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Thursday, September 27, 2018

Dyna-Mac - Stock calls


Date Analyst Company Last Target Call Valuation
03/22/18 CIMB Dyna-Mac 0.13 0.18 Add PB1.8x CY18
09/03/18 CIMB Dyna-Mac 0.107 0.13 Add PB1.3x CY18

Duty Free - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 UOB Kay Hian Duty Free 0.37 0.57 Buy
01/13/17 UOB Kay Hian Duty Free 0.39 0.55 Buy DCF
01/16/17 CIMB Duty Free 0.39 0.55 Add DCF
04/28/17 CIMB Duty Free 0.415 0.57 Add DCF
04/28/17 UOB Kay Hian Duty Free 0.415 0.49 Buy DCF
07/14/17 UOB Kay Hian Duty Free 0.315 0.37 Hold DCF, Buy @ $0.3
07/14/17 CIMB Duty Free 0.315 0.33 Hold DCF, PER18x CY18
10/13/17 UOB Kay Hian Duty Free 0.28 0.33 Hold DCF, Buy @ $0.26

Stock calls for 27 September 2018


Date Analyst Company Last Target Call Valuation
09/27/18 OCBC Frasers Commercial Trust 1.45 1.53 Buy
09/27/18 Amfrasers Keppel Corp 7.16 9.43 Buy Sum of parts

Hong Kong has increased its interest rate as expected.

https://www.bloombergquint.com/global-economics/2018/09/26/hong-kong-s-fed-matching-hike-raises-chance-of-broader-bank-move#gs.TeLi39I

Hong Kong has to follow the US monetary policy because it pegs its HKD to USD.  Therefore, it has to increase its interest rate and this will affect its property market.  We had already predicted this move in our earlier post below.

https://sg-stock.blogspot.com/2018/09/hong-kong-is-going-to-raise-interest.html

Wednesday, September 26, 2018

Dutech - Stock calls


Date Analyst Company Last Target Call Valuation
03/03/17 CIMB Dutech 0.475 0.55 Hold DCF
05/12/17 CIMB Dutech 0.495 0.53 Hold DCF CY17

DISA - Stock calls


Date Analyst Company Last Target Call Valuation
06/25/18 Amfrasers DISA 0.008 0.02 Buy DCF, PER23.9x FY21
07/03/18 UOB Kay Hian DISA 0.009 0.013 Buy DCF
08/30/18 Amfrasers DISA 0.008 0.02 Buy DCF
09/10/18 UOB Kay Hian DISA 0.008 0.013 Buy DCF

Delfi - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners Delfi 2.22 2.55 Buy
01/16/17 OCBC Delfi 2.25 2.39 Hold
02/23/17 CIMB Delfi 2.32 2.3 Hold PER25x CY18
02/23/17 OCBC Delfi 2.32 2.39 Hold PER30x FY17
02/24/17 DMG & Partners Delfi 2.35 2.55 Neutral DCF
02/24/17 OCBC Delfi 2.35 2.37 Hold PER30x FY17
02/27/17 DBS Vickers Delfi 2.33 2.26 Hold PER26x FY17/18
03/17/17 OCBC Delfi 2.24 2.37 Hold
05/09/17 OCBC Delfi 2.2 2.37 Hold
05/11/17 CIMB Delfi 2.2 2.3 Hold PER25x CY18
05/11/17 OCBC Delfi 2.2 2.21 Hold PER30x FY17/18
06/16/17 OCBC Delfi 2.05 2.21 Hold
08/10/17 OCBC Delfi 2.12 2.08 Hold PER30x FY18
08/10/17 DMG & Partners Delfi 2.12 2 Neutral DCF
10/02/17 DMG & Partners Delfi 1.515 1.86 Buy DCF
11/15/17 DMG & Partners Delfi 1.45 1.65 Buy DCF
12/19/17 DBS Vickers Delfi 1.43 1.8 Buy PER26x FY18/19
02/28/18 DMG & Partners Delfi 1.52 1.54 Neutral DCF
05/09/18 DBS Vickers Delfi 1.48 1.8 Buy PER26x FY18/19
05/09/18 DMG & Partners Delfi 1.48 1.54 Neutral
06/20/18 DMG & Partners Delfi 1.32 1.47 Buy DCF
08/06/18 DMG & Partners Delfi 1.18 1.47 Buy DCF

Stock calls for 26 September 2018


Date Analyst Company Last Target Call Valuation
09/26/18 OCBC Golden Agri 0.24 0.24 Hold PER16x FY19
09/26/18 CIMB HRnetGroup 0.87 1.1 Add PER18x CY20
09/26/18 DMG & Partners Moya Asia 0.083 0.13 Buy
09/26/18 DBS Vickers OCBC 11.45 12.4 Hold
09/26/18 phillip UOB 27.01 33.69 Buy GGM, PB1.6x FY18

ECB simulation showed that China would win and US would lose in a trade war.

https://sg.finance.yahoo.com/news/u-most-lose-trade-war-china-benefit-ecb-081057010--business.html

ECB simulation shared the same viewpoint as ours.  We had stated previously that the US would lose in a US-China trade war and China would win if it prolonged the trade war.

http://sg-stock.blogspot.com/2018/04/who-will-win-in-trade-war-us-or-china.html

No wonder Jack Ma of Alibaba said that the US-China trade war might last 20 years.  This statement showed that China had prepared itself for a long drawn trade war with the US.

Tuesday, September 25, 2018

Relationship between US and China has gone south.

https://sg.finance.yahoo.com/news/china-denies-hong-kong-port-090300934.html

A military port call at HK is a good indicator of the relationship between the US and China and this is also one of the assessments the US uses.

When the US military port call at HK is rejected, the US knows that the relationship has gone south.

Del Monte - Stock calls


Date Analyst Company Last Target Call Valuation
03/13/17 DBS Vickers Del Monte 0.345 0.36 Hold PER12x FY18
03/14/17 Lim & Tan Del Monte 0.345 0 Neutral
03/15/17 CIMB Del Monte 0.345 0.35 Hold PER11.3x FY17
06/29/17 DBS Vickers Del Monte 0.34 0.36 Hold PER12x
07/04/17 DBS Vickers Del Monte 0.325 0.32 Hold PER15x FY18/19
09/08/17 Lim & Tan Del Monte 0.31 0 Hold
06/29/18 Lim & Tan Del Monte 0.18 0 Neutral

DBS Bank - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners DBS 17.34 18.38 Buy
01/04/17 Kim Eng DBS 17.32 15.68 Hold
01/05/17 Credit Suisse DBS 17.52 18.93 Outperform
01/06/17 UOB Kay Hian DBS 17.8 21.2 Buy GGM, PB1.17x FY17
01/10/17 OCBC DBS 17.85 17.83 Hold PB1x
01/11/17 DIR DBS 17.99 22.4 Buy
01/16/17 Jefferies DBS 18.31 14 Underperform
01/16/17 phillip DBS 18.31 16.85 Neutral PB0.95x FY17
01/16/17 UBS DBS 18.31 17.9 Neutral
02/02/17 Lim & Tan DBS 18.88 0 Hold
02/02/17 UOB Kay Hian DBS 18.88 21.2 Buy GGM, PB1.17x FY17
02/03/17 CIMB DBS 18.78 15.4 Hold
02/06/17 Macquarie DBS 18.66 21.5 Outperform
02/16/17 Lim & Tan DBS 18.23 0 Take profit/Sell Buy @ $16.87
02/17/17 CIMB DBS 18.54 17.66 Hold GGM, PB0.99x CY17
02/17/17 Credit Suisse DBS 18.54 19.8 Neutral
02/17/17 DIR DBS 18.54 22.5 Buy Warranted Equity Method, PB1.24x
02/17/17 DMG & Partners DBS 18.54 19.8 Neutral GGM, PB1.1x FY17
02/17/17 Kim Eng DBS 18.54 18.13 Hold PB1x FY17
02/17/17 phillip DBS 18.54 16.73 Reduce PB0.95x FY17
02/17/17 UOB Kay Hian DBS 18.54 21.5 Buy GGM, PB1.19x FY17
03/03/17 CIMB DBS 19.03 17.66 Hold
03/03/17 Jefferies DBS 19.03 16.2 Underperform
03/06/17 Macquarie DBS 18.97 21 Outperform
03/14/17 UOB Kay Hian DBS 19.11 21.5 Buy GGM, PB1.19x FY17
03/21/17 Kim Eng DBS 19.01 18.13 Hold PB1x
04/03/17 Kim Eng DBS 19.4 18.13 Hold
04/18/17 DIR DBS 18.9 22.5 Buy
04/20/17 UOB Kay Hian DBS 18.79 21.5 Buy GGM, PB1.19x FY17
04/25/17 CIMB DBS 19 17.66 Hold
05/02/17 Bernstein DBS 19.35 22 Outperform
05/02/17 UBS DBS 19.35 19.2 Neutral
05/03/17 CIMB DBS 19.86 18.75 Hold GGM, PB1.04x CY17
05/03/17 Credit Suisse DBS 19.86 22.6 Outperform
05/03/17 DMG & Partners DBS 19.86 20.5 Neutral
05/03/17 Kim Eng DBS 19.86 19.18 Hold PB1.1x FY18
05/03/17 Lim & Tan DBS 19.86 0 Hold
05/03/17 phillip DBS 19.86 17.24 Reduce PB0.95x FY17
05/03/17 UOB Kay Hian DBS 19.86 23.3 Buy GGM, PB1.25x FY17
05/08/17 Macquarie DBS 20.42 21 Outperform
05/18/17 DIR DBS 20.8 23 Outperform
05/23/17 Jefferies DBS 20.86 22.5 Buy DDM
05/31/17 Macquarie DBS 20.6 22 Outperform
06/08/17 UOB Kay Hian DBS 20.43 23.3 Buy
06/09/17 Credit Suisse DBS 20.47 22.6 Outperform
06/09/17 Deutsche DBS 20.47 21 Buy GGM, PB1.3x
06/14/17 Kim Eng DBS 20.78 19.18 Hold PB1.1x FY18
06/22/17 Macquarie DBS 20.4 22.2 Outperform PB1.22x
06/28/17 DMG & Partners DBS 20.26 20.5 Neutral
07/03/17 Kim Eng DBS 20.74 19.18 Hold
07/04/17 UOB Kay Hian DBS 20.65 25.25 Buy GGM, PB1.3x FY18
07/12/17 Credit Suisse DBS 20.77 22.7 Outperform
08/02/17 Macquarie DBS 21.95 22.2 Outperform PB1.22x
08/04/17 Lim & Tan DBS 22.08 0 Hold
08/04/17 DMG & Partners DBS 22.08 20.65 Neutral GGM, PB1.1x FY17
08/04/17 OCBC DBS 22.08 22.5 Hold Buy @ $21 or lower
08/07/17 CIMB DBS 21.49 21.5 Hold GGM
08/07/17 DIR DBS 21.49 23 Outperform Warranted Equity Method, PB1.24x
08/07/17 UOB Kay Hian DBS 21.49 24.85 Buy GGM, PB1.29x FY18
08/07/17 Kim Eng DBS 21.49 19.18 Hold
08/07/17 phillip DBS 21.49 17.92 Reduce GGM, PB0.98x FY18
08/07/17 UBS DBS 21.49 21.2 Neutral
08/22/17 Kim Eng DBS 20.49 21.5 Hold GGM, PB1x FY18
08/23/17 Deutsche DBS 20.54 22 Hold
09/05/17 OCBC DBS 20.35 22.4 Hold
09/12/17 DMG & Partners DBS 20.43 20.65 Neutral PB1x FY18
09/14/17 OCBC DBS 20.38 22.5 Buy
09/18/17 phillip DBS 20.06 21.45 Accumulate GGM, PB1.2x FY17
09/18/17 Kim Eng DBS 20.06 21.5 Hold
09/21/17 DIR DBS 20.48 23.3 Outperform GGM, PB1.24x
10/09/17 DIR DBS 21.5 23.3 Outperform
10/20/17 UOB Kay Hian DBS 21.7 24.48 Buy GGM, PB1.27x FY17
10/20/17 phillip DBS 21.7 25.7 Buy
11/01/17 UOB Kay Hian DBS 22.78 24.48 Buy GGM, PB1.27x FY18
11/06/17 DMG & Partners DBS 22.97 20.65 Neutral
11/06/17 Lim & Tan DBS 22.97 0 Neutral
11/07/17 Kim Eng DBS 22.79 22.75 Hold GGM, PB1.2x FY18
11/07/17 UOB Kay Hian DBS 22.79 24.4 Buy GGM, PB1.3x FY18
11/07/17 Credit Suisse DBS 22.79 25.3 Outperform
11/07/17 DMG & Partners DBS 22.79 21.45 Neutral GGM, PB1.08x FY18
11/07/17 UBS DBS 22.79 26 Buy
11/08/17 phillip DBS 23.49 26.83 Buy GGM, PB1.39x FY18
11/20/17 CIMB DBS 24.13 25 Add
11/20/17 UOB Kay Hian DBS 24.13 26.1 Buy GGM, PB1.38x FY17
11/20/17 Credit Suisse DBS 24.13 27.4 Outperform
11/21/17 DMG & Partners DBS 23.86 23.33 Neutral GGM
11/27/17 phillip DBS 25.1 29.3 Buy GGM, PB1.51x FY18
12/01/17 UOB Kay Hian DBS 24.43 26.1 Buy GGM, PB1.38x FY18
12/08/17 phillip DBS 24.24 29.3 Buy
12/13/17 OCBC DBS 25.2 27.4 Buy GGM, PB1.4x
12/20/17 CIMB DBS 24.71 25 Add
01/02/18 UOB Kay Hian DBS 24.85 26.1 Buy GGM, PB1.38x FY18
01/05/18 UOB Kay Hian DBS 26.5 29.5 Buy GGM, PB1.56x FY18
01/08/18 DMG & Partners DBS 26.32 23.33 Neutral
01/09/18 Deutsche DBS 26.45 27.1 Hold
01/10/18 phillip DBS 26.51 29.3 Buy
02/01/18 OCBC DBS 26.4 29.5 Buy PB1.45x FY18
02/02/18 UOB Kay Hian DBS 26.61 28.38 Buy
02/08/18 Macquarie DBS 25.36 27.5 Outperform
02/08/18 Lim & Tan DBS 25.36 0 Buy
02/08/18 DMG & Partners DBS 25.36 25 Neutral PB1.3x FY18
02/09/18 Kim Eng DBS 26.71 29.66 Hold
02/09/18 UOB Kay Hian DBS 26.71 30.4 Buy GGM, PB1.62x FY18
02/09/18 CIMB DBS 26.71 29 Add GGM, PB1.5x FY18, PER11.6x FY19
02/12/18 phillip DBS 26.71 29.3 Buy GGM, PB1.58x
02/22/18 UBS DBS 29.45 35 Buy
03/02/18 UOB Kay Hian DBS 28.8 30.4 Buy
03/05/18 OCBC DBS 28.41 32.53 Buy PB1.7x
03/05/18 Credit Suisse DBS 28.41 31.1 Outperform
03/15/18 DMG & Partners DBS 29.12 27 Neutral GGM, PB1.39x FY18
03/20/18 Kim Eng DBS 28.07 29.66 Hold
03/22/18 Lim & Tan DBS 28.4 0 Buy
04/03/18 UOB Kay Hian DBS 27.32 30.4 Buy
04/16/18 Credit Suisse DBS 28.42 35.5 Buy
04/19/18 UOB Kay Hian DBS 29.36 31.08 Buy GGM, PB1.7x FY18
04/20/18 CIMB DBS 29.92 33 Add GGM, PB1.7x FY18
04/30/18 DMG & Partners DBS 30 27 Neutral
04/30/18 OCBC DBS 30 34.6 Buy
05/02/18 phillip DBS 30.84 32.7 Accumulate GGM, PB1.8x FY18
05/02/18 UOB Kay Hian DBS 30.84 35.5 Buy GGM, PB1.82x FY19
05/02/18 DMG & Partners DBS 30.84 29.6 Neutral GGM, PB1.51x (ex-div)
05/02/18 CIMB DBS 30.84 34 Add GGM, PB1.8x FY18
05/02/18 Lim & Tan DBS 30.84 0 Buy on weakness
05/02/18 Kim Eng DBS 30.84 30.8 Hold GGM, PB1.6 FY18
05/04/18 Macquarie DBS 29.28 29.5 Neutral
05/08/18 Goldman Sachs DBS 28.97 36 Buy DDM
06/04/18 phillip DBS 28.3 32.7 Accumulate
06/04/18 UOB Kay Hian DBS 28.3 35.5 Buy
06/11/18 CIMB DBS 28.5 34 Add GGM, PB1.5x CY18
06/13/18 OCBC DBS 28.48 34.6 Buy
06/26/18 UOB Kay Hian DBS 26.66 30.15 Buy GGM, PB1.65x FY18
06/29/18 DMG & Partners DBS 26.49 30.3 Buy GGM, PB1.47x FY19
07/02/18 phillip DBS 26.61 32.7 Accumulate
07/03/18 UOB Kay Hian DBS 26.38 30.15 Buy
07/12/18 OCBC DBS 26.01 32.67 Buy PB1.7x
07/16/18 DMG & Partners DBS 26.25 30.3 Buy GGM, PB1.47x FY19
07/18/18 UOB Kay Hian DBS 26.01 28.95 Buy GGM, PB1.58x FY18
08/01/18 phillip DBS 26.75 32.7 Accumulate
08/02/18 Macquarie DBS 26.94 29.5 Neutral
08/02/18 DMG & Partners DBS 26.94 30.3 Buy
08/02/18 Lim & Tan DBS 26.94 0 Buy
08/03/18 UOB Kay Hian DBS 26.5 28.2 Hold GGM, PB1.55x FY18, Buy @ $25.50
08/03/18 CIMB DBS 26.5 28 Hold GGM, PB1.4x
08/06/18 phillip DBS 26.15 33.32 Buy GGM, PB1.7x
09/17/18 DMG & Partners DBS 24.85 30.3 Buy GGM, PB1.51x FY19

Dasin Retail - Stock calls


Date Analyst Company Last Target Call Valuation
01/16/18 phillip Dasin Retail 0.85 0.98 Buy DDM
03/02/18 phillip Dasin Retail 0.87 0.98 Buy DDM
05/25/18 phillip Dasin Retail 0.86 0.97 Buy DDM
08/14/18 phillip Dasin Retail 0.9 0.97 Accumulate DDM

Stock calls for 25 September 2018


Date Analyst Company Last Target Call Valuation
09/25/18 Deutsche A-Reit 2.59 2.75 Hold
09/25/18 Deutsche CapitaCommercial 1.76 1.9 Buy
09/25/18 Deutsche Capitaland 3.36 4.3 Buy
09/25/18 Deutsche Capitamall Trust 2.13 2.3 Buy
09/25/18 Deutsche City Developments 8.88 12.6 Hold
09/25/18 DBS Vickers Frasers Commercial Trust 1.43 1.65 Buy
09/25/18 CIMB Keppel Corp 7 8.82 Add
09/25/18 Deutsche Keppel Corp 7 8.4 Hold
09/25/18 Deutsche Keppel DC Reit 1.36 1.55 Buy
09/25/18 DBS Vickers Keppel KBS 0.78 0.95 Buy
09/25/18 Deutsche Keppel Reit 1.19 1.3 Buy
09/25/18 UOB Kay Hian M1 1.63 1.88 Buy DCF
09/25/18 CIMB M1 1.63 1.5 Hold
09/25/18 Deutsche Manulife US Reit 0.795 1 Buy
09/25/18 Deutsche Mapletree Commercial 1.64 1.7 Buy
09/25/18 Deutsche Mapletree Industrial 1.96 1.75 Sell
09/25/18 Deutsche Mapletree Logistics 1.26 1.4 Buy
09/25/18 CIMB OCBC 11.36 14 Add GGM
09/25/18 Deutsche OUE 1.54 3 Buy
09/25/18 Deutsche OUE Hospitality 0.715 0.65 Sell
09/25/18 UOB Kay Hian Singtel 3.15 3.94 Buy DCF
09/25/18 UOB Kay Hian Starhub 1.71 1.92 Buy DCF
09/25/18 Deutsche Suntec Reit 1.85 2.1 Buy
09/25/18 Deutsche UOL 6.95 8.3 Hold
09/25/18 DMG & Partners Valuetronics 0.685 0.92 Buy DCF
09/25/18 OCBC Wheelock Properties 2.1 2.1 Accept Offer Accept offer if bought under $2.10

US risk-free rate is set to go much higher.

The US 10-year treasury yield has been consistently above 3% recently and is poised to go much higher because the US Fed will increase interest rates in the next Fed meeting.

A higher interest rate is bad for stocks because the future cash flow has to be discounted with a higher risk-free rate and this will make the stock valuation overly high.

Monday, September 24, 2018

China has started the new tariffs against US goods today.

https://sg.finance.yahoo.com/news/china-hikes-tariffs-us-imports-060526902.html

The US will also start its new tariffs against China goods tonight after China starts to impose the new tariffs.

Dairy Farm - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners Dairy Farm 7.19 8.6 Buy DCF, PER21x FY17
01/12/17 DMG & Partners Dairy Farm 7.26 8.5 Buy DCF
01/20/17 CIMB Dairy Farm 7.37 8.7 Add
03/03/17 CIMB Dairy Farm 8.44 9.18 Add PER23.7x CY18
03/06/17 DBS Vickers Dairy Farm 8.51 9.96 Buy Sum of parts
03/06/17 DMG & Partners Dairy Farm 8.51 10 Buy DCF
03/06/17 Lim & Tan Dairy Farm 8.51 0 Hold PER23x
03/16/17 DIR Dairy Farm 8.95 10.3 Outperform PER26.5x FY17
05/02/17 DMG & Partners Dairy Farm 8.9 10 Buy
05/05/17 CIMB Dairy Farm 8.89 9.18 Add PER23.7x CY18
06/16/17 DMG & Partners Dairy Farm 8.04 10 Buy DCF, PER26x FY17
06/30/17 DIR Dairy Farm 7.92 10.5 Buy PER26.5x FY17
07/04/17 DMG & Partners Dairy Farm 7.95 10 Buy
07/10/17 DBS Vickers Dairy Farm 8.14 9.96 Buy
08/02/17 DMG & Partners Dairy Farm 8.02 10 Buy
08/04/17 CIMB Dairy Farm 8.06 9.18 Add PER23.7x CY18
08/07/17 DIR Dairy Farm 7.72 10 Buy PER26.5x FY18
08/07/17 DMG & Partners Dairy Farm 7.72 9.53 Buy DCF
08/10/17 DBS Vickers Dairy Farm 7.81 9.89 Buy Sum of parts
09/14/17 DIR Dairy Farm 8.06 10 Buy PER26.5x FY18
09/27/17 phillip Dairy Farm 7.48 9.89 Buy Sum of parts
11/29/17 DMG & Partners Dairy Farm 8.31 9.53 Buy
12/04/17 phillip Dairy Farm 8.08 9.89 Buy
12/19/17 DMG & Partners Dairy Farm 7.94 9.53 Buy
01/04/18 DMG & Partners Dairy Farm 7.9 9.53 Buy DCF
02/19/18 DMG & Partners Dairy Farm 8.38 9.53 Buy DCF
03/09/18 CIMB Dairy Farm 8.21 8.4 Hold PER21x CY19
03/12/18 phillip Dairy Farm 8.03 9.83 Buy Sum of parts
03/12/18 Lim & Tan Dairy Farm 8.03 0 Hold PER20x & 2.62% yield
03/13/18 DBS Vickers Dairy Farm 8.09 9.54 Buy Sum of parts
03/27/18 DMG & Partners Dairy Farm 9.1 9.16 Buy DCF
03/28/18 DBS Vickers Dairy Farm 8 9.77 Buy Sum of parts
04/16/18 phillip Dairy Farm 8.27 9.83 Buy
04/16/18 DMG & Partners Dairy Farm 8.27 9.16 Buy
05/21/18 DMG & Partners Dairy Farm 8.6 9.66 Buy DCF
05/31/18 CIMB Dairy Farm 8.95 9.55 Add
06/05/18 DBS Vickers Dairy Farm 8.9 9.77 Buy
06/22/18 DMG & Partners Dairy Farm 8.83 9.66 Buy
07/16/18 phillip Dairy Farm 9.29 9.83 Buy
07/27/18 DBS Vickers Dairy Farm 9.23 9.35 Hold Sum of parts
07/30/18 DMG & Partners Dairy Farm 9.15 9.6 Neutral DCF
07/30/18 CIMB Dairy Farm 9.15 9.55 Hold PER23.5x CY19
08/30/18 DMG & Partners Dairy Farm 9.2 9.6 Neutral
09/14/18 CIMB Dairy Farm 9.1 9.55 Hold