https://sg.finance.yahoo.com/news/hong-kongs-third-quarter-gdp-growth-seen-cooling-031106075--business.html
After Japan announced its slowdown, HK is the next to declare that its economic growth will slow down significantly.
Furthermore, HK has to follow the US in hiking interest rates to contain its HKD fall since it is pegged to the USD.
A higher interest rate will cause HK to slow down further.
Wednesday, November 14, 2018
US skyrocketing debt will cause the next great recession!
https://finance.yahoo.com/news/us-debt-payments-soon-exceed-160557722.html
The US economic growth is based entirely on credit and this credit bubble will burst one day. There is no way for the US government to repay its colossal debt and its citizens have virtually no savings.
However, many people still have blind faith in the USA but the day of reckoning will come. It is a matter of when, not IF. In fact, some financial head honchos are warning about this credit bubble now.
https://www.newsmax.com/finance/streettalk/blackrock-larry-fink-deficit-budget/2018/11/09/id/890133/
Just look at the federal government! The federal government is also on the verge of bankruptcy with no money to pay its own government employees.
http://sg-stock.blogspot.com/2018/01/the-us-government-has-shut-down-on.html
This federal government will face the money problem next year again.
The US economic growth is based entirely on credit and this credit bubble will burst one day. There is no way for the US government to repay its colossal debt and its citizens have virtually no savings.
However, many people still have blind faith in the USA but the day of reckoning will come. It is a matter of when, not IF. In fact, some financial head honchos are warning about this credit bubble now.
https://www.newsmax.com/finance/streettalk/blackrock-larry-fink-deficit-budget/2018/11/09/id/890133/
Just look at the federal government! The federal government is also on the verge of bankruptcy with no money to pay its own government employees.
http://sg-stock.blogspot.com/2018/01/the-us-government-has-shut-down-on.html
This federal government will face the money problem next year again.
Japan economic growth is slowing down.
https://finance.yahoo.com/news/japans-economy-contracts-natural-disasters-trade-frictions-hit-002124696--business.html
Japan's economy contracts 1.2% annually in Q3 and will continue to slow down when the US-China trade war intensifies.
The only bright spot in the world now is Asia and the western countries such as Europe and the US are dumping their goods in Asia when they cannot sell goods to China which is the largest market. Japan will also start to divert its goods to Asia when its exports to China falter since Japan is an export-oriented nation.
Many developing Asia economies are still growing at above 5% which are much higher than in Europe and the US. However, Asia won't be able to hold up the global economic growth and will also falter over time because of the slowdown in China.
Japan's economy contracts 1.2% annually in Q3 and will continue to slow down when the US-China trade war intensifies.
The only bright spot in the world now is Asia and the western countries such as Europe and the US are dumping their goods in Asia when they cannot sell goods to China which is the largest market. Japan will also start to divert its goods to Asia when its exports to China falter since Japan is an export-oriented nation.
Many developing Asia economies are still growing at above 5% which are much higher than in Europe and the US. However, Asia won't be able to hold up the global economic growth and will also falter over time because of the slowdown in China.
Bank of Japan's balance sheet is larger than Japan's GDP.
https://finance.yahoo.com/news/graphic-bank-japans-balance-sheet-083941933.html
When a central bank is bigger than its own country GDP, it is facing tremendous stress in managing its assets because of the different risks it faced in different markets.
What does this mean for the market?
This means the stock market is artificially being held up and the bond market is also flushed with fake liquidity.
When there is a global recession, BOJ will suffer from a massive dilution in asset values. The BOJ will also suffer great losses in its bond assets in an interest rate rising environment because the bond price and interest yield move in an inverse relationship.
The BOJ will be cash-strapped when it is holding a lot of assets and will face cash flow problems when it is needed to perform its origin duties as a central bank. It cannot cash out easily because it will disrupt the stock and bond markets.
When a central bank is bigger than its own country GDP, it is facing tremendous stress in managing its assets because of the different risks it faced in different markets.
What does this mean for the market?
This means the stock market is artificially being held up and the bond market is also flushed with fake liquidity.
When there is a global recession, BOJ will suffer from a massive dilution in asset values. The BOJ will also suffer great losses in its bond assets in an interest rate rising environment because the bond price and interest yield move in an inverse relationship.
The BOJ will be cash-strapped when it is holding a lot of assets and will face cash flow problems when it is needed to perform its origin duties as a central bank. It cannot cash out easily because it will disrupt the stock and bond markets.
Foreign buyers are snubbing US treasuries auctions in November 2018.
3-year bonds
https://www.ft.com/content/f3f56754-e12a-11e8-8e70-5e22a430c1ad
Quote:
Primary dealers, responsible for bidding on a pro-rata share of each auction to ensure the debt is sold, walked away with 47.9 per cent of the securities, above a recent auction average of 44.1 per cent, as other investors backed away.
End Quote.
30-year bonds
https://www.ft.com/content/752b0a68-e2bb-11e8-8e70-5e22a430c1ad
Quote:
The weak demand left primary dealers, who are responsible for bidding on a pro-rata share of each auction to ensure the debt is sold, taking home 38.1 per cent of the sale, above a recent average of 27.3 per cent.
End Quote.
How do we know that there are fewer buyers participating in the US bonds auction? Well, we just need to look at the pro-rata share of the auction to determine the increase or decrease of foreign buyers.
This is just a simple mathematics logic.
When the denominator (the number of buyers) gets smaller, the pro-rata figure will get bigger. Therefore, a high the pro-rata figure denotes a lacklustre buyer's interest because fewer buyers participate in the auction.
Example:
1/100 = 1%
1/50 = 2%
1/25 = 4%
From the figures above, if the number of buyers reduces from 100 to 25, the pro-rata figure will increase from 1% to 4% because the denominator gets smaller.
https://www.ft.com/content/f3f56754-e12a-11e8-8e70-5e22a430c1ad
Quote:
Primary dealers, responsible for bidding on a pro-rata share of each auction to ensure the debt is sold, walked away with 47.9 per cent of the securities, above a recent auction average of 44.1 per cent, as other investors backed away.
End Quote.
30-year bonds
https://www.ft.com/content/752b0a68-e2bb-11e8-8e70-5e22a430c1ad
Quote:
The weak demand left primary dealers, who are responsible for bidding on a pro-rata share of each auction to ensure the debt is sold, taking home 38.1 per cent of the sale, above a recent average of 27.3 per cent.
End Quote.
How do we know that there are fewer buyers participating in the US bonds auction? Well, we just need to look at the pro-rata share of the auction to determine the increase or decrease of foreign buyers.
This is just a simple mathematics logic.
When the denominator (the number of buyers) gets smaller, the pro-rata figure will get bigger. Therefore, a high the pro-rata figure denotes a lacklustre buyer's interest because fewer buyers participate in the auction.
Example:
1/100 = 1%
1/50 = 2%
1/25 = 4%
From the figures above, if the number of buyers reduces from 100 to 25, the pro-rata figure will increase from 1% to 4% because the denominator gets smaller.
Tuesday, November 13, 2018
Former Fed Chair Yellen revealed the truth behind the US trade deficit.
https://www.bloombergquint.com/global-economics/yellen-says-fed-more-to-blame-for-wider-trade-deficit-than-china#gs.KWJawKg
Quote:
"I do not see unfair trade practices in China, or anywhere in the world, as what is responsible for the U.S. trade deficit,” Yellen said.
End Quote:
Finally, former Fed chair Yellen has spoken the truth.
Quote:
"I do not see unfair trade practices in China, or anywhere in the world, as what is responsible for the U.S. trade deficit,” Yellen said.
End Quote:
Finally, former Fed chair Yellen has spoken the truth.
A 1947 map showed that South China Sea islands & Taiwan belonged to China.
This map was produced by Rand McNally company (founded in 1868) and could be found in the 1947 Collier's World Atlas and Gazetteer.
The map was produced by the west right after WW2 to indicate the true ownership of the South China Sea islands, a.ka Paracel islands (China), and Taiwan (China). Taiwan was known as Formosa back then.
The west recognized that China owned the South China Sea islands and Taiwan in 1947 but the west flip-flopped on its stance later after the discovery of natural resources in the South China Sea.
Apple fell further yesterday and affected other technology stocks.
https://sg.finance.yahoo.com/news/apples-asia-suppliers-fall-amid-fears-weak-iphone-023212593--sector.html
We had been warning about Apple and its suppliers in our previous post.
http://sg-stock.blogspot.com/2018/11/apple-iphone-sales-disappoint.html
We had been warning about Apple and its suppliers in our previous post.
http://sg-stock.blogspot.com/2018/11/apple-iphone-sales-disappoint.html
OUE Commercial - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/09/17 | DBS Vickers | OUE Commercial | 0.695 | 0.74 | Hold | DCF |
| 01/27/17 | OCBC | OUE Commercial | 0.7 | 0.65 | Hold | |
| 03/10/17 | OCBC | OUE Commercial | 0.685 | 0.65 | Hold | |
| 05/08/17 | DBS Vickers | OUE Commercial | 0.7 | 0.67 | Hold | DCF |
| 05/08/17 | OCBC | OUE Commercial | 0.7 | 0.65 | Hold | |
| 05/08/17 | CIMB | OUE Commercial | 0.7 | 0.71 | Hold | |
| 08/03/17 | OCBC | OUE Commercial | 0.73 | 0.68 | Hold | DDM |
| 08/04/17 | CIMB | OUE Commercial | 0.725 | 0.68 | Hold | DDM |
| 08/04/17 | DBS Vickers | OUE Commercial | 0.725 | 0.69 | Hold | |
| 10/04/17 | OCBC | OUE Commercial | 0.715 | 0.67 | Hold | |
| 11/03/17 | OCBC | OUE Commercial | 0.72 | 0.67 | Hold | |
| 11/03/17 | CIMB | OUE Commercial | 0.72 | 0.68 | Hold | DDM |
| 11/10/17 | DBS Vickers | OUE Commercial | 0.71 | 0.73 | Hold | DCF |
| 12/05/17 | OCBC | OUE Commercial | 0.71 | 0.67 | Hold | |
| 01/09/18 | OCBC | OUE Commercial | 0.75 | 0.67 | Hold | |
| 02/01/18 | CIMB | OUE Commercial | 0.75 | 0.75 | Hold | DDM |
| 02/01/18 | OCBC | OUE Commercial | 0.75 | 0.69 | Hold | |
| 02/05/18 | DBS Vickers | OUE Commercial | 0.755 | 0.73 | Hold | DCF |
| 03/19/18 | DBS Vickers | OUE Commercial | 0.715 | 0.73 | Hold | |
| 03/23/18 | CIMB | OUE Commercial | 0.72 | 0.75 | Hold | DDM |
| 05/11/18 | OCBC | OUE Commercial | 0.72 | 0.68 | Hold | |
| 08/02/18 | DBS Vickers | OUE Commercial | 0.695 | 0.73 | Hold | |
| 08/03/18 | CIMB | OUE Commercial | 0.69 | 0.75 | Hold | DDM |
| 08/03/18 | DBS Vickers | OUE Commercial | 0.69 | 0.67 | Hold | DCF |
| 09/12/18 | CIMB | OUE Commercial | 0.66 | 0.6 | Hold | DDM |
| 09/12/18 | DBS Vickers | OUE Commercial | 0.66 | 0.67 | Hold | |
| 11/09/18 | OCBC | OUE Commercial | 0.475 | 0.48 | Hold | |
| 11/12/18 | DBS Vickers | OUE Commercial | 0.465 | 0.47 | Hold | DCF |
| 11/12/18 | CIMB | OUE Commercial | 0.465 | 0.57 | Hold | DDM |
OUE - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 02/20/17 | DIR | OUE | 1.95 | 3.05 | Buy | Sum of parts |
| 02/20/17 | OCBC | OUE | 1.95 | 2.17 | Buy | |
| 04/12/17 | Deutsche | OUE | 2.06 | 2.2 | Buy | |
| 04/12/17 | OCBC | OUE | 2.06 | 2.17 | Buy | |
| 05/12/17 | Deutsche | OUE | 2 | 3 | Buy | |
| 05/12/17 | DIR | OUE | 2 | 3 | Buy | Sum of parts |
| 06/22/17 | Deutsche | OUE | 1.985 | 3 | Buy | |
| 10/20/17 | Deutsche | OUE | 2.02 | 3 | Buy | |
| 11/07/17 | OCBC | OUE | 2.02 | 2.47 | Buy | |
| 02/26/18 | OCBC | OUE | 1.93 | 2.28 | Buy | |
| 05/14/18 | OCBC | OUE | 1.81 | 2.25 | Buy | |
| 09/06/18 | OCBC | OUE | 1.57 | 2.25 | Buy | |
| 09/25/18 | Deutsche | OUE | 1.54 | 3 | Buy | |
| 11/13/18 | OCBC | OUE | 1.37 | 2.25 | Buy |
Old Chang Kee - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 02/14/17 | phillip | Old Chang Kee | 0.835 | 0.98 | Buy | DCF |
| 04/17/17 | phillip | Old Chang Kee | 0.85 | 0.98 | Buy | |
| 06/05/17 | phillip | Old Chang Kee | 0.83 | 0.98 | Buy | DCF |
| 08/17/17 | phillip | Old Chang Kee | 0.765 | 0.98 | Buy | DCF |
| 11/14/17 | phillip | Old Chang Kee | 0.75 | 0.98 | Buy | DCF |
| 12/04/17 | phillip | Old Chang Kee | 0.76 | 0.98 | Buy | DCF |
| 02/15/18 | phillip | Old Chang Kee | 0.745 | 0.98 | Buy | DCF |
| 03/19/18 | phillip | Old Chang Kee | 0.76 | 0.98 | Buy | |
| 04/16/18 | phillip | Old Chang Kee | 0.775 | 0.98 | Buy | |
| 05/31/18 | phillip | Old Chang Kee | 0.755 | 0.98 | Buy | DCF, PER22.6x FY19 |
Stock calls for 13 November 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 11/13/18 | Phillip | 800Super | 0.785 | 0.8 | Neutral | DCF, PER18.2x FY19 |
| 11/13/18 | DMG & Partners | APAC Realty | 0.495 | 0.72 | Buy | DCF |
| 11/13/18 | DMG & Partners | Avi-Tech | 0.32 | 0.34 | Neutral | DCF |
| 11/13/18 | DBS Vickers | Bumitama | 0.61 | 0.85 | Buy | DCF, PER14.5x FY19 |
| 11/13/18 | UOB Kay Hian | Bumitama | 0.61 | 0.81 | Buy | PER11x FY19 |
| 11/13/18 | Kim Eng | Bumitama | 0.61 | 0.98 | Buy | |
| 11/13/18 | Amfrasers | Comfortdelgro | 2.21 | 2.72 | Buy | PER19x FY18 |
| 11/13/18 | Soochow | Dasin Retail | 0.855 | 0.97 | Buy | |
| 11/13/18 | DBS Vickers | Ezion | 0.047 | 0.14 | Buy | PB0.8x FY18 |
| 11/13/18 | DBS Vickers | First Resources | 1.56 | 1.97 | Buy | DCF |
| 11/13/18 | CIMB | First Resources | 1.56 | 2.08 | Add | PER15x FY19 |
| 11/13/18 | DBS Vickers | Frasers Property | 1.63 | 1.98 | Buy | RNAV (35% discount) |
| 11/13/18 | OCBC | Golden Agri | 0.245 | 0.24 | Hold | |
| 11/13/18 | Amfrasers | Japan Foods | 0.455 | 0.56 | Hold | DCF |
| 11/13/18 | DBS Vickers | Koufu | 0.635 | 0.8 | Buy | PER17x FY19 |
| 11/13/18 | CIMB | Lippo-Malls Indo | 0.23 | 0.27 | Hold | DDM |
| 11/13/18 | OCBC | OUE | 1.37 | 2.25 | Buy | |
| 11/13/18 | Kim Eng | Sasseur | 0.68 | 0.9 | Buy | |
| 11/13/18 | DMG & Partners | ST Engineering | 3.5 | 3.97 | Buy | |
| 11/13/18 | Amfrasers | Thai Beverage | 0.65 | 0.75 | Buy | Sum of parts |
| 11/13/18 | DBS Vickers | UOB | 24.49 | 29.5 | Buy | |
| 11/13/18 | Kim Eng | Valuetronics | 0.68 | 0.96 | Buy | ROE-g/COE-g |
| 11/13/18 | UOB Kay Hian | Valuetronics | 0.68 | 0.87 | Buy | PER10.9x FY19 |
| 11/13/18 | DMG & Partners | Valuetronics | 0.68 | 0.82 | Buy | DCF, PER10x FY19 |
| 11/13/18 | CIMB | Valuetronics | 0.68 | 0.93 | Add | PER10x CY19 |
| 11/13/18 | CIMB | Wilmar | 3.18 | 4.1 | Add | Sum of parts |
| 11/13/18 | UOB Kay Hian | Wilmar | 3.18 | 3.9 | Buy | Sum of parts, PER13.7x FY19 |
China is selling USD!
https://sg.finance.yahoo.com/news/china-state-banks-seen-selling-dollars-fx-market-034935772--business.html
China is selling USD to defend its yuan.
We've explained this previously.
https://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html
China is selling USD to defend its yuan.
We've explained this previously.
https://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html
Johor-Singapore crooked bridge to start in 2019
https://www.malaymail.com/s/1692809/mb-says-third-johor-singapore-bridge-to-start-2019
If construction of the new crooked bridge really starts next year, it will mean that the causeway on Malaysia side will be dismantled in the future and this will include the water pipes that link to SG.
What is SG government going to do about it?
If construction of the new crooked bridge really starts next year, it will mean that the causeway on Malaysia side will be dismantled in the future and this will include the water pipes that link to SG.
What is SG government going to do about it?
Monday, November 12, 2018
Olam - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 03/01/17 | DBS Vickers | Olam | 2.05 | 2.12 | Hold | DCF & PER16.4x |
| 05/16/17 | DBS Vickers | Olam | 1.99 | 2.15 | Hold | DCF & PER16.3x |
| 03/01/18 | DBS Vickers | Olam | 2.25 | 2.31 | Hold | DCF & PER16.1x |
| 04/03/18 | DBS Vickers | Olam | 2.32 | 2.31 | Hold |
OKP - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 03/15/17 | DBS Vickers | OKP | 0.395 | 0.45 | Not Rated | PER11x FY17 |
| 06/28/17 | Amfrasers | OKP | 0.445 | 0.52 | Buy | PER11x FY17 |
| 07/17/17 | Amfrasers | OKP | 0.395 | 0.39 | Hold | |
| 02/20/18 | Amfrasers | OKP | 0.35 | 0.39 | Hold |
OCBC Bank - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/03/17 | DMG & Partners | OCBC | 8.92 | 8.81 | Neutral | |
| 01/03/17 | UOB Kay Hian | OCBC | 8.92 | 10.45 | Buy | |
| 01/04/17 | Kim Eng | OCBC | 8.98 | 7.4 | Sell | |
| 01/06/17 | UOB Kay Hian | OCBC | 9.18 | 10.65 | Buy | GGM, PB1.2x FY17 |
| 01/11/17 | DIR | OCBC | 9.35 | 11 | Buy | |
| 01/11/17 | UBS | OCBC | 9.35 | 10.3 | Buy | |
| 02/02/17 | Lim & Tan | OCBC | 9.48 | 0 | Hold | |
| 02/03/17 | CIMB | OCBC | 9.45 | 8.18 | Reduce | |
| 02/06/17 | Macquarie | OCBC | 9.42 | 10 | Outperform | |
| 02/08/17 | UOB Kay Hian | OCBC | 9.66 | 10.65 | Buy | |
| 02/14/17 | Lim & Tan | OCBC | 9.75 | 0 | Take profit/Sell | Buy @ $8.49 |
| 02/15/17 | CIMB | OCBC | 9.43 | 8.83 | Reduce | GGM, PB0.98x CY17 |
| 02/15/17 | Credit Suisse | OCBC | 9.43 | 10.5 | Outperform | |
| 02/15/17 | DBS Vickers | OCBC | 9.43 | 10.3 | Hold | GGM, PB1.1x FY17 |
| 02/15/17 | DIR | OCBC | 9.43 | 11 | Buy | GGM, PB1.23x |
| 02/15/17 | DMG & Partners | OCBC | 9.43 | 8.9 | Neutral | GGM, PB1x FY17 |
| 02/15/17 | Kim Eng | OCBC | 9.43 | 8.05 | Sell | PB0.9x FY17 |
| 02/15/17 | UOB Kay Hian | OCBC | 9.43 | 10.75 | Buy | GGM, PB1.19x FY17 |
| 02/16/17 | phillip | OCBC | 9.45 | 8.48 | Reduce | PB0.95x FY17 |
| 03/02/17 | UOB Kay Hian | OCBC | 9.53 | 10.75 | Buy | GGM, PB1.19x FY17 |
| 03/03/17 | CIMB | OCBC | 9.51 | 8.83 | Reduce | |
| 03/03/17 | Jefferies | OCBC | 9.51 | 8 | Underperform | |
| 03/06/17 | Macquarie | OCBC | 9.49 | 10 | Outperform | |
| 03/21/17 | DMG & Partners | OCBC | 9.63 | 8.9 | Neutral | GGM, PB1x FY17 |
| 03/21/17 | Kim Eng | OCBC | 9.63 | 8.05 | Sell | |
| 04/03/17 | Kim Eng | OCBC | 9.72 | 8.05 | Sell | |
| 04/12/17 | UOB Kay Hian | OCBC | 9.59 | 10.75 | Buy | GGM, PB1.19x FY17 |
| 04/18/17 | DIR | OCBC | 9.59 | 11 | Buy | |
| 04/25/17 | CIMB | OCBC | 9.64 | 8.83 | Reduce | |
| 04/25/17 | Sanford C Bernstein | OCBC | 9.64 | 10.95 | Outperform | |
| 05/09/17 | DMG & Partners | OCBC | 10.3 | 8.9 | Neutral | |
| 05/09/17 | Lim & Tan | OCBC | 10.3 | 0 | Hold | |
| 05/09/17 | UBS | OCBC | 10.3 | 10.4 | Neutral | |
| 05/11/17 | CIMB | OCBC | 10.46 | 9.94 | Hold | GGM, PB1.1x CY17 |
| 05/11/17 | Credit Suisse | OCBC | 10.46 | 11.1 | Outperform | |
| 05/11/17 | DBS Vickers | OCBC | 10.46 | 10.3 | Hold | GGM, PB1.1x FY17 |
| 05/11/17 | DIR | OCBC | 10.46 | 11 | Hold | GGM, PB1.22x FY17 |
| 05/11/17 | DMG & Partners | OCBC | 10.46 | 10.22 | Neutral | |
| 05/11/17 | Kim Eng | OCBC | 10.46 | 9.85 | Hold | PB1.1x FY17 |
| 05/11/17 | Macquarie | OCBC | 10.46 | 10 | Outperform | PB1.19x |
| 05/11/17 | phillip | OCBC | 10.46 | 8.48 | Reduce | PB0.95x FY17 |
| 05/11/17 | UOB Kay Hian | OCBC | 10.46 | 11.7 | Buy | GGM, PB1.3x FY17 |
| 05/23/17 | Jefferies | OCBC | 10.3 | 10.5 | Hold | |
| 06/08/17 | UOB Kay Hian | OCBC | 10.58 | 11.7 | Buy | |
| 06/14/17 | Kim Eng | OCBC | 10.74 | 9.85 | Hold | PB1.1x FY18 |
| 06/28/17 | DMG & Partners | OCBC | 10.73 | 10.15 | Neutral | |
| 06/28/17 | UOB Kay Hian | OCBC | 10.73 | 11.7 | Buy | GGM, PB1.3x FY17 |
| 07/03/17 | Kim Eng | OCBC | 10.79 | 9.85 | Hold | |
| 07/04/17 | UOB Kay Hian | OCBC | 10.72 | 13 | Buy | GGM, PB1.36x FY18 |
| 07/12/17 | Credit Suisse | OCBC | 10.79 | 10.9 | Neutral | |
| 07/27/17 | Lim & Tan | OCBC | 11.25 | 0 | Hold | |
| 07/27/17 | UBS | OCBC | 11.25 | 11.3 | Neutral | |
| 07/28/17 | Macquarie | OCBC | 11.49 | 10.4 | Neutral | GGM, PB1.27x FY18 |
| 07/28/17 | phillip | OCBC | 11.49 | 10.81 | Neutral | GGM, PB1.2x |
| 07/28/17 | DIR | OCBC | 11.49 | 11.5 | Hold | GGM, PB1.24x |
| 07/28/17 | UOB Kay Hian | OCBC | 11.49 | 13.38 | Buy | GGM, PB1.39x FY18 |
| 07/28/17 | DMG & Partners | OCBC | 11.49 | 10.96 | Neutral | GGM, PB1.16x FY17 |
| 07/28/17 | CIMB | OCBC | 11.49 | 11.98 | Hold | GGM, PB1.3x CY17 |
| 07/28/17 | DBS Vickers | OCBC | 11.49 | 12.8 | Buy | GGM, PB1.3x FY18 |
| 08/07/17 | UOB Kay Hian | OCBC | 11.21 | 13.38 | Buy | |
| 08/18/17 | Macquarie | OCBC | 11.14 | 10.4 | Neutral | |
| 08/22/17 | Kim Eng | OCBC | 11.02 | 11.05 | Hold | GGM, PB1.1x FY18 |
| 08/23/17 | Macquarie | OCBC | 11.07 | 12.2 | Outperform | |
| 08/23/17 | DBS Vickers | OCBC | 11.07 | 12.8 | Buy | |
| 08/23/17 | Deutsche | OCBC | 11.07 | 11.5 | Hold | |
| 09/12/17 | DMG & Partners | OCBC | 10.92 | 10.96 | Neutral | PB1.1x FY18 |
| 09/18/17 | phillip | OCBC | 10.95 | 10.81 | Neutral | |
| 09/18/17 | Kim Eng | OCBC | 10.95 | 11.05 | Hold | |
| 09/20/17 | DBS Vickers | OCBC | 11 | 12.8 | Buy | GGM, PB1.3x FY18 |
| 09/20/17 | Credit Suisse | OCBC | 11 | 10.9 | Neutral | |
| 09/20/17 | Macquarie | OCBC | 11 | 12.2 | Outperform | |
| 10/06/17 | UOB Kay Hian | OCBC | 11.25 | 13.38 | Buy | GGM, PB1.39x FY18 |
| 10/09/17 | DIR | OCBC | 11.37 | 11.5 | Hold | |
| 10/09/17 | DBS Vickers | OCBC | 11.37 | 12.8 | Buy | GGM, PB1.3x FY18 |
| 10/09/17 | Credit Suisse | OCBC | 11.37 | 11.6 | Neutral | |
| 10/20/17 | phillip | OCBC | 11.44 | 11.95 | Accumulate | |
| 10/23/17 | Macquarie | OCBC | 11.49 | 12.2 | Outperform | |
| 10/25/17 | DBS Vickers | OCBC | 11.46 | 12.8 | Buy | |
| 10/27/17 | UOB Kay Hian | OCBC | 11.57 | 13.56 | Buy | GGM, PB1.44x FY18 |
| 10/27/17 | phillip | OCBC | 11.57 | 13.48 | Buy | GGM, PB1.44x FY18 |
| 10/27/17 | CIMB | OCBC | 11.57 | 12.6 | Add | GGM, PB1.29x FY18 |
| 10/27/17 | DBS Vickers | OCBC | 11.57 | 13.5 | Buy | GGM, PB1.3x Fy18 |
| 10/27/17 | Lim & Tan | OCBC | 11.57 | 0 | Buy | |
| 10/27/17 | Credit Suisse | OCBC | 11.57 | 11.7 | Neutral | |
| 10/27/17 | Kim Eng | OCBC | 11.57 | 12 | Hold | PB1.2x |
| 10/27/17 | UBS | OCBC | 11.57 | 12.2 | Neutral | |
| 11/01/17 | UOB Kay Hian | OCBC | 11.9 | 13.56 | Buy | GGM, PB1.44x FY18 |
| 11/01/17 | Deutsche | OCBC | 11.9 | 12.3 | Hold | |
| 11/20/17 | Credit Suisse | OCBC | 11.65 | 12.6 | Neutral | |
| 11/20/17 | CIMB | OCBC | 11.65 | 12.6 | Add | |
| 11/23/17 | DBS Vickers | OCBC | 12.01 | 13.5 | Buy | GGM, PB1.3x FY18 |
| 12/01/17 | UOB Kay Hian | OCBC | 12.45 | 13.56 | Buy | GGM, PB1.44x FY18 |
| 12/08/17 | phillip | OCBC | 12.12 | 13.48 | Buy | |
| 12/08/17 | Jefferies | OCBC | 12.12 | 14 | Buy | |
| 12/20/17 | CIMB | OCBC | 12.25 | 12.6 | Add | |
| 01/02/18 | UOB Kay Hian | OCBC | 12.39 | 13.56 | Buy | GGM, PB1.44x FY18 |
| 01/05/18 | DBS Vickers | OCBC | 12.95 | 14 | Buy | GGM, PB1.4x FY18 |
| 01/05/18 | UOB Kay Hian | OCBC | 12.95 | 14.88 | Buy | GGM, PB1.58x FY18 |
| 01/09/18 | Deutsche | OCBC | 12.99 | 13.6 | Hold | |
| 01/10/18 | phillip | OCBC | 12.91 | 13.48 | Buy | |
| 02/03/18 | UOB Kay Hian | OCBC | 12.26 | 14.88 | Buy | |
| 02/05/18 | Macquarie | OCBC | 12.81 | 14 | Outperform | |
| 02/12/18 | phillip | OCBC | 12.19 | 13.48 | Buy | |
| 02/15/18 | UOB Kay Hian | OCBC | 12.26 | 14.9 | Buy | GGM, PB1.56x FY18 |
| 02/15/18 | Kim Eng | OCBC | 12.26 | 13.5 | Hold | PB1.4x FY18 |
| 02/15/18 | Credit Suisse | OCBC | 12.26 | 14.7 | Outperform | |
| 02/15/18 | CIMB | OCBC | 12.26 | 14 | Add | GGM, PB1.4x FY18, PER11.7x FY19 |
| 02/15/18 | Jefferies | OCBC | 12.26 | 14 | Buy | |
| 02/15/18 | DBS Vickers | OCBC | 12.26 | 14 | Buy | GGM, PB1.4x FY18 |
| 02/22/18 | UBS | OCBC | 13 | 14.5 | Buy | |
| 02/22/18 | phillip | OCBC | 13 | 13.94 | Buy | GGM, PB1.46x |
| 02/22/18 | Jefferies | OCBC | 13 | 15.2 | Buy | |
| 03/02/18 | UOB Kay Hian | OCBC | 13.21 | 14.9 | Buy | |
| 03/08/18 | UOB Kay Hian | OCBC | 13.21 | 14.95 | Buy | GGM, PB1.54x FY18 |
| 03/20/18 | Kim Eng | OCBC | 13.18 | 14.83 | Buy | |
| 03/22/18 | Lim & Tan | OCBC | 13.42 | 0 | Buy | |
| 04/03/18 | UOB Kay Hian | OCBC | 12.77 | 14.95 | Buy | |
| 04/16/18 | Credit Suisse | OCBC | 13.08 | 15.75 | Buy | |
| 04/20/18 | UOB Kay Hian | OCBC | 13.74 | 16.02 | Buy | GGM, PB1.64x FY18 |
| 04/20/18 | CIMB | OCBC | 13.74 | 15 | Add | GGM, PB1.5x FY18 |
| 04/27/18 | DBS Vickers | OCBC | 13.76 | 15.3 | Buy | GGM, PB1.5x FY18 |
| 05/03/18 | UOB Kay Hian | OCBC | 13.86 | 16.02 | Buy | |
| 05/08/18 | Macquarie | OCBC | 13.17 | 14.5 | Outperform | |
| 05/08/18 | CIMB | OCBC | 13.17 | 14 | Hold | GGM, PB1.5x FY18 |
| 05/08/18 | UOB Kay Hian | OCBC | 13.17 | 16.5 | Buy | GGM, PB1.66x FY18 |
| 05/08/18 | Credit Suisse | OCBC | 13.17 | 15.1 | Outperform | |
| 05/08/18 | DBS Vickers | OCBC | 13.17 | 15.3 | Buy | GGM, PB1.5x FY18 |
| 05/08/18 | Deutsche | OCBC | 13.17 | 14 | Hold | |
| 05/09/18 | phillip | OCBC | 13.08 | 14.9 | Accumulate | GGM, PB1.6x FY18 |
| 05/09/18 | Kim Eng | OCBC | 13.08 | 14.6 | Buy | GGM, PB1.5x FY18 |
| 06/01/18 | UOB Kay Hian | OCBC | 12.54 | 16.5 | Buy | GGM, PB1.68 FY18 |
| 06/04/18 | phillip | OCBC | 12.53 | 14.9 | Accumulate | |
| 06/26/18 | UOB Kay Hian | OCBC | 11.6 | 14.28 | Buy | GGM, PER1.46x FY18 |
| 07/02/18 | phillip | OCBC | 11.64 | 14.9 | Accumulate | |
| 07/03/18 | UOB Kay Hian | OCBC | 11.51 | 14.28 | Buy | |
| 07/06/18 | DBS Vickers | OCBC | 11.5 | 12.2 | Hold | GGM, PB1.3x FY18 |
| 07/19/18 | UOB Kay Hian | OCBC | 11.15 | 13.52 | Buy | GGM, PB1.41x FY18 |
| 08/01/18 | phillip | OCBC | 11.57 | 14.9 | Accumulate | GGM, PB1.5x |
| 08/06/18 | Macquarie | OCBC | 11.35 | 14.5 | Outperform | |
| 08/06/18 | Jefferies | OCBC | 11.35 | 14 | Buy | |
| 08/07/18 | UOB Kay Hian | OCBC | 11.58 | 13.68 | Buy | GGM, PB1.42x FY18 |
| 08/07/18 | Credit Suisse | OCBC | 11.58 | 14.65 | Outperform | |
| 08/07/18 | DBS Vickers | OCBC | 11.58 | 12.4 | Hold | GGM, PB1.2x FY19 |
| 08/07/18 | CIMB | OCBC | 11.58 | 14 | Add | |
| 09/03/18 | UOB Kay Hian | OCBC | 11.3 | 13.68 | Buy | GGM, PB1.42x FY18 |
| 09/25/18 | CIMB | OCBC | 11.36 | 14 | Add | GGM |
| 09/26/18 | DBS Vickers | OCBC | 11.45 | 12.4 | Hold | |
| 10/02/18 | phillip | OCBC | 11.45 | 14.9 | Buy | |
| 10/03/18 | UOB Kay Hian | OCBC | 11.31 | 13.68 | Buy | |
| 10/11/18 | Jefferies | OCBC | 10.95 | 14 | Buy | |
| 10/15/18 | UOB Kay Hian | OCBC | 10.75 | 14.05 | Buy | GGM, PB1.37x FY19 |
| 10/19/18 | DBS Vickers | OCBC | 10.7 | 12.4 | Hold | |
| 11/01/18 | phillip | OCBC | 10.74 | 14.9 | Buy | |
| 11/01/18 | Lim & Tan | OCBC | 10.74 | 0 | Buy | |
| 11/02/18 | CIMB | OCBC | 11.15 | 14 | Add | GGM |
| 11/02/18 | DBS Vickers | OCBC | 11.15 | 13.2 | Buy | GGM, PB1.3x FY19 |
| 11/02/18 | UOB Kay Hian | OCBC | 11.15 | 14.05 | Buy | GGM, PB1.37x FY19 |
| 11/12/18 | Macquarie | OCBC | 11.46 | 13 | Outperform |
Stock calls for 12 November 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 11/12/18 | DMG & Partners | Best World | 1.85 | 2.13 | Buy | PER13x FY19 |
| 11/12/18 | CIMB | Best World | 1.85 | 1.9 | Hold | PER12.5x CY20 |
| 11/12/18 | DMG & Partners | Bumitama | 0.62 | 0.8 | Buy | |
| 11/12/18 | OCBC | City Developments | 8.45 | 10.73 | Buy | |
| 11/12/18 | phillip | Comfortdelgro | 2.18 | 2.69 | Buy | DCF, PER19.2x FY18 |
| 11/12/18 | DBS Vickers | Comfortdelgro | 2.18 | 2.56 | Buy | PER16x FY19 |
| 11/12/18 | DMG & Partners | Comfortdelgro | 2.18 | 2.35 | Neutral | PER15x FY19 |
| 11/12/18 | OCBC | Comfortdelgro | 2.18 | 2.29 | Hold | |
| 11/12/18 | CIMB | Comfortdelgro | 2.18 | 2.74 | Add | DCF, PER17.7x FY19 |
| 11/12/18 | UOB Kay Hian | First Resources | 1.6 | 1.6 | Hold | PER13x FY18, Buy @ $1.40 |
| 11/12/18 | DMG & Partners | First Resources | 1.6 | 1.6 | Neutral | PER11x FY19 |
| 11/12/18 | Kim Eng | First Resources | 1.6 | 2 | Buy | PER17x FY18 |
| 11/12/18 | CIMB | Frasers Property | 1.62 | 2.08 | Add | RNAV (35% discount) |
| 11/12/18 | Kim Eng | Hi-P | 0.845 | 0.84 | Hold | PB1x FY19 |
| 11/12/18 | DMG & Partners | HRnetGroup | 0.815 | 1.18 | Buy | DCF |
| 11/12/18 | DBS Vickers | HRnetGroup | 0.815 | 1.1 | Buy | PER15x FY19, ex-cash |
| 11/12/18 | CIMB | HRnetGroup | 0.815 | 1.1 | Add | PER18x CY20 |
| 11/12/18 | DMG & Partners | Mindchamps | 0.625 | 0.87 | Buy | DCF & EV/Ebitda17x FY19 |
| 11/12/18 | Macquarie | OCBC | 11.46 | 13 | Outperform | |
| 11/12/18 | DBS Vickers | OUE Commercial | 0.465 | 0.47 | Hold | |
| 11/12/18 | CIMB | OUE Commercial | 0.465 | 0.57 | Hold | DDM |
| 11/12/18 | DBS Vickers | SATS | 4.88 | 5.6 | Buy | DCF, PER22x FY20 |
| 11/12/18 | CIMB | SIA | 9.52 | 10.1 | Hold | PB0.9x CY19 |
| 11/12/18 | phillip | SIA Engineering | 2.83 | 2.81 | Neutral | DCF, PER20.6x FY19 |
| 11/12/18 | UOB Kay Hian | SIA Engineering | 2.83 | 2.7 | Hold | DCF, Buy @ $2.40 or PER15x FY19 |
| 11/12/18 | DBS Vickers | SIA Engineering | 2.83 | 2.94 | Hold | Sum of parts |
| 11/12/18 | CIMB | SIA Engineering | 2.83 | 3.11 | Add | DCF, PER19.6x CY19 |
| 11/12/18 | UOB Kay Hian | Starhub | 1.94 | 2.3 | Buy | DCF |
| 11/12/18 | DMG & Partners | Starhub | 1.94 | 1.9 | Neutral | DCF |
| 11/12/18 | OCBC | Starhub | 1.94 | 1.92 | Hold | |
| 11/12/18 | CIMB | Sunningdale | 1.41 | 1.84 | Add | PB0.92x |
| 11/12/18 | UOB Kay Hian | Sunningdale | 1.41 | 1.5 | Hold | PER10.6x FY19, Buy @ $1.25 |
| 11/12/18 | Lim & Tan | Sunningdale | 1.41 | 0 | Buy | |
| 11/12/18 | Lim & Tan | Sunpower | 0.41 | 0 | Buy | |
| 11/12/18 | DMG & Partners | Wilmar | 3.15 | 3.69 | Buy | |
| 11/12/18 | DBS Vickers | Yangzijiang | 1.3 | 1.82 | Buy | Sum of parts |
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