1997 Asian financial crisis is replaying in the Middle East now. Here's why!

https://www.businessinsider.sg/turkey-probes-jpmorgan-for-lira-advice-before-currency-plunged-2019-3/?r=US&IR=T

JP Morgan is trying to start the spark of a financial crisis in the Middle East which has the same modus operandi as the 1997 Asian financial crisis.

The first step will be to devalue the currency and JPM has selected Lira because Turkey is a big economic with bad fundamentals.  Turkey is in a technical recession now.

https://www.nytimes.com/2019/03/11/business/turkey-recession.html

JPM had issued a shorting report on Lira just before the Turkey election and it was successful in creating a Lira panic.  The Turkey swap rates soared past 1200% at one point.

https://www.theguardian.com/world/2019/mar/31/turkey-votes-local-elections-seen-key-test-of-erdogan-rule

https://www.dailysabah.com/economy/2019/03/29/turkey-aware-of-currency-market-manipulation-ahead-of-local-elections

https://www.bloomberg.com/news/articles/2019-03-27/foreign-investors-are-trapped-in-turkey-days-before-elections

The intention of JPM is not to earn a huge windfall from the currency market but to force the Turkish central bank to hike interest rates or keep its high interest rates long enough to impact interest rate sensitive industries such as banking and finance, property, etc.  Consequently, the high interest rates will cause the Turkish stock market to crash and the US financial firms will earn the huge windfalls from shorting the index futures in Turkey and other affected countries as the contagion spreads.

Let's reminisce the 1997 Asian financial crisis in steps.

1. Steep currency devaluation.
2. Central bank hikes interest rates or keeps high interest rates long enough to prevent the steep currency depreciation.
3. Stock market crashes
4. Another big but weak economy is targeted (HK)
5. Contagion spreads like fire in Asia.

The Thai baht was first targeted by George Soros (GS) because Thailand had high non-performing loans in the banking and financial industries and the Thai baht was pegged to the USD back then.  The steep devaluation of the Thai baht forced the Thailand central bank to raise interest rates to prevent the steep Thai baht depreciation.  Subsequently, the high interest rates caused the Thai stock market to collapse and exacerbate its economy.  Thereafter, the contagion started to spread and Hong Kong became the next target for GS.  In 1997, HK was returned to China with limited coffer because the UK had siphoned the HK government funds.  Therefore, the new HK became the perfect target for GS.

Turkey is just like Thailand in 1997 now.  Currently, step 1 (Steep currency devaluation) has happened.  Turkey looks set to hike or keep its high interest rates long enough to protect its lira.

Let's see how this will pan out.

When step 2 and 3 have taken place, the next target will be one of the pigs (Portugal, Italy, Greece, Spain) in Europe.  My guess will be Italy because it is a big economy with high debts.

Baltic dry index - 689

Today, Friday, March 29 2019, the Baltic Dry Index decreased by 3 points, reaching 689 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 - 1006

The weekly Baker Hughes rig count 

• Total rig count 1006 vs 1016 last week
• Oil rig count 816 vs 824 last week
• Gas rig count 190 vs 192 last week.

The price of crude is trading at $60.10 up $0.79 or 1.32%. The high reached $60.73. The low extended to $59.41

It is the 4th down week in a row for oil rigs.  The high water mark for oil rigs reached 888 in November 2018. Today's number is the lowest since April 2018.

==========================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	ST Engineering	3.3	3.7	Hold
01/18/18	CIMB	ST Engineering	3.31	3.85	Add	DCF & PER22x CY19
01/22/18	Lim & Tan	ST Engineering	3.32	0	Buy
02/07/18	OCBC	ST Engineering	3.23	4	Buy
02/07/18	CIMB	ST Engineering	3.23	3.85	Add
02/20/18	DMG & Partners	ST Engineering	3.35	4.2	Buy
02/26/18	CIMB	ST Engineering	3.39	3.8	Add	DCF, PER & Div yield
02/26/18	UOB Kay Hian	ST Engineering	3.39	3.6	Hold	DCF, Buy @ $3.20
02/26/18	DBS Vickers	ST Engineering	3.39	3.9	Buy
02/26/18	Lim & Tan	ST Engineering	3.39	0	Buy
02/27/18	DMG & Partners	ST Engineering	3.44	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
03/02/18	Lim & Tan	ST Engineering	3.38	0	Buy
03/05/18	CIMB	ST Engineering	3.36	3.8	Add	DCF & PER & Div Yield
03/09/18	UOB Kay Hian	ST Engineering	3.38	3.6	Hold
03/12/18	Kim Eng	ST Engineering	3.38	4.15	Buy	DCF
03/13/18	Amfrasers	ST Engineering	3.43	3.88	Buy
03/13/18	Credit Suisse	ST Engineering	3.43	4	Outperform	DCF
03/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy	EV/Invested capital basis, PER23x FY19
03/23/18	DBS Vickers	ST Engineering	3.47	4.1	Buy	DCF & PER22x
04/12/18	Lim & Tan	ST Engineering	3.65	0	Buy
04/16/18	DMG & Partners	ST Engineering	3.67	4.04	Buy
04/23/18	Macquarie	ST Engineering	3.65	3.9	Outperform
05/11/18	Lim & Tan	ST Engineering	3.46	0	Buy
05/14/18	CIMB	ST Engineering	3.39	3.8	Add	DCF & PER20x CY19
05/14/18	DBS Vickers	ST Engineering	3.39	4.1	Buy
05/14/18	DMG & Partners	ST Engineering	3.39	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
05/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy
06/04/18	UOB Kay Hian	ST Engineering	3.45	4.1	Buy
06/28/18	DBS Vickers	ST Engineering	3.29	4.1	Buy
07/03/18	UOB Kay Hian	ST Engineering	3.27	4.1	Buy
07/05/18	OCBC	ST Engineering	3.25	3.9	Buy
08/03/18	UOB Kay Hian	ST Engineering	3.36	4.1	Buy	EV/Invested capital basis, PER22x FY18
08/10/18	Kim Eng	ST Engineering	3.45	4.15	Buy	DCF
08/10/18	CIMB	ST Engineering	3.45	3.8	Add	Sum of parts
08/10/18	OCBC	ST Engineering	3.45	3.9	Buy	FCFE
08/10/18	DBS Vickers	ST Engineering	3.45	4.1	Buy
08/10/18	DMG & Partners	ST Engineering	3.45	3.97	Buy
09/03/18	CIMB	ST Engineering	3.34	3.8	Add	PER20x CY19 & DCF & 4% Div Yield
09/06/18	DMG & Partners	ST Engineering	3.26	3.97	Buy
09/10/18	UOB Kay Hian	ST Engineering	3.32	3.8	Buy	EV/Invested capital basis
09/14/18	DBS Vickers	ST Engineering	3.29	4.3	Buy
09/14/18	OCBC	ST Engineering	3.29	3.95	Buy
09/17/18	Kim Eng	ST Engineering	3.53	4.35	Buy	DCF
10/01/18	UOB Kay Hian	ST Engineering	3.56	4.06	Buy	EV/Invested capital & PER20.9x FY18
10/08/18	CIMB	ST Engineering	3.53	3.8	Add
11/02/18	UOB Kay Hian	ST Engineering	3.54	4.06	Buy	EV/Invested capital & PER20.9x FY19
11/05/18	DBS Vickers	ST Engineering	3.52	4.3	Buy
11/13/18	DMG & Partners	ST Engineering	3.5	3.97	Buy
11/15/18	DBS Vickers	ST Engineering	3.5	4.15	Buy	Sum of parts
11/15/18	Kim Eng	ST Engineering	3.5	4.35	Buy	DCF
11/15/18	CIMB	ST Engineering	3.5	3.94	Add	Sum of parts
11/29/18	OCBC	ST Engineering	3.5	3.95	Buy
12/10/18	UOB Kay Hian	ST Engineering	3.47	4.06	Buy
12/14/18	DMG & Partners	ST Engineering	3.47	3.97	Buy
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

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/08/18	CIMB	SPH Reit	1.07	1.06	Hold	DDM
01/08/18	Lim & Tan	SPH Reit	1.07	0	Hold
01/08/18	OCBC	SPH Reit	1.07	1.08	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF
04/09/18	CIMB	SPH Reit	1	1.06	Hold	DDM
04/09/18	OCBC	SPH Reit	1	1.02	Hold	DDM
04/09/18	DBS Vickers	SPH Reit	1	1.07	Buy	DCF
04/09/18	Lim & Tan	SPH Reit	1	1.06	Hold
04/09/18	Kim Eng	SPH Reit	1	1	Hold	DDM
05/02/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
05/02/18	CIMB	SPH Reit	0.99	1.07	Hold	DDM
05/02/18	OCBC	SPH Reit	0.99	1.02	Hold
06/29/18	DBS Vickers	SPH Reit	0.99	1.07	Buy	DCF
07/06/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
07/11/18	CIMB	SPH Reit	1	1.07	Hold	DDM
07/11/18	OCBC	SPH Reit	1	1.02	Hold
07/11/18	Lim & Tan	SPH Reit	1	0	Hold
07/13/18	Kim Eng	SPH Reit	1	1	Hold	DDM
10/12/18	CIMB	SPH Reit	0.985	1.03	Hold	DDM
10/12/18	DBS Vickers	SPH Reit	0.985	1.04	Buy	DCF
10/12/18	OCBC	SPH Reit	0.985	0.99	Hold
10/12/18	Lim & Tan	SPH Reit	0.985	0	Hold
11/16/18	CIMB	SPH Reit	1	1.01	Hold	DDM
12/19/18	CIMB	SPH Reit	1.01	1.02	Hold	DDM
12/19/18	Lim & Tan	SPH Reit	1.01	0	Hold
12/19/18	Kim Eng	SPH Reit	1.01	1.02	Hold	DDM
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

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell
03/14/18	UOB Kay Hian	SPH	2.56	2.39	Sell	Sum of parts
04/11/18	UOB Kay Hian	SPH	2.49	2.41	Hold	Sum of parts, Buy @ $2.30
04/11/18	Lim & Tan	SPH	2.49	0	Hold
04/12/18	OCBC	SPH	2.49	2.52	Hold
04/12/18	DBS Vickers	SPH	2.49	2.6	Hold	Sum of parts
06/13/18	UOB Kay Hian	SPH	2.69	2.46	Hold	Buy @ $2.40
07/03/18	UOB Kay Hian	SPH	2.59	2.46	Hold
07/05/18	CIMB	SPH	2.59	2.85	Add	Sum of parts
07/06/18	DBS Vickers	SPH	2.67	2.6	Hold
07/12/18	DBS Vickers	SPH	2.75	2.58	Hold	Sum of parts
07/12/18	UOB Kay Hian	SPH	2.75	2.58	Hold	Sum of parts, Buy @ $2.40
07/12/18	Lim & Tan	SPH	2.75	0	Hold
07/13/18	OCBC	SPH	2.76	2.52	Hold
07/13/18	CIMB	SPH	2.76	2.88	Add	Sum of parts
09/04/18	UOB Kay Hian	SPH	2.81	2.58	Hold	DCF, Buy @ $2.45
09/10/18	DBS Vickers	SPH	2.73	2.58	Hold
09/11/18	OCBC	SPH	2.79	2.52	Hold
09/11/18	Lim & Tan	SPH	2.79	0	Hold
09/13/18	CIMB	SPH	2.74	2.88	Add	Sum of parts
10/16/18	OCBC	SPH	2.62	2.55	Hold
10/16/18	UOB Kay Hian	SPH	2.62	2.75	Hold	Buy @ $2.50
10/16/18	CIMB	SPH	2.62	2.74	Hold	Sum of parts
10/16/18	Lim & Tan	SPH	2.62	0	Hold
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

Stock calls for 29 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/29/19	Lim & Tan	ART	1.18	0	Hold	BV
03/29/19	DBS Vickers	Jumbo	0.395	0.5	Buy	PER23x FY19/20
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
03/29/19	DBS Vickers	Venture	17.8	21.7	Buy

Hyflux's white knight is trying to wiggle itself out of the deal.

https://sg.finance.yahoo.com/news/white-knight-investor-throws-singapores-083341266.html

Hahaha! The white knight is regretting its own decision to invest in Hyflux and wants a way out after realizing that Hyflux is beyond hope.

A big blow to Boeing!

https://www.news.com.au/travel/travel-advice/flights/inside-the-aircraft-boneyard-thats-now-housing-boeings-max-8s/news-story/00fd9b3a093893d2454e2a7fadd1d504

The US Southwest airlines will be sending its Boeing 737-Max planes to the remote desert graveyard for parking.  This means that Boeing 737-Max won't be returned to flying in the short run.

Furthermore, this move also shows that Boeing 737-Max is really an unsafe plane as it is expensive to park the planes in a desert graveyard.  The planes need to be sand-proof and the airline will also suffer from loss of incomes for not using the planes.

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/18	DMG & Partners	Spackman	0.073	0.1	Buy	DCF, PER14x FY18

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/18	OCBC	Soilbuild Reit	0.695	0.68	Hold
01/19/18	DBS Vickers	Soilbuild Reit	0.7	0.62	Hold	DCF
01/19/18	Lim & Tan	Soilbuild Reit	0.7	0	Hold
01/19/18	Jefferies	Soilbuild Reit	0.7	0.7	Buy
03/29/18	OCBC	Soilbuild Reit	0.645	0.7	Buy
04/17/18	OCBC	Soilbuild Reit	0.66	0.7	Buy
04/18/18	DBS Vickers	Soilbuild Reit	0.66	0.62	Hold
04/18/18	OCBC	Soilbuild Reit	0.66	0.71	Buy
04/18/18	Jefferies	Soilbuild Reit	0.66	0.7	Hold
05/24/18	OCBC	Soilbuild Reit	0.665	0.71	Buy
07/18/18	OCBC	Soilbuild Reit	0.65	0.69	Buy
07/18/18	DBS Vickers	Soilbuild Reit	0.65	0.62	Hold	DCF
09/10/18	DBS Vickers	Soilbuild Reit	0.625	0.62	Hold
09/10/18	OCBC	Soilbuild Reit	0.625	0.69	Buy
10/19/18	DBS Vickers	Soilbuild Reit	0.585	0.65	Buy	DCF
10/19/18	OCBC	Soilbuild Reit	0.585	0.665	Buy
10/19/18	Jefferies	Soilbuild Reit	0.585	0.62	Hold
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

SLB Dev - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/18	SAC Advisors	SLB Dev	0.215	0.28	Buy

Stock calls for 28 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/28/19	UOB Kay Hian	Ho Bee	2.5	2.79	Buy	RNAV (30% discount)
03/28/19	UOB Kay Hian	ST Engineering	3.75	4.06	Buy
03/28/19	Lim & Tan	ST Engineering	3.75	0	Hold
03/28/19	CIMB	UOL	6.78	8.45	Add

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy	Sum of parts
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/09/18	OCBC	Singtel	3.4	4.15	Buy
02/09/18	UOB Kay Hian	Singtel	3.4	4.4	Buy	DCF
02/09/18	CIMB	Singtel	3.4	4	Add
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy
03/14/18	Kim Eng	Singtel	3.41	3.69	Hold	Sum of parts
03/15/18	CIMB	Singtel	3.4	4	Add	Sum of parts
03/15/18	DMG & Partners	Singtel	3.4	4.1	Buy	Sum of parts
04/03/18	UOB Kay Hian	Singtel	3.39	4.4	Buy
04/03/18	Kim Eng	Singtel	3.39	3.69	Hold
04/16/18	UOB Kay Hian	Singtel	3.37	4.35	Buy
05/03/18	UOB Kay Hian	Singtel	3.5	4.35	Buy	DCF
05/04/18	Kim Eng	Singtel	3.52	3.69	Hold
05/07/18	DBS Vickers	Singtel	3.5	3.85	Buy	Sum of parts
05/17/18	Lim & Tan	Singtel	3.42	0	Buy
05/18/18	UOB Kay Hian	Singtel	3.44	4.22	Buy	DCF
05/18/18	DMG & Partners	Singtel	3.44	3.9	Buy	Sum of parts
05/18/18	CIMB	Singtel	3.44	3.9	Add	Sum of parts
05/18/18	OCBC	Singtel	3.44	4.1	Buy
05/18/18	Kim Eng	Singtel	3.44	3.57	Hold	Sum of parts
06/04/18	UOB Kay Hian	Singtel	3.25	4.22	Buy	DCF
06/05/18	DBS Vickers	Singtel	3.27	3.85	Buy
06/18/18	CIMB	Singtel	3.19	3.9	Add
06/19/18	DBS Vickers	Singtel	3.19	3.7	Buy	Sum of parts
06/19/18	Kim Eng	Singtel	3.19	3.57	Hold
06/20/18	OCBC	Singtel	3.18	4.1	Buy	PER18.3x FY19
06/27/18	DMG & Partners	Singtel	3.12	4.05	Buy
07/03/18	UOB Kay Hian	Singtel	3.05	4.22	Buy
08/10/18	OCBC	Singtel	3.2	4.08	Buy
08/10/18	UOB Kay Hian	Singtel	3.2	4.05	Buy	DCF
08/10/18	CIMB	Singtel	3.2	3.7	Add	Sum of parts
08/10/18	DBS Vickers	Singtel	3.2	3.7	Buy	Sum of parts
08/10/18	DMG & Partners	Singtel	3.2	3.7	Buy	Sum of parts
08/13/18	Lim & Tan	Singtel	3.14	0	Hold
08/20/18	UOB Kay Hian	Singtel	3.11	3.98	Buy	DCF
08/24/18	Kim Eng	Singtel	3.28	3.46	Hold	Sum of parts
09/03/18	DIR	Singtel	3.23	3.47	Outperform	Sum of parts
09/03/18	UOB Kay Hian	Singtel	3.23	3.98	Buy
09/25/18	UOB Kay Hian	Singtel	3.15	3.94	Buy	DCF
10/03/18	UOB Kay Hian	Singtel	3.23	3.94	Buy	DCF
10/11/18	DMG & Partners	Singtel	3.14	3.7	Buy
10/24/18	DBS Vickers	Singtel	3.13	3.64	Buy	Sum of parts
11/02/18	UOB Kay Hian	Singtel	3.18	3.94	Buy
11/02/18	DBS Vickers	Singtel	3.18	3.64	Buy	Sum of parts
11/07/18	CIMB	Singtel	3.17	3.7	Add	Sum of parts
11/09/18	DBS Vickers	Singtel	3.08	3.59	Buy	Sum of parts
11/09/18	UOB Kay Hian	Singtel	3.08	3.9	Buy	DCF
11/09/18	Kim Eng	Singtel	3.08	3.39	Hold	DCF
11/09/18	OCBC	Singtel	3.08	3.95	Buy
11/09/18	CIMB	Singtel	3.08	3.4	Add	Sum of parts
11/09/18	DMG & Partners	Singtel	3.08	3.22	Neutral
11/14/18	Macquarie	Singtel	3.03	3.14	Outperform
12/04/18	UOB Kay Hian	Singtel	3.09	3.9	Buy	DCF
12/06/18	DMG & Partners	Singtel	3.08	3.22	Neutral
12/10/18	OCBC	Singtel	3.08	3.95	Buy
12/20/18	DBS Vickers	Singtel	2.96	3.59	Buy
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
01/14/19	DMG & Partners	Singtel	3.05	3.22	Neutral
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
02/18/19	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

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/18	OCBC	Singapore Post	1.23	1.26	Hold
02/02/18	OCBC	Singapore Post	1.3	1.26	Hold
02/05/18	CIMB	Singapore Post	1.38	1.58	Add	DCF
02/05/18	UOB Kay Hian	Singapore Post	1.38	1.62	Buy	Sum of parts
02/05/18	Kim Eng	Singapore Post	1.38	1.5	Buy	DCF
02/05/18	DBS Vickers	Singapore Post	1.38	1.61	Buy	DCF
03/06/18	DBS Vickers	Singapore Post	1.33	1.61	Buy
03/16/18	UOB Kay Hian	Singapore Post	1.37	1.6	Buy	Sum of parts
04/02/18	Kim Eng	Singapore Post	1.37	1.5	Buy	DCF
04/24/18	UOB Kay Hian	Singapore Post	1.31	1.6	Buy	Sum of parts
05/14/18	UOB Kay Hian	Singapore Post	1.36	1.59	Buy	Sum of parts
05/14/18	Kim Eng	Singapore Post	1.36	1.5	Buy	DCF
05/14/18	CIMB	Singapore Post	1.36	1.59	Add	DCF
05/14/18	OCBC	Singapore Post	1.36	1.5	Buy
05/15/18	DBS Vickers	Singapore Post	1.37	1.55	Buy	DCF
06/04/18	UOB Kay Hian	Singapore Post	1.32	1.59	Buy
06/11/18	CIMB	Singapore Post	1.36	1.59	Add
07/02/18	Kim Eng	Singapore Post	1.26	1.5	Buy	DCF
07/06/18	DBS Vickers	Singapore Post	1.27	1.55	Buy	DCF
07/13/18	UOB Kay Hian	Singapore Post	1.3	1.59	Buy
08/03/18	OCBC	Singapore Post	1.23	1.53	Buy
08/06/18	DBS Vickers	Singapore Post	1.25	1.28	Hold	DCF
08/06/18	UOB Kay Hian	Singapore Post	1.25	1.45	Hold	Sum of parts, Buy @ $1.23
08/06/18	OCBC	Singapore Post	1.25	1.5	Buy
08/07/18	CIMB	Singapore Post	1.23	1.27	Hold	DCF
11/05/18	UOB Kay Hian	Singapore Post	1.03	1.04	Hold	Sum of parts, PER24x FY19, Buy @ $0.90
11/05/18	CIMB	Singapore Post	1.03	1.12	Hold	DCF, PER20.3x FY20
11/05/18	DBS Vickers	Singapore Post	1.03	1.04	Hold	DCF
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