Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/18	OCBC	Hotel Properties	3.78	4.74	Buy	RNAV
03/09/18	OCBC	Hotel Properties	3.77	4.74	Buy
06/18/18	OCBC	Hotel Properties	3.73	4.74	Buy
10/15/18	OCBC	Hotel Properties	3.68	4.74	Buy

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/18	CIMB	Hongkong Land	6.76	9.1	Add	RNAV (35% discount)
03/09/18	Lim & Tan	Hongkong Land	6.76	0	Buy
03/12/18	DBS Vickers	Hongkong Land	7.02	8.53	Buy	RNAV (35% discount)
03/13/18	CIMB	Hongkong Land	7	9.5	Add	RNAV (30% discount)
05/11/18	DBS Vickers	Hongkong Land	7.26	8.53	Buy
07/03/18	UOB Kay Hian	Hongkong Land	7.13	8.55	Not Rated
07/24/18	DBS Vickers	Hongkong Land	7.2	8.57	Buy
07/27/18	CIMB	Hongkong Land	7.15	9.5	Add	RNAV (30% discount)

Hong Leong Finance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	Hong Leong Finance	2.77	3.2	Buy
02/28/18	DBS Vickers	Hong Leong Finance	2.68	3.2	Buy	GGM, PB0.8x FY17
05/03/18	DBS Vickers	Hong Leong Finance	2.8	3.2	Buy	GGM
08/14/18	DBS Vickers	Hong Leong Finance	2.7	3.2	Buy	GGM, PB0.7x FY19
11/15/18	DBS Vickers	Hong Leong Finance	2.57	3.2	buy	GGM, PB0.7x FY19

Stock calls for 12 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	DMG & Partners	APAC Realty	0.5	0.72	Buy
02/12/19	DBS Vickers	APAC Realty	0.5	0.56	Hold
02/12/19	UOB Kay Hian	Bumitama	0.685	0.81	Buy
02/12/19	Kim Eng	DBS	24.36	30.18	Buy
02/12/19	DMG & Partners	ESR-Reit	0.515	0.61	Buy	DDM
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF
02/12/19	Kim Eng	M1	2.04	1.77	Sell
02/12/19	Lim & Tan	Manulife US Reit	0.855	0	Hold
02/12/19	DMG & Partners	Manulife US Reit	0.855	0.94	Buy	DDM
02/12/19	DBS Vickers	Manulife US Reit	0.855	0.92	Buy	DCF
02/12/19	OCBC	Mapletree Industrial	2.03	2.04	Hold
02/12/19	CIMB	SIA Engineering	2.39	3.11	Add	DCF
02/12/19	DBS Vickers	SIA Engineering	2.39	2.7	Hold	DCF & PER16x FY20 & Div Yield 4.5% & EV/Ebitda11x
02/12/19	DBS Vickers	Singtel	3.05	3.5	Buy	Sum of parts
02/12/19	Kim Eng	Singtel	3.05	3.39	Hld
02/12/19	Kim Eng	UOB	25.34	30.5	Buy
02/12/19	Lim & Tan	UOL	6.57	0	Buy
02/12/19	CIMB	Venture	15.97	17.44	Add	PER12.56x FY20
02/12/19	DBS Vickers	Yoma	0.345	0.4	Buy

Apple sales in China continue to plunge!

https://finance.yahoo.com/news/apple-apos-iphone-shipments-plunge-053428475.html

A 20% plunge for Apple is no joke! However, Huawei's sales increased by 23% in China.

The Chinese will boycott Apple as Huawei gets banned in overseas. Good luck to apple!

Death knell is bellowing for SGX as a securities market.

https://finance.yahoo.com/news/incredible-shrinking-singapore-stock-market-180030820.html

The Bloomberg article has corroborated our previous analyses about SGX below.

http://sg-stock.blogspot.com/2018/12/sgx-has-lost-its-ipo-crown-jewel-status.html

http://sg-stock.blogspot.com/2018/06/sgx-is-snubbed-by-another-local-ipo.html

http://sg-stock.blogspot.com/2017/10/sgx-doesnt-understand-capital-market.html

http://sg-stock.blogspot.com/2017/04/sgx-is-finding-increasingly-hard-to.html

Hong Lai Huat - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/19/18	SAC Advisors	Hong Lai Huat	0.2	0.51	Buy	RNAV (40% discount), PB0.8x FY18
12/20/18	SAC Advisors	Hong Lai Huat	0.22	0.51	Buy

Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/18	UOB Kay Hian	Hock Lian Seng	0.495	0.63	Buy
02/27/18	UOB Kay Hian	Hock Lian Seng	0.51	0.65	Buy

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	Kim Eng	Ho Bee	2.48	3.15	Buy	RNAV (30% discount)
03/02/18	phillip	Ho Bee	2.51	2.98	Accumulate	RNAV (30% discount)
04/11/18	Kim Eng	Ho Bee	2.54	3.15	Buy
04/27/18	Kim Eng	Ho Bee	2.54	3.3	Buy	RNAV (30% discount)
04/27/18	Lim & Tan	Ho Bee	2.54	0	Buy
04/30/18	phillip	Ho Bee	2.56	2.98	Accumulate	RNAV (30% discount)
06/05/18	UOB Kay Hian	Ho Bee	2.49	3.02	Buy
06/18/18	Lim & Tan	Ho Bee	2.37	0	Buy
06/20/18	Kim Eng	Ho Bee	2.36	3.3	Buy	RNAV (30% discount)
07/09/18	phillip	Ho Bee	2.3	2.98	Accumulate
07/09/18	Kim Eng	Ho Bee	2.3	3.05	Buy
08/14/18	phillip	Ho Bee	2.52	2.98	Accumulate	RNAV (30% discount)
08/16/18	CIMB	Ho Bee	2.57	2.9	Add
08/24/18	CIMB	Ho Bee	2.65	3	Add	RNAV (40% discount)
09/06/18	Kim Eng	Ho Bee	2.59	3.05	Buy
09/18/18	CIMB	Ho Bee	2.49	3	Add
10/02/18	CIMB	Ho Bee	2.59	3	Add
11/09/18	UOB Kay Hian	Ho Bee	2.5	2.79	Buy	RNAV (30% discount)
12/07/18	UOB Kay Hian	Ho Bee	2.41	2.79	Buy	RNAV (30% discount)

Stock calls for 11 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/11/19	CIMB	CDL Hospitality	1.62	1.8	Add
02/11/19	Jefferies	City Developments	9.16	12	Buy
02/11/19	OCBC	First Reit	1.14	0.97	Sell
02/11/19	Kim Eng	SIA Engineering	2.52	2.85	Buy	DCF
02/11/19	OCBC	SIA Engineering	2.52	2.47	Hold
02/11/19	phillip	SIA Engineering	2.52	2.66	Neutral	DCF
02/11/19	UOB Kay Hian	SIA Engineering	2.52	2.55	Hold
02/11/19	UOB Kay Hian	Venture	15.72	12.9	Hold

Renminbi (RMB) has depreciated after we warned of an anomaly.

\

The RMB has depreciated after our warning about the abnormal appreciation.

http://sg-stock.blogspot.com/2019/01/renminbi-rmb-is-appreciating-abnormally.html

The Chinese Central Bank has successfully addressed the anomaly as its recent monetary policies are mostly liquidity driven.

The US is interfering in Venezuela political affairs again!

https://news.yahoo.com/exclusive-u-direct-contact-venezuelan-military-urging-defections-043606414.html

The current Venezuelan President is after all an elected president who won in an open election, not the same as SG president.

Therefore, the only way to oust him is to defeat him in an open election, not supporting and recognising the opposition man as the legitimate president.

However, the USA is afraid that the current President may win again in another open election.  Therefore, the USA is trying to oust him by interfering in Venezuela's political and domestic affairs.

The USA doesn't like other countries to meddle in its political affairs but the USA likes to meddle in another country's affairs.  Shame on you, USA!

http://sg-stock.blogspot.com/2018/07/trump-wants-to-invade-venezuela.html

http://sg-stock.blogspot.com/2018/03/httpssg_1.html

http://sg-stock.blogspot.com/2018/02/the-usa-is-adamant-to-destroy-venezuela.html

http://sg-stock.blogspot.com/2017/09/venezuela-president-is-urging-its.html

http://sg-stock.blogspot.com/2017/09/usa-is-trying-to-topple-venezuela.html

Baltic dry index - 601

Today, Friday, February 08 2019, the Baltic Dry Index decreased by 9 points, reaching 601 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

======================

Related stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 1049

The US drilling rig count is up 4 units to 1,049 rigs working for the week ended Feb. 8, according to Baker Hughes data. The count is also up 74 units from the 975 rigs working this time a year ago.

With a 4-unit gain week-over-week, 1,029 rigs are drilling on land. The number of rigs drilling offshore remained unchanged at 19 units as did those units drilling in inland waters where a single unit remains for the week.

US oil-directed rigs are up 7 from last week to 854 units working, and up from the 791 rigs drilling for oil this week a year ago. Gas-directed rigs are down 3 units at 195 yet up from the 184 units drilling for gas a year ago.

Among the major oil and gas-producing states, only three saw a week-over-week increase. Alaska and California each gained 4 units to reach 11 and 10 rigs, respectively. Wyoming saw a single-unit gain increase to 34.

Eight states are unchanged this week: Louisiana, 62; North Dakota, 58; Pennsylvania, 47; Colorado, 35; Ohio, 18; West Virginia, 17; Utah, 8; and Kansas, 0.

The largest decrease comes from Texas where a 3-unit drop brought the total number of rigs to 511. Oklahoma dropped 2 units to reach 120 rigs. With a one-rig decrease, New Mexico stands at 111 rigs working for the week.

Canada’s rig count is down 3 units for the week. At 240 rigs, the count is less than the 325 units drilling this week a year ago. Two of the dropped rigs are gas-directed, bringing the count to 82 for the week. Oil-directed rigs in Canada are down a single rig to 158.

=================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/18	CIMB	HMI	0.665	0.83	Add	DCF
02/14/18	phillip	HMI	0.63	0.83	Buy	DCF
02/14/18	UOB Kay Hian	HMI	0.63	0.83	Buy	DCF
02/14/18	Kim Eng	HMI	0.63	0.8	Buy	DCF
05/11/18	phillip	HMI	0.645	0.83	Buy	DCF
05/11/18	UOB Kay Hian	HMI	0.645	0.83	Buy	DCF
05/16/18	Kim Eng	HMI	0.665	0.8	Buy
07/09/18	UOB Kay Hian	HMI	0.595	0.82	Buy	DCF
07/16/18	CIMB	HMI	0.58	0.8	Add
08/21/18	CIMB	HMI	0.575	0.8	Add
08/28/18	UOB Kay Hian	HMI	0.62	0.82	Buy	DCF
08/29/18	CIMB	HMI	0.61	0.79	Add	DCF
08/29/18	UOB Kay Hian	HMI	0.61	0.84	Buy	DCF
08/30/18	phillip	HMI	0.615	0.83	Buy	DCF
11/15/18	UOB Kay Hian	HMI	0.550	0.77	Buy	DCF
11/15/18	CIMB	HMI	0.550	0.73	Add	DCF, EV/Ebitda15.2x FY20
11/16/18	phillip	HMI	0.545	0.77	Buy	DCF
01/23/19	phillip	HMI	0.540	0.77	Buy

HLH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/18	SAC	HLH	0.163	0.51	Buy	RNAV (40% discount), PB0.8x FY18

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	Kim Eng	Hi-P	1.92	2.43	Buy	PB3.2x FY18
02/15/18	DBS Vickers	Hi-P	1.92	2.48	Buy	PER14.4x FY18
04/03/18	DBS Vickers	Hi-P	2.17	2.48	Buy
04/27/18	DBS Vickers	Hi-P	1.8	1.88	Hold	PER13.3x FY18
05/03/18	DBS Vickers	Hi-P	1.69	1.8	Hold	PER13.3x FY18
05/03/18	Lim & Tan	Hi-P	1.69	0	Sell
05/04/18	Kim Eng	Hi-P	1.57	1.45	Hold	PB2x
08/02/18	DBS Vickers	Hi-P	1.27	1.21	Hold	PER11.2x FY18/19
08/03/18	Kim Eng	Hi-P	1.15	1.27	Hold	PB
10/03/18	DBS Vickers	Hi-P	1	1.3	Buy	PER12x FY19
10/15/18	Kim Eng	Hi-P	0.915	0.84	Hold
11/09/18	DBS Vickers	Hi-P	0.85	0.8	Hold	PER10x FY19
11/12/18	Kim Eng	Hi-P	0.845	0.84	Hold	PB1x FY19
01/08/19	Kim Eng	Hi-P	0.965	0.68	Sell

Stock calls for 8 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/08/19	DBS Vickers	Mapletree North Asia	1.25	1.45	Buy
02/08/19	DBS Vickers	Ascendas India Trust	1.13	1.25	Buy
02/08/19	UOB Kay Hian	Comfortdelgro	2.36	2.59	Buy
02/08/19	DBS Vickers	Comfortdelgro	2.36	2.56	Buy
02/08/19	UOB Kay Hian	CSE Global	0.455	0.59	Buy
02/08/19	UOB Kay Hian	DBS	24.33	28.5	Buy
02/08/19	DBS Vickers	Frasers Logistics	1.09	1.2	Buy
02/08/19	UOB Kay Hian	Fu Yu	0.205	0.27	Buy
02/08/19	DBS Vickers	Mapletree Commercial	1.81	2	Buy
02/08/19	DBS Vickers	Mapletree Logistics	1.39	1.5	Buy
02/08/19	DBS Vickers	Netlink	0.79	0.87	Buy
02/08/19	UOB Kay Hian	Netlink	0.79	0.99	Buy
02/08/19	UOB Kay Hian	OCBC	11.49	13.82	Buy
02/08/19	DBS Vickers	OUE Commercial	0.51	0.6	Buy
02/08/19	UOB Kay Hian	SATS	4.8	5.6	Buy
02/08/19	OCBC	Singapore Post	0.955	1	Hold
02/08/19	UOB Kay Hian	Singtel	3.05	3.58	Buy
02/08/19	DBS Vickers	ST Engineering	3.75	4.15	Buy
02/08/19	DBS Vickers	Starhub	1.89	2.45	Buy

Trump won't meet Xi before March 2.

https://finance.yahoo.com/news/us-stock-indexes-drop-economic-earnings-worries-rise-151232264--finance.html

Trump has indicated that he won't meet Xi before March 2.  This means the US will impose tariffs against China.

Trump has upped his ante now after seeing how subservient Liu He was.

http://sg-stock.blogspot.com/2019/02/chinese-vice-premier-liu-he-performed.html

OMG! DIHK cuts Germany's economic growth by almost 50% in 2019.

https://sg.finance.yahoo.com/news/german-economy-grow-0-9-percent-2019-outlook-083353758--business.html

Look like things really look bad in Germany.

The economic situation in Germany won't improve unless Germany gets cozy with China and welcome China's businesses.  However, doing this will piss off the USA.  Therefore, Germany has to choose between pleasing the USA or starving its own people.

Our prediction for EU is coming to fruition.

https://sg.finance.yahoo.com/news/eu-cuts-euro-zone-growth-forecast-inflation-slow-100840991--business.html

We posted previously that EU and North America will enter recessions faster than Asia.

http://sg-stock.blogspot.com/2019/01/north-america-and-europe-will-slip-into.html

It looks like our prediction is coming to fruition because EU economic growth is declining rapidly.  If the US-China trade war continues further and EU continues to reject China FDI, EU will slip into a recession soon.

Guocoland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	Kim Eng	Guocoland	2.26	2.95	Buy	RNAV (38% discount), PB0.68x
02/02/18	CIMB	Guocoland	2.25	2.88	Add	RNAV (25% discount)
02/05/18	Kim Eng	Guocoland	2.22	2.95	Buy	RNAV (20% discount)
03/20/18	CIMB	Guocoland	2.11	2.88	Add	RNAV (25% discount)
03/20/18	Kim Eng	Guocoland	2.11	3	Buy	RNAV (20% discount)
04/02/18	Kim Eng	Guocoland	2.08	3	Buy	RNAV (20% discount)
06/19/18	Kim Eng	Guocoland	2.07	3	Buy
07/09/18	Kim Eng	Guocoland	1.83	2	Hold
08/28/18	Kim Eng	Guocoland	1.93	1.9	Hold	RNAV (45% discount)
09/06/18	Kim Eng	Guocoland	1.88	1.9	Hold
12/07/18	UOB Kay Hian	Guocoland	1.75	2.8	Buy

GSS Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/18	DMG & Partners	GSS Energy	0.16	0.25	Buy	Sum of parts
05/18/18	DMG & Partners	GSS Energy	0.151	0.25	Buy	Sum of parts
06/27/18	DMG & Partners	GSS Energy	0.139	0.25	Buy	Sum of parts
08/16/18	DMG & Partners	GSS Energy	0.133	0.22	Buy	Sum of parts
09/18/18	DMG & Partners	GSS Energy	0.13	0.22	Buy	Sum of parts
11/14/18	DMG & Partners	GSS Energy	0.097	0.19	Buy	Sum of parts
01/07/19	DMG & Partners	GSS Energy	0.097	0.19	Buy

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/18	DMG & Partners	Golden Energy	0.475	0.68	Buy	DCF & PER13.1x FY18
03/16/18	phillip	Golden Energy	0.37	0.48	Buy	PER10x
05/18/18	phillip	Golden Energy	0.365	0.48	Buy	PER10x FY18
06/07/18	phillip	Golden Energy	0.375	0.48	Buy
07/06/18	phillip	Golden Energy	0.335	0.48	Buy
08/20/18	phillip	Golden Energy	0.305	0.42	Buy	PER10x
09/07/18	phillip	Golden Energy	0.255	0.41	Buy
11/26/18	phillip	Golden Energy	0.23	0.36	Buy	PER10x FY19

Stock calls for 7 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/19	DBS Vickers	Ezion	0.05	0.06	Hold	PB0.3x FY19
02/07/19	OCBC	Far East Hospitality	0.66	0.675	Buy
02/07/19	Lim & Tan	GL Ltd	0.735	1.76	Buy	Sum of parts
02/07/19	Kim Eng	Netlink	0.785	0.93	Buy
02/07/19	Kim Eng	Starhub	1.82	2.21	Buy

This year will be a painful year for Crypto!

https://finance.yahoo.com/news/crypto-universe-may-round-pain-022846955.html

The most optimistic crypto proponent has thrown in the towel and given up on its unrealistic target for bitcoin.

Bitcoin prices won't recover to its glorious peak as more people get educated about crypto.  Please read our post below for more information.

https://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

The crypto developers have been trying to rectify the security and structural flaws by switching from a POW (proof of work) to POS (proof of stake) system because POW consumes too much energy resulting in energy profligacy.  However, the developers are missing out the fundamental issues of money.

Money is a derivative of the economy and its supply cannot be limited or else it will be abandoned like the gold standard because of its finite supply.  Why is this so?

Money supply has to be able to shrink or expand to manage the economic growth because of inflation and deflation.  Under normal circumstances, there is an incremental natural rate of growth in the economy because of new services and products being created which will increase the economic size.  Consequently, the money supply has to be increased for the economy to function properly.  Likewise, the money supply has to be reduced when the economy is having a recession.

If a digital monetary structure has a limited supply, it won't be able to function like what the fiat money can do.  Therefore, the cryptocurrency will never become a legitimate and real currency.

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	OCBC	Golden Agri	0.39	0.37	Hold
02/28/18	CIMB	Golden Agri	0.36	0.31	Reduce	PER15x FY19
02/28/18	OCBC	Golden Agri	0.36	0.37	Hold
02/28/18	Credit Suisse	Golden Agri	0.36	0.35	Underperform
03/07/18	UOB Kay Hian	Golden Agri	0.345	0.31	Hold
03/08/18	OCBC	Golden Agri	0.36	0.37	Hold
04/06/18	CIMB	Golden Agri	0.345	0.31	Reduce	PER15x
04/13/18	DBS Vickers	Golden Agri	0.34	0.39	Not Rated
05/16/18	UOB Kay Hian	Golden Agri	0.35	0.26	Sell	PER14x FY18
05/16/18	CIMB	Golden Agri	0.35	0.31	Reduce	Sum of parts (10% discount)
05/16/18	OCBC	Golden Agri	0.35	0.34	Hold
06/21/18	UOB Kay Hian	Golden Agri	0.33	0.26	Sell
06/27/18	OCBC	Golden Agri	0.315	0.34	Hold
07/03/18	UOB Kay Hian	Golden Agri	0.305	0.26	Sell
07/11/18	OCBC	Golden Agri	0.29	0.3	Hold	PER17x FY19
08/15/18	OCBC	Golden Agri	0.28	0.26	Hold	PER17.5x FY19
08/16/18	UOB Kay Hian	Golden Agri	0.28	0.16	Sell
08/16/18	CIMB	Golden Agri	0.28	0.25	Reduce	Sum of parts (20% discount)
09/26/18	OCBC	Golden Agri	0.24	0.24	Hold	PER16x FY19
10/08/18	UOB Kay Hian	Golden Agri	0.265	0.16	Sell
10/11/18	DBS Vickers	Golden Agri	0.255	0.33	Not Rated	DCF
10/29/18	OCBC	Golden Agri	0.255	0.24	Hold
11/08/18	UOB Kay Hian	Golden Agri	0.26	0.16	Sell
11/13/18	OCBC	Golden Agri	0.245	0.24	Hold
11/14/18	UOB Kay Hian	Golden Agri	0.245	0.2	Sell	PER11x FY19
11/14/18	CIMB	Golden Agri	0.245	0.23	Reduce	Sum of parts (20% discount)
12/10/18	UOB Kay Hian	Golden Agri	0.255	0.2	Sell
01/03/19	UOB Kay Hian	Golden Agri	0.245	0.2	Sell
01/28/19	DMG & Partners	Golden Agri	0.27	0.23	Sell	Sum of parts, PER10x, cut from $0.39

GL Ltd - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	GL Ltd	0.865	1.19	Buy
08/27/18	Lim & Tan	GL Ltd	0.77	0	Buy
10/08/18	Lim & Tan	GL Ltd	0.775	0	Buy