Stock calls for 19 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/19/19	DBS Vickers	A-Reit	2.92	3.4	Buy
12/19/19	Kim Eng	ART	1.35	1.4	Hold	DDM
12/19/19	DBS Vickers	Ascendas India Trust	1.53	1.65	Buy
12/19/19	DBS Vickers	Far East Hospitality	0.72	0.8	Buy
12/19/19	DBS Vickers	Frasers Centrepoint Trust	2.7	2.95	Buy
12/19/19	DMG & Partners	Keppel Corp	6.75	7.8	Buy
12/19/19	DBS Vickers	Mapletree Industrial	2.52	2.75	Buy
12/19/19	DBS Vickers	Mapletree Logistics	1.67	1.9	Buy
12/19/19	Lim & Tan	Overseas Edu	0.32	0	Buy
12/19/19	DMG & Partners	ST Engineering	3.9	4.55	Buy
12/19/19	DMG & Partners	Wilmar	4.08	4.75	Buy

Stamford Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	Lim & Tan	Stamford Land	0.49	0	Hold

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	ST Engineering	3.51	3.97	Buy
01/23/19	CIMB	ST Engineering	3.66	3.94	Add
01/31/19	UOB Kay Hian	ST Engineering	3.66	4.06	Buy
02/08/19	DBS Vickers	ST Engineering	3.75	4.15	Buy	Sum of parts
02/21/19	Lim & Tan	ST Engineering	3.77	0	Hold
02/22/19	OCBC	ST Engineering	3.71	4.01	Buy	FCFE
02/22/19	DMG & Partners	ST Engineering	3.71	4.1	Buy
02/22/19	UOB Kay Hian	ST Engineering	3.71	4.06	Buy
02/22/19	Kim Eng	ST Engineering	3.71	4.25	Buy	DCF
03/13/19	DMG & Partners	ST Engineering	3.74	4.1	Buy
03/26/19	CIMB	ST Engineering	3.75	4.08	Add
03/28/19	UOB Kay Hian	ST Engineering	3.75	4.06	Buy
03/28/19	Lim & Tan	ST Engineering	3.75	0	Hold
03/29/19	UOB Kay Hian	ST Engineering	3.73	4.4	Buy	EV/Invested capital basis
03/29/19	OCBC	ST Engineering	3.73	4.07	Buy
03/29/19	DBS Vickers	ST Engineering	3.73	4.15	Buy
04/15/19	Kim Eng	ST Engineering	3.82	4.25	Buy
04/25/19	UOB Kay Hian	ST Engineering	3.9	4.7	Buy	EV/Invested capital basis
04/25/19	DMG & Partners	ST Engineering	3.9	4.1	Buy
04/25/19	Kim Eng	ST Engineering	3.9	4.3	Buy	DCF
04/26/19	DBS Vickers	ST Engineering	3.89	4.15	Buy
05/13/19	UOB Kay Hian	ST Engineering	4.02	4.7	Buy
05/16/19	OCBC	ST Engineering	3.9	4.22	Buy
05/16/19	DBS Vickers	ST Engineering	3.9	4.5	Buy	Sum of parts
05/16/19	CIMB	ST Engineering	3.9	4.43	Add	PER22x FY20
05/22/19	DMG & Partners	ST Engineering	3.96	4.45	Buy	DCF & PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20
06/06/19	DMG & Partners	ST Engineering	4	4.45	Buy
06/06/19	DBS Vickers	ST Engineering	4	4.5	Buy
06/13/19	OCBC	ST Engineering	4.09	4.38	Buy
06/13/19	UOB Kay Hian	ST Engineering	4.09	4.7	Buy
07/05/19	DMG & Partners	ST Engineering	4.24	4.45	Buy	PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20 & DCF
07/15/19	UOB Kay Hian	ST Engineering	4.29	4.7	Buy
08/15/19	UOB Kay Hian	ST Engineering	4.22	4.36	Hold
08/15/19	DMG & Partners	ST Engineering	4.22	4.7	Buy	Sum of parts
08/15/19	OCBC	ST Engineering	4.22	4.64	Buy	DCF
08/16/19	CIMB	ST Engineering	4.07	4.36	Add	Sum of parts
08/16/19	DBS Vickers	ST Engineering	4.07	4.64	Buy	Sum of parts
08/16/19	Lim & Tan	ST Engineering	4.07	0	Hold
09/11/19	DMG & Partners	ST Engineering	3.9	4.7	Buy
09/18/19	UOB Kay Hian	ST Engineering	3.9	4.34	Buy
09/20/19	Kim Eng	ST Engineering	3.92	4.3	Hold
10/01/19	DBS Vickers	ST Engineering	3.84	4.64	Buy
10/02/19	DMG & Partners	ST Engineering	3.85	4.7	Buy	Sum of parts
10/08/19	Kim Eng	ST Engineering	3.91	4.5	Buy	DCF
10/09/19	UOB Kay Hian	ST Engineering	3.92	4.34	Buy
10/14/19	CIMB	ST Engineering	4.02	4.36	Add
11/11/19	DMG & Partners	ST Engineering	4.12	4.7	Buy	Sum of parts
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

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	OCBC	SPH Reit	1.01	0.99	Hold
01/07/19	Kim Eng	SPH Reit	1.01	1.02	Hold	DDM
01/07/19	DBS Vickers	SPH Reit	1.01	1.05	Buy	DCF
01/07/19	Lim & Tan	SPH Reit	1.01	0	Hold
01/07/19	CIMB	SPH Reit	1.01	1.02	Hold	DDM
04/08/19	Kim Eng	SPH Reit	1.06	1.05	Hold	DDM
04/08/19	CIMB	SPH Reit	1.06	1.08	Hold	DDM
04/08/19	OCBC	SPH Reit	1.06	1	Hold
04/08/19	DBS Vickers	SPH Reit	1.06	1.15	Buy	DCF
07/12/19	CIMB	SPH Reit	1.12	1.11	Hold	DDM
07/12/19	Lim & Tan	SPH Reit	1.12	0	Hold
07/15/19	OCBC	SPH Reit	1.1	1.05	Hold
07/16/19	Kim Eng	SPH Reit	1.1	1.05	Hold	DDM
07/17/19	DBS Vickers	SPH Reit	1.11	1.2	Buy	DCF
10/11/19	CIMB	SPH Reit	1.11	1.09	Hold	DDM
10/11/19	DBS Vickers	SPH Reit	1.11	1.25	Buy	DCF
10/11/19	Kim Eng	SPH Reit	1.11	1.1	Hold	DDM
10/14/19	OCBC	SPH Reit	1.13	1.05	Hold
10/15/19	OCBC	SPH Reit	1.15	1.1	Hold
11/08/19	DBS Vickers	SPH Reit	1.14	1.25	Buy
11/08/19	CIMB	SPH Reit	1.14	1.16	Hold	DDM

Stock calls for 18 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/18/19	Lim & Tan	Capitaland	3.67	0	Hold
12/18/19	DBS Vickers	Keppel DC Reit	1.97	2.23	Buy	DCF

Economic fissures are starting to show up in Hong Kong now.

https://www.channelnewsasia.com/news/business/seven-hong-kong-airlines-planes-impounded-by-authority-12190534

HK airlines are struggling now.

https://www.chinadaily.com.cn/a/201911/18/WS5dd2a0efa310cf3e355782e4.html

HK unemployment rate is rising and looks set to increase further.

More bad economic statistics will show up soon.

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/19	CIMB	SPH	2.49	2.64	Hold	Sum of parts
01/14/19	Lim & Tan	SPH	2.49	0	Hold
01/15/19	OCBC	SPH	2.47	2.55	Hold
04/03/19	UOB Kay Hian	SPH	2.43	2.82	Buy
04/10/19	Lim & Tan	SPH	2.53	0	Hold
04/10/19	CIMB	SPH	2.53	2.64	Hold	Sum of parts
04/18/19	UOB Kay Hian	SPH	2.46	2.86	Buy	Sum of parts
04/18/19	OCBC	SPH	2.46	2.55	Hold
05/13/19	UOB Kay Hian	SPH	2.39	2.86	Buy
06/06/19	UOB Kay Hian	SPH	2.31	2.86	Buy	Sum of parts
07/15/19	UOB Kay Hian	SPH	2.49	2.33	Hold	Sum of parts, Buy @ $2.10
07/16/19	CIMB	SPH	2.32	2.22	Hold	Sum of parts
07/16/19	DBS Vickers	SPH	2.32	2.22	Hold	Sum of parts
09/10/19	Lim & Tan	SPH	1.99	0	Hold
10/21/19	UOB Kay Hian	SPH	2.15	2.25	Hold	Sum of parts, Buy @ $2
10/21/19	DBS Vickers	SPH	2.15	2.19	Hold	Sum of parts

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	DBS Vickers	Soilbuild Reit	0.62	0.65	Buy	DCF
01/23/19	OCBC	Soilbuild Reit	0.62	0.62	Hold
01/23/19	Jefferies	Soilbuild Reit	0.62	0.62	Hold
04/22/19	OCBC	Soilbuild Reit	0.63	0.62	Hold
04/22/19	DBS Vickers	Soilbuild Reit	0.63	0.63	Hold	DCF
05/31/19	OCBC	Soilbuild Reit	0.6	0.62	Hold
07/17/19	Amfrasers	Soilbuild Reit	0.615	0.609	Neutral	DDM
07/18/19	Lim & Tan	Soilbuild Reit	0.61	0	Hold
07/19/19	UOB Kay Hian	Soilbuild Reit	0.615	0.6	Hold
07/19/19	DBS Vickers	Soilbuild Reit	0.615	0.63	Hold	DCF
09/03/19	OCBC	Soilbuild Reit	0.55	0.58	Accept offer
10/18/19	DBS Vickers	Soilbuild Reit	0.525	0.55	Hold	DCF
10/18/19	OCBC	Soilbuild Reit	0.525	0.52	Hold
10/18/19	Amfrasers	Soilbuild Reit	0.525	0.58	Neutral

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	UOB Kay Hian	Singtel	2.83	3.58	Buy	DCF
01/02/19	Kim Eng	Singtel	2.83	3.39	Hold
01/04/19	Phillip	Singtel	2.86	3.4	Buy	Sum of parts
01/04/19	Citibank	Singtel	2.86	3.46	Buy
01/14/19	DMG & Partners	Singtel	3.05	3.22	Neutral
01/14/19	Citibank	Singtel	3.05	3.55	Buy
01/15/19	DBS Vickers	Singtel	3.05	3.59	Buy	Sum of parts
02/08/19	UOB Kay Hian	Singtel	3.05	3.58	Buy
02/12/19	DBS Vickers	Singtel	3.05	3.5	Buy	Sum of parts
02/12/19	Kim Eng	Singtel	3.05	3.39	Hold	Sum of parts
02/15/19	OCBC	Singtel	3.03	3.79	Buy
02/15/19	DMG & Partners	Singtel	3.03	3.22	Neutral	Sum of parts
02/15/19	Citibank	Singtel	3.03	3.5	Buy
02/18/19	Phillip	Singtel	2.99	3.27	Accumulate	Sum of parts
02/18/19	CIMB	Singtel	2.99	3.4	Add	Sum of parts
03/11/19	OCBC	Singtel	2.94	3.79	Buy
03/11/19	DMG & Partners	Singtel	2.94	3.09	Neutral	Sum of parts
03/11/19	Lim & Tan	Singtel	2.94	0	Hold
03/12/19	CIMB	Singtel	2.93	3.4	Add	Sum of parts
03/21/19	UOB Kay Hian	Singtel	2.99	3.58	Buy	DCF
03/22/19	DMG & Partners	Singtel	2.97	3.06	Neutral
03/26/19	CIMB	Singtel	2.97	3.3	Add	Sum of parts
04/01/19	Kim Eng	Singtel	3.02	3.39	Hold
04/09/19	DBS Vickers	Singtel	3.06	3.55	Buy	Sum of parts
04/09/19	Citibank	Singtel	3.06	3.48	Buy
05/09/19	DBS Vickers	Singtel	3.11	3.55	Buy	Sum of parts
05/16/19	DMG & Partners	Singtel	3.13	3.35	Neutral	Sum of parts
05/16/19	OCBC	Singtel	3.13	3.59	Buy
05/16/19	CIMB	Singtel	3.13	3.4	Add	Sum of parts
05/16/19	UOB Kay Hian	Singtel	3.13	3.58	Buy
05/16/19	Kim Eng	Singtel	3.13	3.37	Hold	Sum of parts
05/16/19	Citibank	Singtel	3.13	3.62	Buy
05/17/19	Phillip	Singtel	3.14	3.31	Accumulate	Sum of parts, EV/Ebitda7x FY20
06/03/19	Phillip	Singtel	3.2	3.66	Buy	EV/Ebitda7x FY20
06/06/19	DMG & Partners	Singtel	3.21	3.35	Neutral
06/06/19	DBS Vickers	Singtel	3.21	3.55	Buy
06/13/19	UOB Kay Hian	Singtel	3.32	3.58	Buy	DCF
06/13/19	Kim Eng	Singtel	3.32	3.48	Hold	Sum of parts
06/14/19	CIMB	Singtel	3.35	3.5	Add	Sum of parts
06/14/19	Citibank	Singtel	3.35	3.95	Buy
07/08/19	DBS Vickers	Singtel	3.56	3.6	Hold	Sum of parts
07/15/19	Phillip	Singtel	3.54	3.66	Accumulate	Sum of parts
07/23/19	DMG & Partners	Singtel	3.52	3.4	Neutral	Sum of parts
07/23/19	Citibank	Singtel	3.52	3.97	Buy
08/07/19	DBS Vickers	Singtel	3.52	3.4	Hold	Sum of parts
08/08/19	Kim Eng	Singtel	3.29	3.44	Hold	Sum of parts
08/13/19	Phillip	Singtel	3.26	3.45	Accumulate	Sum of parts
08/13/19	DMG & Partners	Singtel	3.26	3.4	Neutral	Sum of parts
08/13/19	CIMB	Singtel	3.26	3.6	Add	Sum of parts
08/13/19	UOB Kay Hian	Singtel	3.26	3.32	Hold	DCF, Buy @ $3
08/13/19	DBS Vickers	Singtel	3.26	3.25	Hold	EV/Ebitda6.3x
08/14/19	OCBC	Singtel	3.18	3.61	Buy
09/27/19	UOB Kay Hian	Singtel	3.13	3.32	Hold	DCF, Buy @ $3
10/10/19	Kim Eng	Singtel	3.14	3.44	Hold	Sum of parts
10/10/19	DBS Vickers	Singtel	3.14	3.12	Hold	EV/Ebitda6x
10/11/19	Phillip	Singtel	3.15	3.45	Accumulate
10/18/19	CIMB	Singtel	3.16	3.6	Add
11/11/19	UOB Kay Hian	Singtel	3.35	3.32	Hold	DCF, Buy @ $3
11/15/19	Lim & Tan	Singtel	3.3	0	Hold
11/18/19	Phillip	Singtel	3.18	3.31	Accumulate	Sum of parts
11/18/19	DMG & Partners	Singtel	3.18	3.5	Neutral	Sum of parts
11/18/19	CIMB	Singtel	3.18	3.6	Add	Sum of parts
11/18/19	DBS Vickers	Singtel	3.18	3.12	Hold
11/18/19	OCBC	Singtel	3.18	3.53	Buy
11/22/19	DBS Vickers	Singtel	3.26	3.6	Buy	Sum of parts
12/03/19	Kim Eng	Singtel	3.46	3.72	Hold	Sum of parts
12/05/19	CIMB	Singtel	3.4	3.7	Add	Sum of parts
12/09/19	UOB Kay Hian	Singtel	3.43	3.32	Hold	DCF, Buy @ $3
12/16/19	Phillip	Singtel	3.39	3.53	Accumulate	Sum of parts

Stock calls for 17 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/19	DMG & Partners	Centurion	0.435	0.47	Neutral	DCF
12/17/19	CIMB	City Developments	10.8	12.09	Add
12/17/19	SAC Advisors	Interra Resources	0.065	0.089	Buy
12/17/19	Lim & Tan	Keppel Corp	6.72	0	Buy

Singapore Nodx fell 5.9% in November 2019.

https://www.thestar.com.my/business/business-news/2019/12/17/singapore039s-nov-exports-slide-59-in-line-with-forecasts

Year on year changes (YOY):

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

http://sg-stock.blogspot.com/2019/11/singapore-nodx-fell-123-in-october.html

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
02/04/19	CIMB	Singapore Post	0.965	1.03	Hold	DCF
02/04/19	DBS Vickers	Singapore Post	0.965	0.92	Hold	DCF
02/04/19	Lim & Tan	Singapore Post	0.965	0	Hold
02/04/19	OCBC	Singapore Post	0.965	1.23	Buy
02/08/19	OCBC	Singapore Post	0.955	1	Hold
02/08/19	CLSA	Singapore Post	0.955	1.17	Buy
04/04/19	OCBC	Singapore Post	0.995	1	Hold
04/08/19	CIMB	Singapore Post	1.03	1.2	Add	DCF, PER18.2x FY21
05/08/19	OCBC	Singapore Post	1.01	1	Hold
05/08/19	CIMB	Singapore Post	1.01	1.17	Add	DCF
05/08/19	DBS Vickers	Singapore Post	1.01	0.96	Hold	DCF
05/09/19	UOB Kay Hian	Singapore Post	0.99	1.06	Hold	Buy @ $0.95
07/02/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts, Buy @ $0.88
08/05/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
08/05/19	DBS Vickers	Singapore Post	0.965	0.96	Hold
08/05/19	Lim & Tan	Singapore Post	0.965	0	Hold
08/07/19	OCBC	Singapore Post	0.945	1	Hold
09/19/19	OCBC	Singapore Post	0.93	1	Hold
09/20/19	UOB Kay Hian	Singapore Post	0.92	1.04	Hold	Sum of parts, Buy @ $0.90
09/20/19	DBS Vickers	Singapore Post	0.92	0.96	Hold
10/31/19	DBS Vickers	Singapore Post	0.96	0.96	Hold
11/04/19	CIMB	Singapore Post	0.965	1.13	Add	DCF
11/05/19	UOB Kay Hian	Singapore Post	0.955	1.04	Hold	Sum of parts, Buy @ $0.88
11/05/19	DBS Vickers	Singapore Post	0.955	0.96	Hold	DCF
11/05/19	OCBC	Singapore Post	0.955	1.02	Hold

Singapore O&G - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	phillip	Singapore O&G	0.34	0.42	Buy
02/21/19	phillip	Singapore O&G	0.355	0	Cease Coverage

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Singapore Medical	0.4	0.56	Buy
02/21/19	UOB Kay Hian	Singapore Medical	0.47	0.65	Buy	PER23x FY19
02/21/19	DMG & Partners	Singapore Medical	0.47	0.54	Buy	DCF
05/10/19	UOB Kay Hian	Singapore Medical	0.445	0.62	Buy	PER23x FY19
05/10/19	DMG & Partners	Singapore Medical	0.445	0.48	Neutral	DCF
06/06/19	DMG & Partners	Singapore Medical	0.385	0.48	Neutral	DCF
06/07/19	DMG & Partners	Singapore Medical	0.38	0.48	Buy	DCF
08/08/19	DMG & Partners	Singapore Medical	0.37	0.48	Buy	DCF
10/15/19	DMG & Partners	Singapore Medical	0.305	0.48	Buy
11/13/19	DMG & Partners	Singapore Medical	0.325	0.36	Neutral	DCF, PER13.4x

Stock calls for 16 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/16/19	DMG & Partners	APAC Realty	0.505	0.6	Buy
12/16/19	DMG & Partners	City Developments	10.7	10.5	Neutral
12/16/19	Phillip	Frasers Centrepoint Trust	2.67	3.11	Buy
12/16/19	DMG & Partners	Oxley	0.35	0.43	Buy
12/16/19	Phillip	Singtel	3.39	3.53	Accumulate	Sum of parts
12/16/19	DBS Vickers	Sunpower	0.59	0.81	Buy	DCF

Baltic dry index - 1355

Today, Friday, December 13 2019, the Baltic Dry Index decreased by 33 points, reaching 1355 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.

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Related stock: Sembcorp Marine, Cosco & Pan ocean

US rig count - 799

Related stock: Keppel Corp, Sembcorp Marine & Cosco.