Stock calls for 3 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/20	Lim & Tan	Bukit Sembawang	3.69	0	Buy
09/03/20	CIMB	Centurion	0.35	0.4	Add	DCF
09/03/20	CIMB	IHH Healthcare	1.75	2	Add	Ringgit $6.10 target price
09/03/20	Jefferies	Mapletree Commercial	1.99	2.25	Buy
09/03/20	Lim & Tan	Propnex	0.57	0.69	Buy
09/03/20	Jefferies	Suntec Reit	1.42	1.7	Buy
09/03/20	OCBC	Wing Tai	1.71	2.01	Buy

The US ISM PMI improved again in August 2020.

The prices increased to 59.5 (+6.3) because of a significant depreciation in USD and a huge increase in the new order (67.6, +6.1). The new export and local orders increased significantly because of the weakening USD and pandemic relief aid ($300/weekly) respectively which sustained the consumer spendings. As stated previously on my blog, the US is still undergoing a passive inventory reduction phase which explains the drop in PMI inventories.

http://sg-stock.blogspot.com/2020/08/how-do-you-interpret-ppi-vs-cpi-and.html

However, the production had improved to 63.3 which might indicate that the inventory reduction phase would end soon. Overall, the PMI had risen to 56 which was a good indication of positive economic growth in the US.

Different market sectors are in distortions now.

 US treasury market

The US treasury prices have been trending up because the yields have been falling.  The yield has an inverse relationship to its bond price.

S&P vs VIX chart

The S&P and VIX should also have an inverse relationship but the S&P and VIX moved in sync (Trending up) recently which was abnormal.

The US properties, MBS, CMBS and car resale markets are also distorted now.

http://sg-stock.blogspot.com/2020/08/market-distortions-are-precursors-of.html

In a nutshell, the US treasury prices, S&P and VIX shouldn't be moving in sync (trending up) simultaneously because there will be asset reallocations when the risks are higher.  The US FED has disrupted all these markets!

The devious US is trying to poison all Asians now! - Part 2

 http://sg-stock.blogspot.com/2020/09/the-devious-us-is-trying-to-poison-all.html

I would like to share more information about this topic so that my readers can make their own informed decisions.

Ractopamine is banned in more than 160 countries while only 26 countries (includes SG) permit it.  The codex standard is 10ppb for ractopamine but this codex standard is set up by these 26 countries.

Why is SG conforming to the minority standard instead of the majority standard whereby more than 160 countries ban ractopamine?  Therefore, I can only say that SG is basing this on its political concern rather than food or health safety concerns.  It is very disheartening to see SG making such a decision and ignore our health.

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	CIMB	Sembcorp Marine	1.54	1.75	Add	PB1.6x CY19
07/03/19	OCBC	Sembcorp Marine	1.54	1.6	Hold
07/04/19	Macquarie	Sembcorp Marine	1.41	1.57	Neutral
07/04/19	DBS Vickers	Sembcorp Marine	1.41	2.4	Buy
07/31/19	DBS Vickers	Sembcorp Marine	1.36	1.9	Buy	PB1.8x FY19
07/31/19	Amfrasers	Sembcorp Marine	1.36	1.59	Neutral	PB1.6x FY19
07/31/19	DMG & Partners	Sembcorp Marine	1.36	1.8	Buy	PB1.64x FY20
07/31/19	CIMB	Sembcorp Marine	1.36	1.16	Reduce	PB1.1x
07/31/19	UOB Kay Hian	Sembcorp Marine	1.36	1.32	Hold	DCF, Buy @ $1.25
08/06/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	PB
09/03/19	UOB Kay Hian	Sembcorp Marine	1.16	1.22	Hold	Buy @ $1.10
09/03/19	DMG & Partners	Sembcorp Marine	1.16	1.63	Buy	PB1.48x FY20
09/09/19	CIMB	Sembcorp Marine	1.19	1.26	Hold	PB1.2x CY19
10/09/19	CIMB	Sembcorp Marine	1.2	1.26	Hold	PB1.2x CY19
10/09/19	OCBC	Sembcorp Marine	1.2	1.29	Hold
10/09/19	DBS Vickers	Sembcorp Marine	1.2	1.9	Buy
10/25/19	DBS Vickers	Sembcorp Marine	1.4	1.45	Hold
11/12/19	UOB Kay Hian	Sembcorp Marine	1.33	1.22	Sell
11/13/19	OCBC	Sembcorp Marine	1.34	1.24	Sell
11/14/19	DMG & Partners	Sembcorp Marine	1.29	1.6	Buy	PB1.47x FY20
11/14/19	UOB Kay Hian	Sembcorp Marine	1.29	1.17	Sell
11/14/19	CIMB	Sembcorp Marine	1.29	1.26	Hold	PB1.2x CY21
11/15/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	DCF
11/15/19	DBS Vickers	Sembcorp Marine	1.28	1.4	Hold	PB1.3x FY20
12/26/19	Lim & Tan	Sembcorp Marine	1.28	0	Hold
01/21/20	UOB Kay Hian	Sembcorp Marine	1.28	1.4	Hold
02/20/20	OCBC	Sembcorp Marine	1.24	1.23	Hold
02/21/20	UOB Kay Hian	Sembcorp Marine	1.2	1.21	Hold	Buy @ $1.05
02/21/20	DMG & Partners	Sembcorp Marine	1.2	1.45	Buy
02/21/20	DBS Vickers	Sembcorp Marine	1.2	1.35	Hold	PB1.3x FY20
02/21/20	CIMB	Sembcorp Marine	1.2	1.2	Hold
03/10/20	Amfrasers	Sembcorp Marine	0.895	1.19	Neutral
04/29/20	HSBC	Sembcorp Marine	0.74	0.79	Hold	Cut from $1.31
05/13/20	DMG & Partners	Sembcorp Marine	0.735	1.28	Buy	PB1.26x FY20
05/14/20	UOB Kay Hian	Sembcorp Marine	0.71	0.81	Hold	Buy @ $0.65
05/14/20	DBS Vickers	Sembcorp Marine	0.71	0.72	Hold	PB0.7x
05/14/20	CIMB	Sembcorp Marine	0.71	0.8	Hold	PB0.8x CY20
06/05/20	Lim & Tan	Sembcorp Marine	0.85	0	Hold
06/09/20	DMG & Partners	Sembcorp Marine	0.85	1.13	Buy	PB1.1x
06/09/20	Lim & Tan	Sembcorp Marine	0.85	0	Sell
07/07/20	DMG & Partners	Sembcorp Marine	0.47	1.13	Buy
07/16/20	DMG & Partners	Sembcorp Marine	0.455	0.55	Buy	PB0.82x
07/16/20	UOB Kay Hian	Sembcorp Marine	0.455	0.49	Hold	Buy @ $0.40
07/16/20	Lim & Tan	Sembcorp Marine	0.455	0	Avoid
08/20/20	Amfrasers	Sembcorp Marine	0.21	0.23	Neutral	PB0.8x

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	OCBC	Sembcorp Industries	2.47	3.03	Buy
07/04/19	Macquarie	Sembcorp Industries	2.41	2.84	Outperform
08/15/19	CIMB	Sembcorp Industries	2.26	2.83	Add	Sum of parts
08/15/19	UOB Kay Hian	Sembcorp Industries	2.26	2.34	Hold
08/15/19	Citi Research	Sembcorp Industries	2.26	3.05	Buy
08/16/19	DBS Vickers	Sembcorp Industries	2.26	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	DBS Vickers	Sembcorp Industries	2.21	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	Lim & Tan	Sembcorp Industries	2.21	0	Buy
09/18/19	DMG & Partners	Sembcorp Industries	2.22	2.68	Buy	Sum of parts, PER9.9x FY20
09/18/19	OCBC	Sembcorp Industries	2.22	2.79	Buy
10/07/19	UOB Kay Hian	Sembcorp Industries	2.06	2.22	Hold	Buy @ $2
10/08/19	CIMB	Sembcorp Industries	2.08	2.83	Add	Sum of parts
10/09/19	DBS Vickers	Sembcorp Industries	2.11	3.2	Buy
10/25/19	DBS Vickers	Sembcorp Industries	2.28	2.9	Buy
11/15/19	OCBC	Sembcorp Industries	2.29	2.51	Hold	Sum of parts
11/15/19	DMG & Partners	Sembcorp Industries	2.29	2.68	Buy	Sum of parts (20% discount), PER10x FY20
11/18/19	UOB Kay Hian	Sembcorp Industries	2.26	2.19	Hold	Buy @ $2
11/18/19	DBS Vickers	Sembcorp Industries	2.26	2.9	Buy	RNAV (10% discount), PB0.7x
11/18/19	Citi Research	Sembcorp Industries	2.26	2.8	Buy
12/27/19	CIMB	Sembcorp Industries	2.28	2.78	Add
01/21/20	CIMB	Sembcorp Industries	2.28	2.78	Add
02/07/20	DBS Vickers	Sembcorp Industries	2.16	2.21	Hold	Sum of parts (10% discount), PER10.1x FY20, PB0.5x FY20
02/07/20	Citi Research	Sembcorp Industries	2.16	2.8	Buy
02/07/20	OCBC	Sembcorp Industries	2.16	2.13	Hold
02/07/20	UOB Kay Hian	Sembcorp Industries	2.16	2.17	Hold	Buy @ $2.05
02/07/20	Lim & Tan	Sembcorp Industries	2.16	0	Hold
02/07/20	DMG & Partners	Sembcorp Industries	2.16	2.68	Buy	Sum of parts, PER10x FY20
02/24/20	DMG & Partners	Sembcorp Industries	2.01	2.33	Buy	Sum of parts, PER10x FY20
04/29/20	HSBC	Sembcorp Industries	1.57	2.21	Buy	Cut from $2.68
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
05/20/20	DMG & Partners	Sembcorp Industries	1.55	2	Buy	Sum of parts
06/01/20	DBS Vickers	Sembcorp Industries	1.36	1.7	Buy	Sum of parts (10% discount)
06/09/20	DMG & Partners	Sembcorp Industries	1.53	2.11	Buy	Sum of parts
06/09/20	CIMB	Sembcorp Industries	1.53	2.49	Add	Sum of parts
06/09/20	Lim & Tan	Sembcorp Industries	1.53	0	Buy
07/07/20	DMG & Partners	Sembcorp Industries	1.87	2.11	Buy	Sum of parts
07/20/20	UOB Kay Hian	Sembcorp Industries	1.78	2.2	Buy	Sum of parts
07/20/20	Lim & Tan	Sembcorp Industries	1.78	0	Accumulate
07/20/20	CIMB	Sembcorp Industries	1.78	2.27	Add
09/02/20	Lim & Tan	Sembcorp Industries	1.86	0	Accumulate

SBS Transit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/20	Lim & Tan	SBS Transit	2.84	0	Hold

Stock calls for 2 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/02/20	DBS Vickers	A-Reit	3.34	4	Buy	DCF
09/02/20	DBS Vickers	ARA Logistics	0.635	0.7	Buy	DCF
09/02/20	DBS Vickers	ART	0.895	1.1	Buy	DCF
09/02/20	OCBC	ART	0.895	1.03	Buy
09/02/20	DBS Vickers	Capitamall Trust	1.99	2.4	Buy	DCF
09/02/20	UOB Kay Hian	Capitamall Trust	1.99	2.55	Buy
09/02/20	OCBC	CDL Hospitality	1.05	0.92	Sell
09/02/20	Macquarie	DBS	20.87	24.1	outperform
09/02/20	DBS Vickers	Far East Hospitality	0.54	0.6	Buy
09/02/20	OCBC	Far East Hospitality	0.54	0.51	Hold
09/02/20	UOB Kay Hian	Far East Hospitality	0.54	0.58	Buy
09/02/20	Lim & Tan	Food Empire	0.62	0.72	Accumulate	PER11x
09/02/20	DBS Vickers	Frasers Centrepoint Trust	2.55	2.95	Buy	PB1.45x FY21
09/02/20	UOB Kay Hian	Frasers Centrepoint Trust	2.55	2.9	Buy
09/02/20	DBS Vickers	Frasers Logistics	1.36	1.6	Buy	DCF
09/02/20	Lim & Tan	Keppel Corp	4.55	0	Accumulate
09/02/20	DBS Vickers	Keppel Reit	1.05	1.35	Buy	DCF
09/02/20	UOB Kay Hian	Keppel Reit	1.05	1.3	Buy
09/02/20	Macquarie	OCBC	8.68	8.85	Neutral
09/02/20	CIMB	Overseas Edu	0.28	0.26	Hold
09/02/20	Lim & Tan	Sembcorp Industries	1.86	0	Accumulate
09/02/20	DBS Vickers	Soilbuild Reit	0.455	0.5	Buy	DCF
09/02/20	Macquarie	UOB	19.62	20.85	Neutral
09/02/20	UOB Kay Hian	Wing Tai	1.7	2.04	Buy	RNAV (30% discount)

The US property market is becoming distorted now! - Part 2

https://finance.yahoo.com/news/fed-mortgage-buying-spree-1-155915510.html

The US FED has already bought US$1T of MBS insofar and will continue to do so.  Subsequently, this will cause the US property market to be severely distorted in the future. Big bubble!

http://sg-stock.blogspot.com/2020/08/the-us-property-market-is-becoming.html

We had explained the true picture of the US property market and it was not because of the US economic resiliency.

The USD is depreciating just as we've predicted. - Part 2

 http://sg-stock.blogspot.com/2020/08/how-to-interpret-latest-us-feds-speech.html

The latest FED's speech has pushed the USD down further and looks set to create the kind of inflation in the future that the FED needs to reduce the debt pressure.

We had already predicted the USD depreciation below.

http://sg-stock.blogspot.com/2020/07/the-usd-is-depreciating-just-as-weve.html

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/19	Kim Eng	SATS	5.36	6.1	Buy	DCF
07/15/19	UOB Kay Hian	SATS	5.37	5.05	Sell
07/19/19	UOB Kay Hian	SATS	5.32	4.8	Sell
07/19/19	DBS Vickers	SATS	5.32	5	Hold	DCF
07/19/19	CIMB	SATS	5.32	5.4	Hold	PER21.9x CY20
07/22/19	OCBC	SATS	5	5.28	Hold	FCFF
07/22/19	phillip	SATS	5	5.47	Accumulate
07/22/19	Lim & Tan	SATS	5	0	Hold
09/20/19	Kim Eng	SATS	4.78	6.1	Buy
10/15/19	UOB Kay Hian	SATS	4.82	5.3	Buy	DCF
11/13/19	UOB Kay Hian	SATS	5.09	5.3	Buy
11/14/19	DBS Vickers	SATS	4.99	5.06	Hold	DCF & PER22x FY21
11/19/19	phillip	SATS	5.07	5.36	Accumulate	DCF, PER23.3x FY19
11/19/19	OCBC	SATS	5.07	5.28	Hold
11/25/19	Kim Eng	SATS	5.06	6.1	Buy
02/04/20	UOB Kay Hian	SATS	4.49	4.8	Hold	Buy @ $4.30
02/06/20	CIMB	SATS	4.46	4.07	Reduce
02/14/20	DBS Vickers	SATS	4.54	4.46	Hold	DCF & PER22x FY21
02/17/20	phillip	SATS	4.43	4.45	Neutral	DCF, PER19x FY21
03/19/20	DBS Vickers	SATS	3.12	2.66	Fully Valued	DCF, PER15.8x FY21
03/27/20	UOB Kay Hian	SATS	3.32	3.96	Buy	PER19.4x FY22
05/04/20	UOB Kay Hian	SATS	3.28	3.3	Hold	Buy @ $2.80-2.90
05/06/20	DBS Vickers	SATS	2.98	2.64	Fully Valued	DCF & PER25x FY22
06/01/20	DBS Vickers	SATS	2.66	2.64	Hold	DCF & PER25x
07/13/20	phillip	SATS	2.88	1.95	Sell	PB1.35x
07/13/20	UOB Kay Hian	SATS	2.88	2.93	Hold	EV/Invested capital basis
07/13/20	Lim & Tan	SATS	2.88	0	Avoid
07/14/20	DBS Vickers	SATS	2.78	2.83	Hold	DCF & PER25x FY22
07/14/20	OCBC	SATS	2.78	2.76	Hold
07/14/20	CIMB	SATS	2.78	2.8	Reduce
08/25/20	CIMB	SATS	3.08	3	Hold	PB2.1x FY21
08/25/20	phillip	SATS	3.08	1.95	Sell	PB1.35x
08/25/20	UOB Kay Hian	SATS	3.08	2.67	Sell
08/25/20	Lim & Tan	SATS	3.08	0	Avoid

Sasseur - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
08/08/19	DBS Vickers	Sasseur	0.8	0.97	Buy	DCF
08/13/19	CIMB	Sasseur	0.805	0.94	Add	DDM
10/30/19	UOB Kay Hian	Sasseur	0.8	0.97	Buy	DDM
11/18/19	Kim Eng	Sasseur	0.845	1	Buy	DDM
11/18/19	UOB Kay Hian	Sasseur	0.845	0.97	Buy
11/18/19	DBS Vickers	Sasseur	0.845	0.97	Buy
11/20/19	CIMB	Sasseur	0.85	0.94	Add
02/21/20	CIMB	Sasseur	0.82	0.85	Add
02/24/20	DBS Vickers	Sasseur	0.815	0.93	Buy	DCF
02/24/20	Kim Eng	Sasseur	0.815	0.95	Buy
03/10/20	UOB Kay Hian	Sasseur	0.73	0.92	Buy	DDM
04/14/20	DBS Vickers	Sasseur	0.62	0.8	Buy	DCF, PB0.9x
05/15/20	UOB Kay Hian	Sasseur	0.72	0.96	Buy	DDM
06/03/20	DBS Vickers	Sasseur	0.8	0.8	Buy
06/11/20	Amfrasers	Sasseur	0.795	0.89	Outperform	DDM
08/17/20	UOB Kay Hian	Sasseur	0.775	0.99	Buy	DDM
08/18/20	CIMB	Sasseur	0.78	0.84	Add

Sabana - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/19	DBS Vickers	Sabana	0.455	0.48	Hold	DCF
10/25/19	DBS Vickers	Sabana	0.455	0.48	Hold	DCF
01/30/20	DBS Vickers	Sabana	0.46	0.48	Hold	DCF
07/17/20	DBS Vickers	Sabana	0.36	0.4	Buy	PB0.94x ESR-Reit

Stock calls for 1 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/01/20	Kim Eng	Comfortdelgro	1.48	1.76	Buy	DCF
09/01/20	UOB Kay Hian	Food Empire	0.625	0.85	Buy
09/01/20	UOB Kay Hian	Frencken	0.94	1.37	Buy
09/01/20	UOB Kay Hian	Oxley	0.225	0.37	Buy	RNAV (30% discount)
09/01/20	UOB Kay Hian	Riverstone	4.02	6	Buy
09/01/20	Lim & Tan	UG Healthcare	2.28	0	Accumulate
09/01/20	CIMB	Wing Tai	1.72	1.98	Add	RNAV
09/01/20	DBS Vickers	Yangzijiang	0.915	1.4	Buy	Sum of parts

The devious US is trying to poison all Asians now!

 https://www.porkbusiness.com/article/taiwan-lifts-ban-ractopamine-us-pork-imports

The US has managed to force Taiwan to accept a poisonous chemical, Ractopamine, in the US meat products in exchange for BTA or FTA.  Taiwan has reversed its previous stance already.

http://sg-stock.blogspot.com/2020/01/the-us-is-demanding-taiwan-to-import-us.html

This is not just happening to Taiwan.

Japan, acting in US interest, is pushing the CPTPP to ASEAN which also contains the condition to accept Ractopamine.  Fortunately, some countries still object to this and refuse to be signatories to the CPTPP.  For example, Thailand has been objecting to this harmful chemical but may succumb to the trade threats especially during the COVID outbreak period.  It is very sad that Singapore is willing to accept Ractopamine and shove it down our throats.

https://www.nationthailand.com/business/30346283

This Ractopamine affects Asians more because we eat visceral organs which will contain a much higher dosage of the chemical.

https://en.wikipedia.org/wiki/Ractopamine

Currently, there is a US petition to ban Ractopamine in animal feeds because of animal, human, and environmental safety concerns.  The US knows how harmful this chemical is to animals, humans, and our environment but the US still wants to export these chemical-laced products to Asia.

https://www.biologicaldiversity.org/programs/environmental_health/pdfs/2020-06-03-Ractopamine-Suspension-Petition--ALDF-FACT-Center.pdf

In a nutshell, Ractopamine is harmful to people with hypertension and heart diseases.  Furthermore, prolonged use will cause infertility.  Therefore, I've not been eating US pork and beef for many years already.