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Sunday, September 30, 2018

New Apple Iphone has cell and wifi signal problems!

https://www.businessinsider.sg/iphone-xs-max-bad-cell-wifi-signal-strength-reports-2018-9/?r=US&IR=T

Apple customers will have to wait for the next patch to fix these signal problems. Hahaha!

Apple customers are paying high prices for low-quality phones.  Have fun dealing with the problems!

A roundup of US economic situation.

The US FED had just increased its interest rate and would continue to hike another time in Dec 2018.  There will also be 3 interest rate increases in 2019 and 1 in 2020 as indicated by the dot plot chart.  However, the inflation data is still benign insofar.

Something must be wrong somewhere because the US FED is upping the interest rates without any telltale sign of inflation.  Actually, the US FED has noticed that the US economy is starting to overheat.  Where are the telltale signs?

The US trade deficit has been increasing tremendously despite the import tariffs.  This means the US imports are more than exports.  In other words, the US consumers are willing to spend because of the good economic growth that they're enjoying now.

https://www.cnbc.com/2018/09/05/us-trade-deficit-jumps-by-the-most-in-3-years.html

Next, the US FED has also taken cognizant of the money liquidity issues in the financial system.  In a nutshell, the economy is flushed with excess money and the money will be going after higher yield locally or overseas.  However, the US FED doesn't want this excess money to leave the country.  Thus, it has to increase the interest rate to retain the money in the US banking system.

The EFFR which is the interest rate that banks charge each other for the overnight loans to meet their reserve requirements has been trending higher over the years.

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


https://apps.newyorkfed.org/markets/autorates/fed%20funds

The IORR and IOER have also trended higher over the years.  These 2 interest rates are at 2.2% now (2018) compared to 0.5% in 2016.

https://www.federalreserve.gov/monetarypolicy/reqresbalances.htm

This excess of money in the economy is created by all the quantitative easing measures taken by the FED over the years and will create an overheating economy in the end.

Therefore, the US FED has to increase the interest rate and also perform QE tapering even though the inflation is benign at this moment.

Saturday, September 29, 2018

Baltic dry index - 1540

Today, Friday, September 28 2018, the Baltic Dry Index climbed by 16 points, reaching 1540 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.
====================
Related stocks: Sembcorp Marine, Cosco, Pan Ocean

US rig count - 1054

The US drilling rig count is up a single unit to 1,054 rigs working for the week ended Sept. 28, according to Baker Hughes data. The count is up 114 units from the 940 rigs working this time a year ago.
The single additional rig moved the total number of land rigs to 1,029 drilling for the week. Offshore units and those drilling in inland waters remained unchanged with 20 and 5 units working, respectively.
US oil-directed rigs were down 3 units from last week to 863 units working, and up from the 750 rigs drilling for oil this week a year ago. Gas-directed rigs were up 3 units at 189—the same number as were drilling a year ago.
Among the major oil and gas-producing states, Oklahoma saw the largest increase for the week with a 5-rig gain for a total of 141 rigs working.
Four states saw a single unit increase: Louisiana, 62; Colorado, 33; Utah, 6; and Alaska, 6.
Four states were unchanged this week: North Dakota, 53; Pennsylvania, 44; Ohio, 18; and West Virginia, 13.
Texas, New Mexico, and California each dropped 2 units to reach respective counts of 529, 97, and 13.
Wyoming dropped 1 unit to reach 29 rigs working for the week.
Canada saw another sizeable loss, dropping 19 rigs for the week. With 178 rigs running, the count falls below the 213 units drilling this week a year ago. Canada dropped 13 oil-directed rigs to reach 122 units for the week and lost 6 gas-directed rigs to reach 56 units.
====================
Related stocks: Keppel Corp, Sembcorp Marine, Cosco.

Friday, September 28, 2018

Ezion - Stock calls


Date Analyst Company Last Target Call Valuation
01/13/17 DBS Vickers Ezion 0.415 0.56 Buy
01/13/17 OCBC Ezion 0.415 0.54 Buy PB0.55x
02/20/17 CIMB Ezion 0.38 0.44 Add PB0.45x FY17
02/20/17 Lim & Tan Ezion 0.38 0 Reduce
02/20/17 OCBC Ezion 0.38 0.54 Buy PB0.55x FY17
02/20/17 UOB Kay Hian Ezion 0.38 0.39 Hold
02/24/17 CIMB Ezion 0.395 0.45 Add PB0.5x FY17
02/24/17 DBS Vickers Ezion 0.395 0.62 Buy PB0.7x FY17
02/24/17 UOB Kay Hian Ezion 0.395 0.45 Buy PB0.65x FY17
02/27/17 phillip Ezion 0.395 0.45 Accumulate DCF
03/08/17 Lim & Tan Ezion 0.37 0 Hold
03/17/17 CIMB Ezion 0.35 0.45 Add PB0.5x FY17
03/17/17 DIR Ezion 0.35 0.31 Underperform Sum of parts
04/10/17 DBS Vickers Ezion 0.365 0.62 Buy
05/12/17 OCBC Ezion 0.31 0.54 Buy
05/15/17 Amfrasers Ezion 0.31 0.25 Sell PB0.3x FY17
05/15/17 CIMB Ezion 0.31 0.26 Reduce PB0.3x FY17
05/15/17 DIR Ezion 0.31 0.29 Underperform Sum of parts
05/15/17 phillip Ezion 0.31 0.4 Buy DCF
05/15/17 UOB Kay Hian Ezion 0.31 0.33 Hold PB0.5x FY17, Buy @ $0.28
05/16/17 DBS Vickers Ezion 0.295 0.62 Buy PB0.7x FY17
05/23/17 OCBC Ezion 0.295 0.32 Hold
06/14/17 UOB Kay Hian Ezion 0.25 0.33 Hold
08/15/17 CIMB Ezion 0.2 0.13 Reduce PB0.15x
08/15/17 DBS Vickers Ezion 0.2 0.13 Fully Valued PB0.15x
08/16/17 phillip Ezion 0.197 0 Suspended
11/10/17 DBS Vickers Ezion 0.197 0.13 Fully Valued PB0.15x FY17
01/12/18 CIMB Ezion 0.197 0.13 Reduce PB0.15x CY17
04/04/18 DBS Vickers Ezion 0.197 0.13 Fully Valued
04/10/18 DBS Vickers Ezion 0.197 0.29 Buy PB1.4x FY18
04/17/18 UOB Kay Hian Ezion 0.197 0.18 Hold PB1x FY19, Buy @ $0.151
04/25/18 Amfrasers Ezion 0.158 0.1 Sell RNAV
05/15/18 DBS Vickers Ezion 0.115 0.29 Buy PB1.4x FY18
06/07/18 DBS Vickers Ezion 0.105 0.29 Buy
06/25/18 UOB Kay Hian Ezion 0.09 0.12 Hold

ESR-Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/09/17 DBS Vickers ESR-Reit 0.55 0.54 Hold DCF
01/09/17 CIMB ESR-Reit 0.55 0.55 Hold
01/26/17 DBS Vickers ESR-Reit 0.565 0.6 Buy
01/26/17 DIR ESR-Reit 0.565 0.59 Outperform DDM
01/26/17 DMG & Partners ESR-Reit 0.565 0.64 Buy DDM
04/18/17 DIR ESR-Reit 0.585 0.59 Outperform
04/27/17 DBS Vickers ESR-Reit 0.58 0.6 Buy
05/24/17 DIR ESR-Reit 0.57 0.57 Hold DDM
07/06/17 DIR ESR-Reit 0.605 0.57 Hold DDM
07/14/17 CIMB ESR-Reit 0.6 0.56 Hold DDM
07/18/17 DBS Vickers ESR-Reit 0.595 0.6 Hold
10/19/17 DIR ESR-Reit 0.58 0.57 Hold DDM
10/19/17 CIMB ESR-Reit 0.58 0.57 Hold DDM
10/19/17 DBS Vickers ESR-Reit 0.58 0.6 Hold
12/11/17 DBS Vickers ESR-Reit 0.565 0.62 Buy
12/15/17 CIMB ESR-Reit 0.56 0.63 Add DDM
01/17/18 Lim & Tan ESR-Reit 0.575 0 Hold
01/18/18 CIMB ESR-Reit 0.575 0.64 Add DDM
01/18/18 DBS Vickers ESR-Reit 0.575 0.63 Buy
04/23/18 DBS Vickers ESR-Reit 0.54 0.63 Buy
04/23/18 CIMB ESR-Reit 0.54 0.6 Add DDM
05/21/18 CIMB ESR-Reit 0.525 0.6 Add DDM
05/21/18 DBS Vickers ESR-Reit 0.525 0.63 Buy
06/04/18 CIMB ESR-Reit 0.505 0.62 Add
08/14/18 DBS Vickers ESR-Reit 0.51 0.63 Buy
09/17/18 DBS Vickers ESR-Reit 0.5 0.59 Buy DCF

Ellipsiz - Stock calls


Date Analyst Company Last Target Call Valuation
08/22/17 Lim & Tan Ellipsiz 0.665 0 Buy

Stock calls for 28 September 2018


Date Analyst Company Last Target Call Valuation
09/28/18 CIMB Fu Yu 0.176 0.17 Hold PB0.8x
09/28/18 Lim & Tan Keppel Corp 7.16 0 Neutral
09/28/18 UOB Kay Hian Keppel T&T 1.36 1.91 Accept Offer Offer $1.91
09/28/18 Lim & Tan Keppel T&T 1.36 0 Take Profit
09/28/18 UOB Kay Hian M1 1.63 2.06 Accept Offer Offer $2.06
09/28/18 DMG & Partners M1 1.63 2.06 Neutral
09/28/18 CIMB M1 1.63 2.06 Add
09/28/18 Citibank Starhub 1.88 1.55 Sell

OMG! Our phone numbers are made known to advertisers for their uses on facebook.

https://www.straitstimes.com/world/united-states/facebook-admits-phone-numbers-may-be-used-to-target-ads?xtor=CS11-86

OMG! Our phone numbers are made known to advertisers for their uses on facebook.

I signed up on FB but didn't allow FB to release my personal data such as my phone number to advertisers.  FB shouldn't be doing this to its users.

Thursday, September 27, 2018

EC World Reit - Stock calls


Date Analyst Company Last Target Call Valuation
03/02/17 Religare EC World Reit 0.74 0.92 Buy
05/16/17 Religare EC World Reit 0.765 0.92 Buy
04/16/18 Soochow EC World Reit 0.735 0.88 Buy
08/08/18 Soochow EC World Reit 0.71 0.88 Buy

Dyna-Mac - Stock calls


Date Analyst Company Last Target Call Valuation
03/22/18 CIMB Dyna-Mac 0.13 0.18 Add PB1.8x CY18
09/03/18 CIMB Dyna-Mac 0.107 0.13 Add PB1.3x CY18

Duty Free - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 UOB Kay Hian Duty Free 0.37 0.57 Buy
01/13/17 UOB Kay Hian Duty Free 0.39 0.55 Buy DCF
01/16/17 CIMB Duty Free 0.39 0.55 Add DCF
04/28/17 CIMB Duty Free 0.415 0.57 Add DCF
04/28/17 UOB Kay Hian Duty Free 0.415 0.49 Buy DCF
07/14/17 UOB Kay Hian Duty Free 0.315 0.37 Hold DCF, Buy @ $0.3
07/14/17 CIMB Duty Free 0.315 0.33 Hold DCF, PER18x CY18
10/13/17 UOB Kay Hian Duty Free 0.28 0.33 Hold DCF, Buy @ $0.26

Stock calls for 27 September 2018


Date Analyst Company Last Target Call Valuation
09/27/18 OCBC Frasers Commercial Trust 1.45 1.53 Buy
09/27/18 Amfrasers Keppel Corp 7.16 9.43 Buy Sum of parts

Hong Kong has increased its interest rate as expected.

https://www.bloombergquint.com/global-economics/2018/09/26/hong-kong-s-fed-matching-hike-raises-chance-of-broader-bank-move#gs.TeLi39I

Hong Kong has to follow the US monetary policy because it pegs its HKD to USD.  Therefore, it has to increase its interest rate and this will affect its property market.  We had already predicted this move in our earlier post below.

https://sg-stock.blogspot.com/2018/09/hong-kong-is-going-to-raise-interest.html

Wednesday, September 26, 2018

Dutech - Stock calls


Date Analyst Company Last Target Call Valuation
03/03/17 CIMB Dutech 0.475 0.55 Hold DCF
05/12/17 CIMB Dutech 0.495 0.53 Hold DCF CY17

DISA - Stock calls


Date Analyst Company Last Target Call Valuation
06/25/18 Amfrasers DISA 0.008 0.02 Buy DCF, PER23.9x FY21
07/03/18 UOB Kay Hian DISA 0.009 0.013 Buy DCF
08/30/18 Amfrasers DISA 0.008 0.02 Buy DCF
09/10/18 UOB Kay Hian DISA 0.008 0.013 Buy DCF

Delfi - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners Delfi 2.22 2.55 Buy
01/16/17 OCBC Delfi 2.25 2.39 Hold
02/23/17 CIMB Delfi 2.32 2.3 Hold PER25x CY18
02/23/17 OCBC Delfi 2.32 2.39 Hold PER30x FY17
02/24/17 DMG & Partners Delfi 2.35 2.55 Neutral DCF
02/24/17 OCBC Delfi 2.35 2.37 Hold PER30x FY17
02/27/17 DBS Vickers Delfi 2.33 2.26 Hold PER26x FY17/18
03/17/17 OCBC Delfi 2.24 2.37 Hold
05/09/17 OCBC Delfi 2.2 2.37 Hold
05/11/17 CIMB Delfi 2.2 2.3 Hold PER25x CY18
05/11/17 OCBC Delfi 2.2 2.21 Hold PER30x FY17/18
06/16/17 OCBC Delfi 2.05 2.21 Hold
08/10/17 OCBC Delfi 2.12 2.08 Hold PER30x FY18
08/10/17 DMG & Partners Delfi 2.12 2 Neutral DCF
10/02/17 DMG & Partners Delfi 1.515 1.86 Buy DCF
11/15/17 DMG & Partners Delfi 1.45 1.65 Buy DCF
12/19/17 DBS Vickers Delfi 1.43 1.8 Buy PER26x FY18/19
02/28/18 DMG & Partners Delfi 1.52 1.54 Neutral DCF
05/09/18 DBS Vickers Delfi 1.48 1.8 Buy PER26x FY18/19
05/09/18 DMG & Partners Delfi 1.48 1.54 Neutral
06/20/18 DMG & Partners Delfi 1.32 1.47 Buy DCF
08/06/18 DMG & Partners Delfi 1.18 1.47 Buy DCF

Stock calls for 26 September 2018


Date Analyst Company Last Target Call Valuation
09/26/18 OCBC Golden Agri 0.24 0.24 Hold PER16x FY19
09/26/18 CIMB HRnetGroup 0.87 1.1 Add PER18x CY20
09/26/18 DMG & Partners Moya Asia 0.083 0.13 Buy
09/26/18 DBS Vickers OCBC 11.45 12.4 Hold
09/26/18 phillip UOB 27.01 33.69 Buy GGM, PB1.6x FY18

ECB simulation showed that China would win and US would lose in a trade war.

https://sg.finance.yahoo.com/news/u-most-lose-trade-war-china-benefit-ecb-081057010--business.html

ECB simulation shared the same viewpoint as ours.  We had stated previously that the US would lose in a US-China trade war and China would win if it prolonged the trade war.

http://sg-stock.blogspot.com/2018/04/who-will-win-in-trade-war-us-or-china.html

No wonder Jack Ma of Alibaba said that the US-China trade war might last 20 years.  This statement showed that China had prepared itself for a long drawn trade war with the US.

Tuesday, September 25, 2018

Relationship between US and China has gone south.

https://sg.finance.yahoo.com/news/china-denies-hong-kong-port-090300934.html

A military port call at HK is a good indicator of the relationship between the US and China and this is also one of the assessments the US uses.

When the US military port call at HK is rejected, the US knows that the relationship has gone south.

Del Monte - Stock calls


Date Analyst Company Last Target Call Valuation
03/13/17 DBS Vickers Del Monte 0.345 0.36 Hold PER12x FY18
03/14/17 Lim & Tan Del Monte 0.345 0 Neutral
03/15/17 CIMB Del Monte 0.345 0.35 Hold PER11.3x FY17
06/29/17 DBS Vickers Del Monte 0.34 0.36 Hold PER12x
07/04/17 DBS Vickers Del Monte 0.325 0.32 Hold PER15x FY18/19
09/08/17 Lim & Tan Del Monte 0.31 0 Hold
06/29/18 Lim & Tan Del Monte 0.18 0 Neutral

DBS Bank - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners DBS 17.34 18.38 Buy
01/04/17 Kim Eng DBS 17.32 15.68 Hold
01/05/17 Credit Suisse DBS 17.52 18.93 Outperform
01/06/17 UOB Kay Hian DBS 17.8 21.2 Buy GGM, PB1.17x FY17
01/10/17 OCBC DBS 17.85 17.83 Hold PB1x
01/11/17 DIR DBS 17.99 22.4 Buy
01/16/17 Jefferies DBS 18.31 14 Underperform
01/16/17 phillip DBS 18.31 16.85 Neutral PB0.95x FY17
01/16/17 UBS DBS 18.31 17.9 Neutral
02/02/17 Lim & Tan DBS 18.88 0 Hold
02/02/17 UOB Kay Hian DBS 18.88 21.2 Buy GGM, PB1.17x FY17
02/03/17 CIMB DBS 18.78 15.4 Hold
02/06/17 Macquarie DBS 18.66 21.5 Outperform
02/16/17 Lim & Tan DBS 18.23 0 Take profit/Sell Buy @ $16.87
02/17/17 CIMB DBS 18.54 17.66 Hold GGM, PB0.99x CY17
02/17/17 Credit Suisse DBS 18.54 19.8 Neutral
02/17/17 DIR DBS 18.54 22.5 Buy Warranted Equity Method, PB1.24x
02/17/17 DMG & Partners DBS 18.54 19.8 Neutral GGM, PB1.1x FY17
02/17/17 Kim Eng DBS 18.54 18.13 Hold PB1x FY17
02/17/17 phillip DBS 18.54 16.73 Reduce PB0.95x FY17
02/17/17 UOB Kay Hian DBS 18.54 21.5 Buy GGM, PB1.19x FY17
03/03/17 CIMB DBS 19.03 17.66 Hold
03/03/17 Jefferies DBS 19.03 16.2 Underperform
03/06/17 Macquarie DBS 18.97 21 Outperform
03/14/17 UOB Kay Hian DBS 19.11 21.5 Buy GGM, PB1.19x FY17
03/21/17 Kim Eng DBS 19.01 18.13 Hold PB1x
04/03/17 Kim Eng DBS 19.4 18.13 Hold
04/18/17 DIR DBS 18.9 22.5 Buy
04/20/17 UOB Kay Hian DBS 18.79 21.5 Buy GGM, PB1.19x FY17
04/25/17 CIMB DBS 19 17.66 Hold
05/02/17 Bernstein DBS 19.35 22 Outperform
05/02/17 UBS DBS 19.35 19.2 Neutral
05/03/17 CIMB DBS 19.86 18.75 Hold GGM, PB1.04x CY17
05/03/17 Credit Suisse DBS 19.86 22.6 Outperform
05/03/17 DMG & Partners DBS 19.86 20.5 Neutral
05/03/17 Kim Eng DBS 19.86 19.18 Hold PB1.1x FY18
05/03/17 Lim & Tan DBS 19.86 0 Hold
05/03/17 phillip DBS 19.86 17.24 Reduce PB0.95x FY17
05/03/17 UOB Kay Hian DBS 19.86 23.3 Buy GGM, PB1.25x FY17
05/08/17 Macquarie DBS 20.42 21 Outperform
05/18/17 DIR DBS 20.8 23 Outperform
05/23/17 Jefferies DBS 20.86 22.5 Buy DDM
05/31/17 Macquarie DBS 20.6 22 Outperform
06/08/17 UOB Kay Hian DBS 20.43 23.3 Buy
06/09/17 Credit Suisse DBS 20.47 22.6 Outperform
06/09/17 Deutsche DBS 20.47 21 Buy GGM, PB1.3x
06/14/17 Kim Eng DBS 20.78 19.18 Hold PB1.1x FY18
06/22/17 Macquarie DBS 20.4 22.2 Outperform PB1.22x
06/28/17 DMG & Partners DBS 20.26 20.5 Neutral
07/03/17 Kim Eng DBS 20.74 19.18 Hold
07/04/17 UOB Kay Hian DBS 20.65 25.25 Buy GGM, PB1.3x FY18
07/12/17 Credit Suisse DBS 20.77 22.7 Outperform
08/02/17 Macquarie DBS 21.95 22.2 Outperform PB1.22x
08/04/17 Lim & Tan DBS 22.08 0 Hold
08/04/17 DMG & Partners DBS 22.08 20.65 Neutral GGM, PB1.1x FY17
08/04/17 OCBC DBS 22.08 22.5 Hold Buy @ $21 or lower
08/07/17 CIMB DBS 21.49 21.5 Hold GGM
08/07/17 DIR DBS 21.49 23 Outperform Warranted Equity Method, PB1.24x
08/07/17 UOB Kay Hian DBS 21.49 24.85 Buy GGM, PB1.29x FY18
08/07/17 Kim Eng DBS 21.49 19.18 Hold
08/07/17 phillip DBS 21.49 17.92 Reduce GGM, PB0.98x FY18
08/07/17 UBS DBS 21.49 21.2 Neutral
08/22/17 Kim Eng DBS 20.49 21.5 Hold GGM, PB1x FY18
08/23/17 Deutsche DBS 20.54 22 Hold
09/05/17 OCBC DBS 20.35 22.4 Hold
09/12/17 DMG & Partners DBS 20.43 20.65 Neutral PB1x FY18
09/14/17 OCBC DBS 20.38 22.5 Buy
09/18/17 phillip DBS 20.06 21.45 Accumulate GGM, PB1.2x FY17
09/18/17 Kim Eng DBS 20.06 21.5 Hold
09/21/17 DIR DBS 20.48 23.3 Outperform GGM, PB1.24x
10/09/17 DIR DBS 21.5 23.3 Outperform
10/20/17 UOB Kay Hian DBS 21.7 24.48 Buy GGM, PB1.27x FY17
10/20/17 phillip DBS 21.7 25.7 Buy
11/01/17 UOB Kay Hian DBS 22.78 24.48 Buy GGM, PB1.27x FY18
11/06/17 DMG & Partners DBS 22.97 20.65 Neutral
11/06/17 Lim & Tan DBS 22.97 0 Neutral
11/07/17 Kim Eng DBS 22.79 22.75 Hold GGM, PB1.2x FY18
11/07/17 UOB Kay Hian DBS 22.79 24.4 Buy GGM, PB1.3x FY18
11/07/17 Credit Suisse DBS 22.79 25.3 Outperform
11/07/17 DMG & Partners DBS 22.79 21.45 Neutral GGM, PB1.08x FY18
11/07/17 UBS DBS 22.79 26 Buy
11/08/17 phillip DBS 23.49 26.83 Buy GGM, PB1.39x FY18
11/20/17 CIMB DBS 24.13 25 Add
11/20/17 UOB Kay Hian DBS 24.13 26.1 Buy GGM, PB1.38x FY17
11/20/17 Credit Suisse DBS 24.13 27.4 Outperform
11/21/17 DMG & Partners DBS 23.86 23.33 Neutral GGM
11/27/17 phillip DBS 25.1 29.3 Buy GGM, PB1.51x FY18
12/01/17 UOB Kay Hian DBS 24.43 26.1 Buy GGM, PB1.38x FY18
12/08/17 phillip DBS 24.24 29.3 Buy
12/13/17 OCBC DBS 25.2 27.4 Buy GGM, PB1.4x
12/20/17 CIMB DBS 24.71 25 Add
01/02/18 UOB Kay Hian DBS 24.85 26.1 Buy GGM, PB1.38x FY18
01/05/18 UOB Kay Hian DBS 26.5 29.5 Buy GGM, PB1.56x FY18
01/08/18 DMG & Partners DBS 26.32 23.33 Neutral
01/09/18 Deutsche DBS 26.45 27.1 Hold
01/10/18 phillip DBS 26.51 29.3 Buy
02/01/18 OCBC DBS 26.4 29.5 Buy PB1.45x FY18
02/02/18 UOB Kay Hian DBS 26.61 28.38 Buy
02/08/18 Macquarie DBS 25.36 27.5 Outperform
02/08/18 Lim & Tan DBS 25.36 0 Buy
02/08/18 DMG & Partners DBS 25.36 25 Neutral PB1.3x FY18
02/09/18 Kim Eng DBS 26.71 29.66 Hold
02/09/18 UOB Kay Hian DBS 26.71 30.4 Buy GGM, PB1.62x FY18
02/09/18 CIMB DBS 26.71 29 Add GGM, PB1.5x FY18, PER11.6x FY19
02/12/18 phillip DBS 26.71 29.3 Buy GGM, PB1.58x
02/22/18 UBS DBS 29.45 35 Buy
03/02/18 UOB Kay Hian DBS 28.8 30.4 Buy
03/05/18 OCBC DBS 28.41 32.53 Buy PB1.7x
03/05/18 Credit Suisse DBS 28.41 31.1 Outperform
03/15/18 DMG & Partners DBS 29.12 27 Neutral GGM, PB1.39x FY18
03/20/18 Kim Eng DBS 28.07 29.66 Hold
03/22/18 Lim & Tan DBS 28.4 0 Buy
04/03/18 UOB Kay Hian DBS 27.32 30.4 Buy
04/16/18 Credit Suisse DBS 28.42 35.5 Buy
04/19/18 UOB Kay Hian DBS 29.36 31.08 Buy GGM, PB1.7x FY18
04/20/18 CIMB DBS 29.92 33 Add GGM, PB1.7x FY18
04/30/18 DMG & Partners DBS 30 27 Neutral
04/30/18 OCBC DBS 30 34.6 Buy
05/02/18 phillip DBS 30.84 32.7 Accumulate GGM, PB1.8x FY18
05/02/18 UOB Kay Hian DBS 30.84 35.5 Buy GGM, PB1.82x FY19
05/02/18 DMG & Partners DBS 30.84 29.6 Neutral GGM, PB1.51x (ex-div)
05/02/18 CIMB DBS 30.84 34 Add GGM, PB1.8x FY18
05/02/18 Lim & Tan DBS 30.84 0 Buy on weakness
05/02/18 Kim Eng DBS 30.84 30.8 Hold GGM, PB1.6 FY18
05/04/18 Macquarie DBS 29.28 29.5 Neutral
05/08/18 Goldman Sachs DBS 28.97 36 Buy DDM
06/04/18 phillip DBS 28.3 32.7 Accumulate
06/04/18 UOB Kay Hian DBS 28.3 35.5 Buy
06/11/18 CIMB DBS 28.5 34 Add GGM, PB1.5x CY18
06/13/18 OCBC DBS 28.48 34.6 Buy
06/26/18 UOB Kay Hian DBS 26.66 30.15 Buy GGM, PB1.65x FY18
06/29/18 DMG & Partners DBS 26.49 30.3 Buy GGM, PB1.47x FY19
07/02/18 phillip DBS 26.61 32.7 Accumulate
07/03/18 UOB Kay Hian DBS 26.38 30.15 Buy
07/12/18 OCBC DBS 26.01 32.67 Buy PB1.7x
07/16/18 DMG & Partners DBS 26.25 30.3 Buy GGM, PB1.47x FY19
07/18/18 UOB Kay Hian DBS 26.01 28.95 Buy GGM, PB1.58x FY18
08/01/18 phillip DBS 26.75 32.7 Accumulate
08/02/18 Macquarie DBS 26.94 29.5 Neutral
08/02/18 DMG & Partners DBS 26.94 30.3 Buy
08/02/18 Lim & Tan DBS 26.94 0 Buy
08/03/18 UOB Kay Hian DBS 26.5 28.2 Hold GGM, PB1.55x FY18, Buy @ $25.50
08/03/18 CIMB DBS 26.5 28 Hold GGM, PB1.4x
08/06/18 phillip DBS 26.15 33.32 Buy GGM, PB1.7x
09/17/18 DMG & Partners DBS 24.85 30.3 Buy GGM, PB1.51x FY19