Frencken - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/19	Amfrasers	Frencken	0.51	0.67	Buy	PER10x FY19
04/15/19	DBS Vickers	Frencken	0.6	0.75	Buy	PER8.5x FY19/20
04/17/19	CIMB	Frencken	0.635	0.9	Add	PER10x FY20
05/09/19	DMG & Partners	Frencken	0.615	0.82	Buy	DCF
05/10/19	DBS Vickers	Frencken	0.615	0.75	Buy	PER8.5x FY19/20
05/10/19	Lim & Tan	Frencken	0.615	0	Buy
05/10/19	CIMB	Frencken	0.615	0.9	Add
05/14/19	Amfrasers	Frencken	0.595	0.67	Buy	PER10x FY19
06/12/19	DMG & Partners	Frencken	0.625	0.82	Buy	DCF
08/13/19	DBS Vickers	Frencken	0.66	0.8	Buy
08/13/19	CIMB	Frencken	0.66	0.9	Add
08/13/19	DMG & Partners	Frencken	0.66	0.82	Buy	DCF
08/13/19	DBS Vickers	Frencken	0.66	0.8	Buy	PER8.5x
08/22/19	CIMB	Frencken	0.73	0.95	Add
08/22/19	Amfrasers	Frencken	0.73	0.81	Neutral	PER10x FY20
09/11/19	Amfrasers	Frencken	0.675	0.81	outperform	PER10x FY20
10/08/19	DMG & Partners	Frencken	0.675	0.82	Buy
11/07/19	CIMB	Frencken	0.72	0.94	Add	PER10x FY20
11/07/19	Amfrasers	Frencken	0.72	0.93	outperform	PER10x FY20
11/07/19	DBS Vickers	Frencken	0.72	0.95	Buy	PER9x FY20
11/11/19	DMG & Partners	Frencken	0.76	0.82	Buy	DCF
11/18/19	Amfrasers	Frencken	0.92	0.93	Neutral	PER10x FY20
11/29/19	DBS Vickers	Frencken	0.905	1.06	Buy	PER10x FY20
12/02/19	Amfrasers	Frencken	0.89	0.93	outperform	PER10x FY20
12/10/19	DMG & Partners	Frencken	0.94	0.92	Neutral	DCF
01/24/20	DBS Vickers	Frencken	0.91	1.06	Buy	PER10x FY20

Frasers Property - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Frasers Property	1.74	1.98	Buy	RNAV (35% discount)
02/14/19	CIMB	Frasers Property	1.7	2.08	Add
02/14/19	DBS Vickers	Frasers Property	1.7	1.98	Buy	RNAV (35% discount)
03/22/19	DBS Vickers	Frasers Property	1.77	1.98	Buy	RNAV (35% discount)
04/08/19	DBS Vickers	Frasers Property	1.81	1.98	Buy
04/10/19	DBS Vickers	Frasers Property	1.84	2.3	Buy	RNAV (35% discount)
05/06/19	DBS Vickers	Frasers Property	1.89	2.3	Buy	RNAV (35% discount)
05/07/19	CIMB	Frasers Property	1.85	2.08	Add
11/18/19	DBS Vickers	Frasers Property	1.82	2.05	Buy	RNAV (40% discount)

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/19	DBS Vickers	Frasers Logistics	1.06	1.2	Buy	DCF
01/28/19	OCBC	Frasers Logistics	1.06	1.19	Buy
01/28/19	CIMB	Frasers Logistics	1.06	1.19	Add
02/08/19	DBS Vickers	Frasers Logistics	1.09	1.2	Buy
04/03/19	DBS Vickers	Frasers Logistics	1.16	1.2	Buy
04/30/19	OCBC	Frasers Logistics	1.18	1.2	Hold
05/02/19	CIMB	Frasers Logistics	1.18	1.21	Hold	DDM
06/28/19	OCBC	Frasers Logistics	1.19	1.2	Hold
07/04/19	OCBC	Frasers Logistics	1.23	1.2	Hold
07/04/19	Lim & Tan	Frasers Logistics	1.23	0	Hold
07/04/19	CIMB	Frasers Logistics	1.23	1.25	Hold
08/21/19	CIMB	Frasers Logistics	1.2	1.27	Add
08/21/19	OCBC	Frasers Logistics	1.2	1.22	Hold
11/06/19	Lim & Tan	Frasers Logistics	1.25	0	Hold
11/07/19	OCBC	Frasers Logistics	1.26	1.28	Hold
11/07/19	DBS Vickers	Frasers Logistics	1.26	1.4	Buy	DCF
11/07/19	CIMB	Frasers Logistics	1.26	1.31	Add
12/03/19	CIMB	Frasers Logistics	1.24	1.31	Add

Stock calls for 31 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/20	Lim & Tan	AIMS AMP Cap Ind Reit	1.43	0	Hold
01/31/20	Kim Eng	ART	1.27	1.4	Hold	DDM
01/31/20	DBS Vickers	ART	1.27	1.5	Buy
01/31/20	OCBC	Cache Logistics	0.715	0.74	Hold
01/31/20	DMG & Partners	CDL Hospitality	1.56	1.62	Neutral	DDM
01/31/20	DBS Vickers	CDL Hospitality	1.56	1.75	Buy	DCF
01/31/20	CIMB	First Reit	1.02	1.15	Add	DDM
01/31/20	CIMB	Japfa	0.56	0.69	Add
01/31/20	Kim Eng	Japfa	0.56	0.72	Buy
01/31/20	CIMB	Mapletree Logistics	1.85	1.59	Hold
01/31/20	phillip	SGX	8.7	8.52	Neutral	PER21.5x

The US GDP growth exceeds expectations.

https://www.whitehouse.gov/articles/united-states-gdp-growth-continues-exceeding-expectations/

Just as we expected, the US 4th quarter GDP growth came out well at 2.1% but it was just an illusion because consumer spending declined significantly.

http://sg-stock.blogspot.com/2020/01/the-upcoming-us-gdp-will-be-better.html

WHO declares international emergency over Wuhan virus.

https://www.channelnewsasia.com/news/world/wuhan-virus-who-international-emergency-declare-12372372?cid=emarsys-cna_20200130_2359_FINAL+CNA+Mon+to+Sat+newsletter+%280740%29_newsletter_31012020_cna&sc_customer=8c11b763-c6a4-4499-a650-cf4c2c3d82d8&sc_src=email&sc_llid=47345&sc_lid=102252522&sc_uid=iU1UgaxgzQ

WHO declares an international emergency over Wuhan virus after we reported the lockdown in Hainan.  Hainan is so far away from Wuhan but it is in lockdown.  This shows that the virus situation is very bad in China.

http://sg-stock.blogspot.com/2020/01/the-real-coronavirus-situation-in-china.html

The real coronavirus situation in China.

The situation is very dire in China now.

I've just checked with my China relative from Hainan.  He told me that Hainan island was in lockdown as MRT and shops were mostly closed.

China has not reached the virus peak period yet and the situation will get worse before it gets better.

China's coronavirus has mutated.

https://www3.nhk.or.jp/nhkworld/en/news/20200130_37/

Japan has detected 3 cases of the new coronavirus without symptoms.

It will be harder to contain the new virus if there is no symptom because normal temperature screening at the customs won't be able to detect sick people.

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/19	Kim Eng	Frasers Hospitality Trust	0.735	0.8	Buy	DDM
02/01/19	DBS Vickers	Frasers Hospitality Trust	0.735	0.78	Buy
02/04/19	UOB Kay Hian	Frasers Hospitality Trust	0.74	0.82	Buy
05/03/19	Kim Eng	Frasers Hospitality Trust	0.745	0.85	Buy
05/03/19	DBS Vickers	Frasers Hospitality Trust	0.745	0.77	Hold	DCF
07/12/19	DBS Vickers	Frasers Hospitality Trust	0.72	0.77	Hold	DCF
10/09/19	DBS Vickers	Frasers Hospitality Trust	0.715	0.77	Hold
10/31/19	DBS Vickers	Frasers Hospitality Trust	0.735	0.78	Hold	DCF
11/01/19	Kim Eng	Frasers Hospitality Trust	0.735	0.8	Buy	DDM
01/28/20	DBS Vickers	Frasers Hospitality Trust	0.715	0.78	Hold	DCF

Frasers Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	DBS Vickers	Frasers Commercial Trust	1.47	1.7	Buy
01/21/19	OCBC	Frasers Commercial Trust	1.45	1.56	Buy
01/21/19	CIMB	Frasers Commercial Trust	1.45	1.5	Hold	DDM
01/21/19	Lim & Tan	Frasers Commercial Trust	1.45	0	Hold
03/18/19	DMG & Partners	Frasers Commercial Trust	1.47	1.5	Neutral
04/08/19	DBS Vickers	Frasers Commercial Trust	1.47	1.7	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
06/06/19	DBS Vickers	Frasers Commercial Trust	1.51	1.7	Buy
06/26/19	OCBC	Frasers Commercial Trust	1.58	1.69	Buy
06/26/19	CIMB	Frasers Commercial Trust	1.58	1.64	Add	DDM
06/27/19	DMG & Partners	Frasers Commercial Trust	1.66	1.65	Neutral	DDM
07/04/19	DMG & Partners	Frasers Commercial Trust	1.68	1.65	Neutral
07/12/19	DBS Vickers	Frasers Commercial Trust	1.65	1.7	Hold	DCF
07/22/19	OCBC	Frasers Commercial Trust	1.64	1.7	Hold
10/04/19	DBS Vickers	Frasers Commercial Trust	1.6	1.7	Hold	DCF
10/23/19	DMG & Partners	Frasers Commercial Trust	1.64	1.65	Neutral	DDM
10/24/19	OCBC	Frasers Commercial Trust	1.65	1.76	Hold
10/24/19	CIMB	Frasers Commercial Trust	1.65	1.71	Add	DDM
12/03/19	DMG & Partners	Frasers Commercial Trust	1.71	1.68	Take Profit	PB1.05x
12/03/19	CIMB	Frasers Commercial Trust	1.71	1.71	Add

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy	DDM
01/17/19	Citibank	Frasers Centrepoint Trust	2.27	2.23	Hold
01/22/19	Lim & Tan	Frasers Centrepoint Trust	2.26	0	Hold
01/22/19	OCBC	Frasers Centrepoint Trust	2.26	2.5	Buy
01/23/19	Phillip	Frasers Centrepoint Trust	2.27	2.21	Neutral	DDM, PB1.09x FY19
01/23/19	DBS Vickers	Frasers Centrepoint Trust	2.27	2.4	Buy
01/28/19	UOB Kay Hian	Frasers Centrepoint Trust	2.29	2.32	Buy
01/28/19	CIMB	Frasers Centrepoint Trust	2.29	2.35	Add	DDM
02/15/19	Phillip	Frasers Centrepoint Trust	2.24	2.21	Neutral
02/28/19	Kim Eng	Frasers Centrepoint Trust	2.3	2.55	Buy
03/01/19	OCBC	Frasers Centrepoint Trust	2.29	2.5	Buy
03/01/19	DBS Vickers	Frasers Centrepoint Trust	2.29	2.4	Buy	DCF
03/14/19	DBS Vickers	Frasers Centrepoint Trust	2.26	2.6	Buy
03/18/19	DMG & Partners	Frasers Centrepoint Trust	2.28	2.19	Neutral
04/03/19	DBS Vickers	Frasers Centrepoint Trust	2.38	2.6	Buy
04/04/19	Kim Eng	Frasers Centrepoint Trust	2.36	2.6	Buy
04/24/19	Lim & Tan	Frasers Centrepoint Trust	2.36	0	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
04/26/19	Phillip	Frasers Centrepoint Trust	2.37	2.31	Neutral	DDM
05/17/19	OCBC	Frasers Centrepoint Trust	2.45	2.61	Buy
05/17/19	DMG & Partners	Frasers Centrepoint Trust	2.45	2.25	Neutral
05/17/19	CIMB	Frasers Centrepoint Trust	2.45	2.55	Add	DDM
05/21/19	Kim Eng	Frasers Centrepoint Trust	2.4	2.6	Buy
05/23/19	UOB Kay Hian	Frasers Centrepoint Trust	2.41	2.71	Buy
05/24/19	Phillip	Frasers Centrepoint Trust	2.44	2.36	Neutral	DDM
06/06/19	DMG & Partners	Frasers Centrepoint Trust	2.52	2.25	Neutral
06/10/19	UOB Kay Hian	Frasers Centrepoint Trust	2.52	2.71	Buy
06/19/19	Phillip	Frasers Centrepoint Trust	2.61	2.36	Neutral
06/21/19	UOB Kay Hian	Frasers Centrepoint Trust	2.55	2.72	Buy
06/24/19	DBS Vickers	Frasers Centrepoint Trust	2.54	2.85	Buy
06/24/19	Amfrasers	Frasers Centrepoint Trust	2.54	2.33	Neutral	DDM
06/24/19	Citibank	Frasers Centrepoint Trust	2.54	2.43	Hold
06/25/19	Kim Eng	Frasers Centrepoint Trust	2.59	2.6	Buy
07/04/19	DMG & Partners	Frasers Centrepoint Trust	2.64	2.25	Neutral
07/12/19	DBS Vickers	Frasers Centrepoint Trust	2.64	2.95	Buy
07/16/19	UOB Kay Hian	Frasers Centrepoint Trust	2.62	2.72	Buy
07/22/19	Phillip	Frasers Centrepoint Trust	2.65	2.36	Neutral
07/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.65	2.66	Hold	DDM, Buy @ $2.42
07/24/19	Kim Eng	Frasers Centrepoint Trust	2.65	2.8	Buy	DDM
07/24/19	OCBC	Frasers Centrepoint Trust	2.65	2.69	Hold
07/24/19	CIMB	Frasers Centrepoint Trust	2.65	2.79	Add	DDM
07/24/19	Lim & Tan	Frasers Centrepoint Trust	2.65	0	Hold
07/26/19	Amfrasers	Frasers Centrepoint Trust	2.63	2.51	Neutral
07/29/19	Phillip	Frasers Centrepoint Trust	2.68	2.77	Accumulate	DDM
08/22/19	CIMB	Frasers Centrepoint Trust	2.68	2.79	Add
08/26/19	Phillip	Frasers Centrepoint Trust	2.68	2.77	Accumulate
08/30/19	CIMB	Frasers Centrepoint Trust	2.74	2.9	Add	DDM
08/30/19	DMG & Partners	Frasers Centrepoint Trust	2.74	2.55	Neutral	DDM
09/19/19	Kim Eng	Frasers Centrepoint Trust	2.7	2.8	Buy
09/24/19	Phillip	Frasers Centrepoint Trust	2.71	2.77	Accumulate
10/02/19	DBS Vickers	Frasers Centrepoint Trust	2.7	2.95	Buy
10/18/19	Phillip	Frasers Centrepoint Trust	2.77	2.77	Accumulate
10/24/19	DMG & Partners	Frasers Centrepoint Trust	2.72	2.55	Neutral	DDM
10/24/19	OCBC	Frasers Centrepoint Trust	2.72	2.75	Hold
10/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.72	3.05	Buy
10/24/19	Lim & Tan	Frasers Centrepoint Trust	2.72	0	Hold
10/25/19	Phillip	Frasers Centrepoint Trust	2.75	3.11	Accumulate	DDM
11/18/19	Citibank	Frasers Centrepoint Trust	2.72	3	Buy
11/25/19	Phillip	Frasers Centrepoint Trust	2.76	3.11	Accumulate
11/25/19	CIMB	Frasers Centrepoint Trust	2.76	2.89	Add
12/10/19	DMG & Partners	Frasers Centrepoint Trust	2.74	2.55	Neutral
12/16/19	Phillip	Frasers Centrepoint Trust	2.67	3.11	Buy
12/19/19	DBS Vickers	Frasers Centrepoint Trust	2.7	2.95	Buy
01/23/20	Kim Eng	Frasers Centrepoint Trust	2.8	2.85	Hold	DDM
01/23/20	Lim & Tan	Frasers Centrepoint Trust	2.8	0	Hold
01/23/20	UOB Kay Hian	Frasers Centrepoint Trust	2.8	3.05	Buy
01/24/20	DBS Vickers	Frasers Centrepoint Trust	2.86	2.95	Buy
01/29/20	Phillip	Frasers Centrepoint Trust	2.86	3.11	Accumulate	DDM

Stock calls for 30 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/20	DBS Vickers	ESR-Reit	0.555	0.48	Hold	DCF
01/30/20	Lim & Tan	First Reit	0.995	0	Buy on weakness
01/30/20	UOB Kay Hian	Netlink	1	1.05	Buy	DCF
01/30/20	DBS Vickers	Sabana	0.46	0.48	Hold	DCF
01/30/20	DMG & Partners	Starhill	0.71	0.76	Neutral	DDM
01/30/20	Kim Eng	Venture	16.14	18.23	Buy
01/30/20	UOB Kay Hian	Wilmar	3.99	4.75	Buy

The US FED kept its rates hold just as we had projected.

https://edition.cnn.com/2020/01/29/economy/federal-reserve-interest-rates-january-decision/index.html

Our FED's projection had materialized again.

http://sg-stock.blogspot.com/2020/01/what-will-fed-do-for-upcoming-meeting.html

Please read our analysis above to understand our methodology better.

Fortune Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/19	DBS Vickers	Fortune Reit	9.8	10.68	Buy
01/29/19	DBS Vickers	Fortune Reit	9.7	10.76	Buy
03/06/19	DBS Vickers	Fortune Reit	9.8	10.76	Buy
06/21/19	DBS Vickers	Fortune Reit	10.66	11.8	Buy	DDM

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Food Empire	0.58	0.69	Buy
04/05/19	DMG & Partners	Food Empire	0.56	0.69	Buy
08/13/19	DMG & Partners	Food Empire	0.525	0.73	Buy	PER13x FY19
11/12/19	DMG & Partners	Food Empire	0.54	0.73	Buy
11/21/19	DMG & Partners	Food Empire	0.6	0.83	Buy	PER12x FY20
12/11/19	DMG & Partners	Food Empire	0.6	0.73	Buy
01/17/20	DMG & Partners	Food Empire	0.705	0.83	Buy	PER12x FY20

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/19	DBS Vickers	First Sponsor	1.27	1.62	Buy	RNAV (35% discount)
07/26/19	DBS Vickers	First Sponsor	1.31	1.62	Buy	RNAV (35% discount)

Stock calls for 29 January 2020

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Date	Analyst	Company	Last	Target	Call	Valuation
01/29/20	Lim & Tan	Capitaland	3.7	0	Hold
01/29/20	Phillip	Frasers Centrepoint Trust	2.86	3.11	Accumulate	DDM
01/29/20	UOB Kay Hian	Parkway Life	3.6	3.78	Buy	DDM

What will the FED do for the upcoming meeting?

Let's analyze the 4 US interest rates to find out.

Iorr: 1.55% (Same as Dec 2019), Max limit is 1.75% as set by the US FED.

Effr: 1.55% (Same as Dec 2019)

Ioer: 1.55% (Same as Dec 2019)

On RRP: 1.45% (Same as Dec 2019), Min limit is 1.5% as set by the US FED.

Effr: 1.55%
Ioer: 1.55%

The Effr-Ioer spread is zero which means there is no monetary tightening condition.  However, the On RRP (1.45%) is below the minimum limit set by the US FED because of the repo market intervention.  Since the 4 US rates are the same as the previous month, we can project with the confidence that the US FED will stay put.

http://sg-stock.blogspot.com/2019/12/will-us-fed-cut-its-rates-in-december.html

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	UOB Kay Hian	First Resources	1.56	1.6	Hold
02/20/19	UOB Kay Hian	First Resources	1.72	1.85	Hold	PER13x FY19, Buy @ $1.65
02/21/19	Kim Eng	First Resources	1.69	2.1	Buy
03/01/19	Kim Eng	First Resources	1.71	2.03	Buy	PER17x
03/04/19	DMG & Partners	First Resources	1.72	1.6	Neutral	PER13x FY19
03/04/19	DBS Vickers	First Resources	1.72	1.97	Buy	DCF
03/05/19	CIMB	First Resources	1.7	2.12	Add
03/12/19	UOB Kay Hian	First Resources	1.69	1.85	Hold	Buy @ $1.65
04/09/19	CIMB	First Resources	1.79	2.12	Add
04/22/19	UOB Kay Hian	First Resources	1.85	1.85	Hold
05/06/19	Kim Eng	First Resources	1.82	2.03	Buy	PER17x FY19
05/09/19	UOB Kay Hian	First Resources	1.79	1.85	Hold	PER13x FY19, Buy @ $1.65
05/16/19	DMG & Partners	First Resources	1.7	1.53	Neutral	PER13x FY20
05/16/19	Kim Eng	First Resources	1.7	1.93	Buy	PER17x
05/16/19	DBS Vickers	First Resources	1.7	1.95	Buy	DCF, PER16.5x FY19
05/16/19	UOB Kay Hian	First Resources	1.7	1.7	Hold	Buy @ $1.50
06/06/19	DMG & Partners	First Resources	1.56	1.53	Neutral
07/02/19	Kim Eng	First Resources	1.6	1.93	Buy
07/16/19	DBS Vickers	First Resources	1.55	1.82	Buy	DCF
08/06/19	UOB Kay Hian	First Resources	1.53	1.6	Hold	Buy @ $1.45
08/15/19	Kim Eng	First Resources	1.57	1.8	Buy	PER17x FY20
08/15/19	DMG & Partners	First Resources	1.57	1.45	Neutral	PER14x FY20
08/15/19	CIMB	First Resources	1.57	1.76	Add
08/21/19	UOB Kay Hian	First Resources	1.5	1.6	Hold	Buy @ $1.45
08/21/19	DBS Vickers	First Resources	1.5	1.8	Buy	DCF
09/30/19	DMG & Partners	First Resources	1.6	1.9	Buy	PER18x FY20
11/07/19	UOB Kay Hian	First Resources	1.73	1.9	Buy	PER15x FY20
11/12/19	DMG & Partners	First Resources	1.73	1.95	Buy	PER18x FY20
11/13/19	Kim Eng	First Resources	1.78	1.86	Hold	PER18x FY20
11/13/19	UOB Kay Hian	First Resources	1.78	1.85	Buy
11/13/19	DBS Vickers	First Resources	1.78	1.95	Buy	DCF
12/10/19	DBS Vickers	First Resources	1.83	2.1	Buy	DCF
01/20/20	DMG & Partners	First Resources	1.77	2.3	Buy	PER18x FY20