AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/18/19	CIMB	AEM	1.04	1.23	Add	PER10x FY20
07/29/19	Kim Eng	AEM	1.22	1.4	Buy	PB3x FY19/20
08/14/19	Kim Eng	AEM	1.09	1.4	Buy	Roe-g/Coe-g
09/16/19	Kim Eng	AEM	1.19	1.5	Buy	Roe-g/Coe-g
10/03/19	Kim Eng	AEM	1.12	1.5	Buy	Roe-g/Coe-g, PB3.2x FY19/20
10/11/19	Amfrasers	AEM	1.16	1.34	Outperform	PER11x FY20
10/22/19	CIMB	AEM	1.3	1.44	Add
11/04/19	Amfrasers	AEM	1.53	1.8	Outperform	PER12x FY20
11/25/19	CIMB	AEM	1.8	2.12	Add
11/29/19	DBS Vickers	AEM	1.71	2.38	Buy	PER12.1x FY20
12/10/19	DBS Vickers	AEM	1.91	2.38	Buy	PER12.1x FY20
12/10/19	Kim Eng	AEM	1.91	2.12	Buy
12/31/19	CIMB	AEM	1.99	2.12	Add
01/15/20	Amfrasers	AEM	2.16	2.57	Buy	PER14x FY20
01/15/20	Kim Eng	AEM	2.16	2.58	Buy
01/24/20	DBS Vickers	AEM	2.05	2.38	Buy	PER12.1x FY20
02/11/20	Amfrasers	AEM	1.88	2.57	Outperform
02/11/20	Kim Eng	AEM	1.88	2.58	Buy
02/28/20	DBS Vickers	AEM	2.24	2.52	Buy	PER11.2x FY20
03/10/20	Kim Eng	AEM	1.83	2.82	Buy	PB3x FY20/21
03/10/20	Amfrasers	AEM	1.83	2.6	Outperform	PER12x FY20
03/19/20	CIMB	AEM	1.49	2.71	Add	GGM, PB4.05x
04/02/20	DBS Vickers	AEM	1.64	2.29	Buy
04/20/20	Kim Eng	AEM	2.11	2.82	Buy
04/30/20	DBS Vickers	AEM	2.37	2.47	Hold	PER10x FY20/21
04/30/20	CIMB	AEM	2.37	3.1	Add
04/30/20	Kim Eng	AEM	2.37	3.18	Buy	PER4.1x FY20/21
05/08/20	Kim Eng	AEM	3.58	4.04	Buy	PER4.8x FY20/21
05/11/20	CIMB	AEM	3.06	3.58	Add	GGM, PB4.86x
05/11/20	DBS Vickers	AEM	3.06	2.87	Hold	PER10x FY21
05/14/20	Amfrasers	AEM	3.15	3.61	Outperform	PER12x FY20

Accordia Golf Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/19	Amfrasers	Accordia Golf Trust	0.535	0.67	Outperform	DDM
11/15/19	Amfrasers	Accordia Golf Trust	0.61	0.67	Outperform
12/02/19	Amfrasers	Accordia Golf Trust	0.7	0.67	Outperform

A-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	Kim Eng	A-Reit	3.13	3.3	Buy	DDM
07/04/19	DMG & Partners	A-Reit	3.15	2.9	Neutral
07/22/19	Phillip	A-Reit	3.03	2.88	Neutral
07/30/19	DBS Vickers	A-Reit	3.05	3.4	Buy	DCF
07/30/19	OCBC	A-Reit	3.05	2.98	Hold
07/31/19	UOB Kay Hian	A-Reit	3.03	3.01	Hold	Buy @ $2.78
08/02/19	Phillip	A-Reit	3.04	3.31	Accumulate	DDM
09/11/19	UOB Kay Hian	A-Reit	3.14	3.25	Hold	DDM, Buy @ $2.98
09/19/19	Kim Eng	A-Reit	3.11	3.3	Buy
09/24/19	Phillip	A-Reit	3.12	3.31	Accumulate
10/04/19	Lim & Tan	A-Reit	3.08	0	Hold
10/07/19	DBS Vickers	A-Reit	3.08	3.4	Buy
10/10/19	DMG & Partners	A-Reit	3.12	3	Neutral	DDM
10/11/19	CIMB	A-Reit	3.15	3.12	Hold	DDM
10/18/19	Phillip	A-Reit	3.13	3.31	Accumulate
11/04/19	DMG & Partners	A-Reit	3.17	3	Neutral	DDM
11/04/19	OCBC	A-Reit	3.17	3.25	Hold
11/05/19	UOB Kay Hian	A-Reit	3.12	3.28	Hold	Buy @ $2.99
11/11/19	UOB Kay Hian	A-Reit	2.89	3.25	Buy
11/21/19	Kim Eng	A-Reit	2.91	3.35	Buy
11/25/19	Phillip	A-Reit	2.94	3.31	Accumulate
12/03/19	Kim Eng	A-Reit	2.97	3.35	Buy	DDM
12/06/19	Phillip	A-Reit	3.01	3.25	Accumulate
12/06/19	Morgan Stanley	A-Reit	3.01	3.04	Overweight
12/06/19	Macquarie	A-Reit	3.01	2.7	Neutral
12/10/19	DMG & Partners	A-Reit	3.03	3	Neutral
12/19/19	DBS Vickers	A-Reit	2.92	3.4	Buy
01/10/20	DBS Vickers	A-Reit	3.06	3.45	Buy	DCF
02/03/20	UOB Kay Hian	A-Reit	3.15	3.35	Buy	DDM
02/03/20	DMG & Partners	A-Reit	3.15	3.1	Neutral	DDM
02/03/20	CIMB	A-Reit	3.15	3.14	Hold
02/03/20	Jefferies	A-Reit	3.06	3.45	Buy
02/04/20	DBS Vickers	A-Reit	3.13	3.45	Buy
02/07/20	OCBC	A-Reit	3.3	3.59	Buy
03/02/20	DBS Vickers	A-Reit	3.06	3.45	Buy	DCF
03/13/20	Phillip	A-Reit	3.15	3.31	Accumulate
04/20/20	DMG & Partners	A-Reit	2.89	3	Neutral	DDM
04/20/20	Jefferies	A-Reit	2.89	3.1	Buy
04/29/20	OCBC	A-Reit	2.86	3.52	Buy
04/29/20	UOB Kay Hian	A-Reit	2.86	3.35	Buy
04/29/20	DBS Vickers	A-Reit	2.86	3.45	Buy
04/29/20	CIMB	A-Reit	2.86	3	Add
05/04/20	Phillip	A-Reit	2.97	3.18	Accumulate	DDM
06/02/20	DBS Vickers	A-Reit	3.16	3.45	Buy
06/04/20	Jefferies	A-Reit	3.16	3.1	Buy
06/09/20	OCBC	A-Reit	3.26	3.52	Buy
06/23/20	DMG & Partners	A-Reit	3.13	3	Neutral
06/26/20	Morgan Stanley	A-Reit	3.11	3.1	Overweight

Stock calls for 29 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/20	Kim Eng	Comfortdelgro	1.52	1.98	Buy	DCF
06/29/20	Lim & Tan	Comfortdelgro	1.52	0	Hold
06/29/20	Lim & Tan	Genting	0.76	0	Hold
06/29/20	UOB Kay Hian	Yangzijiang	0.955	1.22	Buy
06/29/20	Amfrasers	Yanlord	1.16	1.3	Outperform	Sum of parts

Baltic dry index - 1749

Today, Friday, June 26 2020, the Baltic Dry Index climbed by 11 points, reaching 1749 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 - 967

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

US bank shares dropped after FED capped their dividend payouts and share buybacks.

https://www.channelnewsasia.com/news/business/us-bank-shares-drop-as-fed-sets-limits-following-stress-tests-12875084

The US bank shares fell just as expected after FED capped their dividend payouts and share buybacks.  We were not saying this outcome on hindsight because we wrote about it in April 2020.

Why did the US Fed stop the banks from doing such things?  It is to force the banks to conserve cash and avoid credit rating downgrades.

We had stated that such activities would cause the share prices to drop in our previous post below.

https://sg-stock.blogspot.com/2020/04/what-will-companies-do-with-credit.html

Japan should stop its lies about Diaoyu Island.

https://sg.news.yahoo.com/japan-china-jostle-over-disputed-111501995.html

A fact is a fact.  Telling a lie thousands of times won't make it real.

We had stated numerous times that Diaoyu Island belonged to China inherently.

http://sg-stock.blogspot.com/2017/08/hahaha-japanese-historian-proved-that.html

http://sg-stock.blogspot.com/2017/04/japan-should-stop-its-illegal.html

http://sg-stock.blogspot.com/2017/03/oxfords-archives-reveal-diaoyu-islands.html

Paracel islands also belonged to China.

http://sg-stock.blogspot.com/2018/11/a-1947-map-showed-that-south-china-sea.html

Yongnam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	CIMB	Yongnam	0.186	0.33	Add	PB0.7x FY19
05/17/19	CIMB	Yongnam	0.169	0.33	Add	PB0.7x FY19
08/15/19	CIMB	Yongnam	0.171	0.28	Add

Yoma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/19	DMG & Partners	Yoma	0.32	0.57	Buy	Sum of parts (20% discount)
06/03/19	DBS Vickers	Yoma	0.33	0.4	Buy	RNAV (60% discount)
11/15/19	DBS Vickers	Yoma	0.375	0.5	Buy	RNAV (45% discount)
12/26/19	DMG & Partners	Yoma	0.335	0.57	Buy
02/17/20	DBS Vickers	Yoma	0.325	0.5	Buy
05/15/20	DBS Vickers	Yoma	0.197	0.5	Buy
06/22/20	Phillip	Yoma	0.245	0.46	Buy	Sum of parts (20% discount)
06/25/20	DBS Vickers	Yoma	0.3	0.5	Buy	PER12x FY20

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/12/19	OCBC	Yanlord	1.47	1.75	Buy	PER5x FY19
05/16/19	OCBC	Yanlord	1.44	1.68	Buy	PER5x FY19/20
05/17/19	DBS Vickers	Yanlord	1.44	1.47	Hold	PER6x FY19/20
07/15/19	OCBC	Yanlord	1.32	1.68	Buy
08/14/19	OCBC	Yanlord	1.13	1.68	Buy	PER5x FY19/20
03/02/20	DBS Vickers	Yanlord	1.16	1.1	Hold	PER4.5x FY20

Stock calls for 26 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/20	Morgan Stanley	A-Reit	3.11	3.1	Overweight
06/26/20	UOB Kay Hian	Avi-Tech	0.39	0.57	Buy
06/26/20	DMG & Partners	Bumitama	0.44	0.48	Neutral	PER12x FY21
06/26/20	Morgan Stanley	City Developments	8.32	10.5	Overweight
06/26/20	DMG & Partners	First Resources	1.33	1.35	Neutral	PER14x FY21
06/26/20	DMG & Partners	Golden Agri	0.15	0.13	Sell	Sum of parts
06/26/20	DBS Vickers	Keppel Pacific	0.68	0.85	Buy
06/26/20	DMG & Partners	Kimly	0.225	0.26	Buy	DCF
06/26/20	Morgan Stanley	Netlink	0.975	1	Overweight
06/26/20	Morgan Stanley	UOB	20.27	22.9	Overweight

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	CIMB	Yangzijiang	1.57	1.61	Hold	Sum of parts
05/02/19	OCBC	Yangzijiang	1.57	1.45	Hold	Sum of parts
05/02/19	DBS Vickers	Yangzijiang	1.57	1.82	Buy	Sum of parts
06/11/19	OCBC	Yangzijiang	1.4	1.45	Hold
07/18/19	DBS Vickers	Yangzijiang	1.5	1.82	Buy
08/07/19	DBS Vickers	Yangzijiang	1.37	1.82	Buy	Sum of parts
08/13/19	CIMB	Yangzijiang	1.04	1.61	Hold	Sum of parts
09/10/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.84x
10/09/19	UOB Kay Hian	Yangzijiang	0.95	1.46	Buy
11/12/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.9x
11/18/19	DBS Vickers	Yangzijiang	1	1.68	Buy	Sum of parts
11/25/19	CIMB	Yangzijiang	1.02	1.45	Add
12/11/19	UOB Kay Hian	Yangzijiang	1.09	1.46	Buy	PB0.84x
12/23/19	DBS Vickers	Yangzijiang	1.07	1.68	Buy
12/27/19	CIMB	Yangzijiang	1.13	1.45	Add
12/27/19	OCBC	Yangzijiang	1.13	1.39	Buy	Sum of parts
01/14/20	DBS Vickers	Yangzijiang	1.16	1.68	Buy
01/20/20	UOB Kay Hian	Yangzijiang	1.16	1.46	Buy
02/01/20	DBS Vickers	Yangzijiang	0.97	1.68	Buy
03/02/20	OCBC	Yangzijiang	0.945	1.2	Buy	Sum of parts
03/02/20	UOB Kay Hian	Yangzijiang	0.945	1.4	Buy
03/02/20	DBS Vickers	Yangzijiang	0.945	1.5	Buy	Sum of parts, PB0.9x
03/17/20	UOB Kay Hian	Yangzijiang	0.8	1.25	Buy	PB0.72x
04/08/20	DBS Vickers	Yangzijiang	0.915	1.5	Buy	Sum of parts
04/14/20	UOB Kay Hian	Yangzijiang	0.94	1.25	Buy	PB0.72x
04/30/20	CIMB	Yangzijiang	0.975	1.37	Add	Sum of parts
05/04/20	UOB Kay Hian	Yangzijiang	0.985	1.22	Buy	PB0.78x
05/04/20	DBS Vickers	Yangzijiang	0.985	1.4	Buy	Sum of parts
06/15/20	DBS Vickers	Yangzijiang	0.98	1.4	Buy	Sum of parts

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/17/19	OCBC	Wing Tai	2.06	2.41	Buy
05/14/19	OCBC	Wing Tai	2.01	2.41	Buy
06/27/19	OCBC	Wing Tai	2.05	2.41	Buy
07/15/19	OCBC	Wing Tai	2.07	2.41	Buy
10/15/19	OCBC	Wing Tai	2.07	2.27	Buy
02/13/20	UOB Kay Hian	Wing Tai	1.97	2.54	Buy

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/19	UOB Kay Hian	Wilmar	3.48	3.9	Buy
04/09/19	OCBC	Wilmar	3.49	3.44	Hold	PB0.9x
04/09/19	CIMB	Wilmar	3.49	3.96	Add
04/09/19	Credit Sussie	Wilmar	3.49	4.2	Outperform
05/02/19	UOB Kay Hian	Wilmar	3.64	3.9	Buy
05/13/19	DMG & Partners	Wilmar	3.51	3.8	Buy	Sum of parts
05/13/19	DBS Vickers	Wilmar	3.51	3.86	Buy	DCF, PER15.6x FY19
05/16/19	DMG & Partners	Wilmar	3.5	3.94	Buy	Sum of parts
05/16/19	OCBC	Wilmar	3.5	3.66	Hold	PB0.95x
05/16/19	CIMB	Wilmar	3.5	3.96	Add	Sum of parts
06/06/19	DMG & Partners	Wilmar	3.3	3.94	Buy
06/13/19	UOB Kay Hian	Wilmar	3.41	3.9	Buy	PER12.8x FY20
06/13/19	Credit Sussie	Wilmar	3.41	4.3	Outperform
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER17.5x FY20
07/09/19	UOB Kay Hian	Wilmar	3.79	3.9	Buy
07/09/19	UBS	Wilmar	3.79	4.5	Buy
07/15/19	DMG & Partners	Wilmar	3.76	4.5	Buy	Sum of parts
07/15/19	Credit Sussie	Wilmar	3.76	4.4	Outperform
07/16/19	CIMB	Wilmar	3.83	5.54	Add	Normal target price is $3.96
07/16/19	DBS Vickers	Wilmar	3.83	4.3	Buy	Sum of parts, PER16.2x FY20
07/17/19	OCBC	Wilmar	3.83	4.26	Buy	Sum of parts
07/26/19	UOB Kay Hian	Wilmar	4.06	4.5	Buy	Sum of parts
07/26/19	JP Morgan	Wilmar	4.06	4.8	Overweight
08/14/19	DMG & Partners	Wilmar	4.05	4.5	Buy	Sum of parts
08/14/19	UOB Kay Hian	Wilmar	4.05	4.5	Buy
08/15/19	UOB Kay Hian	Wilmar	3.86	4.4	Buy
08/16/19	OCBC	Wilmar	3.78	4.26	Buy
08/16/19	DBS Vickers	Wilmar	3.78	4.25	Buy	Sum of parts, PER16.3x FY20
08/22/19	CIMB	Wilmar	3.81	4.58	Add
08/22/19	Kim Eng	Wilmar	3.81	3.89	Hold
09/04/19	Kim Eng	Wilmar	3.8	3.89	Hold	DCF
09/11/19	DMG & Partners	Wilmar	3.8	4.5	Buy	Sum of parts
09/13/19	DBS Vickers	Wilmar	3.86	4.25	Buy	Sum of parts, PER16.3x FY20
09/24/19	UOB Kay Hian	Wilmar	3.72	4.4	Buy
09/30/19	DMG & Partners	Wilmar	3.72	4.75	Buy	Sum of parts
10/09/19	Kim Eng	Wilmar	3.63	3.89	Hold	DCF
10/09/19	UOB Kay Hian	Wilmar	3.63	4.4	Buy
11/12/19	UOB Kay Hian	Wilmar	3.83	4.4	Buy
11/13/19	DMG & Partners	Wilmar	3.85	4.75	Buy	Sum of parts
11/14/19	DBS Vickers	Wilmar	3.96	4.35	Buy	Sum of parts, PER16.3x FY20
11/25/19	CIMB	Wilmar	4.1	4.58	Add
12/10/19	UOB Kay Hian	Wilmar	4.1	4.75	Buy	Sum of parts
12/10/19	DBS Vickers	Wilmar	4.1	4.6	Buy	Sum of parts, PER17.6x FY20
12/10/19	JP Morgan	Wilmar	4.1	5	Overweight
12/19/19	DMG & Partners	Wilmar	4.08	4.75	Buy
01/08/20	DMG & Partners	Wilmar	4.29	4.75	Buy	Sum of parts
01/08/20	Credit Sussie	Wilmar	4.29	4.8	Outperform
01/30/20	UOB Kay Hian	Wilmar	3.99	4.75	Buy
02/14/20	DMG & Partners	Wilmar	4.1	4.43	Buy	Sum of parts
02/21/20	CIMB	Wilmar	4.04	4.58	Add	Sum of parts
02/21/20	DMG & Partners	Wilmar	4.04	4.77	Buy	Sum of parts
02/21/20	UOB Kay Hian	Wilmar	4.04	4.75	Buy
02/24/20	UOB Kay Hian	Wilmar	4.11	4.6	Buy
02/24/20	DBS Vickers	Wilmar	4.11	4.6	Buy	Sum of parts, PER17.1x FY20
02/25/20	OCBC	Wilmar	4.05	4.64	Buy
02/25/20	Kim Eng	Wilmar	4.05	4.37	Hold
02/28/20	Morgan Stanley	Wilmar	4.15	5	Overweight
02/28/20	Credit Sussie	Wilmar	4.15	4.8	Outperform
02/28/20	JP Morgan	Wilmar	4.15	5	Overweight
03/24/20	DMG & Partners	Wilmar	2.9	4.3	Buy	Sum of parts
03/27/20	DBS Vickers	Wilmar	3.18	4	Buy	Sum of parts, PER16.3x FY20
03/30/20	UOB Kay Hian	Wilmar	3.22	4	Buy
04/07/20	DMG & Partners	Wilmar	3.4	4.3	Buy
04/13/20	DBS Vickers	Wilmar	3.43	4	Buy
04/30/20	UOB Kay Hian	Wilmar	3.46	4	Buy
05/12/20	UOB Kay Hian	Wilmar	3.54	4	Buy	Sum of parts
05/12/20	CIMB	Wilmar	3.54	4.58	Add	Sum of parts
05/13/20	DMG & Partners	Wilmar	3.82	4.83	Buy	Sum of parts
05/13/20	DBS Vickers	Wilmar	3.82	4	Buy	Sum of parts, PER16.7x FY20
05/13/20	Kim Eng	Wilmar	3.82	4.12	Buy
06/11/20	UOB Kay Hian	Wilmar	4.04	4.8	Buy
06/24/20	DMG & Partners	Wilmar	4.18	4.87	Buy	Sum of parts

Stock calls for 25 June 2020

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/20	CIMB	HRnetGroup	0.5	0.58	Hold
06/25/20	DBS Vickers	Singtel	2.53	3.09	Buy
06/25/20	CIMB	SPH	1.33	1.57	Hold
06/25/20	DBS Vickers	Yoma	0.3	0.5	Buy	PER12x FY20