Stock calls for 21 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/18	DIR	Capitaland	3.68	4.1	Outperform	RNAV (20% discount), Up from $4
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/21/18	UOB Kay Hian	Keppel Corp	7.77	9.1	Buy	Sum of parts

China may impose anti-dumping measures on US soybean and pork.

https://www.bloombergquint.com/china/2018/03/21/china-newspaper-calls-for-curbs-against-u-s-soybean-dumping

China may impose anti-dumping measures on US soybean and pork in retaliation for US unilateral tariffs imposition against China.

Like the USA, China is also not afraid of a trade war and will fight to protect its own interest.

Another bad news for Noble Group. The debt restructuring process will cost $100m.

https://finance.yahoo.com/news/cost-nobles-restructuring-likely-top-000102185.html

All the lawyers, investment banks and top management are profiteering from Noble's saga.

Noble is a goner when there are so many vultures plundering it.

Goldilocks, a major shareholder, has sued Noble group.

https://www.bloombergquint.com/markets/2018/03/20/noble-group-hit-by-lawsuit-from-top-shareholder-as-default-looms

Goldilocks has sued Noble for fraud by fudging its accounts.  Furthermore, S&P has downgraded Noble's rating.

http://www.businesstimes.com.sg/companies-markets/sp-downgrades-noble-rating-to-d

Tee Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	NRA	Tee Land	0.21	0.33	Overweight
08/23/16	NRA	Tee Land	0.194	0.325	Overweight	RNAV (40% discount)
10/04/16	NRA	Tee Land	0.199	0.335	Overweight	RNAV (40% discount)
01/20/17	NRA	Tee Land	0.195	0.29	Overweight
03/09/18	NRA	Tee Land	0.21	0.28	Overweight	Sum of parts

Tat Hong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/16/16	OCBC	Tat Hong	0.43	0.45	Hold	PB0.45x
03/16/16	OCBC	Tat Hong	0.635	0.45	Hold	PB0.45x
05/16/16	OCBC	Tat Hong	0.51	0.45	Hold
05/30/16	OCBC	Tat Hong	0.52	0.5	Hold	PB0.55x
06/20/16	OCBC	Tat Hong	0.54	0.5	Hold
07/05/16	OCBC	Tat Hong	0.57	0.5	Hold
07/13/16	OCBC	Tat Hong	0.56	0.55	Hold	PB0.6x
08/15/16	OCBC	Tat Hong	0.535	0.55	Hold
08/19/16	OCBC	Tat Hong	0.525	0.54	Hold	PB0.6x
09/19/16	OCBC	Tat Hong	0.485	0.49	Hold	PB0.55x
11/08/16	OCBC	Tat Hong	0.46	0.49	Hold	PB0.55x
11/16/16	OCBC	Tat Hong	0.39	0.4	Hold	PB0.5x
01/09/17	OCBC	Tat Hong	0.345	0.4	Hold
02/15/17	OCBC	Tat Hong	0.39	0.4	Hold
03/10/17	OCBC	Tat Hong	0.375	0.4	Hold
05/18/17	OCBC	Tat Hong	0.37	0.4	Hold
08/15/17	OCBC	Tat Hong	0.34	0.4	Hold
08/17/17	OCBC	Tat Hong	0.36	0.37	Hold

Stock calls for 20 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/18	DBS Vickers	APAC Realty	1.19	1.42	Buy	DCF & PER15x FY18
03/20/18	Kim Eng	Bukit Sembawang	6.03	8.55	Buy	RNAV (20% discount)
03/20/18	Kim Eng	Capitaland	3.67	4.1	Buy
03/20/18	DMG & Partners	China Aviation Oil	1.54	1.8	Buy	PER12.2x FY18, PEG1x FY18
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
03/20/18	Kim Eng	DBS	28.07	29.66	Hold
03/20/18	CIMB	Guocoland	2.11	2.88	Add	RNAV (25% discount)
03/20/18	Kim Eng	Guocoland	2.11	3	Buy	RNAV (20% discount)
03/20/18	DBS Vickers	IHH Healthcare	2.02	2.29	Buy	Ringgit $6.81 target
03/20/18	UOB Kay Hian	M1	1.79	1.6	Sell
03/20/18	Kim Eng	OCBC	13.18	14.83	Buy
03/20/18	DBS Vickers	Religare Health Trust	0.775	0.85	Hold
03/20/18	DBS Vickers	Roxy-Pacific	0.555	0.69	Buy	RNAV (30% discount)
03/20/18	UOB Kay Hian	Starhub	2.43	2.25	Sell
03/20/18	Kim Eng	UOB	28.1	31.08	Buy
03/20/18	Kim Eng	UOL	8.69	10.4	Buy
03/20/18	Lim & Tan	Yuuzoo	0.038	0	Sell/Avoid

Fund managers are starting to dump Noble Group shares.

https://www.businesstimes.com.sg/companies-markets/fund-managers-prudential-orbis-dispose-noble-shares

Fund managers have lost faith in Noble Group and have started to dump the shares.

It may be better to dump the Noble shares in the open market now than to have their stakes diluted to 15% after the debt restructuring if the plan is successful.  If the restructuring plan fails, then Noble will be heading into bankruptcy which will make the shares worthless.

This is the rationale behind the shares dumping because the fund managers are starting to lose hope.

The despicable USA is creating troubles again.

https://www.bloombergquint.com/business/2018/03/19/u-s-said-to-seek-alliance-against-china-in-tariff-relief-talks

We know the malicious intention of the US tariff now.

The tariff is just a pawn used to compel other countries to support the USA in exchange for tariff exclusions for any anti-China policies.

Like I said many times before, the USA is a bigger evil compared to China.

Bitcoin escapes unscathed from the G20 summit.

https://finance.yahoo.com/news/bitcoin-now-focus-shifts-g20-063351716.html

Bitcoin is lucky to escape unscathed from the G20 summit because G20 focuses on the US trade wars instead.

However, once the bigger issue (trade war) is resolved, the G20 will focus back on cryptocurrency.

USA national debt has just crossed US$21T.

https://www.cbsnews.com/news/under-donald-trump-national-debt-tops-21-trillion-for-first-time-ever/

The USA will find it increasingly difficult to fund its economic developments with credit financing because the recent bond sales have been underwhelming.  The USA is currently paying about US$200b in interest on a monthly basis.  How long do you think the USA is capable of paying its national debt dues?

The USA national debt is expected to top US$30T within the next decade.

Do you still have faith in the USA's economy?

How private car hiring businesses like Uber drove ordinary citizens into financial despair.

https://qz.com/1230993/the-reality-of-driving-for-ola-and-uber-in-india-debt-slashed-pay-multiple-jobs/?utm_source=YPL&yptr=yahoo

Ordinary people from developing countries were lured into the private car hiring industry with the promises of good pay and flexible working hours.  These people committed to car purchases because they didn't foresee that their future incentives would be cut by these companies.

These people get stuck now and their cars will be repossessed by the banks or finance companies, leaving them in great financial despairs.

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/29/16	CIMB	Talkmed	0.885	1.29	Add	DCF
05/18/16	CIMB	Talkmed	0.9	1.29	Add
08/05/16	CIMB	Talkmed	0.99	1.26	Add	DCF
11/14/16	CIMB	Talkmed	1.02	1.32	Add	DCF
02/23/17	CIMB	Talkmed	1.385	1.82	Add	DCF
02/28/17	DMG & Partners	Talkmed	1.43	2.07	Buy	DCF, PER32x FY17
03/06/17	CIMB	Talkmed	1.49	1.83	Add
04/26/17	DMG & Partners	Talkmed	1.775	2.07	Buy	DCF, PER30x FY18
04/27/17	CIMB	Talkmed	1.73	1.83	Hold	DCF
06/29/17	DMG & Partners	Talkmed	0.645	0.73	Buy	Ex-bonus 1 for 1
10/02/17	DMG & Partners	Talkmed	0.585	0.69	Buy
11/08/17	DMG & Partners	Talkmed	0.705	0.72	Neutral	PER29x FY18
01/08/18	CIMB	Talkmed	0.69	0.68	Hold	DCF
02/21/18	DMG & Partners	Talkmed	0.675	0.72	Neutral	DCF

SUTL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	UOB Kay Hian	SUTL	0.665	0	Buy
03/09/17	Amfrasers	SUTL	0.77	1.09	Buy	DCF, EV/Ebitda8.8x
05/12/17	Amfrasers	SUTL	0.9	1.09	Buy
08/25/17	Amfrasers	SUTL	0.735	1.04	Buy
10/11/17	Amfrasers	SUTL	0.69	1.04	Buy

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Suntec Reit	1.555	1.81	Buy
01/08/16	DBS Vickers	Suntec Reit	1.56	1.58	Hold
01/14/16	Kim Eng	Suntec Reit	1.55	1.33	Sell	Yield 7.25% FY16
01/26/16	Deutsche	Suntec Reit	1.52	1.45	Sell
01/27/16	CIMB	Suntec Reit	1.51	1.66	Hold	DDM
01/27/16	Credit Suisse	Suntec Reit	1.51	1.36	Underperform
01/27/16	DMG & Partners	Suntec Reit	1.51	1.31	Sell	DDM, PB0.61x FY15
01/27/16	Kim Eng	Suntec Reit	1.51	1.4	Sell	Yield 7.25% FY16
01/27/16	OCBC	Suntec Reit	1.51	1.51	Hold
01/28/16	DIR	Suntec Reit	1.53	1.48	Hold	DDM
02/02/16	DIR	Suntec Reit	1.53	1.47	Hold	DDM
02/25/16	Deutsche	Suntec Reit	1.65	1.45	Sell
02/25/16	JP Morgan	Suntec Reit	1.65	1.35	Underweight	Cut from $1.45
03/07/16	CIMB	Suntec Reit	1.71	1.66	Hold
03/14/16	DIR	Suntec Reit	1.67	1.49	Underperform	DDM
03/17/16	DMG & Partners	Suntec Reit	1.675	1.31	Sell
03/24/16	Deutsche	Suntec Reit	1.69	1.45	Sell
03/30/16	UOB Kay Hian	Suntec Reit	1.675	1.81	Buy
04/05/16	Deutsche	Suntec Reit	1.665	1.45	Sell
04/13/16	Kim Eng	Suntec Reit	1.665	1.56	Hold	Yield 6.5%
04/22/16	CIMB	Suntec Reit	1.745	1.67	Hold	DDM
04/22/16	DBS Vickers	Suntec Reit	1.745	1.58	Hold
04/22/16	DIR	Suntec Reit	1.745	1.51	Underperform	DDM
04/22/16	DMG & Partners	Suntec Reit	1.745	1.31	Sell	DDM
04/22/16	Lim & Tan	Suntec Reit	1.745	0	Hold
04/22/16	OCBC	Suntec Reit	1.745	1.51	Sell
04/27/16	UOB Kay Hian	Suntec Reit	1.7	1.81	Buy
05/17/16	Deutsche	Suntec Reit	1.64	1.45	Sell
05/17/16	Kim Eng	Suntec Reit	1.64	1.56	Hold
06/07/16	Credit Suisse	Suntec Reit	1.675	1.36	Underperform
06/23/16	JP Morgan	Suntec Reit	1.68	1.5	Underweight
06/23/16	Kim Eng	Suntec Reit	1.68	1.56	Hold
07/04/16	DMG & Partners	Suntec Reit	1.78	1.31	Sell
07/18/16	UOB Kay Hian	Suntec Reit	1.795	1.94	Hold
07/19/16	Credit Suisse	Suntec Reit	1.795	1.43	Underperform
07/22/16	CIMB	Suntec Reit	1.785	1.67	Reduce	DDM
07/22/16	DBS Vickers	Suntec Reit	1.785	1.7	Hold
07/22/16	DIR	Suntec Reit	1.785	1.53	Underperform	DDM
07/22/16	DMG & Partners	Suntec Reit	1.785	1.5	Sell
07/22/16	JP Morgan	Suntec Reit	1.785	1.6	Underweight
07/22/16	Kim Eng	Suntec Reit	1.785	1.69	Hold
07/22/16	OCBC	Suntec Reit	1.785	1.54	Sell
07/22/16	Religare	Suntec Reit	1.785	1.66	Hold
07/26/16	Deutsche	Suntec Reit	1.73	1.45	Sell
08/01/16	UOB Kay Hian	Suntec Reit	1.67	1.9	Hold	DDM
08/08/16	Deutsche	Suntec Reit	1.69	1.55	Sell
08/08/16	OCBC	Suntec Reit	1.69	1.54	Sell
08/10/16	CIMB	Suntec Reit	1.7	1.68	Hold	DDM
08/10/16	DBS Vickers	Suntec Reit	1.7	1.71	Hold
08/10/16	DMG & Partners	Suntec Reit	1.7	1.53	Neutral	DDM
08/30/16	DIR	Suntec Reit	1.68	1.54	Underperform	DDM
09/05/16	DBS Vickers	Suntec Reit	1.7	1.71	Hold
09/07/16	Credit Suisse	Suntec Reit	1.755	1.43	Underperform
09/09/16	Kim Eng	Suntec Reit	1.77	1.81	Hold
10/14/16	DIR	Suntec Reit	1.715	1.54	Underperform	DDM
10/21/16	CIMB	Suntec Reit	1.73	1.68	Hold	DDM
10/21/16	Credit Suisse	Suntec Reit	1.73	1.43	Underperform
10/21/16	DBS Vickers	Suntec Reit	1.73	1.71	Hold	DCF
10/21/16	Kim Eng	Suntec Reit	1.73	1.77	Hold	Yield 5.5%
10/21/16	OCBC	Suntec Reit	1.73	1.53	Sell
10/21/16	UOB Kay Hian	Suntec Reit	1.73	1.9	Hold	DDM
11/09/16	DBS Vickers	Suntec Reit	1.67	1.71	Hold
11/16/16	Deutsche	Suntec Reit	1.59	1.55	Sell
11/16/16	JP Morgan	Suntec Reit	1.59	1.55	Underweight
12/05/16	DMG & Partners	Suntec Reit	1.67	1.53	Neutral
12/06/16	Kim Eng	Suntec Reit	1.685	1.77	Hold
12/07/16	Deutsche	Suntec Reit	1.7	1.55	Sell
12/09/16	UOB Kay Hian	Suntec Reit	1.715	1.8	Hold
01/09/17	DBS Vickers	Suntec Reit	1.68	1.71	Hold	DCF
01/11/17	Kim Eng	Suntec Reit	1.72	1.77	Hold
01/25/17	OCBC	Suntec Reit	1.685	1.53	Sell
01/26/17	CIMB	Suntec Reit	1.695	1.55	Reduce	DDM
01/26/17	Credit Suisse	Suntec Reit	1.695	1.46	Underperform
01/26/17	DBS Vickers	Suntec Reit	1.695	1.75	Hold	DCF
01/26/17	DIR	Suntec Reit	1.695	1.46	Underperform	DDM
01/26/17	DMG & Partners	Suntec Reit	1.695	1.53	Neutral	DDM
01/26/17	OCBC	Suntec Reit	1.695	1.54	Hold	DDM
01/26/17	UOB Kay Hian	Suntec Reit	1.695	1.8	Hold	DDM
02/09/17	Credit Suisse	Suntec Reit	1.73	1.43	Underperform
02/17/17	JP Morgan	Suntec Reit	1.725	1.85	Neutral
02/28/17	Deutsche	Suntec Reit	1.71	1.6	Sell
03/07/17	UOB Kay Hian	Suntec Reit	1.74	1.8	Hold
03/10/17	DMG & Partners	Suntec Reit	1.73	1.53	Neutral
04/07/17	DMG & Partners	Suntec Reit	1.79	1.53	Neutral
04/11/17	UOB Kay Hian	Suntec Reit	1.79	1.8	Hold	DDM
04/18/17	DIR	Suntec Reit	1.75	1.46	Underperform
04/18/17	Kim Eng	Suntec Reit	1.75	1.76	Hold
04/27/17	DIR	Suntec Reit	1.755	1.5	Underperform	DDM
04/27/17	OCBC	Suntec Reit	1.755	1.68	Hold
05/25/17	Deutsche	Suntec Reit	1.8	1.7	Hold
05/25/17	UOB Kay Hian	Suntec Reit	1.8	1.9	Hold
06/22/17	Deutsche	Suntec Reit	1.84	1.7	Hold
07/11/17	Kim Eng	Suntec Reit	1.87	1.76	Hold
07/12/17	DMG & Partners	Suntec Reit	1.86	1.53	Neutral
07/26/17	UOB Kay Hian	Suntec Reit	1.93	1.9	Hold	DDM
07/27/17	CIMB	Suntec Reit	1.92	1.77	Reduce	DDM
07/27/17	DIR	Suntec Reit	1.92	1.63	Underperform	DDM
07/27/17	UOB Kay Hian	Suntec Reit	1.92	1.95	Hold	DDM
07/27/17	DMG & Partners	Suntec Reit	1.92	1.75	Neutral	DDM
07/27/17	OCBC	Suntec Reit	1.92	1.8	Hold
07/27/17	Kim Eng	Suntec Reit	1.92	1.8	Hold	Yield 5.5%
07/27/17	Religare	Suntec Reit	1.92	1.66	Hold
08/17/17	DBS Vickers	Suntec Reit	1.895	1.95	Hold	DCF
09/21/17	DMG & Partners	Suntec Reit	1.875	1.75	Neutral
09/25/17	Kim Eng	Suntec Reit	1.855	1.8	Hold
10/23/17	UOB Kay Hian	Suntec Reit	1.91	1.95	Hold
10/27/17	OCBC	Suntec Reit	1.93	1.8	Hold
10/30/17	UOB Kay Hian	Suntec Reit	1.93	2.05	Hold	DDM
10/30/17	CIMB	Suntec Reit	1.93	1.83	Reduce	DDM
10/30/17	DBS Vickers	Suntec Reit	1.93	1.95	Hold
11/20/17	DIR	Suntec Reit	1.97	1.63	Underperform	DDM
12/01/17	UOB Kay Hian	Suntec Reit	2.04	2.13	Hold
12/15/17	DBS Vickers	Suntec Reit	2.07	2.3	Buy	DCF
12/18/17	Kim Eng	Suntec Reit	2.12	1.89	Hold	Target yield 5.25%, Up from $1.84
01/04/18	Deutsche	Suntec Reit	2.14	2.05	Hold
01/05/18	DMG & Partners	Suntec Reit	2.17	1.75	Neutral
01/25/18	CIMB	Suntec Reit	2.15	2.17	Hold	DDM
01/25/18	DBS Vickers	Suntec Reit	2.15	2.3	Buy	DCF
01/25/18	OCBC	Suntec Reit	2.15	1.81	Sell
01/25/18	Kim Eng	Suntec Reit	2.15	1.91	Hold
01/26/18	UOB Kay Hian	Suntec Reit	2.14	2.13	Hold	DDM
02/20/18	DBS Vickers	Suntec Reit	1.97	2.3	Buy

Stock calls for 19 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/19/18	DBS Vickers	A-Reit	2.66	2.85	Buy
03/19/18	DBS Vickers	AIMS AMP Cap Ind Reit	1.38	1.57	Not Rated
03/19/18	DMG & Partners	Breadtalk	1.94	2	Take Profit	Sum of parts
03/19/18	DBS Vickers	CapitaRetail China	1.58	1.8	Buy
03/19/18	DBS Vickers	Cromwell Reit (EUR)	0.56	0.63	Buy
03/19/18	phillip	F & N	2.25	2.83	Buy
03/19/18	phillip	Geo Energy	0.225	0.47	Buy	PER10x
03/19/18	DBS Vickers	Keppel DC Reit	1.4	1.6	Buy
03/19/18	DBS Vickers	Keppel Reit	1.21	1.41	Buy
03/19/18	phillip	Old Chang Kee	0.76	0.98	Buy
03/19/18	DBS Vickers	OUE Commercial	0.715	0.73	Hold
03/19/18	phillip	Sheng Siong	0.945	1.13	Buy
03/19/18	UOB Kay Hian	Singapore Medical	0.51	0.74	Buy	PER25.8x FY18
03/19/18	DBS Vickers	Starhill	0.725	0.82	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy

Noble has defaulted on its bond coupon.

https://www.businesstimes.com.sg/stocks/hot-stock-noble-plunges-16-after-decision-not-to-pay-us379m-bond-due-tuesday

Noble is trying to play punk now by defaulting on its bond coupon payment and insisting that it won't repay any missed payment.

This shows that Noble is in a very serious financial situation and will collapse anytime soon.

India is trying to get cozy with China after getting spurned by the USA.

http://www.bbc.com/news/world-asia-india-19473365

India has decided to get cozy with China after getting spurned by the USA.

This is a complete change in stance by India because India has been so anti-China.  This joint-military exercise is a significant milestone for both countries.

http://sg-stock.blogspot.sg/2018/03/india-has-to-pay-much-higher-price-to.html

Look like India is starting to see the true colours of the USA.

Baltic dry index - 1143

Today, Friday, March 16 2018, the Baltic Dry Index decreased by 7 points, reaching 1143 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 - 990

HOUSTON, March 16 - The U.S. rig count added six this week, building on weeks of consistent but slow growth, according to weekly data collected by Baker Hughes released on Friday.

Houston oilfield services company Baker Hughes reported that the number of oil-seeking rigs increased by four this week, for a total of 800 active oil wells in the country -- a figure that is 169 more than this time last year.

The total number of oil and gas rigs now stands at 990, which is an addition of 201 rigs year on year.

The overall rig count, including oil and gas rigs, has sat below 1,000 since April 2015 when oil prices were collapsing.

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

Related stocks: Keppel Corp, Sembcorp Marine, Cosco.

Sunningdale - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/29/16	CIMB	Sunningdale	1.07	1.49	Add	PB0.8x CY16
08/04/16	CIMB	Sunningdale	1	1.44	Add	PB0.8x FY16
10/31/16	CIMB	Sunningdale	1.055	1.51	Add	PB0.8x FY17
11/18/16	CIMB	Sunningdale	1.09	1.51	Add
12/06/16	CIMB	Sunningdale	1.09	1.51	Add
02/28/17	CIMB	Sunningdale	1.285	1.56	Add
02/28/17	Lim & Tan	Sunningdale	1.285	0	Buy
03/06/17	UOB Kay Hian	Sunningdale	1.365	1.83	Buy
03/09/17	DBS Vickers	Sunningdale	1.445	1.64	Not Rated	PER10x FY17
04/07/17	UOB Kay Hian	Sunningdale	1.76	1.83	Hold	PER11x FY17, Buy @ $1.65
05/15/17	Lim & Tan	Sunningdale	1.84	0	Buy
05/15/17	UOB Kay Hian	Sunningdale	1.84	2.04	Buy
05/16/17	CIMB	Sunningdale	1.835	2.19	Add	PB1.11x FY17
05/25/17	DBS Vickers	Sunningdale	1.95	2.62	Buy	PER13x FY18
07/05/17	CIMB	Sunningdale	1.765	2.19	Add	PB1.11x FY17
07/28/17	Lim & Tan	Sunningdale	1.995	0	Buy
08/03/17	UOB Kay Hian	Sunningdale	2.05	2.51	Buy	PER11.4x FY18, PB1.34x FY16
08/03/17	DBS Vickers	Sunningdale	2.05	2.62	Buy	PER13x FY18
08/03/17	Lim & Tan	Sunningdale	2.05	0	Buy
08/04/17	CIMB	Sunningdale	2.15	2.19	Add	PB1.11x FY17
08/04/17	DBS Vickers	Sunningdale	2.15	2.7	Buy	PER13x FY18
10/02/17	DBS Vickers	Sunningdale	1.97	2.7	Buy	PER13x FY18
10/03/17	NRA	Sunningdale	2.02	2.73	Not Rated	PER13.46x
10/30/17	CIMB	Sunningdale	2.14	2.86	Add	PB1.36x FY18
11/09/17	CIMB	Sunningdale	2.25	2.79	Add	PB1.33x FY18
11/09/17	Lim & Tan	Sunningdale	2.25	0	Buy
11/10/17	UOB Kay Hian	Sunningdale	2.15	2.51	Buy	PER11.4x FY18
11/10/17	DBS Vickers	Sunningdale	2.15	2.7	Buy	PER13x FY18
12/06/17	DBS Vickers	Sunningdale	1.89	2.7	Buy
12/20/17	CIMB	Sunningdale	1.84	2.79	Add
01/10/18	CIMB	Sunningdale	1.92	2.79	Add
02/07/18	CIMB	Sunningdale	1.86	2.79	Add
02/23/18	CIMB	Sunningdale	1.93	2.82	Add
02/23/18	UOB Kay Hian	Sunningdale	1.93	2.51	Buy	PER11.4x FY18
02/23/18	DBS Vickers	Sunningdale	1.93	2.7	Buy	PER13x FY18
02/23/18	Lim & Tan	Sunningdale	1.93	0	Buy on weakness

Straits Trading - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/10/17	OCBC	Straits Trading	2.27	2.73	Buy
05/16/17	OCBC	Straits Trading	2.31	2.73	Buy

Stock calls for 16 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/16/18	phillip	Golden Energy	0.37	0.48	Buy	PER10x
03/16/18	UOB Kay Hian	Singapore Post	1.37	1.6	Buy	Sum of parts
03/16/18	Amfrasers	Uni-Asia	1.45	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18
03/16/18	CIMB	UOL	8.79	9.67	Add
03/16/18	OCBC	Yangzijiang	1.3	1.34	Hold	Sum of parts

Singapore NODX fell 5.9% in February 2018.

https://sg.finance.yahoo.com/news/nodx-slipped-5-9-february-034700646.html

Year on year changes (YOY):

February 2018: -5.9%

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%

Analysts attributed the fall in Feb NODX to the Lunar New Year holiday as exports to China plunged heavily.  However, the JAN & FEB 2017 NODX increased by 8.6% and 21.1% respectively.  Therefore, the FEB 2018 fall is not purely due to the CNY effect because CNY usually occurs in Jan or Feb.

What the NODX's trend is showing is that the Singapore economy is closely tied to China now.

https://sg-stock.blogspot.sg/2018/02/singapores-nodx-upped-13-yoy-in-january.html

The USA budget deficit widened to a 6-year high in February 2018 to USD$215b.

http://money.cnn.com/2018/03/12/news/economy/budget-deficit/index.html

https://tradingeconomics.com/united-states/government-budget-value

The USA budget deficit widened to a 6-year high in February 2018 to USD$215b.  This shows that the USA economy is based on credit financing and the USA has to keep issuing government bonds to fund its economy.  If the interest rates go up too fast, the USA will have a heavy burden to finance its national debt of more than US$20t.  If the USA has to borrow US$200b per month to finance its economic growth, it is subjecting itself to a very dicey situation because the recent bond sales are underwhelming.

What is this budget deficit?

We'll explain budget deficit in a simplified way.

First, there must be a fiscal deficit before the budget deficit.  Fiscal deficit happens when the government's revenue cannot meet its expenditure, resulting in a shortfall.  Then, the government has to borrow money to meet this cash shortfall and this is what we called a budget deficit.

When the revenue is equal to the expenditure, the budget is neutral (no surplus or deficit).

It is a big mistake to get Australia involved in ASEAN.

https://www.theguardian.com/world/2018/mar/15/australia-warned-against-dancing-with-dictators-at-asean-summit-in-sydney

When did Australia become the ASEAN policing authority for ASEAN?

It is really a big mistake to get Australia involved in ASEAN.  Singapore, as the chairman of ASEAN 2018, should stop Australia from pushing and imposing its own agenda and values on ASEAN.

Singapore is creating ramification in ASEAN when it doesn't take action against Australia.  Australia is provoking the ire of developing ASEAN countries and ASEAN will become a less effective and cohesive entity.

https://sg-stock.blogspot.sg/2018/03/ramification-will-increase-in-asean.html

India has to pay a much higher price to get cozy with the USA.

https://www.channelnewsasia.com/news/business/us-launches-wto-action-on-indian-export-subsidies-10044250

There is no free lunch in this world and India has to pay a high price to get cozy with the USA so that it can become part of the USA's allies to contain China.

Is it worth to pay for such a high price to become the USA's lackey?

http://sg-stock.blogspot.sg/2018/02/india-has-to-pay-high-price-to-be-usa.html