APAC Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/19	Phillip	APAC Realty	0.545	0.65	Buy	DCF
08/06/19	DMG & Partners	APAC Realty	0.525	0.65	Buy	DCF
08/06/19	DBS Vickers	APAC Realty	0.525	0.48	Hold	PER10x FY20
08/08/19	Phillip	APAC Realty	0.515	0.58	Buy	DCF
08/13/19	CIMB	APAC Realty	0.51	0.6	Add	PER10x FY20
09/12/19	DMG & Partners	APAC Realty	0.495	0.65	Buy
11/14/19	CIMB	APAC Realty	0.515	0.66	Add	DCF
11/14/19	DMG & Partners	APAC Realty	0.515	0.6	Buy	DCF
11/14/19	DBS Vickers	APAC Realty	0.515	0.46	Hold	PER12x FY20
11/18/19	Phillip	APAC Realty	0.5	0.55	Accumulate	DCF
12/16/19	DMG & Partners	APAC Realty	0.505	0.6	Buy
02/25/20	DMG & Partners	APAC Realty	0.47	0.6	Buy	DCF
02/25/20	DBS Vickers	APAC Realty	0.47	0.52	Hold	PER12x FY20
02/25/20	CIMB	APAC Realty	0.47	0.61	Add
02/26/20	Phillip	APAC Realty	0.49	0.55	Accumulate	DCF
05/29/20	DMG & Partners	APAC Realty	0.35	0.6	Buy
06/03/20	CIMB	APAC Realty	0.405	0.538	Add	DCF
06/11/20	DBS Vickers	APAC Realty	0.42	0.41	Hold	PER19x FY21
06/15/20	DMG & Partners	APAC Realty	0.395	0.5	Buy	DCF

Amara - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/11/19	DMG & Partners	Amara	0.45	0.88	Buy
03/04/20	DMG & Partners	Amara	0.4	0.78	Buy	RNAV (44% discount)

AIMS AMP Cap Ind Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.46	1.5	Buy	DCF
07/25/19	Lim & Tan	AIMS AMP Cap Ind Reit	1.47	0	Hold
07/26/19	Kim Eng	AIMS AMP Cap Ind Reit	1.47	1.6	Buy	DDM
11/07/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DCF
01/31/20	Lim & Tan	AIMS AMP Cap Ind Reit	1.43	0	Hold
02/03/20	Kim Eng	AIMS AMP Cap Ind Reit	1.46	1.6	Buy	DDM
03/02/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DCF
03/05/20	Macquarie	AIMS AMP Cap Ind Reit	1.42	1.55	Outperform
05/15/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.18	1.4	Buy	DCF
05/28/20	Macquarie	AIMS AMP Cap Ind Reit	1.22	1.45	Outperform
06/02/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.26	1.4	Buy

Stock calls for 30 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/30/20	DBS Vickers	AEM	2.93	3.53	Buy	PER10.4x FY21
06/30/20	CIMB	Elite ComReit	0.7	1.3	Add
06/30/20	DBS Vickers	IHH Healthcare	1.78	2.05	Buy	Sum of parts
06/30/20	CIMB	IHH Healthcare	1.78	2.03	Add	Sum of parts, Ringgit $6.25 target price
06/30/20	Aminvestment	IHH Healthcare	1.78	2.14	Buy	DCF, Ringgit $6.58 target price
06/30/20	Kim Eng	IHH Healthcare	1.78	1.97	Buy	Ringgit $6.05 target price
06/30/20	DBS Vickers	Japfa	0.67	0.82	Buy	Sum of parts, PER10.5x FY21
06/30/20	DBS Vickers	SGX	8.06	7.4	Fully Valued
06/30/20	CIMB	SGX	8.06	8	Hold

SUTD made a bizarre epidemic prediction from its data analysis. - Part 2

https://sg.news.yahoo.com/who-coronavirus-infection-rate-warning-160011546.html

It looks crystal clear that SUTD has proven itself to be a 3rd rated university because the covid-19 outbreak won't end in July 2020 for Singapore.  In fact, there will be more reported cases in July because the government has started COVID testing for students and citizens above 13 years old.

http://sg-stock.blogspot.com/2020/05/sutd-made-bizarre-epidemic-prediction.html

SUTD had made an incomplete data analysis, a.k.a a flawed analysis, with a singularity mindset instead of using both qualitative and quantitative methodologies.  This singularity analysis will have a big margin of error which is exactly what is happening in SUTD COVID publication.

The UK ex-PM, Teresa May, also made the same mistake by relying on flawed data analysis to call for a Brexit referendum because the flawed data analysis showed that the majority would vote against Brexit.  In the end, the British voted for Brexit.

Here's a simple example of a singularity analysis of data.

If we just look at the data above, we can see that the countries with lower infected cases have reported more deaths than Singapore.  This will give the impression that SG is fudging its COVID statistics if we just study the data and apply only quantitative analysis.  However, if we also apply qualitative analysis on the data, we will be able to justify the low death number because the COVID virus strain in SG is less lethal than the west and Malaysia.

http://sg-stock.blogspot.com/2020/04/what-are-scientific-analyses-for-origin.html

A complete data analysis which involves qualitative and quantitative methodologies will reveal that the COVID outbreak won't end in July 2020 in Singapore because SG has a less lethal but more infectious virus strain.  Furthermore, there is likely to be a 2nd wave of outbreak when the economy reopens because of this infectious strain.

The US debt market is going to implode! - Part 2

https://www.barrons.com/articles/the-fed-is-buying-more-auto-makers-bonds-than-wall-street-expected-51593446342?siteid=yhoof2&yptr=yahoo

The US FED is buying more auto-makers bonds now! We did warn about the US car debts in May 2020.

http://sg-stock.blogspot.com/2020/05/the-us-debt-market-is-going-to-implode.html

Why is the US FED buying auto-maker bonds?

Well, the US FED wants to support the auto-makers so that they don't need to meet their cashflow needs by discounting their new car prices since doing so will impact the secondary car market (used car prices).  If the auto-makers rush to slash their new car prices, the US car debts will suffer massive markdowns and this will expedite a crash in the car debt market.

No need to vote Indranee Rajah into our parliament.

https://sg.news.yahoo.com/no-need-for-opposition-m-ps-to-have-opposition-presence-in-parliament-indranee-rajah-050749941.html

Have you guys ever wondered where the phrase, "Absolute power corrupts", came from?

There was a psychological experiment conducted to substantiate this phrase and this experiment was called the Lucifer Effect.  It was named after a fallen angel called Lucifer who turned into a devil.

https://www.psychologicalscience.org/observer/bad-apples-or-bad-barrels-zimbardo-on-the-lucifer-effect

This experiment was supposed to last a few weeks but was terminated in just 6 days because it went out of control when the participants (guards) were given absolute powers to do many things in the prison.  Basically, there was no supervisory of the guards and self-supervision didn't work.

The participants (guards) were selected based on their good social standings but they turned evil after they had a taste of absolute power.  Hilter also succumbed to the Lucifer Effect in the same way.

Therefore, we must not allow having only a 1-party system in Singapore without opposition.  For your information, nominated MPs have no voting rights in the parliament because they were not elected to represent us.  When a minister has such thinking, we will suffer in the future if such a minister is voted into the parliament.

Please think twice before you vote as you will be voting for the future political structure in Singapore.

AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/18/19	CIMB	AEM	1.04	1.23	Add	PER10x FY20
07/29/19	Kim Eng	AEM	1.22	1.4	Buy	PB3x FY19/20
08/14/19	Kim Eng	AEM	1.09	1.4	Buy	Roe-g/Coe-g
09/16/19	Kim Eng	AEM	1.19	1.5	Buy	Roe-g/Coe-g
10/03/19	Kim Eng	AEM	1.12	1.5	Buy	Roe-g/Coe-g, PB3.2x FY19/20
10/11/19	Amfrasers	AEM	1.16	1.34	Outperform	PER11x FY20
10/22/19	CIMB	AEM	1.3	1.44	Add
11/04/19	Amfrasers	AEM	1.53	1.8	Outperform	PER12x FY20
11/25/19	CIMB	AEM	1.8	2.12	Add
11/29/19	DBS Vickers	AEM	1.71	2.38	Buy	PER12.1x FY20
12/10/19	DBS Vickers	AEM	1.91	2.38	Buy	PER12.1x FY20
12/10/19	Kim Eng	AEM	1.91	2.12	Buy
12/31/19	CIMB	AEM	1.99	2.12	Add
01/15/20	Amfrasers	AEM	2.16	2.57	Buy	PER14x FY20
01/15/20	Kim Eng	AEM	2.16	2.58	Buy
01/24/20	DBS Vickers	AEM	2.05	2.38	Buy	PER12.1x FY20
02/11/20	Amfrasers	AEM	1.88	2.57	Outperform
02/11/20	Kim Eng	AEM	1.88	2.58	Buy
02/28/20	DBS Vickers	AEM	2.24	2.52	Buy	PER11.2x FY20
03/10/20	Kim Eng	AEM	1.83	2.82	Buy	PB3x FY20/21
03/10/20	Amfrasers	AEM	1.83	2.6	Outperform	PER12x FY20
03/19/20	CIMB	AEM	1.49	2.71	Add	GGM, PB4.05x
04/02/20	DBS Vickers	AEM	1.64	2.29	Buy
04/20/20	Kim Eng	AEM	2.11	2.82	Buy
04/30/20	DBS Vickers	AEM	2.37	2.47	Hold	PER10x FY20/21
04/30/20	CIMB	AEM	2.37	3.1	Add
04/30/20	Kim Eng	AEM	2.37	3.18	Buy	PER4.1x FY20/21
05/08/20	Kim Eng	AEM	3.58	4.04	Buy	PER4.8x FY20/21
05/11/20	CIMB	AEM	3.06	3.58	Add	GGM, PB4.86x
05/11/20	DBS Vickers	AEM	3.06	2.87	Hold	PER10x FY21
05/14/20	Amfrasers	AEM	3.15	3.61	Outperform	PER12x FY20

Accordia Golf Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/19	Amfrasers	Accordia Golf Trust	0.535	0.67	Outperform	DDM
11/15/19	Amfrasers	Accordia Golf Trust	0.61	0.67	Outperform
12/02/19	Amfrasers	Accordia Golf Trust	0.7	0.67	Outperform

A-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	Kim Eng	A-Reit	3.13	3.3	Buy	DDM
07/04/19	DMG & Partners	A-Reit	3.15	2.9	Neutral
07/22/19	Phillip	A-Reit	3.03	2.88	Neutral
07/30/19	DBS Vickers	A-Reit	3.05	3.4	Buy	DCF
07/30/19	OCBC	A-Reit	3.05	2.98	Hold
07/31/19	UOB Kay Hian	A-Reit	3.03	3.01	Hold	Buy @ $2.78
08/02/19	Phillip	A-Reit	3.04	3.31	Accumulate	DDM
09/11/19	UOB Kay Hian	A-Reit	3.14	3.25	Hold	DDM, Buy @ $2.98
09/19/19	Kim Eng	A-Reit	3.11	3.3	Buy
09/24/19	Phillip	A-Reit	3.12	3.31	Accumulate
10/04/19	Lim & Tan	A-Reit	3.08	0	Hold
10/07/19	DBS Vickers	A-Reit	3.08	3.4	Buy
10/10/19	DMG & Partners	A-Reit	3.12	3	Neutral	DDM
10/11/19	CIMB	A-Reit	3.15	3.12	Hold	DDM
10/18/19	Phillip	A-Reit	3.13	3.31	Accumulate
11/04/19	DMG & Partners	A-Reit	3.17	3	Neutral	DDM
11/04/19	OCBC	A-Reit	3.17	3.25	Hold
11/05/19	UOB Kay Hian	A-Reit	3.12	3.28	Hold	Buy @ $2.99
11/11/19	UOB Kay Hian	A-Reit	2.89	3.25	Buy
11/21/19	Kim Eng	A-Reit	2.91	3.35	Buy
11/25/19	Phillip	A-Reit	2.94	3.31	Accumulate
12/03/19	Kim Eng	A-Reit	2.97	3.35	Buy	DDM
12/06/19	Phillip	A-Reit	3.01	3.25	Accumulate
12/06/19	Morgan Stanley	A-Reit	3.01	3.04	Overweight
12/06/19	Macquarie	A-Reit	3.01	2.7	Neutral
12/10/19	DMG & Partners	A-Reit	3.03	3	Neutral
12/19/19	DBS Vickers	A-Reit	2.92	3.4	Buy
01/10/20	DBS Vickers	A-Reit	3.06	3.45	Buy	DCF
02/03/20	UOB Kay Hian	A-Reit	3.15	3.35	Buy	DDM
02/03/20	DMG & Partners	A-Reit	3.15	3.1	Neutral	DDM
02/03/20	CIMB	A-Reit	3.15	3.14	Hold
02/03/20	Jefferies	A-Reit	3.06	3.45	Buy
02/04/20	DBS Vickers	A-Reit	3.13	3.45	Buy
02/07/20	OCBC	A-Reit	3.3	3.59	Buy
03/02/20	DBS Vickers	A-Reit	3.06	3.45	Buy	DCF
03/13/20	Phillip	A-Reit	3.15	3.31	Accumulate
04/20/20	DMG & Partners	A-Reit	2.89	3	Neutral	DDM
04/20/20	Jefferies	A-Reit	2.89	3.1	Buy
04/29/20	OCBC	A-Reit	2.86	3.52	Buy
04/29/20	UOB Kay Hian	A-Reit	2.86	3.35	Buy
04/29/20	DBS Vickers	A-Reit	2.86	3.45	Buy
04/29/20	CIMB	A-Reit	2.86	3	Add
05/04/20	Phillip	A-Reit	2.97	3.18	Accumulate	DDM
06/02/20	DBS Vickers	A-Reit	3.16	3.45	Buy
06/04/20	Jefferies	A-Reit	3.16	3.1	Buy
06/09/20	OCBC	A-Reit	3.26	3.52	Buy
06/23/20	DMG & Partners	A-Reit	3.13	3	Neutral
06/26/20	Morgan Stanley	A-Reit	3.11	3.1	Overweight

Stock calls for 29 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/20	Kim Eng	Comfortdelgro	1.52	1.98	Buy	DCF
06/29/20	Lim & Tan	Comfortdelgro	1.52	0	Hold
06/29/20	Lim & Tan	Genting	0.76	0	Hold
06/29/20	UOB Kay Hian	Yangzijiang	0.955	1.22	Buy
06/29/20	Amfrasers	Yanlord	1.16	1.3	Outperform	Sum of parts

Baltic dry index - 1749

Today, Friday, June 26 2020, the Baltic Dry Index climbed by 11 points, reaching 1749 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 stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 967

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

US bank shares dropped after FED capped their dividend payouts and share buybacks.

https://www.channelnewsasia.com/news/business/us-bank-shares-drop-as-fed-sets-limits-following-stress-tests-12875084

The US bank shares fell just as expected after FED capped their dividend payouts and share buybacks.  We were not saying this outcome on hindsight because we wrote about it in April 2020.

Why did the US Fed stop the banks from doing such things?  It is to force the banks to conserve cash and avoid credit rating downgrades.

We had stated that such activities would cause the share prices to drop in our previous post below.

https://sg-stock.blogspot.com/2020/04/what-will-companies-do-with-credit.html

Japan should stop its lies about Diaoyu Island.

https://sg.news.yahoo.com/japan-china-jostle-over-disputed-111501995.html

A fact is a fact.  Telling a lie thousands of times won't make it real.

We had stated numerous times that Diaoyu Island belonged to China inherently.

http://sg-stock.blogspot.com/2017/08/hahaha-japanese-historian-proved-that.html

http://sg-stock.blogspot.com/2017/04/japan-should-stop-its-illegal.html

http://sg-stock.blogspot.com/2017/03/oxfords-archives-reveal-diaoyu-islands.html

Paracel islands also belonged to China.

http://sg-stock.blogspot.com/2018/11/a-1947-map-showed-that-south-china-sea.html

Yongnam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	CIMB	Yongnam	0.186	0.33	Add	PB0.7x FY19
05/17/19	CIMB	Yongnam	0.169	0.33	Add	PB0.7x FY19
08/15/19	CIMB	Yongnam	0.171	0.28	Add

Yoma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/19	DMG & Partners	Yoma	0.32	0.57	Buy	Sum of parts (20% discount)
06/03/19	DBS Vickers	Yoma	0.33	0.4	Buy	RNAV (60% discount)
11/15/19	DBS Vickers	Yoma	0.375	0.5	Buy	RNAV (45% discount)
12/26/19	DMG & Partners	Yoma	0.335	0.57	Buy
02/17/20	DBS Vickers	Yoma	0.325	0.5	Buy
05/15/20	DBS Vickers	Yoma	0.197	0.5	Buy
06/22/20	Phillip	Yoma	0.245	0.46	Buy	Sum of parts (20% discount)
06/25/20	DBS Vickers	Yoma	0.3	0.5	Buy	PER12x FY20

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/12/19	OCBC	Yanlord	1.47	1.75	Buy	PER5x FY19
05/16/19	OCBC	Yanlord	1.44	1.68	Buy	PER5x FY19/20
05/17/19	DBS Vickers	Yanlord	1.44	1.47	Hold	PER6x FY19/20
07/15/19	OCBC	Yanlord	1.32	1.68	Buy
08/14/19	OCBC	Yanlord	1.13	1.68	Buy	PER5x FY19/20
03/02/20	DBS Vickers	Yanlord	1.16	1.1	Hold	PER4.5x FY20

Stock calls for 26 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/20	Morgan Stanley	A-Reit	3.11	3.1	Overweight
06/26/20	UOB Kay Hian	Avi-Tech	0.39	0.57	Buy
06/26/20	DMG & Partners	Bumitama	0.44	0.48	Neutral	PER12x FY21
06/26/20	Morgan Stanley	City Developments	8.32	10.5	Overweight
06/26/20	DMG & Partners	First Resources	1.33	1.35	Neutral	PER14x FY21
06/26/20	DMG & Partners	Golden Agri	0.15	0.13	Sell	Sum of parts
06/26/20	DBS Vickers	Keppel Pacific	0.68	0.85	Buy
06/26/20	DMG & Partners	Kimly	0.225	0.26	Buy	DCF
06/26/20	Morgan Stanley	Netlink	0.975	1	Overweight
06/26/20	Morgan Stanley	UOB	20.27	22.9	Overweight

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	CIMB	Yangzijiang	1.57	1.61	Hold	Sum of parts
05/02/19	OCBC	Yangzijiang	1.57	1.45	Hold	Sum of parts
05/02/19	DBS Vickers	Yangzijiang	1.57	1.82	Buy	Sum of parts
06/11/19	OCBC	Yangzijiang	1.4	1.45	Hold
07/18/19	DBS Vickers	Yangzijiang	1.5	1.82	Buy
08/07/19	DBS Vickers	Yangzijiang	1.37	1.82	Buy	Sum of parts
08/13/19	CIMB	Yangzijiang	1.04	1.61	Hold	Sum of parts
09/10/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.84x
10/09/19	UOB Kay Hian	Yangzijiang	0.95	1.46	Buy
11/12/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.9x
11/18/19	DBS Vickers	Yangzijiang	1	1.68	Buy	Sum of parts
11/25/19	CIMB	Yangzijiang	1.02	1.45	Add
12/11/19	UOB Kay Hian	Yangzijiang	1.09	1.46	Buy	PB0.84x
12/23/19	DBS Vickers	Yangzijiang	1.07	1.68	Buy
12/27/19	CIMB	Yangzijiang	1.13	1.45	Add
12/27/19	OCBC	Yangzijiang	1.13	1.39	Buy	Sum of parts
01/14/20	DBS Vickers	Yangzijiang	1.16	1.68	Buy
01/20/20	UOB Kay Hian	Yangzijiang	1.16	1.46	Buy
02/01/20	DBS Vickers	Yangzijiang	0.97	1.68	Buy
03/02/20	OCBC	Yangzijiang	0.945	1.2	Buy	Sum of parts
03/02/20	UOB Kay Hian	Yangzijiang	0.945	1.4	Buy
03/02/20	DBS Vickers	Yangzijiang	0.945	1.5	Buy	Sum of parts, PB0.9x
03/17/20	UOB Kay Hian	Yangzijiang	0.8	1.25	Buy	PB0.72x
04/08/20	DBS Vickers	Yangzijiang	0.915	1.5	Buy	Sum of parts
04/14/20	UOB Kay Hian	Yangzijiang	0.94	1.25	Buy	PB0.72x
04/30/20	CIMB	Yangzijiang	0.975	1.37	Add	Sum of parts
05/04/20	UOB Kay Hian	Yangzijiang	0.985	1.22	Buy	PB0.78x
05/04/20	DBS Vickers	Yangzijiang	0.985	1.4	Buy	Sum of parts
06/15/20	DBS Vickers	Yangzijiang	0.98	1.4	Buy	Sum of parts

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/17/19	OCBC	Wing Tai	2.06	2.41	Buy
05/14/19	OCBC	Wing Tai	2.01	2.41	Buy
06/27/19	OCBC	Wing Tai	2.05	2.41	Buy
07/15/19	OCBC	Wing Tai	2.07	2.41	Buy
10/15/19	OCBC	Wing Tai	2.07	2.27	Buy
02/13/20	UOB Kay Hian	Wing Tai	1.97	2.54	Buy