OMG! Noble cannot relist on SGX!

https://www.businesstimes.com.sg/companies-markets/singapore-regulators-wont-let-noble-re-list-citing-potentially-inflated-assets

This means that the restructuring deal has hit an impasse and there is real fraud in Noble because there are inflated assets in Noble.

Goodbye Noble!

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/17	OCBC	ST Engineering	3.3	3.2	Hold
01/03/17	UOB Kay Hian	ST Engineering	3.23	3.42	Buy
01/05/17	Credit Suisse	ST Engineering	3.3	4	Outperform
01/13/17	DBS Vickers	ST Engineering	3.34	3.5	Buy
01/19/17	Lim & Tan	ST Engineering	3.41	0	Buy
02/08/17	UOB Kay Hian	ST Engineering	3.37	3.42	Buy
02/10/17	CIMB	ST Engineering	3.36	3.75	Add	DCF & PER22x CY18
02/10/17	Credit Suisse	ST Engineering	3.36	4	Outperform
02/17/17	CIMB	ST Engineering	3.4	3.82	Add	DCF & PER22x
02/17/17	Lim & Tan	ST Engineering	3.4	0	Buy
02/17/17	OCBC	ST Engineering	3.4	3.2	Hold
02/17/17	UOB Kay Hian	ST Engineering	3.4	3.7	Buy	DDM, PER21x
03/13/17	Credit Suisse	ST Engineering	3.66	4	Outperform
03/21/17	UOB Kay Hian	ST Engineering	3.68	3.7	Buy
03/24/17	Kim Eng	ST Engineering	3.64	3.17	Hold	PER18x FY17
04/04/17	DBS Vickers	ST Engineering	3.65	3.8	Buy
04/05/17	UOB Kay Hian	ST Engineering	3.64	3.7	Buy
04/10/17	CIMB	ST Engineering	3.65	3.82	Add
04/19/17	Credit Suisse	ST Engineering	3.75	4	Outperform
04/19/17	Lim & Tan	ST Engineering	3.75	0	Buy
05/15/17	CIMB	ST Engineering	3.75	3.82	Add	PER22x & DCF
05/15/17	Credit Suisse	ST Engineering	3.75	4	Outperform
05/15/17	DBS Vickers	ST Engineering	3.75	4.12	Buy	DCF & PER23x
05/15/17	OCBC	ST Engineering	3.75	3.7	Hold	DCF
05/15/17	UOB Kay Hian	ST Engineering	3.75	3.9	Hold	DCF, PER22.7x FY17, Buy @ $3.60 or lower
05/16/17	Lim & Tan	ST Engineering	3.71	0	Buy
06/06/17	UOB Kay Hian	ST Engineering	3.73	3.9	Hold
06/16/17	DBS Vickers	ST Engineering	3.72	4.12	Buy
07/24/17	CIMB	ST Engineering	3.77	3.82	Add	DCF & PER22x
07/27/17	DBS Vickers	ST Engineering	3.79	4.12	Buy	PER23x
08/02/17	DIR	ST Engineering	3.8	4.46	Buy	DCF
08/14/17	OCBC	ST Engineering	3.7	3.61	Hold	DCF
08/14/17	DIR	ST Engineering	3.7	4.39	Buy	DCF
08/14/17	UOB Kay Hian	ST Engineering	3.7	3.8	Hold	Buy @ $3.50
08/14/17	CIMB	ST Engineering	3.7	3.82	Add	DCF & PER22x CY18
08/14/17	DBS Vickers	ST Engineering	3.7	3.8	Hold
08/14/17	Lim & Tan	ST Engineering	3.7	0	Buy
08/15/17	Credit Suisse	ST Engineering	3.68	4	Outperform
09/06/17	DMG & Partners	ST Engineering	3.59	4.07	Buy	DCF & PER23.3x FY18 & PB5.5x & EV/Ebitda16x
09/28/17	Lim & Tan	ST Engineering	3.49	0	Buy
10/04/17	DIR	ST Engineering	3.43	4.39	Buy	DCF
10/12/17	Crucial Perspective	ST Engineering	3.35	4.3	Outperform
10/25/17	Lim & Tan	ST Engineering	3.38	0	Buy
10/27/17	UOB Kay Hian	ST Engineering	3.46	3.8	Buy
11/08/17	Lim & Tan	ST Engineering	3.47	0	Buy
11/09/17	DMG & Partners	ST Engineering	3.41	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
11/09/17	UOB Kay Hian	ST Engineering	3.41	3.8	Buy	DCF
11/09/17	Credit Suisse	ST Engineering	3.41	4	Outperform
11/09/17	OCBC	ST Engineering	3.41	3.61	Hold
11/09/17	CIMB	ST Engineering	3.41	3.85	Add	PER22x CY19
11/09/17	DBS Vickers	ST Engineering	3.41	3.7	Hold
12/20/17	CIMB	ST Engineering	3.17	3.85	Add
01/05/18	DBS Vickers	ST Engineering	3.3	3.7	Hold
01/18/18	CIMB	ST Engineering	3.31	3.85	Add	DCF & PER22x CY19
01/22/18	Lim & Tan	ST Engineering	3.32	0	Buy
02/07/18	OCBC	ST Engineering	3.23	4	Buy
02/07/18	CIMB	ST Engineering	3.23	3.85	Add
02/20/18	DMG & Partners	ST Engineering	3.35	4.2	Buy
02/26/18	CIMB	ST Engineering	3.39	3.8	Add	DCF, PER & Div yield
02/26/18	UOB Kay Hian	ST Engineering	3.39	3.6	Hold	DCF, Buy @ $3.20
02/26/18	DBS Vickers	ST Engineering	3.39	3.9	Buy
02/26/18	Lim & Tan	ST Engineering	3.39	0	Buy
02/27/18	DMG & Partners	ST Engineering	3.44	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
03/02/18	Lim & Tan	ST Engineering	3.38	0	Buy
03/05/18	CIMB	ST Engineering	3.36	3.8	Add	DCF & PER & Div Yield
03/09/18	UOB Kay Hian	ST Engineering	3.38	3.6	Hold
03/12/18	Kim Eng	ST Engineering	3.38	4.15	Buy	DCF
03/13/18	Amfrasers	ST Engineering	3.43	3.88	Buy
03/13/18	Credit Suisse	ST Engineering	3.43	4	Outperform	DCF
03/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy	EV/Invested capital basis, PER23x FY19
03/23/18	DBS Vickers	ST Engineering	3.47	4.1	Buy	DCF & PER22x
04/12/18	Lim & Tan	ST Engineering	3.65	0	Buy
04/16/18	DMG & Partners	ST Engineering	3.67	4.04	Buy
04/23/18	Macquarie	ST Engineering	3.65	3.9	Outperform
05/11/18	Lim & Tan	ST Engineering	3.46	0	Buy
05/14/18	CIMB	ST Engineering	3.39	3.8	Add	DCF & PER20x CY19
05/14/18	DBS Vickers	ST Engineering	3.39	4.1	Buy
05/14/18	DMG & Partners	ST Engineering	3.39	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
05/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy
06/04/18	UOB Kay Hian	ST Engineering	3.45	4.1	Buy
06/28/18	DBS Vickers	ST Engineering	3.29	4.1	Buy
07/03/18	UOB Kay Hian	ST Engineering	3.27	4.1	Buy
07/05/18	OCBC	ST Engineering	3.25	3.9	Buy
08/03/18	UOB Kay Hian	ST Engineering	3.36	4.1	Buy	EV/Invested capital basis, PER22x FY18
08/10/18	Kim Eng	ST Engineering	3.45	4.15	Buy	DCF
08/10/18	CIMB	ST Engineering	3.45	3.8	Add	Sum of parts
08/10/18	OCBC	ST Engineering	3.45	3.9	Buy	FCFE
08/10/18	DBS Vickers	ST Engineering	3.45	4.1	Buy
08/10/18	DMG & Partners	ST Engineering	3.45	3.97	Buy
09/03/18	CIMB	ST Engineering	3.34	3.8	Add	PER20x CY19 & DCF & 4% Div Yield
09/06/18	DMG & Partners	ST Engineering	3.26	3.97	Buy
09/10/18	UOB Kay Hian	ST Engineering	3.32	3.8	Buy	EV/Invested capital basis
09/14/18	DBS Vickers	ST Engineering	3.29	4.3	Buy
09/14/18	OCBC	ST Engineering	3.29	3.95	Buy
09/17/18	Kim Eng	ST Engineering	3.53	4.35	Buy	DCF
10/01/18	UOB Kay Hian	ST Engineering	3.56	4.06	Buy	EV/Invested capital & PER20.9x FY18
10/08/18	CIMB	ST Engineering	3.53	3.8	Add
11/02/18	UOB Kay Hian	ST Engineering	3.54	4.06	Buy	EV/Invested capital & PER20.9x FY19
11/05/18	DBS Vickers	ST Engineering	3.52	4.3	Buy
11/13/18	DMG & Partners	ST Engineering	3.5	3.97	Buy
11/15/18	DBS Vickers	ST Engineering	3.5	4.15	Buy	Sum of parts
11/15/18	Kim Eng	ST Engineering	3.5	4.35	Buy	DCF
11/15/18	CIMB	ST Engineering	3.5	3.94	Add	Sum of parts
11/29/18	OCBC	ST Engineering	3.5	3.95	Buy

Spindex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/28/17	Lim & Tan	Spindex	0.985	0	Buy
08/22/17	Lim & Tan	Spindex	1.165	0	Buy
09/22/17	SI Research	Spindex	1.11	1.46	Buy	PER12x

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	SPH Reit	0.965	1	Hold	DCF
01/12/17	CIMB	SPH Reit	0.97	0.95	Hold	DDM
01/12/17	Lim & Tan	SPH Reit	0.97	0	Hold
01/12/17	OCBC	SPH Reit	0.97	1.04	Buy
01/13/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
02/09/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
03/16/17	DBS Vickers	SPH Reit	0.965	1.03	Buy
04/04/17	DBS Vickers	SPH Reit	0.98	1.03	Buy
04/11/17	CIMB	SPH Reit	0.975	1.01	Hold	DDM
04/11/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
04/11/17	DBS Vickers	SPH Reit	0.975	1.04	Buy	DCF
04/11/17	Lim & Tan	SPH Reit	0.975	0	Buy on weakness
04/11/17	OCBC	SPH Reit	0.975	1.08	Buy	DDM
06/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy
07/13/17	OCBC	SPH Reit	0.995	1.08	Buy
07/13/17	Credit Suisse	SPH Reit	0.995	1.01	Neutral
07/13/17	CIMB	SPH Reit	0.995	1.04	Hold	DDM
07/13/17	Lim & Tan	SPH Reit	0.995	0	Hold
07/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy	DCF
10/10/17	OCBC	SPH Reit	1.005	1.08	Buy	DDM
10/10/17	CIMB	SPH Reit	1.005	1.06	Hold	DDM
10/10/17	DBS Vickers	SPH Reit	1.005	1.07	Buy	DCF
12/01/17	Lim & Tan	SPH Reit	1.05	0	Hold
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/08/18	CIMB	SPH Reit	1.07	1.06	Hold	DDM
01/08/18	Lim & Tan	SPH Reit	1.07	0	Hold
01/08/18	OCBC	SPH Reit	1.07	1.08	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF
04/09/18	CIMB	SPH Reit	1	1.06	Hold	DDM
04/09/18	OCBC	SPH Reit	1	1.02	Hold	DDM
04/09/18	DBS Vickers	SPH Reit	1	1.07	Buy	DCF
04/09/18	Lim & Tan	SPH Reit	1	1.06	Hold
04/09/18	Kim Eng	SPH Reit	1	1	Hold	DDM
05/02/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
05/02/18	CIMB	SPH Reit	0.99	1.07	Hold	DDM
05/02/18	OCBC	SPH Reit	0.99	1.02	Hold
06/29/18	DBS Vickers	SPH Reit	0.99	1.07	Buy	DCF
07/06/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
07/11/18	CIMB	SPH Reit	1	1.07	Hold	DDM
07/11/18	OCBC	SPH Reit	1	1.02	Hold
07/11/18	Lim & Tan	SPH Reit	1	0	Hold
07/13/18	Kim Eng	SPH Reit	1	1	Hold	DDM
10/12/18	CIMB	SPH Reit	0.985	1.03	Hold	DDM
10/12/18	DBS Vickers	SPH Reit	0.985	1.04	Buy	DCF
10/12/18	OCBC	SPH Reit	0.985	0.99	Hold
10/12/18	Lim & Tan	SPH Reit	0.985	0	Hold
11/16/18	CIMB	SPH Reit	1	1.01	Hold	DDM

Stock calls for 6 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/06/18	DBS Vickers	Keppel DC Reit	1.34	1.52	Buy	DCF
12/06/18	DMG & Partners	OUE Hospitality	0.68	0.77	Buy
12/06/18	Kim Eng	SIA Engineering	2.49	3	Buy	DCF
12/06/18	DMG & Partners	Singtel	3.08	3.22	Neutral
12/06/18	UOB Kay Hian	Venture	15.33	12.9	Sell

US futures are falling because of Huawei.

https://www.channelnewsasia.com/news/world/huawei-cfo-arrested-canada-extradite-us-iran-sanctions-11001504

Huawei CFO, also the daughter of the founder, was arrested by the USA in Canada.

This intensifies the trade war between US and China now.

No wonder the US futures are falling.

China should also arrest the CFO of Microsoft or Apple on cybersecurity reason.

Mahathir is skinning Singapore again.

https://www.channelnewsasia.com/news/singapore/survey-malaysia-singapore-border-mahathir-johor-port-limits-10999380

Mahathir is trying to stop our Seletar airport development now!

He is also trying to bully Singapore by encroaching into our territory.

Just look at what he had done so far in our previous post.

https://sg-stock.blogspot.com/2018/07/diplomatic-relationships-between.html

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/17	CIMB	SPH	3.69	3.31	Reduce	Sum of parts
01/16/17	Lim & Tan	SPH	3.69	0	Avoid
01/16/17	OCBC	SPH	3.69	3.41	Sell
01/16/17	UOB Kay Hian	SPH	3.69	3.29	Sell	Sum of parts
01/17/17	DBS Vickers	SPH	3.56	3.32	Fully Valued	Sum of parts
03/20/17	CIMB	SPH	3.53	3.36	Hold	Sum of parts
03/20/17	DBS Vickers	SPH	3.53	3.39	Hold	Sum of parts
03/20/17	UOB Kay Hian	SPH	3.53	3.29	Sell
04/13/17	CIMB	SPH	3.52	3.36	Hold	Sum of parts
04/13/17	Lim & Tan	SPH	3.52	0	Hold
04/13/17	OCBC	SPH	3.52	3.41	Sell
04/13/17	UOB Kay Hian	SPH	3.52	3.29	Sell	Sum of parts
04/18/17	DBS Vickers	SPH	3.41	3.39	Hold	Sum of parts
04/26/17	CIMB	SPH	3.45	3.36	Hold	Sum of parts
04/26/17	OCBC	SPH	3.45	3.41	Hold
05/17/17	UOB Kay Hian	SPH	3.37	3.29	Sell
06/05/17	Lim & Tan	SPH	3.24	0	Hold
06/09/17	UOB Kay Hian	SPH	3.24	2.9	Sell	Sum of parts
06/14/17	DBS Vickers	SPH	3.17	3.39	Hold
06/14/17	UOB Kay Hian	SPH	3.17	3.39	Hold
06/15/17	CIMB	SPH	3.16	3.36	Hold	Sum of parts
06/15/17	Lim & Tan	SPH	3.16	0	Hold
06/22/17	OCBC	SPH	3.22	3.34	Hold
07/17/17	UOB Kay Hian	SPH	3.11	2.9	Hold	Sum of parts, Buy @ $2.75
07/17/17	OCBC	SPH	3.11	3.25	Hold
07/17/17	CIMB	SPH	3.11	3.22	Hold	Sum of parts
07/17/17	DBS Vickers	SPH	3.11	2.79	Fully Valued	Sum of parts
07/18/17	Lim & Tan	SPH	3.03	0	Hold
08/23/17	UOB Kay Hian	SPH	2.78	2.85	Hold	Sum of parts, Buy @ $2.60
09/11/17	CIMB	SPH	2.74	2.38	Reduce	Sum of parts (15% discount)
09/21/17	OCBC	SPH	2.63	3.25	Buy
10/12/17	CIMB	SPH	2.69	2.38	Reduce	Sum of parts (15% discount)
10/12/17	UOB Kay Hian	SPH	2.69	2.38	Sell	Sum of parts (10% discount)
10/12/17	Lim & Tan	SPH	2.69	0	Hold
10/13/17	OCBC	SPH	2.72	2.93	Hold
10/13/17	DBS Vickers	SPH	2.72	2.79	Hold	Sum of parts
11/09/17	UOB Kay Hian	SPH	2.68	2.38	Sell
12/05/17	UOB Kay Hian	SPH	2.79	2.42	Sell	Sum of parts
12/05/17	Lim & Tan	SPH	2.79	0	Hold
12/20/17	CIMB	SPH	2.61	2.38	Reduce
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell
03/14/18	UOB Kay Hian	SPH	2.56	2.39	Sell	Sum of parts
04/11/18	UOB Kay Hian	SPH	2.49	2.41	Hold	Sum of parts, Buy @ $2.30
04/11/18	Lim & Tan	SPH	2.49	0	Hold
04/12/18	OCBC	SPH	2.49	2.52	Hold
04/12/18	DBS Vickers	SPH	2.49	2.6	Hold	Sum of parts
06/13/18	UOB Kay Hian	SPH	2.69	2.46	Hold	Buy @ $2.40
07/03/18	UOB Kay Hian	SPH	2.59	2.46	Hold
07/05/18	CIMB	SPH	2.59	2.85	Add	Sum of parts
07/06/18	DBS Vickers	SPH	2.67	2.6	Hold
07/12/18	DBS Vickers	SPH	2.75	2.58	Hold	Sum of parts
07/12/18	UOB Kay Hian	SPH	2.75	2.58	Hold	Sum of parts, Buy @ $2.40
07/12/18	Lim & Tan	SPH	2.75	0	Hold
07/13/18	OCBC	SPH	2.76	2.52	Hold
07/13/18	CIMB	SPH	2.76	2.88	Add	Sum of parts
09/04/18	UOB Kay Hian	SPH	2.81	2.58	Hold	DCF, Buy @ $2.45
09/10/18	DBS Vickers	SPH	2.73	2.58	Hold
09/11/18	OCBC	SPH	2.79	2.52	Hold
09/11/18	Lim & Tan	SPH	2.79	0	Hold
09/13/18	CIMB	SPH	2.74	2.88	Add	Sum of parts
10/16/18	OCBC	SPH	2.62	2.55	Hold
10/16/18	UOB Kay Hian	SPH	2.62	2.75	Hold	Buy @ $2.50
10/16/18	CIMB	SPH	2.62	2.74	Hold	Sum of parts
10/16/18	Lim & Tan	SPH	2.62	0	Hold

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Spackman	0.19	0.32	Buy	PER18x FY17
04/06/17	DMG & Partners	Spackman	0.161	0.27	Buy	PER18x FY17
05/16/17	DMG & Partners	Spackman	0.149	0.27	Buy	DCF, PER18x FY17
08/16/17	DMG & Partners	Spackman	0.102	0.23	Buy	DCF, PER18x FY17
10/12/17	DMG & Partners	Spackman	0.121	0.2	Buy	DCF, PER16x FY17
11/16/17	DMG & Partners	Spackman	0.112	0.2	Buy	DCF, PER15x FY18
05/16/18	DMG & Partners	Spackman	0.073	0.1	Buy	DCF, PER14x FY18

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Soilbuild Reit	0.66	0.75	Buy	DCF
01/25/17	DBS Vickers	Soilbuild Reit	0.655	0.7	Buy	DCF
01/25/17	OCBC	Soilbuild Reit	0.655	0.64	Hold
01/26/17	phillip	Soilbuild Reit	0.65	0.68	Neutral	DDM
02/20/17	phillip	Soilbuild Reit	0.65	0.68	Neutral
02/20/17	Jefferies	Soilbuild Reit	0.65	0.7	Buy
04/13/17	OCBC	Soilbuild Reit	0.685	0.64	Hold
04/17/17	DBS Vickers	Soilbuild Reit	0.685	0.73	Buy	DCF
04/17/17	phillip	Soilbuild Reit	0.685	0.66	Neutral	DDM, PB0.93x FY17
05/08/17	phillip	Soilbuild Reit	0.68	0.66	Neutral
06/14/17	Amfrasers	Soilbuild Reit	0.71	0.68	Hold	Consensus target
07/17/17	OCBC	Soilbuild Reit	0.74	0.67	Hold	DDM
07/17/17	phillip	Soilbuild Reit	0.74	0.73	Neutral	DDM, PB1.05x FY17
07/18/17	DBS Vickers	Soilbuild Reit	0.74	0.73	Hold	DCF
07/21/17	Lim & Tan	Soilbuild Reit	0.705	0	Hold
09/20/17	OCBC	Soilbuild Reit	0.7	0.66	Hold
10/16/17	phillip	Soilbuild Reit	0.705	0.64	Reduce	DDM, PB0.9x FY17
10/17/17	DBS Vickers	Soilbuild Reit	0.705	0.62	Hold	DCF
11/09/17	OCBC	Soilbuild Reit	0.66	0.66	Hold
11/09/17	phillip	Soilbuild Reit	0.66	0.61	Reduce	DDM, PB0.86x FY17
01/18/18	OCBC	Soilbuild Reit	0.695	0.68	Hold
01/19/18	DBS Vickers	Soilbuild Reit	0.7	0.62	Hold	DCF
01/19/18	Lim & Tan	Soilbuild Reit	0.7	0	Hold
01/19/18	Jefferies	Soilbuild Reit	0.7	0.7	Buy
03/29/18	OCBC	Soilbuild Reit	0.645	0.7	Buy
04/17/18	OCBC	Soilbuild Reit	0.66	0.7	Buy
04/18/18	DBS Vickers	Soilbuild Reit	0.66	0.62	Hold
04/18/18	OCBC	Soilbuild Reit	0.66	0.71	Buy
04/18/18	Jefferies	Soilbuild Reit	0.66	0.7	Hold
05/24/18	OCBC	Soilbuild Reit	0.665	0.71	Buy
07/18/18	OCBC	Soilbuild Reit	0.65	0.69	Buy
07/18/18	DBS Vickers	Soilbuild Reit	0.65	0.62	Hold	DCF
09/10/18	DBS Vickers	Soilbuild Reit	0.625	0.62	Hold
09/10/18	OCBC	Soilbuild Reit	0.625	0.69	Buy
10/19/18	DBS Vickers	Soilbuild Reit	0.585	0.65	Buy	DCF
10/19/18	OCBC	Soilbuild Reit	0.585	0.665	Buy

Stock calls for 5 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/05/18	OCBC	Capitaland	3.22	3.96	Buy
12/05/18	DMG & Partners	Comfortdelgro	2.12	2.35	Neutral
12/05/18	UOB Kay Hian	Raffles Medical	1.2	1.3	Buy	DCF
12/05/18	Amfrasers	Thai Beverage	0.625	0.75	Buy	Sum of parts
12/05/18	OCBC	UOL	6.3	8.41	Buy

Australia is slowing down!

https://sg.finance.yahoo.com/news/australia-apos-economic-growth-slows-005821268.html

It is not surprising that Australia is not immune to external shocks because Asian is slowing down.  Furthermore, Australia-China trades are slowing down because of Australia's anti-china policies.  These anti-China policies have resulted in the slowdown of the property industry too.

The US markets fell heavily because of inverted yield curves.

The US treasury's situation is getting dire.

The 3-year yield is more than the 5-year yield.  This means the 3-5 year yield curve has inverted.

The 2-year yield is also more than the 5-year yield.  This means the 2-5 year yield curve has also inverted.

The short-term yield curves have inverted and these short-term yield curve inversions will lead to the 2-10 year yield curve to invert too.

The 2-10 yield curve is the pre-eminent recession indicator.

https://sg-stock.blogspot.com/2018/12/the-us-3-year-and-5-year-yield-curve.html

Will the US government shut down in December 2018?

https://www.washingtonpost.com/business/economy/congress-agrees-to-put-off-government-shutdown-deadline-to-dec-21/2018/12/03/4c306920-f727-11e8-863c-9e2f864d47e7_story.html?noredirect=on&utm_term=.3bad844465fd

The US government has no money to pay its government employees again and may shut down in late December which is bad for Christmas.

When a government doesn't have money to pay its employees, do you think it has money to repay its national debt?

Yellow vest protests in France.

https://edition.cnn.com/2018/12/03/europe/paris-yellow-vest-protests-intl/index.html

The French are protesting their own government for fuel hikes!

We cannot underestimate this protest because it has the potential to spread to other European countries especially when the EU economy is not doing well.  The PIGS are especially vulnerable in EU.  The PIGS are Portugal, Italy, Greece and Spain.

If Macron cannot resolve this crisis, he will be dethroned by its people.  Macron can only delay the fuel hikes to defuse the situation but this will not solve the fundamental problem since the OPEC has the intention to cut fuel supply to prop up the oil price.

SLB Dev - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/18	SAC Advisors	SLB Dev	0.215	0.28	Buy