Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/19	CIMB	Riverstone	0.995	1.22	Add	PER16.5x FY20
05/16/19	DBS Vickers	Riverstone	0.975	1.03	Hold	PER16.8x FY19/20
08/13/19	DBS Vickers	Riverstone	0.9	1.16	Buy	PER14.5x FY20
11/11/19	CIMB	Riverstone	0.985	1.25	Add
11/11/19	DBS Vickers	Riverstone	0.985	1.16	Buy	PER14.5x FY20
02/27/20	CIMB	Riverstone	1.05	1.3	Add
02/27/20	DBS Vickers	Riverstone	1.05	1.34	Buy	PER20x FY20
05/08/20	UOB Kay Hian	Riverstone	1.21	1.46	Buy	PER22x FY20
05/13/20	UOB Kay Hian	Riverstone	1.62	2.15	Buy	PER23.7x FY20
05/13/20	DBS Vickers	Riverstone	1.62	2.2	Buy	PER26x FY20
05/14/20	CIMB	Riverstone	1.84	1.86	Add	PER19.3x CY21
05/22/20	CIMB	Riverstone	1.94	2.5	Add	PER22.7x CY21
05/26/20	UOB Kay Hian	Riverstone	1.87	2.53	Buy	PER23.1x FY20
06/03/20	DBS Vickers	Riverstone	2.24	3.09	Buy	PER28x FY20

Rex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/19	UOB Kay Hian	Rex	0.167	0.218	Buy	Sum of parts, PB1.1x FY20
03/05/20	UOB Kay Hian	Rex	0.184	0.27	Buy	Sum of parts

Stock calls for 5 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/20	Amfrasers	Delfi	0.77	0.93	outperform
06/05/20	UOB Kay Hian	OCBC	9.3	12.18	Buy
06/05/20	Lim & Tan	Sembcorp Marine	0.85	0	Hold
06/05/20	DMG & Partners	Valuetronics	0.585	0.5	Sell	DCF
06/05/20	Kim Eng	Valuetronics	0.585	0.66	Hold	PB1.2x FY21

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/30/19	DMG & Partners	Raffles Medical	1.07	1.02	Neutral
05/02/19	phillip	Raffles Medical	1.08	1.09	Neutral	DCF
05/02/19	DBS Vickers	Raffles Medical	1.08	1.12	Hold	Sum of parts
05/14/19	Kim Eng	Raffles Medical	1.02	1.13	Hold	DCF
06/12/19	CIMB	Raffles Medical	1.02	1.1	Hold
07/30/19	UOB Kay Hian	Raffles Medical	1.03	1.27	Buy	DCF
07/30/19	DMG & Partners	Raffles Medical	1.03	1.02	Neutral
07/30/19	DBS Vickers	Raffles Medical	1.03	1.12	Hold	Sum of parts
07/31/19	phillip	Raffles Medical	1.04	1.09	Neutral	DCF
07/31/19	Kim Eng	Raffles Medical	1.04	1.05	Hold	DCF
07/31/19	OCBC	Raffles Medical	1.04	1.06	Hold
10/30/19	DMG & Partners	Raffles Medical	1	1.02	Neutral	DCF
10/30/19	CIMB	Raffles Medical	1	1.16	Add	Sum of parts
10/30/19	UOB Kay Hian	Raffles Medical	1	1.27	Buy	DCF
10/30/19	DBS Vickers	Raffles Medical	1	1.12	Hold
11/05/19	phillip	Raffles Medical	1	1.05	Neutral	DCF
11/05/19	Kim Eng	Raffles Medical	1	1.07	Hold	DCF
11/05/19	OCBC	Raffles Medical	1	1.02	Hold
02/25/20	DMG & Partners	Raffles Medical	1.02	0.96	Neutral	DCF
02/25/20	UOB Kay Hian	Raffles Medical	1.02	1.21	Buy	DCF
02/25/20	DBS Vickers	Raffles Medical	1.02	1.1	Hold	Sum of parts
02/25/20	Kim Eng	Raffles Medical	1.02	1.06	Hold	DCF
02/25/20	CIMB	Raffles Medical	1.02	1.16	Add
02/26/20	phillip	Raffles Medical	1.01	0.99	Neutral	DCF
03/25/20	CIMB	Raffles Medical	0.745	0.98	Add	Sum of parts
04/28/20	DMG & Partners	Raffles Medical	0.87	0.93	Neutral	DCF
04/28/20	UOB Kay Hian	Raffles Medical	0.87	1.11	Buy	DCF
04/29/20	Kim Eng	Raffles Medical	0.87	0.99	Buy	DCF
04/29/20	DBS Vickers	Raffles Medical	0.87	0.96	Hold	Sum of parts

Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Propnex	0.595	0.66	Buy
05/16/19	UOB Kay Hian	Propnex	0.505	0.6	Buy	DCF, PER10x FY19
06/03/19	phillip	Propnex	0.5	0.63	Buy	DCF
06/07/19	CIMB	Propnex	0.49	0.64	Add
08/16/19	UOB Kay Hian	Propnex	0.505	0.5	Hold
08/19/19	phillip	Propnex	0.5	0.59	Buy	DCF
10/11/19	phillip	Propnex	0.49	0.59	Buy
10/14/19	UOB Kay Hian	Propnex	0.49	0.56	Buy	PER12x FY20
11/15/19	UOB Kay Hian	Propnex	0.525	0.62	Buy	PER12x FY20
11/18/19	phillip	Propnex	0.515	0.59	Buy	DCF
11/25/19	CIMB	Propnex	0.515	0.68	Add
02/21/20	Lim & Tan	Propnex	0.53	0.68	Buy
02/28/20	CIMB	Propnex	0.555	0.7	Add	DCF
02/28/20	UOB Kay Hian	Propnex	0.555	0.68	Buy
03/02/20	phillip	Propnex	0.545	0.7	Buy	DCF
03/06/20	UOB Kay Hian	Propnex	0.555	0.68	Buy
03/10/20	Lim & Tan	Propnex	0.515	0.68	Buy
05/15/20	Lim & Tan	Propnex	0.485	0	Buy
05/19/20	UOB Kay Hian	Propnex	0.5	0.65	Buy
05/19/20	CIMB	Propnex	0.5	0.625	Add
05/20/20	phillip	Propnex	0.495	0.6	Buy	DCF

Prime US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/19	DBS Vickers	Prime US Reit	0.94	1.05	Buy	DCF
02/13/20	Kim Eng	Prime US Reit	1.02	1.1	Buy	DDM
03/06/20	DBS Vickers	Prime US Reit	0.995	1.05	Buy	DCF

Stock calls for 4 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/20	Jefferies	A-Reit		3.1	Buy
06/04/20	DMG & Partners	CSE Global	0.49	0.54	Buy	PER12x FY20
06/04/20	Lim & Tan	CSE Global	0.49	0	Buy
06/04/20	CIMB	CSE Global	0.49	0.55	Add
06/04/20	UOB Kay Hian	Valuetronics	0.625	0.55	Sell
06/04/20	CIMB	Valuetronics	0.625	0.53	Reduce	PER9x FY20

Perennial Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/19	DBS Vickers	Perennial Reit	0.65	0.83	Buy	RNAV (55% discount)
05/13/19	DBS Vickers	Perennial Reit	0.64	0.83	Buy	RNAV (55% discount)
02/21/20	DBS Vickers	Perennial Reit	0.52	0.83	Buy	RNAV (55% discount)
05/08/20	DBS Vickers	Perennial Reit	0.5	0.83	Buy

Penguin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	phillip	Penguin	0.45	0.61	Buy	PER5x FY19 (ex-cash)
05/21/19	phillip	Penguin	0.44	0.61	Buy	PER5x FY19 (ex-cash)
05/27/19	CIMB	Penguin	0.445	0.72	Add	PB1x FY19
08/07/19	phillip	Penguin	0.495	0.61	Buy	PER5x FY19 (ex-cash)
10/09/19	UOB Kay Hian	Penguin	0.62	0.85	Buy	PER7.6x FY2020
11/08/19	CIMB	Penguin	0.66	0.81	Add	PB1x FY20
11/08/19	UOB Kay Hian	Penguin	0.66	0.85	Buy
11/11/19	phillip	Penguin	0.7	0.93	Buy	PER5x FY20 (ex-cash)
12/06/19	UOB Kay Hian	Penguin	0.725	0.85	Buy
02/26/20	CIMB	Penguin	0.71	0.82	Add	PB1x FY20
02/26/20	UOB Kay Hian	Penguin	0.71	0.85	Buy
02/27/20	phillip	Penguin	0.675	0.88	Buy	PER5x FY20 (ex-cash)
04/15/20	Lim & Tan	Penguin	0.495	0.7	Buy	PB1x
06/01/20	Lim & Tan	Penguin	0.5	0	Buy
06/03/20	phillip	Penguin	0.525	0.55	Accumlate	PB0.7x FY20

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Parkway Life	2.92	3.25	Buy	DDM
05/02/19	UOB Kay Hian	Parkway Life	2.89	3.25	Buy
07/31/19	Lim & Tan	Parkway Life	3.06	0	Hold
08/01/19	UOB Kay Hian	Parkway Life	3.06	3.25	Buy
08/01/19	DBS Vickers	Parkway Life	3.06	3.35	Buy
10/31/19	Lim & Tan	Parkway Life	3.24	0	Hold
11/01/19	UOB Kay Hian	Parkway Life	3.27	3.58	Buy	DDM
11/01/19	CIMB	Parkway Life	3.27	3.26	Hold
01/22/20	Lim & Tan	Parkway Life	3.4	0	Hold
01/29/20	UOB Kay Hian	Parkway Life	3.6	3.78	Buy	DDM
02/13/20	DBS Vickers	Parkway Life	3.56	4	Buy	DCF
04/23/20	UOB Kay Hian	Parkway Life	3.34	3.78	Buy	DDM
04/23/20	CIMB	Parkway Life	3.34	3.38	Hold	DDM
04/27/20	Lim & Tan	Parkway Life	3.31	0	Hold

Stock calls for 3 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/20	CIMB	APAC Realty	0.405	0.538	Add	DCF
06/03/20	DBS Vickers	Capitamall Trust	2.13	2.15	Buy
06/03/20	DBS Vickers	CapitaRetail China	1.38	1.55	Buy
06/03/20	UOB Kay Hian	CSE Global	0.475	0.65	Buy
06/03/20	DBS Vickers	Mapletree Commercial	2.07	2.25	Buy
06/03/20	DBS Vickers	Mapletree North Asia	0.9	1.05	Buy
06/03/20	phillip	Penguin	0.525	0.55	Accumlate	PB0.7x FY20
06/03/20	DBS Vickers	Riverstone	2.24	3.09	Buy	PER28x FY20
06/03/20	DBS Vickers	Sasseur	0.8	0.8	Buy
06/03/20	Lim & Tan	SIA	4.11	0	Take Profit
06/03/20	DBS Vickers	SPH Reit	0.88	0.8	Hold
06/03/20	DMG & Partners	Starhill	0.535	0.63	Buy	DDM
06/03/20	Lim & Tan	Valuetronics	0.68	0	Take Profit

Deutsche Bank has corroborated our analysis finally!

https://www.marketwatch.com/story/china-may-sell-treasurys-but-that-doesnt-mean-its-weaponizing-its-more-than-1-trillion-hoard-of-us-debt-says-deutsche-bank-2020-06-02?siteid=yhoof2&yptr=yahoo

We had stated previously that China wouldn't use its US treasuries as a weapon against the US because it defied economic sense.

http://sg-stock.blogspot.com/2019/06/china-has-started-to-sell-us-treasuries.html

Many analysts are still having this flawed thinking about China weaponizing its US treasuries.  However, DB has come to its sense and corroborated our analysis.

Hot news! Hainan will be a tax-free port by 2025!

https://www.yicaiglobal.com/news/china-to-turn-hainan-into-zero-tariff-free-trade-port-by-2025

We had stated just a few days ago that the direct FDIs in China would increase while the HK's FDIs in China would decrease.  We are proven right again in our analysis.

http://sg-stock.blogspot.com/2020/05/how-important-is-hong-kong-to-china.html

After our posting, China has just announced that Hainan will be tax-free port by 2025.  This will definitely undermine HK's financial hub status.

http://sg-stock.blogspot.com/2019/11/hong-kong-is-financial-hub-because-of.html

International trading will decrease in HK in the future and HK will lose its financial hub status over time.  The Hongkongers are paying a heavy price just to be US puppets.

The US ISM PMI is still in a recessionary mode in May 2020.

The May PMI is still in a recessionary mode (Low 40s).

Therefore, this latest PMI has confirmed that the US is still in a recession in Q2.

PanUnited - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/20	Lim & Tan	PanUnited	0.375	0	Buy on weakness
02/11/20	Lim & Tan	PanUnited	0.365	0.56	Buy	PB2x FY21
04/06/20	Lim & Tan	PanUnited	0.27	0	Hold

PACC Offshore - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/19	DBS Vickers	PACC Offshore	0.173	0.2	Hold	PB0.8x FY19
08/08/19	DBS Vickers	PACC Offshore	0.145	0.15	Hold	PB0.6x
11/07/19	DBS Vickers	PACC Offshore	0.21	0.22	Hold	PB1x FY19

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	DBS Vickers	Oxley	0.325	0.68	Buy
06/13/19	DMG & Partners	Oxley	0.31	0.41	Buy	RNAV (45% discount)
09/11/19	DMG & Partners	Oxley	0.31	0.41	Buy
09/24/19	DMG & Partners	Oxley	0.305	0.43	Buy	RNAV (45% discount)
09/25/19	UOB Kay Hian	Oxley	0.31	0.64	Buy	RNAV (30% discount)
10/02/19	DMG & Partners	Oxley	0.32	0.43	Buy
10/15/19	DMG & Partners	Oxley	0.325	0.43	Buy	RNAV (45% discount)
10/29/19	UOB Kay Hian	Oxley	0.34	0.5	Buy	RNAV (30% discount)
11/14/19	DMG & Partners	Oxley	0.345	0.43	Buy	RNAV (45% discount)
12/16/19	DMG & Partners	Oxley	0.35	0.43	Buy	RNAV (45% discount)
01/08/20	DMG & Partners	Oxley	0.375	0.43	Buy
02/11/20	UOB Kay Hian	Oxley	0.34	0.49	Buy
02/12/20	DMG & Partners	Oxley	0.34	0.42	Buy	RNAV (45% discount)
03/27/20	DMG & Partners	Oxley	0.22	0.36	Buy	RNAV (55% discount)
04/07/20	DMG & Partners	Oxley	0.199	0.36	Buy
04/13/20	UOB Kay Hian	Oxley	0.225	0.48	Buy	RNAV (30% discount)
04/13/20	DMG & Partners	Oxley	0.225	0.31	Buy	RNAV (55% discount)
05/27/20	DMG & Partners	Oxley	0.23	0.29	Buy	RNAV (55% discount)

Stock calls for 2 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/20	DBS Vickers	A-Reit	3.16	3.45	Buy
06/02/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.26	1.4	Buy
06/02/20	CIMB	Avi-Tech	0.39	0.422	Add
06/02/20	DMG & Partners	Capitaland	2.97	4	Buy
06/02/20	DMG & Partners	Comfortdelgro	1.43	1.65	Buy	DCF
06/02/20	DBS Vickers	Frasers Logistics	1.15	1.4	Buy
06/02/20	Amfrasers	Frencken	0.81	1.01	outperform	PER10x FY20
06/02/20	DBS Vickers	Hutchison Port	0.112	0.12	Hold	DCF
06/02/20	UOB Kay Hian	Keppel Corp	5.96	7.15	Buy
06/02/20	DBS Vickers	MM2 Asia	0.175	0.14	Fully Valued	Sum of parts, PER6x FY21

Overseas Edu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/23/19	UOB Kay Hian	Overseas Edu	0.33	0.46	Buy	EV/Ebitda10.4x
05/08/19	UOB Kay Hian	Overseas Edu	0.3	0.46	Buy	EV/Ebitda10.4x
05/08/19	Lim & Tan	Overseas Edu	0.3	0.48	Buy	DDM & DCF
08/19/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy
09/11/19	Lim & Tan	Overseas Edu	0.29	0	Buy
11/12/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy
12/19/19	Lim & Tan	Overseas Edu	0.32	0	Buy
02/17/20	Lim & Tan	Overseas Edu	0.365	0	Buy
02/18/20	UOB Kay Hian	Overseas Edu	0.365	0.49	Buy

OUE Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/19	DMG & Partners	OUE Hospitality	0.735	0.76	Take Profit	Accept offer
04/09/19	DBS Vickers	OUE Hospitality	0.735	0.85	Buy
04/10/19	CIMB	OUE Hospitality	0.725	0.85	Add
05/03/19	CIMB	OUE Hospitality	0.72	0.85	Add
06/06/19	DMG & Partners	OUE Hospitality	0.68	0.76	Take Profit
07/04/19	DMG & Partners	OUE Hospitality	0.72	0.76	Take Profit

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/19	DBS Vickers	OUE Commercial	0.52	0.6	Buy
04/10/19	CIMB	OUE Commercial	0.51	0.57	Hold
05/10/19	CIMB	OUE Commercial	0.5	0.57	Hold
10/04/19	DBS Vickers	OUE Commercial	0.54	0.59	Buy
10/04/19	CIMB	OUE Commercial	0.54	0.61	Hold
11/15/19	DBS Vickers	OUE Commercial	0.54	0.6	Buy	DCF
11/19/19	OCBC	OUE Commercial	0.545	0.535	Hold
11/19/19	CIMB	OUE Commercial	0.545	0.57	Hold	DDM
12/04/19	DBS Vickers	OUE Commercial	0.56	0.6	Buy
02/03/20	OCBC	OUE Commercial	0.545	0.55	Hold
02/03/20	DBS Vickers	OUE Commercial	0.545	0.6	Buy	DCF
02/13/20	CIMB	OUE Commercial	0.525	0.53	Hold	DDM
03/30/20	DBS Vickers	OUE Commercial	0.335	0.6	Buy

Stock calls for 1 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/20	DBS Vickers	ART	0.96	1.1	Buy
06/01/20	DBS Vickers	CDL Hospitality	0.95	1.3	Buy
06/01/20	DBS Vickers	Comfortdelgro	1.44	1.68	Buy	PER16.8x FY20/21
06/01/20	DBS Vickers	Far East Hospitality	0.495	0.6	Buy
06/01/20	DBS Vickers	Frasers Centrepoint Trust	2.43	2.65	Buy	PB1.2x
06/01/20	CIMB	ISDN	0.235	0.279	Add	Up from $0.22
06/01/20	DBS Vickers	Koufu	0.65	0.68	Hold
06/01/20	DBS Vickers	Lendlease Reit	0.67	0.85	Buy
06/01/20	DBS Vickers	OCBC	8.55	7.9	Hold
06/01/20	Lim & Tan	Penguin	0.5	0	Buy
06/01/20	DBS Vickers	SATS	2.66	2.64	Hold
06/01/20	DBS Vickers	Sembcorp Industries	1.36	1.7	Buy	Sum of parts (10% discount)
06/01/20	Phillip	Singtel	2.49	2.44	Neutral	Sum of parts
06/01/20	DBS Vickers	UOB	19.5	17.5	Hold

The US police brutality protests are spreading worldwide but HK and Human rights groups are not involved.

https://www.vox.com/2020/5/31/21276031/george-floyd-protests-london-berlin

Why are HK and Human Rights Groups keeping silent on the US police brutality protests?

Are they condoning police brutality or being discriminatory?

HK and Human Rights Groups no longer have any right to speak up against police brutality in Asia if they keep silent on the US police brutality acts.