The market rout is not over yet.

https://www.channelnewsasia.com/news/business/china-refuses-to-concede-on-us-demands-to-ease-curbs-on-tech-11374034

The investors have not factored in the breakdown of the US-China trade talk.  Insofar, the investors have been optimistic about the outcome and are buying because of the fear of missing out of the market rally.

If the US demands get too outrageous, China will walk away from the trade deal.

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/15/18	DBS Vickers	SIIC	0.28	0.32	Hold	PER13x
01/21/19	DBS Vickers	SIIC	0.29	0.32	Hold	PER13x FY19

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/18	UOB Kay Hian	SIA Engineering	3.26	4	Buy	DCF, PER24.9x FY18
02/05/18	UOB Kay Hian	SIA Engineering	3.33	4	Buy	DCF
02/05/18	phillip	SIA Engineering	3.33	3.51	Accumulate	DCF
02/05/18	Kim Eng	SIA Engineering	3.33	3.5	Hold	PER21x FY19
02/05/18	CIMB	SIA Engineering	3.33	3.13	Reduce	DCF
02/05/18	Lim & Tan	SIA Engineering	3.33	0	Hold
02/05/18	OCBC	SIA Engineering	3.33	3.7	Buy	DCF
02/05/18	DBS Vickers	SIA Engineering	3.33	3.86	Buy
03/09/18	UOB Kay Hian	SIA Engineering	3.25	4	Buy
05/11/18	UOB Kay Hian	SIA Engineering	3.31	4	Buy	DCF, PER20.8x FY18
05/16/18	Lim & Tan	SIA Engineering	3.33	0	Hold
05/17/18	phillip	SIA Engineering	3.31	3.57	Accumulate	DCF
05/17/18	DBS Vickers	SIA Engineering	3.31	3.92	Buy	Sum of parts
05/17/18	UOB Kay Hian	SIA Engineering	3.31	3.8	Buy	PER19.6x ex-cash
05/17/18	OCBC	SIA Engineering	3.31	3.7	Buy
06/11/18	UOB Kay Hian	SIA Engineering	3.17	3.8	Buy
07/20/18	phillip	SIA Engineering	3.19	3.56	Accumulate	DCF, PER22x FY19
07/20/18	DBS Vickers	SIA Engineering	3.19	3.92	Buy	Sum of parts
07/23/18	UOB Kay Hian	SIA Engineering	3.2	3.4	Hold	DCF, PER21.8x FY19, Buy @ $3-3.1
08/01/18	CIMB	SIA Engineering	2.98	3.31	Add	DCF
09/10/18	UOB Kay Hian	SIA Engineering	2.93	3.4	Hold
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
11/26/18	OCBC	SIA Engineering	2.51	2.64	Hold	DCF
12/06/18	Kim Eng	SIA Engineering	2.49	3	Buy	DCF
01/07/19	UOB Kay Hian	SIA Engineering	2.39	2.7	Buy	DCF
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
02/12/19	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

SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral
03/09/18	UOB Kay Hian	SIA	11.01	11.9	Buy
03/15/18	Lim & Tan	SIA	11.2	0	Neutral
05/07/18	UOB Kay Hian	SIA	11.03	11.9	Buy	PB0.9x FY18
05/18/18	Lim & Tan	SIA	11.14	0	Hold
05/18/18	CIMB	SIA	11.14	11.75	Add	PB1.05x
05/21/18	UOB Kay Hian	SIA	11.56	12.6	Buy	Sum of parts, PB1x FY19
05/21/18	OCBC	SIA	11.56	11.3	Hold
05/21/18	DBS Vickers	SIA	11.56	13.7	Buy	PB1.2x FY19
06/05/18	DBS Vickers	SIA	11.48	13.7	Buy
06/11/18	UOB Kay Hian	SIA	11.43	12.6	Buy
06/19/18	UOB Kay Hian	SIA	11.2	11.9	Hold	PB0.95x, Buy @ $10.9
06/21/18	OCBC	SIA	11.01	11.3	Hold
07/03/18	UOB Kay Hian	SIA	10.42	11.9	Hold	PB0.9x, Buy @ $10.50-10.60
07/27/18	Lim & Tan	SIA	10.8	0	Hold
07/27/18	OCBC	SIA	10.8	11.01	Hold
07/27/18	Kim Eng	SIA	10.8	9.65	Sell	PB0.82x FY18
07/30/18	CIMB	SIA	10.22	11.75	Add	PB1.05x CY18
07/30/18	DBS Vickers	SIA	10.22	12.4	Buy	PB1.1x FY19
07/31/18	UOB Kay Hian	SIA	10.1	11.1	Hold	PB0.8x, Buy @ $9.80
09/10/18	UOB Kay Hian	SIA	9.62	11.1	Hold
09/18/18	UOB Kay Hian	SIA	9.57	10.4	Hold	PB0.75x, Buy @ $9.10
10/16/18	Macquarie	SIA	9.2	11.7	Outperform	EV/Ebitda7x FY19, Cut from $12.50
10/17/18	OCBC	SIA	9.15	10.71	Buy	PB0.9x
11/09/18	Kim Eng	SIA	9.65	9.8	Hold	PB0.82x FY20
11/12/18	CIMB	SIA	9.52	10.1	Hold	PB0.9x CY19
11/14/18	UOB Kay Hian	SIA	9.42	10.4	Hold	PB0.75x FY19, Buy @ $9.20-9.30
11/14/18	DBS Vickers	SIA	9.42	10.2	Hold	PB0.85x FY19
11/15/18	OCBC	SIA	9.41	10.71	Buy	PB0.85x FY19
11/15/18	Lim & Tan	SIA	9.41	0	Hold
11/30/18	UOB Kay Hian	SIA	9.65	10.2	Hold
01/17/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Sum of parts, Buy @ $9
01/24/19	Kim Eng	SIA	9.5	11.2	Buy	PB0.94x
01/24/19	CIMB	SIA	9.5	10.25	Hold	PB0.9x CY19
02/15/19	CIMB	SIA	9.87	10.25	Hold	PB0.9x CY19
02/15/19	DBS Vickers	SIA	9.87	11	Buy	PB0.9x FY20
02/15/19	Lim & Tan	SIA	9.87	0	Hold
02/18/19	Kim Eng	SIA	9.76	11.2	Buy	PB0.94x
02/18/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Buy @ $9.50
02/18/19	OCBC	SIA	9.76	10.71	Buy
03/19/19	CIMB	SIA	9.83	10.25	Hold
03/19/19	UOB Kay Hian	SIA	9.83	10.1	Hold	Buy @ $9

Stock calls for 25 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/25/19	phillip	Geo Energy	0.186	0.215	Accumulate	PER10x
03/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy	DDM
03/25/19	CIMB	Y Venture	0.06	0.15	Add

Huawei won the fight in Europe against the US.

https://www.channelnewsasia.com/news/business/exclusive--eu-to-drop-threat-of-huawei-ban-but-wants-5g-risks-monitored---sources-11371674

How did Huawei win the fight?

Huawei was able to win the fight because of its 10,000+ patents.  The EU realized that it would contravene Huawei's patents in 5G and couldn't develop the same 5G speed without Huawei.  Furthermore, excluding Huawei's components and parts in the EU would increase the 5G costs tremendously.

http://sg-stock.blogspot.com/2019/03/wipo-showed-that-china-didnt-steal.html

Well done Huawei!

What caused the US stock markets to plunge yesterday?

https://finance.yahoo.com/news/dow-why-stock-market-falling-141730433.html

The following contributing factors:

1.The global environment especially the recent Germany PMI data.  Germany is the bellwether of Europe and it will drag the whole Europe down when it is having a recession.

http://sg-stock.blogspot.com/2019/03/germany-will-enter-into-recession-in.html

2.The chaotic US treasury market is signalling a recession is in the offing.

https://sg-stock.blogspot.com/2019/03/the-us-treasurys-situation-is-getting.html

3. The dovish fed policy is creating an artificially low interest rate environment which will make the banking and financial industry less profitable.  In a nutshell, the banks and financial firms will find it difficult to earn more incomes in a low rate environment.

https://sg-stock.blogspot.com/2017/03/what-stocks-to-buy-in-interest-rate.html

Baltic dry index - 690

Today, Friday, March 22 2019, the Baltic Dry Index decreased by 5 points, reaching 690 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 - 1016

Total rig count 1016 versus 1026 last week

The Baker Hughes rig count is coming in lower for the 5th week in a row

• Oil rigs, 824 versus 830 estimate. That is also down from 833 last week
• Gas rigs, 192 versus 193 last week
• Total rigs, 1016 versus 1026 last week

The price of crude oil was trading at $58.47 right before the report. It is currently trading at $58.59.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Germany will enter into a recession in the 2nd half of 2019.

https://finance.yahoo.com/news/german-manufacturing-sinks-deeper-contraction-083000514.html

The PMI is at 44.7 now.

https://finance.yahoo.com/news/asian-shares-firm-solid-u-011607182.html

The German bund 10-year yield is negative.

The PMI is a harbinger and the country usually enters into a recession 6 months later.  Therefore, it is likely that Germany will enter into a recession around September 2019.  There are many telltale signs now.

http://sg-stock.blogspot.com/2019/02/germany-almost-got-into-recession.html

SHS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/25/18	phillip	SHS	0.23	0.29	Buy	PER10x FY19
08/23/18	phillip	SHS	0.24	0.29	Buy	PER10x FY19
11/19/18	phillip	SHS	0.215	0.24	Accumulate	PER10x FY19
01/29/19	phillip	SHS	0.197	0.24	Accumulate	PER10x FY19
03/08/19	phillip	SHS	0.191	0.194	Neutral	PB0.7x

Shopper360 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/18	phillip	Shopper360	0.18	0.33	Trading Buy	PER7x FY19

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/18	DMG & Partners	Sheng Siong	0.915	0.99	Neutral	Up from $0.93
02/20/18	UOB Kay Hian	Sheng Siong	0.92	1.06	Hold
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/26/18	phillip	Sheng Siong	0.93	1.13	Buy	PER23x FY18
02/26/18	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER
02/26/18	OCBC	Sheng Siong	0.93	1.06	Buy
02/26/18	CIMB	Sheng Siong	0.93	1.08	Add	PER22.3x CY19
03/19/18	phillip	Sheng Siong	0.945	1.13	Buy
04/03/18	Kim Eng	Sheng Siong	0.95	1.2	Buy	DCF, PER25x FY18, EV/Ebitda7x
04/03/18	UOB Kay Hian	Sheng Siong	0.95	1.1	Buy
04/11/18	DMG & Partners	Sheng Siong	0.97	1.11	Buy	DCF & PER21x
04/16/18	phillip	Sheng Siong	1	1.13	Accumulate
04/30/18	DMG & Partners	Sheng Siong	1.02	1.18	Buy	DCF & PER
04/30/18	UOB Kay Hian	Sheng Siong	1.02	1.09	Hold	PER22.5x FY18, Buy @ $0.98
04/30/18	OCBC	Sheng Siong	1.02	1.06	Buy
04/30/18	DBS Vickers	Sheng Siong	1.02	1.21	Buy	PER25x FY18
05/02/18	phillip	Sheng Siong	1.02	1.13	Accumulate	PER23x FY18
05/02/18	CIMB	Sheng Siong	1.02	1.18	Add	PER22.3x FY19
05/21/18	DMG & Partners	Sheng Siong	1	1.18	Buy	DCF & PER
06/22/18	DMG & Partners	Sheng Siong	1	1.18	Buy
06/28/18	OCBC	Sheng Siong	1.05	1.12	Buy
07/04/18	CIMB	Sheng Siong	1.06	1.18	Add	PER22.2x FY19
07/13/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
07/31/18	UOB Kay Hian	Sheng Siong	1.07	1.09	Hold	PER22.5x FY18, Buy @ $0.98
07/31/18	DBS Vickers	Sheng Siong	1.07	1.26	Buy	PER25x FY19
08/01/18	DMG & Partners	Sheng Siong	1.07	1.27	Buy	DCF & PER
08/02/18	phillip	Sheng Siong	1.09	1.13	Accumulate	PER23x FY18
08/02/18	OCBC	Sheng Siong	1.09	1.25	Buy
08/20/18	CIMB	Sheng Siong	1.09	1.26	Add	PER22.2x FY19
08/20/18	DMG & Partners	Sheng Siong	1.09	1.3	Buy	DCF & PER21x
08/21/18	UOB Kay Hian	Sheng Siong	1.11	1.14	Hold	DCF, PER21.8x FY19, Buy @ $1.05
09/14/18	CIMB	Sheng Siong	1.12	1.26	Add
09/18/18	Amfrasers	Sheng Siong	1.12	1.24	Buy	DCF, PER25.1x FY18
09/18/18	DBS Vickers	Sheng Siong	1.12	1.26	Buy
10/02/18	Amfrasers	Sheng Siong	1.13	1.24	Buy	DCF, PER21x FY18
10/23/18	CIMB	Sheng Siong	1.05	1.26	Add
10/31/18	DBS Vickers	Sheng Siong	1.08	1.24	Buy	PER25x FY19
10/31/18	DMG & Partners	Sheng Siong	1.08	1.3	Buy	DCF & PER21x
11/01/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF
11/01/18	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold	PER22.7x FY19, Buy @ $1.04
11/01/18	OCBC	Sheng Siong	1.08	1.13	Hold
11/01/18	CIMB	Sheng Siong	1.08	1.25	Add	PER22.2x FY20
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
12/10/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy
12/17/18	DBS Vickers	Sheng Siong	1.09	1.24	Buy
01/02/19	DMG & Partners	Sheng Siong	1.06	1.27	Buy
01/04/19	phillip	Sheng Siong	1.07	1.13	Accumulate
02/20/19	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold
02/27/19	DMG & Partners	Sheng Siong	1.09	1.25	Buy	DCF
02/27/19	OCBC	Sheng Siong	1.09	1.19	Buy
02/27/19	DBS Vickers	Sheng Siong	1.09	1.25	Buy	PER25x FY19
02/27/19	CIMB	Sheng Siong	1.09	1.22	Add	PER22.2x FY20
02/27/19	UOB Kay Hian	Sheng Siong	1.09	1.11	Hold
03/04/19	phillip	Sheng Siong	1.09	1.3	Accumulate	PER25x
03/05/19	Amfrasers	Sheng Siong	1.09	1.24	Buy
03/13/19	DMG & Partners	Sheng Siong	1.08	1.25	Buy	DCF
03/19/19	Kim Eng	Sheng Siong	1.08	0.95	Sell	DCF, PER19.5x FY19

Stock calls for 22 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/19	UOB Kay Hian	Comfortdelgro	2.54	2.77	Buy
03/22/19	DBS Vickers	Frasers Property	1.77	1.98	Buy	RNAV (35% discount)
03/22/19	OCBC	Shangri-La Asia	11.18	16.16	Buy
03/22/19	DMG & Partners	Singtel	2.97	3.06	Neutral
03/22/19	CIMB	Starhill	0.7	0.74	Add	DDM

The US treasury's situation is getting chaotic. - Part 2

The US bond market doesn't look good after the US Fed expressed its super dovish stance (No interest rate hikes in 2019 and termination of QT).

From the screen above, we can see the following yield curve inversions:
1m yield > 2m yield
1m yield > 3m yield
1m yield > 6m yield
1m yield > 1y yield
1m yield > 2y yield
1m yield > 3y yield
1m yield > 5y yield
1m yield > 7y yield

3m yield (2.49%)  < 10y yield (2.54%) = Spread is narrowing!

When the short term yield is more than the long term yield, it is a monetary tightening symptom.  Why?

When I was a finance student, I learnt the time value of money concept in the university.  Money is worth lesser and lesser into the future and it needs to be compensated if we use our monies for investment for the current period.  Therefore, the interest or yield return that we demand must commensurate with time.  In other words, the longer is the investment period, the higher is the interest.

Furthermore, uncertainty (risk) increases with time and we also must be compensated more for investing in a longer period.

When the short term yield is greater than the long term yield, it is showing that access to cheap money is no longer available because investors are demanding a higher interest rate for taking a short term risk.  This will create short term cash flow problems for many companies and defaults will rise.  This is something that the US Fed is trying to avoid by terminating the QT but the reality in the bond market is showing otherwise.

The preferred US Fed yield curve inversion indicator is the 3-month yield vs 10-year month yield.  The 3m-10y yield spread is narrowing and this is not a good sign.  When this indicator starts to invert, it is showing that the recession is in the offing.

https://sg-stock.blogspot.com/2019/01/the-us-treasurys-situation-is-getting.html

Indonesia's Garuda has cancelled Boeing 737-Max orders. More to come!

https://www.channelnewsasia.com/news/asia/indonesia-s-garuda-cancelling-49-boeing-737-max-8-plane-orders-11368824

Garuda is right to cancel the unsafe plane orders.  However, Indonesia is not Boeing's biggest customer.  Boeing's biggest customer is China.

Boeing will be in a crash mode when China cancels 737-Max orders.

http://sg-stock.blogspot.com/2019/03/boeing-saga.html

Shangri-La Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/19	OCBC	Shangri-La Asia	11.04	16.4	Buy

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/18	DMG & Partners	SGX	7.98	9	Buy	PER24x FY19
01/22/18	Kim Eng	SGX	7.98	8.82	Buy	PER23x FY19
01/22/18	DBS Vickers	SGX	7.98	8.9	Buy	DDM, PER21x FY19
01/22/18	OCBC	SGX	7.98	8.16	Hold	PER24x FY18
01/22/18	CIMB	SGX	7.98	8.5	Add	PER24x FY19
01/22/18	phillip	SGX	7.98	9	Accumulate	DCF
01/22/18	UBS	SGX	7.98	8.7	Buy
01/22/18	Citibank	SGX	7.98	8.88	Hold
02/07/18	CIMB	SGX	7.88	8.5	Add	PER24x FY19
02/07/18	DMG & Partners	SGX	7.88	9	Buy	PER24x FY19
02/07/18	OCBC	SGX	7.88	8.16	Hold
02/07/18	Kim Eng	SGX	7.88	8.82	Buy	PER23x FY19
02/07/18	DBS Vickers	SGX	7.88	8.9	Buy	DDM, PER21x FY19
02/11/18	Citibank	SGX	7.89	7.9	Hold
02/13/18	JP Morgan	SGX	7.31	9	Overweight
02/13/18	Jefferies	SGX	7.31	8	Buy
02/13/18	UBS	SGX	7.31	8.7	Buy
02/13/18	CIMB	SGX	7.31	7.85	Hold	PER24x FY19
02/13/18	Goldman Sachs	SGX	7.31	6.6	Sell
02/14/18	phillip	SGX	7.3	8.89	Buy	DCF
02/19/18	Jefferies	SGX	7.37	8	Buy
02/20/18	DBS Vickers	SGX	7.71	8.9	Buy	DDM, PER21x FY19
03/08/18	Kim Eng	SGX	7.44	8.73	Buy	PER23x FY19
03/13/18	Amfrasers	SGX	7.58	8.14	Buy
04/23/18	phillip	SGX	7.56	9.2	Buy	DCF
04/23/18	CIMB	SGX	7.56	8.2	Add	PER24x FY19
04/23/18	Lim & Tan	SGX	7.56	0	Buy
04/23/18	OCBC	SGX	7.56	8.22	Buy
04/23/18	DMG & Partners	SGX	7.56	9	Buy	PER24x FY19
05/23/18	Lim & Tan	SGX	7.48	0	Buy on weakness
06/01/18	OCBC	SGX	7.24	7.89	Buy	PER23x
06/22/18	DMG & Partners	SGX	7.25	9	Buy	PER24x FY19
07/03/18	UOB Kay Hian	SGX	7.14	8.14	Not Rated
07/18/18	Macquarie	SGX	7.45	7.7	Neutral
07/25/18	DMG & Partners	SGX	7.5	9	Buy	PER24x FY19
07/30/18	OCBC	SGX	7.58	8.32	Buy	PER23x FY19
07/30/18	CIMB	SGX	7.58	8.02	Add	PER24x FY20
07/30/18	Lim & Tan	SGX	7.58	0	Buy
07/31/18	phillip	SGX	7.41	8.93	Buy	DCF
08/05/18	Citibank	SGX	7.36	7.7	Hold
09/04/18	DMG & Partners	SGX	7.42	8.4	Buy	PER23.4x FY19
10/16/18	Citibank	SGX	6.83	7.1	Hold
10/22/18	phillip	SGX	6.93	9.01	Buy	PER25.2x
10/22/18	DMG & Partners	SGX	6.93	8.4	Buy	PER23x FY19
10/22/18	OCBC	SGX	6.93	7.96	Buy	PER22x F19/20
10/22/18	CIMB	SGX	6.93	7.6	Add	PER22.1x FY20
10/24/18	Macquarie	SGX	7.05	7.7	Neutral
11/22/18	DMG & Partners	SGX	7.21	8.4	Buy
11/27/18	DMG & Partners	SGX	7.24	8.2	Buy	PER22x FY20
01/04/19	phillip	SGX	7.15	9.01	Buy
01/25/19	CIMB	SGX	7.5	7.9	Add	PER22.1x FY20
01/25/19	DMG & Partners	SGX	7.5	8.2	Buy	PER22x FY20
01/28/19	phillip	SGX	7.57	8.36	Buy	PER23.2x FY19
01/28/19	OCBC	SGX	7.57	7.98	Buy	PER22x F19/20
02/22/19	Citibank	SGX	7.87	7.8	Hold
03/12/19	Citibank	SGX	7.46	7	Sell
03/14/19	DBS Vickers	SGX	7.26	7.05	Hold	DDM, PER20x CY20
03/19/19	phillip	SGX	7.31	8.17	Accumulate	PER23.2x

Serial System - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/22/18	Tayona	Serial System	0.1666	0.24	Overweight	DCF
08/17/18	Tayona	Serial System	0.146	0.24	Overweight	Sum of parts, PER11.2x FY18

Stock calls for 21 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/19	Lim & Tan	Capitaland	3.47	0	Buy
03/21/19	Amfrasers	CapitaRetail China	1.52	1.61	Buy	DDM
03/21/19	Lim & Tan	City Developments	9.02	0	Buy
03/21/19	Kim Eng	Japfa	0.65	1.05	Buy	Sum of parts
03/21/19	OCBC	Shangri-La Asia	11.04	16.4	Buy
03/21/19	UOB Kay Hian	Singtel	2.99	3.58	Buy	DCF
03/21/19	DMG & Partners	Starhill	0.705	0.78	Buy	DDM
03/21/19	Kim Eng	Valuetronics	0.685	1.05	Buy	PB2.1x FY20