Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	DMG & Partners	Sembcorp Industries	3.05	3.8	Buy
01/06/16	Macquarie	Sembcorp Industries	3	2.6	Underperform
01/08/16	Kim Eng	Sembcorp Industries	2.76	3.53	Hold
01/08/16	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Buy	Sum of parts
01/12/16	Lim & Tan	Sembcorp Industries	2.7	0	Buy
01/20/16	Kim Eng	Sembcorp Industries	2.54	2.3	Hold	Sum of parts
01/21/16	CIMB	Sembcorp Industries	2.3	3.85	Add	Sum of parts
01/26/16	Deutsche	Sembcorp Industries	2.31	3.2	Hold
01/27/16	DBS Vickers	Sembcorp Industries	2.23	3.5	Buy	RNAV (10% discount)
01/28/16	UOB Kay Hian	Sembcorp Industries	2.23	3.47	Buy	Sum of parts
01/29/16	Deutsche	Sembcorp Industries	2.23	3	Buy
01/29/16	OCBC	Sembcorp Industries	2.23	3.42	Buy	Sum of parts
02/04/16	Credit Suisse	Sembcorp Industries	2.42	4.2	Outperform
02/04/16	DIR	Sembcorp Industries	2.42	2.17	Underperform	Sum of parts
02/18/16	CIMB	Sembcorp Industries	2.53	3.1	Add	Sum of parts
02/18/16	Credit Suisse	Sembcorp Industries	2.53	3	Outperform
02/18/16	DBS Vickers	Sembcorp Industries	2.53	3.3	Buy	RNAV (10% discount)
02/18/16	Kim Eng	Sembcorp Industries	2.53	2.35	Hold	Sum of parts
02/18/16	Lim & Tan	Sembcorp Industries	2.53	0	Buy
02/18/16	OCBC	Sembcorp Industries	2.53	3.21	Buy	Sum of parts
02/18/16	UOB Kay Hian	Sembcorp Industries	2.53	3.8	Buy	PER12x FY16
03/01/16	DMG & Partners	Sembcorp Industries	2.68	4	Buy
03/01/16	Lim & Tan	Sembcorp Industries	2.68	0	Buy
03/07/16	UOB Kay Hian	Sembcorp Industries	3.14	4.05	Buy
03/10/16	CIMB	Sembcorp Industries	3.06	3.1	Add	Sum of parts
03/11/16	DBS Vickers	Sembcorp Industries	3.02	3.3	Buy	Sum of parts (10% discount), PB0.9x
03/14/16	OCBC	Sembcorp Industries	3.03	3.21	Buy
03/16/16	Lim & Tan	Sembcorp Industries	3	0	Buy
03/28/16	UOB Kay Hian	Sembcorp Industries	3.06	3.8	Buy	PER12x FY16
04/08/16	HSBC	Sembcorp Industries	2.87	3.43	Buy
04/25/16	Credit Suisse	Sembcorp Industries	3	3	Outperform
05/05/16	CIMB	Sembcorp Industries	2.75	3.1	Add	Sum of parts
05/05/16	DBS Vickers	Sembcorp Industries	2.75	3.1	Buy	PB0.9x
05/05/16	DIR	Sembcorp Industries	2.75	2.36	Underperform
05/05/16	DMG & Partners	Sembcorp Industries	2.75	4	Buy	Sum of parts
05/05/16	Kim Eng	Sembcorp Industries	2.75	2.35	Sell	Sum of parts
05/05/16	Lim & Tan	Sembcorp Industries	2.75	0	Hold
05/05/16	OCBC	Sembcorp Industries	2.75	3.07	Buy
05/05/16	UOB Kay Hian	Sembcorp Industries	2.75	4	Buy
05/09/16	Credit Suisse	Sembcorp Industries	2.72	3	Outperform
05/18/16	Deutsche	Sembcorp Industries	2.75	3.6	Buy	Sum of parts
05/25/16	DIR	Sembcorp Industries	2.74	2.36	Underperform	Sum of parts
06/01/16	CIMB	Sembcorp Industries	2.79	3.1	Add	Sum of parts
06/02/16	UOB Kay Hian	Sembcorp Industries	2.77	3.6	Buy	PER9.5x FY17
06/06/16	Kim Eng	Sembcorp Industries	2.8	2.35	Sell
06/20/16	Deutsche	Sembcorp Industries	2.75	3.6	Buy
06/27/16	DMG & Partners	Sembcorp Industries	2.76	4	Buy
07/05/16	UOB Kay Hian	Sembcorp Industries	2.91	3.35	Buy	Sum of parts
07/14/16	Credit Suisse	Sembcorp Industries	2.9	3	Outperform
07/15/16	Macquarie	Sembcorp Industries	2.91	2.8	Neutral
08/03/16	CIMB	Sembcorp Industries	2.78	2.66	Hold	Sum of parts
08/03/16	Credit Suisse	Sembcorp Industries	2.78	2.8	Neutral
08/03/16	DBS Vickers	Sembcorp Industries	2.78	3.1	Buy
08/03/16	DIR	Sembcorp Industries	2.78	2.35	Underperform	Sum of parts (20% discount)
08/03/16	Lim & Tan	Sembcorp Industries	2.78	0	Hold
08/03/16	OCBC	Sembcorp Industries	2.78	3.07	Buy
08/03/16	UOB Kay Hian	Sembcorp Industries	2.78	3.35	Buy	Sum of parts
08/04/16	DMG & Partners	Sembcorp Industries	2.74	3.9	Buy	Sum of parts
08/18/16	Deutsche	Sembcorp Industries	2.69	3.15	Hold
08/18/16	Lim & Tan	Sembcorp Industries	2.69	0	Hold
09/07/16	DIR	Sembcorp Industries	2.71	2.35	Underperform	Sum of parts
09/21/16	OCBC	Sembcorp Industries	2.58	3.07	Buy
09/23/16	UOB Kay Hian	Sembcorp Industries	2.56	3.29	Buy	Sum of parts
09/29/16	DBS Vickers	Sembcorp Industries	2.53	3.1	Buy	Sum of parts, PB0.9x
10/03/16	Kim Eng	Sembcorp Industries	2.59	2.4	Hold	Sum of parts
10/28/16	CIMB	Sembcorp Industries	2.48	2.66	Hold	Sum of parts
10/28/16	CIMB	Sembcorp Industries	2.48	2.66	Hold	Sum of parts
10/28/16	Credit Suisse	Sembcorp Industries	2.48	2.7	Neutral
10/28/16	DIR	Sembcorp Industries	2.48	2.34	Underperform	Sum of parts (20% discount)
10/28/16	OCBC	Sembcorp Industries	2.48	3.07	Buy
10/28/16	UOB Kay Hian	Sembcorp Industries	2.48	3.05	Buy
10/31/16	DBS Vickers	Sembcorp Industries	2.53	2.9	Buy
10/31/16	DMG & Partners	Sembcorp Industries	2.53	3.4	Buy
10/31/16	Lim & Tan	Sembcorp Industries	2.53	0	Buy on weakness
11/14/16	UOB Kay Hian	Sembcorp Industries	2.61	3.05	Buy
11/23/16	OCBC	Sembcorp Industries	2.69	3.07	Buy
12/01/16	Lim & Tan	Sembcorp Industries	2.7	0	Buy
12/02/16	DBS Vickers	Sembcorp Industries	2.89	3.1	Buy	RNAV (10% discount), PER15.6x FY16
12/05/16	CIMB	Sembcorp Industries	2.95	3.02	Hold	Sum of parts
12/07/16	Deutsche	Sembcorp Industries	2.91	3.15	Hold
12/07/16	UOB Kay Hian	Sembcorp Industries	2.91	3.2	Buy	Sum of parts
12/22/16	Kim Eng	Sembcorp Industries	2.92	2.4	Hold	Sum of parts
01/03/17	Lim & Tan	Sembcorp Industries	2.85	0	Buy
01/03/17	UOB Kay Hian	Sembcorp Industries	2.85	3.2	Buy
01/05/17	Deutsche	Sembcorp Industries	2.93	3.45	Buy	Sum of parts (15% discount)
01/11/17	OCBC	Sembcorp Industries	3.06	3.36	Buy	Sum of parts (5% discount)
01/25/17	Credit Suisse	Sembcorp Industries	3.27	2.7	Neutral
02/03/17	OCBC	Sembcorp Industries	3.18	3.36	Buy
02/24/17	CIMB	Sembcorp Industries	3.36	3.51	Hold	Sum of parts, PB0.6x CY17
02/24/17	DMG & Partners	Sembcorp Industries	3.36	4.17	Buy	Sum of parts
02/24/17	OCBC	Sembcorp Industries	3.36	3.69	Buy
02/24/17	UOB Kay Hian	Sembcorp Industries	3.36	3.95	Buy	Sum of parts
02/27/17	DBS Vickers	Sembcorp Industries	3.27	3.8	Buy	Sum of parts (10% discount), PB1.1x, PER17.2X FY17
02/27/17	Lim & Tan	Sembcorp Industries	3.27	0	Buy
03/01/17	Credit Suisse	Sembcorp Industries	3.2	3.6	Neutral
03/02/17	UOB Kay Hian	Sembcorp Industries	3.27	3.95	Buy
03/24/17	UOB Kay Hian	Sembcorp Industries	3.13	3.78	Buy	Sum of parts
04/04/17	UOB Kay Hian	Sembcorp Industries	3.2	3.78	Buy	PER9.8x FY18
04/07/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
04/10/17	Lim & Tan	Sembcorp Industries	3.15	0	Buy
04/11/17	CIMB	Sembcorp Industries	3.14	3.51	Hold	Sum of parts
05/04/17	CIMB	Sembcorp Industries	3	3.51	Add	Sum of parts
05/04/17	Credit Suisse	Sembcorp Industries	3	3.6	Neutral
05/04/17	DBS Vickers	Sembcorp Industries	3	3.8	Buy	RNAV (10% discount), PB1x
05/04/17	DIR	Sembcorp Industries	3	2.67	Underperform	Sum of parts
05/04/17	Lim & Tan	Sembcorp Industries	3	0	Hold
05/04/17	OCBC	Sembcorp Industries	3	3.48	Buy
05/04/17	UOB Kay Hian	Sembcorp Industries	3	3.66	Buy	Sum of parts
05/05/17	DMG & Partners	Sembcorp Industries	3.15	3.2	Neutral	Sum of parts
05/11/17	DIR	Sembcorp Industries	3.14	3.14	Hold
05/29/17	phillip	Sembcorp Industries	3.15	3.5	Accumulate	Sum of parts (10% discount)
06/02/17	OCBC	Sembcorp Industries	3.19	3.48	Buy
06/06/17	Credit Suisse	Sembcorp Industries	3.16	3.6	Neutral	Sum of parts
06/20/17	UOB Kay Hian	Sembcorp Industries	3.1	3.66	Buy
07/12/17	OCBC	Sembcorp Industries	3.13	3.48	Buy
07/13/17	UOB Kay Hian	Sembcorp Industries	3.09	3.66	Buy	Sum of parts
07/18/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
07/21/17	DBS Vickers	Sembcorp Industries	3.24	4.1	Buy	Sum of parts, PB1.1x FY17
07/24/17	CIMB	Sembcorp Industries	3.29	3.52	Add	Sum of parts
08/01/17	Credit Suisse	Sembcorp Industries	3.23	3.6	Neutral	PER13.9x FY17, PB0.8x
08/04/17	DIR	Sembcorp Industries	3.22	3.14	Hold	Probability weighted
08/04/17	UOB Kay Hian	Sembcorp Industries	3.22	3.57	Buy	Sum of parts
08/04/17	DMG & Partners	Sembcorp Industries	3.22	3.2	Neutral	Sum of parts
08/04/17	OCBC	Sembcorp Industries	3.22	3.43	Hold
08/04/17	CIMB	Sembcorp Industries	3.22	3.47	Add	Sum of parts
08/04/17	DBS Vickers	Sembcorp Industries	3.22	4	Buy	RNAV (10% discount), PB1.1x
08/07/17	phillip	Sembcorp Industries	3.18	3.5	Accumulate	Sum of parts
08/07/17	Lim & Tan	Sembcorp Industries	3.18	0	Hold
08/23/17	OCBC	Sembcorp Industries	2.99	3.43	Buy
08/25/17	Morgan Stanley	Sembcorp Industries	3.03	2.39	Underweight
09/04/17	CIMB	Sembcorp Industries	2.98	3.47	Add	Sum of parts
09/04/17	UOB Kay Hian	Sembcorp Industries	2.98	3.59	Buy	Sum of parts, PER10.1x FY18
09/05/17	Lim & Tan	Sembcorp Industries	2.93	0	Buy
09/20/17	DBS Vickers	Sembcorp Industries	2.96	4	Buy	RNAV (10% discount), PB1.1x
09/27/17	Credit Suisse	Sembcorp Industries	2.95	3.6	Neutral
10/02/17	UOB Kay Hian	Sembcorp Industries	2.96	3.57	Buy	Sum of parts
10/09/17	DBS Vickers	Sembcorp Industries	3.02	4	Buy
10/24/17	Credit Suisse	Sembcorp Industries	3.24	3.6	Neutral
11/03/17	CIMB	Sembcorp Industries	3.38	3.87	Add	Sum of parts, PER8.1x FY18, PB0.59x FY17
11/03/17	UOB Kay Hian	Sembcorp Industries	3.38	3.87	Buy	Sum of parts
11/03/17	Credit Suisse	Sembcorp Industries	3.38	3.6	Neutral
11/03/17	OCBC	Sembcorp Industries	3.38	3.59	Hold
11/03/17	Lim & Tan	Sembcorp Industries	3.38	0	Buy
11/06/17	phillip	Sembcorp Industries	3.3	3.7	Accumulate	Sum of parts (10% discount)
11/06/17	DBS Vickers	Sembcorp Industries	3.3	4.2	Buy	Sum of parts, PB1.1x
11/21/17	OCBC	Sembcorp Industries	3.05	3.59	Buy
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts
12/20/17	CIMB	Sembcorp Industries	3.02	3.87	Add
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x

Stock calls for 1 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/01/18	DMG & Partners	Centurion	0.515	0.47	Neutral	DCF
03/01/18	Kim Eng	Centurion	0.515	0.5	Hold	DCF
03/01/18	CIMB	China Aviation Oil	1.58	2.03	Add	PER12.5x CY19
03/01/18	DMG & Partners	China Aviation Oil	1.58	1.6	Neutral	DCF, PER11.3x FY18
03/01/18	UOB Kay Hian	China Aviation Oil	1.58	2.13	Buy	PER13.5x FY18
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated
03/01/18	Kim Eng	Ho Bee	2.48	3.15	Buy	RNAV (30% discount)
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/01/18	Lim & Tan	Noble	0.172	0	Avoid	Suspension alert
03/01/18	DBS Vickers	Olam	2.25	2.31	Hold	DCF & PER16.1x
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x
03/01/18	SAC Advisors	United Global	0.41	0.5	Buy	PER12.2x FY18
03/01/18	OCBC	Venture	27.56	34	Buy
03/01/18	UOB Kay Hian	Venture	27.56	31.88	Buy	PER19x FY18
03/01/18	DMG & Partners	Venture	27.56	30.5	Buy	DCF, PER19x FY18
03/01/18	Kim Eng	Venture	27.56	31.2	Buy	PB3.7x FY18
03/01/18	CIMB	Venture	27.56	30.81	Add	PER17.7x FY19
03/01/18	Lim & Tan	Venture	27.56	0	Buy
03/01/18	DBS Vickers	Venture	27.56	32.2	Buy
03/01/18	OCBC	Wheelock Properties	1.87	2.34	Buy

China seized control of Anbang Insurance for political reason.

http://www.bbc.com/news/business-43164788

The chairman of Anbang Insurance was Wu XiaoHui.  This man is very well politically connected because he is the grandson-in-law of Deng XiaoPing.  The major shareholders of Anbang are also politically connected and involved Jiang MianHeng (Son of Jiang Zeming), Zhou YongKang (Jiang's henchman), Zhu Rongji's henchman, etc.

Basically, Jiang Zeming had tremendous power over Anbang and Anbang embarked on aggressive international acquisitions under the instructions of Jiang so that Anbang could be used to disrupt China's economy in the future.  Please read our previous postings to get an understanding on Jiang's plan to disrupt China's economy.

http://sg-stock.blogspot.sg/2017/07/political-battles-are-playing-out-in.html

http://sg-stock.blogspot.sg/2018/01/hot-news-winston-wen-son-of-wen-jiabao.html

http://sg-stock.blogspot.sg/2017/11/china-government-is-targeting-jack-ma.html

The USA is meddling in Venezuela's election with oil sanction.

https://sg.finance.yahoo.com/news/exclusive-u-mulls-sanctions-venezuela-put-pressure-maduro-024910508--finance.html

The USA is meddling in Venezuela's election with oil sanction.  Therefore, it has no right to accuse others of meddling in its own election.

http://sg-stock.blogspot.sg/2018/02/the-usa-is-adamant-to-destroy-venezuela.html

USA wants a political war with China now.

https://sg.news.yahoo.com/senate-passes-taiwan-travel-bill-worried-china-012715344.html

Oh great! A USA-China trade war is not enough, so the USA wants a political war now.

The Taiwanese president is stupid and stupidity has no cure.  Taiwan has nothing to gain but more to lose over this travel bill because China will increase its political and economic pressure over Taiwan.

The USA knows that it cannot use South China Sea issue against China anymore and is using Taiwan now.  China-ASEAN Codes of Conduct meeting in Vietnam has just started today to resolve the South China Sea matter.

Japan lodges protest against South Korea over comfort women issue.

https://sg.news.yahoo.com/japan-lodges-protest-south-koreas-moon-says-comfort-022955175.html

Our PM Lee had already asked Japan's neighbours not to demand Japan to apologize over and over again.  Why is South Korea not listening to our PM Lee?

http://www.dailymail.co.uk/wires/afp/article-3102924/Asia-WWII-Singapore-PM.html

UN Human Rights Council chastises USA over illegal detention.

https://sg.news.yahoo.com/u-n-body-says-u-detention-pakistani-guantanamo-034715334.html

What is the UN going to do about the illegal detention by the USA?

If the UN just chastises the USA, then the illegal detention is still being carried out by the USA without any repercussion or punishment.

Where are those countries that advocate rules-based system or order? Why are these countries keeping mum about this illegal detention?

Those countries which advocate rules-based system or order are just preaching selective rules-based system, not true or universal rules-based system.  What a hypocrite!

Noble's bankruptcy is coming!

https://www.bloombergquint.com/business/2018/02/28/auditor-warns-on-noble-group-s-future-as-assets-turn-negative

E&Y has warned that Noble has an on-going concern.  Furthermore, Goldilocks is rallying other shareholders to reject the restructuring plan.

There is no more hope for Noble anymore.

Japan's Fukushima radiation is still extremely high.

Many Japanese citizens are getting cancers in Japan, not just in Fukushima or regions around it.  However, the Japanese government is covering this up and not telling its citizens the true radiation level in Japan.

Another company, Jaya, is leaving SGX.

http://www.businesstimes.com.sg/companies-markets/jaya-holdings-to-delist-from-sgx-on-march-1

The 2nd company to delist from SGX after CWG in 2018.

Sigh!

https://sg-stock.blogspot.sg/2018/02/the-1st-delistment-cwg-in-2018.html

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	SATS	3.84	4.5	Buy
01/25/16	OCBC	SATS	3.92	3.78	Hold
02/03/16	UOB Kay Hian	SATS	4	4.5	Buy	DDM, PER21.5x
02/15/16	CIMB	SATS	3.84	3.98	Hold	DCF
02/15/16	Citigroup	SATS	3.84	4.61	Buy
02/15/16	DBS Vickers	SATS	3.84	3.65	Hold
02/15/16	DMG & Partners	SATS	3.84	3.7	Neutral	DCF
02/15/16	Kim Eng	SATS	3.84	3.82	Hold	PER18x FY17
02/15/16	OCBC	SATS	3.84	4	Hold	DDM
02/15/16	phillip	SATS	3.84	4.05	Accumulate	DCF
03/03/16	UOB Kay Hian	SATS	4	4.5	Buy
04/01/16	DMG & Partners	SATS	3.95	3.7	Neutral	DCF
04/01/16	UOB Kay Hian	SATS	3.95	4.5	Buy
04/07/16	OCBC	SATS	4.04	4	Hold
04/21/16	phillip	SATS	4.06	4.17	Accumulate	DCF
04/28/16	Credit Suisse	SATS	4	5	Outperform
04/29/16	CIMB	SATS	4.17	4.61	Add	DCF & PER19x CY17
05/23/16	Lim & Tan	SATS	4.45	0	Hold
05/24/16	CIMB	SATS	4.25	4.61	Add	DCF & PER19x CY17
05/24/16	Credit Suisse	SATS	4.25	5	Outperform
05/24/16	OCBC	SATS	4.25	4.2	Hold
05/24/16	phillip	SATS	4.25	4.17	Neutral	DCF, PER21.x FY17
05/24/16	UOB Kay Hian	SATS	4.25	4.2	Hold	DDM, Buy @ $3.60
05/27/16	DBS Vickers	SATS	4.17	4.18	Hold
05/31/16	Kim Eng	SATS	4.21	3.76	Sell	PER17x FY18, Cut from $3.86
06/06/16	Citigroup	SATS	4.1	4.61	Buy
06/13/16	Credit Suisse	SATS	4.05	5	Outperform
06/15/16	OCBC	SATS	4.09	4.2	Hold	DDM
06/28/16	DIR	SATS	4.1	4.66	Outperform	DCF, PER21x
07/13/16	Credit Suisse	SATS	4.35	5	Outperform
07/22/16	DIR	SATS	4.35	4.66	Outperform	DCF, PER21x
07/22/16	Kim Eng	SATS	4.35	3.76	Sell	PER17x FY18
07/22/16	OCBC	SATS	4.35	4.2	Hold	DDM
07/22/16	phillip	SATS	4.35	4.24	Neutral	DCF, PER20x FY17
07/22/16	UOB Kay Hian	SATS	4.35	4.45	Hold	DDM, Buy @ $4
07/25/16	CIMB	SATS	4.28	4.57	Add	DCF
07/25/16	DBS Vickers	SATS	4.28	4.64	Buy
07/25/16	Deutsche	SATS	4.28	5.29	Buy
08/24/16	Citigroup	SATS	4.83	5.5	Buy
08/24/16	Kim Eng	SATS	4.83	3.76	Sell
08/24/16	Lim & Tan	SATS	4.83	0	Hold
08/30/16	OCBC	SATS	4.9	4.7	Hold	DDM
08/31/16	CIMB	SATS	4.86	4.64	Hold	DCF, PER19x CY17
09/01/16	Credit Suisse	SATS	4.71	5	Outperform
09/02/16	UOB Kay Hian	SATS	4.65	4.45	Hold	Buy @ $4.20 or below
09/22/16	DIR	SATS	5.11	5.22	Hold	DCF
09/28/16	Deutsche	SATS	4.97	5.79	Buy
09/28/16	OCBC	SATS	4.97	4.7	Hold	Buy @ $4.40 or below
11/11/16	CIMB	SATS	4.74	4.95	Hold	DCF & PER19x CY19
11/11/16	Credit Suisse	SATS	4.74	4.9	Neutral
11/11/16	DIR	SATS	4.74	4.97	Hold	DCF
11/11/16	Kim Eng	SATS	4.74	3.76	Sell	PER17x FY18
11/11/16	Lim & Tan	SATS	4.74	0	Buy on weakness
11/11/16	OCBC	SATS	4.74	4.7	Hold	Buy @ $4.40 or below
11/11/16	phillip	SATS	4.74	4.48	Neutral	DCF, PER19.8x FY17
11/11/16	UOB Kay Hian	SATS	4.74	4.5	Hold	DDM, Buy @ $4.25
12/06/16	CIMB	SATS	4.89	4.95	Hold	DCF, PER19x CY18
12/07/16	Deutsche	SATS	4.8	5.79	Buy
12/08/16	Citigroup	SATS	4.75	5.5	Buy	PER21x FY18
01/11/17	UOB Kay Hian	SATS	4.94	4.5	Hold
01/20/17	DIR	SATS	5.19	4.97	Hold
02/02/17	Credit Suisse	SATS	5.26	4.9	Neutral
02/08/17	UOB Kay Hian	SATS	5.15	4.5	Hold
02/10/17	CIMB	SATS	4.98	5	Hold	DCF & PER19x CY19
02/10/17	DIR	SATS	4.98	4.93	Hold	DCF
02/10/17	Kim Eng	SATS	4.98	3.76	Sell	PER17x FY18
02/10/17	Lim & Tan	SATS	4.98	0	Hold
02/10/17	OCBC	SATS	4.98	4.7	Hold	Buy @ $4.40
02/10/17	phillip	SATS	4.98	4.73	Neutral	DCF
02/10/17	UOB Kay Hian	SATS	4.98	4.6	Hold	DDM, PER23x FY18, Buy @ $4.30
03/21/17	DIR	SATS	4.82	4.93	Hold	DCF
04/03/17	UOB Kay Hian	SATS	4.88	4.6	Hold
04/07/17	Credit Suisse	SATS	4.89	4.9	Neutral
05/03/17	UOB Kay Hian	SATS	5.12	4.6	Hold
05/18/17	CIMB	SATS	5.28	5.17	Hold	DCF & PER19x
05/22/17	CIMB	SATS	5.29	5.11	Hold	DCF & PER19x
05/22/17	Credit Suisse	SATS	5.29	4.65	Underperform
05/22/17	DIR	SATS	5.29	5	Hold	DCF
05/22/17	Kim Eng	SATS	5.29	4.9	Hold	PER17x
05/22/17	OCBC	SATS	5.29	5.12	Hold	DCF, Buy @ $4.7 or lower
05/22/17	phillip	SATS	5.29	5.08	Hold	DCF, PER23.2x FY18
05/22/17	UOB Kay Hian	SATS	5.29	5.05	Hold	DDM
06/06/17	UOB Kay Hian	SATS	5.22	5.05	Hold	Buy @ $4.75
06/16/17	OCBC	SATS	5.08	5.12	Hold	Buy @ $4.70 or lower
07/14/17	DIR	SATS	4.94	5	Hold	DCF
07/20/17	Credit Suisse	SATS	5.09	4.65	Underperform
07/24/17	Kim Eng	SATS	5.08	4.9	Hold	PER
07/24/17	DIR	SATS	5.08	5.05	Hold	DCF
07/24/17	phillip	SATS	5.08	5.08	Neutral	DCF, PER23.2x FY18
07/24/17	UOB Kay Hian	SATS	5.08	5.1	Hold	DDM
07/24/17	CIMB	SATS	5.08	5.11	Hold	DCF & PER19x
07/24/17	OCBC	SATS	5.08	5.05	Hold	DCF, Buy @ $4.7 or lower
07/24/17	Lim & Tan	SATS	5.08	5.09	Sell	Bloomberg consensus
08/02/17	DIR	SATS	4.85	5.05	Hold
08/02/17	UOB Kay Hian	SATS	4.85	5.4	Buy	DDM, PER23.5x FY18
08/22/17	Credit Suisse	SATS	4.83	4.6	Underperform
09/05/17	UOB Kay Hian	SATS	4.76	5.4	Buy	DDM, PER23.5x FY18
09/18/17	OCBC	SATS	4.74	5.05	Hold	Buy @ $4.70 or lower
09/25/17	DBS Vickers	SATS	4.65	5.02	Buy	DCF & PER21x FY18
09/25/17	CIMB	SATS	4.65	4.24	Reduce	PER18x CY19
09/26/17	DIR	SATS	4.57	5.19	Outperform	DCF
10/02/17	OCBC	SATS	4.61	5.05	Buy
10/04/17	UOB Kay Hian	SATS	4.66	5.4	Buy	PER23.5x FY18
11/01/17	DBS Vickers	SATS	4.7	5.02	Buy
11/02/17	UOB Kay Hian	SATS	4.75	5.4	Buy	PER23.5x FY18
11/10/17	UOB Kay Hian	SATS	4.71	6	Buy	DCF, PER24.6x FY18
11/10/17	OCBC	SATS	4.71	5.05	Buy
11/10/17	CIMB	SATS	4.71	4.81	Hold	PER20x CY18
11/10/17	phillip	SATS	4.71	5.24	Accumulate	DCF, PER23.2x FY18
11/13/17	Kim Eng	SATS	5.01	5.7	Buy	PER21x FY19/20
11/13/17	Credit Suisse	SATS	5.01	4.6	Neutral
12/04/17	UOB Kay Hian	SATS	5.24	6	Buy
12/20/17	CIMB	SATS	5.26	4.81	Hold
01/16/18	OCBC	SATS	5.78	5.5	Hold	Buy @ $5.05 or lower
02/14/18	Kim Eng	SATS	5.25	6.1	Buy	PER21x FY20
02/14/18	UOB Kay Hian	SATS	5.25	5.9	Buy	DCF, PER25.2x FY18
02/14/18	OCBC	SATS	5.25	5.5	Hold	Buy @ $5.05 or lower
02/14/18	CIMB	SATS	5.25	5.17	Hold	PER20x FY19
02/14/18	phillip	SATS	5.25	5.33	Neutral	DCF, PER23.3x FY18
02/14/18	DBS Vickers	SATS	5.25	5.67	Buy	DCF, PER22x FY19

Sarine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/16	Kim Eng	Sarine	1.55	1.29	Hold
01/07/16	Lim & Tan	Sarine	1.55	0	Sell
03/01/16	CIMB	Sarine	1.415	1.67	Add	PER12.5x
03/01/16	Kim Eng	Sarine	1.415	1.97	Buy	DCF
05/10/16	CIMB	Sarine	1.735	1.95	Add	PER15.3x CY17
05/10/16	Kim Eng	Sarine	1.735	1.94	Buy	DCF
07/08/16	Kim Eng	Sarine	1.7	1.94	Buy	DCF
08/10/16	CIMB	Sarine	1.795	1.95	Add	PER15.3x CY17
08/10/16	Kim Eng	Sarine	1.795	2.07	Buy	DCF
10/12/16	Kim Eng	Sarine	1.66	2.01	Buy	DCF
11/15/16	Kim Eng	Sarine	1.6	1.97	Buy	DCF
11/16/16	CIMB	Sarine	1.66	1.95	Add	PER15.3x FY18
02/28/17	CIMB	Sarine	1.9	1.95	Hold
05/15/17	CIMB	Sarine	1.915	1.96	Hold	PER15.3x CY18
02/06/18	CIMB	Sarine	1.05	1.56	Add	PER17.2x CY19
02/27/18	CIMB	Sarine	1.18	1.53	Add	PER17.2x CY19

Stock calls for 28 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/18	Phillip	APTV	0.575	0.62	Accumulate
02/28/18	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
02/28/18	DBS Vickers	Best World	1.44	1.79	Buy	PER17x FY18
02/28/18	CIMB	Best World	1.44	1.7	Add	PER14x CY19
02/28/18	DMG & Partners	Bumitama	0.745	0.85	Buy	PER12x FY18
02/28/18	DBS Vickers	Bumitama	0.745	0.94	Buy	DCF, PER14.5x FY18
02/28/18	Kim Eng	Bumitama	0.745	0.99	Buy	PER14x FY18
02/28/18	Credit Suisse	Bumitama	0.745	1	Outperform
02/28/18	UOB Kay Hian	Citic Envirotech	0.755	1.06	Buy	DCF, PER11.6x FY19
02/28/18	Kim Eng	Cityneon	1.1	1.55	Buy
02/28/18	DMG & Partners	Delfi	1.52	1.54	Neutral	DCF
02/28/18	DBS Vickers	First Resources	1.79	2.18	Buy	DCF, PER15.8x FY18
02/28/18	CIMB	First Resources	1.79	2.03	Add	PER15x CY19
02/28/18	Credit Suisse	First Resources	1.79	2.3	Neutral
02/28/18	CIMB	Golden Agri	0.36	0.31	Reduce	PER15x FY19
02/28/18	OCBC	Golden Agri	0.36	0.37	Hold
02/28/18	Credit Suisse	Golden Agri	0.36	0.35	Underperform
02/28/18	DBS Vickers	Hong Leong Finance	2.68	3.2	Buy	GGM, PB0.8x FY17
02/28/18	OCBC	Hotel Properties	3.78	4.74	Buy	RNAV
02/28/18	DMG & Partners	IHH Healthcare	2.05	2.36	Buy	DCF/SOP-based Ringgit $7 target price
02/28/18	Lim & Tan	ISDN	0.23	0	Take Profit
02/28/18	DBS Vickers	Raffles Medical	1.16	1	Fully Valued	Sum of parts, PER26x FY18
02/28/18	Kim Eng	UOL	8.52	10.4	Buy	RNAV (10% discount)
02/28/18	OCBC	UOL	8.52	10.63	Buy	RNAV
02/28/18	CIMB	UOL	8.52	9.67	Add	RNAV (20% discount)
02/28/18	Credit Suisse	UOL	8.52	10.8	Outperform

Wow! UN is so good at investigating chemical weapons and ballistic missiles now.

https://sg.news.yahoo.com/un-experts-north-korea-sent-banned-chemical-items-020946519.html

UN is accusing North Korea of exporting chemical weapons to Syria and ballistic missiles to Myanmar.

If UN was so good at investigation, then it should know about Iraq's non-existent of WMDs.  Why did UN allow US's unilateral invasion of Iraq then?

US proposes anti-dumping on China aluminium foil.

https://sg.finance.yahoo.com/news/us-rules-chinese-firms-sold-000054062.html

Raw materials from paper, chemical, metal and so forth are going to increase tremendously in prices because of trade wars and supply problems.

Global inflation will become a real threat in 2018.

China has created the world's first 5G mobile chip.

http://www.chinadaily.com.cn/cndy/2018-02/27/content_35745699.htm

China is at the forefront of mobile technology now with the world's first 5G mobile chip.  Huawei has the most advanced and fastest mobile phone now with this chip whilst the USA is still trying to develop its 5G network.

China imposes an anti-dumping measure on Singapore.

http://www.chinadaily.com.cn/a/201802/27/WS5a94f7dfa3106e7dcc13e5ee.html

I hope that there won't be more anti-dumping measures imposed on Singapore or else SG's economy will be greatly affected as SG will become less competitive.

Inflation will come fast and furious with so many anti-dumping measures.  Simultaneously, interest rates will also increase a few times this year as indicated by Jerome Powell's speech yesterday.

http://sg-stock.blogspot.sg/2018/02/us-bond-yields-will-continue-to-rise-in.html

Toilet and tissue paper prices are going to increase soon!

https://www.channelnewsasia.com/news/asiapacific/taiwan-toilet-paper-price-hike-consumers-shopping-empty-shelves-9993494

International paper prices are rising in the world.  This is a worldwide phenomenon as shown on the price charts in USA and International market.

Taiwan is having a toilet roll run now.

Sanli Env - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/14/17	SAC Advisors	Sanli Env	0.3	0.36	Buy
01/11/18	SAC Advisors	Sanli Env	0.295	0.36	Buy	PER15.9x FY18

Samudera - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/16	Amfrasers	Samudera	0.205	0.21	Hold	PER8x FY16
02/29/16	Amfrasers	Samudera	0.195	0.21	Hold	PER8x FY16
04/29/16	Amfrasers	Samudera	0.21	0.21	Hold	PER8x FY16
07/29/16	Amfrasers	Samudera	0.18	0.19	Hold	PER8x FY16
09/16/16	Amfrasers	Samudera	0.181	0.18	Hold	PB0.3x FY16
10/28/16	Amfrasers	Samudera	0.175	0.22	Buy	PB0.4x
04/26/17	Amfrasers	Samudera	0.189	0.26	Buy	PB0.4x
10/13/17	Amfrasers	Samudera	0.24	0.38	Buy	PB0.6x FY17

Stock calls for 27 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/18	Kim Eng	Best World	1.37	2.06	Buy
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
02/27/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
02/27/18	Kim Eng	First Resources	1.76	2.2	Buy	PER17x FY18
02/27/18	DMG & Partners	First Resources	1.76	1.75	Neutral	PER12x FY18
02/27/18	UOB Kay Hian	Hock Lian Seng	0.51	0.65	Buy
02/27/18	Credit Suisse	HRnetGroup	0.805	1.06	Outperform
02/27/18	DBS Vickers	HRnetGroup	0.805	0.97	Buy	PER15x FY18, Ex-cash
02/27/18	Phillip	Raffles Medical	1.1	1.32	Accumulate	DCF
02/27/18	UOB Kay Hian	Raffles Medical	1.1	1.32	Buy	DCF
02/27/18	OCBC	Raffles Medical	1.1	1.26	Buy	Sum of parts
02/27/18	Kim Eng	Raffles Medical	1.1	1.13	Hold	DCF
02/27/18	DMG & Partners	Raffles Medical	1.1	1.02	Neutral	DCF
02/27/18	CIMB	Sarine	1.18	1.53	Add	PER17.2x CY19
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold
02/27/18	DMG & Partners	ST Engineering	3.44	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF

Goldilocks is accusing Noble Group of inflating its derivative contracts.

http://www.businesstimes.com.sg/companies-markets/goldilocks-calls-nobles-profit-warning-figures-extremely-shocking

Goldilocks is regretting its Noble Group investment now because it is accusing Noble Group of inflating the derivatives contracts and forcing the existing shareholders to accept the debt restructuring plan.

Whatever it is, Noble Group is heading towards bankruptcy without any debt restructuring.

http://sg-stock.blogspot.sg/2018/02/noble-group-is-virutally-bankrupt-after.html

Sabana Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Sabana Reit	0.71	0.92	Buy
01/26/16	UOB Kay Hian	Sabana Reit	0.7	0.89	Buy
03/30/16	UOB Kay Hian	Sabana Reit	0.635	0.89	Buy
04/13/16	Kim Eng	Sabana Reit	0.645	0.89	Not Rated
04/19/16	UOB Kay Hian	Sabana Reit	0.66	0.84	Buy	DDM
01/23/17	phillip	Sabana Reit	0.375	0.51	Trading Buy	PB0.9x, Ex-rights 42 for 100 @ $0.258
03/06/17	phillip	Sabana Reit	0.43	0.54	Trading Buy	PB0.9x
05/11/17	phillip	Sabana Reit	0.455	0.54	Trading Buy	PB0.9X
08/08/17	phillip	Sabana Reit	0.49	0.57	Trading Buy	PB1x