Stock calls for 9 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/09/18	phillip	China Sunsine	1.08	1.68	Buy	FCFE
11/09/18	UOB Kay Hian	City Developments	8.42	12.12	Buy	RNAV (15% discount)
11/09/18	CIMB	City Developments	8.42	10.65	Add	RNAV (35% discount)
11/09/18	Lim & Tan	City Developments	8.42	0	Buy
11/09/18	DMG & Partners	City Developments	8.42	9.2	Neutral
11/09/18	UOB Kay Hian	Comfortdelgro	2.2	2.59	Buy	PER16.9x FY19
11/09/18	DMG & Partners	CSE Global	0.455	0.59	Buy	DCF
11/09/18	Kim Eng	Genting	0.89	1.29	Buy	EV/Ebitda10x FY18
11/09/18	DMG & Partners	Genting	0.89	1.42	Buy
11/09/18	CIMB	Genting	0.89	1.28	Add	EV/Ebitda10x FY19
11/09/18	OCBC	Genting	0.89	1.39	Buy	FCFE
11/09/18	DBS Vickers	Hi-P	0.85	0.8	Hold	PER10x FY19
11/09/18	UOB Kay Hian	Ho Bee	2.5	2.79	Buy	RNAV (30% discount)
11/09/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
11/09/18	CIMB	Memtech	0.745	1.1	Add	PER8x FY19
11/09/18	Lim & Tan	Memtech	0.745	0	Buy
11/09/18	OCBC	OUE Commercial	0.475	0.48	Hold
11/09/18	OCBC	OUE Hospitality	0.69	0.79	Buy
11/09/18	DBS Vickers	Perennial Reit	0.685	0.83	Buy	RNAV (55% discount)
11/09/18	phillip	SATS	5.11	5.47	Accumulate	DCF, PER24.3x FY19
11/09/18	OCBC	SATS	5.11	5.39	Hold
11/09/18	CIMB	SATS	5.11	5.06	Hold	PER20x CY19
11/09/18	Kim Eng	SIA	9.65	9.8	Hold	PB0.82x FY20
11/09/18	DBS Vickers	Singtel	3.08	3.59	Buy	Sum of parts
11/09/18	UOB Kay Hian	Singtel	3.08	3.9	Buy	DCF
11/09/18	Kim Eng	Singtel	3.08	3.39	Hold	DCF
11/09/18	OCBC	Singtel	3.08	3.95	Buy
11/09/18	CIMB	Singtel	3.08	3.4	Add	Sum of parts
11/09/18	DMG & Partners	Singtel	3.08	3.22	Neutral
11/09/18	DMG & Partners	Talkmed	0.62	0.64	Neutral
11/09/18	Lim & Tan	UOB Kay Hian	1.23	0	Buy
11/09/18	UOB Kay Hian	Yangzijiang	1.32	1.36	Hold	PB0.9x FY19

Solar panel energy is an overhyped technology.

https://www.straitstimes.com/business/singapores-largest-offshore-floating-solar-panel-system-to-be-built-along-straits-of-johor

The proponents are completely avoiding the disclosure of the chemical toxins in the production and disposal of the solar panels because of their singularity mindset of reducing carbon emission.  However, it is wrong to replace carbon emission with other environmental pollution.

https://sciencing.com/toxic-chemicals-solar-panels-18393.html

The solar panels have to be replaced every 15-20 years and they can only get an average of about 2-4hr of good solar energy everyday.  The safe disposal of the solar panels is a big problem when we use solar energy because those panels will pollute our land since the chemical materials are very toxic.

If we burn the disposed solar panels, we're creating air pollution.  If we bury them, we're creating land pollution and underground water pollution.

China's exports soared in October in spite of the trade war.

https://www.caixinglobal.com/2018-11-08/who-to-watch-among-the-younger-generation-of-central-bank-officials-101344415.html

This good China economic growth will definitely piss Trump.

Hahaha!

Neo Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Neo Group	0.62	0.8	Buy
02/10/17	DMG & Partners	Neo Group	0.575	0.61	Neutral	DCF
03/29/17	DMG & Partners	Neo Group	0.585	0.61	Neutral	DCF
05/26/17	DMG & Partners	Neo Group	0.57	0.62	Neutral
08/10/17	DMG & Partners	Neo Group	0.68	0.64	Neutral	PER21x FY18
11/14/17	DMG & Partners	Neo Group	0.66	0.64	Neutral	PER21x FY18
02/09/18	DMG & Partners	Neo Group	0.67	0.67	Neutral

Nam Lee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/17	Phillip	Nam Lee	0.37	0.52	Buy	DCF
05/17/17	Phillip	Nam Lee	0.355	0.52	Buy	DCF, PER12.4x FY17
08/16/17	Phillip	Nam Lee	0.37	0.51	Buy	DCF, PER11.5x FY17
11/29/17	Phillip	Nam Lee	0.395	0.56	Buy	DCF, PER11.1x FY18, PB0.96x FY18
02/12/18	Phillip	Nam Lee	0.38	0.56	Buy	DCF, PER11.1x FY18, PB0.96x FY18
05/07/18	Phillip	Nam Lee	0.37	0.56	Buy	DCF, PER11.9x FY18, PB0.97x FY18
08/08/18	Phillip	Nam Lee	0.365	0.51	Buy	DCF, PER10.5x FY18, PB0.88x FY18

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/17	DBS Vickers	Nam Cheong	0.055	0.04	Fully Valued	PB0.2x
07/20/17	Lim & Tan	Nam Cheong	0.021	0	Avoid

Stock calls for 8 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/08/18	UOB Kay Hian	A-Reit	2.54	3.01	Buy
11/08/18	UOB Kay Hian	CapitaCommercial	1.69	2	Buy
11/08/18	UOB Kay Hian	Capitaland	3.14	3.78	Buy
11/08/18	CIMB	China Sunsine	1.04	1.41	Add	PER7.7x FY19
11/08/18	DBS Vickers	Chip Eng Seng	0.725	0.75	Hold	Sum of parts
11/08/18	Deutsche	Comfortdelgro	2.36	1.7	Sell	PER12x FY19
11/08/18	CIMB	CSE Global	0.455	0.5	Add	PER13.5x FY19
11/08/18	Lim & Tan	CSE Global	0.455	0	Buy
11/08/18	Macquarie	DBS	23.77	27	Neutral
11/08/18	phillip	DBS	23.77	29.02	Buy	GGM, PB1.5x FY19
11/08/18	CIMB	Frasers Logistics	1.05	1.19	Add	DDM
11/08/18	OCBC	Frasers Logistics	1.05	1.19	Buy
11/08/18	UOB Kay Hian	Genting	0.915	1.38	Buy
11/08/18	UOB Kay Hian	Golden Agri	0.26	0.16	Sell
11/08/18	UOB Kay Hian	Japfa	0.715	0.98	Buy
11/08/18	CIMB	OUE Hospitality	0.685	0.82	Add	DDM
11/08/18	DMG & Partners	OUE Hospitality	0.685	0.8	Buy
11/08/18	DBS Vickers	OUE Hospitality	0.685	0.85	Buy
11/08/18	UOB Kay Hian	SATS	4.99	6.1	Buy
11/08/18	phillip	Sembcorp Industries	2.67	3.6	Buy	Sum of parts
11/08/18	Lim & Tan	Sembcorp Industries	2.67	0	Hold
11/08/18	DMG & Partners	Singapore Medical	0.41	0.56	Buy	DCF
11/08/18	OCBC	Yangzijiang	1.29	1.41	Buy
11/08/18	CIMB	Yangzijiang	1.29	1.37	Add	Sum of parts

Look like Trump and Xi won't reach a truce in the upcoming G20 summit.

https://sg.finance.yahoo.com/news/u-impose-duties-chinese-aluminum-sheet-products-052248114--finance.html

Trump is still trying to antagonize China prior to the G20 summit and this won't bode well for the trade talk between these 2 nations.

There is a high chance that there is no trade deal between US & China in November and the trade war will continue.

Moya - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/17	DMG & Partners	Moya Asia	0.118	0.17	Buy	DCF, PER13.8x FY18
11/14/17	DMG & Partners	Moya Asia	0.101	0.17	Buy	DCF
01/24/18	DMG & Partners	Moya Asia	0.098	0.17	Buy
02/09/18	DMG & Partners	Moya Asia	0.091	0.17	Buy	DCF
03/02/18	DMG & Partners	Moya Asia	0.091	0.15	Buy	DCF, PER15x FY18
04/09/18	DMG & Partners	Moya Asia	0.099	0.15	Buy	DCF
05/02/18	DMG & Partners	Moya Asia	0.1	0.15	Buy	DCF
06/05/18	DMG & Partners	Moya Asia	0.087	0.14	Buy	DCF
08/07/18	DMG & Partners	Moya Asia	0.092	0.13	Buy	DCF
09/26/18	DMG & Partners	Moya Asia	0.083	0.13	Buy
11/05/18	DMG & Partners	Moya Asia	0.07	0.11	Buy	DCF

MM2 Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	DBS Vickers	MM2 Asia	0.49	0.56	Buy
04/07/17	CIMB	MM2 Asia	0.5	0.6	Add	Sum of parts, PER22.6x FY18
04/13/17	DBS Vickers	MM2 Asia	0.5	0.63	Buy	Sum of parts
05/23/17	DBS Vickers	MM2 Asia	0.575	0.63	Buy	Sum of parts
05/24/17	DBS Vickers	MM2 Asia	0.585	0.7	Buy	Sum of parts
05/25/17	CIMB	MM2 Asia	0.585	0.65	Add	Sum of parts
06/14/17	CIMB	MM2 Asia	0.62	0.72	Add	Sum of parts
06/14/17	DBS Vickers	MM2 Asia	0.62	0.7	Buy
07/20/17	DBS Vickers	MM2 Asia	0.59	0.75	Buy	Sum of parts
07/25/17	CIMB	MM2 Asia	0.525	0.58	Hold	Sum of parts
08/14/17	DBS Vickers	MM2 Asia	0.465	0.6	Buy	Sum of parts
08/17/17	CIMB	MM2 Asia	0.475	0.58	Add	Sum of parts
11/02/17	DBS Vickers	MM2 Asia	0.58	0.73	Buy	Sum of parts
11/06/17	CIMB	MM2 Asia	0.55	0.76	Add	Sum of parts
12/20/17	CIMB	MM2 Asia	0.52	0.76	Add
01/05/18	DBS Vickers	MM2 Asia	0.545	0.73	Buy
02/07/18	CIMB	MM2 Asia	0.49	0.76	Add
02/08/18	DBS Vickers	MM2 Asia	0.495	0.75	Buy	Sum of parts
03/05/18	CIMB	MM2 Asia	0.47	0.76	Add
03/15/18	CIMB	MM2 Asia	0.505	0.74	Add	Sum of parts
04/06/18	CIMB	MM2 Asia	0.49	0.74	Add
04/23/18	Kim Eng	MM2 Asia	0.495	0.56	Buy
05/30/18	DBS Vickers	MM2 Asia	0.495	0.7	Buy	Sum of parts
06/05/18	CIMB	MM2 Asia	0.485	0.72	Add	Sum of parts
08/15/18	DBS Vickers	MM2 Asia	0.42	0.62	Buy	Sum of parts
08/16/18	CIMB	MM2 Asia	0.42	0.72	Add	Sum of parts
08/20/18	Kim Eng	MM2 Asia	0.42	0.57	Buy	PEG
09/14/18	CIMB	MM2 Asia	0.365	0.72	Add

MIT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/17	Kim Eng	MIT	0.245	0.32	Not Rated	PB1.6x
11/22/17	Lim & Tan	MIT	0.245	0.32	Buy	PER8x FY18
01/03/18	Lim & Tan	MIT	0.26	0	Buy
07/19/18	Lim & Tan	MIT	0.33	0.456	Buy

Mindchamps - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/18	Amfrasers	Mindchamps	0.74	0.86	Buy	DCF, PER23.2x FY18
04/23/18	DMG & Partners	Mindchamps	0.815	0.95	Buy	EV/Ebitda19x & DCF
04/27/18	DMG & Partners	Mindchamps	0.815	1	Buy	EV/Ebitda19x & DCF
05/09/18	DMG & Partners	Mindchamps	0.795	1	Buy	EV/Ebitda19x & DCF
05/15/18	Amfrasers	Mindchamps	0.78	0.86	Buy	PER23.2x FY18
08/07/18	DMG & Partners	Mindchamps	0.67	1	Buy
08/14/18	Amfrasers	Mindchamps	0.705	0.86	Buy	DCF, PER22.6x FY18
08/21/18	DMG & Partners	Mindchamps	0.7	0.94	Buy
10/11/18	DMG & Partners	Mindchamps	0.62	0.94	Buy

Midas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/17	OCBC	Midas	0.26	0.255	Hold	PB0.6x FY17
03/02/17	DBS Vickers	Midas	0.245	0.36	Buy
04/10/17	DBS Vickers	Midas	0.225	0.36	Buy
04/11/17	OCBC	Midas	0.23	0.255	Hold
05/18/17	OCBC	Midas	0.225	0.245	Hold	PB0.6x FY17
05/23/17	DBS Vickers	Midas	0.225	0.36	Buy
08/16/17	OCBC	Midas	0.215	0.225	Hold	PB0.5x FY17
08/16/17	DBS Vickers	Midas	0.215	0.36	Buy	PB0.8x
11/14/17	OCBC	Midas	0.215	0.225	Hold

Stock calls for 7 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/07/18	DBS Vickers	Breadtalk	0.925	0.98	Hold	Sum of parts
11/07/18	DMG & Partners	Breadtalk	0.925	0.75	Sell	Sum of parts
11/07/18	phillip	Dasin Retail	0.86	0.95	Accumulate	DDM
11/07/18	CIMB	DBS	24	27	Hold	GGM, PB1.44x FY19
11/07/18	OCBC	DBS	24	30.83	Buy	GGM, PB1.5x
11/07/18	DMG & Partners	DBS	24	29.8	Buy
11/07/18	Jefferies	DBS	24	29.5	Buy	PER12.5x FY19
11/07/18	phillip	EC World Reit	0.685	0.82	Buy	DDM
11/07/18	UOB Kay Hian	Manulife US Reit	0.76	1.07	Buy	DDM
11/07/18	DBS Vickers	Manulife US Reit	0.76	0.88	Buy	DCF
11/07/18	Kim Eng	Netlink	0.78	0.93	Buy	DDM
11/07/18	OCBC	Netlink	0.78	0.9	Buy
11/07/18	UOB Kay Hian	Singapore Medical	0.4	0.74	Buy
11/07/18	CIMB	Singtel	3.17	3.7	Add	Sum of parts
11/07/18	CIMB	Starhub	1.96	2	Hold	DCF
11/07/18	Kim Eng	Starhub	1.96	2.21	Buy

The more the US tries to hurt China, the more it will hurt itself. Why?

The US doesn't realize that its economy and China's economy are deeply intertwined in this globalization era.

The US imports a lot of China goods and causes China to accumulate a lot of USD in which China uses to purchase the US treasuries as there is no other financial market to absorb the huge quantity of USD investments.  This is the rationale behind China being the largest foreign owner of US treasuries.  However, the largest owner of the US treasuries is actually the US FED.  This financial connection between the US and China has been working well because the US government can continue to finance its huge deficit to boost the US economy as China will always be a substantial buyer. Alas, all good things must come to an end and Trump is the president who will try to end this with his warped economic concepts.

Trump is trying to punish China by destroying China's economy with punitive tariffs.  If China economic growth starts to slow down steeply, there will be capital flights and this will cause the Chinese yuan to depreciate faster.  In order to stabilize China's economy, the Chinese government will need to buy the Chinese yuan by selling the USD.  As there is a shortage of USD in the global market now including China, China will be forced to sell its US treasuries to get USD to buy the Chinese yuan.  Subsequently, this will cause US interest rates to go up tremendously and saddle the US with higher interests.

Furthermore, China will also buy lesser US treasuries when its coffers are no longer as well stocked as before.  This will definitely increase the difficulties for the US government to raise fund as there is no other substantial buyer like China.

http://sg-stock.blogspot.com/2018/10/usd-has-supply-shortage-now.html

The US government also tries to curb China's technological industry.  However, this will only prompt China to develop and ramp up its own chips production faster, thereby, causing future chip sales losses in foreign chips manufacturers.  In the end, the US chips industry will suffer.

http://sg-stock.blogspot.com/2018/10/the-global-semiconductor-slowdown-is.html

I've only stated some simplistic relationship between the US and China for our viewers to understand but the connection is more deeply ingrained.

What's at stakes for the US mid-term election in November?

The US politicians are struggling to gain control of the house and the Senate in the mid-term November election.

Currently, the analysts are expecting the Democrats to win the House while the Republicans will retain the Senate control.  If this happens, the US will be in a gridlock and nothing bad will happen to the stock market as the US has been through a political gridlock numerous times.

However, the other negative scenario will be either party gains control of both the House and the Senate.  If Trump gains control of the two, he will continue to pursue his "American First" policies more aggressively which include protectionism and unilateralism.  If the Democrats gain control of the two, Trump will be encountering a political impasse and he will just become a useless President because the Senate and the House will reject and terminate his policies.  Either way, this will cause a lot of stock market volatilities.

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/22/17	Phillip	Micro-Mechanics	1.545	2	Buy	PER15x FY18
10/31/17	Phillip	Micro-Mechanics	2.03	2.5	Buy	PER16x FY18
01/31/18	Phillip	Micro-Mechanics	2.35	2.5	Accumulate
05/02/18	Phillip	Micro-Mechanics	1.82	2.3	Buy	PER17x FY18
07/16/18	Phillip	Micro-Mechanics	1.82	2.3	Buy
08/29/18	Phillip	Micro-Mechanics	1.83	2.3	Buy	PER17x
11/01/18	Phillip	Micro-Mechanics	1.8	2.05	Buy	PER16x FY19

Metro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/30/17	Lim & Tan	Metro	1.17	0	Hold
05/25/18	Lim & Tan	Metro	1.17	0	Hold

Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Mermaid Maritime	0.15	0.24	Add	PB0.65x CY17
01/09/17	DBS Vickers	Mermaid Maritime	0.195	0.24	Buy	PB0.7x FY17
03/02/17	CIMB	Mermaid Maritime	0.2	0.28	Add	PB0.77x FY17
03/02/17	DBS Vickers	Mermaid Maritime	0.2	0.25	Buy	DCF & PER0.7x
05/17/17	CIMB	Mermaid Maritime	0.18	0.19	Hold	PB0.56x FY17
05/17/17	DBS Vickers	Mermaid Maritime	0.18	0.2	Hold	Sum of parts
08/18/17	CIMB	Mermaid Maritime	0.143	0.14	Reduce	PB0.4x FY17
08/18/17	DBS Vickers	Mermaid Maritime	0.143	0.14	Hold	PB0.6x
09/14/17	CIMB	Mermaid Maritime	0.126	0.14	Reduce
11/16/17	CIMB	Mermaid Maritime	0.138	0.14	Reduce	PB0.4x CY17
11/17/17	DBS Vickers	Mermaid Maritime	0.138	0.14	Hold	PB0.6x
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14	Hold
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Hold	Sum of parts
05/18/18	DBS Vickers	Mermaid Maritime	0.138	0.13	Hold	PB0.6x
08/17/18	DBS Vickers	Mermaid Maritime	0.106	0.13	Hold	Sum of parts
08/20/18	CIMB	Mermaid Maritime	0.106	0.13	Hold

Stock calls for 5 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/18	phillip	China Aviation Oil	1.34	1.76	Buy	PER11.5x FY19
11/05/18	DBS Vickers	City Developments	8.55	10	Hold
11/05/18	DBS Vickers	Comfortdelgro	2.32	2.59	Buy
11/05/18	Lim & Tan	DBS	24.66	0	Buy
11/05/18	DBS Vickers	Frasers Logistics	1.04	1.2	Buy
11/05/18	DBS Vickers	Genting	0.945	1.55	Buy
11/05/18	DBS Vickers	Koufu	0.63	0.84	Buy
11/05/18	CIMB	M1	2.11	2.06	Hold	Offer $2.06
11/05/18	DMG & Partners	Manulife US Reit	0.75	1.06	Buy	DDM
11/05/18	DBS Vickers	Mapletree Logistics	1.21	1.5	Buy
11/05/18	DMG & Partners	Moya Asia	0.07	0.11	Buy	DCF
11/05/18	DBS Vickers	Netlink	0.775	0.87	Buy
11/05/18	DBS Vickers	PACC Offshore	0.24	0.25	Hold
11/05/18	DBS Vickers	Riverstone	1.18	1.17	Hold	PER16x FY19
11/05/18	CIMB	Riverstone	1.18	1.3	Add	PER16.7x CY19
11/05/18	OCBC	Sembcorp Industries	2.84	3.3	Buy	Sum of parts
11/05/18	UOB Kay Hian	Sembcorp Industries	2.84	3.41	Buy	Sum of parts
11/05/18	CIMB	Sembcorp Industries	2.84	3.49	Add	Sum of parts
11/05/18	DBS Vickers	Sembcorp Industries	2.84	3.7	Buy
11/05/18	DBS Vickers	Sheng Siong	1.04	1.24	Buy
11/05/18	phillip	Sheng Siong	1.04	1.13	Accumulate	PER25x FY19
11/05/18	UOB Kay Hian	Singapore Post	1.03	1.04	Hold	Sum of parts, PER24x FY19, Buy @ $0.90
11/05/18	CIMB	Singapore Post	1.03	1.12	Hold	DCF, PER20.3x FY20
11/05/18	DBS Vickers	Singapore Post	1.03	1.04	Hold
11/05/18	DBS Vickers	ST Engineering	3.52	4.3	Buy
11/05/18	DBS Vickers	Thai Beverage	0.655	0.94	Buy
11/05/18	DBS Vickers	UOL	6.32	7.82	Hold
11/05/18	DMG & Partners	Venture	16.26	19	Buy	PER14x FY19
11/05/18	UOB Kay Hian	Venture	16.26	12.9	Sell	PER11x FY19
11/05/18	OCBC	Venture	16.26	20.13	Buy	PER15x FY19
11/05/18	DBS Vickers	Venture	16.26	21.3	Buy	PER15.8x FY18/19
11/05/18	CIMB	Venture	16.26	17.44	Hold	PER12.3x FY20
11/05/18	Lim & Tan	Venture	16.26	0	Hold
11/05/18	CIMB	Yongnam	0.186	0.45	Add	PB0.8x FY19