Stock calls for 4 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/20	DBS Vickers	Comfortdelgro	1.51	1.96	Buy	PB1.6x FY21
09/04/20	CIMB	Frasers Centrepoint Trust	2.54	2.83	Add	DDM
09/04/20	Lim & Tan	Frasers Centrepoint Trust	2.54	0	Hold
09/04/20	DBS Vickers	Parkway Life	3.89	4	Buy
09/04/20	Lim & Tan	Penguin	0.425	0	Buy
09/04/20	CIMB	SATS	3.01	3	Hold	DCF & PB2.1x FY21

We warned you about the abnormality of the stock market just before the heavy fall, didn't we?

https://finance.yahoo.com/news/mystery-solved-days-vix-warned-172725636.html

We did warn about the abnormality in the synchronization of VIX and S&P just before the heavy market fall.

http://sg-stock.blogspot.com/2020/09/different-market-sectors-are-in.html

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	DMG & Partners	Sheng Siong	1.1	1.23	Buy
07/15/19	phillip	Sheng Siong	1.1	1.3	Buy	PER25x
07/16/19	Kim Eng	Sheng Siong	1.09	0.95	Sell	DCF
07/30/19	DMG & Partners	Sheng Siong	1.11	1.32	Buy	DCF
07/30/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy	PER25x FY20
07/31/19	Kim Eng	Sheng Siong	1.15	0.96	Sell	DCF
07/31/19	OCBC	Sheng Siong	1.15	1.19	Buy
07/31/19	CIMB	Sheng Siong	1.15	1.25	Add
08/01/19	phillip	Sheng Siong	1.16	1.3	Accumulate	PER25x FY19
08/06/19	Amfrasers	Sheng Siong	1.16	1.27	Outperform
08/13/19	Kim Eng	Sheng Siong	1.18	0.96	Sell	DCF
08/23/19	DMG & Partners	Sheng Siong	1.16	1.32	Buy
09/11/19	DMG & Partners	Sheng Siong	1.2	1.32	Buy
10/01/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy	PER25x FY20
10/02/19	DMG & Partners	Sheng Siong	1.13	1.32	Buy	DCF
10/11/19	phillip	Sheng Siong	1.16	1.3	Accumulate
10/14/19	Kim Eng	Sheng Siong	1.15	0.96	Sell	DCF
11/01/19	UOB Kay Hian	Sheng Siong	1.17	1.27	Hold	Buy @ $1.14
11/01/19	DMG & Partners	Sheng Siong	1.17	1.32	Buy
11/01/19	Kim Eng	Sheng Siong	1.17	1	Sell	DCF
11/01/19	DBS Vickers	Sheng Siong	1.17	1.32	Buy
11/04/19	phillip	Sheng Siong	1.18	1.32	Accumulate	PER25x
11/04/19	Amfrasers	Sheng Siong	1.18	1.35	Outperform
11/04/19	CIMB	Sheng Siong	1.18	1.3	Add	PER22.5x CY20
11/04/19	OCBC	Sheng Siong	1.18	1.21	Hold
12/10/19	DMG & Partners	Sheng Siong	1.24	1.39	Buy	DCF
01/06/20	DBS Vickers	Sheng Siong	1.3	1.32	Buy
01/08/20	DMG & Partners	Sheng Siong	1.26	1.39	Buy
01/13/20	UOB Kay Hian	Sheng Siong	1.27	1.29	Hold	Buy @ $1.19
01/23/20	DBS Vickers	Sheng Siong	1.26	1.41	Buy	PER25x FY20
02/19/20	CIMB	Sheng Siong	1.29	1.46	Add	PER24x
02/24/20	phillip	Sheng Siong	1.29	1.41	Accumulate	PER25x FY20
02/24/20	DMG & Partners	Sheng Siong	1.29	1.42	Buy	DCF & PER22x
02/24/20	DBS Vickers	Sheng Siong	1.29	1.45	Buy	PER25x FY20
02/25/20	OCBC	Sheng Siong	1.29	1.45	Buy
03/10/20	Amfrasers	Sheng Siong	1.21	1.4	Outperform
03/18/20	DMG & Partners	Sheng Siong	1.05	1.42	Buy	DCF
04/06/20	DBS Vickers	Sheng Siong	1.22	1.45	Buy
04/06/20	CIMB	Sheng Siong	1.22	1.42	Add
04/09/20	DMG & Partners	Sheng Siong	1.31	1.42	Buy	DCF
04/15/20	DBS Vickers	Sheng Siong	1.35	1.5	Buy
04/22/20	DBS Vickers	Sheng Siong	1.45	1.56	Buy
04/29/20	DMG & Partners	Sheng Siong	1.46	1.63	Buy	DCF
04/29/20	DBS Vickers	Sheng Siong	1.46	1.58	Buy	PER25x FY20
04/29/20	Lim & Tan	Sheng Siong	1.46	0	Hold
04/30/20	phillip	Sheng Siong	1.49	1.58	Accumulate	PER25x
04/30/20	UOB Kay Hian	Sheng Siong	1.49	1.5	Hold	Buy @ $1.35
04/30/20	OCBC	Sheng Siong	1.49	1.64	Buy
05/01/20	Amfrasers	Sheng Siong	1.49	1.46	Neutral
05/19/20	DBS Vickers	Sheng Siong	1.56	1.66	Buy	PER25x FY21
05/29/20	DMG & Partners	Sheng Siong	1.52	1.72	Buy	DCF
06/08/20	DMG & Partners	Sheng Siong	1.56	1.72	Buy	DCF
06/22/20	phillip	Sheng Siong	1.54	0	Hold
07/30/20	DBS Vickers	Sheng Siong	1.73	1.91	Buy	PER25x FY21
08/03/20	phillip	Sheng Siong	1.7	1.65	Neutral	PER25x FY21
08/03/20	DMG & Partners	Sheng Siong	1.7	1.87	Buy	DCF
08/04/20	OCBC	Sheng Siong	1.69	1.85	Hold
08/06/20	Amfrasers	Sheng Siong	1.84	1.58	Neutral

Shangri-La Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/26/19	OCBC	Shangri-La Asia	8.3	13.9	Buy

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/19	phillip	SGX	7.99	8.09	Accumulate	PER21.4x
07/15/19	Credit Suisse	SGX	7.99	7.1	Underperform
07/15/19	Citi Research	SGX	7.99	7.23	Sell
08/01/19	DMG & Partners	SGX	7.92	8.1	Neutral	PER23x FY20
08/01/19	DBS Vickers	SGX	7.92	8.3	Buy	DDM
08/02/19	phillip	SGX	7.78	8.09	Accumulate	PER21x
08/05/19	CIMB	SGX	7.98	8.1	Hold	PER21.5x
08/05/19	Jefferies	SGX	7.98	9	Buy
10/02/19	phillip	SGX	8.5	8.6	Accumulate	PER22x
10/02/19	Jefferies	SGX	8.5	9	Hold
10/02/19	Citi Research	SGX	8.5	8	Sell
10/02/19	OCBC	SGX	8.5	7.6	Hold
10/09/19	DMG & Partners	SGX	8.4	8.1	Neutral	PER23x FY20
10/09/19	Credit Suisse	SGX	8.4	7.2	Underperform
10/25/19	DMG & Partners	SGX	8.28	8.3	Neutral	PER23x FY20
10/25/19	CIMB	SGX	8.28	9	Add	PER22.4x FY20
10/25/19	OCBC	SGX	8.28	8.6	Hold	PER22x FY20
10/25/19	DBS Vickers	SGX	8.28	8.9	Buy	DDM, PER21x FY20
11/25/19	phillip	SGX	8.97	8.6	Neutral	PER22x
11/25/19	Credit Suisse	SGX	8.97	7.7	Underperform
11/25/19	Citi Research	SGX	8.97	8.75	Hold
01/02/20	DMG & Partners	SGX	8.86	8.8	Neutral	PER23x FY21
01/24/20	DBS Vickers	SGX	8.82	9.6	Buy	DDM, PER21x FY21
01/31/20	phillip	SGX	8.7	8.52	Neutral	PER21.5x
02/19/20	Macquarie	SGX	9.15	10	Outperform
02/19/20	Jefferies	SGX	9.15	9.2	Hold
03/05/20	Macquarie	SGX	9.05	10	Outperform
03/05/20	CIMB	SGX	9.05	9.4	Add
03/05/20	Citi Research	SGX	9.05	9.6	Buy
03/13/20	Credit Suisse	SGX	8.69	8.7	Neutral
04/07/20	DMG & Partners	SGX	9.33	9.1	Neutral	PER23x FY21
04/07/20	Citi Research	SGX	9.33	10.8	Buy
04/07/20	CIMB	SGX	9.33	10.5	Add
04/07/20	Jefferies	SGX	9.33	9.3	Hold
04/24/20	Citi Research	SGX	10.16	10	Hold
04/24/20	DMG & Partners	SGX	10.16	9.7	Neutral	PER24x FY21
04/24/20	Lim & Tan	SGX	10.16	0	Sell
04/27/20	phillip	SGX	9.64	9.28	Neutral	PER21.4x
04/27/20	DBS Vickers	SGX	9.64	10	Hold	DDM
04/27/20	OCBC	SGX	9.64	9.3	Hold	PER23.3x FY21
04/27/20	Jefferies	SGX	9.64	9.1	Hold
05/28/20	Macquarie	SGX	8.75	11	Outperform
05/28/20	DMG & Partners	SGX	8.75	8.6	Hold	PER24x FY21
05/28/20	DBS Vickers	SGX	8.75	7.4	Fully Valued	DDM
05/28/20	CIMB	SGX	8.75	8	Reduce
05/28/20	OCBC	SGX	8.75	8	Sell	PER21.6x FY21
05/28/20	Jefferies	SGX	8.75	8.5	Hold	PER23.5x
05/28/20	Lim & Tan	SGX	8.75	0	Buy on weakness
06/24/20	DMG & Partners	SGX	8	9.2	Buy	PER24x FY21
06/30/20	DBS Vickers	SGX	8.06	7.4	Fully Valued
06/30/20	CIMB	SGX	8.06	8	Hold
07/01/20	DMG & Partners	SGX	8.34	9.2	Buy
07/09/10	Lim & Tan	SGX	8.26	0	Trading Buy
08/03/20	phillip	SGX	8.17	9.45	Buy	PER21.4x
08/03/20	CIMB	SGX	8.17	9	Add
08/03/20	DMG & Partners	SGX	8.17	9.2	Buy	PER24x FY21
08/03/20	DBS Vickers	SGX	8.17	8.4	Hold	DDM, PER21x FY21
08/03/20	OCBC	SGX	8.17	8.3	Hold	PER21.3x FY21
08/26/20	DMG & Partners	SGX	8.63	9.5	Buy	PER24x FY21

Stock calls for 3 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/20	Lim & Tan	Bukit Sembawang	3.69	0	Buy
09/03/20	CIMB	Centurion	0.35	0.4	Add	DCF
09/03/20	CIMB	IHH Healthcare	1.75	2	Add	Ringgit $6.10 target price
09/03/20	Jefferies	Mapletree Commercial	1.99	2.25	Buy
09/03/20	Lim & Tan	Propnex	0.57	0.69	Buy
09/03/20	Jefferies	Suntec Reit	1.42	1.7	Buy
09/03/20	OCBC	Wing Tai	1.71	2.01	Buy

The US ISM PMI improved again in August 2020.

The prices increased to 59.5 (+6.3) because of a significant depreciation in USD and a huge increase in the new order (67.6, +6.1). The new export and local orders increased significantly because of the weakening USD and pandemic relief aid ($300/weekly) respectively which sustained the consumer spendings. As stated previously on my blog, the US is still undergoing a passive inventory reduction phase which explains the drop in PMI inventories.

http://sg-stock.blogspot.com/2020/08/how-do-you-interpret-ppi-vs-cpi-and.html

However, the production had improved to 63.3 which might indicate that the inventory reduction phase would end soon. Overall, the PMI had risen to 56 which was a good indication of positive economic growth in the US.

Different market sectors are in distortions now.

 US treasury market

The US treasury prices have been trending up because the yields have been falling.  The yield has an inverse relationship to its bond price.

S&P vs VIX chart

The S&P and VIX should also have an inverse relationship but the S&P and VIX moved in sync (Trending up) recently which was abnormal.

The US properties, MBS, CMBS and car resale markets are also distorted now.

http://sg-stock.blogspot.com/2020/08/market-distortions-are-precursors-of.html

In a nutshell, the US treasury prices, S&P and VIX shouldn't be moving in sync (trending up) simultaneously because there will be asset reallocations when the risks are higher.  The US FED has disrupted all these markets!

The devious US is trying to poison all Asians now! - Part 2

 http://sg-stock.blogspot.com/2020/09/the-devious-us-is-trying-to-poison-all.html

I would like to share more information about this topic so that my readers can make their own informed decisions.

Ractopamine is banned in more than 160 countries while only 26 countries (includes SG) permit it.  The codex standard is 10ppb for ractopamine but this codex standard is set up by these 26 countries.

Why is SG conforming to the minority standard instead of the majority standard whereby more than 160 countries ban ractopamine?  Therefore, I can only say that SG is basing this on its political concern rather than food or health safety concerns.  It is very disheartening to see SG making such a decision and ignore our health.

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	CIMB	Sembcorp Marine	1.54	1.75	Add	PB1.6x CY19
07/03/19	OCBC	Sembcorp Marine	1.54	1.6	Hold
07/04/19	Macquarie	Sembcorp Marine	1.41	1.57	Neutral
07/04/19	DBS Vickers	Sembcorp Marine	1.41	2.4	Buy
07/31/19	DBS Vickers	Sembcorp Marine	1.36	1.9	Buy	PB1.8x FY19
07/31/19	Amfrasers	Sembcorp Marine	1.36	1.59	Neutral	PB1.6x FY19
07/31/19	DMG & Partners	Sembcorp Marine	1.36	1.8	Buy	PB1.64x FY20
07/31/19	CIMB	Sembcorp Marine	1.36	1.16	Reduce	PB1.1x
07/31/19	UOB Kay Hian	Sembcorp Marine	1.36	1.32	Hold	DCF, Buy @ $1.25
08/06/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	PB
09/03/19	UOB Kay Hian	Sembcorp Marine	1.16	1.22	Hold	Buy @ $1.10
09/03/19	DMG & Partners	Sembcorp Marine	1.16	1.63	Buy	PB1.48x FY20
09/09/19	CIMB	Sembcorp Marine	1.19	1.26	Hold	PB1.2x CY19
10/09/19	CIMB	Sembcorp Marine	1.2	1.26	Hold	PB1.2x CY19
10/09/19	OCBC	Sembcorp Marine	1.2	1.29	Hold
10/09/19	DBS Vickers	Sembcorp Marine	1.2	1.9	Buy
10/25/19	DBS Vickers	Sembcorp Marine	1.4	1.45	Hold
11/12/19	UOB Kay Hian	Sembcorp Marine	1.33	1.22	Sell
11/13/19	OCBC	Sembcorp Marine	1.34	1.24	Sell
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
11/15/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	DCF
11/15/19	DBS Vickers	Sembcorp Marine	1.28	1.4	Hold	PB1.3x FY20
12/26/19	Lim & Tan	Sembcorp Marine	1.28	0	Hold
01/21/20	UOB Kay Hian	Sembcorp Marine	1.28	1.4	Hold
02/20/20	OCBC	Sembcorp Marine	1.24	1.23	Hold
02/21/20	UOB Kay Hian	Sembcorp Marine	1.2	1.21	Hold	Buy @ $1.05
02/21/20	DMG & Partners	Sembcorp Marine	1.2	1.45	Buy
02/21/20	DBS Vickers	Sembcorp Marine	1.2	1.35	Hold	PB1.3x FY20
02/21/20	CIMB	Sembcorp Marine	1.2	1.2	Hold
03/10/20	Amfrasers	Sembcorp Marine	0.895	1.19	Neutral
04/29/20	HSBC	Sembcorp Marine	0.74	0.79	Hold	Cut from $1.31
05/13/20	DMG & Partners	Sembcorp Marine	0.735	1.28	Buy	PB1.26x FY20
05/14/20	UOB Kay Hian	Sembcorp Marine	0.71	0.81	Hold	Buy @ $0.65
05/14/20	DBS Vickers	Sembcorp Marine	0.71	0.72	Hold	PB0.7x
05/14/20	CIMB	Sembcorp Marine	0.71	0.8	Hold	PB0.8x CY20
06/05/20	Lim & Tan	Sembcorp Marine	0.85	0	Hold
06/09/20	DMG & Partners	Sembcorp Marine	0.85	1.13	Buy	PB1.1x
06/09/20	Lim & Tan	Sembcorp Marine	0.85	0	Sell
07/07/20	DMG & Partners	Sembcorp Marine	0.47	1.13	Buy
07/16/20	DMG & Partners	Sembcorp Marine	0.455	0.55	Buy	PB0.82x
07/16/20	UOB Kay Hian	Sembcorp Marine	0.455	0.49	Hold	Buy @ $0.40
07/16/20	Lim & Tan	Sembcorp Marine	0.455	0	Avoid
08/20/20	Amfrasers	Sembcorp Marine	0.21	0.23	Neutral	PB0.8x

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	OCBC	Sembcorp Industries	2.47	3.03	Buy
07/04/19	Macquarie	Sembcorp Industries	2.41	2.84	Outperform
08/15/19	CIMB	Sembcorp Industries	2.26	2.83	Add	Sum of parts
08/15/19	UOB Kay Hian	Sembcorp Industries	2.26	2.34	Hold
08/15/19	Citi Research	Sembcorp Industries	2.26	3.05	Buy
08/16/19	DBS Vickers	Sembcorp Industries	2.26	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	DBS Vickers	Sembcorp Industries	2.21	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	Lim & Tan	Sembcorp Industries	2.21	0	Buy
09/18/19	DMG & Partners	Sembcorp Industries	2.22	2.68	Buy	Sum of parts, PER9.9x FY20
09/18/19	OCBC	Sembcorp Industries	2.22	2.79	Buy
10/07/19	UOB Kay Hian	Sembcorp Industries	2.06	2.22	Hold	Buy @ $2
10/08/19	CIMB	Sembcorp Industries	2.08	2.83	Add	Sum of parts
10/09/19	DBS Vickers	Sembcorp Industries	2.11	3.2	Buy
10/25/19	DBS Vickers	Sembcorp Industries	2.28	2.9	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
11/18/19	UOB Kay Hian	Sembcorp Industries	2.26	2.19	Hold	Buy @ $2
11/18/19	DBS Vickers	Sembcorp Industries	2.26	2.9	Buy	RNAV (10% discount), PB0.7x
11/18/19	Citi Research	Sembcorp Industries	2.26	2.8	Buy
12/27/19	CIMB	Sembcorp Industries	2.28	2.78	Add
01/21/20	CIMB	Sembcorp Industries	2.28	2.78	Add
02/07/20	DBS Vickers	Sembcorp Industries	2.16	2.21	Hold	Sum of parts (10% discount), PER10.1x FY20, PB0.5x FY20
02/07/20	Citi Research	Sembcorp Industries	2.16	2.8	Buy
02/07/20	OCBC	Sembcorp Industries	2.16	2.13	Hold
02/07/20	UOB Kay Hian	Sembcorp Industries	2.16	2.17	Hold	Buy @ $2.05
02/07/20	Lim & Tan	Sembcorp Industries	2.16	0	Hold
02/07/20	DMG & Partners	Sembcorp Industries	2.16	2.68	Buy	Sum of parts, PER10x FY20
02/24/20	DMG & Partners	Sembcorp Industries	2.01	2.33	Buy	Sum of parts, PER10x FY20
04/29/20	HSBC	Sembcorp Industries	1.57	2.21	Buy	Cut from $2.68
05/19/20	DBS Vickers	Sembcorp Industries	1.55	1.7	Hold	Sum of parts, PB0.5x
05/19/20	Lim & Tan	Sembcorp Industries	1.55	0	Hold
05/19/20	UOB Kay Hian	Sembcorp Industries	1.55	1.7	Hold	Buy @ $1.50
05/19/20	CIMB	Sembcorp Industries	1.55	1.76	Hold
05/20/20	DMG & Partners	Sembcorp Industries	1.55	2	Buy	Sum of parts
06/01/20	DBS Vickers	Sembcorp Industries	1.36	1.7	Buy	Sum of parts (10% discount)
06/09/20	DMG & Partners	Sembcorp Industries	1.53	2.11	Buy	Sum of parts
06/09/20	CIMB	Sembcorp Industries	1.53	2.49	Add	Sum of parts
06/09/20	Lim & Tan	Sembcorp Industries	1.53	0	Buy
07/07/20	DMG & Partners	Sembcorp Industries	1.87	2.11	Buy	Sum of parts
07/20/20	UOB Kay Hian	Sembcorp Industries	1.78	2.2	Buy	Sum of parts
07/20/20	Lim & Tan	Sembcorp Industries	1.78	0	Accumulate
07/20/20	CIMB	Sembcorp Industries	1.78	2.27	Add
09/02/20	Lim & Tan	Sembcorp Industries	1.86	0	Accumulate