Frasers Centrepoint Limited (FCL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Frasers Centrepoint Ltd	1.645	2.05	Buy	RNAV (30% discount)
02/04/16	Lim & Tan	Frasers Centrepoint Ltd	1.615	0	Buy
02/05/16	CIMB	Frasers Centrepoint Ltd	1.6	2.04	Add	RNAV (30% discount)
03/16/16	DBS Vickers	Frasers Centrepoint Ltd	1.59	2.05	Buy
04/06/16	DBS Vickers	Frasers Centrepoint Ltd	1.65	2.05	Buy	RNAV (30% discount)
05/10/16	Lim & Tan	Frasers Centrepoint Ltd	1.68	0	Buy
05/11/16	CIMB	Frasers Centrepoint Ltd	1.65	2.03	Add	RNAV (30% discount)
05/11/16	DBS Vickers	Frasers Centrepoint Ltd	1.65	2.05	Buy
06/01/16	Lim & Tan	Frasers Centrepoint Ltd	1.6	0	Buy
06/23/16	DIR	Frasers Centrepoint Ltd	1.555	2.01	Buy	Sum of parts (30% discount)
07/08/16	DIR	Frasers Centrepoint Ltd	1.5	1.96	Buy	Sum of parts (30% discount)
08/08/16	DIR	Frasers Centrepoint Ltd	1.53	1.98	Buy	Sum of parts (30% discount)
08/10/16	CIMB	Frasers Centrepoint Ltd	1.53	2.04	Add	RNAV (30% discount)
08/10/16	Lim & Tan	Frasers Centrepoint Ltd	1.53	0	Buy
08/11/16	DBS Vickers	Frasers Centrepoint Ltd	1.54	1.9	Buy	RNAV (30% discount)
09/30/16	DBS Vickers	Frasers Centrepoint Ltd	1.49	1.9	Buy
10/11/16	CIMB	Frasers Centrepoint Ltd	1.495	2.04	Add	RNAV (30% discount)
10/11/16	DIR	Frasers Centrepoint Ltd	1.495	1.98	Buy	Sum of parts (30% discount)
10/11/16	Lim & Tan	Frasers Centrepoint Ltd	1.495	0	Buy
11/10/16	CIMB	Frasers Centrepoint Ltd	1.505	2.02	Add	RNAV (30% discount)
11/10/16	DIR	Frasers Centrepoint Ltd	1.505	1.87	Buy	RNAV (30% discount)
11/11/16	DBS Vickers	Frasers Centrepoint Ltd	1.525	2	Buy	RNAV (30% discount)
12/07/16	DIR	Frasers Centrepoint Ltd	1.52	1.87	Buy	RNAV (30% discount)
01/09/17	DBS Vickers	Frasers Centrepoint Ltd	1.62	2	Buy	RNAV (30% discount)
02/10/17	DBS Vickers	Frasers Centrepoint Ltd	1.6	2	Buy	RNAV (30% discount)
02/10/17	DIR	Frasers Centrepoint Ltd	1.6	1.89	Buy	RNAV (30% discount)
02/13/17	CIMB	Frasers Centrepoint Ltd	1.67	2.02	Add	RNAV (30% discount)
03/15/17	DIR	Frasers Centrepoint Ltd	1.705	1.89	Buy	RNAV (30% discount)
03/17/17	DBS Vickers	Frasers Centrepoint Ltd	1.74	2	Buy
04/04/17	DBS Vickers	Frasers Centrepoint Ltd	1.745	2	Buy	RNAV (30% discount)
04/04/17	DIR	Frasers Centrepoint Ltd	1.745	1.91	Outperform	RNAV (30% discount)
04/10/17	CIMB	Frasers Centrepoint Ltd	1.785	2.02	Add	RNAV (20% discount)
04/17/17	Lim & Tan	Frasers Centrepoint Ltd	1.79	0	Buy
04/18/17	DIR	Frasers Centrepoint Ltd	1.755	2.03	Outperform	Sum of parts (30% discount)
05/11/17	Lim & Tan	Frasers Centrepoint Ltd	1.865	0	Buy
05/12/17	CIMB	Frasers Centrepoint Ltd	1.865	2.05	Add	RNAV (30% discount)
05/12/17	DBS Vickers	Frasers Centrepoint Ltd	1.865	2.3	Buy	RNAV (20% discount)
05/12/17	DIR	Frasers Centrepoint Ltd	1.865	2.04	Outperform	Sum of parts (30% discount)
06/09/17	UOB Kay Hian	Frasers Centrepoint Ltd	1.885	2.26	Buy
06/14/17	Lim & Tan	Frasers Centrepoint Ltd	1.89	0	Buy
08/01/17	DBS Vickers	Frasers Centrepoint Ltd	1.925	2.3	Buy	RNAV (20% discount), PB1x
08/10/17	CIMB	Frasers Centrepoint Ltd	1.915	2.09	Add	RNAV (30% discount)
08/11/17	DBS Vickers	Frasers Centrepoint Ltd	1.91	2.35	Buy	RNAV (20% discount), PB1x
09/12/17	DBS Vickers	Frasers Centrepoint Ltd	2.12	2.35	Buy
09/12/17	Lim & Tan	Frasers Centrepoint Ltd	2.12	0	Hold
11/10/17	Lim & Tan	Frasers Centrepoint Ltd	2.04	0	Buy
11/14/17	DBS Vickers	Frasers Centrepoint Ltd	2.05	2.35	Buy	RNAV (20% discount), PB1x
11/14/17	CIMB	Frasers Centrepoint Ltd	2.05	2.37	Add	RNAV (30% discount)
12/15/17	Lim & Tan	Frasers Centrepoint Ltd	2.08	0	Buy
12/18/17	DBS Vickers	Frasers Centrepoint Ltd	2.12	2.35	Buy

Fortune Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/10/16	DIR	Fortune Reit	9.85	10.9	Outperform
11/30/16	DIR	Fortune Reit	8.69	10.9	Buy	DDM
02/01/17	DIR	Fortune Reit	9.02	10.9	Buy	DDM
08/01/17	DIR	Fortune Reit	9.72	10.9	Outperform

Keppel Corp is fined S$570m for bribery!

https://www.channelnewsasia.com/news/business/keppel-pledges-to-protect-dividends-from-one-off-brazil-bribery-9523872

No matter what, this huge fine will impact Keppel and its future dividends will definitely be affected.  There is no way for Keppel to recoup this fine through cost-cutting measures within the company.

Keppel's share price will react to this huge fine tomorrow!

Stockbank would like to wish everyone a Merry X'mas!

Merry X'mas to all our readers!

We would like to wish everyone many successes and overwhelming prosperities for this X'mas and the upcoming new year.

Cheers! Be safe & don't drink and drive!

Baltic dry index - 1366

Today, Thursday, December 21 2017, the Baltic Dry Index decreased by 64 points, reaching 1366 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 - 931

HOUSTON (AP) - The number of rigs exploring for oil and natural gas in the U.S. rose by one this week to 931.

That exceeds the 653 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported on Friday that 747 rigs were drilling for oil and 184 for natural gas this week.

Among oil- and gas-producing states, New Mexico gained four rigs, and North Dakota added one. Texas and Wyoming each lost two rigs, and Oklahoma lost one.

Alaska, Arkansas, California, Colorado, Kansas, Louisiana, Ohio, Pennsylvania, Utah and West Virginia were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

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

Related stocks: Keppel Corp, Sembcorp Marine, Cosco

Bitcoin price crashed 47% in just 5 days.

https://www.investopedia.com/news/bitcoin-price-down-40-percent-5-days/?partner=YahooSA&yptr=yahoo

https://www.cnbc.com/2017/12/22/coinbase-one-of-the-biggest-bitcoin-marketplaces-says-buying-and-selling-temporarily-disabled-amid-price-rout.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104913889&yptr=yahoo

Bitcoin has crashed to as low as $10,400 yesterday from a high of $19,600 recently.  If you are a merchant that allows bitcoin payment, how will you feel about holding bitcoins in your asset account on the balance sheet?  Furthermore, the processing fee for bitcoin has gone up to as high as $40 per transaction and the processing time is 10min or more.  Consequently, bitcoin trading exchange like Coinbase will suspend bitcoin trading at its whim & fancy.  This will leave bitcoin holders with no avenue to cash out of bitcoins under volatile trading circumstances.  It is no wonder that merchants are starting to ditch bitcoin payment mode.

Some bitcoin fanatics are mortgaging their houses to buy bitcoins whilst others are borrowing from credit cards and other sources to buy bitcoins.  This credit borrowing behaviour is extremely dangerous for the financial market.

http://fortune.com/2017/12/12/bitcoin-investors-mortgages/

No wonder economists and governments are worrying that the burgeoning growth in bitcoin trading will cause other sectors of the financial industry to collapse because of this leveraged behaviour.

https://www.marketwatch.com/story/bitcoin-because-of-massive-borrowing-could-crash-the-financial-markets-2017-12-22?siteid=yhoof2&yptr=yahoo

The Japanese investors are most heavily impacted by the bitcoin crash last night because Japan is the largest bitcoin trading market currently.  Many Japanese retail investors put their life savings into this pseudo-currency to build up their retirement nests.  If they're burnt heavily, they'll have no choice but to cash out from other investments like stocks, properties, etc for travel and subsistence.  Therefore, Japan financial industry will be greatly affected by the ensuing outcome of the bitcoin crash.

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	UOB Kay Hian	Food Empire	0.565	0.78	Buy	PER19x FY17
03/02/17	UOB Kay Hian	Food Empire	0.57	0.78	Buy	PER19x FY17
04/03/17	UOB Kay Hian	Food Empire	0.58	0.78	Buy
04/11/17	DMG & Partners	Food Empire	0.575	0.76	Buy	PER18x FY17
05/03/17	UOB Kay Hian	Food Empire	0.54	0.78	Buy
05/12/17	DMG & Partners	Food Empire	0.58	0.85	Buy
05/16/17	DMG & Partners	Food Empire	0.655	0.95	Buy	PER18x FY17
05/16/17	UOB Kay Hian	Food Empire	0.655	0.9	Buy	PER19x FY17
08/14/17	UOB Kay Hian	Food Empire	0.67	0.87	Buy	PER19x FY17
08/14/17	DMG & Partners	Food Empire	0.67	0.95	Buy	PER18x FY17
11/10/17	DMG & Partners	Food Empire	0.66	1	Buy	PER18x FY18
12/19/17	DMG & Partners	Food Empire	0.655	1	Buy

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/17	Amfrasers	First Sponsor	1.37	1.62	Not Rated	RNAV (25% discount)

Stock calls for 22 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/22/17	Lim & Tan	Yuuzoo	0.048	0	Sell

UN condems Australia!

https://sg.news.yahoo.com/un-condemns-australia-apos-forced-052950038.html

This is how Australia is like.  No wonder Lee Kuan Yew called Australia, the white trash of the east.

It doesn't recognize PCA as an international court but expects China to adhere to PCA's ruling.

It doesn't want to fulfill its non-refoulment obligation but expects other countries to fulfill.

Therefore, UN condemns Australia now!

128 UN members rejected US recognition of Jerusalem status.

https://www.theguardian.com/world/2017/dec/21/united-nations-un-vote-donald-trump-jerusalem-israel

128 vs 9 is the outcome of the latest UN votes on Jerusalem status.  The USA lost by a super big margin but this was only symbolic in nature.  However, this voting proves that UN members are adamant to show to the USA and its lackeys that are in need of USA's aids that UN won't be manipulated and held hostage by the USA.

Shame on you, USA!

First Ship Lease Trust (FSLT) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/02/16	Amfrasers	First Ship Lease Trust	0.134	0.26	Buy
05/09/16	Amfrasers	First Ship Lease Trust	0.152	0.2	Buy
05/11/16	Amfrasers	First Ship Lease Trust	0.155	0.21	Buy	PB0.8x
08/14/17	Amfrasers	First Ship Lease Trust	0.08	0.13	Buy	DCF
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	First Resources	1.92	2.4	Buy
01/12/16	CIMB	First Resources	1.81	2.38	Add
01/26/16	Deutsche	First Resources	1.74	2.85	Buy
02/03/16	DMG & Partners	First Resources	1.76	2.69	Buy
02/26/16	CIMB	First Resources	1.84	2.1	Add	PER13x FY17
02/26/16	DBS Vickers	First Resources	1.84	1.85	Hold
02/26/16	DMG & Partners	First Resources	1.84	2.35	Buy	PER19x FY16
02/26/16	Kim Eng	First Resources	1.84	2.08	Buy	PER17x FY16
02/26/16	UOB Kay Hian	First Resources	1.84	2	Buy	PER17x FY16
02/26/16	Credit Suisse	First Resources	1.84	2.1	Outperform	Up from $2
03/31/16	UOB Kay Hian	First Resources	2.08	2.65	Buy
04/01/16	CIMB	First Resources	2.02	2.1	Add
04/12/16	DBS Vickers	First Resources	2.03	1.85	Hold
04/21/16	Deutsche	First Resources	1.99	2.6	Buy
04/21/16	Kim Eng	First Resources	1.99	2.08	Hold	PER17x FY16
05/16/16	CIMB	First Resources	1.645	1.98	Add	PER13x FY17
05/16/16	Credit Suisse	First Resources	1.645	2.3	Outperform
05/16/16	DBS Vickers	First Resources	1.645	1.85	Hold
05/16/16	Deutsche	First Resources	1.645	2.25	Buy
05/16/16	DMG & Partners	First Resources	1.645	1.9	Buy
05/16/16	Kim Eng	First Resources	1.645	1.7	Hold	PER17x FY16
05/16/16	UOB Kay Hian	First Resources	1.645	2.2	Buy	PER17x FY17
06/01/16	CIMB	First Resources	1.615	1.98	Add
06/10/16	Deutsche	First Resources	1.745	2	Buy
06/17/16	Macquarie	First Resources	1.65	2.2	Outperform
06/24/16	UOB Kay Hian	First Resources	1.63	2.2	Buy	PER17x FY17
07/14/16	UOB Kay Hian	First Resources	1.555	2.2	Buy
07/27/16	Kim Eng	First Resources	1.56	1.71	Buy	PER17x FY16
07/28/16	UOB Kay Hian	First Resources	1.565	2	Buy	PER17x FY17
08/11/16	DBS Vickers	First Resources	1.625	1.82	Hold
08/11/16	Credit Suisse	First Resources	1.625	2.1	Outperform
08/15/16	CIMB	First Resources	1.63	1.98	Add	PER13x FY17
08/15/16	UOB Kay Hian	First Resources	1.63	2	Buy	PER17x FY17
08/16/16	CIMB	First Resources	1.705	1.95	Add	PER13x FY17
08/16/16	DBS Vickers	First Resources	1.705	1.8	Buy	DCF
08/16/16	Kim Eng	First Resources	1.705	1.8	Buy	PER17x FY17
09/15/16	UOB Kay Hian	First Resources	1.795	2	Buy	PER17x FY17
10/06/16	Kim Eng	First Resources	1.785	1.8	Buy
10/25/16	DBS Vickers	First Resources	1.77	1.9	Hold	DCF
10/27/16	UOB Kay Hian	First Resources	1.815	2	Buy	PER17x FY17
11/10/16	CIMB	First Resources	1.81	2.32	Add	PER13x FY18
11/10/16	DMG & Partners	First Resources	1.81	1.73	Neutral
11/10/16	UOB Kay Hian	First Resources	1.81	2	Buy	PER17x FY17
11/11/16	DBS Vickers	First Resources	1.85	1.9	Hold	DCF
11/11/16	Kim Eng	First Resources	1.85	1.97	Hold	PER17x FY17
12/06/16	CIMB	First Resources	1.96	2.32	Add	PER13x FY17
12/07/16	Deutsche	First Resources	1.95	2.2	Buy
12/08/16	UOB Kay Hian	First Resources	1.965	2	Buy
01/03/17	DMG & Partners	First Resources	1.9	1.8	Neutral
01/11/17	CIMB	First Resources	1.915	2.32	Add
01/11/17	DBS Vickers	First Resources	1.915	1.9	Hold
01/11/17	Kim Eng	First Resources	1.915	1.97	Hold
01/31/17	UOB Kay Hian	First Resources	1.955	1.98	Buy
02/01/17	Kim Eng	First Resources	1.93	1.97	Hold
02/03/17	UOB Kay Hian	First Resources	1.935	2.15	Buy	PER17x FY17
02/06/17	DMG & Partners	First Resources	1.965	2	Hold	PER19x FY17
02/13/17	DBS Vickers	First Resources	1.97	1.9	Hold
02/17/17	DBS Vickers	First Resources	1.96	2.19	Buy
02/28/17	CIMB	First Resources	1.87	2.32	Add	PER13x FY18
03/01/17	DBS Vickers	First Resources	1.885	2.15	Buy	DCF
03/01/17	Kim Eng	First Resources	1.885	1.97	Hold	PER17x FY17
03/01/17	UOB Kay Hian	First Resources	1.885	2.15	Buy	PER17x FY17
03/09/17	DMG & Partners	First Resources	1.94	1.9	Neutral
04/11/17	DMG & Partners	First Resources	1.915	1.8	Neutral
05/02/17	UOB Kay Hian	First Resources	1.875	2.15	Buy	PER17x FY17
05/12/17	CIMB	First Resources	1.96	2.32	Add	PER13x FY18
05/12/17	Kim Eng	First Resources	1.96	1.97	Hold	PER17x FY17
05/15/17	DMG & Partners	First Resources	1.955	2.05	Neutral	PER17x FY17
05/16/17	DBS Vickers	First Resources	2	2.15	Buy	DCF
06/29/17	UOB Kay Hian	First Resources	1.915	1.95	Hold
07/11/17	DBS Vickers	First Resources	1.89	2.15	Buy
07/20/17	UOB Kay Hian	First Resources	1.885	1.95	Hold	PER16x FY18, Buy @ $1.75
08/14/17	Kim Eng	First Resources	1.84	1.97	Hold	PER17x FY17
08/14/17	DMG & Partners	First Resources	1.84	2.05	Neutral	PER17x FY17
08/15/17	CIMB	First Resources	1.84	2.32	Add	PER13x FY18
08/15/17	DBS Vickers	First Resources	1.84	2.13	Buy	DCF
08/21/17	UOB Kay Hian	First Resources	1.8	1.95	Hold
08/28/17	DIR	First Resources	1.905	2.11	Outperform	PER13x FY17/18
09/11/17	Kim Eng	First Resources	1.88	1.97	Hold
09/13/17	DBS Vickers	First Resources	1.885	2.13	Buy
10/09/17	UOB Kay Hian	First Resources	1.925	1.95	Hold	PER16x FY18, Buy @ $1.75
10/11/17	Kim Eng	First Resources	1.93	2.04	Hold	PER17x FY17
10/11/17	CIMB	First Resources	1.93	2.32	Add
11/02/17	Credit Suisse	First Resources	1.98	2.3	Neutral	PER16x FY18
11/03/17	CIMB	First Resources	1.96	2.32	Add
11/13/17	Kim Eng	First Resources	1.94	2.04	Hold	PER17x FY17
11/13/17	DBS Vickers	First Resources	1.94	2.13	Buy
11/14/17	Kim Eng	First Resources	1.95	2.04	Hold	PER17x FY17
11/14/17	DMG & Partners	First Resources	1.95	2.13	Neutral	PER13x FY18
11/14/17	CIMB	First Resources	1.95	2.13	Add	PER13x FY19
11/15/17	DBS Vickers	First Resources	1.93	2.18	Buy	DCF, PER14.5x FY18
11/15/17	UOB Kay Hian	First Resources	1.93	1.95	Hold	PER16x FY18, Buy @ $1.75
11/15/17	Credit Suisse	First Resources	1.93	2.3	Neutral
12/04/17	CIMB	First Resources	1.88	2.13	Add
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18

Stock calls for 21 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/21/17	Kim Eng	Hi-P	1.75	2.11	Buy	PB3.4x FY17, PER13.6x FY18, PEG0.7x

Seafood health alerts in Norway, Chile, Canada, UK, Belgium and China.

http://www.dailymail.co.uk/sciencetech/article-5198019/Plastic-mussels-Arctic-China-enters-human-food.html

Polluted seafood have been confirmed in Norway, China, Chile, Canada, UK & Belgium.  Microplastics are found in the seafood in these areas.

We reported about microplastics recently.

http://sg-stock.blogspot.sg/2017/12/health-alert-for-seafood-consumption.html

Keep your mobile phone away from your body!

https://sg.news.yahoo.com/keep-cell-phones-away-body-warns-california-department-043233520.html

A US health agency has issued a warning to the general public to keep any mobile phone away from a body.

We've just posted a recent warning from London and the USA is also issuing a similar warning now.

https://sg-stock.blogspot.sg/2017/12/mobile-phone-can-increase-risk-of-brain.html

Bitcoin will have another fork after Bitcoin Cash.

Quote:

Hong Kong-based digital currency exchange Bitfinex said a group of bitcoin miners would be "forking" from the main bitcoin to create a new version that trades faster and more easily. 

End Quote.

New forks and new cryptocurrencies will cannibalize themselves and cause the decimation of such pseudo monies.  The danger is lurking now!

Noble has managed to get another credit extension.

https://finance.yahoo.com/news/noble-group-gets-another-credit-extension-future-remains-011129417--finance.html

Noble has managed to kick the can further down the road but it will still have to face the day of reckoning next May.  Nonetheless, Noble has time on its side to restructure its debts now especially to iron out the debt for equity swap deal.

Hot news! USA military released UFO footages captured on F18 radar.

UFOs do exist in this world.

It's time we stop deluding ourselves and face the facts.

http://www.independent.co.uk/news/world/americas/ufo-video-us-navy-tracking-pilots-footage-unidentified-object-a8116356.html

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/16	CIMB	First Reit	1.195	1.33	Add	DDM
01/20/16	OCBC	First Reit	1.195	1.36	Hold
01/21/16	Amfrasers	First Reit	1.195	1.25	Buy	DDM
01/21/16	phillip	First Reit	1.195	1.38	Buy	DDM
03/17/16	phillip	First Reit	1.22	1.38	Buy	DDM
04/19/16	CIMB	First Reit	1.25	1.33	Add	DDM
04/19/16	OCBC	First Reit	1.25	1.36	Hold
04/19/16	phillip	First Reit	1.25	1.38	Accumulate	DDM
04/20/16	Amfrasers	First Reit	1.26	1.24	Hold	DDM
07/15/16	CIMB	First Reit	1.3	1.38	Add	DDM
07/15/16	Lim & Tan	First Reit	1.3	0	Hold
07/15/16	OCBC	First Reit	1.3	1.36	Hold
07/18/16	phillip	First Reit	1.315	1.32	Accumulate	DDM
10/14/16	phillip	First Reit	1.34	1.32	Accumulate
10/20/16	OCBC	First Reit	1.385	1.36	Hold
10/21/16	CIMB	First Reit	1.39	1.38	Hold	DDM
11/09/16	phillip	First Reit	1.32	1.32	Accumulate	DDM
01/19/17	CIMB	First Reit	1.305	1.26	Hold
01/19/17	OCBC	First Reit	1.305	1.32	Hold
01/19/17	phillip	First Reit	1.305	1.32	Accumulate	DDM
03/16/17	OCBC	First Reit	1.285	1.32	Hold
04/18/17	CIMB	First Reit	1.345	1.36	Hold	DDM
04/18/17	OCBC	First Reit	1.345	1.32	Hold	Buy @ $1.25 or lower
04/18/17	phillip	First Reit	1.345	1.32	Hold	DDM
05/25/17	OCBC	First Reit	1.31	1.32	Hold
07/18/17	OCBC	First Reit	1.335	1.32	Hold
07/18/17	Lim & Tan	First Reit	1.335	0	Hold
07/19/17	phillip	First Reit	1.34	1.32	Neutral	DDM, PB1.22x FY17
07/19/17	CIMB	First Reit	1.34	1.36	Hold	DDM
08/17/17	OCBC	First Reit	1.33	1.38	Hold
10/03/17	OCBC	First Reit	1.335	1.38	Hold
10/05/17	Amfrasers	First Reit	1.36	1.38	Not Rated	DCF
10/20/17	phillip	First Reit	1.37	1.32	Neutral	DDM
10/24/17	OCBC	First Reit	1.38	1.44	Buy
10/25/17	CIMB	First Reit	1.38	1.39	Hold	DDM
12/11/17	OCBC	First Reit	1.39	1.44	Buy

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Far East Hospitality	0.635	0.63	Hold
02/24/16	OCBC	Far East Hospitality	0.63	0.64	Hold
02/25/16	CIMB	Far East Hospitality	0.635	0.61	Hold	DDM
02/25/16	DBS Vickers	Far East Hospitality	0.635	0.63	Hold
04/13/16	DBS Vickers	Far East Hospitality	0.65	0.63	Hold
04/28/16	CIMB	Far East Hospitality	0.67	0.65	Hold	DDM
04/28/16	OCBC	Far East Hospitality	0.67	0.63	Hold
06/14/16	CIMB	Far East Hospitality	0.605	0.65	Hold
08/01/16	CIMB	Far East Hospitality	0.64	0.65	Hold	DDM
08/01/16	DBS Vickers	Far East Hospitality	0.64	0.65	Hold
08/01/16	Lim & Tan	Far East Hospitality	0.64	0	Hold
08/01/16	OCBC	Far East Hospitality	0.64	0.64	Hold
08/01/16	Religare	Far East Hospitality	0.64	0.64	Hold	Cut from $0.69
10/14/16	OCBC	Far East Hospitality	0.6	0.64	Hold
10/18/16	DBS Vickers	Far East Hospitality	0.605	0.65	Hold	DCF
11/11/16	CIMB	Far East Hospitality	0.6	0.61	Hold	DDM
11/11/16	DBS Vickers	Far East Hospitality	0.6	0.62	Hold	DCF
11/11/16	OCBC	Far East Hospitality	0.6	0.62	Hold
01/09/17	DBS Vickers	Far East Hospitality	0.6	0.62	Hold	DCF
02/23/17	CIMB	Far East Hospitality	0.595	0.57	Hold	DDM
02/23/17	OCBC	Far East Hospitality	0.595	0.6	Hold
02/24/17	DBS Vickers	Far East Hospitality	0.6	0.63	Hold	DCF
05/15/17	DBS Vickers	Far East Hospitality	0.6	0.66	Buy	DCF
05/15/17	OCBC	Far East Hospitality	0.6	0.6	Hold
06/15/17	CIMB	Far East Hospitality	0.65	0.63	Hold	DDM
06/16/17	DBS Vickers	Far East Hospitality	0.65	0.66	Buy
08/04/17	OCBC	Far East Hospitality	0.67	0.6	Hold
08/07/17	OCBC	Far East Hospitality	0.67	0.66	Hold
08/07/17	CIMB	Far East Hospitality	0.67	0.66	Hold	DDM
08/08/17	DBS Vickers	Far East Hospitality	0.67	0.7	Buy	DCF
09/04/17	CIMB	Far East Hospitality	0.66	0.66	Hold
11/03/17	OCBC	Far East Hospitality	0.715	0.65	Hold
11/03/17	CIMB	Far East Hospitality	0.715	0.69	Hold	DDM
11/03/17	DBS Vickers	Far East Hospitality	0.715	0.76	Buy	DCF
12/14/17	CIMB	Far East Hospitality	0.71	0.69	Hold	DDM

Singapore stock calls for 20 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/20/17	CIMB	A-Reit	2.69	2.72	Hold
12/20/17	CIMB	AEM	3.21	4.55	Add
12/20/17	CIMB	CapitaCommercial	1.93	1.68	Hold
12/20/17	DBS Vickers	Capitaland	3.51	4.35	Buy
12/20/17	CIMB	Capitamall Trust	2.15	2.15	Hold
12/20/17	CIMB	DBS	24.71	25	Add
12/20/17	CIMB	Genting	1.34	1.45	Add
12/20/17	CIMB	Global Logistics	3.360	3.38	Hold
12/20/17	CIMB	Golden Agri	0.375	0.36	Reduce
12/20/17	CIMB	Hongkong Land	7.16	9.1	Add
12/20/17	CIMB	Keppel Corp	7.5	8.58	Add
12/20/17	CIMB	Memtech	1.09	1.33	Add
12/20/17	CIMB	MM2 Asia	0.52	0.76	Add
12/20/17	CIMB	OCBC	12.25	12.6	Add
12/20/17	CIMB	SATS	5.26	4.81	Hold
12/20/17	CIMB	Sembcorp Industries	3.02	3.87	Add
12/20/17	CIMB	Sembcorp Marine	1.93	2.49	Add
12/20/17	CIMB	SGX	7.43	8.21	Add
12/20/17	Kim Eng	SGX	7.43	8.3	Buy
12/20/17	CIMB	SIA	10.65	10.82	Hold
12/20/17	CIMB	Singtel	3.61	4.1	Add
12/20/17	CIMB	SPH	2.61	2.38	Reduce
12/20/17	CIMB	ST Engineering	3.17	3.85	Add
12/20/17	CIMB	Starhub	2.88	2.5	Hold
12/20/17	CIMB	Sunningdale	1.84	2.79	Add
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
12/20/17	CIMB	Venture	20.2	24.74	Add
12/20/17	CIMB	Wilmar	3.1	4.27	Add
12/20/17	CIMB	Yangzijiang	1.49	1.8	Add
12/20/17	CIMB	Yongnam	0.325	0.53	Add

MAS has issued warning about bitcoin and other cryptocurrencies.

https://finance.yahoo.com/news/singapore-central-bank-cautions-against-investments-cryptocurrencies-104803153.html

MAS does not recognize bitcoins or other cryptocurrencies as monies.  Therefore, MAS will not offer protections to cryptocurrency investors when this type of commodity collapses.

Denmark central bank has already warned that investors shouldn't complain to the central bank when they suffer heavy losses in cryptocurrency investments.

Furthermore, the different cryptocurrencies are cannibalizing themselves because investors won't buy all the cryptocurrencies as this will be akin to putting all the monies in a single nest (cryptocurrency) albeit with different crypto names.  The more forks and new cryptocurrencies appear, the faster this new market will collapse.

https://www.cnbc.com/2017/12/19/bitcoin-price-drops-as-coinbase-allows-bitcoin-cash-trading.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104908225&yptr=yahoo

http://sg-stock.blogspot.sg/2017/08/death-knell-for-virtual-currency-is.html

F & N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/16	DBS Vickers	F & N	1.96	2.2	Hold
05/11/16	DBS Vickers	F & N	1.935	2.2	Hold
08/08/16	DBS Vickers	F & N	2.11	2.3	Hold
08/22/16	phillip	F & N	2.13	1.93	Reduce	EV/Ebitda10x
11/09/16	DBS Vickers	F & N	2.13	2.36	Hold	Sum of parts
11/09/16	phillip	F & N	2.13	1.7	Reduce	EV/Ebitda11x FY17
12/09/16	DBS Vickers	F & N	2.11	2.36	Hold
12/09/16	DMG & Partners	F & N	2.11	2.43	Buy	RNAV (10% discount)
02/09/17	DBS Vickers	F & N	2.11	2.37	Hold	Sum of parts
02/10/17	phillip	F & N	2.12	1.8	Reduce	EV/Ebitda15x
03/24/17	DMG & Partners	F & N	2.22	2.76	Not Rated	Sum of parts
04/17/17	phillip	F & N	2.35	1.8	Reduce
05/09/17	DBS Vickers	F & N	2.4	2.37	Hold	Sum of parts
05/11/17	phillip	F & N	2.38	2.31	Neutral	Sum of parts
06/29/17	DBS Vickers	F & N	2.34	2.57	Hold	Sum of parts
08/10/17	DBS Vickers	F & N	2.44	2.57	Hold	Sum of parts, PER24.4x FY18
08/10/17	phillip	F & N	2.44	2.52	Neutral	Sum of parts
11/13/17	phillip	F & N	2.6	2.83	Accumulate	Sum of parts, PER27.1x FY18
12/04/17	phillip	F & N	2.58	2.83	Accumulate