlines	0.143	0.225	Overweight	RNAV (20% discount)
06/28/18	NRA	Trendlines	0.119	0.225	Overweight

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/19/17	Aminvestment	Top Glove	1.98	2.05	Hold	Ringgit target $6.36, up from $6.22
06/20/18	Lim & Tan	Top Glove	3.88	0	Hold
06/22/18	Kim Eng	Top Glove	3.81	4.4	Buy
07/11/18	Kim Eng	Top Glove	3.4	4.36	Hold	Ringgit target $12.90, PER30x FY19

Stock calls for 15 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/18	UOB Kay Hian	Banyan Tree	0.535	1	Buy	Sum of parts
08/15/18	DBS Vickers	Bumitama	0.705	0.88	Buy	DCF, PER13.7x FY19
08/15/18	DMG & Partners	Bumitama	0.705	0.8	Buy	PER11x FY19
08/15/18	CIMB	CSE Global	0.45	0.5	Add	PER13.5x CY19
08/15/18	UOB Kay Hian	CSE Global	0.45	0.58	Buy	PER15x FY19
08/15/18	DMG & Partners	Food Empire	0.56	0.6	Neutral	PER14x FY18
08/15/18	DMG & Partners	Fu Yu	0.174	0.22	Buy	DCF
08/15/18	OCBC	Golden Agri	0.28	0.26	Hold	PER17.5x FY19
08/15/18	CIMB	Jumbo	0.515	0.62	Add	PER23x CY19
08/15/18	DBS Vickers	MM2 Asia	0.42	0.62	Buy	Sum of parts
08/15/18	DMG & Partners	Singapore Medical	0.43	0.56	Buy	DCF
08/15/18	CIMB	Starhub	1.65	1.85	Add	DCF
08/15/18	DBS Vickers	Thai Beverage	0.7	0.94	Buy	Sum of parts
08/15/18	CIMB	UMS	0.79	1.21	Add	PB2.82x
08/15/18	DBS Vickers	UMS	0.79	1.01	Buy	PER10x FY19
08/15/18	Kim Eng	Valuetronics	0.735	1.05	Buy
08/15/18	UOB Kay Hian	Valuetronics	0.735	0.96	Buy	PER11.3x FY19
08/15/18	DMG & Partners	Valuetronics	0.735	0.92	Buy	PER10x FY19
08/15/18	CIMB	Valuetronics	0.735	0.95	Add	PER10x CY19
08/15/18	DBS Vickers	Wilmar	3.25	3.61	Buy	DCF
08/15/18	DMG & Partners	Wilmar	3.25	3.69	Buy	Sum of parts
08/15/18	CIMB	Yongnam	0.255	0.45	Add	PB0.8x FY19

What's the real intention behind Goh's ministerial pay speech?

https://sg.news.yahoo.com/comment-furore-ministerial-pay-gaining-currency-131941715.html

It is evident that Goh and PAP cannot get along anymore and Goh is using the tactic that LKY used to cause George Yeo to lose in the GE.  LKY told the Aljunied residents that they would repent for the next 5 year if they didn't vote for George Yeo.

Goh is trying to create the same poignant and make the people disgruntled.  It is pretty obvious that PAP has ramifications in its party now.

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/17	CIMB	Tianjin Zhongxin	0.975	1.3	Add	DCF FY17
08/02/17	UOB Kay Hian	Tianjin Zhongxin	1.05	1.66	Buy	PER15.5x FY18
09/05/17	UOB Kay Hian	Tianjin Zhongxin	1.13	1.66	Buy	PER15.5x FY18
10/04/17	UOB Kay Hian	Tianjin Zhongxin	1.055	1.66	Buy	PER15.5x FY18
11/02/17	UOB Kay Hian	Tianjin Zhongxin	1.03	1.5	Buy	PER14.6x FY18
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18
04/02/18	UOB Kay Hian	Tianjin Zhongxin	0.92	1.66	Buy	PER14.1x FY18
04/30/18	UOB Kay Hian	Tianjin Zhongxin	1.01	1.72	Buy	PER14.1x FY18
05/21/18	UOB Kay Hian	Tianjin Zhongxin	1.2	1.72	Buy	PER14.1x FY18
06/04/18	UOB Kay Hian	Tianjin Zhongxin	1.21	1.72	Buy
07/13/18	UOB Kay Hian	Tianjin Zhongxin	1.12	1.72	Buy

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/17	CIMB	Thai Beverage	0.855	1.07	Add	Sum of parts, PER19.6x CY17
01/10/17	OCBC	Thai Beverage	0.845	1.01	Buy
02/02/17	OCBC	Thai Beverage	0.87	1.01	Buy
02/15/17	CIMB	Thai Beverage	0.88	1.07	Add	Sum of parts
02/16/17	DBS Vickers	Thai Beverage	0.94	1.01	Buy
03/06/17	OCBC	Thai Beverage	0.935	1.01	Buy
03/23/17	CIMB	Thai Beverage	0.925	1.07	Add	Sum of parts
03/31/17	UOB Kay Hian	Thai Beverage	0.935	1.09	Buy	Sum of parts
04/10/17	DBS Vickers	Thai Beverage	0.94	1.09	Buy	Sum of parts
04/10/17	DMG & Partners	Thai Beverage	0.94	1.1	Buy	Sum of parts
05/08/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
05/12/17	DBS Vickers	Thai Beverage	0.915	1.09	Buy	Sum of parts
05/12/17	OCBC	Thai Beverage	0.915	1.01	Buy
05/15/17	DMG & Partners	Thai Beverage	0.885	1.1	Buy	Sum of parts
05/15/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy	Sum of parts
06/13/17	OCBC	Thai Beverage	0.88	1.01	Buy
06/14/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy
06/16/17	DBS Vickers	Thai Beverage	0.895	1.09	Buy
06/29/17	DBS Vickers	Thai Beverage	0.89	1.07	Buy	Sum of parts
07/03/17	DMG & Partners	Thai Beverage	0.9	1.1	Buy	Sum of parts, PER26x FY17
07/07/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
07/10/17	Phillip	Thai Beverage	0.91	1.05	Accumulate	Sum of parts
07/11/17	UOB Kay Hian	Thai Beverage	0.915	1.09	Buy	Sum of parts
07/25/17	DBS Vickers	Thai Beverage	0.93	1.07	Buy	Sum of parts
08/08/17	UOB Kay Hian	Thai Beverage	0.96	1.09	Buy	Sum of parts
08/10/17	CIMB	Thai Beverage	0.955	1.07	Add	Sum of parts
08/10/17	DMG & Partners	Thai Beverage	0.955	1.1	Buy	Sum of parts
08/10/17	OCBC	Thai Beverage	0.955	1.01	Buy
08/11/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
08/14/17	Phillip	Thai Beverage	0.93	1.05	Accumulate	Sum of parts
08/14/17	UOB Kay Hian	Thai Beverage	0.93	1.09	Buy	Sum of parts
09/05/17	UOB Kay Hian	Thai Beverage	0.925	1.09	Buy	Sum of parts
09/18/17	OCBC	Thai Beverage	0.92	1.01	Buy
09/18/17	Credit Suisse	Thai Beverage	0.92	1.04	Outperform
09/19/17	DBS Vickers	Thai Beverage	0.915	1.07	Buy
09/20/17	DMG & Partners	Thai Beverage	0.91	1.1	Buy	Sum of parts
10/04/17	UOB Kay Hian	Thai Beverage	0.9	1.09	Buy	Sum of parts
10/13/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
10/16/17	DMG & Partners	Thai Beverage	0.94	1.12	Buy	Sum of parts
11/02/17	UOB Kay Hian	Thai Beverage	0.98	1.09	Buy	Sum of parts
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
12/04/17	Phillip	Thai Beverage	0.96	1.18	Buy
12/06/17	UOB Kay Hian	Thai Beverage	0.955	1.11	Buy	Sum of parts
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/19/17	DBS Vickers	Thai Beverage	0.97	1.07	Buy	Sum of parts
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
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
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy
04/16/18	Phillip	Thai Beverage	0.8	1.05	Buy
05/10/18	DMG & Partners	Thai Beverage	0.83	1.06	Buy	Sum of parts
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
06/11/18	CIMB	Thai Beverage	0.77	0.98	Add
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/12/18	DMG & Partners	Thai Beverage	0.725	1.02	Buy	Sum of parts
07/25/18	DBS Vickers	Thai Beverage	0.74	0.94	Buy	Sum of parts

Stock calls for 14 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
08/14/18	DBS Vickers	Cromwell Reit (EUR)	0.595	0.66	Buy	DCF
08/14/18	phillip	Dasin Retail	0.9	0.97	Accumulate	DDM
08/14/18	DBS Vickers	ESR-Reit	0.51	0.63	Buy
08/14/18	Kim Eng	First Resources	1.56	2	Buy
08/14/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER11x FY19
08/14/18	CIMB	First Resources	1.56	2.03	Add	PER15x CY19
08/14/18	phillip	Ho Bee	2.52	2.98	Accumulate	RNAV (30% discount)
08/14/18	DBS Vickers	Hong Leong Finance	2.7	3.2	Buy	GGM, PB0l7x FY19
08/14/18	DBS Vickers	HRnetGroup	0.885	1.01	Buy	PER15x FY19, ex-cash
08/14/18	UOB Kay Hian	Jumbo	0.53	0.49	Hold	DCF, Buy @ $0.44
08/14/18	DBS Vickers	Jumbo	0.53	0.57	Hold	PER23x FY19
08/14/18	Amfrasers	Manulife US Reit	0.845	0.97	Buy
08/14/18	CIMB	Memtech	1.12	1.43	Add	PER10x FY19
08/14/18	Amfrasers	Mindchamps	0.705	0.86	Buy	DCF, PER22.6x FY18
08/14/18	phillip	Singapore O&G	0.36	0.42	Accumulate	PER23.2x
08/14/18	OCBC	Wheelock Properties	2.19	2.34	Reject offer	Offer $2.1
08/14/18	UOB Kay Hian	Wilmar	3.13	3.9	Buy	PER14.5x FY18
08/14/18	CIMB	Wilmar	3.13	4.1	Add	Sum of parts