Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	DBS Vickers	Jardine C&C	35.28	43.1	Buy
05/02/19	DBS Vickers	Jardine C&C	35.52	39.1	Buy	Sum of parts (16% discount)

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/19	CIMB	Japfa	0.82	0.9	Add	Sum of parts
01/30/19	Kim Eng	Japfa	0.81	0.99	Buy
03/01/19	CIMB	Japfa	0.765	0.9	Add	Sum of parts
03/05/19	UOB Kay Hian	Japfa	0.705	0.98	Buy	Sum of parts, PER10.7x FY19
03/05/19	DBS Vickers	Japfa	0.705	0.8	Buy	Sum of parts (15% discount), PER11.4x FY19
03/14/19	CIMB	Japfa	0.715	0.63	Reduce	Sum of parts
03/21/19	Kim Eng	Japfa	0.65	1.05	Buy	Sum of parts
04/02/19	Kim Eng	Japfa	0.665	1.05	Buy
05/03/19	UOB Kay Hian	Japfa	0.605	0.73	Buy	Sum of parts
05/03/19	DBS Vickers	Japfa	0.605	0.61	Hold	Sum of parts (10% discount), PER14x FY19
05/27/19	Kim Eng	Japfa	0.575	0.93	Buy	Sum of parts
07/31/19	UOB Kay Hian	Japfa	0.515	0.48	Hold	Sum of parts, Buy @ $0.42
08/01/19	Kim Eng	Japfa	0.51	0.73	Buy	Sum of parts
08/05/19	DBS Vickers	Japfa	0.5	0.53	Hold	Sum of parts (10% discount), PER12.5x FY19
09/13/19	Kim Eng	Japfa	0.485	0.73	Buy	Sum of parts
11/01/19	UOB Kay Hian	Japfa	0.49	0.5	Hold	Sum of parts, Buy @ $0.44
11/01/19	DBS Vickers	Japfa	0.49	0.53	Hold
11/01/19	CIMB	Japfa	0.49	0.56	Add

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF
03/08/19	DMG & Partners	Japan Foods	0.43	0.45	Neutral
04/05/19	DMG & Partners	Japan Foods	0.435	0.45	Neutral
05/22/19	Amfrasers	Japan Foods	0.44	0.55	Neutral	DCF
05/23/19	DMG & Partners	Japan Foods	0.44	0.4	Hold
06/06/19	DMG & Partners	Japan Foods	0.43	0.4	Neutral
08/22/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/08/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/11/19	Amfrasers	Japan Foods	0.425	0.46	Neutral

Stock calls for 15 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/15/19	Amfrasers	Accordia Golf Trust	0.61	0.67	Outperform
11/15/19	OCBC	Golden Agri	0.245	0.26	Hold
11/15/19	DBS Vickers	MM2 Asia	0.285	0.3	Hold	Sum of parts, PER12.8x FY20
11/15/19	DBS Vickers	OUE Commercial	0.54	0.6	Buy	DCF
11/15/19	UOB Kay Hian	Propnex	0.525	0.62	Buy
11/15/19	OCBC	Sembcorp Industries	2.29	2.51	Hold	Sum of parts
11/15/19	DMG & Partners	Sembcorp Industries	2.29	2.68	Buy	Sum of parts (20% discount), PER10x FY20
11/15/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	DCF
11/15/19	DBS Vickers	Sembcorp Marine	1.28	1.4	Hold	PB1.3x FY20
11/15/19	DBS Vickers	Silverlake	0.44	0.57	Buy	PER21x FY20
11/15/19	Lim & Tan	Singtel	3.3	0	Hold
11/15/19	DMG & Partners	Talkmed	0.505	0.62	Buy	DCF
11/15/19	DBS Vickers	Yoma	0.375	0.5	Buy	RNAV (45% discount)

HK rioters can kill ordinary citizen but police cannot kill any rioter.

https://www.channelnewsasia.com/news/asia/hong-kong-protests-elderly-man-injured-by-brick-dies-12095948

The HK rioters are insane now.  They're attacking ordinary residents to the extent that they're not afraid to kill anybody.

The aftermath of Mapletree NAC's mall in HK.

Please take a look at the extensive damage of Mapletree NAC's mall.

Is this a protest for democracy or destruction?

How did UK deal with riots in HK in 1967?

https://en.wikipedia.org/wiki/Hong_Kong_1967_leftist_riots

The current HK riot is not the first in HK history.  There was a leftist riot in HK in 1967 under the UK ruling.

In 1967, HK had about 3m population and 51 people were killed and close to 5,000 people were arrested.

In 2019, HK has about 7.5m population.  If the HK police were not restrained under China ruling, more people would have to die and more would be arrested.  If HK was still under the UK ruling, at least 100 people would die and 10,000 people would be arrested.

Therefore, Hongkongers should be thankful that they're under China's ruling now.

The HK riots rationalize the Tiananmen incident.

The violent riots and protests in HK have changed the mindsets of Chinese in China.  What the Chinese had seen in HK recently had reinforced their belief that the communist party had done the right thing for the Tiananmen incident because they would suffer hardships and couldn't walk safely on the street if there was no violent crackdown by the communist party.

When the government and police are weak, the rioters and protestors will rule the streets and ordinary citizens cannot live a peaceful and orderly life.  The ordinary citizens have lost their freedom to go out for fear of being beaten up and burnt, and they cannot go to work to support their livelihoods.

The tourism industry is severely disrupted and affected by such violent acts.

https://www3.nhk.or.jp/nhkworld/en/news/20191112_06/

Once again, I would like to urge Singaporeans to be very careful in HK because we're being specifically targeted.

Singaporeans, please be very careful in HK!

https://sg.news.yahoo.com/dbs-branch-in-hong-kong-vandalised-with-vulgar-messages-directed-at-pm-lee-pap-091705028.html

HK DBS was targeted and PM Lee and PAP were named as the cause.

Singaporeans have to be extremely careful in HK since we'll be specifically targeted because of PM Lee and PAP.

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	Jadason	0.02	0.066	Add
05/13/19	CIMB	Jadason	0.038	0.059	Add	PB1x CY19

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/19	DMG & Partners	ISOTeam	0.22	0.23	Neutral	DCF
05/15/19	DMG & Partners	ISOTeam	0.22	0.29	Buy	DCF
06/06/19	DMG & Partners	ISOTeam	0.23	0.29	Buy
07/11/19	UOB Kay Hian	ISOTeam	0.245	0.3	Buy	PER12.4x FY20
07/25/19	DMG & Partners	ISOTeam	0.245	0.31	Buy	DCF
07/25/19	UOB Kay Hian	ISOTeam	0.245	0.34	Buy	PER12.4x FY20
08/29/19	UOB Kay Hian	ISOTeam	0.23	0.34	Buy
08/29/19	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
09/23/19	UOB Kay Hian	ISOTeam	0.225	0.34	Buy
09/25/19	DMG & Partners	ISOTeam	0.235	0.31	Buy	DCF
10/15/19	DMG & Partners	ISOTeam	0.225	0.31	Buy

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	CIMB	ISDN	0.215	0.32	Add	PER10x CY20
07/01/19	CIMB	ISDN	0.235	0.32	Add
08/19/19	CIMB	ISDN	0.192	0.27	Add

Stock calls for 14 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/14/19	CIMB	APAC Realty	0.515	0.66	Add	DCF
11/14/19	DMG & Partners	APAC Realty	0.515	0.6	Buy	DCF
11/14/19	DBS Vickers	APAC Realty	0.515	0.46	Hold	PER12x FY20
11/14/19	DMG & Partners	Centurion	0.42	0.43	Neutral	DCF
11/14/19	DBS Vickers	Centurion	0.42	0.52	Buy	DCF
11/14/19	DMG & Partners	City Developments	10.47	10.5	Neutral	RNAV (40% discount)
11/14/19	Kim Eng	Comfortdelgro	2.38	2.7	Buy	DCF
11/14/19	DMG & Partners	Comfortdelgro	2.38	2.38	Neutral	DCF
11/14/19	UOB Kay Hian	Comfortdelgro	2.38	2.27	Hold	Buy @ $2
11/14/19	DBS Vickers	Comfortdelgro	2.38	2.48	Hold	Sum of parts, PER17.8x FY20
11/14/19	CIMB	Comfortdelgro	2.38	2.28	Hold	DCF
11/14/19	DBS Vickers	Delfi	0.96	1.51	Buy	PER23.1x FY20
11/14/19	DMG & Partners	Fu Yu	0.225	0.24	Buy	DCF
11/14/19	Lim & Tan	Fu Yu	0.225	0	Buy
11/14/19	DMG & Partners	Golden Agri	0.265	0.25	Neutral	Sum of parts
11/14/19	Amfrasers	IFS Capital	0.225	0.3	Outperform	PB0.6x FY20
11/14/19	DMG & Partners	Oxley	0.345	0.43	Buy	RNAV (45% discount)
11/14/19	DBS Vickers	SATS	4.99	5.06	Hold	DCF & PER22x FY21
11/14/19	DMG & Partners	Sembcorp Marine	1.29	1.6	Buy	PB1.47x FY20
11/14/19	UOB Kay Hian	Sembcorp Marine	1.29	1.17	Sell
11/14/19	CIMB	Sembcorp Marine	1.29	1.26	Hold	PB1.2x CY21
11/14/19	DMG & Partners	Valuetronics	0.725	0.81	Buy	DCF
11/14/19	Kim Eng	Valuetronics	0.725	0.98	Buy	PB2x FY20
11/14/19	UOB Kay Hian	Valuetronics	0.725	0.91	Buy	PER12x
11/14/19	DBS Vickers	Wilmar	3.96	4.35	Buy	Sum of parts, PER16.3x FY20

Mapletree NAC trust's mall was wrecked by rioters in HK.

https://sg.news.yahoo.com/hong-kong-protesters-trash-mapletree-mall-christmas-tree-051541117.html

Mapletree has to renovate this mall but the rioters will come back to wreck it again.

This renovation decision is a difficult one because the rioters will come back again.  Big headache!

Interra Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/10/19	SAC Advisors	Interra Resources	0.026	0.089	Buy	EV/IP reserves 6.4x

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	Lim & Tan	Innotek	0.5	0	Buy on weakness

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DBS Vickers	Indofood Agri	0.2	0.19	Hold	DCF
04/12/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
05/02/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
07/16/19	DBS Vickers	Indofood Agri	0.325	0.33	Hold
08/05/19	DBS Vickers	Indofood Agri	0.32	0.29	Hold	DCF

Stock calls for 13 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/13/19	DBS Vickers	Bumitama	0.62	0.72	Buy	DCF
11/13/19	Kim Eng	Bumitama	0.62	0.8	Buy
11/13/19	UOB Kay Hian	City Developments	10.67	12	Buy
11/13/19	DMG & Partners	Delfi	0.955	1.68	Buy	DCF
11/13/19	Kim Eng	First Resources	1.78	1.86	Hold	PER18x FY20
11/13/19	UOB Kay Hian	First Resources	1.78	1.85	Buy
11/13/19	DBS Vickers	First Resources	1.78	1.95	Buy	DCF
11/13/19	UOB Kay Hian	SATS	5.09	5.3	Buy
11/13/19	OCBC	Sembcorp Marine	1.34	1.24	Sell
11/13/19	DMG & Partners	Singapore Medical	0.325	0.36	Neutral	DCF
11/13/19	DBS Vickers	UMS	0.81	1	Buy	PER13x FY20
11/13/19	OCBC	UOL	7.91	9.25	Buy
11/13/19	Lim & Tan	UOL	7.91	0	Buy on weakness
11/13/19	DMG & Partners	Wilmar	3.85	4.75	Buy	Sum of parts

The French police beat up Catalan protestors.

https://www.washingtonpost.com/world/europe/french-police-clear-protesters-at-spanish-border-crossing/2019/11/12/ae1d91d2-052f-11ea-9118-25d6bd37dfb1_story.html

French supported the HK protestors and accused the HK police of using excessive force.  How times have changed so fast!

The French police also used baton and pepper spray against the Catalan protestors.  Please don't forget that the HK protestors support the Catalan protestors.  How could the french police use excessive force against Catalan protestors when the French condemned HK police brutality against the HK protestors?

The French police should stop bullying and abusing the Catalan protestors when the French were condemning the same police act in HK.

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price
03/01/19	Kim Eng	IHH Healthcare	1.85	2.29	Buy	Sum of parts, Ringgit $6.90 target
05/31/19	UOB Kay Hian	IHH Healthcare	1.79	2.07	Buy	Ringgit $6.30 target price, PER32.8x FY2020
06/12/19	CIMB	IHH Healthcare	1.84	2.09	Add	Ringgit $6.37 target price
07/31/19	Kim Eng	IHH Healthcare	1.88	2.16	Buy	Sum of parts, Ringgit $6.50 target price
09/09/19	Kim Eng	IHH Healthcare	1.85	2.1	Hold	Sum of parts, Ringgit $6.30 target price

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18
08/26/19	Amfrasers	IFS Capital	0.22	0.3	Outperform	PB0.6x FY20

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/19	DBS Vickers	Ifast Corp	1.11	1.19	Hold	DDM
04/30/19	DBS Vickers	Ifast Corp	1.12	1.05	Hold	DDM
07/30/19	DBS Vickers	Ifast Corp	1.1	1.05	Hold	DDM
11/01/19	DBS Vickers	Ifast Corp	1.01	1.05	Hold	DDM

Stock calls for 12 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/12/19	Phillip	APTV	0.171	0.165	Neutral	EV/Ebitda9.5x
11/12/19	DMG & Partners	Bumitama	0.595	0.69	Buy	PER16x FY20
11/12/19	UOB Kay Hian	CDL Hospitality	1.58	2.05	Buy
11/12/19	Amfrasers	China Sunsine	1.03	1.2	Outperform	DCF
11/12/19	Macquarie	DBS	26.64	25.8	Neutral	PB
11/12/19	phillip	DBS	26.64	27.3	Accumulate	GGM, PB1.4x
11/12/19	DMG & Partners	DBS	26.64	25.8	Neutral	GGM, PB1.28x FY20
11/12/19	Kim Eng	DBS	26.64	29.92	Buy	DDM
11/12/19	UOB Kay Hian	DBS	26.64	30	Buy
11/12/19	phillip	EC World Reit	0.74	0.84	Buy	DDM
11/12/19	DBS Vickers	EC World Reit	0.74	0.86	Buy	DCF
11/12/19	DMG & Partners	First Resources	1.73	1.95	Buy	PER18x FY20
11/12/19	DMG & Partners	Food Empire	0.54	0.73	Buy
11/12/19	UOB Kay Hian	Fu Yu	0.225	0.285	Buy
11/12/19	UOB Kay Hian	Keppel Corp	6.86	7.61	Buy
11/12/19	Lim & Tan	KSH	0.465	0	Buy
11/12/19	DBS Vickers	Mapletree North Asia	1.23	1.6	Buy
11/12/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy
11/12/19	UOB Kay Hian	Sembcorp Marine	1.33	1.22	Sell
11/12/19	DBS Vickers	ST Engineering	4	4.64	Buy
11/12/19	CIMB	ST Engineering	4	4.47	Add
11/12/19	Kim Eng	ST Engineering	4	4.5	Buy
11/12/19	OCBC	ST Engineering	4	4.64	Buy
11/12/19	DMG & Partners	ST Engineering	4	4.55	Buy	Sum of parts
11/12/19	UOB Kay Hian	ST Engineering	4	4.32	Buy
11/12/19	UOB Kay Hian	Wilmar	3.83	4.4	Buy
11/12/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy

The HK rioters burnt a man who disagreed with their act.

https://sg.news.yahoo.com/hong-kong-father-two-burned-115921690.html

This is outrageous and inhumane.  The HK rioters burnt a man who disagreed with their vandalism act.

It is time for the HK police to get tough with these rioters so that ordinary citizens can be protected.

HK is becoming a lawless city now because these rioters think they're the laws or above the laws.

The US loves to poison Asia!

https://sg.news.yahoo.com/thailand-wants-ban-three-pesticides-070030802.html

The US loves to poison Asia with its chemical-laced meats and farming chemicals.

Asia must unite together to ban these farming chemicals from the US.

Hyphens Pharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	DMG & Partners	Hyphens Pharma	0.196	0.25	Buy	DCF, PER12.2x FY19
08/20/19	DMG & Partners	Hyphens Pharma	0.2	0.25	Buy	DCF
10/15/19	DMG & Partners	Hyphens Pharma	0.199	0.25	Buy
11/08/19	SAC Advisors	Hyphens Pharma	0.195	0.285	Buy

Hutchison Port - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	OCBC	Hutchison Port	0.26	0.22	Sell
02/13/19	DBS Vickers	Hutchison Port	0.26	0.26	Hold	DCF
02/25/19	OCBC	Hutchison Port	0.235	0.22	Hold
04/30/19	OCBC	Hutchison Port	0.24	0.22	Hold
04/30/19	DBS Vickers	Hutchison Port	0.24	0.26	Hold
07/25/19	OCBC	Hutchison Port	0.225	0.22	Hold
07/26/19	DBS Vickers	Hutchison Port	0.225	0.23	Hold	DCF
09/06/19	OCBC	Hutchison Port	0.22	0.17	Hold
10/30/19	OCBC	Hutchison Port	0.158	0.155	Hold

HRnetGroup - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	HRnetGroup	0.8	1.18	Buy	DCF
02/25/19	DMG & Partners	HRnetGroup	0.795	1.06	Buy	DCF
02/26/19	DBS Vickers	HRnetGroup	0.8	1.05	Buy	PER15x FY19, ex-cash
03/13/19	DMG & Partners	HRnetGroup	0.79	1.06	Buy
03/26/19	CIMB	HRnetGroup	0.765	1.03	Add
05/07/19	DMG & Partners	HRnetGroup	0.77	1.06	Buy	DCF
05/13/19	DMG & Partners	HRnetGroup	0.77	0.94	Buy	DCF
05/14/19	DBS Vickers	HRnetGroup	0.76	0.85	Hold	PER16x FY19, ex-cash
06/06/19	DMG & Partners	HRnetGroup	0.71	0.94	Buy
06/13/19	CIMB	HRnetGroup	0.72	1.01	Add	PER18x CY20
08/14/19	DMG & Partners	HRnetGroup	0.66	0.94	Buy	DCF
10/15/19	DMG & Partners	HRnetGroup	0.58	0.94	Buy
11/11/19	CIMB	HRnetGroup	0.64	0.83	Add
11/11/19	DMG & Partners	HRnetGroup	0.64	0.81	Buy	DCF

Stock calls for 11 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/11/19	UOB Kay Hian	A-Reit	2.89	3.25	Buy
11/11/19	DMG & Partners	DBS	26.61	25.3	Neutral	GGM, PB1.23x FY20
11/11/19	Lim & Tan	DBS	26.61	0	Buy on weakness
11/11/19	DMG & Partners	Frencken	0.76	0.82	Buy	DCF
11/11/19	CIMB	HRnetGroup	0.64	0.83	Add
11/11/19	DMG & Partners	HRnetGroup	0.64	0.81	Buy	DCF
11/11/19	Amfrasers	Japan Foods	0.425	0.46	Neutral
11/11/19	phillip	Penguin	0.7	0.93	Buy	PER5x FY20 (ex-cash)
11/11/19	CIMB	Riverstone	0.985	1.25	Add
11/11/19	DBS Vickers	Riverstone	0.985	1.16	Buy	PER14.5x FY20
11/11/19	UOB Kay Hian	Singtel	3.35	3.32	Hold	Buy @ $3
11/11/19	DMG & Partners	ST Engineering	4.12	4.7	Buy	Sum of parts
11/11/19	Phillip	Venture	16.6	17.18	Accumulate	PER14x FY19
11/11/19	Kim Eng	Venture	16.6	16.91	Hold	PB1.8x FY20
11/11/19	DMG & Partners	Venture	16.6	16.3	Neutral	PER13x FY19
11/11/19	CIMB	Venture	16.6	16.88	Hold	PER12.5x
11/11/19	UOB Kay Hian	Venture	16.6	16.67	Hold	PER14x FY20
11/11/19	DBS Vickers	Venture	16.6	17.2	Hold	PER13.7x FY20
11/11/19	Lim & Tan	Venture	16.6	0	Sell

Hang Seng Index fell heavily because of police shooting on 1st weekday.

The HK police should have taken a tough stance from the beginning so that these rioters would not be emboldened to challenge the police by obstructing them from carrying out their police duties.

I'm glad that the HK police have taken a harder stance now by shooting the rioters.  This will send a crystal clear signal to the rioters that the police will not hesitate to fire if the rioters challenge the police.  No government in the world will allow rioters to challenge the police.  Singapore also won't allow it.

What is Samsung trying to do in China?

https://www.reuters.com/article/us-samsung-elec-china/samsung-ends-mobile-phone-production-in-china-idUSKBN1WH0LR

Samsung had shut down its manufacturing plant in China last month and moved its production to Thailand.  Many analysts were convinced that the shutdown was due to the US-China tariffs and Samsung was trying to evade the US-China tariffs by shifting its production to other Asian countries.

However, Samsung outsourced 20% of its mobile phone production (60m units) to China after the shutdown when it could produce the 60m units in its own plant in Korea, Vietnam, India or even Thailand.

https://www.gizmochina.com/2019/10/30/samsung-will-boost-odm-smartphone-orders-in-2020-to-stay-ahead-of-chinese-competitors/

It was supposed to be cheaper to manufacture the 60m units in its own China's plant since its plant was producing 63m units in 2017.  Why did Samsung want to benefit the ODM in China?

The truth is Samsung realizes by now that it makes a strategic mistake by being short-sighted with the pullout and it wants to appease the China government with 60m units order.  This outsourced order was supposed to be much larger but Samsung shrunk it after intense discussion with the Korean government.

The US national debt has exceeded US$23T.

Are you worried about the unbridled US national debt?

Please share your thoughts with us.