Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Frasers Centrepoint Trust	1.9	2.22	Buy	DDM
01/09/17	DBS Vickers	Frasers Centrepoint Trust	1.97	2.29	Buy	DCF
01/12/17	HSBC	Frasers Centrepoint Trust	1.995	2.3	Buy
01/18/17	DIR	Frasers Centrepoint Trust	1.99	2.28	Outperform	DDM
01/23/17	CIMB	Frasers Centrepoint Trust	1.965	2.01	Add	DDM
01/23/17	DBS Vickers	Frasers Centrepoint Trust	1.965	2.2	Buy	DCF
01/23/17	Lim & Tan	Frasers Centrepoint Trust	1.965	0	Hold
01/23/17	OCBC	Frasers Centrepoint Trust	1.965	2.28	Buy
01/23/17	Phillip	Frasers Centrepoint Trust	1.965	2	Neutral	DDM
01/31/17	Credit Suisse	Frasers Centrepoint Trust	1.995	2.23	Outperform
03/06/17	OCBC	Frasers Centrepoint Trust	2.01	2.28	Buy
03/07/17	UOB Kay Hian	Frasers Centrepoint Trust	2.01	2.15	Hold
03/10/17	DMG & Partners	Frasers Centrepoint Trust	1.965	2.22	Buy
03/27/17	DIR	Frasers Centrepoint Trust	2.06	2.28	Outperform	DDM
04/07/17	DMG & Partners	Frasers Centrepoint Trust	2.06	2.22	Buy	DDM
04/11/17	UOB Kay Hian	Frasers Centrepoint Trust	2.07	2.15	Hold	DDM, Buy @ $1.90
04/18/17	DIR	Frasers Centrepoint Trust	2.09	2.28	Outperform
04/25/17	OCBC	Frasers Centrepoint Trust	2.12	2.28	Buy
04/26/17	CIMB	Frasers Centrepoint Trust	2.11	2.2	Add	DDM
04/26/17	DBS Vickers	Frasers Centrepoint Trust	2.11	2.2	Buy	DCF
04/26/17	DIR	Frasers Centrepoint Trust	2.11	2.31	Outperform	DDM
04/27/17	Lim & Tan	Frasers Centrepoint Trust	2.15	0	Hold
04/27/17	Phillip	Frasers Centrepoint Trust	2.15	2.04	Neutral	DDM
05/11/17	Amfrasers	Frasers Centrepoint Trust	2.01	2.1	Buy	DDM
05/25/17	UOB Kay Hian	Frasers Centrepoint Trust	2.08	2.26	Buy
05/30/17	DBS Vickers	Frasers Centrepoint Trust	2.08	2.2	Buy	DCF
06/05/17	OCBC	Frasers Centrepoint Trust	2.1	2.28	Buy
06/06/17	DIR	Frasers Centrepoint Trust	2.09	2.31	Outperform
06/14/17	Amfrasers	Frasers Centrepoint Trust	2.13	2.1	Hold
07/04/17	DMG & Partners	Frasers Centrepoint Trust	2.14	2.22	Buy
07/25/17	Lim & Tan	Frasers Centrepoint Trust	2.14	0	Buy
07/25/17	Phillip	Frasers Centrepoint Trust	2.14	2.14	Neutral	DDM, PB1.11x FY17
07/25/17	DIR	Frasers Centrepoint Trust	2.14	2.36	Outperform	DDM
07/25/17	Amfrasers	Frasers Centrepoint Trust	2.14	2.11	Hold	DDM
07/25/17	UOB Kay Hian	Frasers Centrepoint Trust	2.14	2.26	Buy	DDM
07/25/17	Credit Suisse	Frasers Centrepoint Trust	2.14	2.24	Outperform
07/25/17	CIMB	Frasers Centrepoint Trust	2.14	2.34	Add	DDM
07/25/17	OCBC	Frasers Centrepoint Trust	2.14	2.28	Buy
07/26/17	DBS Vickers	Frasers Centrepoint Trust	2.14	2.26	Buy
08/22/17	OCBC	Frasers Centrepoint Trust	2.11	2.28	Buy
09/13/17	Credit Suisse	Frasers Centrepoint Trust	2.15	2.27	Outperform
09/21/17	DMG & Partners	Frasers Centrepoint Trust	2.13	2.22	Buy
10/23/17	UOB Kay Hian	Frasers Centrepoint Trust	2.19	2.26	buy
10/25/17	Lim & Tan	Frasers Centrepoint Trust	2.24	0	Buy
10/26/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy	DDM
10/26/17	Phillip	Frasers Centrepoint Trust	2.21	2.14	Neutral	DDM
10/26/17	DMG & Partners	Frasers Centrepoint Trust	2.21	2.24	Neutral	DDM
10/26/17	UOB Kay Hian	Frasers Centrepoint Trust	2.21	2.43	Buy	DDM
10/26/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
10/26/17	DBS Vickers	Frasers Centrepoint Trust	2.21	2.37	Buy
10/26/17	Credit Suisse	Frasers Centrepoint Trust	2.21	2.26	Buy
11/30/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/01/17	UOB Kay Hian	Frasers Centrepoint Trust	2.22	2.43	Buy
12/14/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
12/14/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/18/17	DBS Vickers	Frasers Centrepoint Trust	2.2	2.37	Buy
12/19/17	DMG & Partners	Frasers Centrepoint Trust	2.2	2.24	Neutral
01/02/18	Kim Eng	Frasers Centrepoint Trust	2.24	2.45	Buy	DDM
01/05/18	DMG & Partners	Frasers Centrepoint Trust	2.29	2.24	Neutral
01/15/18	OCBC	Frasers Centrepoint Trust	2.26	2.4	Buy
01/24/18	Phillip	Frasers Centrepoint Trust	2.3	2.14	Neutral	DDM, PB1.06x
01/24/18	UOB Kay Hian	Frasers Centrepoint Trust	2.3	2.43	Buy	DDM
01/24/18	Credit Suisse	Frasers Centrepoint Trust	2.3	2.26	Neutral
01/24/18	OCBC	Frasers Centrepoint Trust	2.3	2.49	Buy
01/24/18	CIMB	Frasers Centrepoint Trust	2.3	2.41	Add	DDM
01/24/18	Lim & Tan	Frasers Centrepoint Trust	2.3	0	Buy
01/24/18	DBS Vickers	Frasers Centrepoint Trust	2.3	2.48	Buy
02/20/18	DBS Vickers	Frasers Centrepoint Trust	2.15	2.48	Buy
03/06/18	OCBC	Frasers Centrepoint Trust	2.18	2.49	Buy
04/12/18	Kim Eng	Frasers Centrepoint Trust	2.25	2.55	Buy
04/13/18	DBS Vickers	Frasers Centrepoint Trust	2.24	2.48	Buy
04/25/18	OCBC	Frasers Centrepoint Trust	2.22	2.49	Buy
04/26/18	Phillip	Frasers Centrepoint Trust	2.21	2.14	Neutral	DDM, PB1.06x
04/26/18	UOB Kay Hian	Frasers Centrepoint Trust	2.21	2.43	Buy	DDM
04/26/18	DBS Vickers	Frasers Centrepoint Trust	2.21	2.45	Buy
04/26/18	CIMB	Frasers Centrepoint Trust	2.21	2.41	Add	DDM
05/08/18	DBS Vickers	Frasers Centrepoint Trust	2.21	2.45	Buy
05/17/18	DMG & Partners	Frasers Centrepoint Trust	2.16	2.24	Neutral
05/23/18	OCBC	Frasers Centrepoint Trust	2.2	2.49	Buy
06/26/18	DBS Vickers	Frasers Centrepoint Trust	2.17	2.45	Buy
07/06/18	DBS Vickers	Frasers Centrepoint Trust	2.2	2.45	Buy
07/25/18	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy	DDM
07/25/18	UOB Kay Hian	Frasers Centrepoint Trust	2.27	2.32	Buy	DDM
07/25/18	OCBC	Frasers Centrepoint Trust	2.27	2.49	Buy
07/25/18	CIMB	Frasers Centrepoint Trust	2.27	2.41	Add	DDM
07/25/18	Lim & Tan	Frasers Centrepoint Trust	2.27	0	Hold
07/27/18	Phillip	Frasers Centrepoint Trust	2.24	2.15	Neutral	DDM, PB1.11x FY18
08/24/18	DBS Vickers	Frasers Centrepoint Trust	2.28	2.45	Buy
09/04/18	OCBC	Frasers Centrepoint Trust	2.27	2.49	Buy
09/05/18	CIMB	Frasers Centrepoint Trust	2.29	2.49	Add	DDM

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	UOB Kay Hian	Food Empire	0.565	0.78	Buy	PER19x FY17
03/02/17	UOB Kay Hian	Food Empire	0.57	0.78	Buy	PER19x FY17
04/03/17	UOB Kay Hian	Food Empire	0.58	0.78	Buy
04/11/17	DMG & Partners	Food Empire	0.575	0.76	Buy	PER18x FY17
05/03/17	UOB Kay Hian	Food Empire	0.54	0.78	Buy
05/12/17	DMG & Partners	Food Empire	0.58	0.85	Buy
05/16/17	DMG & Partners	Food Empire	0.655	0.95	Buy	PER18x FY17
05/16/17	UOB Kay Hian	Food Empire	0.655	0.9	Buy	PER19x FY17
08/14/17	UOB Kay Hian	Food Empire	0.67	0.87	Buy	PER19x FY17
08/14/17	DMG & Partners	Food Empire	0.67	0.95	Buy	PER18x FY17
11/10/17	DMG & Partners	Food Empire	0.66	1	Buy	PER18x FY18
12/19/17	DMG & Partners	Food Empire	0.655	1	Buy
01/04/18	DMG & Partners	Food Empire	0.705	1	Buy	PER12x FY18
02/20/18	DMG & Partners	Food Empire	0.67	1	Buy
03/02/18	DMG & Partners	Food Empire	0.7	1.07	Buy	PER18x FY18
05/14/18	DMG & Partners	Food Empire	0.67	1.07	Buy	PER18x FY18
06/22/18	DMG & Partners	Food Empire	0.65	1.07	Buy
08/15/18	DMG & Partners	Food Empire	0.56	0.6	Neutral	PER14x FY18

Stock calls for 3 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/18	UOB Kay Hian	CDL Hospitality	1.61	1.86	Buy
10/03/18	UOB Kay Hian	CSE Global	0.49	0.59	Buy
10/03/18	DMG & Partners	Dairy Farm	9.42	9.6	Buy
10/03/18	DBS Vickers	Hi-P	1	1.3	Buy	PER12x FY19
10/03/18	Macquarie	Keppel Corp	7.04	8.4	Outperform	Sum of parts
10/03/18	UOB Kay Hian	OCBC	11.31	13.68	Buy
10/03/18	UOB Kay Hian	Singtel	3.23	3.94	Buy
10/03/18	Tayrona Financial	TA Corp	0.24	0.35	Overweight
10/03/18	UOB Kay Hian	Valuetronics	0.7	0.96	Buy
10/03/18	OCBC	Wheelock Properties	2.1	2.1	Accept Offer
10/03/18	OCBC	Yangzijiang	1.26	1.32	Hold

IMF will cut global economic growth forecast next week.

https://www.publicfinanceinternational.org/news/2018/10/lagarde-hints-imf-set-cut-global-growth-forecast

This is an important event because the magnitude of the cut will send chills to the backbone of the economic growth engine.

If the forecast is revised down slightly, then it's a non-event but if the cut is more than expected, it will signal that the recession is coming.

A roundup of world economic growth.

https://finance.yahoo.com/news/calls-100-oil-back-apos-130219558.html

The oil prices will continue to race ahead because of sanctions against Iran and Venezuela.

The Europe and Asia including China are slowing down.

The US interest rates will continue to go up.

http://sg-stock.blogspot.com/2018/09/a-roundup-of-us-economic-situation.html

The US-China trade war will intensify no matter what because of Trump's "America First" policy.  Therefore, there will be more tariffs coming in the future to push up inflation around the globe.

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/17	Amfrasers	First Sponsor	1.37	1.62	Not Rated	RNAV (25% discount)
02/09/18	Lim & Tan	First Sponsor	1.41	0	Buy
07/24/18	DBS Vickers	First Sponsor	1.25	1.62	Buy

First Ship Lease Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/17	Amfrasers	First Ship Lease Trust	0.08	0.13	Buy	DCF
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF
01/17/18	Amfrasers	First Ship Lease Trust	0.093	0.15	Buy

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	First Resources	1.9	1.8	Neutral
01/11/17	CIMB	First Resources	1.915	2.32	Add
01/11/17	DBS Vickers	First Resources	1.915	1.9	Hold
01/11/17	Kim Eng	First Resources	1.915	1.97	Hold
01/31/17	UOB Kay Hian	First Resources	1.955	1.98	Buy
02/01/17	Kim Eng	First Resources	1.93	1.97	Hold
02/03/17	UOB Kay Hian	First Resources	1.935	2.15	Buy	PER17x FY17
02/06/17	DMG & Partners	First Resources	1.965	2	Hold	PER19x FY17
02/13/17	DBS Vickers	First Resources	1.97	1.9	Hold
02/17/17	DBS Vickers	First Resources	1.96	2.19	Buy
02/28/17	CIMB	First Resources	1.87	2.32	Add	PER13x FY18
03/01/17	DBS Vickers	First Resources	1.885	2.15	Buy	DCF
03/01/17	Kim Eng	First Resources	1.885	1.97	Hold	PER17x FY17
03/01/17	UOB Kay Hian	First Resources	1.885	2.15	Buy	PER17x FY17
03/09/17	DMG & Partners	First Resources	1.94	1.9	Neutral
04/11/17	DMG & Partners	First Resources	1.915	1.8	Neutral
05/02/17	UOB Kay Hian	First Resources	1.875	2.15	Buy	PER17x FY17
05/12/17	CIMB	First Resources	1.96	2.32	Add	PER13x FY18
05/12/17	Kim Eng	First Resources	1.96	1.97	Hold	PER17x FY17
05/15/17	DMG & Partners	First Resources	1.955	2.05	Neutral	PER17x FY17
05/16/17	DBS Vickers	First Resources	2	2.15	Buy	DCF
06/29/17	UOB Kay Hian	First Resources	1.915	1.95	Hold
07/11/17	DBS Vickers	First Resources	1.89	2.15	Buy
07/20/17	UOB Kay Hian	First Resources	1.885	1.95	Hold	PER16x FY18, Buy @ $1.75
08/14/17	Kim Eng	First Resources	1.84	1.97	Hold	PER17x FY17
08/14/17	DMG & Partners	First Resources	1.84	2.05	Neutral	PER17x FY17
08/15/17	CIMB	First Resources	1.84	2.32	Add	PER13x FY18
08/15/17	DBS Vickers	First Resources	1.84	2.13	Buy	DCF
08/21/17	UOB Kay Hian	First Resources	1.8	1.95	Hold
08/28/17	DIR	First Resources	1.905	2.11	Outperform	PER13x FY17/18
09/11/17	Kim Eng	First Resources	1.88	1.97	Hold
09/13/17	DBS Vickers	First Resources	1.885	2.13	Buy
10/09/17	UOB Kay Hian	First Resources	1.925	1.95	Hold	PER16x FY18, Buy @ $1.75
10/11/17	Kim Eng	First Resources	1.93	2.04	Hold	PER17x FY17
10/11/17	CIMB	First Resources	1.93	2.32	Add
11/02/17	Credit Suisse	First Resources	1.98	2.3	Neutral	PER16x FY18
11/03/17	CIMB	First Resources	1.96	2.32	Add
11/13/17	Kim Eng	First Resources	1.94	2.04	Hold	PER17x FY17
11/13/17	DBS Vickers	First Resources	1.94	2.13	Buy
11/14/17	Kim Eng	First Resources	1.95	2.04	Hold	PER17x FY17
11/14/17	DMG & Partners	First Resources	1.95	2.13	Neutral	PER13x FY18
11/14/17	CIMB	First Resources	1.95	2.13	Add	PER13x FY19
11/15/17	DBS Vickers	First Resources	1.93	2.18	Buy	DCF, PER14.5x FY18
11/15/17	UOB Kay Hian	First Resources	1.93	1.95	Hold	PER16x FY18, Buy @ $1.75
11/15/17	Credit Suisse	First Resources	1.93	2.3	Neutral
12/04/17	CIMB	First Resources	1.88	2.13	Add
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18
01/04/18	CIMB	First Resources	1.88	2.13	Add
01/15/18	DBS Vickers	First Resources	1.87	2.18	Buy
02/08/18	UOB Kay Hian	First Resources	1.84	1.95	Hold	PER16x FY18x, Buy @ $1.75
02/13/18	Kim Eng	First Resources	1.75	2.04	Hold
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
02/28/18	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
03/05/18	Kim Eng	First Resources	1.76	2.2	Buy
03/07/18	UOB Kay Hian	First Resources	1.76	1.95	Hold	PER16x FY18
03/14/18	DBS Vickers	First Resources	1.75	2.18	Buy
04/03/18	DBS Vickers	First Resources	1.68	2.18	Buy
05/07/18	UOB Kay Hian	First Resources	1.69	1.6	Hold	PER13x FY18, Buy @ $1.40
05/15/18	CIMB	First Resources	1.61	2.03	Add	PER15x CY19
05/15/18	DMG & Partners	First Resources	1.61	1.75	Neutral	PER12x FY18
05/16/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER12x FY18
05/16/18	DBS Vickers	First Resources	1.56	2.18	Buy
06/21/18	UOB Kay Hian	First Resources	1.55	1.6	Hold
07/03/18	DBS Vickers	First Resources	1.55	2	Buy	DCF
07/11/18	Kim Eng	First Resources	1.55	2	Buy
08/02/18	UOB Kay Hian	First Resources	1.62	1.6	Hold	PER13x FY18, Buy @ $1.40
08/14/18	Kim Eng	First Resources	1.56	2	Buy
08/14/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER11x FY19
08/14/18	CIMB	First Resources	1.56	2.03	Add	PER15x CY19
08/16/18	DBS Vickers	First Resources	1.59	2	Buy	DCF
09/13/18	Kim Eng	First Resources	1.67	2	Buy
09/13/18	DBS Vickers	First Resources	1.67	2	Buy

Stock calls for 2 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/18	Lim & Tan	A-Reit	2.63	0	Hold
10/02/18	DBS Vickers	CapitaCommercial	1.78	2.12	Buy
10/02/18	DMG & Partners	Capitaland	3.36	4	Neutral
10/02/18	CIMB	City Developments	9.05	10.89	Add
10/02/18	phillip	DBS	25.97	33.32	Buy
10/02/18	CIMB	Ho Bee	2.59	3	Add
10/02/18	Amfrasers	Keppel Corp	7.04	9.43	Buy	Sum of parts
10/02/18	DBS Vickers	Netlink	0.785	0.87	Buy
10/02/18	phillip	OCBC	11.45	14.9	Buy
10/02/18	DBS Vickers	Sembcorp Industries	3.07	3.9	Buy	Sum of parts (10% discount), PER19.2x FY18, PB1x FY18
10/02/18	CIMB	Sembcorp Industries	3.07	3.49	Add	Sum of parts
10/02/18	Amfrasers	Sheng Siong	1.13	1.24	Buy	DCF, PER25.1x FY18
10/02/18	NRA	TA Corp	0.24	0.35	Overweight	RNAV (33% discount)
10/02/18	Amfrasers	Thai Beverage	0.665	0.75	Buy	Sum of parts
10/02/18	phillip	UOB	27.05	33.69	Buy
10/02/18	CIMB	UOL	6.88	8.45	Add
10/02/18	UOB Kay Hian	Venture	18.52	18.2	Hold	PER14x FY18, Buy @ $16

AFP news media released very contradictory news about the South China Sea incident.

https://www.channelnewsasia.com/news/asia/us-warship-sails-near-south-china-sea-area-claimed-by-beijing-10774406

Quote:

There was no immediate reaction from China, but a similar US operation in July, involving the disputed Paracel islands, prompted a furious Beijing to deploy military vessels and fighter jets.

End Quote.

Then, AFP released another update on its previous news.

https://www.channelnewsasia.com/news/asia/chinese-destroyer-sailed-extremely-close-to-us-warship-us-10779226

AFP stated that there was no immediate reaction from China but the truth was that China sent its destroyer to the region to chase US warship out of the region.

This showed that AFP didn't verify the news from the China side and took the US gospel truth as the veracity of the incident.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/17	CIMB	First Reit	1.305	1.26	Hold
01/19/17	OCBC	First Reit	1.305	1.32	Hold
01/19/17	phillip	First Reit	1.305	1.32	Accumulate	DDM
03/16/17	OCBC	First Reit	1.285	1.32	Hold
04/18/17	CIMB	First Reit	1.345	1.36	Hold	DDM
04/18/17	OCBC	First Reit	1.345	1.32	Hold	Buy @ $1.25 or lower
04/18/17	phillip	First Reit	1.345	1.32	Hold	DDM
05/25/17	OCBC	First Reit	1.31	1.32	Hold
07/18/17	OCBC	First Reit	1.335	1.32	Hold
07/18/17	Lim & Tan	First Reit	1.335	0	Hold
07/19/17	phillip	First Reit	1.34	1.32	Neutral	DDM, PB1.22x FY17
07/19/17	CIMB	First Reit	1.34	1.36	Hold	DDM
08/17/17	OCBC	First Reit	1.33	1.38	Hold
10/03/17	OCBC	First Reit	1.335	1.38	Hold
10/05/17	Amfrasers	First Reit	1.36	1.38	Not Rated	DCF
10/20/17	phillip	First Reit	1.37	1.32	Neutral	DDM
10/24/17	OCBC	First Reit	1.38	1.44	Buy
10/25/17	CIMB	First Reit	1.38	1.39	Hold	DDM
12/11/17	OCBC	First Reit	1.39	1.44	Buy
01/18/18	Lim & Tan	First Reit	1.4	0	Hold
01/19/18	CIMB	First Reit	1.41	1.44	Hold	DDM
01/19/18	OCBC	First Reit	1.41	1.48	Buy
01/23/18	phillip	First Reit	1.42	1.32	Neutral	DDM
04/18/18	CIMB	First Reit	1.37	1.44	Hold	DDM
04/19/18	phillip	First Reit	1.37	1.31	Neutral	PB1.19x FY18
04/19/18	OCBC	First Reit	1.37	1.48	Buy
05/25/18	OCBC	First Reit	1.35	1.48	Buy
07/19/18	phillip	First Reit	1.32	1.31	Neutral	DDM, PB1.21x
07/19/18	OCBC	First Reit	1.32	1.34	Hold
07/19/18	CIMB	First Reit	1.32	1.41	Hold	DDM
09/19/18	phillip	First Reit	1.24	1.31	Neutral	DDM, PB1.12x FY18

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Far East Hospitality	0.6	0.62	Hold	DCF
02/23/17	CIMB	Far East Hospitality	0.595	0.57	Hold	DDM
02/23/17	OCBC	Far East Hospitality	0.595	0.6	Hold
02/24/17	DBS Vickers	Far East Hospitality	0.6	0.63	Hold	DCF
05/15/17	DBS Vickers	Far East Hospitality	0.6	0.66	Buy	DCF
05/15/17	OCBC	Far East Hospitality	0.6	0.6	Hold
06/15/17	CIMB	Far East Hospitality	0.65	0.63	Hold	DDM
06/16/17	DBS Vickers	Far East Hospitality	0.65	0.66	Buy
08/04/17	OCBC	Far East Hospitality	0.67	0.6	Hold
08/07/17	OCBC	Far East Hospitality	0.67	0.66	Hold
08/07/17	CIMB	Far East Hospitality	0.67	0.66	Hold	DDM
08/08/17	DBS Vickers	Far East Hospitality	0.67	0.7	Buy	DCF
09/04/17	CIMB	Far East Hospitality	0.66	0.66	Hold
11/03/17	OCBC	Far East Hospitality	0.715	0.65	Hold
11/03/17	CIMB	Far East Hospitality	0.715	0.69	Hold	DDM
11/03/17	DBS Vickers	Far East Hospitality	0.715	0.76	Buy	DCF
12/14/17	CIMB	Far East Hospitality	0.71	0.69	Hold	DDM
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/15/18	CIMB	Far East Hospitality	0.72	0.82	Add	DDM
02/19/18	OCBC	Far East Hospitality	0.715	0.75	Buy
03/09/18	OCBC	Far East Hospitality	0.72	0.75	Buy
04/10/18	CIMB	Far East Hospitality	0.68	0.79	Add	DDM
04/17/18	DBS Vickers	Far East Hospitality	0.68	0.76	Buy	DCF
04/27/18	OCBC	Far East Hospitality	0.675	0.735	Buy
06/08/18	CIMB	Far East Hospitality	0.66	0.79	Add
06/18/18	OCBC	Far East Hospitality	0.67	0.735	Buy
07/06/18	DBS Vickers	Far East Hospitality	0.625	0.76	Buy
07/10/18	OCBC	Far East Hospitality	0.62	0.735	Buy
07/30/18	OCBC	Far East Hospitality	0.68	0.675	Hold
08/01/18	CIMB	Far East Hospitality	0.69	0.79	Add	DDM
08/01/18	OCBC	Far East Hospitality	0.69	0.69	Hold
08/01/18	Lim & Tan	Far East Hospitality	0.69	0	Hold
08/01/18	DBS Vickers	Far East Hospitality	0.69	0.74	Buy	DCF
08/13/18	OCBC	Far East Hospitality	0.62	0.69	Buy
09/17/18	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	DBS Vickers	F & N	2.11	2.37	Hold	Sum of parts
02/10/17	phillip	F & N	2.12	1.8	Reduce	EV/Ebitda15x
03/24/17	DMG & Partners	F & N	2.22	2.76	Not Rated	Sum of parts
04/17/17	phillip	F & N	2.35	1.8	Reduce
05/09/17	DBS Vickers	F & N	2.4	2.37	Hold	Sum of parts
05/11/17	phillip	F & N	2.38	2.31	Neutral	Sum of parts
06/29/17	DBS Vickers	F & N	2.34	2.57	Hold	Sum of parts
08/10/17	DBS Vickers	F & N	2.44	2.57	Hold	Sum of parts, PER24.4x FY18
08/10/17	phillip	F & N	2.44	2.52	Neutral	Sum of parts
11/13/17	phillip	F & N	2.6	2.83	Accumulate	Sum of parts, PER27.1x FY18
12/04/17	phillip	F & N	2.58	2.83	Accumulate
02/13/18	phillip	F & N	2.39	2.83	Accumulate	Sum of parts, PER27.1x FY18
03/19/18	phillip	F & N	2.25	2.83	Buy
04/16/18	phillip	F & N	2.12	2.83	Buy
05/10/18	phillip	F & N	2.08	2.75	Buy	Sum of parts

Stock calls for 1 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/01/18	Kim Eng	A-Reit	2.64	3.05	Buy	DDM
10/01/18	OCBC	A-Reit	2.64	2.71	Hold
10/01/18	CIMB	Capitamall Trust	2.22	2.21	Hold
10/01/18	OCBC	Capitamall Trust	2.22	2.1	Hold
10/01/18	DBS Vickers	Mapletree Commercial	1.61	1.8	Buy	DCF
10/01/18	DBS Vickers	Mapletree North Asia	1.14	1.45	Buy	DCF
10/01/18	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	DCF
10/01/18	DBS Vickers	Mapletree Logistics	1.23	1.5	Buy
10/01/18	UOB Kay Hian	ST Engineering	3.56	4.06	Buy	EV/Invested capital & PER20.9x FY18
10/01/18	UOB Kay Hian	Starhub	1.87	2.1	Buy	DCF
10/01/18	DMG & Partners	UOB	27.08	33.3	Buy	GGM, PB1.45x FY19

JP Morgan sees an all out trade war between the US & China.

https://www.theedgesingapore.com/jpmorgan-sees-all-out-us-china-tariffs-lowers-yuan-call

We also share the same view as JP Morgan.

Why?

If Trump loses the November mid-term election, he will continue to impose more tariffs against China because he knows that he will only be a one-term president and cannot continue to do so beyond 2020.  Therefore, he will have no qualms to harden his anti-China stance.

If Trump wins the November mid-term election, he has proven that his actions are right and will continue to impose more tariffs against China because he has the Congress support.

Either way, he will just continue to force China to submit to the US no matter what.