Stock calls for 22 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/19	UOB Kay Hian	A-Reit	2.71	3.01	Buy
01/22/19	CIMB	Capitamall Trust	2.26	2.29	Hold	DDM
01/22/19	UOB Kay Hian	CDL Hospitality	1.56	1.83	Buy
01/22/19	Amfrasers	CSE Global	0.43	0.57	Buy
01/22/19	DBS Vickers	ESR-Reit	0.53	0.59	Buy
01/22/19	Lim & Tan	Frasers Centrepoint Trust	2.26	0	Hold
01/22/19	OCBC	Frasers Centrepoint Trust	2.26	2.5	Buy
01/22/19	DBS Vickers	Keppel Reit	1.18	1.31	Buy	DCF
01/22/19	CIMB	Keppel Reit	1.18	1.34	Add	DDM
01/22/19	DMG & Partners	Keppel Reit	1.18	1.06	Neutral	DDM
01/22/19	OCBC	Mapletree Logistics	1.34	1.4	Buy
01/22/19	Amfrasers	Sembcorp Marine	1.66	2.5	Buy

The charades of cryptocurrency.

When bitcoin was first developed using the rehashed blockchain technology of the late 1990s, it had to have an incredible theme to sell to lure investors into buying something that was worthless.

Thus, the crypto proponents used the limited supply concept of bitcoin to entice investors to buy into the "Too good to be true" theme. As the proponents and the ignorant investors didn't have a true understanding of the economic principles of demand and supply, the investors were taken in because they thought that the demand and supply had a direct inverse relationship.  They thought the declining mining supply would drive up the bitcoin prices to astronomical levels.  As the bitcoin prices started to rise dramatically, the proponents had to concoct another story to drive the bitcoin further into the stratosphere.  Therefore, they preyed on the psychological mindsets with the "Fear of missing out (FOMO)" theme.  They claimed that more merchants and other retail investors are entering the crypto markets because crypto was going to revolutionize the world.  It worked marvellously until bitcoin reached almost US$20,000.

Then, the harsh reality of market forces started to creep in and bitcoin prices started to fall tremendously.  Those proponents didn't give up and come up with another theme again.  This time, they proclaimed that the financial institutions and fund managers would enter the crypto market soon and this would cause bitcoin to spike.  However, the truth was that any serious financial institution would develop its own private blockchain instead because of privacy and security concerns and the private blockchain couldn't be mined or interconnected with the public blockchain.

http://sg-stock.blogspot.com/2018/09/the-private-blockchain-will-cannibalize.html

As you can see, the proponents keep shifting the goal poles to lure investors to invest in crypto and will continue to do so.  Subsequently, these proponents do not use the original rationale of limited supply concept to talk up the bitcoin prices anymore.  Conversely, they will continue to keep talking up the bitcoin prices and won't warn the investors about the downfalls.

Ask yourself the following questions now.

Did the proponents warn you about the potential price fall when bitcoin was near US$20k? NO!
Did the proponents warn you about future price fall when bitcoin was at US$10k? NO!
Did the proponents warn you about further price fall when bitcoin was at US$5k? NO!

For your information, the bitcoin price is around US$3,500 now.

When the prices fell by 50% each time, they only encouraged you to buy more instead.  Why would you still want to trust or believe in them then?  Blind faith is a dangerous thing and will cause you big financial losses.

Please read our posting below to have a proper understanding of cryptocurrency before you really want to invest in crypto.

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

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/18	CIMB	CSE Global	0.37	0.31	Reduce	PER10x CY19
02/26/18	Lim & Tan	CSE Global	0.345	0	Buy
02/27/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
03/08/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
04/17/18	CIMB	CSE Global	0.42	0.44	Hold
04/30/18	Lim & Tan	CSE Global	0.42	0.55	Buy	DCF & DDM & RV
05/02/18	UOB Kay Hian	CSE Global	0.415	0.58	Buy	PER15x FY19
05/10/18	UOB Kay Hian	CSE Global	0.44	0.61	Buy	PER15x FY19
05/14/18	CIMB	CSE Global	0.46	0.5	Add
06/04/18	UOB Kay Hian	CSE Global	0.465	0.61	Buy
07/04/18	UOB Kay Hian	CSE Global	0.425	0.61	Buy
07/18/18	CIMB	CSE Global	0.44	0.5	Add	PER13.5x CY19
08/15/18	CIMB	CSE Global	0.45	0.5	Add	PER13.5x CY19
08/15/18	UOB Kay Hian	CSE Global	0.45	0.58	Buy	PER15x FY19
09/03/18	UOB Kay Hian	CSE Global	0.445	0.58	Buy
09/11/18	UOB Kay Hian	CSE Global	0.435	0.59	Buy	PER15x FY19
10/03/18	UOB Kay Hian	CSE Global	0.49	0.59	Buy
10/08/18	Amfrasers	CSE Global	0.48	0.57	Buy	PER12.5x FY19 & PB2.1x FY19
10/11/18	DMG & Partners	CSE Global	0.475	0.59	Buy	DCF
11/02/18	UOB Kay Hian	CSE Global	0.45	0.59	Buy	PER15x FY19
11/08/18	CIMB	CSE Global	0.455	0.5	Add	PER13.5x FY19
11/08/18	Lim & Tan	CSE Global	0.455	0	Buy
11/09/18	DMG & Partners	CSE Global	0.455	0.59	Buy	DCF
12/04/18	UOB Kay Hian	CSE Global	0.44	0.59	Buy
01/04/19	UOB Kay Hian	CSE Global	0.385	0.59	Buy
01/07/19	DMG & Partners	CSE Global	0.395	0.59	Buy	DCF
01/11/19	Lim & Tan	CSE Global	0.395	0	Buy
01/15/19	CIMB	CSE Global	0.405	0.56	Add	PER13.5x FY20

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UBS	Cromwell Reit (EUR)	0.555	0.62	Buy
01/02/18	Goldman Sachs	Cromwell Reit (EUR)	0.555	0.58	Neutral	DCF
03/19/18	DBS Vickers	Cromwell Reit (EUR)	0.56	0.63	Buy
04/10/18	DBS Vickers	Cromwell Reit (EUR)	0.59	0.63	Buy	DCF
05/11/18	DBS Vickers	Cromwell Reit (EUR)	0.61	0.66	Buy	DCF
08/14/18	DBS Vickers	Cromwell Reit (EUR)	0.595	0.66	Buy	DCF

Creative Technology - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated
05/11/18	Lim & Tan	Creative Tech	5.85	0	Sell

Stock calls for 21 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/19	DBS Vickers	China Everbright	0.345	0.475	Buy	PER15x FY19
01/21/19	CIMB	ESR-Reit	0.53	0.62	Add	DDM
01/21/19	OCBC	ESR-Reit	0.53	0.575	Buy
01/21/19	OCBC	Frasers Commercial Trust	1.45	1.56	Buy
01/21/19	CIMB	Frasers Commercial Trust	1.45	1.5	Hold	DDM
01/21/19	Lim & Tan	Frasers Commercial Trust	1.45	0	Hold
01/21/19	DBS Vickers	SIIC	0.29	0.32	Hold	PER13x FY19

The ICO downfall.

https://www.coindesk.com/how-blockex-went-from-a-24-million-ico-to-layoffs-in-less-than-a-year

Many such ICO predicaments will start to surface this year because the ICO issuers piggybacked their tokens onto other cryptos.  The ethereum price fall had caused this ICO fundraising to dwindle from £20m to £5.5m and many ICO investors had sustained massive losses for this ICO.

This financial risk had been highlighted and validated by the binomial theorem in our financial analysis posting below.  The ICO issuers will never highlight this financial risk to the ICO applicants.  Therefore, it is important that the neophyte investors read our posting first before making any crypto and ICO investments.

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

ICO listings have continued to drop continuously.

https://cointelegraph.com/news/icos-raised-160-million-in-first-half-of-january-report-says

As expected and forewarned by us, the number of ICO listings has continued to drop as more people get educated about cryptos and ICOs.

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

Many neophyte investors have lost a lot of money in ICOs because they are ignorant about the financial risks and the ICO structures.  Therefore, it is important for such investors to read our aforesaid posting to have a full grasp of cryptos and ICOs.

The year 2019 will be a dicey period for cryptos and ICOs because many ICO projects will fail and cause huge volatilities for the crypto markets.  Many ICO scams will be declared this year!

When a highly successful ICO like basis which was backed by prominent VCs could collapse, other ICOs won't stand a good chance to succeed either.

http://sg-stock.blogspot.com/2018/12/a-successful-ico-basis-has-collapsed.html

Renminbi (RMB) is appreciating abnormally!

RMB has been appreciating but this is an abnormal behaviour because China economic growth is weakening and the central bank has been increasing the monetary supply.

The central bank has lowered the bank reserve requirement ratio to encourage lending and also pumped US$83b into the financial system.

https://www.dbs.com/aics/templatedata/article/generic/data/en/CIO/012019/190117asia.xml

Therefore, the RMB shouldn't be appreciated at all under normal circumstances.

What is/are causing RMB to appreciate then?

The proximate cause is the US Fed.  The US Fed had become dovish recently by stating that it would be patient in hiking rates.  The Fed's patience might be due to Trump and/or the economic data.  This caused the USD to depreciate against other major currencies.  Consequently, hungry investors are going after higher investment returns by snatching up assets and investments in China since US interest rates are not going to spike much in 2019.

Baltic dry index - 1112

Today, Friday, January 18 2019, the Baltic Dry Index climbed by 35 points, reaching 1112 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: Sesmbcorp Marine, Cosco & Pan Oeean

US rig count - 1050

The US drilling rig count dropped 25 units to reach 1,050 rigs working for the week ended Jan. 18. The count is up 114 units from the 936 rigs working this time a year ago, according to Baker Hughes data.

Twenty-three fewer rigs were drilling on land week-over-week, bringing the number to 1,029. Two fewer rigs were counted offshore, bringing to 19 the total number of units drilling. Inland waters were unchanged at 2 rigs working for the week.

US oil-directed rigs dropped 21 units from last week to 852 units working but remained up from the 747 rigs drilling for oil this week a year ago. Gas-directed rigs were down 4 units at 198, and up from the 189 units drilling for gas a year ago.

Among the major oil and gas-producing states, Texas was down 11 rigs to 521 units working. Oklahoma was down 10 units to 126. California, down 3 units this week, reached 7 rigs working. Louisiana and Kansas, with respective counts of 61 and 1, were down 2 units each. Pennsylvania, at 48 this week, and Colorado, at 34, were down 1 rig each.

Utah was unchanged this week at 6 units working.

Six states were up 1 unit. These were New Mexico, 108; North Dakota, 54; Wyoming, 34; Ohio, 17; West Virginia, 15; and Alaska, 10.

Canada has added 25 rigs for the week. While the jump puts the total number of rigs running at 209, the count is less than the 325 units drilling this week a year ago.

The number of oil-directed rigs in Canada increased by 25, bringing the count to 128 rigs for the week. Gas-directed rigs were unchanged at 81 units.

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

Related stocks:  Keppel Corp, Sembcorp Marine & Cosco

Courts Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/18	Lim & Tan	CourtsAsia	0.215	0	Hold

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy	DCF
01/18/18	UOB Kay Hian	Comfortdelgro	2.03	2.25	Buy	PER16.6x
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold
02/02/18	OCBC	Comfortdelgro	2.15	2.12	Hold
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy	PER16.6x
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.05	Neutral	DCF
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/29/18	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x
04/06/18	OCBC	Comfortdelgro	2.07	2.25	Buy
04/06/18	Deutsche	Comfortdelgro	2.07	2.4	Hold
05/02/18	Amfrasers	Comfortdelgro	2.25	2.72	Buy	PER19x FY18
05/10/18	phillip	Comfortdelgro	2.34	2.5	Buy
05/14/18	phillip	Comfortdelgro	2.33	2.48	Accumulate	DCF, PER17.8x FY18
05/14/18	UOB Kay Hian	Comfortdelgro	2.33	2.43	Buy	PER16.6x FY19
05/14/18	DBS Vickers	Comfortdelgro	2.33	2.12	Hold
05/14/18	OCBC	Comfortdelgro	2.33	2.5	Buy
05/14/18	CIMB	Comfortdelgro	2.33	2.37	Hold	DCF
05/14/18	DMG & Partners	Comfortdelgro	2.33	2.2	Neutral	DCF
05/15/18	Kim Eng	Comfortdelgro	2.34	2.65	Buy
05/15/18	Deutsche	Comfortdelgro	2.34	3	Buy
06/07/18	DBS Vickers	Comfortdelgro	2.47	2.12	Hold
06/08/18	phillip	Comfortdelgro	2.46	2.69	Accumulate
06/08/18	OCBC	Comfortdelgro	2.46	2.5	Hold
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy	DCF & PER18x FY18/19
07/10/18	phillip	Comfortdelgro	2.32	2.69	Accumulate
07/10/18	Deutsche	Comfortdelgro	2.32	2.7	Buy
08/10/18	DBS Vickers	Comfortdelgro	2.37	2.59	Buy
08/13/18	phillip	Comfortdelgro	2.38	2.78	Accumulate	DCF, PER19.7x FY18
08/13/18	UOB Kay Hian	Comfortdelgro	2.38	2.59	Buy	PER16.8x FY19
08/13/18	DMG & Partners	Comfortdelgro	2.38	2.35	Neutral	DCF
08/13/18	OCBC	Comfortdelgro	2.38	2.5	Hold
08/13/18	CIMB	Comfortdelgro	2.38	2.75	Add	DCF, PER18.1x FY19
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
09/04/18	OCBC	Comfortdelgro	2.3	2.5	Hold
09/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy
09/11/18	phillip	Comfortdelgro	2.23	2.78	Accumulate
10/09/18	DMG & Partners	Comfortdelgro	2.36	2.35	Neutral
10/11/18	UOB Kay Hian	Comfortdelgro	2.25	2.59	Buy	PER16.8x FY19
10/11/18	CIMB	Comfortdelgro	2.25	2.75	Add	DCF
10/16/18	Amfrasers	Comfortdelgro	2.12	2.72	Buy	PER19x FY18
10/31/18	DBS Vickers	Comfortdelgro	2.22	2.59	Buy
11/05/18	DBS Vickers	Comfortdelgro	2.32	2.59	Buy
11/08/18	Deutsche	Comfortdelgro	2.36	1.7	Sell	PER12x FY19
11/09/18	UOB Kay Hian	Comfortdelgro	2.2	2.59	Buy	PER16.8x FY19
11/12/18	phillip	Comfortdelgro	2.18	2.69	Buy	DCF, PER19.2x FY18
11/12/18	DBS Vickers	Comfortdelgro	2.18	2.56	Buy	PER16x FY19
11/12/18	DMG & Partners	Comfortdelgro	2.18	2.35	Neutral	PER15x FY19
11/12/18	OCBC	Comfortdelgro	2.18	2.29	Hold
11/12/18	CIMB	Comfortdelgro	2.18	2.74	Add	DCF, PER17.7x FY19
11/13/18	Amfrasers	Comfortdelgro	2.21	2.72	Buy	PER19x FY18
12/05/18	DMG & Partners	Comfortdelgro	2.12	2.35	Neutral

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
08/20/18	phillip	CNMC	0.23	0.29	Buy	DCF
08/20/18	Amfrasers	CNMC	0.23	0.33	Buy
11/16/18	phillip	CNMC	0.22	0.29	Buy	DCF
11/16/18	Amfrasers	CNMC	0.22	0.33	Buy

Stock calls for 18 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	Lim & Tan	ESR-Reit	0.53	0	Hold
01/18/19	OCBC	First Reit	1.01	0.97	Hold
01/18/19	CIMB	First Reit	1.01	1.2	Add	DDM
01/18/19	DBS Vickers	Frasers Commercial Trust	1.47	1.7	Buy
01/18/19	CIMB	Mapletree Industrial	1.99	2.1	Add	DDM
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts

Cityneon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	Cityneon	0.97	1.45	Buy
01/09/18	UOB Kay Hian	Cityneon	0.97	1.55	Buy	PER15.4x FY18
02/20/18	UOB Kay Hian	Cityneon	1.02	1.55	Buy
02/28/18	Kim Eng	Cityneon	1.1	1.55	Buy
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/05/18	Amfrasers	Cityneon	1.06	1.54	Buy	PER14x FY18
03/15/18	CIMB	Cityneon	1.11	1.58	Add	PER14x FY19
05/03/18	DBS Vickers	Cityneon	1.05	1.6	Buy	PER14.4x FY18
05/03/18	CIMB	Cityneon	1.05	1.58	Add	PER14x CY19
05/15/18	UOB Kay Hian	Cityneon	1.06	1.55	Buy	PER15.4x FY18
05/15/18	CIMB	Cityneon	1.06	1.16	Hold	PER11x FY19
05/18/18	Amfrasers	Cityneon	1	1.54	Buy	PER14x FY18
05/23/18	UOB Kay Hian	Cityneon	0.99	1.55	Buy
06/04/18	UOB Kay Hian	Cityneon	0.98	1.55	Buy
08/06/18	DBS Vickers	Cityneon	1.02	1.57	Buy	PER14.4x
08/21/18	Amfrasers	Cityneon	1.13	1.51	Buy	PER14x FY18
10/30/18	CIMB	Cityneon	1.26	1.16	Accept Offer	PER11x FY19, Offer $1.30
10/31/18	DBS Vickers	Cityneon	1.29	1.57	Accept Offer	Offer $1.30

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/05/18	Jefferies	City Developments	12.86	14.8	Buy
01/15/18	OCBC	City Developments	13.04	15.3	Buy	RNAV (10% discount)
01/16/18	CIMB	City Developments	13.46	13.15	Add
01/16/18	Kim Eng	City Developments	13.46	13.8	Buy	RNAV (6% discount), PB1.26x
01/16/18	Deutsche	City Developments	13.46	16	Buy
02/07/18	OCBC	City Developments	12.76	15.3	Buy
02/07/18	Credit Suisse	City Developments	12.76	16.3	Outperform
02/13/18	UOB Kay Hian	City Developments	12.31	14.03	Buy	RNAV
02/19/18	DBS Vickers	City Developments	12.72	14.03	Buy
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	Jefferies	City Developments	12.76	15.2	Buy
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/05/18	phillip	City Developments	12.69	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
03/05/18	Credit Suisse	City Developments	12.69	16.5	Outperform
03/09/18	DBS Vickers	City Developments	12.94	15.4	Buy	RNAV, PB1.2x
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
04/03/18	OCBC	City Developments	13.2	15.91	Buy
04/03/18	UOB Kay Hian	City Developments	13.2	14.03	Buy
04/03/18	DBS Vickers	City Developments	13.2	15.4	Buy
04/10/18	DMG & Partners	City Developments	12.87	15	Buy
04/11/18	Kim Eng	City Developments	12.73	14.2	Buy
04/13/18	Deutsche	City Developments	12.57	16	Buy
05/03/18	UOB Kay Hian	City Developments	12.55	14.03	Buy	RNAV
05/14/18	OCBC	City Developments	12.53	15.78	Buy
05/14/18	DBS Vickers	City Developments	12.53	15.4	Buy
05/14/18	CIMB	City Developments	12.53	13.41	Add	RNAV (20% discount)
05/14/18	DMG & Partners	City Developments	12.53	15	Buy	RNAV (10% discount)
05/14/18	Kim Eng	City Developments	12.53	14.2	Buy
05/15/18	phillip	City Developments	12.4	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
05/15/18	Lim & Tan	City Developments	12.4	15	Buy
05/17/18	DBS Vickers	City Developments	11.97	15.4	Buy
06/04/18	UOB Kay Hian	City Developments	11.25	14.03	Buy
06/06/18	Deutsche	City Developments	11.48	16	Buy	RNAV (12% discount) & PB1.8x FY18
06/13/18	DBS Vickers	City Developments	11.52	15.4	Buy
06/19/18	Kim Eng	City Developments	11.22	14.2	Buy
06/19/18	CIMB	City Developments	11.22	13.41	Add
06/26/18	OCBC	City Developments	11	15.78	Buy
07/03/18	UOB Kay Hian	City Developments	10.88	14.03	Buy
07/03/18	DMG & Partners	City Developments	10.88	15	Buy	RNAV (10% discount)
07/06/18	CIMB	City Developments	10.21	13.41	Add
07/06/18	Kim Eng	City Developments	10.21	14.2	Buy
07/06/18	Deutsche	City Developments	10.21	12.6	Hold
07/09/18	phillip	City Developments	9.46	12.6	Accumulate	RNAV (20% discount)
07/09/18	DBS Vickers	City Developments	9.46	10	Fully Valued	RNAV (35% discount)
07/09/18	OCBC	City Developments	9.46	9.59	Hold
07/09/18	Kim Eng	City Developments	9.46	10.4	Hold
07/23/18	DMG & Partners	City Developments	10.06	10.4	Neutral	RNAV (35% discount)
07/23/18	Jefferies	City Developments	10.06	11	Hold	RNAV (22% discount)
08/08/18	OCBC	City Developments	9.88	9.59	Hold
08/10/18	UOB Kay Hian	City Developments	9.89	12	Buy	RNAV (15% discount)
08/10/18	CIMB	City Developments	9.89	10.89	Add	RNAV (35% discount)
08/10/18	OCBC	City Developments	9.89	9.81	Hold
08/10/18	Lim & Tan	City Developments	9.89	0	Hold
08/10/18	DBS Vickers	City Developments	9.89	10	Hold	RNAV (35% discount)
08/16/18	DMG & Partners	City Developments	9.55	10.4	Neutral
08/21/18	Jefferies	City Developments	9.49	11	Hold	RNAV (22% discount)
09/06/18	Kim Eng	City Developments	8.96	10.4	Hold
09/14/18	UOB Kay Hian	City Developments	8.63	12	Buy	RNAV (15% discount)
09/18/18	CIMB	City Developments	8.8	10.89	Add
09/25/18	Deutsche	City Developments	8.88	12.6	Hold
10/02/18	CIMB	City Developments	9.05	10.89	Add
11/05/18	DBS Vickers	City Developments	8.55	10	Hold
11/09/18	UOB Kay Hian	City Developments	8.42	12.12	Buy	RNAV (15% discount)
11/09/18	CIMB	City Developments	8.42	10.65	Add	RNAV (35% discount)
11/09/18	Lim & Tan	City Developments	8.42	0	Buy
11/09/18	DMG & Partners	City Developments	8.42	9.2	Neutral
11/12/18	OCBC	City Developments	8.45	10.73	Buy
12/07/18	Lim & Tan	City Developments	8.65	0	Buy
12/11/18	DBS Vickers	City Developments	8.42	9.5	Hold	RNAV (40% discount), PB0.9x FY18
01/04/19	Lim & Tan	City Developments	7.94	0	Buy
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/09/18	UOB Kay Hian	Citic Envirotech	0.74	1.09	Buy	DCF
02/12/18	UOB Kay Hian	Citic Envirotech	0.705	1.11	Buy	DCF, PER11.1x FY19
02/28/18	UOB Kay Hian	Citic Envirotech	0.755	1.06	Buy	DCF, PER11.6x FY19
03/02/18	UOB Kay Hian	Citic Envirotech	0.735	1.06	Buy
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy	DCF, PER11.6x FY19
05/03/18	UOB Kay Hian	Citic Envirotech	0.705	1.06	Buy	DCF, PER11.6x FY19
06/20/18	UOB Kay Hian	Citic Envirotech	0.56	1.06	Buy	DCF, PER11.6x FY19
07/27/18	DBS Vickers	Citic Envirotech	0.59	0.95	Buy	PER20x FY19