Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	Singapore Post	1.64	2.18	Buy
01/11/16	CIMB	Singapore Post	1.525	2.04	Add	DCF
01/20/16	UOB Kay Hian	Singapore Post	1.52	2.23	Buy	DCF
02/05/16	CIMB	Singapore Post	1.345	1.89	Add	DCF
02/05/16	OCBC	Singapore Post	1.345	1.37	Hold
02/05/16	UOB Kay Hian	Singapore Post	1.345	2.22	Buy	DCF
02/25/16	Lim & Tan	Singapore Post	1.445	0	Hold
03/11/16	CIMB	Singapore Post	1.6	1.89	Add	DCF
03/11/16	UBS	Singapore Post	1.6	1.7	Neutral
03/28/16	UOB Kay Hian	Singapore Post	1.65	2.22	Buy
04/04/16	OCBC	Singapore Post	1.61	1.37	Hold
04/05/16	Macquarie	Singapore Post	1.63	2.15	Outperform
04/05/16	UOB Kay Hian	Singapore Post	1.63	2.23	Buy	DCF
05/11/16	CIMB	Singapore Post	1.585	1.76	Add	DCF
05/11/16	OCBC	Singapore Post	1.585	1.56	Hold	DCF
05/11/16	UOB Kay Hian	Singapore Post	1.585	2.25	Buy	DCF
05/17/16	Macquarie	Singapore Post	1.57	2.15	Outperform
06/14/16	Kim Eng	Singapore Post	1.57	1.29	Sell	DCF, PER18x FY17
07/04/16	Deutsche	Singapore Post	1.495	1.85	Buy	Sum of parts (10% discount)
07/05/16	Lim & Tan	Singapore Post	1.53	0	Hold
07/07/16	CIMB	Singapore Post	1.53	1.49	Hold	DCF
07/15/16	Kim Eng	Singapore Post	1.57	1.29	Sell	DCF
07/25/16	UOB Kay Hian	Singapore Post	1.49	1.64	Hold	DCF, Buy @ $1.40
08/05/16	CIMB	Singapore Post	1.43	1.49	Hold	DCF
08/05/16	Kim Eng	Singapore Post	1.43	1.29	Sell	DCF
08/05/16	Lim & Tan	Singapore Post	1.43	0	Sell
08/05/16	UBS	Singapore Post	1.43	1.53	Neutral
08/05/16	UOB Kay Hian	Singapore Post	1.43	1.53	Hold	DCF, Buy @ $1.38
08/08/16	OCBC	Singapore Post	1.43	1.42	Hold
08/25/16	Macquarie	Singapore Post	1.375	1.75	Outperform	Sum of parts
09/16/16	UOB Kay Hian	Singapore Post	1.4	1.53	Hold
09/20/16	Kim Eng	Singapore Post	1.43	1.77	Buy
10/04/16	UOB Kay Hian	Singapore Post	1.47	1.77	Buy	Sum of parts
10/07/16	Nomura	Singapore Post	1.52	2.11	Buy
10/11/16	Kim Eng	Singapore Post	1.52	1.77	Buy	DCF
10/12/16	CIMB	Singapore Post	1.54	1.49	Hold	DCF
10/28/16	CIMB	Singapore Post	1.52	1.76	Add	DCF
10/28/16	Lim & Tan	Singapore Post	1.52	0	Buy
10/28/16	OCBC	Singapore Post	1.52	1.42	Hold
11/02/16	Kim Eng	Singapore Post	1.615	1.77	Buy	DCF
11/07/16	CIMB	Singapore Post	1.65	1.76	Add	DCF
11/07/16	Kim Eng	Singapore Post	1.65	1.75	Hold	DCF
11/07/16	OCBC	Singapore Post	1.65	1.47	Hold
11/07/16	UOB Kay Hian	Singapore Post	1.65	1.76	Hold	Sum of parts, Buy @ $1.55
12/06/16	CIMB	Singapore Post	1.47	1.76	Add	DCF
12/07/16	Deutsche	Singapore Post	1.465	1.85	Buy
12/30/16	UOB Kay Hian	Singapore Post	1.47	1.76	Hold	Sum of parts
01/11/17	Deutsche	Singapore Post	1.525	1.7	Buy	Sum of parts
02/10/17	CIMB	Singapore Post	1.475	1.76	Add	DCF
02/13/17	CIMB	Singapore Post	1.47	1.62	Add	DCF, PER21x
02/13/17	Kim Eng	Singapore Post	1.47	1.34	Hold
02/13/17	Lim & Tan	Singapore Post	1.47	0	Neutral
02/13/17	OCBC	Singapore Post	1.47	1.42	Hold
02/13/17	UOB Kay Hian	Singapore Post	1.47	1.46	Hold	Sum of parts, Buy @ $1.30
02/15/17	DBS Vickers	Singapore Post	1.375	1.31	Hold	DCF
03/07/17	OCBC	Singapore Post	1.38	1.39	Hold
03/16/17	UOB Kay Hian	Singapore Post	1.335	1.46	Hold	Sum of parts, Buy @ $1.30
03/24/17	Kim Eng	Singapore Post	1.325	1.34	Hold	DCF
04/20/17	OCBC	Singapore Post	1.365	1.39	Hold
05/09/17	UOB Kay Hian	Singapore Post	1.4	1.46	Hold	Sum of parts, Buy @ $1.30
05/15/17	CIMB	Singapore Post	1.39	1.42	Hold	DCF
05/15/17	OCBC	Singapore Post	1.39	1.2	Sell
05/15/17	UOB Kay Hian	Singapore Post	1.39	1.37	Hold	Sum of parts, Buy @ $1.25
05/16/17	DBS Vickers	Singapore Post	1.34	1.26	Hold	DCF
05/18/17	Lim & Tan	Singapore Post	1.31	0	Hold
06/15/17	OCBC	Singapore Post	1.28	1.2	Hold
07/18/17	UOB Kay Hian	Singapore Post	1.37	1.37	Hold	Buy @ $1.25
07/26/17	DBS Vickers	Singapore Post	1.335	1.26	Hold	DCF
08/07/17	OCBC	Singapore Post	1.32	1.22	Hold	DCF
08/07/17	UOB Kay Hian	Singapore Post	1.32	1.37	Hold	Sum of parts, Buy @ $1.25
08/07/17	CIMB	Singapore Post	1.32	1.35	Hold	DCF
08/07/17	Kim Eng	Singapore Post	1.32	1.22	Hold	DCF
08/07/17	DBS Vickers	Singapore Post	1.32	1.26	Hold	DCF
09/14/17	OCBC	Singapore Post	1.25	1.22	Hold
10/11/17	Kim Eng	Singapore Post	1.275	1.22	Hold	DCF
10/11/17	DBS Vickers	Singapore Post	1.275	1.26	Hold	DCF
11/15/17	Lim & Tan	Singapore Post	1.3	0	Hold
11/16/17	DBS Vickers	Singapore Post	1.28	1.23	Hold	DCF
11/16/17	Kim Eng	Singapore Post	1.28	1.5	Buy	DCF
11/16/17	UOB Kay Hian	Singapore Post	1.28	1.34	Hold	Sum of parts, Buy @ $1.20
11/16/17	CIMB	Singapore Post	1.28	1.28	Hold	DCF
11/16/17	OCBC	Singapore Post	1.28	1.26	Hold
11/20/17	Macquarie	Singapore Post	1.29	0	Underperform
12/04/17	DBS Vickers	Singapore Post	1.28	1.23	Hold
01/10/18	OCBC	Singapore Post	1.23	1.26	Hold
02/02/18	OCBC	Singapore Post	1.3	1.26	Hold
02/05/18	CIMB	Singapore Post	1.38	1.58	Add	DCF
02/05/18	UOB Kay Hian	Singapore Post	1.38	1.62	Buy	Sum of parts
02/05/18	Kim Eng	Singapore Post	1.38	1.5	Buy	DCF
02/05/18	DBS Vickers	Singapore Post	1.38	1.61	Buy	DCF
03/06/18	DBS Vickers	Singapore Post	1.33	1.61	Buy

Stock calls for 12 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/18	OCBC	Capitaland	3.6	4.26	Buy
03/12/18	phillip	Dairy Farm	8.03	9.83	Buy	Sum of parts
03/12/18	Lim & Tan	Dairy Farm	8.03	0	Hold	PER20x & 2.62% yield
03/12/18	DBS Vickers	Hongkong Land	7.02	8.53	Buy	RNAV (35% discount)
03/12/18	CIMB	Jubilee	0.037	0.051	Add
03/12/18	Kim Eng	Jumbo	0.55	0.7	Buy
03/12/18	Lim & Tan	Keppel Corp	7.73	0	Buy
03/12/18	Amfrasers	Keppel Corp	7.73	8.04	Buy
03/12/18	UOB Kay Hian	M1	1.79	1.84	Hold
03/12/18	UOB Kay Hian	Netlink	0.82	0.93	Buy
03/12/18	Kim Eng	ST Engineering	3.38	4.15	Buy	DCF
03/12/18	UOB Kay Hian	Starhub	2.47	2.7	Hold
03/12/18	OCBC	UOL	8.75	10.63	Buy

Baltic dry index - 1201

Today, Friday, March 09 2018, the Baltic Dry Index climbed by 4 points, reaching 1201 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 - 984

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by three this week to 984.

That exceeds the 768 rigs that were active this time a year ago.Houston oilfield services company Baker Hughes reported Friday that 796 rigs drilled for oil this week and 188 for gas.

Among major oil- and gas-producing states, Texas increased by seven rigs, North Dakota gained three and Colorado and Pennsylvania each increased by one.

Oklahoma decreased by four rigs, Alaska lost two rigs and Louisiana, New Mexico and Utah each decreased by one.

Arkansas, California, Ohio, West Virginia 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, Semborp Marine, Cosco.

Noble Group's bankruptcy is real and coming!

https://www.bloombergquint.com/markets/2018/03/09/noble-group-management-payouts-under-fire-from-major-shareholder

https://sg-stock.blogspot.sg/2018/03/top-management-plundered-noble-group.html

The top management plundered Noble by paying themselves $35m when they caused noble to lose $5B.

The existing shareholders especially the major shareholder don't trust the top management anymore.  This will result in a deadlock impasse and any debt restructuring plan will die in germination.  Without the debt restructuring plan, Noble will be bankrupt.

https://sg-stock.blogspot.sg/2018/03/nobles-bankruptcy-is-coming.html

Ramification will increase in ASEAN when an anti-China outsider is involved.

https://www.rappler.com/nation/197436-philippines-duterte-not-attending-asean-australia-summit-march-2018

Too many cooks spoil the broth!  How true it is!

ASEAN shouldn't allow any outsider to organize ASEAN-(Australia) Special Summit in Australia and put other issues in the ASEAN Summit.

Singapore, as ASEAN chairman in 2018, should know that Australia is anti-China and will create troubles for other ASEAN members who are pro-China.  SG has the power to warn Australia not to antagonize another ASEAN member but SG won't do it.  SG has to remember that Australia is not part of ASEAN.

Even if SG doesn't like the Philippines for taking over SG's role as ASEAN facilitator, SG cannot embarrass or make the Philippines looks bad internationally.  Nevertheless, SG was the one who gave the opportunity to the Philippines to be the ASEAN facilitator.

Duterte will definitely remember this "gift" from SG and it will be difficult to maintain a friendly relationship between SG and Philippines in ASEAN.

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

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

CPTPP is nothing compared to RCEP.

https://www.channelnewsasia.com/news/business/tpp-cptpp-trade-deal-signed-singapore-10025856

CPTPP statistics:
500m people
11 economies
US$10t output (13.5% of world GDP )

RCEP statistics:
3.5b people
16 economies
US$25t output (33.33% of world GDP)

Which one is a better deal? I believe the statistics will speak for themselves.

Singapore O&G - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	Singapore O&G	0.745	0.9	Buy
02/05/16	UOB Kay Hian	Singapore O&G	0.74	0.96	Buy	PER26.6x
03/28/16	UOB Kay Hian	Singapore O&G	0.765	0.96	Buy
06/14/16	UOB Kay Hian	Singapore O&G	0.8	1.01	Buy	PER24.4x FY17
06/17/16	phillip	Singapore O&G	0.82	1	Buy	PER28.2x FY16
07/05/16	DBS Vickers	Singapore O&G	0.915	1.05	Buy	DCF & PER26x
07/21/16	Amfrasers	Singapore O&G	0.975	0.89	Hold	PER23x FY16/17
08/15/16	DBS Vickers	Singapore O&G	1.23	1.5	Buy	DCF & PER30x
08/15/16	phillip	Singapore O&G	1.23	1.37	Accumulate	PER30x FY16
09/05/16	UOB Kay Hian	Singapore O&G	1.095	1.38	Buy	PER26x
09/06/16	UOB Kay Hian	Singapore O&G	1.15	1.43	Buy	PER27.9x FY17
10/12/16	DBS Vickers	Singapore O&G	1.24	1.5	Buy
11/22/16	DBS Vickers	Singapore O&G	1.17	1.5	Buy
12/23/16	DBS Vickers	Singapore O&G	1.15	1.5	Buy
01/13/17	DBS Vickers	Singapore O&G	1.185	1.5	Buy
02/17/17	DBS Vickers	Singapore O&G	1.305	1.6	Buy	DCF & PER30x FY17
02/17/17	UOB Kay Hian	Singapore O&G	1.305	1.48	Buy	PER30.7x
02/20/17	phillip	Singapore O&G	1.255	1.57	Buy	PER36.5x FY17
03/17/17	DBS Vickers	Singapore O&G	1.25	1.6	Buy
04/10/17	DBS Vickers	Singapore O&G	1.345	1.6	Buy
04/17/17	UOB Kay Hian	Singapore O&G	1.36	1.53	Buy	PER31.8x FY17
05/16/17	DBS Vickers	Singapore O&G	0.67	0.8	Buy	DCF & PER30x
05/16/17	phillip	Singapore O&G	0.67	0.79	Accumulate	PER36.5x FY17, Split 1 into 2
06/16/17	DBS Vickers	Singapore O&G	0.66	0.8	Buy
06/19/17	UOB Kay Hian	Singapore O&G	0.65	0.74	Buy
08/11/17	UOB Kay Hian	Singapore O&G	0.49	0.59	Buy	PER26.5x FY18
08/11/17	DBS Vickers	Singapore O&G	0.49	0.41	Fully Valued	PER20x FY17/18
08/14/17	phillip	Singapore O&G	0.475	0.65	Buy	PER29x
10/04/17	UOB Kay Hian	Singapore O&G	0.465	0.59	Buy	PER26.5x FY18
10/05/17	phillip	Singapore O&G	0.475	0.65	Buy	PER29x
10/16/17	UOB Kay Hian	Singapore O&G	0.52	0.62	Buy	PER27.9x FY18
11/09/17	DBS Vickers	Singapore O&G	0.535	0.52	Hold	PER25x FY18
11/09/17	UOB Kay Hian	Singapore O&G	0.535	0.59	Buy	PER27.1x FY18
11/09/17	phillip	Singapore O&G	0.535	0.62	Accumulate	PER29x
02/20/18	phillip	Singapore O&G	0.385	0.42	Accumulate	PER23.2x

Singapore Myanmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/07/16	DBS Vickers	Singapore Myanmar	0.58	0.76	Not Rated	PER18x FY19 & PEG0.3x
01/03/17	OCBC	Singapore Myanmar	0.58	0.97	Buy	PER16x FY19
02/09/17	OCBC	Singapore Myanmar	0.605	0.97	Buy
04/07/17	OCBC	Singapore Myanmar	0.525	0.97	Buy	PER16x FY19
05/31/17	OCBC	Singapore Myanmar	0.525	0.97	Buy	PER16x FY19
07/03/17	OCBC	Singapore Myanmar	0.555	0.97	Buy
11/16/17	OCBC	Singapore Myanmar	0.45	0.665	Buy	PER16x FY19

Stock calls for 9 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/18	DBS Vickers	City Developments	12.94	15.4	Buy	RNAV, PB1.2x
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/09/18	CIMB	Dairy Farm	8.21	8.4	Hold	PER21x CY19
03/09/18	OCBC	Far East Hospitality	0.72	0.75	Buy
03/09/18	CIMB	Hongkong Land	6.76	9.1	Add	RNAV (35% discount)
03/09/18	Lim & Tan	Hongkong Land	6.76	0	Buy
03/09/18	OCBC	Hotel Properties	3.77	4.74	Buy
03/09/18	UOB Kay Hian	SATS	5.03	5.9	Buy
03/09/18	UOB Kay Hian	SIA	11.01	11.9	Buy
03/09/18	UOB Kay Hian	SIA Engineering	3.25	4	Buy
03/09/18	UOB Kay Hian	ST Engineering	3.38	3.6	Hold
03/09/18	NRA	Tee Land	0.21	0.28	Overweight	Sum of parts

SGX shuts down its gold futures contract trading due to inactivity.

https://www.businesstimes.com.sg/companies-markets/sgx-axes-gold-futures-contract-as-trading-grinds-to-a-halt

SGX gold futures trading cannot compete with Shanghai Gold futures.

Shanghai Gold futures contract is gaining in popularity over time and Dubai has started to trade Shanghai Gold futures.

http://investmentwatchblog.com/dubai-gold-and-commodities-exchange-launches-dgcx-shanghai-gold-futures/

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/16	DMG & Partners	Singapore Medical	0.27	0.45	Buy	DCF
01/03/17	DMG & Partners	Singapore Medical	0.44	0.63	Buy	DCF, PER27x FY17
01/23/17	Kim Eng	Singapore Medical	0.465	0.59	Buy	PER27x FY17
02/17/17	DMG & Partners	Singapore Medical	0.56	0.59	Buy
03/01/17	DMG & Partners	Singapore Medical	0.585	0.65	Buy	DCF, PER27x FY18
03/01/17	Kim Eng	Singapore Medical	0.585	0.67	Buy	PER27x FY18
04/05/17	Kim Eng	Singapore Medical	0.565	0.67	Buy	PER27x FY18
04/21/17	Kim Eng	Singapore Medical	0.55	0.78	Buy	PER27x FY18
04/24/17	DMG & Partners	Singapore Medical	0.615	0.79	Buy	DCF, PER28x FY18
06/05/17	Kim Eng	Singapore Medical	0.605	0.78	Buy	PER27x FY18
08/16/17	Kim Eng	Singapore Medical	0.615	0.78	Buy	PER27x FY18
08/16/17	DMG & Partners	Singapore Medical	0.615	0.79	Buy	DCF, PER27x FY18
10/19/17	DMG & Partners	Singapore Medical	0.625	0.79	Buy	DCF, PER26.5x FY18
10/20/17	Kim Eng	Singapore Medical	0.615	0.78	Buy	PER27x FY18
11/13/17	DBS Vickers	Singapore Medical	0.6	0.75	Buy	PER25x FY18/19, PEG0.3x
11/30/17	Kim Eng	Singapore Medical	0.57	0.78	Buy
01/24/18	DMG & Partners	Singapore Medical	0.605	0.79	Buy
01/26/18	UOB Kay Hian	Singapore Medical	0.63	0.83	Buy	PER26.8x FY18, PEG0.3x
02/06/18	DMG & Partners	Singapore Medical	0.58	0.79	Buy	DCF, PER27x FY18
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/02/18	DBS Vickers	Singapore Medical	0.56	0.73
03/02/18	Kim Eng	Singapore Medical	0.56	0.7	Buy	PER27x FY18
03/02/18	DMG & Partners	Singapore Medical	0.56	0.68	Buy	DCF, PER26x FY18

Sing Investments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/24/17	phillip	Sing Investments	1.475	1.67	Accumulate	GGM, PB0.8x
08/04/17	phillip	Sing Investments	1.51	1.67	Accumulate	PB0.8x
10/26/17	phillip	Sing Investments	1.58	1.725	Accumulate	GGM, PB0.8x FY18

Stock calls for 8 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/18	CIMB	China Jinjiang	0.59	0.85	Add	DCF
03/08/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
03/08/18	OCBC	Golden Agri	0.36	0.37	Hold
03/08/18	UOB Kay Hian	OCBC	13.21	14.95	Buy	GGM, PB1.54x FY18
03/08/18	Kim Eng	SGX	7.44	8.73	Buy	PER23x FY19
03/08/18	OCBC	Wilmar	3.18	3.51	Buy

Cryptocurrency is very environmental-unfriendly.

https://www.telegraph.co.uk/news/2018/02/12/iceland-set-use-energy-mining-bitcoin-powering-homes/

Iceland's crypto miners will consume more electricity than the residents and Iceland's government is considering taxing crypto miners to keep the electricity's demand and cost low.

Cryptocurrency's technology, the blockchain, profligates a lot of electricity which can otherwise be put to a more productive use.  In a nutshell, a computer instance is replicated across many servers in the crypto network whenever a transaction occurs but only one server is able to verify and process the transaction successfully within a specific time period, thereby, causing huge electricity wastages in other unsuccessful servers.  This kind of methodology will cause electricity shortages for normal usages and electricity costs will start to increase over time for ordinary residents.

This is the primary reason for a crypto miner to house the mining servers or rigs in a low-cost energy country but the local residents will pay more for electricity because of crypto mining.

Sing Holdings - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/17	Amfrasers	Sing Holdings	0.39	0.54	Buy	RNAV (30% discount), PB0.83x FY16

Sinarmas Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/16	DMG & Partners	Sinarmas Land	0.435	0.95	Buy	Sum of parts (10% discount)
04/25/16	phillip	Sinarmas Land	0.5	0.79	Buy	Sum of parts
05/17/16	phillip	Sinarmas Land	0.43	0.74	Buy	Sum of parts
06/27/16	phillip	Sinarmas Land	0.455	0.74	Accumulate	Sum of parts
08/17/16	phillip	Sinarmas Land	0.48	0.72	Buy	RNAV (35% discount)
09/15/16	DMG & Partners	Sinarmas Land	0.485	0.91	Buy
11/17/16	phillip	Sinarmas Land	0.455	0.72	Buy	RNAV (35% discount)
03/03/17	phillip	Sinarmas Land	0.465	0.73	Buy	RNAV (35% discount)
05/17/17	phillip	Sinarmas Land	0.455	0.73	Buy	RNAV (35% discount)

Stock calls for 7 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/07/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
03/07/18	UOB Kay Hian	First Resources	1.76	1.95	Hold
03/07/18	Amfrasers	Frencken	0.63	0.72	Buy	PER12x FY18
03/07/18	UOB Kay Hian	Golden Agri	0.345	0.31	Hold
03/07/18	CIMB	Jadason	0.07	0.08	Add	PER12.34x FY19
03/07/18	CIMB	Memtech	1.54	1.76	Add	PER12x FY19
03/07/18	DBS Vickers	Sembcorp Industries	3.08	4.4	Buy	RNAV (10% discount), PB1.1x
03/07/18	UOB Kay Hian	Wilmar	3.16	4.1	Buy
03/07/18	OCBC	Yoma	0.42	0.51	Buy	Sum of parts
03/07/18	DBS Vickers	Yoma	0.42	0.75	Buy

Bitcoin is only worth $100, not $100,000 in the next decade!

https://sg.finance.yahoo.com/news/ex-imf-economist-bitcoin-could-033030879.html

Ex-IMF economist and Harvard professor put his reputation on the line by making a prediction that bitcoin would be worth only $100 in the next decade, not $100,000 as some had proclaimed.

We've also stated that bitcoin was a big financial scam in our previous postings.

OMG! Singapore transport fare is going up again!

https://sg.news.yahoo.com/cheap-public-transport-fares-popular-not-sustainable-khaw-boon-wan-023456207.html

This is definitely a tell-sign or precursory warning.

"Cheap public transport fare is popular but not sustainable" means that the government is going to increase the transport fare in the future.

Therefore, our GST and transport fare will increase under the helm of PAP.

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/16	Deloitte	Silverlake	0.6	0.66	Hold	DCF
01/07/16	DMG & Partners	Silverlake	0.6	0.75	Buy	PER17x FY16
01/22/16	UOB Kay Hian	Silverlake	0.535	0.66	Hold	DCF, Buy @ $0.53
02/15/16	CIMB	Silverlake	0.56	0.6	Hold	DCF
02/15/16	DMG & Partners	Silverlake	0.56	0.75	Buy	DCF, PER17x FY16
02/15/16	UOB Kay Hian	Silverlake	0.56	0.64	Hold	Sum of parts, Buy @ $0.51
03/31/16	UOB Kay Hian	Silverlake	0.62	0.64	Hold
05/13/16	CIMB	Silverlake	0.545	0.6	Add	DCF
05/13/16	DMG & Partners	Silverlake	0.545	0.68	Buy	DCF
06/03/16	DMG & Partners	Silverlake	0.51	0.68	Buy	DCF
07/05/16	DMG & Partners	Silverlake	0.525	0.68	Buy
08/29/16	CIMB	Silverlake	0.585	0.68	Add	DCF
08/29/16	DMG & Partners	Silverlake	0.585	0.77	Buy
11/14/16	CIMB	Silverlake	0.625	0.67	Add	DCF
11/14/16	DMG & Partners	Silverlake	0.625	0.77	Buy	DCF
02/16/17	CIMB	Silverlake	0.58	0.65	Add	DCF
02/16/17	DMG & Partners	Silverlake	0.58	0.7	Buy	DCF
05/17/17	CIMB	Silverlake	0.53	0.65	Add	DCF
05/17/17	DMG & Partners	Silverlake	0.53	0.65	Buy	DCF
06/02/17	CIMB	Silverlake	0.535	0.65	Add	DCF

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/16	Deutsche	SIIC	0.635	1.4	Buy
02/25/16	Credit Suisse	SIIC	0.68	1.5	Outperform
02/25/16	DMG & Partners	SIIC	0.68	1.26	Buy
03/03/16	Credit Suisse	SIIC	0.68	1.1	Outperform
04/28/16	DBS Vickers	SIIC	0.7	0.69	Hold
06/01/16	Credit Suisse	SIIC	0.65	0.9	Outperform
08/15/16	DMG & Partners	SIIC	0.595	1.26	Buy
08/16/16	DBS Vickers	SIIC	0.605	0.69	Buy	PER25x FY17
09/02/16	DBS Vickers	SIIC	0.59	0.69	Buy
10/19/16	DBS Vickers	SIIC	0.58	0.78	Buy
11/09/16	DMG & Partners	SIIC	0.635	1.13	Buy
12/07/16	Deutsche	SIIC	0.62	0.91	Buy
01/03/17	DMG & Partners	SIIC	0.59	1.13	Buy	DCF
01/17/17	DBS Vickers	SIIC	0.565	0.68	Buy	PER25x FY17
02/17/17	DMG & Partners	SIIC	0.58	0.96	Buy	DCF, PER20x FY17
04/26/17	DMG & Partners	SIIC	0.53	0.96	Buy
08/14/17	DMG & Partners	SIIC	0.465	0.82	Buy	DCF
08/15/17	DBS Vickers	SIIC	0.46	0.53	Hold	PER22x
10/11/17	DBS Vickers	SIIC	0.52	0.53	Hold	PER22x FY17
11/10/17	DMG & Partners	SIIC	0.515	0.54	Neutral	DCF
12/27/17	DBS Vickers	SIIC	0.515	0.53	Hold