Mahathir may delay the JB-SG MRT after the KL-SG HSR termination.

https://www.aseanbreakingnews.com/2018/06/jb-spore-rail-link-johor-needs-to-acquire-more-land/

Oh great! Malaysia has come up with a reason to delay the JB-SG MRT.  Land acquisition usually takes time and Malaysia is using this excuse to delay the JB-SG MRT construction.

Look like Mahathir has upped his ante against SG.

http://sg-stock.blogspot.com/2018/06/mahathir-is-trying-to-skin-singapore.html

Baltic dry index - 1341

Today, Friday, June 22 2018, the Baltic Dry Index decreased by 6 points, reaching 1341 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 - 1052

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. decreased by seven this week to 1,052.

At this time a year ago there were 941 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 862 rigs drilled for oil this week and 188 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, Alaska gained two rigs and Wyoming added one.

Louisiana lost four rigs and Oklahoma decreased by two. Colorado, North Dakota, Pennsylvania and Texas each lost one.

Arkansas, California, New Mexico, Ohio, Utah and West Virginia were unchanged.

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

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Lian Beng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/17	NRA	Lian Beng	0.705	1.08	Not Rated	RNAV (11.6% discount)
12/06/17	DBS Vickers	Lian Beng	0.715	0.85	Not Rated	RNAV (50% discount)
04/24/18	DBS Vickers	Lian Beng	0.625	0.85	Not Rated	Sum of parts

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/17	UOB Kay Hian	KSH	0.54	0.69	Buy	PB0.93x
02/13/17	OCBC	KSH	0.54	0.61	Buy
03/08/17	UOB Kay Hian	KSH	0.54	0.69	Buy
04/11/17	UOB Kay Hian	KSH	0.775	1.18	Buy	RNAV (50% discount)
04/12/17	Lim & Tan	KSH	0.78	0	Buy
05/30/17	OCBC	KSH	0.935	0.86	Hold
05/31/17	UOB Kay Hian	KSH	0.915	1.12	Buy	Sum of parts
08/14/17	Lim & Tan	KSH	0.73	0	Hold
09/27/17	OCBC	KSH	0.74	0.69	Hold
10/06/17	Lim & Tan	KSH	0.785	0	Buy
11/06/17	UOB Kay Hian	KSH	0.89	0.87	Hold	Sum of parts
11/13/17	Lim & Tan	KSH	0.86	0	Hold
11/15/17	OCBC	KSH	0.865	0.79	Hold
02/12/18	Lim & Tan	KSH	0.705	0	Hold
02/13/18	OCBC	KSH	0.695	0.79	Hold
02/22/18	UOB Kay Hian	KSH	0.76	1.08	Buy	Sum of parts
06/01/18	Lim & Tan	KSH	0.645	0	Hold
06/04/18	OCBC	KSH	0.635	0.98	Buy
06/07/18	UOB Kay Hian	KSH	0.65	1.04	Buy	Sum of parts

Stock calls for 22 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/18	DMG & Partners	Breadtalk	1	0.93	Neutral
06/22/18	UOB Kay Hian	CapitaCommercial	1.64	2.11	Buy	DDM
06/22/18	DMG & Partners	Dairy Farm	8.83	9.66	Buy
06/22/18	DMG & Partners	Food Empire	0.65	1.07	Buy
06/22/18	DMG & Partners	Japan Foods	0.5	0.63	Buy
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
06/22/18	DMG & Partners	Kimly	0.345	0.43	Buy
06/22/18	DMG & Partners	SGX	7.25	9	Buy	PER24x FY19
06/22/18	DMG & Partners	Sheng Siong	1	1.18	Buy
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
06/22/18	Kim Eng	Top Glove	3.81	4.4	Buy

Lee Hsien Yang has left CAAS!

https://www.channelnewsasia.com/news/singapore/edmund-cheng-to-replace-lee-hsien-yang-as-caas-chairman-10455184

I believe the deceased LKY wouldn't expect that his elder son LHL would go after his younger son LHY and his grandson.  He also wouldn't expect that his Lee family would break up like this.

Kimly - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/17	Lim & Tan	Kimly	0.25	0	Subscribe	IPO
03/13/17	Amfrasers	Kimly	0.25	0	Do not subscribe	No competitive advantage
05/17/17	UOB Kay Hian	Kimly	0.44	0.48	Hold	DCF
08/08/17	UOB Kay Hian	Kimly	0.375	0.46	Buy	DCF
12/07/17	UOB Kay Hian	Kimly	0.355	0.45	Buy	DCF, PER22.8x FY18
04/16/18	DMG & Partners	Kimly	0.34	0.43	Buy	DCF, PER22.8x FY18
05/09/18	DMG & Partners	Kimly	0.345	0.43	Buy	DCF, PER22.8x FY18

Kim Heng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	OCBC	Kim Heng	0.075	0.089	Hold	PB0.8x FY17

Stock calls for 21 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/18	UOB Kay Hian	Bumitama	0.65	0.8	Buy
06/21/18	UOB Kay Hian	First Resources	1.55	1.6	Hold
06/21/18	UOB Kay Hian	Golden Agri	0.33	0.26	Sell
06/21/18	OCBC	Mapletree Logistics	1.22	1.34	Buy
06/21/18	UOB Kay Hian	Wilmar	3.12	3.9	Buy

US pulls out of UN human rights council to have a free rein in immigration treatment.

https://www.bbc.com/news/44537372

https://edition.cnn.com/2018/06/18/us/texas-deputy-child-sex-assault-charge-trnd/index.html

The US government separates parents and kids and leave the kids to fend for themselves.  The kids are subjected to abuses and not given proper blankets.

If the US is still in the UN human rights council, it will have to abide by the human rights council rules.  What a perfect timing to pull out of the council!

Keppel T&T - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	Keppel T&T	1.715	2.53	Buy
01/26/17	CIMB	Keppel T&T	1.765	1.7	Hold	Sum of parts (20% discount)
01/26/17	UOB Kay Hian	Keppel T&T	1.765	2.51	Buy	Sum of parts
03/21/17	UOB Kay Hian	Keppel T&T	1.75	2.51	Buy
04/07/17	Lim & Tan	Keppel T&T	1.765	0	Buy
04/19/17	CIMB	Keppel T&T	1.755	1.73	Hold	Sum of parts (20% discount)
04/19/17	UOB Kay Hian	Keppel T&T	1.755	2.51	Buy	Sum of parts
05/17/17	UOB Kay Hian	Keppel T&T	1.745	2.51	Buy	Sum of parts
09/08/17	UOB Kay Hian	Keppel T&T	1.5	1.9	Buy	Sum of parts
10/02/17	UOB Kay Hian	Keppel T&T	1.49	1.9	Buy	Sum of parts
01/25/18	UOB Kay Hian	Keppel T&T	1.7	1.9	Buy	Sum of parts
04/18/18	UOB Kay Hian	Keppel T&T	1.57	1.75	Buy	PER30.1x FY19

Keppel Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Keppel Reit	1.05	1.23	Buy	DCF
01/09/17	Morgan Stanley	Keppel Reit	1.05	0.9	Underweight
01/11/17	Kim Eng	Keppel Reit	1.055	1.21	Buy
01/25/17	CIMB	Keppel Reit	1.045	1.03	Hold	DDM
01/25/17	Credit Suisse	Keppel Reit	1.045	0.97	Neutral
01/25/17	DIR	Keppel Reit	1.045	0.95	Underperform	DDM
01/25/17	DMG & Partners	Keppel Reit	1.045	0.99	Neutral	DDM
01/25/17	Kim Eng	Keppel Reit	1.045	1.18	Buy
01/25/17	Religare	Keppel Reit	1.045	1.02	Hold
01/25/17	UOB Kay Hian	Keppel Reit	1.045	1.21	Buy	DDM
02/07/17	DIR	Keppel Reit	1.19	0.92	Underperform	DDM
02/09/17	Credit Suisse	Keppel Reit	1.02	1	Neutral
02/17/17	JP Morgan	Keppel Reit	1.015	1.15	Overweight
02/28/17	Deutsche	Keppel Reit	1.025	1	Hold
03/07/17	UOB Kay Hian	Keppel Reit	1.02	1.21	Buy
03/10/17	DMG & Partners	Keppel Reit	1.01	0.99	Neutral
03/17/17	DBS Vickers	Keppel Reit	1.015	1.23	Buy
04/07/17	DMG & Partners	Keppel Reit	1.055	0.99	Neutral	DDM
04/11/17	UOB Kay Hian	Keppel Reit	1.055	1.21	Buy
04/18/17	DIR	Keppel Reit	1.055	0.92	Underperform	DDM
04/18/17	Kim Eng	Keppel Reit	1.055	1.18	Buy	Yield 5.25%
04/20/17	CIMB	Keppel Reit	1.07	1.09	Hold	DDM
04/21/17	DIR	Keppel Reit	1.05	0.94	Underperform	DDM
05/18/17	DBS Vickers	Keppel Reit	1.065	1.23	Buy
05/18/17	Deutsche	Keppel Reit	1.065	1.1	Hold
05/25/17	UOB Kay Hian	Keppel Reit	1.095	1.3	Buy
06/12/17	DBS Vickers	Keppel Reit	1.14	1.23	Buy
06/22/17	Deutsche	Keppel Reit	1.145	1.1	Hold
06/22/17	OCBC	Keppel Reit	1.145	1.23	Buy
07/03/17	DIR	Keppel Reit	1.145	0.98	Underperform	DDM
07/11/17	Kim Eng	Keppel Reit	1.15	1.18	Buy
07/12/17	DMG & Partners	Keppel Reit	1.16	0.99	Neutral
07/19/17	UOB Kay Hian	Keppel Reit	1.17	1.3	Buy	DDM
07/19/17	DMG & Partners	Keppel Reit	1.17	1.05	Neutral	DDM
07/19/17	Credit Suisse	Keppel Reit	1.17	0.97	Underperform
07/19/17	CIMB	Keppel Reit	1.17	1.16	Hold	DDM
07/19/17	Kim Eng	Keppel Reit	1.17	1.18	Hold
07/19/17	DBS Vickers	Keppel Reit	1.17	1.23	Buy	DCF
08/01/17	DBS Vickers	Keppel Reit	1.16	1.23	Buy
09/21/17	DMG & Partners	Keppel Reit	1.175	1.05	Neutral
09/25/17	Kim Eng	Keppel Reit	1.165	1.18	Hold
10/19/17	DMG & Partners	Keppel Reit	1.195	1.05	Neutral
10/19/17	DBS Vickers	Keppel Reit	1.195	1.28	Buy	DCF
10/19/17	DIR	Keppel Reit	1.195	0.98	Underperform	DDM
10/19/17	UOB Kay Hian	Keppel Reit	1.195	1.3	Buy	DDM
10/19/17	CIMB	Keppel Reit	1.195	1.2	Hold	DDM
11/03/17	Morgan Stanley	Keppel Reit	1.175	0.95	Underweight	Target Yield 6.5%
11/28/17	Macquarie	Keppel Reit	1.25	1.3	Outperform
12/01/17	UOB Kay Hian	Keppel Reit	1.26	1.43	Buy
12/18/17	DBS Vickers	Keppel Reit	1.25	1.39	Buy
12/18/17	Kim Eng	Keppel Reit	1.25	1.19	Hold	Target yield 5.25%, Up from $1.16
01/04/18	Deutsche	Keppel Reit	1.27	1.25	Hold
01/05/18	DMG & Partners	Keppel Reit	1.27	1.05	Neutral
01/24/18	Kim Eng	Keppel Reit	1.32	1.19	Hold
01/24/18	UOB Kay Hian	Keppel Reit	1.32	1.43	Buy	DDM
01/24/18	Credit Suisse	Keppel Reit	1.32	0.97	Underperform
01/24/18	CIMB	Keppel Reit	1.32	1.34	Hold	DDM
01/24/18	DBS Vickers	Keppel Reit	1.32	1.41	Buy	DCF
01/24/18	DMG & Partners	Keppel Reit	1.32	1.06	Sell	DDM
02/14/18	Deutsche	Keppel Reit	1.18	1.3	Buy
03/19/18	DBS Vickers	Keppel Reit	1.21	1.41	Buy
04/19/18	UOB Kay Hian	Keppel Reit	1.2	1.43	Buy	DDM
04/19/18	DBS Vickers	Keppel Reit	1.2	1.41	Buy
04/19/18	Lim & Tan	Keppel Reit	1.2	0	Hold
05/17/18	DMG & Partners	Keppel Reit	1.18	1.06	Sell

Stock calls for 20 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/20/18	Kim Eng	Bukit Sembawang	6.04	8.55	Buy
06/20/18	Kim Eng	Capitaland	3.31	4.1	Buy
06/20/18	CIMB	China Aviation Oil	1.52	2.03	Add	PER12.5x CY19
06/20/18	UOB Kay Hian	Citic Envirotech	0.56	1.06	Buy	DCF, PER11.6x FY19
06/20/18	DMG & Partners	Delfi	1.32	1.47	Buy	DCF
06/20/18	Kim Eng	Ho Bee	2.36	3.3	Buy
06/20/18	DBS Vickers	Parkway Life	2.58	3.15	Buy
06/20/18	Citi Research	Sasseur	0.76	0.92	Buy
06/20/18	DMG & Partners	Silverlake	0.52	0.65	Buy	DCF, PERf21x FY19
06/20/18	OCBC	Singtel	3.18	4.1	Buy	PER18.3x FY19
06/20/18	Lim & Tan	Top Glove	3.88	0	Hold
06/20/18	Kim Eng	UOL	7.5	10.85	Buy

Singapore casinos will face stiffer competitions in Asia now.

https://www.channelnewsasia.com/news/asia/japan-dreams-of-jackpot-with-legal-casinos-10450528

Asia countries are getting on with the gambling industry and are opening new casinos in their own countries.  This will definitely impact Singapore casinos because we're all going after the same pool of gamblers.

Bloomberg doesn't dare to calculate the cost of economic tariffs for USA.

https://www.bloombergquint.com/global-economics/2018/06/20/trump-s-tariffs-could-deliver-a-sizable-hit-to-china-s-economy

The bloomberg article doesn't mention anything about the US damages from the US-China trade war.  This is a one-sided article which seeks to extol the US economic clout.  In actual fact, the US suffers the same economic damages as China.  However, shaving a 0.5% from 6.8% (China) is different from shaving a 0.5% from 3% economic growth (US).

This is the reason for not reporting this differential in the bloomberg article.

Noble shares spike because of Goldilocks.

https://sg.finance.yahoo.com/news/noble-group-says-shareholders-receive-20-percent-equity-004521027--sector.html

Goldilocks agreed to the new restructuring and withdrew its lawsuit against Noble.  This is a great news for Noble.

North Korean Kim is back in China again!

https://sg.news.yahoo.com/china-says-north-korean-leader-kim-jong-un-022856010.html

This Kim visit is neither about returning the plane to China nor thanking China.  It is about getting support from China again.

Keppel KBS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Keppel KBS	0.905	0.95	Buy	DCF
04/19/18	DBS Vickers	Keppel KBS	0.885	0.95	Buy

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/17	DBS Vickers	Keppel Infrastructure	0.495	0.56	Buy	DCF
01/24/17	UOB Kay Hian	Keppel Infrastructure	0.495	0.54	Hold	Buy below $0.475
04/07/17	Credit Suisse	Keppel Infrastructure	0.525	0.57	Outperform
04/18/17	DBS Vickers	Keppel Infrastructure	0.53	0.56	Buy	DCF
07/19/17	Credit Suisse	Keppel Infrastructure	0.565	0.57	Neutral
07/19/17	DBS Vickers	Keppel Infrastructure	0.565	0.6	Buy	DDM
10/17/17	DBS Vickers	Keppel Infrastructure	0.55	0.6	Buy	DDM
01/23/18	UOB Kay Hian	Keppel Infrastructure	0.585	0.61	Buy
01/24/18	DBS Vickers	Keppel Infrastructure	0.58	0.6	Buy	DDM
04/18/18	DBS Vickers	Keppel Infrastructure	0.545	0.6	Buy	DDM

Stock calls for 19 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/18	DBS Vickers	AIMS AMP Cap Ind Reit	1.38	1.55	Buy	DCF
06/19/18	Kim Eng	City Developments	11.22	14.2	Buy
06/19/18	CIMB	City Developments	11.22	13.41	Add
06/19/18	Kim Eng	Guocoland	2.07	3	Buy
06/19/18	UOB Kay Hian	SIA	11.2	11.9	Hold	PB0.95x, Buy @ $10.9
06/19/18	DBS Vickers	Singtel	3.19	3.7	Buy	Sum of parts
06/19/18	Kim Eng	Singtel	3.19	3.57	Hold
06/19/18	OCBC	Starhill	0.66	0.65	Hold

Anti-Singapore sentiment is brewing in Malaysia after Mahathir became PM.

https://www.thestar.com.my/business/business-news/2018/06/19/guan-eng-lets-give-singapore-some-competition/

When the head of a nation is anti-Singapore, the rest of the ministers will follow.

US-China trade war is back! - Part 2

Trump has decided to impose a further 10% tariffs against $200b of China imports after the first salvo of $50b.

China will not back down but retaliate against the additional tariffs.  Trump has underestimated China's strong resolution and capabilities and this trade war will end very badly for the USA.

http://sg-stock.blogspot.com/2018/06/us-china-trade-war-is-back.html

Foreigners are dumping US treasuries!

https://www.cnbc.com/2018/06/18/russia-cuts-treasury-holdings-in-half-as-foreigners-start-losing-appetite-for-us-debt.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo

If the trend of dumping US treasuries continues, the US interest rates will need to rise sharply to retain current investors and attract new investors.

The foreigners are losing faith and confidence in the USA's resiliency.

It is a fact that the USA is unable to repay its national debt of US$21T and this awakening is starting to unfold now.

The KL-SG HSR is terminated officially but the Malaysia government doesn't want to admit it.

https://www.thestar.com.my/business/business-news/2018/06/18/hsr-alternative-for-only-rm20bil/

The Malaysian government said that the KL-SG HSR was postponed but not terminated in its latest statement.  If the KL-SG HSR is not terminated or scrapped, the project specifications will still be the same if this is executed in the future.  However, the Malaysian government is trying to propose a different system on its existing railway.  This is definitely not the same HSR system.

The Malaysian government is trying to avoid paying the $500m ringgit termination fee to SG by tweaking the project specifications.  What's the point for SG to build a HSR for 15km in SG whilst the Malaysian government is using a different system for its 335km?

http://sg-stock.blogspot.com/2018/06/mahathir-is-so-sly-and-flip-flop-to.html

I already knew Mahathir won't go easy on SG and would continue to skin SG alive.

Singapore NODX increased 15.5% in May 2018

http://www.xinhuanet.com/english/2018-06/18/c_137261824.htm

Year on year changes (YOY):

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

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%

http://sg-stock.blogspot.com/2018/05/singapore-nodx-increased-118-in-april.html

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	CIMB	Keppel DC Reit	1.23	1.18	Hold	DDM
01/09/17	DBS Vickers	Keppel DC Reit	1.23	1.33	Buy	DCF
01/09/17	Deutsche	Keppel DC Reit	1.23	1.2	Hold
01/24/17	CIMB	Keppel DC Reit	1.215	1.21	Hold	DDM
01/24/17	Lim & Tan	Keppel DC Reit	1.215	0	Hold
01/24/17	OCBC	Keppel DC Reit	1.215	1.39	Buy
01/25/17	Credit Suisse	Keppel DC Reit	1.205	1.31	Outperform
01/25/17	DBS Vickers	Keppel DC Reit	1.205	1.3	Buy	DCF
01/25/17	Phillip	Keppel DC Reit	1.205	1.15	Hold	DDM, PB1.21x FY17
02/17/17	JP Morgan	Keppel DC Reit	1.165	1.25	Overweight
02/20/17	Phillip	Keppel DC Reit	1.175	1.15	Neutral
02/28/17	Deutsche	Keppel DC Reit	1.165	1.2	Hold
03/01/17	CIMB	Keppel DC Reit	1.18	1.21	Add	DDM
03/06/17	OCBC	Keppel DC Reit	1.165	1.39	Buy
03/17/17	DBS Vickers	Keppel DC Reit	1.195	1.3	Buy
04/03/17	OCBC	Keppel DC Reit	1.2	1.39	Buy
04/07/17	Lim & Tan	Keppel DC Reit	1.215	0	Buy
04/18/17	CIMB	Keppel DC Reit	1.225	1.26	Add	DDM
04/18/17	Credit Suisse	Keppel DC Reit	1.225	1.31	Outperform
04/18/17	Lim & Tan	Keppel DC Reit	1.225	0	Hold
04/18/17	Phillip	Keppel DC Reit	1.225	1.15	Neutral	DDM
05/08/17	Phillip	Keppel DC Reit	1.24	1.15	Neutral
05/18/17	DBS Vickers	Keppel DC Reit	1.23	1.3	Buy
05/29/17	OCBC	Keppel DC Reit	1.28	1.39	Buy
06/22/17	Deutsche	Keppel DC Reit	1.26	1.2	Hold
07/18/17	Phillip	Keppel DC Reit	1.32	1.28	Hold	DDM, PB1.35x FY17
07/18/17	Credit Suisse	Keppel DC Reit	1.32	1.47	Outperform
07/18/17	OCBC	Keppel DC Reit	1.32	1.39	Buy	DDM
07/18/17	CIMB	Keppel DC Reit	1.32	1.28	Hold	DDM
07/19/17	DBS Vickers	Keppel DC Reit	1.33	1.4	Buy
08/18/17	Phillip	Keppel DC Reit	1.275	1.28	Neutral	DDM, PB1.35x FY17
08/22/17	OCBC	Keppel DC Reit	1.285	1.39	Buy
09/04/17	CIMB	Keppel DC Reit	1.285	1.28	Hold
09/13/17	DBS Vickers	Keppel DC Reit	1.295	1.44	Buy
09/14/17	Phillip	Keppel DC Reit	1.29	1.31	Neutral	DDM, PB1.37x FY17
09/14/17	Lim & Tan	Keppel DC Reit	1.29	0	Hold
09/26/17	CIMB	Keppel DC Reit	1.305	1.36	Add
10/17/17	Phillip	Keppel DC Reit	1.35	1.36	Neutral	DDM, PB1.42x FY17
10/17/17	OCBC	Keppel DC Reit	1.35	1.39	Buy
10/17/17	Lim & Tan	Keppel DC Reit	1.35	0	Hold
10/17/17	CIMB	Keppel DC Reit	1.35	1.37	Hold
10/19/17	DBS Vickers	Keppel DC Reit	1.345	1.44	Buy	DCF
11/20/17	OCBC	Keppel DC Reit	1.4	1.5	Buy	PB1.47x FY18
01/23/18	OCBC	Keppel DC Reit	1.47	1.51	Hold
01/23/18	Lim & Tan	Keppel DC Reit	1.47	0	Hold
01/23/18	CIMB	Keppel DC Reit	1.47	1.44	Hold
01/23/18	DBS Vickers	Keppel DC Reit	1.47	1.6	Buy	DCF
01/24/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
02/12/18	Phillip	Keppel DC Reit	1.34	1.47	Neutral	DDM
03/19/18	DBS Vickers	Keppel DC Reit	1.4	1.6	Buy
04/03/18	CIMB	Keppel DC Reit	1.43	1.52	Add	DDM
04/17/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
04/17/18	CIMB	Keppel DC Reit	1.46	1.47	Add	DDM
04/17/18	OCBC	Keppel DC Reit	1.46	1.5	Hold
04/17/18	DBS Vickers	Keppel DC Reit	1.46	1.6	Buy
04/17/18	Credit Suisse	Keppel DC Reit	1.46	1.56	Outperform
05/08/18	Phillip	Keppel DC Reit	1.43	1.51	Accumulate	DDM
05/08/18	Deutsche	Keppel DC Reit	1.43	1.3	Hold
05/08/18	Credit Suisse	Keppel DC Reit	1.43	1.56	Outperform
05/08/18	CIMB	Keppel DC Reit	1.43	1.49	Add	DDM
05/08/18	OCBC	Keppel DC Reit	1.43	1.54	Buy
05/21/18	Phillip	Keppel DC Reit	1.36	1.51	Accumulate