Stock calls for 24 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/19	OCBC	CapitaCommercial	1.83	1.68	Hold
01/24/19	Phillip	Capitamall Trust	2.31	2.09	Neutral	DDM, PB1.06x FY19
01/24/19	Kim Eng	Capitamall Trust	2.31	2.25	Hold	DDM
01/24/19	OCBC	Capitamall Trust	2.31	2.25	Hold
01/24/19	DBS Vickers	Capitamall Trust	2.31	2.44	Buy
01/24/19	OCBC	Mapletree Commercial	1.72	1.79	Hold
01/24/19	CIMB	Mapletree Commercial	1.72	1.79	Add	DDM
01/24/19	DBS Vickers	Mapletree Commercial	1.72	2	Buy	DCF
01/24/19	Kim Eng	Mapletree Commercial	1.72	1.6	Hold
01/24/19	Phillip	Mapletree Industrial	1.96	2.03	Neutral	DDM, PB1.36x FY19
01/24/19	Kim Eng	Mapletree Industrial	1.96	2.2	Buy	DDM
01/24/19	Kim Eng	SIA	9.5	11.2	Buy
01/24/19	CIMB	SIA	9.5	10.25	Hold	PB0.9x CY19
01/24/19	DBS Vickers	Suntec Reit	1.87	2.12	Buy	DCF
01/24/19	OCBC	Suntec Reit	1.87	1.86	Hold
01/24/19	DMG & Partners	Suntec Reit	1.87	1.9	Neutral	DDM
01/24/19	Jefferies	Suntec Reit	1.87	1.85	Hold	Up from $1.80

Fake news created by crypto proponents to promote bitcoin investment.

These crypto proponents are implementing a desperate marketing campaign to promote bitcoin investments because they have suffered heavy losses.

https://inspirednew.com/crypto/

The news article states that creative technology founder, Sim Wong Hoo, has divested his shareholdings and invested in bitcoins.  This fake news is just a marketing campaign to promote bitcoin investments and lure ignorant investors into bitcoin.

The truth:

As creative technology is a public listed company, the company must report to SGX and make a public announcement about the departure of its key management personnel and also major changes in its key shareholding structure.  No such announcement is being made on SGX company announcement web page.

Furthermore, there is no mention of Sim leaving creative technology in his latest interview.

https://www.sgsme.sg/news/lunch-sumiko-creative-technologys-sim-wong-hoo-back

When those crypto proponents are using such underhand method to promote bitcoin, you know bitcoin is nothing but a scam.

BCG Digital Ventures: Bitcoin will go to zero.

https://www.cnbc.com/2019/01/23/bitcoin-price-going-to-zero-davos-future-of-blockchain-tech-.html

The educated investors are waking up to the reality that crypto is never going to work as a currency because it doesn't fulfill the 3 important criteria.

If you still don't understand what we're trying to put across, please read our postings below.

http://sg-stock.blogspot.com/2019/01/the-charades-of-cryptocurrency.html

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

As people get more educated about cryptos and ICOs, they will avoid them.

Is Japan food safe for consumption? - part 3

Since CNY is coming, let's stay healthy by not eating Japanese food.

US FDA is still imposing the detention of Japan food products without examination.

https://www.accessdata.fda.gov/cms_ia/importalert_621.html

Eat at your own risk and don't complain when you develop cancer.

http://sg-stock.blogspot.com/2017/11/is-japan-food-safe-for-consumption-part.html

DISA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/18	Amfrasers	DISA	0.008	0.02	Buy	DCF, PER23.9x FY21
07/03/18	UOB Kay Hian	DISA	0.009	0.013	Buy	DCF
08/30/18	Amfrasers	DISA	0.008	0.02	Buy	DCF
09/10/18	UOB Kay Hian	DISA	0.008	0.013	Buy	DCF

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/18	DMG & Partners	Delfi	1.52	1.54	Neutral	DCF
05/09/18	DBS Vickers	Delfi	1.48	1.8	Buy	PER26x FY18/19
05/09/18	DMG & Partners	Delfi	1.48	1.54	Neutral
06/20/18	DMG & Partners	Delfi	1.32	1.47	Buy	DCF
08/06/18	DMG & Partners	Delfi	1.18	1.47	Buy	DCF
11/14/18	DMG & Partners	Delfi	1.19	1.59	Buy	DCF
12/14/18	DMG & Partners	Delfi	1.31	1.59	Buy
01/02/19	DMG & Partners	Delfi	1.32	1.59	Buy

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/18	Lim & Tan	Del Monte	0.18	0	Neutral

Stock calls for 23 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	OCBC	Capitamall Trust	2.27	2.12	Hold
01/23/19	Phillip	Frasers Centrepoint Trust	2.27	2.21	Neutral	DDM, PB1.09x FY19
01/23/19	DBS Vickers	Frasers Centrepoint Trust	2.27	2.4	Buy
01/23/19	phillip	HMI	0.540	0.77	Buy
01/23/19	CIMB	Keppel Corp	6.17	8.28	Add
01/23/19	Phillip	Keppel DC Reit	1.44	1.52	Accumulate	DDM
01/23/19	CIMB	Keppel DC Reit	1.44	1.51	Add	DDM
01/23/19	OCBC	Keppel DC Reit	1.44	1.6	Buy
01/23/19	DBS Vickers	Keppel DC Reit	1.44	1.6	Buy
01/23/19	DBS Vickers	Keppel Infrastructure	0.515	0.58	buy	DDM
01/23/19	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	PER16.8x FY19
01/23/19	DIR	Mapletree Industrial	1.98	1.78	Underperform
01/23/19	DBS Vickers	Mapletree Logistics	1.34	1.5	Buy
01/23/19	Kim Eng	Mapletree Logistics	1.34	1.3	Hold	DDM
01/23/19	CIMB	Mapletree Logistics	1.34	1.44	Add	DDM
01/23/19	phillip	Q & M	0.495	0.513	Neutral
01/23/19	phillip	Raffles Medical	1.11	1.16	Accumulate
01/23/19	CIMB	Sembcorp Industries	2.69	3.49	Add
01/23/19	phillip	Singapore O&G	0.34	0.42	Buy
01/23/19	DBS Vickers	Soilbuild Reit	0.62	0.65	Buy	DCF
01/23/19	OCBC	Soilbuild Reit	0.62	0.62	Hold
01/23/19	Jefferies	Soilbuild Reit	0.62	0.62	Hold
01/23/19	CIMB	ST Engineering	3.66	3.94	Add
01/23/19	OCBC	Suntec Reit	1.86	1.83	Hold

BOE: Cryptos fail financial tests and are worthless.

https://cointelegraph.com/news/bank-of-england-adviser-cryptocurrencies-fail-basic-financial-tests-lack-value

Well, the truth hurts for the crypto proponents.  We also share the same sentiment and we don't have any vested interest in any crypto.  Please read our crypto postings.

http://sg-stock.blogspot.com/2019/01/the-charades-of-cryptocurrency.html

DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	DBS	24.85	26.1	Buy	GGM, PB1.38x FY18
01/05/18	UOB Kay Hian	DBS	26.5	29.5	Buy	GGM, PB1.56x FY18
01/08/18	DMG & Partners	DBS	26.32	23.33	Neutral
01/09/18	Deutsche	DBS	26.45	27.1	Hold
01/10/18	phillip	DBS	26.51	29.3	Buy
02/01/18	OCBC	DBS	26.4	29.5	Buy	PB1.45x FY18
02/02/18	UOB Kay Hian	DBS	26.61	28.38	Buy
02/08/18	Macquarie	DBS	25.36	27.5	Outperform
02/08/18	Lim & Tan	DBS	25.36	0	Buy
02/08/18	DMG & Partners	DBS	25.36	25	Neutral	PB1.3x FY18
02/08/18	Jefferies	DBS	25.36	32.5	Buy
02/09/18	Kim Eng	DBS	26.71	29.66	Hold
02/09/18	UOB Kay Hian	DBS	26.71	30.4	Buy	GGM, PB1.62x FY18
02/09/18	CIMB	DBS	26.71	29	Add	GGM, PB1.5x FY18, PER11.6x FY19
02/12/18	phillip	DBS	26.71	29.3	Buy	GGM, PB1.58x
02/22/18	UBS	DBS	29.45	35	Buy
03/02/18	UOB Kay Hian	DBS	28.8	30.4	Buy
03/05/18	OCBC	DBS	28.41	32.53	Buy	PB1.7x
03/05/18	Credit Suisse	DBS	28.41	31.1	Outperform
03/15/18	DMG & Partners	DBS	29.12	27	Neutral	GGM, PB1.39x FY18
03/20/18	Kim Eng	DBS	28.07	29.66	Hold
03/22/18	Lim & Tan	DBS	28.4	0	Buy
04/03/18	UOB Kay Hian	DBS	27.32	30.4	Buy
04/16/18	Credit Suisse	DBS	28.42	35.5	Buy
04/19/18	UOB Kay Hian	DBS	29.36	31.08	Buy	GGM, PB1.7x FY18
04/20/18	CIMB	DBS	29.92	33	Add	GGM, PB1.7x FY18
04/30/18	DMG & Partners	DBS	30	27	Neutral
04/30/18	OCBC	DBS	30	34.6	Buy
04/30/18	Jefferies	DBS	30	35	Buy
05/02/18	phillip	DBS	30.84	32.7	Accumulate	GGM, PB1.8x FY18
05/02/18	UOB Kay Hian	DBS	30.84	35.5	Buy	GGM, PB1.82x FY19
05/02/18	DMG & Partners	DBS	30.84	29.6	Neutral	GGM, PB1.51x (ex-div)
05/02/18	CIMB	DBS	30.84	34	Add	GGM, PB1.8x FY18
05/02/18	Lim & Tan	DBS	30.84	0	Buy on weakness
05/02/18	Kim Eng	DBS	30.84	30.8	Hold	GGM, PB1.6 FY18
05/04/18	Macquarie	DBS	29.28	29.5	Neutral
05/08/18	Goldman Sachs	DBS	28.97	36	Buy	DDM
06/04/18	phillip	DBS	28.3	32.7	Accumulate
06/04/18	UOB Kay Hian	DBS	28.3	35.5	Buy
06/11/18	CIMB	DBS	28.5	34	Add	GGM, PB1.5x CY18
06/13/18	OCBC	DBS	28.48	34.6	Buy
06/26/18	UOB Kay Hian	DBS	26.66	30.15	Buy	GGM, PB1.65x FY18
06/29/18	DMG & Partners	DBS	26.49	30.3	Buy	GGM, PB1.47x FY19
07/02/18	phillip	DBS	26.61	32.7	Accumulate
07/03/18	UOB Kay Hian	DBS	26.38	30.15	Buy
07/12/18	OCBC	DBS	26.01	32.67	Buy	PB1.7x
07/16/18	DMG & Partners	DBS	26.25	30.3	Buy	GGM, PB1.47x FY19
07/18/18	UOB Kay Hian	DBS	26.01	28.95	Buy	GGM, PB1.58x FY18
08/01/18	phillip	DBS	26.75	32.7	Accumulate
08/02/18	Macquarie	DBS	26.94	29.5	Neutral
08/02/18	DMG & Partners	DBS	26.94	30.3	Buy
08/02/18	Lim & Tan	DBS	26.94	0	Buy
08/02/18	Jefferies	DBS	26.94	31	Buy
08/03/18	UOB Kay Hian	DBS	26.5	28.2	Hold	GGM, PB1.55x FY18, Buy @ $25.50
08/03/18	CIMB	DBS	26.5	28	Hold	GGM, PB1.4x
08/06/18	phillip	DBS	26.15	33.32	Buy	GGM, PB1.7x
09/17/18	DMG & Partners	DBS	24.85	30.3	Buy	GGM, PB1.51x FY19
10/02/18	phillip	DBS	25.97	33.32	Buy
10/11/18	Jefferies	DBS	24.95	31	Buy
10/15/18	DMG & Partners	DBS	24.42	30.3	Buy
10/17/18	UOB Kay Hian	DBS	24.24	29.5	Buy	GGM, PB1.53x FY19
11/01/18	phillip	DBS	23.46	33.32	Buy
11/02/18	Amfrasers	DBS	23.95	27.7	Buy
11/02/18	UOB Kay Hian	DBS	23.95	29.5	Buy	GGM, PB1.56x FY19
11/05/18	Lim & Tan	DBS	24.66	0	Buy
11/07/18	CIMB	DBS	24	27	Hold	GGM, PB1.44x FY19
11/07/18	OCBC	DBS	24	30.83	Buy	GGM, PB1.5x
11/07/18	DMG & Partners	DBS	24	29.8	Buy
11/07/18	Jefferies	DBS	24	29.5	Buy	PER12.5x FY19
11/08/18	Macquarie	DBS	23.77	27	Neutral
11/08/18	phillip	DBS	23.77	29.02	Buy	GGM, PB1.5x FY19
12/04/18	UOB Kay Hian	DBS	25.11	29.5	Buy
12/14/18	DMG & Partners	DBS	23.92	29.8	Buy
01/02/19	DMG & Partners	DBS	23.69	29.8	Buy	GGM, PB1.54x FY19
01/03/19	CIMB	DBS	23.49	27	Hold	PER10.7x FY20
01/08/19	UOB Kay Hian	DBS	23.75	28.5	Buy

Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	phillip	Dasin Retail	0.85	0.98	Buy	DDM
03/02/18	phillip	Dasin Retail	0.87	0.98	Buy	DDM
05/25/18	phillip	Dasin Retail	0.86	0.97	Buy	DDM
08/14/18	phillip	Dasin Retail	0.9	0.97	Accumulate	DDM
10/17/18	phillip	Dasin Retail	0.855	0.97	Accumulate
11/07/18	phillip	Dasin Retail	0.86	0.95	Accumulate	DDM
11/13/18	Soochow	Dasin Retail	0.855	0.97	Buy

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	DMG & Partners	Dairy Farm	7.9	9.53	Buy	DCF
02/19/18	DMG & Partners	Dairy Farm	8.38	9.53	Buy	DCF
03/09/18	CIMB	Dairy Farm	8.21	8.4	Hold	PER21x CY19
03/12/18	phillip	Dairy Farm	8.03	9.83	Buy	Sum of parts
03/12/18	Lim & Tan	Dairy Farm	8.03	0	Hold	PER20x & 2.62% yield
03/13/18	DBS Vickers	Dairy Farm	8.09	9.54	Buy	Sum of parts
03/27/18	DMG & Partners	Dairy Farm	9.1	9.16	Buy	DCF
03/28/18	DBS Vickers	Dairy Farm	8	9.77	Buy	Sum of parts
04/16/18	phillip	Dairy Farm	8.27	9.83	Buy
04/16/18	DMG & Partners	Dairy Farm	8.27	9.16	Buy
05/21/18	DMG & Partners	Dairy Farm	8.6	9.66	Buy	DCF
05/31/18	CIMB	Dairy Farm	8.95	9.55	Add
06/05/18	DBS Vickers	Dairy Farm	8.9	9.77	Buy
06/22/18	DMG & Partners	Dairy Farm	8.83	9.66	Buy
07/16/18	phillip	Dairy Farm	9.29	9.83	Buy
07/27/18	DBS Vickers	Dairy Farm	9.23	9.35	Hold	Sum of parts
07/30/18	DMG & Partners	Dairy Farm	9.15	9.6	Neutral	DCF
07/30/18	CIMB	Dairy Farm	9.15	9.55	Hold	PER23.5x CY19
08/30/18	DMG & Partners	Dairy Farm	9.2	9.6	Neutral
09/14/18	CIMB	Dairy Farm	9.1	9.55	Hold
10/03/18	DMG & Partners	Dairy Farm	9.42	9.6	Buy
10/08/18	DMG & Partners	Dairy Farm	9.15	9.6	Neutral
10/23/18	CIMB	Dairy Farm	8.95	9.55	Hold

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.

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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.

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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