Stock calls for 17 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/20	DMG & Partners	Food Empire	0.705	0.83	Buy	PER12x FY20

Singapore's Nodx expanded by 2.4% in December 2019.

https://finance.yahoo.com/news/singapore-december-exports-snap-nine-021633088.html

Year on year changes (YOY):

December 2019: 2.4%

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/2019/12/singapore-nodx-fell-59-in-november-2019.html

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	China Sunsine	1.2	1.68	Buy
03/04/19	phillip	China Sunsine	1.26	1.55	Buy	FCFE
05/03/19	phillip	China Sunsine	1.17	1.43	Buy	FCFE
08/08/19	phillip	China Sunsine	1.08	1.43	Buy	FCFE
10/04/19	CIMB	China Sunsine	1.1	1.1	Hold
10/10/19	Amfrasers	China Sunsine	1.12	1.4	Outperform	DCF
11/12/19	Amfrasers	China Sunsine	1.03	1.2	Outperform	DCF
12/02/19	Amfrasers	China Sunsine	1.03	1.2	Outperform	DCF

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/19	DBS Vickers	China Everbright	0.345	0.475	Buy	PER15x FY19
02/21/19	DBS Vickers	China Everbright	0.35	0.49	Buy
02/25/19	phillip	China Everbright	0.355	0.48	Buy	PER8.9x FY19
05/21/19	phillip	China Everbright	0.385	0.5	Buy	PER9x
08/16/19	phillip	China Everbright	0.315	0.5	Buy	PER9x

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DMG & Partners	China Aviation Oil	1.37	1.5	Neutral
03/01/19	DBS Vickers	China Aviation Oil	1.37	1.85	Buy	PER12x FY19
03/01/19	UOB Kay Hian	China Aviation Oil	1.37	1.25	Hold	PER8.4x FY19, Buy @ $1.1
03/05/19	phillip	China Aviation Oil	1.3	1.67	Buy	PER11.5x FY19
03/27/19	DMG & Partners	China Aviation Oil	1.27	1.6	Buy	DCF, PER10x, PB1.2x, Ev/Ebitda6.5x
04/02/19	CIMB	China Aviation Oil	1.38	1.7	Add	PER11x FY20
04/26/19	DMG & Partners	China Aviation Oil	1.43	1.6	Buy
04/29/19	UOB Kay Hian	China Aviation Oil	1.39	1.25	Hold	PER8.4x FY19, Buy @ $1.1
05/02/19	phillip	China Aviation Oil	1.37	1.67	Buy	PER11.5x FY20
05/03/19	DMG & Partners	China Aviation Oil	1.36	1.6	Buy	Sum of parts, PER5.8x FY19, ex-cash
06/11/19	DMG & Partners	China Aviation Oil	1.31	1.6	Buy
07/10/19	DMG & Partners	China Aviation Oil	1.3	1.6	Buy
08/08/19	DMG & Partners	China Aviation Oil	1.23	1.6	Buy
08/13/19	phillip	China Aviation Oil	1.18	1.52	Buy	PER10.5x FY20
08/13/19	DMG & Partners	China Aviation Oil	1.18	1.5	Buy	Sum of parts
08/13/19	DBS Vickers	China Aviation Oil	1.18	1.85	Buy
09/02/19	DMG & Partners	China Aviation Oil	1.15	1.5	Buy	Sum of parts
11/04/19	DMG & Partners	China Aviation Oil	1.23	1.55	Buy	Sum of parts

Stock calls for 16 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/20	UOB Kay Hian	Boustead	0.78	0.92	Buy	Sum of parts
01/16/20	UOB Kay Hian	Boustead Projects	0.925	1.18	Buy	RNAV (40% discount)

The phase 1 US-China trade deal can be rescinded anytime. Why?

https://sg.finance.yahoo.com/news/chinas-liu-says-u-achieve-140439672.html

It is extremely difficult to execute the phase 1 trade deal because the targets set are simply unrealistic.  There is no way for China to buy a total of US$200B worth of goods and services when the US doesn't want to sell high technology goods and services to China.  Furthermore, China has to cut back its purchases from developing economies substantially so that China can buy from the US.  This will result in those badly affected developing economies to lodge formal complaints to WTO for US preferential treatment.

Therefore, I am not optimistic about the execution of the phase 1 trade deal.

http://sg-stock.blogspot.com/2019/04/many-countries-are-fearful-of-upcoming.html

http://sg-stock.blogspot.com/2019/12/the-15-dec-tariffs-between-us-china-are.html

The US is demanding Taiwan to import US beef and pork after Taiwan election.

The US is demanding Taiwan to import ractopamine laced beef and pork after helping President Tsai to win the Taiwan election.

https://chinapost.nownews.com/20200113-931049

http://sg-stock.blogspot.com/2020/01/taiwan-president-tsai-won-2020-election.html

Hahaha! Taiwanese people have to pay with their health now.  Is this worth doing?

http://sg-stock.blogspot.com/2016/11/what-do-you-get-for-being-staunch-usa.html

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	DMG & Partners	Centurion	0.405	0.41	Neutral	DCF
03/06/19	DMG & Partners	Centurion	0.425	0.41	Neutral	DCF
05/15/19	DMG & Partners	Centurion	0.405	0.41	Neutral	DCF
08/15/19	DMG & Partners	Centurion	0.41	0.43	Neutral	DCF
10/07/19	DMG & Partners	Centurion	0.4	0.43	Neutral	DCF
10/25/19	DBS Vickers	Centurion	0.41	0.52	Buy	DCF
11/14/19	DMG & Partners	Centurion	0.42	0.43	Neutral	DCF
11/14/19	DBS Vickers	Centurion	0.42	0.52	Buy	DCF
12/17/19	DMG & Partners	Centurion	0.435	0.47	Neutral	DCF
01/08/20	CIMB	Centurion	0.44	0.61	Add	DCF

CEI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/19	CIMB	CEI	0.945	0.97	Hold	PER10x FY20
08/13/19	CIMB	CEI	0.985	0.9	Hold	PER10x FY20

CDL Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	CDL Hospitality	1.46	1.8	Buy	DDM
01/02/19	CIMB	CDL Hospitality	1.46	1.63	Add
01/17/19	Kim Eng	CDL Hospitality	1.56	1.75	Buy
01/22/19	UOB Kay Hian	CDL Hospitality	1.56	1.83	Buy
01/31/19	CIMB	CDL Hospitality	1.63	1.64	Add	DDM
01/31/19	Kim Eng	CDL Hospitality	1.63	1.8	Buy	DDM
01/31/19	OCBC	CDL Hospitality	1.63	1.56	Hold
01/31/19	DBS Vickers	CDL Hospitality	1.63	1.85	Buy	DCF
02/11/19	CIMB	CDL Hospitality	1.62	1.8	Add
02/28/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy
03/13/19	DMG & Partners	CDL Hospitality	1.63	1.8	Buy
03/26/19	CIMB	CDL Hospitality	1.64	1.8	Add
04/04/19	Kim Eng	CDL Hospitality	1.65	1.85	Buy
04/09/19	DMG & Partners	CDL Hospitality	1.67	1.8	Buy
05/02/19	DMG & Partners	CDL Hospitality	1.6	1.77	Buy	DDM
05/02/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy	DDM
05/02/19	OCBC	CDL Hospitality	1.6	1.54	Hold
05/02/19	DBS Vickers	CDL Hospitality	1.6	1.85	Buy
05/02/19	UOB Kay Hian	CDL Hospitality	1.6	1.99	Buy
05/03/19	CIMB	CDL Hospitality	1.61	1.85	Add	DDM
06/06/19	DMG & Partners	CDL Hospitality	1.61	1.77	Buy
06/11/19	UOB Kay Hian	CDL Hospitality	1.62	2.06	Buy	DDM
06/25/19	Kim Eng	CDL Hospitality	1.62	1.8	Buy
07/04/19	DMG & Partners	CDL Hospitality	1.66	1.77	Buy
07/15/19	UOB Kay Hian	CDL Hospitality	1.65	2.06	Buy
07/31/19	OCBC	CDL Hospitality	1.66	1.56	Hold
07/31/19	DMG & Partners	CDL Hospitality	1.66	1.79	Buy	DDM
07/31/19	CIMB	CDL Hospitality	1.66	1.92	Add
07/31/19	DBS Vickers	CDL Hospitality	1.66	1.8	Buy	DCF
08/27/19	UOB Kay Hian	CDL Hospitality	1.58	2.06	Buy
09/11/19	DMG & Partners	CDL Hospitality	1.63	1.79	Buy
09/19/19	CIMB	CDL Hospitality	1.62	1.92	Add
09/19/19	Kim Eng	CDL Hospitality	1.62	1.8	Buy
10/01/19	UOB Kay Hian	CDL Hospitality	1.64	2.06	Buy
10/02/19	DMG & Partners	CDL Hospitality	1.63	1.79	Buy
10/09/19	DBS Vickers	CDL Hospitality	1.64	1.8	Buy
10/31/19	DMG & Partners	CDL Hospitality	1.63	1.78	Buy	DDM
10/31/19	Kim Eng	CDL Hospitality	1.63	1.8	Buy	DDM
10/31/19	UOB Kay Hian	CDL Hospitality	1.63	2.05	Buy
11/04/19	CIMB	CDL Hospitality	1.64	1.83	Add
11/04/19	OCBC	CDL Hospitality	1.64	1.69	Hold
11/12/19	UOB Kay Hian	CDL Hospitality	1.58	2.05	Buy	DDM
11/21/19	Kim Eng	CDL Hospitality	1.59	1.8	Buy
11/22/19	DMG & Partners	CDL Hospitality	1.59	1.78	Buy	DDM
11/25/19	DBS Vickers	CDL Hospitality	1.58	1.8	Buy
11/26/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy
12/10/19	DMG & Partners	CDL Hospitality	1.63	1.78	Buy
01/08/20	DMG & Partners	CDL Hospitality	1.63	1.78	Buy
01/14/20	DBS Vickers	CDL Hospitality	1.64	1.8	Buy

Stock calls for 15 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/20	Amfrasers	AEM	2.16	2.57	Buy	PER14x FY20
01/15/20	Kim Eng	AEM	2.16	2.58	Buy
01/15/20	DBS Vickers	Fu Yu	0.25	0.35	Buy	PER16x FY20
01/15/20	DMG & Partners	Fu Yu	0.25	0.29	Buy	DCF
01/15/20	UOB Kay Hian	Singtel	3.25	3.32	Hold	DCF, Buy @ $3
01/15/20	DBS Vickers	Singtel	3.25	3.8	Buy	Sum of parts
01/15/20	Lim & Tan	SPH	2.14	0	Hold
01/15/20	OCBC	SPH	2.14	2.28	Hold
01/15/20	CIMB	Venture	16.61	16.88	Hold

CapitaRetail China - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	OCBC	CapitaRetail China	1.48	1.42	Hold
02/04/19	DBS Vickers	CapitaRetail China	1.48	1.65	Buy	DCF
02/15/19	Phillip	CapitaRetail China	1.39	1.66	Accumulate
03/21/19	Amfrasers	CapitaRetail China	1.52	1.61	Buy	DDM
04/03/19	DBS Vickers	CapitaRetail China	1.57	1.65	Buy
04/26/19	OCBC	CapitaRetail China	1.51	1.5	Hold
06/11/19	OCBC	CapitaRetail China	1.56	1.5	Hold
06/12/19	OCBC	CapitaRetail China	1.53	1.35	Sell
06/12/19	DBS Vickers	CapitaRetail China	1.53	1.65	Buy
06/12/19	Lim & Tan	CapitaRetail China	1.53	0	Hold
06/14/19	OCBC	CapitaRetail China	1.5	1.38	Hold
06/19/19	Phillip	CapitaRetail China	1.55	1.66	Accumulate
07/22/19	Phillip	CapitaRetail China	1.59	1.66	Accumulate
08/01/19	OCBC	CapitaRetail China	1.59	1.45	Hold
08/01/19	DBS Vickers	CapitaRetail China	1.59	1.8	Buy
08/02/19	Amfrasers	CapitaRetail China	1.55	1.68	Outperform
08/26/19	Phillip	CapitaRetail China	1.54	1.66	Accumulate
09/24/19	Phillip	CapitaRetail China	1.53	1.66	Accumulate
10/18/19	Phillip	CapitaRetail China	1.53	1.66	Accumulate
10/29/19	DBS Vickers	CapitaRetail China	1.55	1.8	Buy
11/01/19	Amfrasers	CapitaRetail China	1.52	1.74	Outperform
11/25/19	Phillip	CapitaRetail China	1.55	1.66	Accumulate

Capitamall Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/19	CIMB	Capitamall Trust	2.26	2.29	Hold	DDM
01/23/19	OCBC	Capitamall Trust	2.27	2.12	Hold
01/24/19	Phillip	Capitamall Trust	2.31	2.09	Neutral	DDM, PB1.06x FY19
01/24/19	Kim Eng	Capitamall Trust	2.31	2.25	Hold	DDM
01/24/19	OCBC	Capitamall Trust	2.31	2.25	Hold
01/24/19	DBS Vickers	Capitamall Trust	2.31	2.44	Buy
01/28/19	UOB Kay Hian	Capitamall Trust	2.36	2.02	Hold	Buy @ $1.84
02/15/19	Phillip	Capitamall Trust	2.38	2.09	Neutral
02/28/19	Kim Eng	Capitamall Trust	2.42	2.25	Hold
03/14/19	DMG & Partners	Capitamall Trust	2.39	2.2	Neutral	DDM
04/04/19	Kim Eng	Capitamall Trust	2.41	2.4	Hold	DDM
04/24/19	OCBC	Capitamall Trust	2.32	2.25	Hold
04/25/19	DBS Vickers	Capitamall Trust	2.36	2.55	Buy
04/25/19	OCBC	Capitamall Trust	2.36	2.32	Hold
04/26/19	Phillip	Capitamall Trust	2.39	2.21	Neutral	DDM
04/26/19	CIMB	Capitamall Trust	2.39	2.39	Hold	DDM
05/27/19	UOB Kay Hian	Capitamall Trust	2.44	2.65	Buy	DDM
06/06/19	OCBC	Capitamall Trust	2.46	2.33	Hold
06/19/19	Phillip	Capitamall Trust	2.57	2.21	Neutral
06/21/19	UOB Kay Hian	Capitamall Trust	2.58	2.65	Hold
06/25/19	Kim Eng	Capitamall Trust	2.6	2.4	Hold
07/04/19	DMG & Partners	Capitamall Trust	2.71	2.2	Neutral
07/04/19	DBS Vickers	Capitamall Trust	2.71	2.95	Buy
07/22/19	Phillip	Capitamall Trust	2.64	2.36	Neutral
07/23/19	Lim & Tan	Capitamall Trust	2.6	0	Hold
07/24/19	UOB Kay Hian	Capitamall Trust	2.64	2.65	Hold	DDM, Buy @ $2.42
07/24/19	OCBC	Capitamall Trust	2.64	2.51	Hold
07/24/19	Kim Eng	Capitamall Trust	2.64	2.6	Hold	DDM
07/24/19	DMG & Partners	Capitamall Trust	2.64	2.38	Neutral	DDM
07/24/19	CIMB	Capitamall Trust	2.64	2.6	Hold	DDM
07/25/19	Phillip	Capitamall Trust	2.62	2.68	Neutral	DDM, PB1.09x
08/26/19	Phillip	Capitamall Trust	2.64	2.68	Neutral
09/24/19	Phillip	Capitamall Trust	2.62	2.68	Neutral
10/18/19	Phillip	Capitamall Trust	2.63	2.68	Neutral	DDM
10/22/19	UOB Kay Hian	Capitamall Trust	2.65	2.88	Buy	DDM, PB1.35x
10/22/19	OCBC	Capitamall Trust	2.65	2.73	Hold
10/22/19	DMG & Partners	Capitamall Trust	2.65	2.38	Neutral	DDM
10/22/19	DBS Vickers	Capitamall Trust	2.65	2.85	Buy
10/23/19	CIMB	Capitamall Trust	2.62	2.64	Hold	DDM
11/25/19	Phillip	Capitamall Trust	2.49	2.68	Neutral
12/10/19	DMG & Partners	Capitamall Trust	2.52	2.38	Neutral

Capitaland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Capitaland	3.11	4	Buy
01/03/19	OCBC	Capitaland	3.07	3.96	Buy	RNAV (20% discount)
01/07/19	CIMB	Capitaland	3.06	3.55	Add	RNAV (35% discount)
01/15/19	DBS Vickers	Capitaland	3.27	3.62	Buy
01/15/19	Phillip	Capitaland	3.27	4	Accumulate	RNAV (20% discount), PB0.75x FY18
02/20/19	Lim & Tan	Capitaland	3.39	0	Buy
02/21/19	OCBC	Capitaland	3.43	3.98	Buy	RNAV
02/21/19	Phillip	Capitaland	3.43	4	Accumulate	PB0.75x FY19
02/21/19	CIMB	Capitaland	3.43	3.56	Add	RNAV (35% discount)
02/21/19	DBS Vickers	Capitaland	3.43	3.62	Buy
03/18/19	OCBC	Capitaland	3.44	3.98	Buy
03/21/19	Lim & Tan	Capitaland	3.47	0	Buy
03/26/19	CIMB	Capitaland	3.44	3.56	Add
04/01/19	UOB Kay Hian	Capitaland	3.65	4.4	Buy
04/02/19	Macquarie	Capitaland	3.69	3.9	Outperform	RNAV (30% discount)
04/02/19	OCBC	Capitaland	3.69	3.98	Buy
05/02/19	Phillip	Capitaland	3.53	4	Accumulate	RNAV (20% discount)
05/02/19	Lim & Tan	Capitaland	3.53	0	Hold
05/03/19	OCBC	Capitaland	3.54	4.04	Buy
05/03/19	CIMB	Capitaland	3.54	3.56	Add
05/27/19	DBS Vickers	Capitaland	3.28	4	Buy	RNAV (25% discount)
06/12/19	DBS Vickers	Capitaland	3.41	4	Buy
06/18/19	Macquarie	Capitaland	3.42	4.1	Outperform	RNAV (25% discount)
07/05/19	DBS Vickers	Capitaland	3.69	4	Buy
07/15/19	Phillip	Capitaland	3.69	4	Accumulate
07/15/19	CIMB	Capitaland	3.69	4.15	Add	RNAV (35% discount)
07/15/19	OCBC	Capitaland	3.69	4.04	Buy
08/07/19	OCBC	Capitaland	3.48	4.04	Buy
08/14/19	Macquarie	Capitaland	3.42	4.15	Outperform
08/19/19	Phillip	Capitaland	3.4	4.2	Buy	PB0.75x FY19
08/20/19	CIMB	Capitaland	3.46	4.15	Add	RNAV (35% discount)
08/22/19	DIR	Capitaland	3.5	4.1	Buy	RNAV (20% discount)
09/05/19	Lim & Tan	Capitaland	3.49	0	Accumulate
09/06/19	DBS Vickers	Capitaland	3.51	4	Buy
10/11/19	Phillip	Capitaland	3.51	4.2	Buy
10/23/19	UOB Kay Hian	Capitaland	3.62	3.8	Hold	Buy @ $3.30
11/06/19	DMG & Partners	Capitaland	3.69	4.2	Buy	RNAV (20% discount)
11/07/19	OCBC	Capitaland	3.66	4.42	Buy	RNAV (15% discount)
11/25/19	CIMB	Capitaland	3.66	4.15	Add
12/02/19	Phillip	Capitaland	3.68	4.2	Buy	RNAV (20% discount)
12/02/19	DMG & Partners	Capitaland	3.68	4.2	Buy	RNAV (20% discount)
12/02/19	UOB Kay Hian	Capitaland	3.68	3.8	Hold	RNAV (20% discount)
12/18/19	Lim & Tan	Capitaland	3.67	0	Hold
01/02/20	DBS Vickers	Capitaland	3.75	4.5	Buy	RNAV (18% discount)
01/08/20	DMG & Partners	Capitaland	3.84	4.2	Buy

Stock calls for 14 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/20	DBS Vickers	CDL Hospitality	1.64	1.8	Buy
01/14/20	DMG & Partners	DBS	26.1	25.8	Neutral	GGM, PB1.28x FY20
01/14/20	DBS Vickers	Far East Hospitality	0.755	0.8	Buy
01/14/20	DBS Vickers	Genting	0.92	1.2	Buy
01/14/20	DBS Vickers	Jumbo	0.385	0.47	Buy
01/14/20	Lim & Tan	Lian Beng	0.525	0	Buy
01/14/20	DBS Vickers	SIA	8.95	10.4	Buy
01/14/20	DMG & Partners	Singtel	3.27	3.5	Neutral
01/14/20	UOB Kay Hian	SPH	2.18	2.22	Hold	Sum of parts, Buy @ $2
01/14/20	CIMB	SPH	2.18	2.11	Hold	Sum of parts
01/14/20	DBS Vickers	SPH	2.18	2.12	Hold
01/14/20	DMG & Partners	Starhub	1.46	1.44	Neutral
01/14/20	DBS Vickers	Yangzijiang	1.16	1.68	Buy

How is China's economy doing? - Part 3

https://sg.finance.yahoo.com/news/china-december-trade-beats-forecasts-033823593.html

China's economy is powering ahead as we've anticipated.  We had stated previously that China's economy would be expanding because of de-americanization in its supply chain that would boost its local industries.

http://sg-stock.blogspot.com/2019/12/how-is-chinas-economy-doing-part-2.html