Samudera - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/17	Amfrasers	Samudera	0.189	0.26	Buy	PB0.4x
10/13/17	Amfrasers	Samudera	0.24	0.38	Buy	PB0.6x FY17

Sabana Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	phillip	Sabana Reit	0.375	0.51	Trading Buy	PB0.9x, Ex-rights 42 for 100 @ $0.258
03/06/17	phillip	Sabana Reit	0.43	0.54	Trading Buy	PB0.9x
05/11/17	phillip	Sabana Reit	0.455	0.54	Trading Buy	PB0.9X
08/08/17	phillip	Sabana Reit	0.49	0.57	Trading Buy	PB1x

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/17	OCBC	Roxy-Pacific	0.525	0.52	Hold
11/22/17	OCBC	Roxy-Pacific	0.52	0.52	Hold
12/07/17	OCBC	Roxy-Pacific	0.54	0.6	Buy
12/12/17	DBS Vickers	Roxy-Pacific	0.53	0.69	Buy	RNAV (30% discount)
02/15/18	OCBC	Roxy-Pacific	0.56	0.66	Buy
02/19/18	DBS Vickers	Roxy-Pacific	0.56	0.69	Buy	RNAV (30% discount)
03/20/18	DBS Vickers	Roxy-Pacific	0.555	0.69	Buy	RNAV (30% discount)
04/03/18	DBS Vickers	Roxy-Pacific	0.55	0.69	Buy
05/08/18	DBS Vickers	Roxy-Pacific	0.515	0.63	Buy
05/15/18	OCBC	Roxy-Pacific	0.515	0.6	Buy
06/05/18	DBS Vickers	Roxy-Pacific	0.505	0.63	Buy
07/09/18	DBS Vickers	Roxy-Pacific	0.43	0.4	Fully Valued	RNAV (55% discount)
08/01/18	OCBC	Roxy-Pacific	0.44	0.44	Hold	RNAV (35% discount)
08/01/18	DBS Vickers	Roxy-Pacific	0.44	0.4	Hold	RNAV (55% discount)
08/02/18	DBS Vickers	Roxy-Pacific	0.44	0.4	Fully Valued	RNAV (55% discount)
11/01/18	OCBC	Roxy-Pacific	0.38	0.41	Hold	RNAV (40% discount)

Stock calls for 22 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/22/18	Lim & Tan	Jumbo	0.405	0	Hold
11/22/18	DBS Vickers	Jumbo	0.405	0.44	Hold
11/22/18	DMG & Partners	SGX	7.21	8.4	Buy

Singapore Q3 GDP slowed more than expected.

https://sg.finance.yahoo.com/news/singapore-economy-grew-2-2-q3-full-year-growth-seen-3-3-5-031142015.html

Singapore Q3 GDP grew only 2.2%, below expectation and slower than the previous quarter of 4.1%.

Many countries in Asia are slowing down now and SG cannot escape unscathed.  2019 will be a bad year as the full impact of the trade war will be felt.

http://sg-stock.blogspot.com/2018/11/malaysia-and-thailand-economies-are.html

The US corporate debt is US$29T, not US$9T as stated.

https://uk.finance.yahoo.com/news/apos-9-trillion-corporate-debt-122100970.html

The US is trying to understate its corporate debt in the country because its economy is faltering and the trade war is escalating.

We had posted the US corporate debt previously.

http://sg-stock.blogspot.com/2017/05/chinas-total-debt-vs-usas-total-debt.html

There is no way for the US companies to reduce the corporate debt from US$29T to US$9T in just 1 year.

Fake news again!

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Riverstone	0.88	0.93	Neutral
02/24/17	CIMB	Riverstone	0.91	0.91	Hold	PER16.4x CY18
02/24/17	Kim Eng	Riverstone	0.91	0.83	Hold	PER16x FY17
05/05/17	Kim Eng	Riverstone	0.885	1.05	Buy
05/05/17	Lim & Tan	Riverstone	0.885	1.06	Buy	PER16x
05/08/17	CIMB	Riverstone	0.96	1.11	Add	PER18.3x FY18
05/08/17	DBS Vickers	Riverstone	0.96	1.07	Buy	PER16x FY18
08/04/17	Lim & Tan	Riverstone	1.065	0	Hold
08/04/17	DBS Vickers	Riverstone	1.065	1.07	Buy	PER16x FY18
08/07/17	CIMB	Riverstone	1.05	1.2	Add	PER16.3x FY18
08/07/17	Kim Eng	Riverstone	1.05	1.05	Hold
08/08/17	DBS Vickers	Riverstone	1.055	1.09	Hold	PER16x FY18
11/09/17	Kim Eng	Riverstone	1.065	1.05	Hold	PER16x FY18
11/09/17	DBS Vickers	Riverstone	1.065	1.09	Hold
02/26/18	CIMB	Riverstone	1.04	1.28	Add	PER18.6x FY19
02/26/18	DBS Vickers	Riverstone	1.04	1.27	Buy	PER16x FY19
02/26/18	Kim Eng	Riverstone	1.04	1.22	Buy	PER18x FY18
05/09/18	DBS Vickers	Riverstone	0.985	1.27	Buy
05/09/18	Lim & Tan	Riverstone	0.985	0	Hold
05/14/18	CIMB	Riverstone	1	1.28	Add
08/08/18	CIMB	Riverstone	1.1	1.28	Add	PER16.7x FY19
08/08/18	DBS Vickers	Riverstone	1.1	1.25	Buy	PER16x FY19
08/20/18	CIMB	Riverstone	1.11	1.3	Add	PER16.7x FY19
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

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/17	DBS Vickers	Religare Health Trust	0.925	0.85	Hold	DDM
02/08/17	CIMB	Religare Health Trust	0.89	0.89	Hold	DDM
05/24/17	DBS Vickers	Religare Health Trust	0.92	0.85	Hold	DDM, PB1x
08/07/17	CIMB	Religare Health Trust	0.88	0.92	Hold	DDM
11/16/17	DBS Vickers	Religare Health Trust	0.895	0.85	Hold	DDM, Offer $0.90
11/16/17	CIMB	Religare Health Trust	0.895	0.92	Hold	DDM, PB1.08x
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM
03/20/18	DBS Vickers	Religare Health Trust	0.775	0.85	Hold
06/14/18	CIMB	Religare Health Trust	0.765	0.81	Hold	DDM

Regal - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/17	NRA	Regal	0.145	0.315	Overweight
03/20/17	NRA	Regal	0.149	0.3	Overweight	RNAV (15% discount)
06/19/17	NRA	Regal	0.143	0.3	Overweight
12/11/17	NRA	Regal	0.135	0.3	Overweight
04/10/18	NRA	Regal	0.13	0.3	Overweight
08/23/18	NRA	Regal	0.11	0.3	Overweight

Stock calls for 21 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/21/18	Phillip	A-Reit	2.55	2.78	Accumulate
11/21/18	phillip	Cache Logistics	0.665	0.75	Neutral
11/21/18	Phillip	CapitaCommercial	1.7	1.9	Accumulate
11/21/18	Phillip	Capitamall Trust	2.2	2.09	Neutral
11/21/18	Phillip	CapitaRetail China	1.35	1.66	Accumulate
11/21/18	DMG & Partners	China Aviation Oil	1.22	1.32	Neutral
11/21/18	phillip	First Reit	0.975	1.3	Neutral
11/21/18	Phillip	Frasers Centrepoint Trust	2.15	2.21	Neutral
11/21/18	CIMB	Keppel Corp	6.18	8.38	Add	Sum of parts
11/21/18	Phillip	Keppel DC Reit	1.35	1.45	Accumulate
11/21/18	Phillip	Mapletree Industrial	1.84	1.99	Neutral
11/21/18	UOB Kay Hian	Netlink	0.77	0.99	Buy	DCF
11/21/18	OCBC	Yanlord	1.26	2.04	Buy	PEG

Bitcoin is hit with another bad news!

https://sg.finance.yahoo.com/news/bitcoin-payments-distant-dream-usage-dries-124105616--sector.html

The commercial transactions in using bitcoin as payments have dropped by 80% in 2018.

This means that most of the bitcoin transactions are speculative trading, not some real commercial transactions.

We had stated previously that bitcoin was not feasible to be a payment mode.

http://sg-stock.blogspot.com/2018/01/the-truth-about-bitcoin.html

We will be updating our viewers with a detailed write-up on ICO & Crypto soon.

OMG! Noble Group is under CAD investigation now!

https://sg.finance.yahoo.com/news/singapore-probing-noble-group-false-statements-disclosure-breaches-080400483--sector.html

Commercial Affairs Dept (CAD) is investigating Noble Group for false statements, disclosure breaches and non-compliance of accounting standards.  If a fraud is detected by CAD, Noble will be in a serious trouble.

RE&S - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/17/17	Phillip	RE & S	0.22	0	Subscribe	IPO

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Raffles Medical	1.43	1.76	Buy	DCF
01/03/17	UOB Kay Hian	Raffles Medical	1.43	1.7	Buy	DCF
01/19/17	DIR	Raffles Medical	1.475	1.49	Hold	DCF
02/08/17	UOB Kay Hian	Raffles Medical	1.455	1.7	Buy
02/20/17	CIMB	Raffles Medical	1.48	1.46	Reduce	Sum of parts
02/20/17	OCBC	Raffles Medical	1.48	1.61	Buy
02/21/17	CIMB	Raffles Medical	1.46	1.36	Reduce	Sum of parts, EV/Ebitda23x CY17
02/21/17	Credit Suisse	Raffles Medical	1.46	1.6	Neutral
02/21/17	DBS Vickers	Raffles Medical	1.46	1.4	Hold	PER29x FY17/18
02/21/17	DIR	Raffles Medical	1.46	1.43	Hold	DCF
02/21/17	DMG & Partners	Raffles Medical	1.46	1.72	Buy	DCF
02/21/17	Kim Eng	Raffles Medical	1.46	1.7	Buy	DCF
02/21/17	Lim & Tan	Raffles Medical	1.46	0	Hold
02/21/17	OCBC	Raffles Medical	1.46	1.6	Buy
02/21/17	UOB Kay Hian	Raffles Medical	1.46	1.67	Buy
02/22/17	Phillip	Raffles Medical	1.445	1.6	Accumulate	DCF
03/21/17	UOB Kay Hian	Raffles Medical	1.42	1.66	Buy
03/24/17	Kim Eng	Raffles Medical	1.405	1.7	Buy	DCF
04/03/17	OCBC	Raffles Medical	1.415	1.6	Buy	Sum of parts
04/04/17	CIMB	Raffles Medical	1.43	1.36	Reduce	Sum of parts
04/04/17	Credit Suisse	Raffles Medical	1.43	1.6	Neutral
04/04/17	DIR	Raffles Medical	1.43	1.63	Outperform	DCF
04/04/17	DMG & Partners	Raffles Medical	1.43	1.72	Buy	Sum of parts
04/05/17	DBS Vickers	Raffles Medical	1.445	1.4	Hold	PER29x FY17/18
04/10/17	UOB Kay Hian	Raffles Medical	1.47	1.66	Buy	DCF
04/25/17	CIMB	Raffles Medical	1.415	1.37	Reduce	Sum of parts
04/25/17	DIR	Raffles Medical	1.415	1.56	Outperform	DCF
04/25/17	DMG & Partners	Raffles Medical	1.415	1.49	Neutral	DCF
04/25/17	Kim Eng	Raffles Medical	1.415	1.67	Buy	DCF
04/25/17	Phillip	Raffles Medical	1.415	1.49	Accumulate	DCF
04/25/17	UOB Kay Hian	Raffles Medical	1.415	1.52	Hold	DCF, Buy @ $1.35
06/05/17	Kim Eng	Raffles Medical	1.365	1.54	Buy	DCF
06/08/17	OCBC	Raffles Medical	1.375	1.6	Buy
06/19/17	UOB Kay Hian	Raffles Medical	1.355	1.52	Hold	DCF
06/20/17	CIMB	Raffles Medical	1.36	1.25	Reduce	Sum of parts
08/01/17	Phillip	Raffles Medical	1.285	1.27	Neutral	DCF
08/01/17	DIR	Raffles Medical	1.285	1.46	Outperform	DCF
08/01/17	DMG & Partners	Raffles Medical	1.285	1.1	Sell	DCF
08/01/17	UOB Kay Hian	Raffles Medical	1.285	1.3	Hold	DCF, Buy @ $1.17
08/01/17	Kim Eng	Raffles Medical	1.285	1.12	Sell	DCF
08/01/17	OCBC	Raffles Medical	1.285	1.47	Buy
08/01/17	Credit Suisse	Raffles Medical	1.285	1.45	Neutral
08/01/17	CIMB	Raffles Medical	1.285	1.25	Reduce	Sum of parts
08/01/17	Lim & Tan	Raffles Medical	1.285	0	Sell
08/02/17	DBS Vickers	Raffles Medical	1.11	1.2	Hold	PER25x FY17/18
09/18/17	CIMB	Raffles Medical	1.1	1.21	Add	Sum of parts
09/21/17	UOB Kay Hian	Raffles Medical	1.105	1.28	Buy	DCF
10/11/17	DIR	Raffles Medical	1.17	1.29	Outperform	DCF
10/16/17	UOB Kay Hian	Raffles Medical	1.155	1.28	Buy	DCF
10/31/17	CIMB	Raffles Medical	1.125	1.24	Add	Sum of parts
10/31/17	Phillip	Raffles Medical	1.125	1.32	Accumulate	DCF
10/31/17	UOB Kay Hian	Raffles Medical	1.125	1.34	Buy	DCF
10/31/17	DMG & Partners	Raffles Medical	1.125	1.1	Neutral	DCF
10/31/17	OCBC	Raffles Medical	1.125	1.26	Buy
10/31/17	DBS Vickers	Raffles Medical	1.125	1	Fully Valued	PER26x FY18, PER30x FY19
10/31/17	Lim & Tan	Raffles Medical	1.125	0	Hold
11/29/17	DMG & Partners	Raffles Medical	1.06	1.1	Neutral
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy
02/27/18	Phillip	Raffles Medical	1.1	1.32	Accumulate	DCF
02/27/18	UOB Kay Hian	Raffles Medical	1.1	1.32	Buy	DCF
02/27/18	OCBC	Raffles Medical	1.1	1.26	Buy	Sum of parts
02/27/18	Kim Eng	Raffles Medical	1.1	1.13	Hold	DCF
02/27/18	DMG & Partners	Raffles Medical	1.1	1.02	Neutral	DCF
02/28/18	DBS Vickers	Raffles Medical	1.16	1	Fully Valued	Sum of parts, PER26x FY18
03/13/18	UOB Kay Hian	Raffles Medical	1.17	1.32	Buy	DCF
05/02/18	Phillip	Raffles Medical	1.15	1.32	Accumulate	DCF
05/02/18	UOB Kay Hian	Raffles Medical	1.15	1.32	Buy	DCF
05/02/18	DMG & Partners	Raffles Medical	1.15	1.02	Sell	DCF
05/02/18	OCBC	Raffles Medical	1.15	1.26	Buy
05/02/18	CIMB	Raffles Medical	1.15	1.24	Hold	Sum of parts
05/02/18	Kim Eng	Raffles Medical	1.15	1.13	Hold
06/29/18	DMG & Partners	Raffles Medical	1.01	1.02	Neutral	DCF
07/24/18	UOB Kay Hian	Raffles Medical	1.1	1.28	Buy	DCF, PER34.8x FY18
08/07/18	UOB Kay Hian	Raffles Medical	1.09	1.28	Buy	DCF, PER34.8x FY18
08/07/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral
08/07/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts
08/07/18	OCBC	Raffles Medical	1.09	1.26	Buy
08/08/18	Phillip	Raffles Medical	1.11	1.32	Accumulate	DCF
09/24/18	OCBC	Raffles Medical	1.1	1.26	Buy
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

QAF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	OCBC	QAF	1.41	1.46	Hold	Buy @ $1.36 or lower
05/08/17	OCBC	QAF	1.34	1.46	Hold

Stock calls for 20 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/20/18	Lim & Tan	Capitaland	3.14	0	Buy
11/20/18	DMG & Partners	Fu Yu	0.182	0.23	Buy
11/20/18	CIMB	Jubilee	0.034	0.051	Add
11/20/18	CIMB	MM2 Asia	0.345	0.5	Add	Sum of parts
11/20/18	DMG & Partners	Starhill	0.665	0.8	Buy
11/20/18	DMG & Partners	UOB	24.25	30.8	Buy

MAS new payment services bill will hit the ICO and Cryptocurrency industries.

https://sg.news.yahoo.com/mas-finalises-framework-payment-services-singapore-094922413.html

This new payment services bill will definitely douse the flames of the ICO and crypto developments in Singapore because they will be subjected to more costs, rules, and regulations.

Goodbye ICO & Crypto!

Apple has cut production orders by 1/3 officially!

https://sg.finance.yahoo.com/news/apple-cuts-production-orders-three-iphone-models-wsj-094545386--finance.html

No wonder Apple refuses to disclose its unit sales figures anymore. A 1/3 cut is very significant and it will impact its earnings.  There is no way to continue to sell iPhones at higher prices because iPhones do not have an inelastic demand.  Apple will definitely be impacted by the 1/3 cut.

Q & M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	CIMB	Q & M	0.71	0.6	Reduce	PER28x
03/06/17	Kim Eng	Q & M	0.705	0.77	Hold	PER36x FY18
03/06/17	phillip	Q & M	0.705	0.65	Reduce	PER38.2x FY17
05/12/17	CIMB	Q & M	0.705	0.6	Reduce	PER28x CY18
05/15/17	phillip	Q & M	0.7	0.65	Reduce	PER38.2x FY17
06/05/17	Kim Eng	Q & M	0.685	0.6	Hold	PER28x FY18
08/21/17	phillip	Q & M	0.63	0.61	Neutral	PER32x
01/08/18	CIMB	Q & M	0.65	0.61	Reduce	PER28x CY19
03/02/18	phillip	Q & M	0.635	0.625	Hold	PER27x FY18
05/16/18	phillip	Q & M	0.605	0.625	Neutral	PER27x FY18
08/16/18	phillip	Q & M	0.51	0.649	Buy	PER28x FY18
11/19/18	phillip	Q & M	0.21	0.513	Neutral	PER25x FY18/19

Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/18	UOB Kay Hian	Propnex	0.535	0.65	Buy	DCF, PER10x FY19
10/22/18	UOB Kay Hian	Propnex	0.535	0.65	Buy	DCF, PER10x FY19
11/15/18	UOB Kay Hian	Propnex	0.56	0.65	Buy	DCF, PER10x FY19