Koufu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/19	UOB Kay Hian	Koufu	0.805	0.95	Buy
05/07/19	DBS Vickers	Koufu	0.77	0.8	Hold	PER17x FY19
05/09/19	UOB Kay Hian	Koufu	0.75	0.95	Buy
06/13/19	UOB Kay Hian	Koufu	0.675	0.95	Buy
06/28/19	DBS Vickers	Koufu	0.675	0.85	Buy	PER17x FY19
07/03/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
08/08/19	UOB Kay Hian	Koufu	0.71	0.95	Buy
08/08/19	DBS Vickers	Koufu	0.71	0.88	Buy	PER17x FY20
10/01/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
10/01/19	DBS Vickers	Koufu	0.72	0.88	Buy
11/05/19	DBS Vickers	Koufu	0.755	0.88	Buy	PER17x FY20
11/06/19	UOB Kay Hian	Koufu	0.77	0.95	Buy
12/11/19	SAC Capital	Koufu	0.765	0.87	Buy
01/06/20	DBS Vickers	Koufu	0.775	0.88	Buy
02/12/20	UOB Kay Hian	Koufu	0.725	0.83	Buy
02/13/20	DBS Vickers	Koufu	0.735	0.84	Buy	PER17x FY20
03/02/20	DBS Vickers	Koufu	0.705	0.84	Buy	PER17x FY20
03/03/20	UOB Kay Hian	Koufu	0.71	0.81	Buy
03/03/20	Lim & Tan	Koufu	0.71	0	Hold
04/22/20	DBS Vickers	Koufu	0.615	0.68	Hold
04/24/20	UOB Kay Hian	Koufu	0.6	0.69	Buy

Kimly - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	DMG & Partners	Kimly	0.24	0.24	Neutral
05/09/19	DMG & Partners	Kimly	0.245	0.23	Neutral	DCF
06/06/19	DMG & Partners	Kimly	0.23	0.23	Neutral
08/13/19	DMG & Partners	Kimly	0.235	0.23	Neutral	DCF
10/15/19	DMG & Partners	Kimly	0.225	0.23	Neutral
11/28/19	DMG & Partners	Kimly	0.24	0.24	Neutral	DCF
12/11/19	DMG & Partners	Kimly	0.245	0.24	Neutral

Stock calls for 21 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/21/20	DMG & Partners	Ireit	0.68	0.83	Buy	DDM
05/21/20	UOB Kay Hian	SPH	1.5	1.52	Hold	Sum of parts, Buy @ $1.30
05/21/20	Lim & Tan	SPH	1.5	0	Hold
05/21/20	Amfrasers	UMS	0.915	0.74	Underperform

Keppel Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Keppel Reit	1.29	1.35	Buy	DDM
04/18/19	DMG & Partners	Keppel Reit	1.24	1.12	Neutral	DDM
04/18/19	DBS Vickers	Keppel Reit	1.24	1.38	Buy	DCF
04/18/19	Lim & Tan	Keppel Reit	1.24	0	Hold
04/24/19	UOB Kay Hian	Keppel Reit	1.21	1.37	Buy	DDM
04/24/19	DBS Vickers	Keppel Reit	1.21	1.4	Buy	DCF
04/25/19	CIMB	Keppel Reit	1.23	1.34	Add	DDM
05/30/19	UOB Kay Hian	Keppel Reit	1.21	1.37	Buy
07/04/19	DMG & Partners	Keppel Reit	1.28	1.12	Neutral
07/16/19	CIMB	Keppel Reit	1.26	1.41	Add	DDM
07/16/19	DMG & Partners	Keppel Reit	1.26	1.2	Neutral	DDM
07/16/19	UOB Kay Hian	Keppel Reit	1.26	1.37	Buy
07/16/19	DBS Vickers	Keppel Reit	1.26	1.45	Buy	DCF
07/16/19	Lim & Tan	Keppel Reit	1.26	0	Hold
08/06/19	DBS Vickers	Keppel Reit	1.2	1.45	Buy
08/27/19	UOB Kay Hian	Keppel Reit	1.24	1.21	Hold	Buy @ $1.1
10/02/19	DBS Vickers	Keppel Reit	1.26	1.45	Buy	DCF
10/02/19	DMG & Partners	Keppel Reit	1.26	1.23	Neutral	DDM
10/17/19	CIMB	Keppel Reit	1.24	1.35	Add	DDM
10/17/19	UOB Kay Hian	Keppel Reit	1.24	1.2	Hold	DDM, Buy @ $1.1
10/17/19	Lim & Tan	Keppel Reit	1.24	0	Hold
12/04/19	DBS Vickers	Keppel Reit	1.23	1.45	Buy
12/10/19	DMG & Partners	Keppel Reit	1.25	1.23	Neutral
01/24/20	DBS Vickers	Keppel Reit	1.27	1.45	Buy	DCF
01/24/20	CIMB	Keppel Reit	1.27	1.38	Add
02/04/20	DBS Vickers	Keppel Reit	1.21	1.45	Buy
03/18/20	DBS Vickers	Keppel Reit	0.96	1.45	Buy
04/13/20	UOB Kay Hian	Keppel Reit	0.95	1.3	Buy
04/23/20	CIMB	Keppel Reit	0.99	1.2	Add	DDM
04/23/20	DMG & Partners	Keppel Reit	0.99	1.23	Neutral
04/24/20	Lim & Tan	Keppel Reit	1.04	0	Buy on weakness
05/04/20	DMG & Partners	Keppel Reit	1.06	1.07	Neutral	DDM

Keppel Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/19	DBS Vickers	Keppel Pacific	0.705	0.8	Buy
06/06/19	DBS Vickers	Keppel Pacific	0.74	0.8	Buy
06/17/19	DBS Vickers	Keppel Pacific	0.75	0.9	Buy	DCF
07/12/19	DMG & Partners	Keppel Pacific	0.79	0.88	Buy	DDM
07/18/19	DBS Vickers	Keppel Pacific	0.82	0.9	Buy
09/06/19	DMG & Partners	Keppel Pacific	0.74	0.88	Buy	DDM
09/09/19	DBS Vickers	Keppel Pacific	0.75	0.9	Buy
10/16/19	DBS Vickers	Keppel Pacific	0.76	0.9	Buy	DCF
10/16/19	DMG & Partners	Keppel Pacific	0.76	0.88	Buy	DDM
12/10/19	DMG & Partners	Keppel Pacific	0.775	0.88	Buy
01/22/20	DMG & Partners	Keppel Pacific	0.765	0.88	Buy	DDM
01/24/20	DBS Vickers	Keppel Pacific	0.785	0.9	Buy	DCF
03/20/20	DBS Vickers	Keppel Pacific	0.395	0.9	Buy
04/14/20	DMG & Partners	Keppel Pacific	0.54	0.76	Buy	DDM

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/16/19	DBS Vickers	Keppel Infrastructure	0.48	0.58	Buy	DDM
07/16/19	DBS Vickers	Keppel Infrastructure	0.505	0.58	Buy	DDM
10/15/19	DBS Vickers	Keppel Infrastructure	0.545	0.58	Buy
01/22/20	DBS Vickers	Keppel Infrastructure	0.55	0.58	Buy	DDM
04/21/20	Lim & Tan	Keppel Infrastructure	0.475	0	Buy
04/22/20	DBS Vickers	Keppel Infrastructure	0.48	0.54	Buy	DDM
04/24/20	Credit Suisse	Keppel Infrastructure	0.49	0.57	Outperform

Stock calls for 20 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/20/20	UOB Kay Hian	Comfortdelgro	1.56	1.82	Buy
05/20/20	phillip	Propnex	0.495	0.6	Buy
05/20/20	DMG & Partners	Sembcorp Industries	1.55	2	Buy	Sum of parts
05/20/20	DMG & Partners	Silverlake	0.245	0.24	Neutral	DCF
05/20/20	UOB Kay Hian	Sunpower	0.445	0.88	Buy
05/20/20	OCBC	Thai Beverage	0.66	0.71	Hold

China has not shown its hand yet in the fight against the US.

China can bludgeon the US so severely that the US cannot stand on its feet but China is not doing it now.

Why did I say that?

China can also do what the US did to Huawei but on a much larger scale.  China can announce that any foreign company, using China's rare earth materials, cannot export its rare earth materials and products to the USA.  This will cripple the US technology and military defence industries immediately since rare earth materials are used abundantly in batteries, missiles, etc.  Consequently, those foreign companies flouting China's announcement will risk losing access to China's market and get slapped with sanctions.  Thus, things can really get ugly if China is as belligerent and unreasonable as the US.

China can easily force the US to the negotiating table since the US cannot replace the rare earth materials from China immediately.  It will take a few years for the US to cut off from China and this can buy time for the US & China to decouple from each other.

Is this the new world that we're all looking forward to?

Luckin is finished! Goodbye forever!

https://finance.yahoo.com/news/luckin-stock-faces-wipeout-rush-052759754.html

Luckin will be delisted soon as demanded by Nasdaq.

We had warned about Luckin during its IPO.

http://sg-stock.blogspot.com/2019/05/do-not-subscribe-to-luckin-coffee-ipo.html

Everything had played out as we had predicted.  Luckin was a fraud and short-sellers targeted this company after its IPO just as we had expected.  Those who bought into this company had to go for a class-action suit to seek their financial justice.  However, Luckin is a loss-making company and these investors will find it difficult to recoup their investments.  Their only consolation is to shut down this fraudulent company with the class-action suit so that it will never be able to con anyone again.

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/19	Amfrasers	Keppel DC Reit	1.47	1.62	Buy	DDM
04/09/19	CIMB	Keppel DC Reit	1.48	1.54	Add	DDM
04/16/19	OCBC	Keppel DC Reit	1.49	1.64	Buy
04/16/19	Lim & Tan	Keppel DC Reit	1.49	0	Hold
04/18/19	Phillip	Keppel DC Reit	1.49	1.59	Accumulate	DDM, PB1.37x FY19
05/02/19	Amfrasers	Keppel DC Reit	1.51	1.62	Buy
06/19/19	Phillip	Keppel DC Reit	1.64	1.59	Accumulate
07/10/19	CIMB	Keppel DC Reit	1.67	1.54	Add
07/17/19	OCBC	Keppel DC Reit	1.71	1.93	Buy
07/17/19	DBS Vickers	Keppel DC Reit	1.71	1.9	Buy	DCF
07/18/19	Phillip	Keppel DC Reit	1.73	1.71	Hold	DDM
07/18/19	CIMB	Keppel DC Reit	1.73	1.67	Hold	DDM
07/23/19	Amfrasers	Keppel DC Reit	1.75	1.71	Neutral
07/26/19	OCBC	Keppel DC Reit	1.71	1.93	Hold
08/26/19	Phillip	Keppel DC Reit	1.74	1.71	Neutral
09/17/19	OCBC	Keppel DC Reit	1.8	2.08	Buy	DDM
09/17/19	Amfrasers	Keppel DC Reit	1.8	1.95	Outperform
09/18/19	CIMB	Keppel DC Reit	1.93	1.82	Hold	DDM
09/19/19	Phillip	Keppel DC Reit	1.97	2	Accumulate	DDM
10/08/19	DBS Vickers	Keppel DC Reit	1.9	2.2	Buy	DCF
10/16/19	CIMB	Keppel DC Reit	1.99	1.88	Hold	DDM
10/16/19	Phillip	Keppel DC Reit	1.99	2.06	Accumulate	DDM
10/16/19	Lim & Tan	Keppel DC Reit	1.99	0	Hold
10/17/19	Amfrasers	Keppel DC Reit	2	2.11	Outperform
10/17/19	OCBC	Keppel DC Reit	2	2.08	Hold
11/25/19	Phillip	Keppel DC Reit	2.01	2.06	Accumulate
12/18/19	DBS Vickers	Keppel DC Reit	1.97	2.23	Buy	DCF
01/22/20	CIMB	Keppel DC Reit	2.25	2.03	Hold	DDM
01/23/20	DBS Vickers	Keppel DC Reit	2.22	2.4	Buy	DCF
02/04/20	DBS Vickers	Keppel DC Reit	2.27	2.4	Buy
02/25/20	DBS Vickers	Keppel DC Reit	2.5	2.55	Hold	DCF
03/02/20	DBS Vickers	Keppel DC Reit	2.32	2.55	Hold	DCF
03/11/20	Amfrasers	Keppel DC Reit	2.38	2.19	Neutral
03/13/20	Phillip	Keppel DC Reit	2.14	2.06	Accumulate
03/19/20	CIMB	Keppel DC Reit	1.86	2.17	Add
04/22/20	CIMB	Keppel DC Reit	2.44	2.17	Hold
04/24/20	Phillip	Keppel DC Reit	2.45	2.2	Hold	DDM

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/15/19	CIMB	Keppel Corp	6.62	8.41	Add	Sum of parts
04/22/19	OCBC	Keppel Corp	6.74	7.83	Buy
04/22/19	Lim & Tan	Keppel Corp	6.74	0	Hold
05/08/19	CIMB	Keppel Corp	6.72	8.41	Add	Sum of parts
06/10/19	DMG & Partners	Keppel Corp	6.05	7.33	Buy	Sum of parts, Cut from $7.92
06/21/19	DBS Vickers	Keppel Corp	6.57	9	Buy
06/28/19	CIMB	Keppel Corp	6.67	8.41	Add	Sum of parts
07/03/19	DBS Vickers	Keppel Corp	6.77	9.2	Buy
07/03/19	OCBC	Keppel Corp	6.77	7.83	Buy
07/19/19	DMG & Partners	Keppel Corp	6.59	7.3	Buy	Sum of parts
07/19/19	CIMB	Keppel Corp	6.59	8.41	Add	Sum of parts
07/19/19	UOB Kay Hian	Keppel Corp	6.59	7.61	Buy	Sum of parts
07/19/19	Lim & Tan	Keppel Corp	6.59	0	Hold
07/22/19	Amfrasers	Keppel Corp	6.57	7.43	Neutral	Sum of parts
07/22/19	DBS Vickers	Keppel Corp	6.57	8.5	Buy	Sum of parts
08/22/19	Lim & Tan	Keppel Corp	5.9	0	Buy
08/26/19	UOB Kay Hian	Keppel Corp	5.88	7.61	Buy	Sum of parts
09/24/19	Lim & Tan	Keppel Corp	6.04	0	Buy
09/30/19	CIMB	Keppel Corp	5.98	8.41	Add	Sum of parts
10/01/19	UOB Kay Hian	Keppel Corp	5.93	7.61	Buy	Sum of parts
10/08/19	CIMB	Keppel Corp	5.91	8.41	Add
10/08/19	DMG & Partners	Keppel Corp	5.91	7.3	Buy
10/09/19	OCBC	Keppel Corp	5.93	7.58	Buy
10/09/19	DBS Vickers	Keppel Corp	5.93	8.5	Buy
10/17/19	Macquarie	Keppel Corp	5.98	7.5	Outperform	Sum of parts
10/18/19	CIMB	Keppel Corp	5.96	8.36	Add	Sum of parts
10/18/19	DMG & Partners	Keppel Corp	5.96	7.18	Buy	Sum of parts (20% disc)
10/18/19	Lim & Tan	Keppel Corp	5.96	0	Hold
10/18/19	DBS Vickers	Keppel Corp	5.96	7.5	Buy	Sum of parts, PB1.2x FY19
10/21/19	Amfrasers	Keppel Corp	5.84	7.44	Overweight	Sum of parts
10/21/19	OCBC	Keppel Corp	5.84	7.58	Buy
10/22/19	DMG & Partners	Keppel Corp	5.84	7.8	Buy	Sum of parts (13% disc)
11/12/19	UOB Kay Hian	Keppel Corp	6.86	7.61	Buy
12/17/19	Lim & Tan	Keppel Corp	6.72	0	Buy
12/19/19	DMG & Partners	Keppel Corp	6.75	7.8	Buy
01/08/20	CIMB	Keppel Corp	6.84	7.76	Add
01/08/20	DMG & Partners	Keppel Corp	6.84	7.8	Buy	Sum of parts
01/20/20	UOB Kay Hian	Keppel Corp	6.84	7.61	Buy
01/24/20	UOB Kay Hian	Keppel Corp	6.74	7.75	Buy	Sum of parts
01/28/20	DBS Vickers	Keppel Corp	6.75	7.5	Buy	Sum of parts
03/11/20	DMG & Partners	Keppel Corp	5.7	7.6	Buy	Sum of parts
03/26/20	Macquarie	Keppel Corp	5.4	7	Outperform	Sum of parts
04/07/20	DMG & Partners	Keppel Corp	5.51	7.6	Buy
04/23/20	CIMB	Keppel Corp	5.7	7.48	Add	Sum of parts
04/29/20	HSBC	Keppel Corp	6.03	6.74	Buy	Cut from $7.80
04/30/20	DMG & Partners	Keppel Corp	5.97	7.4	Buy	Sum of parts
04/30/20	UOB Kay Hian	Keppel Corp	5.97	7.15	Buy	Sum of parts
04/30/20	Lim & Tan	Keppel Corp	5.97	0	Hold
04/30/20	DBS Vickers	Keppel Corp	5.97	6.8	Buy	Sum of parts

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/19	DBS Vickers	Jumbo	0.405	0.51	Buy	PER23x FY19
05/16/19	UOB Kay Hian	Jumbo	0.405	0.41	Hold	PER20x FY19, Buy @ $0.32
05/16/19	CIMB	Jumbo	0.405	0.52	Add	PER21x FY20
06/21/19	DMG & Partners	Jumbo	0.38	0.47	Buy	DCF, PER23x FY19
08/07/19	DBS Vickers	Jumbo	0.38	0.47	Buy	PER23x FY20
08/08/19	DMG & Partners	Jumbo	0.375	0.47	Buy	DCF
08/08/19	UOB Kay Hian	Jumbo	0.375	0.37	Hold
08/27/19	CIMB	Jumbo	0.37	0.47	Add
09/26/19	UOB Kay Hian	Jumbo	0.38	0.37	Hold	Buy @ $0.33
10/01/19	DBS Vickers	Jumbo	0.375	0.47	Buy
11/27/19	DBS Vickers	Jumbo	0.37	0.47	Buy	PER23x FY20
11/27/19	CIMB	Jumbo	0.37	0.47	Add
11/28/19	UOB Kay Hian	Jumbo	0.375	0.44	Buy	PER20.3x FY20
12/03/19	DMG & Partners	Jumbo	0.37	0.44	Buy	DCF
01/14/20	DBS Vickers	Jumbo	0.385	0.47	Buy
02/07/20	DBS Vickers	Jumbo	0.335	0.38	Buy	PER23x FY20
02/13/20	UOB Kay Hian	Jumbo	0.335	0.32	Hold	PER21x FY20, Buy @ $0.29
03/25/20	DBS Vickers	Jumbo	0.198	0.18	Hold	PER18x FY20/21
03/26/20	DMG & Partners	Jumbo	0.21	0.2	Neutral	DCF
03/26/20	CIMB	Jumbo	0.21	0.218	Hold
04/22/20	DBS Vickers	Jumbo	0.245	0.18	Hold
04/23/20	UOB Kay Hian	Jumbo	0.245	0.23	Hold	Buy @ $0.20
05/18/20	DMG & Partners	Jumbo	0.25	0.19	Sell	DCF
05/18/20	DBS Vickers	Jumbo	0.25	0.21	Fully Valued	PER18x FY21
05/18/20	CIMB	Jumbo	0.25	0.2	Reduce

Stock calls for 19 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/19/20	UOB Kay Hian	Propnex	0.5	0.65	Buy
05/19/20	CIMB	Propnex	0.5	0.625	Add
05/19/20	DBS Vickers	Sembcorp Industries	1.55	1.7	Hold	Sum of parts, PB0.5x
05/19/20	Lim & Tan	Sembcorp Industries	1.55	0	Hold
05/19/20	UOB Kay Hian	Sembcorp Industries	1.55	1.7	Hold	Buy @ $1.50
05/19/20	CIMB	Sembcorp Industries	1.55	1.76	Hold
05/19/20	DBS Vickers	Sheng Siong	1.56	1.66	Buy	PER25x FY21
05/19/20	Lim & Tan	UOL	6.67	0	Buy
05/19/20	CIMB	UOL	6.67	7.25	Add

JEP - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/21/19	Phillip	JEP	0.162	0.2	Buy	PER10x FY19
03/04/20	Phillip	JEP	0.205	0.25	Buy	PER14x FY20

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/20	CIMB	Jardine Matheson	50.12	52.53	Hold	Cut from $61.66

Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	DBS Vickers	Jardine C&C	35.52	39.1	Buy	Sum of parts (16% discount)