SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/12/19	CIMB	SPH Reit	1.12	1.11	Hold	DDM
07/12/19	Lim & Tan	SPH Reit	1.12	0	Hold
07/15/19	OCBC	SPH Reit	1.1	1.05	Hold
07/16/19	Kim Eng	SPH Reit	1.1	1.05	Hold	DDM
07/17/19	DBS Vickers	SPH Reit	1.11	1.2	Buy	DCF
10/11/19	CIMB	SPH Reit	1.11	1.09	Hold	DDM
10/11/19	DBS Vickers	SPH Reit	1.11	1.25	Buy	DCF
10/11/19	Kim Eng	SPH Reit	1.11	1.1	Hold	DDM
10/14/19	OCBC	SPH Reit	1.13	1.05	Hold
10/15/19	OCBC	SPH Reit	1.15	1.1	Hold
11/08/19	DBS Vickers	SPH Reit	1.14	1.25	Buy
11/08/19	CIMB	SPH Reit	1.14	1.16	Hold	DDM
01/13/20	Kim Eng	SPH Reit	1.08	1.15	Buy	DDM
01/13/20	OCBC	SPH Reit	1.08	1.13	Hold
01/13/20	Lim & Tan	SPH Reit	1.08	0	Buy on weakness
01/13/20	CIMB	SPH Reit	1.08	1.16	Add
01/13/20	DBS Vickers	SPH Reit	1.08	1.2	Buy
03/17/20	Kim Eng	SPH Reit	0.87	1.15	Buy
03/17/20	OCBC	SPH Reit	0.87	0.77	Hold
04/02/20	DBS Vickers	SPH Reit	0.75	0.7	Fully Valued
04/02/20	Kim Eng	SPH Reit	0.75	0.8	Hold	DDM
04/02/20	CIMB	SPH Reit	0.75	1.12	Add
05/29/20	DBS Vickers	SPH Reit	0.825	0.8	Hold
05/29/20	CIMB	SPH Reit	0.825	1.13	Add
06/03/20	DBS Vickers	SPH Reit	0.88	0.8	Hold
07/03/20	Kim Eng	SPH Reit	0.885	0.8	Hold	DDM
07/03/20	Lim & Tan	SPH Reit	0.885	0	Hold
07/06/20	CIMB	SPH Reit	0.875	1.1	Add
07/06/20	OCBC	SPH Reit	0.875	0.81	Hold

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/19	UOB Kay Hian	SPH	2.49	2.33	Hold	Sum of parts, Buy @ $2.10
07/16/19	CIMB	SPH	2.32	2.22	Hold	Sum of parts
07/16/19	DBS Vickers	SPH	2.32	2.22	Hold	Sum of parts
09/10/19	Lim & Tan	SPH	1.99	0	Hold
10/21/19	UOB Kay Hian	SPH	2.15	2.25	Hold	Sum of parts, Buy @ $2
10/21/19	DBS Vickers	SPH	2.15	2.19	Hold	Sum of parts
12/23/19	Lim & Tan	SPH	2.16	0	Hold
01/06/20	UOB Kay Hian	SPH	2.15	2.3	Hold	Sum of parts, Buy @ $2
01/14/20	UOB Kay Hian	SPH	2.18	2.22	Hold	Sum of parts, Buy @ $2
01/14/20	CIMB	SPH	2.18	2.11	Hold	Sum of parts
01/14/20	DBS Vickers	SPH	2.18	2.12	Hold
01/15/20	Lim & Tan	SPH	2.14	0	Hold
01/15/20	OCBC	SPH	2.14	2.28	Hold
03/06/20	UOB Kay Hian	SPH	1.88	2.22	Hold
03/09/20	UOB Kay Hian	SPH	1.89	2.25	Buy	Sum of parts
03/19/20	Lim & Tan	SPH	1.83	0	Hold
03/26/20	UOB Kay Hian	SPH	1.74	2.04	Buy
04/02/20	UOB Kay Hian	SPH	1.78	1.61	Hold	Sum of parts, Buy @ $1.40
04/08/20	CIMB	SPH	1.6	1.57	Hold	Sum of parts
04/08/20	Lim & Tan	SPH	1.6	0	Sell
04/08/20	DBS Vickers	SPH	1.6	1.56	Hold	Sum of parts
04/09/20	UOB Kay Hian	SPH	1.53	1.39	Hold	Sum of parts, Buy @ $1.20
04/28/20	UOB Kay Hian	SPH	1.49	1.5	Hold	Buy @ $1.3
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
05/22/20	DBS Vickers	SPH	1.56	1.57	Hold
06/24/20	UOB Kay Hian	SPH	1.36	1.52	Hold	Buy @ $1.30
06/25/20	CIMB	SPH	1.33	1.57	Hold
07/15/20	UOB Kay Hian	SPH	1.25	1.41	Hold	Sum of parts, Buy @ $1.20
07/15/20	CIMB	SPH	1.25	1.35	Hold
07/15/20	OCBC	SPH	1.25	1.35	Hold	PER15x
07/16/20	DBS Vickers	SPH	1.25	1.26	Hold	Sum of parts
08/19/20	Lim & Tan	SPH	1.11	0	Hold
08/24/20	UOB Kay Hian	SPH	1.08	1.22	Hold	Sum of parts, Buy @ $1
08/31/20	DBS Vickers	SPH	1.09	1.26	Hold

Stock calls for 9 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/09/20	CIMB	Hi-P	1.18	1.23	Hold	PB1.52x FY20
09/09/20	phillip	Sembcorp Industries	1.91	2.72	Buy	PB0.7x FY21 + 4.911 SCM shares
09/09/20	Lim & Tan	Sheng Siong	1.65	0	Buy
09/09/20	UOB Kay Hian	Yangzijiang	0.93	1.17	Buy

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 was asked to provide more information about Ractopamine.  Here it goes.

https://sg.news.yahoo.com/banned-160-nations-why-ractopamine-u-pork-op-182622611.html

The codex standard was set up based on research with just 6 samples size and 1 person dropped out half-way because his heart was acting abnormally after consuming ractopamine.

The pigs which consumed ractopamine displayed aggressive behaviour and attacked other pigs, and some pigs couldn't even walk properly.

Basically, ractopamine will cause abnormal heartbeats such as irregular beating and fast pounding.  Furthermore, long-term consumption will cause infertility too.  If you want to remail sterile, this might be a good option for you.  Heehee!

Therefore, please don't be alarmed when our youngsters drop dead in the future while doing strenuous exercises such as running.

The codex standard is 10ppb or 0.01ppm (established by 26 countries but more than 160 banned it).

https://australianpork.com.au/industry-news/singapore-new-limits-on-ractopamine-residues/

Previously, there was no MRL set for ractopamine in pigs in SG.  However, our government had set an MRL for the liver after April 2020.

If you want to know which countries allow ractopamine in ASEAN, just look at the CPTPP members.  All CPTPP members including SG must allow ractopamine in their countries because this is a prerequisite of CPTPP.

https://www.mfat.govt.nz/en/trade/free-trade-agreements/free-trade-agreements-in-force/cptpp/cptpp-overview/

The US inflation is coming!

 https://container-news.com/china-usec-rates-break-through-us4000-barrier/

China/USEC rates will be approaching US$5000 FEU and the incremental freight rates will be reflected in the inflation rate in the future because transportation costs will affect many goods.

Moreover, the average freight rate index has been rising steadily despite the economic contraction caused by the COVID outbreak in 2020.

This index is a harbinger of future trend and it means that there is an impending inventory growth which I've indicated earlier in my previous post below.

http://sg-stock.blogspot.com/2020/09/the-us-ism-pmi-improved-again-in-august.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."

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/17/19	Amfrasers	Soilbuild Reit	0.615	0.609	Neutral	DDM
07/18/19	Lim & Tan	Soilbuild Reit	0.61	0	Hold
07/19/19	UOB Kay Hian	Soilbuild Reit	0.615	0.6	Hold
07/19/19	DBS Vickers	Soilbuild Reit	0.615	0.63	Hold	DCF
09/03/19	OCBC	Soilbuild Reit	0.55	0.58	Accept offer
10/18/19	DBS Vickers	Soilbuild Reit	0.525	0.55	Hold	DCF
10/18/19	OCBC	Soilbuild Reit	0.525	0.52	Hold
10/18/19	Amfrasers	Soilbuild Reit	0.525	0.58	Neutral
01/24/20	DBS Vickers	Soilbuild Reit	0.52	0.55	Hold	DCF
01/28/20	OCBC	Soilbuild Reit	0.515	0.52	Hold
02/04/20	Amfrasers	Soilbuild Reit	0.5	0.55	Neutral
03/02/20	DBS Vickers	Soilbuild Reit	0.495	0.55	Hold
04/20/20	DBS Vickers	Soilbuild Reit	0.39	0.5	Buy	DCF
04/21/20	OCBC	Soilbuild Reit	0.4	0.38	Hold
05/27/20	Amfrasers	Soilbuild Reit	0.38	0.48	Neutral
07/09/20	DBS Vickers	Soilbuild Reit	0.41	0.5	Buy
09/02/20	DBS Vickers	Soilbuild Reit	0.455	0.5	Buy	DCF

Singtel - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/19	DBS Vickers	Singtel	3.56	3.6	Hold	Sum of parts
07/15/19	Phillip	Singtel	3.54	3.66	Accumulate	Sum of parts
07/23/19	DMG & Partners	Singtel	3.52	3.4	Neutral	Sum of parts
07/23/19	Citibank	Singtel	3.52	3.97	Buy
08/07/19	DBS Vickers	Singtel	3.52	3.4	Hold	Sum of parts
08/08/19	Kim Eng	Singtel	3.29	3.44	Hold	Sum of parts
08/13/19	Phillip	Singtel	3.26	3.45	Accumulate	Sum of parts
08/13/19	DMG & Partners	Singtel	3.26	3.4	Neutral	Sum of parts
08/13/19	CIMB	Singtel	3.26	3.6	Add	Sum of parts
08/13/19	UOB Kay Hian	Singtel	3.26	3.32	Hold	DCF, Buy @ $3
08/13/19	DBS Vickers	Singtel	3.26	3.25	Hold	EV/Ebitda6.3x
08/14/19	OCBC	Singtel	3.18	3.61	Buy
09/27/19	UOB Kay Hian	Singtel	3.13	3.32	Hold	DCF, Buy @ $3
10/10/19	Kim Eng	Singtel	3.14	3.44	Hold	Sum of parts
10/10/19	DBS Vickers	Singtel	3.14	3.12	Hold	EV/Ebitda6x
10/11/19	Phillip	Singtel	3.15	3.45	Accumulate
10/18/19	CIMB	Singtel	3.16	3.6	Add
11/11/19	UOB Kay Hian	Singtel	3.35	3.32	Hold	DCF, Buy @ $3
11/15/19	Lim & Tan	Singtel	3.3	0	Hold
11/18/19	Phillip	Singtel	3.18	3.31	Accumulate	Sum of parts
11/18/19	DMG & Partners	Singtel	3.18	3.5	Neutral	Sum of parts
11/18/19	CIMB	Singtel	3.18	3.6	Add	Sum of parts
11/18/19	DBS Vickers	Singtel	3.18	3.12	Hold
11/18/19	OCBC	Singtel	3.18	3.53	Buy
11/22/19	DBS Vickers	Singtel	3.26	3.6	Buy	Sum of parts
12/03/19	Kim Eng	Singtel	3.46	3.72	Hold	Sum of parts
12/05/19	CIMB	Singtel	3.4	3.7	Add	Sum of parts
12/09/19	UOB Kay Hian	Singtel	3.43	3.32	Hold	DCF, Buy @ $3
12/16/19	Phillip	Singtel	3.39	3.53	Accumulate	Sum of parts
01/03/20	DBS Vickers	Singtel	3.4	3.6	Buy
01/14/20	DMG & Partners	Singtel	3.27	3.5	Neutral
01/15/20	UOB Kay Hian	Singtel	3.25	3.32	Hold	DCF, Buy @ $3
01/15/20	DBS Vickers	Singtel	3.25	3.8	Buy	Sum of parts
02/10/20	DBS Vickers	Singtel	3.32	3.8	Buy
02/10/20	UOB Kay Hian	Singtel	3.32	3.32	Hold	DCF
02/14/20	DMG & Partners	Singtel	3.28	3.45	Neutral	Sum of parts
02/14/20	UOB Kay Hian	Singtel	3.28	3.2	Hold	Buy @ $3
02/14/20	DBS Vickers	Singtel	3.28	3.63	Buy
02/14/20	Lim & Tan	Singtel	3.28	0	Hold
02/17/20	Phillip	Singtel	3.22	3.18	Neutral	Sum of parts
02/19/20	Macquarie	Singtel	3.17	3.77	outperform
02/19/20	OCBC	Singtel	3.17	3.61	Buy
03/05/20	Macquarie	Singtel	2.97	3.77	outperform
03/05/20	DBS Vickers	Singtel	2.97	3.52	Buy	Sum of parts
03/26/20	DBS Vickers	Singtel	2.6	2.8	Buy	Sum of parts
03/30/20	DBS Vickers	Singtel	2.57	2.85	Buy
04/01/20	CIMB	Singtel	2.54	3.4	Add	Sum of parts
04/03/20	UOB Kay Hian	Singtel	2.62	3	Buy	DCF
04/20/20	DBS Vickers	Singtel	2.76	3.02	Buy	Sum of parts
04/24/20	DMG & Partners	Singtel	2.75	3.3	Buy	Sum of parts
05/18/20	CIMB	Singtel	2.66	3.4	Add	Sum of parts
05/22/20	DBS Vickers	Singtel	2.68	3.22	Buy	Sum of parts
05/29/20	DBS Vickers	Singtel	2.51	3.09	Buy
05/29/20	UOB Kay Hian	Singtel	2.51	2.8	Buy	DCF
05/29/20	DMG & Partners	Singtel	2.51	3.4	Buy	Sum of parts
05/29/20	Lim & Tan	Singtel	2.51	2.45	Hold
05/29/20	OCBC	Singtel	2.51	3.24	Buy
06/01/20	Phillip	Singtel	2.49	2.44	Neutral	Sum of parts
06/25/20	DBS Vickers	Singtel	2.53	3.09	Buy
07/02/20	Lim & Tan	Singtel	2.47	0	Buy
07/03/20	DBS Vickers	Singtel	2.51	3.09	Buy
07/13/20	OCBC	Singtel	2.51	3.24	Buy
07/28/20	UOB Kay Hian	Singtel	2.5	2.8	Buy	DCF
08/04/20	DBS Vickers	Singtel	2.45	3.04	Buy	Sum of parts
08/12/20	CIMB	Singtel	2.36	3.4	Add
08/18/20	DMG & Partners	Singtel	2.4	3.2	Buy	Sum of parts
08/18/20	DBS Vickers	Singtel	2.4	2.85	Buy	Sum of parts
08/19/20	Phillip	Singtel	2.35	2.44	Neutral	Sum of parts
08/19/20	CIMB	Singtel	2.35	3.1	Add	Sum of parts
08/19/20	OCBC	Singtel	2.35	3.08	Buy
09/07/20	DBS Vickers	Singtel	2.27	2.69	Buy
09/08/20	Lim & Tan	Singtel	2.24	0	Buy

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts, Buy @ $0.88
08/05/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
08/05/19	DBS Vickers	Singapore Post	0.965	0.96	Hold
08/05/19	Lim & Tan	Singapore Post	0.965	0	Hold
08/07/19	OCBC	Singapore Post	0.945	1	Hold
09/19/19	OCBC	Singapore Post	0.93	1	Hold
09/20/19	UOB Kay Hian	Singapore Post	0.92	1.04	Hold	Sum of parts, Buy @ $0.90
09/20/19	DBS Vickers	Singapore Post	0.92	0.96	Hold
10/31/19	DBS Vickers	Singapore Post	0.96	0.96	Hold
11/04/19	CIMB	Singapore Post	0.965	1.13	Add	DCF
11/05/19	UOB Kay Hian	Singapore Post	0.955	1.04	Hold	Sum of parts, Buy @ $0.88
11/05/19	DBS Vickers	Singapore Post	0.955	0.96	Hold	DCF
11/05/19	OCBC	Singapore Post	0.955	1.02	Hold
02/10/20	UOB Kay Hian	Singapore Post	0.89	0.99	Hold	Sum of parts
02/10/20	DBS Vickers	Singapore Post	0.89	0.85	Hold	PER17x FY21
02/10/20	OCBC	Singapore Post	0.89	0.96	Hold
05/11/20	DBS Vickers	Singapore Post	0.74	0.64	Fully Valued	PER17x FY21
06/19/20	UOB Kay Hian	Singapore Post	0.775	0.8	Hold	Sum of parts, Buy @ $0.7
07/29/20	DBS Vickers	Singapore Post	0.74	0.64	Fully Valued	DCF, PER17x FY21
08/12/20	DBS Vickers	Singapore Post	0.7	0.64	Fully Valued	DCF, PER17x FY21
08/13/20	UOB Kay Hian	Singapore Post	0.71	0.76	Hold	Buy @ $0.66

Stock calls for 8 September 2020

Date	Analyst	Company	Last	Target	Call	Valuation
09/08/20	DBS Vickers	Ifast Corp	2.26	2.6	Buy
09/08/20	UOB Kay Hian	Mapletree Commercial	1.99	2.35	Buy
09/08/20	DBS Vickers	SATS	2.98	3.15	Hold	DCF, PER25x FY22
09/08/20	UOB Kay Hian	Sembcorp Industries	1.92	2.2	Buy
09/08/20	Lim & Tan	Singtel	2.24	0	Buy
09/08/20	CIMB	UG Healthcare	2.45	4.8	Add

Singapore o&g - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/20	Amfrasers	Singapore o&g	0.26	0.4	Neutral	PER16x
08/19/20	Amfrasers	Singapore o&g	0.245	0.25	Neutral	PER16x

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/08/19	DMG & Partners	Singapore Medical	0.37	0.48	Buy	DCF
10/15/19	DMG & Partners	Singapore Medical	0.305	0.48	Buy
11/13/19	DMG & Partners	Singapore Medical	0.325	0.36	Neutral	DCF, PER13.4x
02/25/20	DMG & Partners	Singapore Medical	0.32	0.35	Neutral	PER11.3x FY20
05/26/20	DMG & Partners	Singapore Medical	0.23	0.25	Neutral	PER9.8x FY21
07/08/20	Amfrasers	Singapore Medical	0.24	0.34	outperform	PER11x FY21
08/11/20	Amfrasers	Singapore Medical	0.26	0.25	Neutral	PER16x
08/21/20	Lim & Tan	Singapore Medical	0.245	0	Accumulate

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/19	DMG & Partners	Silverlake	0.52	0.65	Buy	DCF
08/26/19	CIMB	Silverlake	0.51	0.53	Hold
08/26/19	DBS Vickers	Silverlake	0.51	0.6	Buy	PER21x FY20
09/05/19	DMG & Partners	Silverlake	0.455	0.56	Buy	DCF
10/08/19	DMG & Partners	Silverlake	0.44	0.56	Buy
11/15/19	DBS Vickers	Silverlake	0.44	0.57	Buy	PER21x FY20
11/18/19	DMG & Partners	Silverlake	0.43	0.46	Neutral	DCF
12/10/19	DMG & Partners	Silverlake	0.41	0.46	Neutral
02/14/20	DBS Vickers	Silverlake	0.37	0.48	Buy	PER21x FY20
02/14/20	DMG & Partners	Silverlake	0.37	0.41	Neutral	DCF
04/28/20	DMG & Partners	Silverlake	0.24	0.26	Neutral	DCF
04/28/20	CIMB	Silverlake	0.24	0.26	Hold
05/18/20	DBS Vickers	Silverlake	0.245	0.38	Buy	PER20x
05/20/20	DMG & Partners	Silverlake	0.245	0.24	Neutral	DCF
07/03/20	DMG & Partners	Silverlake	0.24	0.24	Neutral
07/09/20	Amfrasers	Silverlake	0.25	0.3	outperform	PER13x FY21
08/27/20	CIMB	Silverlake	0.305	0.39	Add	PER16.3x CY21
08/28/20	DBS Vickers	Silverlake	0.3	0.4	Buy	PER17.6x FY21
09/07/20	Amfrasers	Silverlake	0.31	0.31	Neutral	PER13x FY21