US FAA has lost its credibility.

https://sg.finance.yahoo.com/news/european-canadian-regulators-own-review-040547617.html

Europe and Canada will not recognize FAA certification anymore.

Europe and Canada will do their own review of Boeing jets from now instead of accepting the FAA certification.

I hope our CAAS will do the same and not accept the FAA certification for the safety of Singaporeans.

Boeing saga!

https://www.marketwatch.com/story/faa-on-sullenberger-criticisms-of-boeing-737-max-certification-process-consistently-produced-safe-aircraft-designs-2019-03-19

https://www.bloomberg.com/news/articles/2019-03-18/boeing-drops-as-role-in-vetting-its-own-jets-comes-under-fire-jtecyagp

Omg! US FAA outsources its certification to Boeing.  No wonder Boeing 737-Max was allowed to fly despite its defective design which needed an anti-stall software to correct its abnormal uplift.

Boeing 737-Max wings and engines were moved forward in its design and this forward movement caused the abnormal uplift.  The same anti-stall software is not installed in all Boeing planes.

Do not fly in Boeing 737-Max as the US government is hiding the truth! Boeing 737-Max is an unsafe airplane.

The semiconductor is facing a collapse. - Part 2

https://finance.yahoo.com/news/micron-reports-second-quarter-earnings-201323152.html

Micron has started to cut its production output and investment in anticipation of the semiconductor slowdown.

https://sg-stock.blogspot.com/2019/03/the-semiconductor-is-facing-collapse.html

Singapore is caught defying US sanction by trading in Iran oil

https://finance.yahoo.com/news/exclusive-iran-fuel-oil-exports-beat-u-sanctions-063832574--sector.html

Hahaha! I didn't know SG was so brave to defy US sanction.  Look like we're a small nation with big guts.

Global inflation or deflation?

The US Fed has concluded with no interest rate movement and termination of quantitative tightening (QT).  Therefore, we can deduce that the US Fed is expecting the US economy to slow down in the latter half.

Economists and analysts are anticipating the CPIs in the US and China to rise in the 2nd half of 2019.  The FAO price index is also substantiating the uprising CPI trend.

The chart above shows that the food price index is trending higher in 2019 after reaching a trough in 2018.

https://www.foodinsiderjournal.com/supply-chain/cereal-dairy-continue-drive-fao-price-index-higher-march

The US Fed is watching the economic situation as it unfolds because the upcoming inflation is desirable unless it is runaway inflation.  Why is inflation desirable? Please read our post below to find out more.

http://sg-stock.blogspot.com/2019/02/usd-is-likely-to-depreciate-soon-why.html

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
02/02/18	Deutsche	Sembcorp Marine	2.57	2.9	Buy
02/02/18	Credit Suisse	Sembcorp Marine	2.57	3	Outperform
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
02/22/18	OCBC	Sembcorp Marine	2.63	2.43	Hold
02/22/18	UOB Kay Hian	Sembcorp Marine	2.63	1.9	Hold	PB1.6x FY19, Buy @ $1.80
02/22/18	DBS Vickers	Sembcorp Marine	2.63	2.9	Buy	PB2.4x FY18
02/22/18	CIMB	Sembcorp Marine	2.63	3.01	Add	PB2.5x FY18
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold
03/05/18	CIMB	Sembcorp Marine	2.02	3.01	Add	PB2.5x FY18
03/05/18	OCBC	Sembcorp Marine	2.02	2.07	Hold	PB1.7x FY18/19
03/06/18	DBS Vickers	Sembcorp Marine	1.9	2.9	Buy	PB2.4x FY18
03/26/18	Morgan Stanley	Sembcorp Marine	2.09	2.45	Overweight	PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/28/18	UOB Kay Hian	Sembcorp Marine	2.21	2.78	Buy
04/03/18	DBS Vickers	Sembcorp Marine	2.22	2.9	Buy
04/06/18	CIMB	Sembcorp Marine	2.17	3.01	Add	PB2.5x FY18
04/11/18	OCBC	Sembcorp Marine	2.23	2.07	Hold
04/23/18	Macquarie	Sembcorp Marine	2.32	1.8	Underperform	PB1.5x
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB
04/26/18	UOB Kay Hian	Sembcorp Marine	2.23	2.05	Hold	PB1.7x FY19, Buy @ $1.90
04/26/18	OCBC	Sembcorp Marine	2.23	2.1	Hold	PB1.75x FY18/19
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB2.2x CY18
04/26/18	Lim & Tan	Sembcorp Marine	2.23	0	Hold
04/27/18	phillip	Sembcorp Marine	2.11	1.85	Reduce	PER51.4x
04/27/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy	PB2.4x FY18
05/08/18	Amfrasers	Sembcorp Marine	2.1	2.64	Buy	PB2.4x FY18
05/08/18	OCBC	Sembcorp Marine	2.1	2.1	Hold
05/22/18	CIMB	Sembcorp Marine	2.27	2.52	Add	PB2.2x CY18
06/05/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy
06/25/18	UOB Kay Hian	Sembcorp Marine	1.96	2.05	Hold
07/11/18	CIMB	Sembcorp Marine	1.97	2.52	Add	PB2.2x CY18
07/13/18	DBS Vickers	Sembcorp Marine	1.95	2.9	Buy
07/23/18	UOB Kay Hian	Sembcorp Marine	1.96	1.83	Hold	PB1.7x FY19, Buy @ $1.73
07/23/18	Credit Suisse	Sembcorp Marine	1.96	2.4	Outperform
07/23/18	OCBC	Sembcorp Marine	1.96	2.1	Hold
07/23/18	phillip	Sembcorp Marine	1.96	1.78	Reduce	PB1.6x FY19
07/24/18	DBS Vickers	Sembcorp Marine	1.83	2.5	Buy
07/24/18	Lim & Tan	Sembcorp Marine	1.83	0	Hold
08/20/18	OCBC	Sembcorp Marine	1.67	1.74	Hold	PB1.75x FY19
08/30/18	CIMB	Sembcorp Marine	1.69	2.52	Add	PB2.2x CY18
09/06/18	DBS Vickers	Sembcorp Marine	1.68	2.5	Buy
10/18/18	CIMB	Sembcorp Marine	1.87	2.52	Add	PB2.2x CY18
10/26/18	CIMB	Sembcorp Marine	1.72	2.46	Add	PB2.2x CY18
10/26/18	UOB Kay Hian	Sembcorp Marine	1.72	1.83	Hold	PB1.7x FY18, Buy @ $1.65
10/26/18	OCBC	Sembcorp Marine	1.72	1.73	Hold
10/29/18	phillip	Sembcorp Marine	1.61	1.65	Neutral	PB1.6x FY19
10/29/18	DBS Vickers	Sembcorp Marine	1.61	2.4	Buy	PB2.1x FY18
10/29/18	Lim & Tan	Sembcorp Marine	1.61	0	Hold
01/10/19	DIR	Sembcorp Marine	1.62	1.62	Hold	Cut from $1.78, PB1.8x FY19
01/22/19	Amfrasers	Sembcorp Marine	1.66	2.5	Buy
02/01/19	UOB Kay Hian	Sembcorp Marine	1.6	1.83	Hold	PB1.7x FY19, Buy @ $1.50
02/04/19	DBS Vickers	Sembcorp Marine	1.59	2.4	Buy	PB2.1x FY19
02/21/19	CIMB	Sembcorp Marine	1.68	2.21	Add	PB2x CY19
02/21/19	OCBC	Sembcorp Marine	1.68	1.77	Hold
02/21/19	phillip	Sembcorp Marine	1.68	1.76	Neutral	PB1.6x
02/21/19	Lim & Tan	Sembcorp Marine	1.68	0	Hold
02/26/19	Amfrasers	Sembcorp Marine	1.72	2.48	Buy

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x
03/05/18	OCBC	Sembcorp Industries	3.12	3.59	Buy
03/07/18	DBS Vickers	Sembcorp Industries	3.08	4.4	Buy	RNAV (10% discount), PB1.1x
03/26/18	Morgan Stanley	Sembcorp Industries	3.04	2.77	Underweight	Sum of parts, Up from $2.39
04/03/18	DBS Vickers	Sembcorp Industries	3.11	4.4	Buy
04/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.28	Hold	Sum of parts, Buy @ $3
04/12/18	CIMB	Sembcorp Industries	3.11	4.13	Add	Sum of parts
04/23/18	Macquarie	Sembcorp Industries	3.24	3.6	Outperform
05/04/18	OCBC	Sembcorp Industries	3.06	3.59	Buy
05/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.6	Hold	Sum of parts, Buy @ $2.90
05/04/18	CIMB	Sembcorp Industries	3.06	3.49	Add	Sum of parts
05/07/18	DBS Vickers	Sembcorp Industries	3.04	4.4	Buy	Sum of parts (10% discount), PB1.1x
05/09/18	phillip	Sembcorp Industries	3.06	3.83	Buy	Sum of parts (10% discount)
06/04/18	CIMB	Sembcorp Industries	2.93	3.49	Add
06/04/18	DBS Vickers	Sembcorp Industries	2.93	4.5	Buy
06/25/18	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Hold	PER8.5x FY19
06/25/18	Lim & Tan	Sembcorp Industries	2.76	0	Accumulate
07/03/18	UOB Kay Hian	Sembcorp Industries	2.72	3.6	Buy
07/11/18	CIMB	Sembcorp Industries	2.67	3.49	Add
08/06/18	DBS Vickers	Sembcorp Industries	2.63	3.9	Buy	RNAV (10% discount), PB1x
08/06/18	UOB Kay Hian	Sembcorp Industries	2.63	3.41	Buy
08/06/18	CIMB	Sembcorp Industries	2.63	3.49	Add	Sum of parts
08/07/18	phillip	Sembcorp Industries	2.7	3.7	Buy	Sum of parts
08/07/18	Lim & Tan	Sembcorp Industries	2.7	0	Buy
09/06/18	DBS Vickers	Sembcorp Industries	2.75	3.9	Buy
09/19/18	CIMB	Sembcorp Industries	2.9	3.49	Add	Sum of parts
09/24/18	phillip	Sembcorp Industries	3.03	3.7	Buy
09/24/18	OCBC	Sembcorp Industries	3.03	3.53	Buy
10/02/18	DBS Vickers	Sembcorp Industries	3.07	3.9	Buy	Sum of parts (10% discount), PER19.2x FY18, PB1x FY18
10/02/18	CIMB	Sembcorp Industries	3.07	3.49	Add	Sum of parts
10/09/18	UOB Kay Hian	Sembcorp Industries	2.96	3.41	Buy
10/11/18	Lim & Tan	Sembcorp Industries	2.95	0	Buy
11/01/18	Macquarie	Sembcorp Industries	2.82	3.6	Buy
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	RNAV (10% discount), PB1x
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
12/13/18	UOB Kay Hian	Sembcorp Industries	2.61	3.41	Buy
12/21/18	DBS Vickers	Sembcorp Industries	2.54	3.7	Buy
01/10/19	DIR	Sembcorp Industries	2.64	3.05	Outperform	Sum of parts, cut from $3.26
01/15/19	UOB Kay Hian	Sembcorp Industries	2.63	3.2	Buy	Sum of parts
01/23/19	CIMB	Sembcorp Industries	2.69	3.49	Add
02/01/19	UOB Kay Hian	Sembcorp Industries	2.59	3.2	Buy
02/04/19	DBS Vickers	Sembcorp Industries	2.58	3.7	Buy
02/21/19	Lim & Tan	Sembcorp Industries	2.66	0	Hold
02/25/19	DBS Vickers	Sembcorp Industries	2.67	3.9	Buy	RNAV (10% discount), PB1x
03/13/19	UOB Kay Hian	Sembcorp Industries	2.57	2.8	Hold	Sum of parts, Buy @ $2.35
03/18/19	Lim & Tan	Sembcorp Industries	2.52	0	Hold

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	OCBC	SATS	5.78	5.5	Hold	Buy @ $5.05 or lower
01/16/18	Citi Research	SATS	5.78	6.1	Buy	Up from $5.63
02/14/18	Kim Eng	SATS	5.25	6.1	Buy	PER21x FY20
02/14/18	UOB Kay Hian	SATS	5.25	5.9	Buy	DCF, PER25.2x FY18
02/14/18	OCBC	SATS	5.25	5.5	Hold	Buy @ $5.05 or lower
02/14/18	CIMB	SATS	5.25	5.17	Hold	PER20x FY19
02/14/18	phillip	SATS	5.25	5.33	Neutral	DCF, PER23.3x FY18
02/14/18	DBS Vickers	SATS	5.25	5.67	Buy	DCF, PER22x FY19
03/09/18	UOB Kay Hian	SATS	5.03	5.9	Buy
04/13/18	UOB Kay Hian	SATS	5.18	5.8	Buy	PER25.3x FY19
04/19/18	CIMB	SATS	5.45	5.17	Hold
05/30/18	Lim & Tan	SATS	5.35	0	Hold
05/31/18	phillip	SATS	5.28	5.58	Accumulate	DCF
05/31/18	UOB Kay Hian	SATS	5.28	5.7	Buy	DCF, PER24.3x FY19
05/31/18	DBS Vickers	SATS	5.28	5.64	Buy
05/31/18	OCBC	SATS	5.28	5.5	Hold
06/11/18	UOB Kay Hian	SATS	5.13	5.7	Buy
06/14/18	OCBC	SATS	5.06	5.5	Buy
07/03/18	UOB Kay Hian	SATS	4.91	5.7	Buy
07/20/18	phillip	SATS	5.1	5.58	Accumulate	DCF, PER24.7x FY19
07/20/18	UOB Kay Hian	SATS	5.1	6.1	Buy	DCF, PER23x FY20
07/20/18	Kim Eng	SATS	5.1	5.9	Buy	PER21x FY20
07/20/18	CIMB	SATS	5.1	5.06	Hold	PER20x CY19
07/20/18	DBS Vickers	SATS	5.1	5.65	Buy	DCF & PER22x FY19
08/17/18	UOB Kay Hian	SATS	5.1	6.1	Buy
09/10/18	UOB Kay Hian	SATS	5.01	6.1	Buy
09/18/18	OCBC	SATS	4.93	5.39	Buy
11/08/18	UOB Kay Hian	SATS	4.99	5.6	Buy	EV/Invested Capital
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
11/12/18	DBS Vickers	SATS	4.88	5.6	Buy	DCF, PER22x FY20
11/12/18	Citi Research	SATS	4.88	6	Buy
11/29/18	OCBC	SATS	4.65	5.34	Buy	FCFE
11/30/18	UOB Kay Hian	SATS	4.83	5.4	Buy
12/10/18	UOB Kay Hian	SATS	4.65	5.6	Buy
01/04/19	UOB Kay Hian	SATS	4.59	5.6	Buy
01/11/19	OCBC	SATS	4.94	5.23	Hold	DCF
02/08/19	UOB Kay Hian	SATS	4.8	5.6	Buy
02/14/19	phillip	SATS	4.98	5.47	Accumulate	DCF, PER24.6x FY19
02/14/19	OCBC	SATS	4.98	5.23	Hold
02/14/19	CIMB	SATS	4.98	5.46	Add	PER20.3x
02/14/19	Lim & Tan	SATS	4.98	0	Hold
02/14/19	DBS Vickers	SATS	4.98	5.59	Buy	DCF & PER22x FY19
02/14/19	Kim Eng	SATS	4.98	5.8	Buy
02/15/19	Citi Research	SATS	5.08	6	Buy

Stock calls for 20 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/19	DMG & Partners	Dairy Farm	7.41	8.25	Buy	DCF
03/20/19	CIMB	Mapletree Commercial	1.83	1.94	Add	DDM
03/20/19	DBS Vickers	Starhill	0.695	0.75	Buy
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9	Buy

Tommy Koh has an anti-China mindset and it's bad for Singapore.

https://www.straitstimes.com/singapore/tommy-koh-urges-japan-to-be-top-asean-investor-again

I don't know what China did to him or his ancestors for him to be imbued with anti-China sentiment.  However, I knew what the Japanese did to Asia (raped and killed millions of people) for 3 years 8 months.

China is a growing economy (US$12T GDP now) and will surpass the USA (US$20T GDP now) by 2030 but Japan has only a GDP of US$4.5T now.  Furthermore, China has a much deeper pocket than Japan.

Anyone with a decent IQ will know that it is inevitable that we need to depend on China for our economic growth.  This is something we cannot walk away.  Even Japan has to depend on China for its own economic growth now.  Why do we need to rely on Japan when Japan has to depend on China too.  We might as well depend on China directly instead of via Japan.

We will face a steep slowdown if we lose our dependence on China as shown below.

https://sg.finance.yahoo.com/news/singapore-faces-steepest-growth-deceleration-030149598.html

I think we need to boot old people out of politics as an irrational mindset tends to develop in old age.  I am not being discriminative against old age but the fact speaks for itself.

USD is likely to depreciate soon. Why? - Part 2

The USD dollar index is below 96 now.

This is an update post for our previous post below.  In our previous post, we had stated the factors for USD depreciation.

http://sg-stock.blogspot.com/2019/02/usd-is-likely-to-depreciate-soon-why.html

Sasseur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/18	Kim Eng	Sasseur	0.77	0.9	Buy
06/20/18	Citi Research	Sasseur	0.76	0.92	Buy
08/07/18	Kim Eng	Sasseur	0.75	0.9	Buy	DDM
09/18/18	DBS Vickers	Sasseur	0.71	0.91	Buy	DCF
11/13/18	Kim Eng	Sasseur	0.68	0.9	Buy
11/14/18	DBS Vickers	Sasseur	0.68	0.91	Buy	DCF
02/20/19	Kim Eng	Sasseur	0.74	0.9	Buy	DDM
02/20/19	DBS Vickers	Sasseur	0.74	0.97	Buy	DCF

Sarine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/18	CIMB	Sarine	1.05	1.56	Add	PER17.2x CY19
02/27/18	CIMB	Sarine	1.18	1.53	Add	PER17.2x CY19
05/15/18	CIMB	Sarine	1.03	1.53	Add	PER17.2x CY19

Sanli Env - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/18	SAC Advisors	Sanli Env	0.295	0.36	Buy	PER15.9x FY18
05/25/18	SAC Advisors	Sanli Env	0.25	0.36	Buy
12/20/18	SAC Advisors	Sanli Env	0.22	0.36	Buy

Stock calls for 19 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/19/19	DMG & Partners	Avi-Tech	0.29	0.3	Neutral
03/19/19	DBS Vickers	Mermaid Maritime	0.084	0.06	Sell	Sum of parts
03/19/19	CIMB	Mermaid Maritime	0.084	0.158	Hold	PB0.48x CY18
03/19/19	phillip	SGX	7.31	8.17	Accumulate	PER23.2x
03/19/19	Kim Eng	Sheng Siong	1.08	0.95	Sell	DCF, PER19.5x FY19
03/19/19	CIMB	SIA	9.83	10.25	Hold
03/19/19	UOB Kay Hian	SIA	9.83	10.1	Hold	Buy @ $9
03/19/19	OCBC	Starhill	0.7	0.75	Buy
03/19/19	DMG & Partners	Valuetronics	0.69	0.78	Neutral
03/19/19	DMG & Partners	Venture	18	19	Buy

WIPO showed that China didn't steal other technologies.

https://finance.yahoo.com/news/huawei-leads-asian-domination-u-230100081.html

If China steals from others, it won't be able to file so many patents.  Furthermore, China will topple the US this year or next in the patent application.

Well done to China!

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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)
12/14/18	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold	RNAV (55% discount)
01/17/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold
02/25/19	OCBC	Roxy-Pacific	0.415	0.41	Hold

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/27/19	CIMB	Riverstone	1.1	1.22	Add	PER16.7x FY20
02/27/19	DBS Vickers	Riverstone	1.1	1.19	Hold	PER16x FY19

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

Stock calls for 18 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/18/19	DMG & Partners	Cache Logistics	0.72	0.81	Buy
03/18/19	DMG & Partners	CapitaCommercial	1.98	1.86	Neutral
03/18/19	OCBC	Capitaland	3.44	3.98	Buy
03/18/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
03/18/19	DMG & Partners	Frasers Centrepoint Trust	2.28	2.19	Neutral
03/18/19	DMG & Partners	Frasers Commercial Trust	1.47	1.5	Neutral
03/18/19	phillip	Geo Energy	0.183	0.245	Buy
03/18/19	DMG & Partners	Keppel Reit	1.23	1.06	Neutral
03/18/19	DMG & Partners	OUE Hospitality	0.725	0.77	Buy
03/18/19	UOB Kay Hian	Parkway Life	2.88	3.25	Buy	DDM
03/18/19	Lim & Tan	Sembcorp Industries	2.52	0	Hold
03/18/19	DMG & Partners	Suntec Reit	1.93	1.9	Neutral
03/18/19	OCBC	UOL	6.45	8.45	Buy	RNAV