QAF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	QAF	1.04	1.27	Buy
02/25/16	OCBC	QAF	1.02	1.27	Buy
04/27/16	OCBC	QAF	1.06	1.27	Buy
06/24/16	OCBC	QAF	1.055	1.27	Buy
08/15/16	OCBC	QAF	1.12	1.27	Buy
08/16/16	OCBC	QAF	1.19	1.33	Buy
11/29/16	OCBC	QAF	1.33	1.46	Buy	Sum of parts
03/02/17	OCBC	QAF	1.41	1.46	Hold	Buy @ $1.36 or lower
05/08/17	OCBC	QAF	1.34	1.46	Hold

Stock calls for 21 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
02/21/18	OCBC	M1	1.8	1.7	Hold
02/21/18	Amfrasers	Manulife US Reit	0.91	1.008	Buy	DDM
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/21/18	DMG & Partners	Talkmed	0.675	0.72	Neutral	DCF
02/21/18	phillip	UOB	27.22	29	Buy

US bond yields will continue to rise in 2018. Why?

The USA government has just issued 3 days of bond auctions totalling USD$250b and is expected to raise about USD$1T per annum till 2028.  Furthermore, QE taperings are also being executed simultaneously in Europe & USA.

http://sg-stock.blogspot.sg/2017/10/ecb-will-cut-bond-purchases-to-30b-in.html

http://sg-stock.blogspot.sg/2017/09/us-fed-maintains-interest-rate-and-will.html

The rising bond yields will affect the stock market because fund managers find bonds become more attractive.  Please look at our comment on the connection between bond yield & stock.

http://sg-stock.blogspot.sg/2018/02/stock-markets-are-falling-like-crazy.html

Last but not least, inflation pressure is also rising because of trade wars (anti-dumping measures).

http://sg-stock.blogspot.sg/2018/02/the-usa-is-so-bent-to-have-trade-war.html

http://sg-stock.blogspot.sg/2018/02/china-imposes-anti-dumping-measures-on.html

Noble Group is virutally bankrupt after declaring $5B loss in 2017.

https://www.bloombergquint.com/business/2018/02/19/noble-s-sea-of-red-shows-post-restructuring-challenge-for-trader

After declaring a $5b loss in 2017, Noble Group's net asset value is about -$850m, meaning it is virtually bankrupt.  Therefore, it is having an urgent need to recapitalize to convert back into positive net asset value.  Without the debt restructuring plan, Noble will have an on-going concern in 2018.

However, existing shareholders have to take a heavy haircut of about 90% to revive Noble Group.  Will the existing shareholders bite the silver bullet and move on?

Q & M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	CIMB	Q & M	0.7	0.84	Add	PER34.5x CY17
01/21/16	Kim Eng	Q & M	0.695	0.97	Buy	PER42x FY16
02/01/16	Kim Eng	Q & M	0.675	0.93	Buy	PER42x FY16
03/02/16	CIMB	Q & M	0.7	0.64	Reduce	PER34.5x CY17
03/02/16	Kim Eng	Q & M	0.7	0.88	Buy	PER42x FY16
04/14/16	phillip	Q & M	0.685	0.7	Neutral	PER38x
05/12/16	Kim Eng	Q & M	0.67	0.88	Buy	PER42x FY16
05/16/16	CIMB	Q & M	0.67	0.7	Hold	PER34.5x CY17
05/17/16	phillip	Q & M	0.715	0.72	Neutral	PER38.2x
05/25/16	Kim Eng	Q & M	0.795	1.05	Buy	PER42x
06/08/16	CIMB	Q & M	0.76	0.74	Hold	PER34.5x CY17
06/08/16	Kim Eng	Q & M	0.76	1.08	Buy	PER42x FY17
07/05/16	DBS Vickers	Q & M	0.73	0.8	Not Rated	PER36.5x FY17
07/25/16	DMG & Partners	Q & M	0.7	1	Buy
08/15/16	CIMB	Q & M	0.725	0.74	Hold	PER34.5x CY17
08/15/16	phillip	Q & M	0.725	0.72	Neutral	PER38.2x FY16
08/17/16	Kim Eng	Q & M	0.725	1.08	Buy
09/06/16	Kim Eng	Q & M	0.72	1.08	Buy	PER42x FY17
09/07/16	phillip	Q & M	0.725	0.93	Buy	PER38.2x
10/12/16	DBS Vickers	Q & M	0.76	0.8	Not Rated
11/15/16	CIMB	Q & M	0.745	0.77	Hold	PER34.5x CY18
11/15/16	Kim Eng	Q & M	0.745	1	Buy	PER42x FY17
11/15/16	phillip	Q & M	0.745	0.89	Buy	PER38.2x
03/03/17	CIMB	Q & M	0.71	0.6	Reduce	PER28x
03/06/17	Kim Eng	Q & M	0.705	0.77	Hold	PER36x FY18
03/06/17	phillip	Q & M	0.705	0.65	Reduce	PER38.2x FY17
05/12/17	CIMB	Q & M	0.705	0.6	Reduce	PER28x CY18
05/15/17	phillip	Q & M	0.7	0.65	Reduce	PER38.2x FY17
06/05/17	Kim Eng	Q & M	0.685	0.6	Hold	PER28x FY18
08/21/17	phillip	Q & M	0.63	0.61	Neutral	PER32x
01/08/18	CIMB	Q & M	0.65	0.61	Reduce	PER28x CY19

Procurri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/16	Lim & Tan	Procurri	0.56	0	Stag	IPO
09/19/16	DBS Vickers	Procurri	0.52	0.67	Buy	PER11.3x FY17
10/17/16	Bloomberg	Procurri	0.46	0.67	Buy
11/14/16	DBS Vickers	Procurri	0.47	0.56	Buy	PER11.3x FY17
02/23/17	DBS Vickers	Procurri	0.405	0.4	Hold
05/15/17	DBS Vickers	Procurri	0.28	0.32	Hold	PER9.3x FY17/18
08/16/17	DBS Vickers	Procurri	0.21	0.18	Fully Valued	RNAV (5% discount)
11/16/17	DBS Vickers	Procurri	0.235	0.18	Fully Valued	RNAV (6% discount)

Stock calls for 20 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/18	DMG & Partners	A-Reit	2.62	2.9	Buy
02/20/18	DBS Vickers	A-Reit	2.62	2.85	Buy
02/20/18	DMG & Partners	APAC Realty	1.06	1.2	Buy
02/20/18	DMG & Partners	Avi-Tech	0.49	0.59	Buy
02/20/18	DMG & Partners	Breadtalk	1.69	2.09	Buy
02/20/18	DBS Vickers	CapitaCommercial	1.78	2.1	Buy
02/20/18	DMG & Partners	Capitaland	3.63	4.2	Buy
02/20/18	DBS Vickers	CDL Hospitality	1.68	2	Buy
02/20/18	UOB Kay Hian	Cityneon	1.02	1.55	Buy
02/20/18	DMG & Partners	Food Empire	0.67	1	Buy
02/20/18	DBS Vickers	Frasers Centrepoint Trust	2.15	2.48	Buy
02/20/18	DBS Vickers	Frasers Commercial Trust	1.44	1.71	Buy
02/20/18	DBS Vickers	Frasers Hospitality Trust	0.79	0.89	Buy
02/20/18	UOB Kay Hian	Hock Lian Seng	0.495	0.63	Buy
02/20/18	NRA	ISDN	0.22	0.32	Overweight	PER12.5x FY18
02/20/18	UOB Kay Hian	ISDN	0.22	0.35	Buy
02/20/18	Lim & Tan	ISDN	0.22	0	Trading Buy
02/20/18	DBS Vickers	Mapletree Logistics	1.25	1.45	Buy
02/20/18	Amfrasers	OKP	0.35	0.39	Hold
02/20/18	DMG & Partners	OUE Hospitality	0.845	0.95	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/20/18	DBS Vickers	SGX	7.71	8.9	Buy	DDM, PER21x FY19
02/20/18	UOB Kay Hian	Sheng Siong	0.92	1.06	Hold
02/20/18	phillip	Singapore O&G	0.385	0.42	Accumulate	PER23.2x
02/20/18	DMG & Partners	ST Engineering	3.35	4.2	Buy
02/20/18	DBS Vickers	Starhub	2.6	2.2	Fully Valued	DCF
02/20/18	DBS Vickers	Suntec Reit	1.97	2.3	Buy
02/20/18	DMG & Partners	Venture	23.53	24.1	Buy

Perennial Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	CIMB	Perennial Reit	0.885	1.24	Add	RNAV (35% discount)
01/08/16	DBS Vickers	Perennial Reit	0.885	1.32	Buy	RNAV (40% discount)
02/11/16	DBS Vickers	Perennial Reit	0.875	1.32	Buy	RNAV (40% discount)
03/29/16	DBS Vickers	Perennial Reit	0.925	1.32	Buy
05/16/16	CIMB	Perennial Reit	0.92	1.14	Add	RNAV (40% discount)
08/08/16	CIMB	Perennial Reit	0.9	1.11	Add	RNAV (40% discount)
09/14/16	DBS Vickers	Perennial Reit	0.885	1.32	Buy
11/10/16	DBS Vickers	Perennial Reit	0.84	1.32	Buy
11/30/16	CIMB	Perennial Reit	0.835	1.11	Add	RNAV (40% discount)
02/09/17	CIMB	Perennial Reit	0.81	1.08	Add	RNAV (40% discount)
02/09/17	DBS Vickers	Perennial Reit	0.81	1.05	Buy	RNAV (50% discount)
05/09/17	DBS Vickers	Perennial Reit	0.855	1.05	Buy	RNAV (50% discount)
07/14/17	DBS Vickers	Perennial Reit	0.885	1.05	Buy	RNAV (50% discount)
08/01/17	DBS Vickers	Perennial Reit	0.88	1.05	Buy	RNAV (50% discount)
11/09/17	DBS Vickers	Perennial Reit	0.88	1.05	Buy	RNAV (50% discount)
01/04/18	DBS Vickers	Perennial Reit	0.88	1.05	Buy
02/09/18	CIMB	Perennial Reit	0.835	1.12	Add
02/12/18	DBS Vickers	Perennial Reit	0.835	1.05	Buy	RNAV (50% discount)

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Parkway Life	2.3	2.38	Hold
01/08/16	DBS Vickers	Parkway Life	2.23	2.56	Buy	DCF
01/27/16	Lim & Tan	Parkway Life	2.17	0	Hold
01/28/16	DBS Vickers	Parkway Life	2.22	2.5	Buy
03/07/16	CIMB	Parkway Life	2.4	2.54	Add	DDM
03/28/16	Lim & Tan	Parkway Life	2.35	0	Hold
03/30/16	UOB Kay Hian	Parkway Life	2.35	2.38	Hold
04/27/16	CIMB	Parkway Life	2.45	2.55	Add	DDM
04/27/16	DBS Vickers	Parkway Life	2.45	2.65	Buy
04/27/16	UOB Kay Hian	Parkway Life	2.45	2.38	Hold
06/27/16	UOB Kay Hian	Parkway Life	2.39	2.38	Hold
07/05/16	DBS Vickers	Parkway Life	2.55	2.65	Buy
07/18/16	UOB Kay Hian	Parkway Life	2.57	2.65	Hold
07/26/16	Lim & Tan	Parkway Life	2.55	0	Hold
07/27/16	CIMB	Parkway Life	2.59	2.68	Hold	DDM
07/27/16	DBS Vickers	Parkway Life	2.59	2.75	Buy
08/01/16	UOB Kay Hian	Parkway Life	2.55	2.65	Hold
08/16/16	DBS Vickers	Parkway Life	2.45	2.75	Buy
09/26/16	CIMB	Parkway Life	2.55	2.78	Add
10/28/16	CIMB	Parkway Life	2.56	2.78	Add	DDM
10/28/16	DBS Vickers	Parkway Life	2.56	2.75	Buy
12/06/16	CIMB	Parkway Life	2.42	2.53	Add	DDM
12/09/16	UOB Kay Hian	Parkway Life	2.38	2.5	Hold
12/23/16	DBS Vickers	Parkway Life	2.36	2.75	Buy
12/23/16	Lim & Tan	Parkway Life	2.36	0	Hold
01/25/17	Lim & Tan	Parkway Life	2.39	0	Accumulate
01/26/17	CIMB	Parkway Life	2.4	2.58	Add	DDM
01/26/17	DBS Vickers	Parkway Life	2.4	2.75	Buy
01/26/17	UOB Kay Hian	Parkway Life	2.4	2.5	Hold	DDM
02/14/17	CIMB	Parkway Life	2.45	2.58	Add
03/06/17	CIMB	Parkway Life	2.44	2.58	Add
03/07/17	UOB Kay Hian	Parkway Life	2.44	2.5	Hold
04/11/17	UOB Kay Hian	Parkway Life	2.53	2.5	Hold
04/26/17	CIMB	Parkway Life	2.6	2.71	Add	DDM
04/26/17	DBS Vickers	Parkway Life	2.6	2.82	Buy
05/25/17	UOB Kay Hian	Parkway Life	2.58	2.82	Buy
07/26/17	CIMB	Parkway Life	2.76	2.83	Add	DDM
07/26/17	UOB Kay Hian	Parkway Life	2.76	2.82	Buy	DDM
07/26/17	Lim & Tan	Parkway Life	2.76	0	Accumulate on weakness
10/23/17	UOB Kay Hian	Parkway Life	2.79	2.82	Buy
11/10/17	CIMB	Parkway Life	2.86	2.93	Hold	DDM
11/10/17	DBS Vickers	Parkway Life	2.86	3.1	Buy
11/10/17	UOB Kay Hian	Parkway Life	2.86	3	Buy
12/01/17	UOB Kay Hian	Parkway Life	2.9	3	Buy
01/29/18	CIMB	Parkway Life	2.97	3.07	Hold	DDM
01/29/18	Lim & Tan	Parkway Life	2.97	0	Hold
01/29/18	DBS Vickers	Parkway Life	2.97	3.15	Buy

Stock calls for 19 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/18	DBS Vickers	APAC Realty	1.02	1.12	Buy
02/19/18	Phillip	Capitaland	3.57	4.19	Accumulate	RNAV (20% discount)
02/19/18	phillip	Chip Eng Seng	0.955	1.21	Buy	RNAV (40% discount)
02/19/18	DBS Vickers	City Developments	12.72	14.03	Buy
02/19/18	DMG & Partners	Dairy Farm	8.38	9.53	Buy	DCF
02/19/18	OCBC	Far East Hospitality	0.715	0.75	Buy
02/19/18	UOB Kay Hian	Jumbo	0.575	0.59	Hold	DCF, Buy @ $0.53
02/19/18	DBS Vickers	Roxy-Pacific	0.56	0.69	Buy	RNAV (30% discount)
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/19/18	Jefferies	SGX	7.37	8	Buy
02/19/18	DMG & Partners	Sheng Siong	0.915	0.99	Neutral	Up from $0.93
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/19/18	DBS Vickers	UOL	8.34	10.15	Buy

Noble will report its Q4 2017 losses soon!

https://sg.finance.yahoo.com/news/noble-gets-3-us-700m-034200995.html

The survival of Noble now rests on the outcome of the debt restructuring.  Credit facilities may get cancelled by the banks if the debt restructuring plan fails.  It is a common practice for banks to reduce their risks by recalling loans during any crisis time.

Let's see how bad the loss is for the Q4 2017.

USA flu is killing 4,000 Americans per week.

http://fortune.com/2018/02/10/american-flu-deaths/

Be careful when you are in the USA.  Besides the mad deer disease, the USA flu is also spreading like fire and is killing 4,000 Americans per week.

Baltic dry index - 1084

Today, Friday, February 16 2018, the Baltic Dry Index decreased by 5 points, reaching 1084 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 - 975

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. didn't increase this week, remaining at 975 for the second week in a row.

That exceeds the 751 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 798 rigs drilled for oil this week and 177 for gas.

Among major oil- and gas-producing states, Oklahoma increased by five rigs, Alaska gained four and Pennsylvania increased by three.

New Mexico decreased by three rigs; Louisiana, Ohio and West Virginia each lost two; and Colorado and North Dakota each decreased by one.

Arkansas, California, Kansas, Texas, Utah and Wyoming 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.

The Malaysian government is trying the same trick again for the KL-SG HSR.

https://www.channelnewsasia.com/news/business/european-group-to-bid-for-malaysia-singapore-high-speed-train-9953088

The Malaysian government is using the same trick again for the KL-SG HSR by trying to award the HSR construction project to a neutral party so as not to offend Japan or China.

However, this same trick will anger China again and China will definitely punish Malaysia for such an antic move.  Look like Malaysia has not learnt from history yet.

https://sg-stock.blogspot.sg/2017/05/the-fight-for-kl-sg-hsr-is-not-over-yet.html

https://sg-stock.blogspot.sg/2017/05/malaysia-is-first-to-regret-for.html

China expects to be rewarded for helping out Najib on 1MDB.  Najib will be in serious trouble if he doesn't return the favour.

http://www.sarawakreport.org/2016/07/outrage-najibs-secret-deal-with-china-to-pay-off-1mdb-and-jho-lows-debts-shock-exclusive/

China and ASEAN to start the code of conduct discussion in South China Sea in March.

http://xinhuanet.com/english/2018-02/13/c_136973568.htm

Although this code of conduct discussion for the South China Sea involves ASEAN countries, China and Philippines will lead the discussion.  This meeting is set after a consultative discussion between China and Philippines.

We did state previously that Philippines had replaced SG to become the ASEAN facilitator.  In the past, SG used to have the first-hand information pertaining to China's policies for ASEAN but not anymore.

http://sg-stock.blogspot.sg/2017/11/china-has-replaced-singapore-with.html

The Philippines is getting ambitious and is growing its political influences in ASEAN.

http://sg-stock.blogspot.sg/2018/02/philippines-wants-to-displace-singapore.html

Asia must be wary of the increasing USA military presence in Asia.

https://www.channelnewsasia.com/news/asiapacific/top-us-admiral-warns-of-china-s-growing-military-might-9961800

We must not let USA start a war in Asia unilaterally without UN mandate.

The FON (freedom of navigation) propaganda is a pseudonym for the USA presence.  There has been not a single incident whereby a commercial ship is stopped by the China navy or coast guard in the South China Sea for the past 70 years.  The China navy or coast guard won't stop any commercial ships plying the current sea routes in South China Sea because it is also against China's interest.

FON is just a conjecture by the USA to get involved in the South China Sea issue.  The increasing USA military presence is causing militarization to rise in Asia which will ensue huge weaponry sales for the USA.

Pan-United - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/16	DBS Vickers	Pan-United	0.54	0.57	Hold	Sum of parts
05/12/16	DBS Vickers	Pan-United	0.615	0.49	Fully Valued
08/16/16	DBS Vickers	Pan-United	0.6	0.53	Fully Valued	Sum of parts
09/29/16	DBS Vickers	Pan-United	0.61	0.56	Hold	Sum of parts
10/05/16	NRA	Pan-United	0.59	0.7	Overweight
11/04/16	NRA	Pan-United	0.605	0.7	Overweight
11/14/16	DBS Vickers	Pan-United	0.6	0.59	Hold	Sum of parts
02/14/17	DBS Vickers	Pan-United	0.665	0.63	Hold	Sum of parts
05/15/17	DBS Vickers	Pan-United	0.69	0.63	Hold	Sum of parts
08/14/17	DBS Vickers	Pan-United	0.565	0.51	Fully Valued
11/14/17	DBS Vickers	Pan-United	0.575	0.51	Fully Valued
12/06/17	DBS Vickers	Pan-United	0.545	0.51	Fully Valued	Sum of parts

Pacific Radiance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	UOB Kay Hian	Pacific Radiance	0.3	0.68	Buy
01/12/16	DBS Vickers	Pacific Radiance	0.305	0.42	Buy
02/01/16	DBS Vickers	Pacific Radiance	0.3	0.32	Hold
02/26/16	Amfrasers	Pacific Radiance	0.3	0.33	Hold	PB0.4x FY16
02/26/16	DBS Vickers	Pacific Radiance	0.3	0.25	Fully Valued	PB0.35x
02/26/16	DIR	Pacific Radiance	0.3	0.24	Sell	PB0.3x FY16
03/07/16	UOB Kay Hian	Pacific Radiance	0.325	0.48	Buy
04/20/16	DBS Vickers	Pacific Radiance	0.335	0.25	Fully Valued
05/13/16	DBS Vickers	Pacific Radiance	0.295	0.26	Fully Valued
05/13/16	DIR	Pacific Radiance	0.295	0.24	Sell	PB0.3x
05/16/16	Amfrasers	Pacific Radiance	0.29	0.4	Buy	PB0.5x FY16
05/16/16	CIMB	Pacific Radiance	0.29	0.23	Reduce	PB0.3x FY16
05/20/16	UOB Kay Hian	Pacific Radiance	0.28	0.37	Hold
06/03/16	CIMB	Pacific Radiance	0.285	0.226	Reduce
06/14/16	UOB Kay Hian	Pacific Radiance	0.29	0.37	Hold
08/01/16	UOB Kay Hian	Pacific Radiance	0.21	0.15	Sell	PB0.2x FY17
08/16/16	Amfrasers	Pacific Radiance	0.126	0.12	Hold	PB0.2x FY16
11/10/16	Amfrasers	Pacific Radiance	0.155	0.17	Hold	PB0.3x FY17
11/10/16	CIMB	Pacific Radiance	0.155	0.13	Reduce	PB0.2x FY17
11/10/16	UOB Kay Hian	Pacific Radiance	0.155	0.12	Hold	PB0.2x FY17, Buy @ $0.11
11/11/16	DBS Vickers	Pacific Radiance	0.161	0.12	Fully Valued	PB0.2x
12/02/16	UOB Kay Hian	Pacific Radiance	0.153	0.18	Hold
12/05/16	CIMB	Pacific Radiance	0.153	0.13	Reduce	PB0.2x FY17
12/06/16	DBS Vickers	Pacific Radiance	0.155	0.16	Hold	PB0.25x
02/28/17	Amfrasers	Pacific Radiance	0.153	0.17	Hold
03/01/17	DBS Vickers	Pacific Radiance	0.153	0.16	Hold	PB0.35x FY17
05/18/17	DBS Vickers	Pacific Radiance	0.12	0.1	Fully Valued	PB0.2x FY17
05/19/17	CIMB	Pacific Radiance	0.115	0.11	Reduce	PB0.22x FY17
08/15/17	CIMB	Pacific Radiance	0.085	0.073	Reduce	PB0.15x
08/15/17	DBS Vickers	Pacific Radiance	0.085	0.07	Fully Valued	PB0.15x FY17
01/12/18	CIMB	Pacific Radiance	0.108	0.07	Reduce

Stock calls for 15 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	Credit Suisse	Capitaland	3.53	3.9	Neutral
02/15/18	DBS Vickers	Capitaland	3.53	4.35	Buy	RNAV (10% discount)
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
02/15/18	Kim Eng	Hi-P	1.92	2.43	Buy	PB3.2x FY18
02/15/18	DBS Vickers	Hi-P	1.92	2.48	Buy	PER14.4x FY18
02/15/18	DMG & Partners	HRnetGroup	0.81	1.14	Buy	DCF
02/15/18	DBS Vickers	Ifast Corp	0.88	1.26	Buy	DDM
02/15/18	DMG & Partners	ISOTeam	0.33	0.46	Buy	DCF, PER13x FY18
02/15/18	Kim Eng	Jumbo	0.57	0.7	Buy	DCF, PER26x FY18
02/15/18	DBS Vickers	Jumbo	0.57	0.58	Hold	PER23x FY18
02/15/18	OCBC	Lippo-Malls Indo	0.4	0.405	Hold
02/15/18	UOB Kay Hian	OCBC	12.26	14.9	Buy	GGM, PB1.56x FY18
02/15/18	Kim Eng	OCBC	12.26	13.5	Hold	PB1.4x FY18
02/15/18	Credit Suisse	OCBC	12.26	14.7	Outperform
02/15/18	CIMB	OCBC	12.26	14	Add	GGM, PB1.4x FY18, PER11.7x FY19
02/15/18	Jefferies	OCBC	12.26	14	Buy
02/15/18	DBS Vickers	OCBC	12.26	14	Buy	GGM, PB1.4x FY18
02/15/18	phillip	Old Chang Kee	0.745	0.98	Buy	DCF
02/15/18	OCBC	Roxy-Pacific	0.56	0.66	Buy
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral
02/15/18	OCBC	Starhub	2.86	2.2	Sell
02/15/18	UOB Kay Hian	Starhub	2.86	2.7	Hold	DCF, Buy @ $2.50
02/15/18	Kim Eng	Starhub	2.86	2.27	Sell	DCF
02/15/18	Credit Suisse	Starhub	2.86	2.15	Underperform
02/15/18	CIMB	Starhub	2.86	2.7	Hold	DCF
02/15/18	Lim & Tan	Starhub	2.86	0	Sell
02/15/18	DMG & Partners	Starhub	2.86	2.65	Neutral
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/15/18	CIMB	UOB	26.24	28	Add	GGM, PB1.3x FY18, PER11.3x FY19
02/15/18	DMG & Partners	UOB	26.24	30	Buy	GGM, PB1.35x FY18
02/15/18	Kim Eng	UOB	26.24	29.33	Buy	PB1.3x FY18
02/15/18	Credit Suisse	UOB	26.24	31.7	Outperform	GGM
02/15/18	Jefferies	UOB	26.24	29.5	Buy
02/15/18	DBS Vickers	UOB	26.24	30	Buy	GGM, PB1.3x FY18
02/15/18	DMG & Partners	Valuetronics	0.915	1.05	Buy	DCF

Thailand is the least miserable country and Singapore is the 2nd least miserable.

https://sg.finance.yahoo.com/news/miserable-economies-2018-stay-haunted-inflation-beast-033757321.html

The misery index computes the sum of inflation and unemployment to assess and rank the countries.

SG did pretty well and we should note that both indexes for Thailand & SG declined from the prior year.  This means that more people are miserable in both countries.

2018 will be a game changer because inflation will start to careen globally due to the trade war between big nations.

Thus, we foresee that the misery index for SG to continue to decline as more people feel miserable in 2018.

Singapore's NODX upped 13% YOY in January 2018

https://www.channelnewsasia.com/news/singapore/singapore-s-exports-jump-13-year-on-year-in-january-9962186

Year on year changes:

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

https://sg-stock.blogspot.sg/2018/01/singapore-non-oil-domestic-exports-nodx.html