Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Food Empire	0.58	0.69	Buy
04/05/19	DMG & Partners	Food Empire	0.56	0.69	Buy
08/13/19	DMG & Partners	Food Empire	0.525	0.73	Buy	PER13x FY19
11/12/19	DMG & Partners	Food Empire	0.54	0.73	Buy
11/21/19	DMG & Partners	Food Empire	0.6	0.83	Buy	PER12x FY20
12/11/19	DMG & Partners	Food Empire	0.6	0.73	Buy
01/17/20	DMG & Partners	Food Empire	0.705	0.83	Buy	PER12x FY20

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/19	DBS Vickers	First Sponsor	1.27	1.62	Buy	RNAV (35% discount)
07/26/19	DBS Vickers	First Sponsor	1.31	1.62	Buy	RNAV (35% discount)

Stock calls for 29 January 2020

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Date	Analyst	Company	Last	Target	Call	Valuation
01/29/20	Lim & Tan	Capitaland	3.7	0	Hold
01/29/20	Phillip	Frasers Centrepoint Trust	2.86	3.11	Accumulate	DDM
01/29/20	UOB Kay Hian	Parkway Life	3.6	3.78	Buy	DDM

What will the FED do for the upcoming meeting?

Let's analyze the 4 US interest rates to find out.

Iorr: 1.55% (Same as Dec 2019), Max limit is 1.75% as set by the US FED.

Effr: 1.55% (Same as Dec 2019)

Ioer: 1.55% (Same as Dec 2019)

On RRP: 1.45% (Same as Dec 2019), Min limit is 1.5% as set by the US FED.

Effr: 1.55%
Ioer: 1.55%

The Effr-Ioer spread is zero which means there is no monetary tightening condition.  However, the On RRP (1.45%) is below the minimum limit set by the US FED because of the repo market intervention.  Since the 4 US rates are the same as the previous month, we can project with the confidence that the US FED will stay put.

http://sg-stock.blogspot.com/2019/12/will-us-fed-cut-its-rates-in-december.html

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	UOB Kay Hian	First Resources	1.56	1.6	Hold
02/20/19	UOB Kay Hian	First Resources	1.72	1.85	Hold	PER13x FY19, Buy @ $1.65
02/21/19	Kim Eng	First Resources	1.69	2.1	Buy
03/01/19	Kim Eng	First Resources	1.71	2.03	Buy	PER17x
03/04/19	DMG & Partners	First Resources	1.72	1.6	Neutral	PER13x FY19
03/04/19	DBS Vickers	First Resources	1.72	1.97	Buy	DCF
03/05/19	CIMB	First Resources	1.7	2.12	Add
03/12/19	UOB Kay Hian	First Resources	1.69	1.85	Hold	Buy @ $1.65
04/09/19	CIMB	First Resources	1.79	2.12	Add
04/22/19	UOB Kay Hian	First Resources	1.85	1.85	Hold
05/06/19	Kim Eng	First Resources	1.82	2.03	Buy	PER17x FY19
05/09/19	UOB Kay Hian	First Resources	1.79	1.85	Hold	PER13x FY19, Buy @ $1.65
05/16/19	DMG & Partners	First Resources	1.7	1.53	Neutral	PER13x FY20
05/16/19	Kim Eng	First Resources	1.7	1.93	Buy	PER17x
05/16/19	DBS Vickers	First Resources	1.7	1.95	Buy	DCF, PER16.5x FY19
05/16/19	UOB Kay Hian	First Resources	1.7	1.7	Hold	Buy @ $1.50
06/06/19	DMG & Partners	First Resources	1.56	1.53	Neutral
07/02/19	Kim Eng	First Resources	1.6	1.93	Buy
07/16/19	DBS Vickers	First Resources	1.55	1.82	Buy	DCF
08/06/19	UOB Kay Hian	First Resources	1.53	1.6	Hold	Buy @ $1.45
08/15/19	Kim Eng	First Resources	1.57	1.8	Buy	PER17x FY20
08/15/19	DMG & Partners	First Resources	1.57	1.45	Neutral	PER14x FY20
08/15/19	CIMB	First Resources	1.57	1.76	Add
08/21/19	UOB Kay Hian	First Resources	1.5	1.6	Hold	Buy @ $1.45
08/21/19	DBS Vickers	First Resources	1.5	1.8	Buy	DCF
09/30/19	DMG & Partners	First Resources	1.6	1.9	Buy	PER18x FY20
11/07/19	UOB Kay Hian	First Resources	1.73	1.9	Buy	PER15x FY20
11/12/19	DMG & Partners	First Resources	1.73	1.95	Buy	PER18x FY20
11/13/19	Kim Eng	First Resources	1.78	1.86	Hold	PER18x FY20
11/13/19	UOB Kay Hian	First Resources	1.78	1.85	Buy
11/13/19	DBS Vickers	First Resources	1.78	1.95	Buy	DCF
12/10/19	DBS Vickers	First Resources	1.83	2.1	Buy	DCF
01/20/20	DMG & Partners	First Resources	1.77	2.3	Buy	PER18x FY20

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/19	phillip	First Reit	1.04	0.88	Neutral	DDM
01/17/19	Lim & Tan	First Reit	1.03	0	Neutral
01/18/19	OCBC	First Reit	1.01	0.97	Hold
01/18/19	CIMB	First Reit	1.01	1.2	Add	DDM
02/11/19	OCBC	First Reit	1.14	0.97	Sell
04/11/19	CIMB	First Reit	0.99	1.2	Add	DDM
08/13/19	CIMB	First Reit	1.06	1.23	Add
11/07/19	CIMB	First Reit	1.05	1.2	Add	DDM

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	Far East Hospitality	0.605	0.68	Add
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy
02/07/19	OCBC	Far East Hospitality	0.66	0.675	Buy
02/13/19	Lim & Tan	Far East Hospitality	0.64	0	Buy
02/14/19	DBS Vickers	Far East Hospitality	0.635	0.7	Buy	DCF
02/14/19	CIMB	Far East Hospitality	0.635	0.68	Add	DDM
02/14/19	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM
02/14/19	OCBC	Far East Hospitality	0.635	0.68	Buy
04/15/19	OCBC	Far East Hospitality	0.685	0.68	Hold
04/26/19	OCBC	Far East Hospitality	0.66	0.67	Hold
04/26/19	DBS Vickers	Far East Hospitality	0.66	0.7	Buy
04/29/19	CIMB	Far East Hospitality	0.665	0.71	Add
04/29/19	Kim Eng	Far East Hospitality	0.665	0.8	Buy
06/12/19	OCBC	Far East Hospitality	0.645	0.67	Hold
06/25/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
07/22/19	UOB Kay Hian	Far East Hospitality	0.685	0.82	Buy	DDM
07/31/19	OCBC	Far East Hospitality	0.685	0.67	Hold
07/31/19	CIMB	Far East Hospitality	0.685	0.68	Hold
08/01/19	DBS Vickers	Far East Hospitality	0.68	0.7	Hold	DCF
08/27/19	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
09/19/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
10/09/19	DBS Vickers	Far East Hospitality	0.69	0.7	Hold
10/30/19	Lim & Tan	Far East Hospitality	0.7	0	Hold
10/31/19	UOB Kay Hian	Far East Hospitality	0.71	0.86	Buy	DCF
10/31/19	DBS Vickers	Far East Hospitality	0.71	0.8	Buy
11/01/19	Kim Eng	Far East Hospitality	0.73	0.8	Buy	DDM
11/04/19	CIMB	Far East Hospitality	0.735	0.7	Hold
11/04/19	OCBC	Far East Hospitality	0.735	0.68	Hold
11/21/19	Kim Eng	Far East Hospitality	0.72	0.8	Buy
12/19/19	DBS Vickers	Far East Hospitality	0.72	0.8	Buy
01/14/20	DBS Vickers	Far East Hospitality	0.755	0.8	Buy

Stock calls for 28 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/20	Lim & Tan	BRC Asia	1.69	0	Buy on weakness
01/28/20	DBS Vickers	Cache Logistics	0.725	0.75	Hold	DCF
01/28/20	OCBC	ESR-Reit	0.56	0.6	Buy
01/28/20	DBS Vickers	Frasers Hospitality Trust	0.715	0.78	Hold	DCF
01/28/20	Lim & Tan	Hong Leong Asia	0.625	0	Buy on weakness
01/28/20	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
01/28/20	DBS Vickers	Keppel Corp	6.75	7.5	Buy	Sum of parts
01/28/20	Lim & Tan	KSH	0.415	0	Buy on weakness
01/28/20	Lim & Tan	PanUnited	0.375	0	Buy on weakness
01/28/20	OCBC	Soilbuild Reit	0.515	0.52	Hold
01/28/20	OCBC	Suntec Reit	1.86	2.05	Buy

Baltic dry index - 557

Today, Friday, January 24 2020, the Baltic Dry Index decreased by 19 points, reaching 557 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 stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 794

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/19	DBS Vickers	Ezion	0.05	0.06	Hold	PB0.3x FY19
03/11/19	DBS Vickers	Ezion	0.043	0.05	Hold	PER10x F20
04/05/19	DBS Vickers	Ezion	0.043	0.05	Hold	PB1.4x

ESR-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	Lim & Tan	ESR-Reit	0.53	0	Hold
01/21/19	CIMB	ESR-Reit	0.53	0.62	Add	DDM
01/21/19	OCBC	ESR-Reit	0.53	0.575	Buy
01/22/19	DBS Vickers	ESR-Reit	0.53	0.59	Buy
02/12/19	DMG & Partners	ESR-Reit	0.515	0.61	Buy	DDM
03/07/19	CIMB	ESR-Reit	0.53	0.62	Add
03/13/19	DMG & Partners	ESR-Reit	0.53	0.61	Buy
04/10/19	OCBC	ESR-Reit	0.54	0.55	Hold
04/25/19	CIMB	ESR-Reit	0.51	0.6	Add	DDM
04/25/19	OCBC	ESR-Reit	0.51	0.565	Buy
06/18/19	CIMB	ESR-Reit	0.565	0.6	Add	DDM
06/19/19	OCBC	ESR-Reit	0.53	0.56	Buy
07/24/19	OCBC	ESR-Reit	0.535	0.58	Buy
07/24/19	CIMB	ESR-Reit	0.535	0.61	Add	DDM
08/21/19	Citibank	ESR-Reit	0.51	0.57	Buy
10/25/19	OCBC	ESR-Reit	0.54	0.58	Buy
10/29/19	DMG & Partners	ESR-Reit	0.53	0.6	Buy	DDM
12/10/19	DMG & Partners	ESR-Reit	0.545	0.6	Buy
01/07/20	DMG & Partners	ESR-Reit	0.545	0.6	Buy	DDM
01/24/20	DBS Vickers	ESR-Reit	0.56	0.59	Buy	DCF

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/19	DMG & Partners	EC World Reit	0.7	0.81	Buy
02/15/19	phillip	EC World Reit	0.745	0.82	Buy
02/22/19	DBS Vickers	EC World Reit	0.745	0.86	Buy	DCF
02/25/19	DMG & Partners	EC World Reit	0.755	0.84	Buy	DDM
03/04/19	phillip	EC World Reit	0.76	0.85	Buy	DDM, PB0.84x FY19
03/18/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
05/07/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
05/14/19	DMG & Partners	EC World Reit	0.79	0.85	Buy	DDM
05/14/19	DBS Vickers	EC World Reit	0.79	0.86	Buy
05/15/19	phillip	EC World Reit	0.785	0.87	Buy	DDM, PB0.93x
06/19/19	phillip	EC World Reit	0.775	0.87	Buy
07/04/19	DMG & Partners	EC World Reit	0.78	0.85	Buy
07/22/19	phillip	EC World Reit	0.755	0.87	Buy
08/08/19	phillip	EC World Reit	0.735	0.87	Buy	DDM
08/08/19	DMG & Partners	EC World Reit	0.735	0.82	Buy	DDM
09/24/19	phillip	EC World Reit	0.735	0.87	Buy
10/18/19	phillip	EC World Reit	0.735	0.87	Buy
11/12/19	phillip	EC World Reit	0.74	0.84	Buy	DDM
11/12/19	DBS Vickers	EC World Reit	0.74	0.86	Buy	DCF
11/26/19	Amfrasers	EC World Reit	0.74	0.84	outperform	DDM
12/02/19	Amfrasers	EC World Reit	0.745	0.84	outperform	DDM
12/10/19	DMG & Partners	EC World Reit	0.765	0.82	Buy

Stock calls for 24 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/20	DBS Vickers	AEM	2.05	2.38	Buy	PER12.1x FY20
01/24/20	Kim Eng	Cache Logistics	0.725	0.8	Buy	DDM
01/24/20	DBS Vickers	CapitaCommercial	2.12	2.3	Buy
01/24/20	Phillip	Capitamall Trust	2.57	2.7	Accumulate	DDM
01/24/20	DBS Vickers	Capitamall Trust	2.57	2.95	Buy
01/24/20	DBS Vickers	ESR-Reit	0.56	0.59	Buy	DCF
01/24/20	DBS Vickers	Frasers Centrepoint Trust	2.86	2.95	Buy
01/24/20	DBS Vickers	Frencken	0.91	1.06	Buy	PER10x FY20
01/24/20	UOB Kay Hian	Keppel Corp	6.74	7.75	Buy	Sum of parts
01/24/20	DBS Vickers	Keppel Pacific	0.785	0.9	Buy	DCF
01/24/20	DBS Vickers	Keppel Reit	1.27	1.45	Buy	DCF
01/24/20	DBS Vickers	Mapletree Commercial	2.43	2.6	Buy
01/24/20	Lim & Tan	Mapletree Commercial	2.43	0	Hold
01/24/20	DBS Vickers	SGX	8.82	9.6	Buy	DDM, PER21x FY21
01/24/20	DBS Vickers	Soilbuild Reit	0.52	0.55	Hold	DCF
01/24/20	DBS Vickers	Starhub	1.49	1.72	Buy	DCF
01/24/20	Citibank	Starhub	1.49	1.22	Sell
01/24/20	DBS Vickers	Suntec Reit	1.85	2.15	Buy	DCF
01/24/20	DBS Vickers	UMS	0.98	1.16	Buy	PER14.9x FY20

Eagle Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/19	UOB Kay Hian	Eagle Hospitality Trust	0.675	1.02	Buy	DDM
10/02/19	Amfrasers	Eagle Hospitality Trust	0.68	0.84	outperform	DDM
10/25/19	UOB Kay Hian	Eagle Hospitality Trust	0.645	1.02	Buy	DDM
10/29/19	Amfrasers	Eagle Hospitality Trust	0.545	0.72	outperform	DDM
11/18/19	Amfrasers	Eagle Hospitality Trust	0.535	0.61	Buy	DDM
12/02/19	Amfrasers	Eagle Hospitality Trust	0.525	0.61	outperform	DDM

Duty Free - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	Lim & Tan	Duty Free	0.192	0	Accumulate

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Delfi	1.32	1.59	Buy
03/01/19	DMG & Partners	Delfi	1.45	1.68	Buy	DCF, PER28x FY19
04/05/19	DMG & Partners	Delfi	1.3	1.68	Buy
05/07/19	DMG & Partners	Delfi	1.3	1.68	Buy	DCF, PER28x FY19
08/14/19	DMG & Partners	Delfi	1.24	1.68	Buy	DCF, PER28x FY19
10/31/19	DBS Vickers	Delfi	0.995	1.49	Buy	PER23.7x FY20
11/13/19	DMG & Partners	Delfi	0.955	1.68	Buy	DCF
11/14/19	DBS Vickers	Delfi	0.96	1.51	Buy	PER23.1x FY20
12/11/19	DMG & Partners	Delfi	1	1.68	Buy
01/06/20	DBS Vickers	Delfi	1	1.51	Buy

Stock calls for 23 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/20	UOB Kay Hian	CapitaCommercial	2.13	2.3	Buy
01/23/20	UOB Kay Hian	Capitamall Trust	2.59	2.88	Buy
01/23/20	Kim Eng	Frasers Centrepoint Trust	2.8	2.85	Hold	DDM
01/23/20	Lim & Tan	Frasers Centrepoint Trust	2.8	0	Hold
01/23/20	UOB Kay Hian	Frasers Centrepoint Trust	2.8	3.05	Buy
01/23/20	DBS Vickers	Keppel DC Reit	2.22	2.4	Buy	DCF
01/23/20	Kim Eng	Mapletree Commercial	2.44	2.45	Hold	DDM
01/23/20	UOB Kay Hian	Mapletree Industrial	2.77	2.9	Buy
01/23/20	DBS Vickers	Sheng Siong	1.26	1.41	Buy	PER25x FY20

The recession constellation is aligning in the US! - Part 3

http://sg-stock.blogspot.com/2020/01/the-recession-constellation-is-aligning.html

1. Tltro II will expire in March 2020.
2. ISM PMI reported its first contraction for August (Below 50) in September. The US recession may happen at the earliest 6 months later which is in March 2020.
3. The Republicans want to remove its President by March 2020. Nancy Pelosi just needs to get some Republicans to deflect to impeach Trump.
4. The opec+ will end the oil production cut in March 2020.  This will affect the US shale oil industry because the US has been gaining the oil market share at the expense of opec+.
5. Iran's retaliation against the US for the latest airstrike.
6. Wuhan virus.

CNY is approaching and there will be massive festive travellers in China.  If there is an outbreak during the CNY, the global economy will suffer soon.  Just look at the SARS outbreak and its economic impacts and you will know where the global economies are heading.

Canada and the US are trying to twist and turn the charge against Huawei Meng.

https://sg.finance.yahoo.com/news/canadian-prosecutor-set-defend-u-111334522.html

Yes, bank fraud is a criminal charge in the US and Canada.  However, the so-called "bank fraud" was committed in HK and HSBC never reported the bank fraud in HK.  Therefore, the US and Canada have no legitimate reason to put Meng under arrest.

If Meng is extradited to the US based on bank fraud committed in HK, then all the bank frauds in the world can be extradited to the US.  Meng was first arrested because she violated US sanction against Iran but Canada didn't have Iran sanction at that moment.  Thus, there was no double criminality issue at all in the US & Canada.

The US and Canada have a weak case over Meng.  If these 2 countries continue with their antics, they will lose their credibilities.

Many analysts are casting doubts on the viability of the phase 1 deal between the US and China.

https://www.scmp.com/economy/china-economy/article/3047018/chinas-trade-war-deal-may-be-doomed-start-scepticism-mounts

We had stated much earlier (April 2019) that the US-China trade deal wouldn't work.  It would be impossible for China to fulfill the terms in phase 1 deal since it had to be done based on market principles.  In other words, many US products are not competitive enough for China to import more.

http://sg-stock.blogspot.com/2020/01/the-phase-1-us-china-trade-deal-can-be.html

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/19	Lim & Tan	Del Monte	0.12	0	Buy