| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/09/17 | DBS Vickers | Mapletree North Asia | 0.955 | 1.11 | Buy | DCF |
| 01/31/17 | CIMB | Mapletree North Asia | 0.955 | 1.13 | Add | DDM |
| 01/31/17 | OCBC | Mapletree North Asia | 0.955 | 1.08 | Buy | |
| 03/06/17 | OCBC | Mapletree North Asia | 0.985 | 1.08 | Buy | |
| 03/30/17 | DBS Vickers | Mapletree North Asia | 1.015 | 1.11 | Buy | DCF |
| 04/03/17 | CIMB | Mapletree North Asia | 1.02 | 1.13 | Add | |
| 04/27/17 | OCBC | Mapletree North Asia | 1.06 | 1.08 | Buy | |
| 04/28/17 | CIMB | Mapletree North Asia | 1.045 | 1.14 | Add | |
| 04/28/17 | DBS Vickers | Mapletree North Asia | 1.045 | 1.25 | Buy | DCF |
| 04/28/17 | OCBC | Mapletree North Asia | 1.045 | 1.13 | Buy | |
| 06/23/17 | CIMB | Mapletree North Asia | 1.075 | 1.14 | Add | |
| 07/31/17 | OCBC | Mapletree North Asia | 1.11 | 1.22 | Buy | |
| 08/01/17 | CIMB | Mapletree North Asia | 1.11 | 1.17 | Add | DDM |
| 08/01/17 | DBS Vickers | Mapletree North Asia | 1.11 | 1.25 | Buy | |
| 10/24/17 | CIMB | Mapletree North Asia | 1.215 | 1.2 | Hold | DDM |
| 10/24/17 | OCBC | Mapletree North Asia | 1.215 | 1.28 | Buy | |
| 10/24/17 | DBS Vickers | Mapletree North Asia | 1.215 | 1.3 | Buy | DCF |
| 11/30/17 | OCBC | Mapletree North Asia | 1.16 | 1.28 | Buy | |
| 12/14/17 | OCBC | Mapletree North Asia | 1.19 | 1.28 | Buy | |
| 12/18/17 | DBS Vickers | Mapletree North Asia | 1.19 | 1.3 | Buy | |
| 01/29/18 | OCBC | Mapletree North Asia | 1.27 | 1.39 | Buy | |
| 01/29/18 | CIMB | Mapletree North Asia | 1.27 | 1.26 | Hold | DDM |
| 01/29/18 | DBS Vickers | Mapletree North Asia | 1.27 | 1.4 | Buy | |
| 03/28/18 | Lim & Tan | Mapletree North Asia | 1.18 | 0 | Buy on weakness | |
| 03/29/18 | CIMB | Mapletree North Asia | 1.15 | 1.3 | Add | DDM |
| 04/26/18 | OCBC | Mapletree North Asia | 1.13 | 1.39 | Buy | |
| 04/27/18 | OCBC | Mapletree North Asia | 1.15 | 1.42 | Buy | DDM |
| 04/27/18 | CIMB | Mapletree North Asia | 1.15 | 1.3 | Add | DDM |
| 05/23/18 | OCBC | Mapletree North Asia | 1.16 | 1.42 | Buy | |
| 06/26/18 | DBS Vickers | Mapletree North Asia | 1.13 | 1.45 | Buy | DCF |
| 07/31/18 | OCBC | Mapletree North Asia | 1.15 | 1.42 | Buy | |
| 08/01/18 | CIMB | Mapletree North Asia | 1.15 | 1.3 | Add | DDM |
| 08/01/18 | DBS Vickers | Mapletree North Asia | 1.15 | 1.45 | Buy | |
| 09/04/18 | OCBC | Mapletree North Asia | 1.15 | 1.42 | Buy | |
| 10/01/18 | DBS Vickers | Mapletree North Asia | 1.14 | 1.45 | Buy | DCF |
| 10/29/18 | OCBC | Mapletree North Asia | 1.13 | 1.34 | Buy | |
| 10/30/18 | CIMB | Mapletree North Asia | 1.13 | 1.28 | Add | DDM |
Thursday, November 1, 2018
Mapletree North Asia - Stock calls
Stock calls for 1 November 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 11/01/18 | CIMB | AEM | 0.8 | 0.75 | Hold | PER10x FY19 |
| 11/01/18 | OCBC | CapitaRetail China | 1.37 | 1.39 | Hold | |
| 11/01/18 | OCBC | CDL Hospitality | 1.45 | 1.45 | Hold | |
| 11/01/18 | DMG & Partners | CDL Hospitality | 1.45 | 1.8 | Buy | DDM |
| 11/01/18 | UOB Kay Hian | CDL Hospitality | 1.45 | 1.83 | Buy | DDM |
| 11/01/18 | CIMB | CDL Hospitality | 1.45 | 1.61 | Add | DDM |
| 11/01/18 | phillip | DBS | 23.46 | 33.32 | Buy | |
| 11/01/18 | DBS Vickers | First Sponsor | 1.27 | 1.62 | Buy | RNAV (35% discount) |
| 11/01/18 | DBS Vickers | Indofood Agri | 0.2 | 0.19 | Hold | DCF |
| 11/01/18 | CIMB | Japfa | 0.665 | 0.8 | Add | Sum of parts |
| 11/01/18 | Deutsche | Manulife US Reit | 0.71 | 1 | Buy | |
| 11/01/18 | Phillip | Micro-Mechanics | 1.8 | 2.05 | Buy | PER16x FY19 |
| 11/01/18 | phillip | OCBC | 10.74 | 14.9 | Buy | |
| 11/01/18 | Lim & Tan | OCBC | 10.74 | 0 | Buy | |
| 11/01/18 | OCBC | Roxy-Pacific | 0.38 | 0.41 | Hold | RNAV (40% discount) |
| 11/01/18 | Macquarie | Sembcorp Industries | 2.82 | 3.6 | Buy | |
| 11/01/18 | DMG & Partners | Sheng Siong | 1.08 | 1.27 | Buy | DCF |
| 11/01/18 | UOB Kay Hian | Sheng Siong | 1.08 | 1.15 | Hold | PER22.7x FY19, Buy @ $1.04 |
| 11/01/18 | OCBC | Sheng Siong | 1.08 | 1.13 | Hold | |
| 11/01/18 | CIMB | Sheng Siong | 1.08 | 1.25 | Add | PER22.2x FY20 |
| 11/01/18 | CIMB | Starhill | 0.67 | 0.74 | Add | DDM |
| 11/01/18 | phillip | UOB | 24.38 | 32.52 | Buy |
Stock buybacks will boost the stock prices up but will also increase the leverage ratio.
https://sg.finance.yahoo.com/news/october-buybacks-60m-seven-stocks-060313368.html
Generally speaking, stock buybacks will boost up the stock prices but the corporate actions will also increase the leverage ratio which is not good.
Why?
If we look at the balance sheet format whereby Assets (A) = Liabilities (L) + Owner's Equities (OE), doing stock buybacks will reduce the A because money is used to buy back the shares. Consequently, OE will reduce simultaneously because the stock capital is shrunk. Since the leverage ratio (LR) is equal to L divided by OE and add 1, the leverage ratio will increase because the denominator (OE) is getting smaller.
LR = (L/OE) + 1
Having a high leverage ratio is dangerous for a company because LR is a multiplier. It can increase a company's profit or loss exponentially. A high LR means that the company is a risk-taker and it is extremely risky in an interest rate rising environment.
Therefore, improving a company stock price through corporate action like stock buyback is not as good as improving the profitability of the business.
We need to take note when a company does a buyback because it may be a precursor that the company cannot improve its profitability anymore and has to resort to corporate action.
Generally speaking, stock buybacks will boost up the stock prices but the corporate actions will also increase the leverage ratio which is not good.
Why?
If we look at the balance sheet format whereby Assets (A) = Liabilities (L) + Owner's Equities (OE), doing stock buybacks will reduce the A because money is used to buy back the shares. Consequently, OE will reduce simultaneously because the stock capital is shrunk. Since the leverage ratio (LR) is equal to L divided by OE and add 1, the leverage ratio will increase because the denominator (OE) is getting smaller.
LR = (L/OE) + 1
Having a high leverage ratio is dangerous for a company because LR is a multiplier. It can increase a company's profit or loss exponentially. A high LR means that the company is a risk-taker and it is extremely risky in an interest rate rising environment.
Therefore, improving a company stock price through corporate action like stock buyback is not as good as improving the profitability of the business.
We need to take note when a company does a buyback because it may be a precursor that the company cannot improve its profitability anymore and has to resort to corporate action.
Mapletree Commercial - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/09/17 | DBS Vickers | Mapletree Commercial | 1.45 | 1.62 | Buy | DCF |
| 01/12/17 | HSBC | Mapletree Commercial | 1.47 | 1.75 | Buy | |
| 01/24/17 | Deutsche | Mapletree Commercial | 1.47 | 1.6 | Buy | |
| 01/26/17 | CIMB | Mapletree Commercial | 1.48 | 1.45 | Hold | DDM |
| 01/26/17 | Credit Suisse | Mapletree Commercial | 1.48 | 1.73 | Outperform | |
| 01/26/17 | Lim & Tan | Mapletree Commercial | 1.48 | 0 | Hold | |
| 02/09/17 | Credit Suisse | Mapletree Commercial | 1.52 | 1.73 | Outperform | |
| 02/28/17 | Deutsche | Mapletree Commercial | 1.495 | 1.6 | Buy | |
| 03/17/17 | DBS Vickers | Mapletree Commercial | 1.49 | 1.62 | Buy | DCF |
| 04/26/17 | DBS Vickers | Mapletree Commercial | 1.57 | 1.62 | Buy | |
| 04/27/17 | CIMB | Mapletree Commercial | 1.585 | 1.7 | Add | DDM |
| 06/22/17 | Deutsche | Mapletree Commercial | 1.555 | 1.6 | Buy | |
| 06/23/17 | CIMB | Mapletree Commercial | 1.56 | 1.7 | Add | |
| 07/28/17 | DBS Vickers | Mapletree Commercial | 1.63 | 1.62 | Hold | |
| 07/28/17 | Credit Suisse | Mapletree Commercial | 1.63 | 1.73 | Outperform | |
| 07/28/17 | CIMB | Mapletree Commercial | 1.63 | 1.79 | Add | DDM |
| 09/13/17 | Credit Suisse | Mapletree Commercial | 1.55 | 1.73 | Outperform | |
| 10/27/17 | DBS Vickers | Mapletree Commercial | 1.58 | 1.62 | Hold | |
| 10/27/17 | CIMB | Mapletree Commercial | 1.58 | 1.75 | Add | DDM |
| 12/11/17 | DBS Vickers | Mapletree Commercial | 1.58 | 1.75 | Buy | |
| 01/02/18 | Kim Eng | Mapletree Commercial | 1.62 | 1.45 | Sell | DDM |
| 01/04/18 | Deutsche | Mapletree Commercial | 1.67 | 1.7 | Buy | |
| 01/25/18 | Lim & Tan | Mapletree Commercial | 1.67 | 0 | Hold | |
| 01/26/18 | CIMB | Mapletree Commercial | 1.68 | 1.75 | Add | DDM |
| 04/25/18 | Kim Eng | Mapletree Commercial | 1.6 | 1.5 | Hold | DDM |
| 04/25/18 | CIMB | Mapletree Commercial | 1.6 | 1.75 | Add | DDM |
| 04/25/18 | DBS Vickers | Mapletree Commercial | 1.6 | 1.8 | Buy | DCF, PB1.2x |
| 07/27/18 | Kim Eng | Mapletree Commercial | 1.64 | 1.5 | Hold | DDM |
| 07/27/18 | CIMB | Mapletree Commercial | 1.64 | 1.75 | Add | DDM |
| 07/27/18 | DBS Vickers | Mapletree Commercial | 1.64 | 1.8 | Buy | |
| 09/25/18 | Deutsche | Mapletree Commercial | 1.64 | 1.7 | Buy | |
| 10/01/18 | DBS Vickers | Mapletree Commercial | 1.61 | 1.8 | Buy | DCF |
| 10/26/18 | Kim Eng | Mapletree Commercial | 1.63 | 1.6 | Hold | DDM |
| 10/26/18 | CIMB | Mapletree Commercial | 1.63 | 1.75 | Add | |
| 10/29/18 | DBS Vickers | Mapletree Commercial | 1.64 | 1.8 | Buy | DCF, PB1.2x |
Manulife US Reit - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/03/17 | DMG & Partners | Manulife US Reit | 0.83 | 0.96 | Buy | DDM |
| 01/05/17 | Lim & Tan | Manulife US Reit | 0.835 | 0 | Buy | |
| 01/09/17 | DBS Vickers | Manulife US Reit | 0.84 | 0.93 | Buy | DCF |
| 02/14/17 | DBS Vickers | Manulife US Reit | 0.86 | 0.95 | Buy | DCF |
| 02/14/17 | DMG & Partners | Manulife US Reit | 0.86 | 0.96 | Buy | DDM |
| 02/28/17 | Deutsche | Manulife US Reit | 0.84 | 0.95 | Buy | |
| 03/10/17 | DMG & Partners | Manulife US Reit | 0.84 | 0.96 | Buy | |
| 04/07/17 | DMG & Partners | Manulife US Reit | 0.835 | 0.96 | Buy | |
| 05/03/17 | DBS Vickers | Manulife US Reit | 0.84 | 1.01 | Buy | DCF |
| 05/04/17 | DMG & Partners | Manulife US Reit | 0.85 | 0.96 | Buy | |
| 05/08/17 | Lim & Tan | Manulife US Reit | 0.865 | 0 | Buy | |
| 06/21/17 | DMG & Partners | Manulife US Reit | 0.885 | 0.99 | Buy | DDM |
| 06/21/17 | Lim & Tan | Manulife US Reit | 0.885 | 0 | Buy on weakness | |
| 06/22/17 | Deutsche | Manulife US Reit | 0.89 | 0.95 | Buy | |
| 07/12/17 | DMG & Partners | Manulife US Reit | 0.915 | 0.99 | Buy | |
| 08/10/17 | DMG & Partners | Manulife US Reit | 0.925 | 1 | Buy | DDM |
| 08/10/17 | DBS Vickers | Manulife US Reit | 0.925 | 1.07 | Buy | DCF |
| 08/10/17 | Lim & Tan | Manulife US Reit | 0.925 | 1 | Buy | |
| 08/10/17 | Deutsche | Manulife US Reit | 0.925 | 1 | Buy | |
| 09/04/17 | Lim & Tan | Manulife US Reit | 0.965 | 0 | Buy | |
| 09/05/17 | DMG & Partners | Manulife US Reit | 0.94 | 0.98 | Buy | DDM, Ex-Rights 41-for-100 @ $0.695 |
| 11/06/17 | DMG & Partners | Manulife US Reit | 0.905 | 0.98 | Buy | DDM |
| 11/29/17 | DBS Vickers | Manulife US Reit | 0.865 | 0.99 | Buy | DCF |
| 12/19/17 | DMG & Partners | Manulife US Reit | 0.93 | 0.98 | Buy | |
| 01/03/18 | Lim & Tan | Manulife US Reit | 0.93 | 1 | Buy | |
| 01/04/18 | Deutsche | Manulife US Reit | 0.94 | 1 | Buy | |
| 01/05/18 | DMG & Partners | Manulife US Reit | 0.935 | 0.98 | Buy | |
| 02/06/18 | UOB Kay Hian | Manulife US Reit | 0.92 | 1.12 | Buy | DDM |
| 02/06/18 | Lim & Tan | Manulife US Reit | 0.92 | 1 | Hold | |
| 02/06/18 | DMG & Partners | Manulife US Reit | 0.92 | 0.98 | Buy | DDM |
| 02/07/18 | DBS Vickers | Manulife US Reit | 0.91 | 1 | Buy | DCF |
| 02/21/18 | Amfrasers | Manulife US Reit | 0.91 | 1.008 | Buy | DDM |
| 04/13/18 | Lim & Tan | Manulife US Reit | 0.925 | 1 | Hold | |
| 04/16/18 | DMG & Partners | Manulife US Reit | 0.82 | 1 | Buy | DDM |
| 04/16/18 | DBS Vickers | Manulife US Reit | 0.82 | 1 | Buy | |
| 04/17/18 | Amfrasers | Manulife US Reit | 0.925 | 1.01 | Buy | |
| 05/02/18 | DMG & Partners | Manulife US Reit | 0.95 | 1 | Buy | DDM |
| 05/02/18 | UOB Kay Hian | Manulife US Reit | 0.95 | 1.12 | Buy | |
| 05/08/18 | Amfrasers | Manulife US Reit | 0.945 | 1.02 | Buy | |
| 06/26/18 | DBS Vickers | Manulife US Reit | 0.86 | 0.97 | Buy | DCF |
| 08/07/18 | UOB Kay Hian | Manulife US Reit | 0.86 | 1.06 | Buy | DDM |
| 08/07/18 | DBS Vickers | Manulife US Reit | 0.86 | 0.97 | Buy | DCF |
| 08/14/18 | Amfrasers | Manulife US Reit | 0.845 | 0.97 | Buy | |
| 09/25/18 | Deutsche | Manulife US Reit | 0.795 | 1 | Buy | |
| 10/16/18 | DMG & Partners | Manulife US Reit | 0.78 | 0.92 | Buy | DDM |
| 10/25/18 | UOB Kay Hian | Manulife US Reit | 0.775 | 1.06 | Buy |
M1 - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 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 |
| 02/21/18 | OCBC | M1 | 1.8 | 1.7 | Hold | |
| 03/12/18 | UOB Kay Hian | M1 | 1.79 | 1.84 | Hold | |
| 03/14/18 | Kim Eng | M1 | 1.78 | 1.63 | Sell | DCF |
| 03/15/18 | CIMB | M1 | 1.78 | 1.85 | Hold | |
| 03/15/18 | DMG & Partners | M1 | 1.78 | 1.95 | Neutral | |
| 03/20/18 | UOB Kay Hian | M1 | 1.79 | 1.6 | Sell | DCF |
| 03/27/18 | Deutsche | M1 | 1.77 | 2.3 | Buy | |
| 04/03/18 | Kim Eng | M1 | 1.75 | 1.63 | Hold | DCF |
| 04/11/18 | DBS Vickers | M1 | 1.72 | 1.76 | Hold | DCF |
| 04/17/18 | UOB Kay Hian | M1 | 1.79 | 1.6 | Sell | DCF |
| 04/17/18 | DMG & Partners | M1 | 1.79 | 1.95 | Neutral | DCF |
| 04/17/18 | OCBC | M1 | 1.79 | 1.7 | Hold | |
| 04/17/18 | CIMB | M1 | 1.79 | 1.85 | Hold | |
| 05/23/18 | UOB Kay Hian | M1 | 1.76 | 1.6 | Sell | |
| 06/04/18 | UOB Kay Hian | M1 | 1.71 | 1.6 | Sell | DCF |
| 06/27/18 | DBS Vickers | M1 | 1.59 | 1.46 | Hold | EV/Ebitda6x |
| 07/03/18 | DMG & Partners | M1 | 1.59 | 1.63 | Hold | DCF |
| 07/05/18 | Kim Eng | M1 | 1.58 | 1.63 | Hold | |
| 07/30/18 | UOB Kay Hian | M1 | 1.6 | 1.55 | Sell | DCF |
| 07/30/18 | DMG & Partners | M1 | 1.6 | 1.68 | Neutral | DCF |
| 07/30/18 | OCBC | M1 | 1.6 | 1.65 | Hold | |
| 07/31/18 | CIMB | M1 | 1.64 | 1.5 | Hold | DCF |
| 08/17/18 | UOB Kay Hian | M1 | 1.6 | 1.55 | Sell | DCF |
| 09/07/18 | UOB Kay Hian | M1 | 1.57 | 1.55 | Sell | |
| 09/24/18 | OCBC | M1 | 1.63 | 1.65 | Hold | |
| 09/24/18 | Kim Eng | M1 | 1.63 | 1.63 | Hold | DCF |
| 09/25/18 | UOB Kay Hian | M1 | 1.63 | 1.88 | Buy | DCF |
| 09/25/18 | CIMB | M1 | 1.63 | 1.5 | Hold | |
| 09/28/18 | UOB Kay Hian | M1 | 1.63 | 2.06 | Accept Offer | Offer $2.06 |
| 09/28/18 | DMG & Partners | M1 | 1.63 | 2.06 | Neutral | |
| 09/28/18 | CIMB | M1 | 1.63 | 2.06 | Add | |
| 10/25/18 | UOB Kay Hian | M1 | 2.1 | 2.06 | Accept Offer | Offer $2.06, PER13.2x, EV/Ebidta7.2x FY18 |
| 10/25/18 | OCBC | M1 | 2.1 | 2.06 | Hold | Offer $2.06 |
| 10/26/18 | Kim Eng | M1 | 2.09 | 1.63 | Sell | DDM |
| 10/26/18 | DMG & Partners | M1 | 2.09 | 2.06 | Neutral |
Stock calls for 31 October 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 10/31/18 | Tayrona | Capital World | 0.037 | 0.147 | Overweight | Sum of parts |
| 10/31/18 | DBS Vickers | CapitaRetail China | 1.36 | 1.63 | Buy | |
| 10/31/18 | DBS Vickers | Cityneon | 1.29 | 1.57 | Accept Offer | Offer $1.30 |
| 10/31/18 | DBS Vickers | Comfortdelgro | 2.22 | 2.59 | Buy | |
| 10/31/18 | Kim Eng | Far East Hospitality | 0.59 | 0.75 | Buy | DDM |
| 10/31/18 | OCBC | Far East Hospitality | 0.59 | 0.675 | Buy | |
| 10/31/18 | Lim & Tan | Far East Hospitality | 0.59 | 0 | Buy | |
| 10/31/18 | DBS Vickers | Far East Hospitality | 0.59 | 0.7 | Buy | DCF |
| 10/31/18 | UOB Kay Hian | Japfa | 0.69 | 0.98 | Buy | Sum of parts, PER12.2x FY18 |
| 10/31/18 | DBS Vickers | Sheng Siong | 1.08 | 1.24 | Buy | |
| 10/31/18 | DMG & Partners | Sheng Siong | 1.08 | 1.3 | Buy | DCF & PER21x |
| 10/31/18 | OCBC | Starhill | 0.665 | 0.71 | Buy | |
| 10/31/18 | UOB Kay Hian | Tianjin Zhongxin | 0.895 | 1.59 | Buy | PER14.1x FY18 |
| 10/31/18 | Macquarie | UOB | 24 | 30.5 | Outperform |
Tuesday, October 30, 2018
Lippo-Malls Indo - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 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 | |
| 02/15/18 | OCBC | Lippo-Malls Indo | 0.4 | 0.405 | Hold | |
| 04/13/18 | CIMB | Lippo-Malls Indo | 0.365 | 0.33 | Reduce | DDM |
| 04/13/18 | OCBC | Lippo-Malls Indo | 0.365 | 0.31 | Sell | |
| 05/07/18 | CIMB | Lippo-Malls Indo | 0.32 | 0.33 | Reduce | DDM |
| 08/06/18 | CIMB | Lippo-Malls Indo | 0.315 | 0.33 | Hold | DDM |
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) |
| 04/24/18 | DBS Vickers | Lian Beng | 0.625 | 0.85 | Not Rated | Sum of parts |
KSH - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 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 | |
| 02/12/18 | Lim & Tan | KSH | 0.705 | 0 | Hold | |
| 02/13/18 | OCBC | KSH | 0.695 | 0.79 | Hold | |
| 02/22/18 | UOB Kay Hian | KSH | 0.76 | 1.08 | Buy | Sum of parts |
| 06/01/18 | Lim & Tan | KSH | 0.645 | 0 | Hold | |
| 06/04/18 | OCBC | KSH | 0.635 | 0.98 | Buy | |
| 06/07/18 | UOB Kay Hian | KSH | 0.65 | 1.04 | Buy | Sum of parts |
| 07/16/18 | OCBC | KSH | 0.615 | 0.94 | Buy | |
| 08/13/18 | UOB Kay Hian | KSH | 0.61 | 0.87 | Buy | RNAV (50% discount) |
| 08/13/18 | OCBC | KSH | 0.61 | 0.98 | Buy |
Stock calls for 30 October 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 10/30/18 | DBS Vickers | Cache Logistics | 0.71 | 0.75 | Hold | DCF |
| 10/30/18 | CIMB | Cityneon | 1.26 | 1.3 | Accept Offer | Offer $1.30 |
| 10/30/18 | DBS Vickers | Ifast Corp | 1.14 | 1.33 | Buy | DDM |
| 10/30/18 | CIMB | Mapletree North Asia | 1.13 | 1.28 | Add | DDM |
| 10/30/18 | OCBC | Raffles Medical | 1.09 | 1.26 | Buy | Sum of parts |
| 10/30/18 | UOB Kay Hian | Raffles Medical | 1.09 | 1.27 | Buy | DCF |
| 10/30/18 | DMG & Partners | Raffles Medical | 1.09 | 1.02 | Neutral | DCF |
| 10/30/18 | CIMB | Raffles Medical | 1.09 | 1.19 | Hold | Sum of parts |
| 10/30/18 | DBS Vickers | Y Venture | 0.24 | 0.34 | Hold | EV/Ebitda14x FY19 |
| 10/30/18 | UOB Kay Hian | Y Venture | 0.24 | 0.57 | Buy | PB2.1x FY19 |
| 10/30/18 | UOB Kay Hian | Yangzijiang | 1.21 | 1.25 | Buy |
Mark my words! Singapore price hikes are coming in the future! - Part 2
https://sg.news.yahoo.com/bus-train-card-fares-adults-increase-6-cents-public-transport-council-090932523.html
We did warn about the price hikes in our previous post. More will come!
https://sg-stock.blogspot.com/2018/08/mark-my-words-singapore-price-hikes-are.html
We did warn about the price hikes in our previous post. More will come!
https://sg-stock.blogspot.com/2018/08/mark-my-words-singapore-price-hikes-are.html
China tourism in the USA is faltering.
http://www.chinadaily.com.cn/a/201809/30/WS5bb0a08ba310eff3032806dc.html
Look like anti-USA sentiment is brewing in China.
The Chinese had reduced their US trips.
Look like anti-USA sentiment is brewing in China.
The Chinese had reduced their US trips.
Trump threatens President Xi prior to G20 meeting.
https://sg.finance.yahoo.com/news/u-plans-more-china-tariffs-trump-xi-meeting-194826425--finance.html
If Trump continues in his antes such as economic threats and military FONs in the South China Sea, President Xi will just cancel the meeting with Trump during the G20 meeting and all the stock markets will continue to fall further.
China is ready to fight a prolonged economic war but Trump is not as he has an election to deal with.
If Trump continues in his antes such as economic threats and military FONs in the South China Sea, President Xi will just cancel the meeting with Trump during the G20 meeting and all the stock markets will continue to fall further.
China is ready to fight a prolonged economic war but Trump is not as he has an election to deal with.
Trump is destroying the semiconductor industry.
https://sg.finance.yahoo.com/news/u-restricts-exports-chinese-semiconductor-firm-181101429--sector.html
Micron tech will suffer because it generates more than 50% sales from China. Is history going to repeat itself? Micron tech collapsed in the past under Singapore PM's wife Ho Ching before it was sold to the USA. Ho Ching caused Micron to lose $500m in the past but Trump will cause Micron to lose more.
Micron tech will suffer because it generates more than 50% sales from China. Is history going to repeat itself? Micron tech collapsed in the past under Singapore PM's wife Ho Ching before it was sold to the USA. Ho Ching caused Micron to lose $500m in the past but Trump will cause Micron to lose more.
Sigh! Another company is leaving SGX.
https://sg.finance.yahoo.com/news/cityneon-gets-1-30-share-232839455.html
It looks like more companies are leaving SGX this year than those wanting to list on SGX.
SGX is fast becoming a derivatives exchange more than a securities exchange.
It looks like more companies are leaving SGX this year than those wanting to list on SGX.
SGX is fast becoming a derivatives exchange more than a securities exchange.
Noble Group warns of another loss.
https://sg.finance.yahoo.com/news/noble-group-warns-another-loss-restructuring-costs-mount-005456757.html
This is a foregone company. Noble won't be able to repay its colossal debt as it is burning cash like hell.
This is a foregone company. Noble won't be able to repay its colossal debt as it is burning cash like hell.
Subscribe to:
Posts (Atom)
.jpg)
