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Thursday, April 25, 2019

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

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
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

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
04/02/19 OCBC Capitaland 3.69 3.98 Buy

Stock calls for 25 April 2019

Date Analyst Company Last Target Call Valuation
04/25/19 Kim Eng AIMS AMP Cap Ind Reit 1.42 1.5 Buy
04/25/19 DBS Vickers AIMS AMP Cap Ind Reit 1.42 1.5 Buy
04/25/19 DBS Vickers Capitamall Trust 2.36 2.55 Buy
04/25/19 OCBC Capitamall Trust 2.36 2.32 Hold
04/25/19 CIMB ESR-Reit 0.51 0.6 Add DDM
04/25/19 OCBC ESR-Reit 0.51 0.565 Buy
04/25/19 DMG & Partners Frasers Centrepoint Trust 2.36 2.19 Neutral DDM
04/25/19 OCBC Frasers Centrepoint Trust 2.36 2.61 Buy DDM
04/25/19 CIMB Keppel Reit 1.23 1.34 Add DDM
04/25/19 Lim & Tan Manulife US Reit 0.87 0 Hold
04/25/19 DBS Vickers Mapletree Commercial 1.89 2 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
04/25/19 OCBC Suntec Reit 1.89 1.83 Hold DDM

SGX is losing its IPO shine.

https://www.channelnewsasia.com/news/business/thailand-set-to-be-southeast-asia-s-hottest-ipo-market-with-us-11476512

Vietnam overtook SGX last year.

Look like Thailand will overtake SGX this year too.  Sigh!  SGX is losing its shine under the helm of an ex-investment banker.

http://sg-stock.blogspot.com/2018/12/sgx-has-lost-its-ipo-crown-jewel-status.html


Wednesday, April 24, 2019

CapitaCommercial - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 Phillip CapitaCommercial 1.75 1.9 Accumulate
01/14/19 UOB Kay Hian CapitaCommercial 1.82 2.11 Buy DDM
01/24/19 OCBC CapitaCommercial 1.83 1.68 Hold
01/25/19 UOB Kay Hian CapitaCommercial 1.85 2.16 Buy DDM
01/25/19 DMG & Partners CapitaCommercial 1.85 1.86 Neutral DDM
01/25/19 DBS Vickers CapitaCommercial 1.85 2 Buy DCF
01/25/19 Lim & Tan CapitaCommercial 1.85 0 Hold
01/28/19 OCBC CapitaCommercial 1.9 1.83 Hold
01/28/19 CIMB CapitaCommercial 1.9 1.94 Add
02/15/19 Phillip CapitaCommercial 1.86 1.93 Accumulate
03/18/19 DMG & Partners CapitaCommercial 1.98 1.86 Neutral
03/26/19 UOB Kay Hian CapitaCommercial 1.92 2.16 Buy
04/22/19 Phillip CapitaCommercial 1.93 1.93 Neutral DDM, PB1.05x
04/22/19 DMG & Partners CapitaCommercial 1.93 1.86 Neutral DDM
04/22/19 OCBC CapitaCommercial 1.93 1.88 Hold
04/22/19 CIMB CapitaCommercial 1.93 2.03 Add DDM
04/22/19 UOB Kay Hian CapitaCommercial 1.93 2.16 Buy
04/22/19 DBS Vickers CapitaCommercial 1.93 2.1 Buy DCF
04/22/19 Lim & Tan CapitaCommercial 1.93 0 Hold

Cache Logistics - Stock calls

Date Analyst Company Last Target Call Valuation
01/28/19 phillip Cache Logistics 0.75 0.75 Neutral DDM, PB1.14x FY19
01/28/19 DBS Vickers Cache Logistics 0.75 0.75 Hold DCF
01/28/19 OCBC Cache Logistics 0.75 0.76 Hold
01/28/19 DMG & Partners Cache Logistics 0.75 0.81 Buy DDM
01/28/19 CIMB Cache Logistics 0.75 0.74 Hold
01/28/19 Kim Eng Cache Logistics 0.75 0.85 Buy
02/15/19 phillip Cache Logistics 0.71 0.75 Neutral
03/18/19 DMG & Partners Cache Logistics 0.72 0.81 Buy
04/18/19 OCBC Cache Logistics 0.72 0.7 Hold

Bumitama - Stock calls

Date Analyst Company Last Target Call Valuation
01/03/19 UOB Kay Hian Bumitama 0.67 0.81 Buy
02/12/19 UOB Kay Hian Bumitama 0.685 0.81 Buy PER11x FY19
02/21/19 Kim Eng Bumitama 0.69 0.96 Buy
02/26/19 DMG & Partners Bumitama 0.67 0.67 Neutral PER11x FY19
02/27/19 Kim Eng Bumitama 0.675 0.97 Buy PER13x FY19
02/28/19 DBS Vickers Bumitama 0.665 0.85 Buy DCF, PER13.9x FY19
04/08/19 UOB Kay Hian Bumitama 0.725 0.81 Buy

Stock calls for 24 April 2019

Date Analyst Company Last Target Call Valuation
04/24/19 OCBC Capitamall Trust 2.32 2.25 Hold
04/24/19 Lim & Tan Frasers Centrepoint Trust 2.36 0 Buy
04/24/19 DMG & Partners Frasers Commercial Trust 1.49 1.5 Neutral DDM
04/24/19 OCBC Frasers Commercial Trust 1.49 1.58 Buy
04/24/19 CIMB Frasers Commercial Trust 1.49 1.5 Hold DDM
04/24/19 UOB Kay Hian Keppel Reit 1.21 1.37 Buy DDM
04/24/19 DBS Vickers Keppel Reit 1.21 1.4 Buy DCF
04/24/19 OCBC Mapletree Commercial 1.84 1.85 Hold
04/24/19 UOB Kay Hian OCBC 11.83 14.12 Buy GGM
04/24/19 DBS Vickers Perennial Reit 0.65 0.83 Buy RNAV (55% discount)
04/24/19 OCBC Suntec Reit 1.86 1.84 Hold
04/24/19 DMG & Partners UOB 26.99 30.8 Buy PB1.29x FY20

Bonitas Research: Best World is a fraud!

https://www.bonitasresearch.com/company/best_world/

Bonitas Research has just issued a fraud report on Best World citing its Chinese sales are fudged.

The share price is tumbling right now.

Tuesday, April 23, 2019

Breadtalk - Stock calls

Date Analyst Company Last Target Call Valuation
02/21/19 DBS Vickers Breadtalk 0.88 0.92 Hold Sum of parts
02/21/19 DMG & Partners Breadtalk 0.88 0.81 Neutral Sum of parts
04/05/19 DMG & Partners Breadtalk 0.87 0.81 Neutral

Biolidics - Stock calls

Date Analyst Company Last Target Call Valuation
03/27/19 CIMB Biolidics 0.27 0.32 Add EV/Sales 12x

Best World - Stock calls

Date Analyst Company Last Target Call Valuation
02/28/19 DMG & Partners Best World 2.56 2.95 Buy DCF & PER18x
02/28/19 CIMB Best World 2.56 2.43 Reduce PER14.9x CY20
04/05/19 DMG & Partners Best World 2.02 2.95 Buy
04/16/19 CLSA Best World 1.77 1.75 Sell Up from $1.29

Stock calls for 23 April 2019

Date Analyst Company Last Target Call Valuation
04/23/19 Kim Eng OCBC 11.78 10.73 Hold
04/23/19 UOB Kay Hian Overseas Edu 0.33 0.46 Buy EV/Ebitda10.4x

Monday, April 22, 2019

Banyan Tree - Stock calls

Date Analyst Company Last Target Call Valuation
03/11/19 phillip Banyan Tree 0.57 0.76 Accumulate Sum of parts, PB0.72x FY19

Avi-Tech - Stock calls

Date Analyst Company Last Target Call Valuation
01/07/19 DMG & Partners Avi-Tech 0.3 0.34 Neutral
02/14/19 DMG & Partners Avi-Tech 0.29 0.3 Neutral DCF
03/19/19 DMG & Partners Avi-Tech 0.29 0.3 Neutral

Ascendas India Trust - Stock calls

Date Analyst Company Last Target Call Valuation
01/25/19 Jefferies Ascendas India Trust 1.08 1.2 Buy
01/28/19 DBS Vickers Ascendas India Trust 1.08 1.25 Buy DDM
02/08/19 DBS Vickers Ascendas India Trust 1.13 1.25 Buy

Stock calls for 22 April 2019

Date Analyst Company Last Target Call Valuation
04/22/19 Phillip CapitaCommercial 1.93 1.93 Neutral DDM, PB1.05x
04/22/19 DMG & Partners CapitaCommercial 1.93 1.86 Neutral DDM
04/22/19 OCBC CapitaCommercial 1.93 1.88 Hold
04/22/19 CIMB CapitaCommercial 1.93 2.03 Add DDM
04/22/19 UOB Kay Hian CapitaCommercial 1.93 2.16 Buy
04/22/19 DBS Vickers CapitaCommercial 1.93 2.1 Buy DCF
04/22/19 Lim & Tan CapitaCommercial 1.93 0 Hold
04/22/19 UOB Kay Hian DBS 27.4 30.3 Buy GGM
04/22/19 UOB Kay Hian First Resources 1.85 1.85 Hold
04/22/19 UOB Kay Hian Golden Agri 0.295 0.21 Sell
04/22/19 OCBC Keppel Corp 6.74 7.83 Buy
04/22/19 Lim & Tan Keppel Corp 6.74 0 Hold
04/22/19 DMG & Partners OCBC 11.77 12.2 Neutral PB1.12x FY20, Up from $10.96
04/22/19 OCBC Soilbuild Reit 0.63 0.62 Hold
04/22/19 DBS Vickers Soilbuild Reit 0.63 0.63 Hold DCF

US will not give exemptions to small nations for importing Iran's oil.

https://sg.finance.yahoo.com/news/ap-sources-us-sanction-nations-041412403.html

The US is bullying the small nations by imposing its internal laws on external small countries.  Look like the US is adamant to create inflation in the 2nd half of 2019.  The oil price has reacted instantaneously and transportation (sea, land & air) costs will follow suit.

http://sg-stock.blogspot.com/2019/04/global-inflation-or-deflation-part-3.html

Saturday, April 20, 2019

Baltic dry index - 790

Today, Thursday, April 18 2019, the Baltic Dry Index climbed by 23 points, reaching 790 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 stocks: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 1012

US Rig Count is down 10 rigs from last week to 1,012, with oil rigs down 8 to 825, gas rigs down 2 to 187, and miscellaneous rigs unchanged at 0.
US Rig Count is down 1 rig from last year’s count of 1,013, with oil rigs up 5, gas rigs down 5, and miscellaneous rigs down 1.
The US Offshore Rig Count is unchanged at 23 and up 5 rigs year-over-year.
Canada Rig Count unchanged from last week at 66, with oil rigs up 1 to 19 and gas rigs down 1 to 47.
Canada Rig Count is down 27 rigs from last year’s count of 93, with oil rigs down 19 and gas rigs down 8.
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Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Friday, April 19, 2019

The US economy has hit a soft patch.

https://finance.yahoo.com/news/column-u-economy-hits-soft-010000733.html

The US manufacturing and freight data have corroborated the previous PMI data that the US economy is slowing down.

We did a comprehensive analysis of the US PMI data below.  The March headline PMI number was up but the sub-indexes were telling us otherwise.

https://sg-stock.blogspot.com/2019/04/the-us-economy-has-flipped-and-fissures.html

Thursday, April 18, 2019

Ascendas Hospitality Trust - Stock calls

Date Analyst Company Last Target Call Valuation
01/30/19 DBS Vickers Ascendas Hospitality Trust 0.835 0.98 Buy DCF

ART - Stock calls

Date Analyst Company Last Target Call Valuation
01/10/19 OCBC ART 1.1 1.18 Buy
01/10/19 CIMB ART 1.1 1.13 Hold DDM
01/11/19 DBS Vickers ART 1.11 1.25 Buy
01/30/19 OCBC ART 1.19 1.25 Buy
01/30/19 DBS Vickers ART 1.19 1.35 Buy DCF
03/05/19 OCBC ART 1.14 1.25 Buy
03/29/19 Lim & Tan ART 1.18 0 Hold BV
04/09/19 Phillip ART 1.18 1.36 Buy DDM, PB0.94x FY19
04/12/19 UOB Kay Hian ART 1.2 1.46 Buy DDM
04/15/19 OCBC ART 1.2 1.25 Hold

APTV - Stock calls

Date Analyst Company Last Target Call Valuation
03/01/19 Phillip APTV 0.13 0.14 Accumulate

Stock calls for 18 April 2019

Date Analyst Company Last Target Call Valuation
04/18/19 OCBC Cache Logistics 0.72 0.7 Hold
04/18/19 Phillip Keppel DC Reit 1.49 1.59 Accumulate DDM, PB1.37x FY19
04/18/19 DMG & Partners Keppel Reit 1.24 1.12 Neutral DDM
04/18/19 DBS Vickers Keppel Reit 1.24 1.38 Buy DCF
04/18/19 Lim & Tan Keppel Reit 1.24 0 Hold
04/18/19 OCBC Mapletree Logistics 1.44 1.45 Hold
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
04/18/19 phillip UOB 26.87 32.02 Buy GGM

Wednesday, April 17, 2019

APAC Realty - Stock calls


Date Analyst Company Last Target Call Valuation
02/12/19 DMG & Partners APAC Realty 0.5 0.72 Buy
02/12/19 DBS Vickers APAC Realty 0.5 0.56 Hold
03/01/19 DMG & Partners APAC Realty 0.57 0.72 Buy DCF
03/01/19 DBS Vickers APAC Realty 0.57 0.7 Buy PER12x
04/04/19 DMG & Partners APAC Realty 0.615 0.72 Buy RNAV

Amara - Stock calls


Date Analyst Company Last Target Call Valuation
03/05/19 DMG & Partners Amara 0.46 0.88 Buy RNAV (35% discount)

AEM - Stock calls


Date Analyst Company Last Target Call Valuation
01/30/19 Kim Eng AEM 0.905 1.21 Buy PB2.9x FY19/20, EV/Ebitda5.2x FY20
02/26/19 Kim Eng AEM 1.05 1.24 Buy PB2.8x FY19/20
02/26/19 CIMB AEM 1.05 1.11 Hold PER10x FY20

Stock calls for 17 April 2019


Date Analyst Company Last Target Call Valuation
04/17/19 OCBC City Developments 9.32 10.68 Buy
04/17/19 CIMB Frencken 0.635 0.9 Buy PER10x FY20
04/17/19 OCBC Hotel Properties 3.88 4.74 Buy
04/17/19 OCBC KSH 0.535 0.81 Buy
04/17/19 OCBC OUE 1.79 2.32 Buy
04/17/19 OCBC Roxy-Pacific 0.4 0.41 Hold
04/17/19 UOB Kay Hian Top Glove 1.48 1.34 Hold Ringgit target $4.10, Buy @ $3.70
04/17/19 OCBC Wing Tai 2.06 2.41 Buy
04/17/19 Phillip Y Venture 0.156 0.16 Cease Coverage