Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Singtel	3.65	4	Neutral	Sum of parts, EV/Ebita13x
01/03/17	UOB Kay Hian	Singtel	3.65	4.53	Buy
01/05/17	Credit Suisse	Singtel	3.67	4.5	Outperform
01/12/17	Deutsche	Singtel	3.79	4.45	Buy
01/17/17	DIR	Singtel	3.81	3.8	Hold	Sum of parts
01/23/17	DBS Vickers	Singtel	3.81	4.46	Buy	Sum of parts
02/01/17	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
02/09/17	Deutsche	Singtel	3.84	4.6	Buy
02/09/17	Lim & Tan	Singtel	3.84	0	Buy
02/09/17	OCBC	Singtel	3.84	4.27	Buy
02/10/17	CIMB	Singtel	3.88	4.1	Add	Sum of parts
02/10/17	Credit Suisse	Singtel	3.88	4.6	Outperform
02/10/17	DIR	Singtel	3.88	3.8	Hold	Sum of parts
02/10/17	DMG & Partners	Singtel	3.88	4	Neutral	Sum of parts, EV/Ebitda12.4x FY18
02/10/17	Kim Eng	Singtel	3.88	3.7	Hold	DCF
03/02/17	UOB Kay Hian	Singtel	3.95	4.53	Buy
03/13/17	Credit Suisse	Singtel	3.94	4.6	Outperform
03/17/17	OCBC	Singtel	3.95	4.25	Buy
03/20/17	DMG & Partners	Singtel	3.99	4	Buy
04/05/17	CIMB	Singtel	3.92	4.1	Add
04/05/17	Credit Suisse	Singtel	3.92	4.6	Outperform
04/05/17	DMG & Partners	Singtel	3.92	4	Neutral
04/05/17	Kim Eng	Singtel	3.92	3.72	Hold	DCF
04/05/17	OCBC	Singtel	3.92	4.25	Buy
04/13/17	Credit Suisse	Singtel	3.82	4.5	Outperform
04/13/17	Macquarie	Singtel	3.82	4.37	Outperform
05/19/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
05/19/17	Credit Suisse	Singtel	3.76	4.5	Outperform
05/19/17	DIR	Singtel	3.76	3.8	Hold	Sum of parts
05/19/17	DMG & Partners	Singtel	3.76	3.9	Neutral	Sum of parts
05/19/17	Kim Eng	Singtel	3.76	3.7	Hold	DCF
05/19/17	Macquarie	Singtel	3.76	4.32	Outperform
05/22/17	Lim & Tan	Singtel	3.73	0	Buy
06/05/17	Lim & Tan	Singtel	3.81	0	Buy
06/09/17	Credit Suisse	Singtel	3.76	4.5	Outperform
06/09/17	Deutsche	Singtel	3.76	4.6	Buy	Sum of parts
06/22/17	Macquarie	Singtel	3.77	4.3	Outperform
06/30/17	DMG & Partners	Singtel	3.88	3.9	Neutral
07/11/17	Lim & Tan	Singtel	3.9	0	Buy
07/14/17	Macquarie	Singtel	3.86	4.32	Outperform
07/28/17	Credit Suisse	Singtel	3.97	4.6	Outperform
08/02/17	DIR	Singtel	3.86	3.94	Hold	Sum of parts
08/11/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
08/11/17	Lim & Tan	Singtel	3.76	0	Buy
08/14/17	Credit Suisse	Singtel	3.75	4.6	Outperform
08/14/17	DMG & Partners	Singtel	3.75	3.9	Neutral	Sum of parts, EV/Ebita13.6x FY18
08/15/17	Macquarie	Singtel	3.77	4.32	Outperform
09/11/17	OCBC	Singtel	3.68	4.19	Buy
09/14/17	UOB Kay Hian	Singtel	3.67	4.53	Buy	DCF
09/14/17	Kim Eng	Singtel	3.67	3.83	Hold	Sum of parts
09/18/17	Credit Suisse	Singtel	3.67	4.6	Outperform
09/20/17	Deutsche	Singtel	3.68	4.4	Buy
09/25/17	CIMB	Singtel	3.68	4.1	Add
09/28/17	DIR	Singtel	3.71	3.94	Hold	Sum of parts
10/02/17	DBS Vickers	Singtel	3.68	4.3	Buy	Sum of parts
10/04/17	UOB Kay Hian	Singtel	3.68	4.53	Buy	DCF
10/26/17	Credit Suisse	Singtel	3.73	4.7	Outperform	Sum of parts
11/02/17	UOB Kay Hian	Singtel	3.75	4.53	Buy	DCF
11/09/17	Kim Eng	Singtel	3.78	3.87	Hold	Sum of parts
11/10/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
11/10/17	Credit Suisse	Singtel	3.76	4.7	Outperform
11/10/17	DMG & Partners	Singtel	3.76	4.1	Neutral	Sum of parts, PER16.6x FY18, EV/Ebitda15.1x FY18
11/10/17	OCBC	Singtel	3.76	4.19	Buy
11/10/17	DBS Vickers	Singtel	3.76	4.3	Buy	Sum of parts
11/16/17	Lim & Tan	Singtel	3.69	0	Buy
11/22/17	Macquarie	Singtel	3.69	4.32	Outperform
12/06/17	UOB Kay Hian	Singtel	3.75	4.53	Buy
12/20/17	CIMB	Singtel	3.61	4.1	Add
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy	Sum of parts
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/09/18	OCBC	Singtel	3.4	4.15	Buy
02/09/18	UOB Kay Hian	Singtel	3.4	4.4	Buy	DCF
02/09/18	CIMB	Singtel	3.4	4	Add
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy
03/14/18	Kim Eng	Singtel	3.41	3.69	Hold	Sum of parts
03/15/18	CIMB	Singtel	3.4	4	Add	Sum of parts
03/15/18	DMG & Partners	Singtel	3.4	4.1	Buy	Sum of parts
04/03/18	UOB Kay Hian	Singtel	3.39	4.4	Buy
04/03/18	Kim Eng	Singtel	3.39	3.69	Hold
04/16/18	UOB Kay Hian	Singtel	3.37	4.35	Buy
05/03/18	UOB Kay Hian	Singtel	3.5	4.35	Buy	DCF
05/04/18	Kim Eng	Singtel	3.52	3.69	Hold
05/07/18	DBS Vickers	Singtel	3.5	3.85	Buy	Sum of parts
05/17/18	Lim & Tan	Singtel	3.42	0	Buy
05/18/18	UOB Kay Hian	Singtel	3.44	4.22	Buy	DCF
05/18/18	DMG & Partners	Singtel	3.44	3.9	Buy	Sum of parts
05/18/18	CIMB	Singtel	3.44	3.9	Add	Sum of parts
05/18/18	OCBC	Singtel	3.44	4.1	Buy
05/18/18	Kim Eng	Singtel	3.44	3.57	Hold	Sum of parts
06/04/18	UOB Kay Hian	Singtel	3.25	4.22	Buy	DCF
06/05/18	DBS Vickers	Singtel	3.27	3.85	Buy
06/18/18	CIMB	Singtel	3.19	3.9	Add
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
06/20/18	OCBC	Singtel	3.18	4.1	Buy	PER18.3x FY19
06/27/18	DMG & Partners	Singtel	3.12	4.05	Buy
07/03/18	UOB Kay Hian	Singtel	3.05	4.22	Buy
08/10/18	OCBC	Singtel	3.2	4.08	Buy
08/10/18	UOB Kay Hian	Singtel	3.2	4.05	Buy	DCF
08/10/18	CIMB	Singtel	3.2	3.7	Add	Sum of parts
08/10/18	DBS Vickers	Singtel	3.2	3.7	Buy	Sum of parts
08/10/18	DMG & Partners	Singtel	3.2	3.7	Buy	Sum of parts
08/13/18	Lim & Tan	Singtel	3.14	0	Hold
08/20/18	UOB Kay Hian	Singtel	3.11	3.98	Buy	DCF
08/24/18	Kim Eng	Singtel	3.28	3.46	Hold	Sum of parts
09/03/18	DIR	Singtel	3.23	3.47	Outperform	Sum of parts
09/03/18	UOB Kay Hian	Singtel	3.23	3.98	Buy
09/25/18	UOB Kay Hian	Singtel	3.15	3.94	Buy	DCF
10/03/18	UOB Kay Hian	Singtel	3.23	3.94	Buy	DCF
10/11/18	DMG & Partners	Singtel	3.14	3.7	Buy
10/24/18	DBS Vickers	Singtel	3.13	3.64	Buy	Sum of parts
11/02/18	UOB Kay Hian	Singtel	3.18	3.94	Buy
11/02/18	DBS Vickers	Singtel	3.18	3.64	Buy	Sum of parts
11/07/18	CIMB	Singtel	3.17	3.7	Add	Sum of parts
11/09/18	DBS Vickers	Singtel	3.08	3.59	Buy	Sum of parts
11/09/18	UOB Kay Hian	Singtel	3.08	3.9	Buy	DCF
11/09/18	Kim Eng	Singtel	3.08	3.39	Hold	DCF
11/09/18	OCBC	Singtel	3.08	3.95	Buy
11/09/18	CIMB	Singtel	3.08	3.4	Add	Sum of parts
11/09/18	DMG & Partners	Singtel	3.08	3.22	Neutral
11/14/18	Macquarie	Singtel	3.03	3.14	Outperform
12/04/18	UOB Kay Hian	Singtel	3.09	3.9	Buy	DCF

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
03/16/18	UOB Kay Hian	Singapore Post	1.37	1.6	Buy	Sum of parts
04/02/18	Kim Eng	Singapore Post	1.37	1.5	Buy	DCF
04/24/18	UOB Kay Hian	Singapore Post	1.31	1.6	Buy	Sum of parts
05/14/18	UOB Kay Hian	Singapore Post	1.36	1.59	Buy	Sum of parts
05/14/18	Kim Eng	Singapore Post	1.36	1.5	Buy	DCF
05/14/18	CIMB	Singapore Post	1.36	1.59	Add	DCF
05/14/18	OCBC	Singapore Post	1.36	1.5	Buy
05/15/18	DBS Vickers	Singapore Post	1.37	1.55	Buy	DCF
06/04/18	UOB Kay Hian	Singapore Post	1.32	1.59	Buy
06/11/18	CIMB	Singapore Post	1.36	1.59	Add
07/02/18	Kim Eng	Singapore Post	1.26	1.5	Buy	DCF
07/06/18	DBS Vickers	Singapore Post	1.27	1.55	Buy	DCF
07/13/18	UOB Kay Hian	Singapore Post	1.3	1.59	Buy
08/03/18	OCBC	Singapore Post	1.23	1.53	Buy
08/06/18	DBS Vickers	Singapore Post	1.25	1.28	Hold	DCF
08/06/18	UOB Kay Hian	Singapore Post	1.25	1.45	Hold	Sum of parts, Buy @ $1.23
08/06/18	OCBC	Singapore Post	1.25	1.5	Buy
08/07/18	CIMB	Singapore Post	1.23	1.27	Hold	DCF
11/05/18	UOB Kay Hian	Singapore Post	1.03	1.04	Hold	Sum of parts, PER24x FY19, Buy @ $0.90
11/05/18	CIMB	Singapore Post	1.03	1.12	Hold	DCF, PER20.3x FY20
11/05/18	DBS Vickers	Singapore Post	1.03	1.04	Hold	DCF

Stock calls for 4 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/04/18	UOB Kay Hian	CSE Global	0.44	0.59	Buy
12/04/18	UOB Kay Hian	DBS	25.11	29.5	Buy
12/04/18	CIMB	EC World Reit	0.69	0.85	Not Rated	Consensus target price
12/04/18	UOB Kay Hian	Fu Yu	0.194	0.27	Buy
12/04/18	Amfrasers	Geo Energy	0.178	0.21	Hold	DCF
12/04/18	DBS Vickers	OCBC	11.6	13.2	Buy	GGM, PB1.3x FY19
12/04/18	UOB Kay Hian	OCBC	11.6	14.05	Buy
12/04/18	UOB Kay Hian	Singtel	3.09	3.9	Buy	DCF
12/04/18	DBS Vickers	UOB	25.98	29.5	Buy	GGM, PB1.3x FY19
12/04/18	UOB Kay Hian	Valuetronics	0.695	0.87	Buy

The heinous China! Read this fast before it is taken down.

https://www.boredpanda.com/award-winning-chinese-photographer-vanished-lu-guang-china-xinjiang/?utm_source=facebook&utm_medium=social&utm_campaign=BPFacebook&fbclid=IwAR0KxlZd3eCPuRFHMIYnFiZN8zBHOoH3nPXaieAHBS8d2eG2eenQv94PBbg

Economic growth under the guise of manufacturing is heinous because the poor is the one suffering.

The manufacturing sector should be well regulated to prevent environmental and bodily hazards.  No wonder China is moving away from being a low-cost manufacturing hub because this is simply unsustainable.

The US 3-year and 5-year yield curves have inverted!

The US 3-year and 5-year treasury's yield curves have inverted!

3-year yield is above 5-year yield now!

What does this mean?

This means that the investors have no confidence in the short-term US economic growth and the US has no money to repay its shorter-term debt which has resulted in the inverted yield curve.

Although the mainstream indicator is the 2-year and 10-year yield curves which have not inverted yet, these shorter-term inverted yield curves may be a harbinger of a recession looming in the future.

Please watch the yield curve closely.

A dead cat bounce for bitcoin - Part 2

https://sg.finance.yahoo.com/news/bitcoin-price-falls-3-900-084726188.html

We were right about the dead cat bounce.

Bitcoin prices couldn't sustain the short rally after rising above US$4,500 and this proved that the rise was due to the short-covering.  By right, the bitcoin prices would continue to rally because investors rushed in the buy at recent low prices.  However, the bitcoin prices fell again which showed that more investors took the opportunity to cash out.

http://sg-stock.blogspot.com/2018/12/a-dead-cat-bounce-for-bitcoin.html

Why are more investors ditching bitcoin investments now?  Read our previous post to find out more.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

Singapore O&G - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/15/18	phillip	Singapore O&G	0.38	0.42	Accumulate	PER23.2x
08/14/18	phillip	Singapore O&G	0.36	0.42	Accumulate	PER23.2x

Singapore Myanmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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	Buy
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
03/19/18	UOB Kay Hian	Singapore Medical	0.51	0.74	Buy	PER25.8x FY18
05/16/18	UOB Kay Hian	Singapore Medical	0.505	0.74	Buy	PER26.8x FY18
05/16/18	DMG & Partners	Singapore Medical	0.505	0.68	Buy	DCF
05/16/18	DBS Vickers	Singapore Medical	0.505	0.73	Buy	PER25x FY19
06/06/18	UOB Kay Hian	Singapore Medical	0.495	0.74	Buy
06/27/18	DMG & Partners	Singapore Medical	0.46	0.68	Buy
07/31/18	DMG & Partners	Singapore Medical	0.425	0.56	Buy	DCF, PER21.5x
08/15/18	DMG & Partners	Singapore Medical	0.43	0.56	Buy	DCF
08/16/18	UOB Kay Hian	Singapore Medical	0.425	0.74	Buy
11/07/18	UOB Kay Hian	Singapore Medical	0.4	0.74	Buy	PER22.2x FY19
11/08/18	DMG & Partners	Singapore Medical	0.41	0.56	Buy	DCF

Stock calls for 3 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/18	UOB Kay Hian	Capitaland	3.12	4.4	Buy	RNAV (20% discount)
12/03/18	OCBC	Frasers Centrepoint Trust	2.16	2.5	Buy
12/03/18	OCBC	Frasers Logistics	1.06	1.19	Buy
12/03/18	OCBC	Keppel DC Reit	1.36	1.48	Buy
12/03/18	DBS Vickers	Keppel Reit	1.15	1.41	Buy
12/03/18	DMG & Partners	Keppel Reit	1.15	1.06	Neutral
12/03/18	DMG & Partners	Kimly	0.255	0.27	Neutral	DCF
12/03/18	OCBC	Mapletree North Asia	1.13	1.34	Buy

The US-China truce has different interpretations.

https://sg.finance.yahoo.com/news/china-apos-descriptions-trump-xi-041500240.html

Look like the trade tension will escalate after 90 days because both sides have different interpretations of the truce.

Companies will not change their investment decisions based on a 90-day truce.  Therefore, nothing will change in the real business world.  The only thing that will change is the stock investors' behaviour but this will not affect the companies' earnings.  Fundamentally, it is a company's earnings that will affect or support the stock price.  Investors react positively to the truce but this is just a knee-jerk reaction as businesses will remain the same.

No trade deal between US and China in G20.

https://www.channelnewsasia.com/news/asia/china-us-donald-trump-xi-jinping-trade-tariffs-10988876

Nothing was achieved in the G20 between US and China.  Both sides are trying to act cordially in front of the media but fundamentally, nothing has changed.

The existing punitive tariffs are still in place but more ineffective on-going talks will continue.  There are huge gaping fundamental differences which are just impossible to resolve.  Furthermore, the US will continue to embark on smearing campaigns against China to achieve its aims of getting China to submit.  This is definitely a bad strategy to get China to a trade deal because China won't submit due to its nationalistic characteristic.

Nevertheless, the existing tariffs will contain the economic growth of both countries and this trade war will escalate in 2019.  Therefore, 2019 will be a bad year for the world.

India is slowing down!

https://www.channelnewsasia.com/news/business/india-economic-growth-slows-to-7-1-10985712

The Asian economies are slowing down!

http://sg-stock.blogspot.com/2018/11/malaysia-and-thailand-economies-are.html

Let's take a snapshot of Asian economies.

India - Slowdown
Japan - Slowdown
Hong Kong - Slowdown
Malaysia - Slowdown
Thailand - Slowdown
China - Slowdown

A dead cat bounce for bitcoin?

Yes, bitcoin is having a dead cat bounce because of short-covering.

Crypto proponents are still daydreaming that the financial institutions will get onto the crypto bandwagon and push up the crypto prices.  However, it won't happen because of the flawed structural design and bad economics of crypto.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

These financial institutions won't even use public blockchains but will develop their own private blockchains because of privacy and confidential issues.

As more people get educated about ICO & Crypto, the interest in these flawed products will decline, just like the way CDOs are abandoned.

US-China trade talk in G20 will likely break down.

https://sg.news.yahoo.com/two-u-navy-ships-pass-taiwan-strait-opposing-004012430.html

Trump and Putin talk had been cancelled in G20.

Trump and Xi trade talk will break down too in G20 because US naval ships sail in a sensitive area prior to the talk.

What purpose does this serve? Nothing!

Baltic dry index - 1231

Today, Friday, November 30 2018, the Baltic Dry Index decreased by 50 points, reaching 1231 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.

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Related stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 1076

The US drilling rig count is down 3 units to 1,076 rigs working for the week ended Nov. 30, according to Baker Hughes data. The count is up 147 units from the 929 rigs working this time a year ago.

At 1,051 rigs working, one less unit is drilling on land week-over-week. Offshore units are down by 2 to reach 23 rigs working, while those drilling in inland waters remain unchanged at 2 rigs working for the week.

US oil-directed rigs are up 2 units from last week to 887 units working, and up from the 749 rigs drilling for oil this week a year ago. Gas-directed rigs are down 5 units at 189, and up from the 180 units drilling for gas a year ago.

Among the major oil and gas-producing states, only four saw an increase in rigs week over week. Wyoming saw a 2-rig increase to 30, while Oklahoma, 145; Alaska, 6; and Utah, 5; each added a single unit.

Six states are unchanged this week: New Mexico, 108; North Dakota, 52; Pennsylvania, 46; Ohio, 16; California, 15; and Kansas, 0.

The largest decrease comes from Louisiana where a 4-unit drop brought the total number of rigs running to 65. West Virginia dropped 2 units to reach 11 rigs. With a one-rig decrease, Texas stands at 531 rigs working for the week, while Colorado’s single-rig drop brings the total to 33 rigs running.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco