Singapore Stock Exchange - Equity Investments

Friday, August 7, 2020

Interra Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/10/19	SAC Advisors	Interra Resources	0.026	0.089	Buy	EV/IP reserves 6.4x
12/17/19	SAC Advisors	Interra Resources	0.065	0.089	Buy

Stock calls for 7 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/07/20	DBS Vickers	A-Reit	3.48	4	Buy
08/07/20	Amfrasers	ARA Hospitality	0.35	0.4	Neutral
08/07/20	CIMB	BRC Asia	1.13	1.35	Add
08/07/20	Lim & Tan	Capitaland	2.75	0	Buy
08/07/20	DBS Vickers	Capitamall Trust	1.9	2.4	Buy
08/07/20	DBS Vickers	Comfortdelgro	1.39	1.68	Buy
08/07/20	DMG & Partners	CSE Global	0.535	0.6	Buy	PER10.8x FY21
08/07/20	UOB Kay Hian	CSE Global	0.535	0.59	Buy	PER12x FY21
08/07/20	Kim Eng	DBS	20.4	22.9	Buy	DDM
08/07/20	DMG & Partners	DBS	20.4	18.5	Neutral	GGM, PB0.94x FY20
08/07/20	UOB Kay Hian	DBS	20.4	22.9	Buy	GGM, PB01.07x FY21
08/07/20	CIMB	DBS	20.4	18.8	Hold
08/07/20	DBS Vickers	Frasers Centrepoint Trust	2.39	2.95	Buy
08/07/20	CIMB	Genting	0.71	0.73	Add	Ev/Ebitda8.5x CY21
08/07/20	HL Investment	Genting	0.71	0.75	Hold	EV/Ebitda7x FY21, Cut from $0.79
08/07/20	DMG & Partners	Genting	0.71	0.62	Sell	PB1x FY21
08/07/20	DBS Vickers	Genting	0.71	0.7	Hold	Ev/Ebitda7x FY21 & DCF
08/07/20	Kim Eng	Genting	0.71	0.76	Hold	DCF
08/07/20	Amfrasers	ISDN	0.365	0.42	Outperform
08/07/20	DBS Vickers	Netlink	0.97	1.02	Hold	DCF
08/07/20	Kim Eng	Netlink	0.97	1.07	Buy
08/07/20	OCBC	Netlink	0.97	1.1	Buy
08/07/20	DBS Vickers	OCBC	8.8	9.3	Hold
08/07/20	Lim & Tan	OCBC	8.8	0	Buy on weakness
08/07/20	CIMB	OCBC	8.8	8.37	Hold
08/07/20	UOB Kay Hian	Riverstone	4.53	6	Buy	PER23.2x FY21
08/07/20	CIMB	Riverstone	4.53	5.55	Add
08/07/20	CIMB	ST Engineering	3.23	3.46	Add	DCF
08/07/20	DBS Vickers	Thai Beverage	0.63	0.9	Buy
08/07/20	Kim Eng	UOB	19.76	20.79	Hold	DDM
08/07/20	DMG & Partners	UOB	19.76	18.8	Neutral	GGM, PB0.8x FY20
08/07/20	DBS Vickers	UOB	19.76	22.2	Buy	GGM, PB0.9x FY21
08/07/20	CIMB	UOB	19.76	19.04	Hold
08/07/20	DMG & Partners	Wilmar	4.79	5.45	Buy	Sum of parts
08/07/20	CIMB	Wilmar	4.79	5.53	Add	Sum of parts
08/07/20	UOB Kay Hian	Yangzijiang	0.97	1.17	Buy	PB0.68x
08/07/20	DBS Vickers	Yangzijiang	0.97	1.4	Buy	Sum of parts

Thursday, August 6, 2020

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	Lim & Tan	Innotek	0.5	0	Buy on weakness
06/11/20	CIMB	Innotek	0.39	0.579	Add

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/16/19	DBS Vickers	Indofood Agri	0.325	0.33	Hold
08/05/19	DBS Vickers	Indofood Agri	0.32	0.29	Hold	DCF
12/10/19	DBS Vickers	Indofood Agri	0.33	0.29	Hold

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/31/19	Kim Eng	IHH Healthcare	1.88	2.16	Buy	Sum of parts, Ringgit $6.50 target price
09/09/19	Kim Eng	IHH Healthcare	1.85	2.1	Hold	Sum of parts, Ringgit $6.30 target price
12/04/19	UOB Kay Hian	IHH Healthcare	1.74	1.94	Buy	Sum of parts, Ringgit $5.93 target price
03/02/20	Kim Eng	IHH Healthcare	1.87	2.09	Buy	Sum of parts, Ringgit $6.30 target price
03/02/20	UOB Kay Hian	IHH Healthcare	1.87	1.94	Buy	Ringgit $5.86 target price
03/02/20	CIMB	IHH Healthcare	1.87	2.07	Add	Ringgit $6.26 target price
06/30/20	DBS Vickers	IHH Healthcare	1.78	2.05	Buy	Sum of parts
06/30/20	CIMB	IHH Healthcare	1.78	2.03	Add	Sum of parts, Ringgit $6.25 target price
06/30/20	Aminvestment	IHH Healthcare	1.78	2.14	Buy	DCF, Ringgit $6.58 target price
06/30/20	Kim Eng	IHH Healthcare	1.78	1.97	Buy	Ringgit $6.05 target price

Stock calls for 6 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/06/20	UOB Kay Hian	ARA Hospitality	0.36	0.34	Hold	DDM, Buy @ $0.31
08/06/20	DBS Vickers	Capitaland	2.76	3.7	Buy	RNAV (35% discount)
08/06/20	DBS Vickers	City Developments	8.3	10.5	Buy	RNAV (25% discount), PB0.9x
08/06/20	DMG & Partners	Comfortdelgro	1.39	1.65	Buy	DCF
08/06/20	DBS Vickers	CSE Global	0.53	0.61	Buy
08/06/20	Lim & Tan	DBS	19.83	0	Accumlate
08/06/20	DBS Vickers	Frasers Property	1.17	1.7	Buy	RNAV (50% discount)
08/06/20	DBS Vickers	Hutchison Port	0.102	0.14	Buy	DCF
08/06/20	Phillip	Manulife US Reit	0.795	0.9	Buy	DDM
08/06/20	DBS Vickers	Riverstone	4.21	5.51	Buy	PER28.4x FY21
08/06/20	Amfrasers	Sheng Siong	1.84	1.58	Neutral
08/06/20	Lim & Tan	UOB	19.42	0	Accumlate
08/06/20	DBS Vickers	UOL	6.59	8.4	Buy	RNAV (30% discount), PB0.7x
08/06/20	Citi Research	Yangzijiang	0.935	1.35	Buy
08/06/20	CIMB	Yangzijiang	0.935	1.37	Add

Wednesday, August 5, 2020

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/26/19	Amfrasers	IFS Capital	0.22	0.3	Outperform	PB0.6x FY20
11/14/19	Amfrasers	IFS Capital	0.225	0.3	Outperform	PB0.6x FY20
12/02/19	Amfrasers	IFS Capital	0.23	0.3	Outperform	PB0.6x FY20
03/11/20	Amfrasers	IFS Capital	0.2	0.3	Outperform

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/30/19	DBS Vickers	Ifast Corp	1.1	1.05	Hold	DDM
11/01/19	DBS Vickers	Ifast Corp	1.01	1.05	Hold	DDM
02/21/20	DBS Vickers	Ifast Corp	1.02	1.1	Hold	DDM
04/24/20	DBS Vickers	Ifast Corp	0.975	1.27	Buy	DDM
06/22/20	CIMB	Ifast Corp	1.31	1.65	Add	Sum of parts
07/03/20	CIMB	Ifast Corp	1.45	1.65	Add	Sum of parts
07/24/20	DBS Vickers	Ifast Corp	1.74	2.35	Buy	DDM

Hyphens Pharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	DMG & Partners	Hyphens Pharma	0.196	0.25	Buy	DCF, PER12.2x FY19
08/20/19	DMG & Partners	Hyphens Pharma	0.2	0.25	Buy	DCF
10/15/19	DMG & Partners	Hyphens Pharma	0.199	0.25	Buy
11/08/19	SAC Advisors	Hyphens Pharma	0.195	0.285	Buy
11/20/19	DMG & Partners	Hyphens Pharma	0.21	0.25	Buy	DCF
03/04/20	DMG & Partners	Hyphens Pharma	0.23	0.27	Buy	DCF
05/15/20	DMG & Partners	Hyphens Pharma	0.24	0.27	Buy	DCF
07/20/20	Phillip	Hyphens Pharma	0.42	0.435	Accumlate	DCF

Stock calls for 5 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/20	DBS Vickers	AEM	4.17	4.96	Buy	PER13.7x FY21
08/05/20	Kim Eng	AEM	4.17	4.26	Buy
08/05/20	Amfrasers	AEM	4.17	4.6	Outperform
08/05/20	DBS Vickers	Frasers Logistics	1.37	1.6	Buy	DCF
08/05/20	CIMB	Frasers Logistics	1.37	1.43	Add
08/05/20	Lim & Tan	Frasers Logistics	1.37	0	Hold
08/05/20	DBS Vickers	Venture	18.14	20.7	Buy	PER16.3x FY21

Tuesday, August 4, 2020

Hutchison Port (HPH) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/19	OCBC	Hutchison Port	0.225	0.22	Hold
07/26/19	DBS Vickers	Hutchison Port	0.225	0.23	Hold	DCF
09/06/19	OCBC	Hutchison Port	0.22	0.17	Hold
10/30/19	OCBC	Hutchison Port	0.158	0.155	Hold
02/11/20	DBS Vickers	Hutchison Port	0.161	0.17	Hold
06/02/20	DBS Vickers	Hutchison Port	0.112	0.12	Hold	DCF

HRnet Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	DMG & Partners	HRnetGroup	0.66	0.94	Buy	DCF
10/15/19	DMG & Partners	HRnetGroup	0.58	0.94	Buy
11/11/19	CIMB	HRnetGroup	0.64	0.83	Add
11/11/19	DMG & Partners	HRnetGroup	0.64	0.81	Buy	DCF
02/28/20	CIMB	HRnetGroup	0.58	0.58	Hold
02/28/20	DBS Vickers	HRnetGroup	0.58	0.63	Hold	PER10x FY20, Ex-cash
03/02/20	DMG & Partners	HRnetGroup	0.56	0.61	Neutral	PER12x FY20
06/25/20	CIMB	HRnetGroup	0.5	0.58	Hold

Hotel Properties - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/19	OCBC	Hotel Properties	3.69	4.74	Buy

Stock calls for 4 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/20	CIMB	AEM	3.66	4.63	Add	GGM
08/04/20	OCBC	ARA Logistics	0.665	0.64	Hold
08/04/20	OCBC	CapitaRetail China	1.21	1.35	Buy
08/04/20	OCBC	CDL Hospitality	0.945	0.92	Hold
08/04/20	Macquarie	DBS	19.45	24.25	outperform	PB
08/04/20	OCBC	Far East Hospitality	0.49	0.51	Hold
08/04/20	OCBC	Frasers Centrepoint Trust	2.36	2.44	Hold
08/04/20	Kim Eng	Manulife US Reit	0.775	1.15	Buy	DDM
08/04/20	DMG & Partners	Manulife US Reit	0.775	0.9	Buy	DDM
08/04/20	UOB Kay Hian	Manulife US Reit	0.775	0.85	Buy
08/04/20	Lim & Tan	Manulife US Reit	0.775	0	Buy at weakness
08/04/20	CIMB	Manulife US Reit	0.775	1.05	Add	DDM
08/04/20	Macquarie	OCBC	8.52	10.65	Outperform	PB
08/04/20	OCBC	OUE Commercial	0.37	0.39	Hold
08/04/20	Lim & Tan	PanUnited	0.29	0.31	Hold	PB1x FY20
08/04/20	OCBC	Sheng Siong	1.69	1.85	Hold
08/04/20	OCBC	SIA	3.31	3.5	Hold
08/04/20	DBS Vickers	Singtel	2.45	3.04	Buy	Sum of parts
08/04/20	Macquarie	UOB	19.07	21	Neutral	PB

Australia is really the white trash of the East.

https://ca.finance.yahoo.com/news/china-australia-spar-twitter-over-081512855.html

Australia wants China to adhere to the 2016 PCA ruling but it doesn't recognize PCA ruling at all. Just look at the 2016 PCA ruling between East Timor and Australia. Australia only adheres to ICJ ruling but not PCA ruling because PCA is not under the UN and is only a self-proclaimed international court.

http://sg-stock.blogspot.com/2016/09/australia-declares-that-pca-has-no.html

Monday, August 3, 2020

The ugly side of Facebook - A thug in disguise!

FB Zuckerberg was grilled by a congresswoman last week and the video showed the thuggish behaviour of FB such as threatening, cloning, spying, etc.

US ISM PMI had shown great improvement in July.

The July PMI (54.2, +1.6) had continued to improve because of pandemic relief packages implemented worldwide including the US ($600 per week). This had resulted in the new order including the new export and local orders rising altogether and pushed up the prices to 53.2 (+1.9). Thus, the producers ramped up their production (62.1, +4.8) to meet the rising new orders while the customers’ inventories were reduced by fulfilling the rising orders.

All in all, the improvement in the July PMI showed that the worldwide pandemic relief packages were helping to boost some consumer spendings. However, the real test will be whether the consumer spendings will be sustainable without the pandemic relief packages and also the re-surging COVID outbreak situation.

If the US can continue the pandemic relief money and contain the deteriorating outbreak, the US GDP will rebound in Q3.

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/19	DBS Vickers	Hongkong Land	6.09	7.93	Buy
08/05/19	DBS Vickers	Hongkong Land	6.02	7.7	Buy	RNAV (40% discount)
08/06/19	CIMB	Hongkong Land	5.74	7.4	Add
08/06/19	Citibank	Hongkong Land	5.74	5.85	Sell
12/12/19	DBS Vickers	Hongkong Land	5.47	6.64	Buy	RNAV (45% discount)
12/12/19	CIMB	Hongkong Land	5.47	6.9	Add
03/06/20	DBS Vickers	Hongkong Land	5.05	5.81	Buy	RNAV (50% discount)
03/10/20	CIMB	Hongkong Land	4.55	6.05	Add
05/05/20	DBS Vickers	Hongkong Land	4.13	5.22	Buy	RNAV (55% discount)
07/30/20	Lim & Tan	Hongkong Land	3.72	0	Buy
07/30/20	DBS Vickers	Hongkong Land	3.72	4.94	Buy	RNAV (55% discount)
08/03/20	DBS Vickers	Hongkong Land	3.79	4.8	Buy	RNAV (55% discount)
08/03/20	CIMB	Hongkong Land	3.79	5.1	Add

Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/20	Lim & Tan	Hong Leong Asia	0.625	0	Buy on weakness

Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/19	Lim & Tan	Hock Lian Seng	0.33	0	Buy on weakness

Stock calls for 3 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/20	DBS Vickers	Far East Hospitality	0.49	0.6	Buy
08/03/20	CIMB	First Reit	0.555	0.957	Add	DDM
08/03/20	Kim Eng	Hi-P	1.28	1.23	Hold
08/03/20	DBS Vickers	Hi-P	1.28	1.34	Hold	PER13x FY21
08/03/20	UOB Kay Hian	Hi-P	1.28	1.11	Sell
08/03/20	DBS Vickers	Hongkong Land	3.79	4.8	Buy	RNAV (55% discount)
08/03/20	CIMB	Hongkong Land	3.79	5.1	Add
08/03/20	UOB Kay Hian	Japfa	0.66	0.98	Buy	Sum of parts
08/03/20	DBS Vickers	Japfa	0.66	0.82	Buy	Sum of parts
08/03/20	CIMB	Japfa	0.66	0.96	Add
08/03/20	CIMB	Jardine Matheson	40.92	48.61	Add
08/03/20	UOB Kay Hian	Keppel Corp	5.4	7.1	Buy	Sum of parts
08/03/20	DMG & Partners	Keppel Corp	5.4	7.3	Buy	Sum of parts
08/03/20	DBS Vickers	Keppel Corp	5.4	6.4	Buy	sum of parts, PB1x
08/03/20	CIMB	Keppel Corp	5.4	6.46	Add	Sum of parts
08/03/20	OCBC	Keppel Corp	5.4	6.4	Buy
08/03/20	Lim & Tan	KSH	0.345	0	Neutral
08/03/20	phillip	SGX	8.17	9.45	Buy	PER21.4x
08/03/20	CIMB	SGX	8.17	9	Add
08/03/20	DMG & Partners	SGX	8.17	9.2	Buy	PER24x FY21
08/03/20	DBS Vickers	SGX	8.17	8.4	Hold	DDM, PER21x FY21
08/03/20	OCBC	SGX	8.17	8.3	Hold
08/03/20	phillip	Sheng Siong	1.7	1.65	Neutral	PER25x FY21
08/03/20	DMG & Partners	Sheng Siong	1.7	1.87	Buy	DCF
08/03/20	UOB Kay Hian	SIA	3.42	3.64	Hold
08/03/20	DMG & Partners	Starhill	0.465	0.6	Buy	DDM

Sunday, August 2, 2020

It is foolish of the US to accuse China of IP theft because WIPO will reveal the truth.

IP Screenshots below are taken from WIPO.

US IP Filings Data

China IP Filings Data

The total filings by China had already overtaken the US a few years ago but the US (with fewer IPs) was still accusing China (with more IPs) of IP thefts.

This is akin to a top scorer Asian student in a western class of being accused of cheating by his caucasian classmates. This is also the reason that the US has to work with Huawei to set 5G standards.

http://sg-stock.blogspot.com/2020/05/why-does-us-need-to-work-with-huawei-to.html

There is no way a country can digest all the stolen research data and information in such a short time if it doesn't know much about it and file IPs for such R&D. If a country can do such a brilliant act in such a short time, it doesn't have to steal at all because it has the capabilities already.

The US cannot provide any proof that China has stolen the US IPs or else the US can apply to void China IP.s The US thinks that repeating a lie over a thousand times will make other people believe it to be the truth but a lie is still a lie no matter how many times you lie about it. We all know that the US cannot find weapons of mass destruction in Iraq until now because the US fabricated the lie.

Let's all be smart. We need to verify and authenticate what the US is saying because the US has lost all credibilities.

Saturday, August 1, 2020

Baltic dry index - 1348

Today, Thursday, July 30 2020, the Baltic Dry Index climbed by 31 points, reaching 1348 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 stock: Sembcorp Marine, Cosco & Pan ocean