Singapore Stock Exchange - Equity Investments

Thursday, July 28, 2022

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/21	CIMB	Parkway Life	4.77	5.05	Add	DDM
07/15/21	DBS Vickers	Parkway Life	4.77	5.75	Buy	DCF
07/15/21	UOB Kay Hian	Parkway Life	4.77	4.72	Hold
07/27/21	Lim & Tan	Parkway Life	4.72	0	Hold
11/05/21	CIMB	Parkway Life	4.65	5.05	Add	DDM
12/13/21	Lim & Tan	Parkway Life	5.07	0	Hold
01/25/22	Lim & Tan	Parkway Life	4.94	4.97	Hold
02/11/22	UOB Kay Hian	Parkway Life	4.62	4.72	Hold
03/04/22	DBS Vickers	Parkway Life	4.62	5.75	Buy	DCF
04/13/22	UOB Kay Hian	Parkway Life	4.81	4.82	Hold	DDM
04/26/22	CIMB	Parkway Life	4.96	5.05	Hold
04/26/22	UOB Kay Hian	Parkway Life	4.96	5.42	Hold	DDM
06/10/22	SAC Capital	Parkway Life	4.93	4.69	Hold

Pan-United - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/10/21	phillip	PanUnited	0.33	0.44	Buy	EV/Ebitda7.8x FY21
01/06/22	Lim & Tan	PanUnited	0.335	0.5	Buy
03/14/22	Lim & Tan	PanUnited	0.35	0	Buy
03/14/22	phillip	PanUnited	0.35	0.46	Buy	PER16x FY22
03/21/22	Lim & Tan	PanUnited	0.35	0.54	Buy	EV/Ebitda5.6x
03/30/22	CIMB	PanUnited	0.385	0.53	Add	PER12.3x
03/30/22	SAC Capital	PanUnited	0.385	0.56	Buy	EV/Ebitda6.6x FY23
04/07/22	CIMB	PanUnited	0.41	0.56	Add
05/05/22	CIMB	PanUnited	0.4	0.56	Add
06/13/22	phillip	PanUnited	0.43	0.68	Buy	PER12x FY22

Stock calls for 27 July 2022

Date	Analyst	Company	Last	Target	Call	Valuation
07/27/22	DBS Vickers	AIMS AMP Cap Ind Reit	1.38	1.53	Buy	DCF
07/27/22	DBS Vickers	CapitaRetail China	1.17	1.55	Buy
07/27/22	CIMB	ESR-Reit	0.41	0.51	Add
07/27/22	DBS Vickers	Hutchison Port	0.24	0.37	Buy
07/27/22	UOB Kay Hian	Keppel Reit	1.1	1.41	Buy	DDM
07/27/22	DBS Vickers	Keppel Reit	1.1	1.4	Buy
07/27/22	Kim Eng	Keppel Reit	1.1	1.25	Buy	DDM
07/27/22	DMG & Partners	Keppel Reit	1.1	1.31	Buy	DDM
07/27/22	Lim & Tan	Keppel Reit	1.1	1.26	Neutral
07/27/22	Kim Eng	Mapletree Industrial	2.68	3	Buy
07/27/22	Citi Research	Mapletree Industrial	2.68	3.15	Buy
07/27/22	CIMB	Mapletree Industrial	2.68	2.97	Add
07/27/22	DBS Vickers	OUE Commercial	0.39	0.41	Hold
07/27/22	CIMB	SIA Engineering	2.41	2.92	Buy
07/27/22	DBS Vickers	Suntec Reit	1.59	1.9	Buy
07/27/22	Lim & Tan	Suntec Reit	1.59	1.75	Neutral

Wednesday, July 27, 2022

The fundamental principle of international law.

There is only 1 international court under the United Nations (UN) and it is the world court, a.k.a, the international court of justice. If an international court under the UN can't be legally binding to an external party, an "international court" which is not under the UN can't be legally binding too.

The 2016 PCA ruling against China was illegal because China was not a party and was also not involved in the court proceeding. A legally binding example would be the Singapore-Malaysia Pedra Branca lighthouse case in which Singapore signed a special agreement with Malaysia to proceed with the ICJ court proceeding on the sovereignty of the lighthouse.

The fundamental principle of international law is that an international court ruling is only legally binding between the parties involved and it cannot be imposed on an external party.

https://www.icj-cij.org/en/frequently-asked-questions

It is stated very clearly that an involved party must have access to the court and have accepted its jurisdiction in any 3 stated ways. China had not accepted PCA's jurisdiction in 2016 because it was a unilateral PCA proceeding initiated by the Philippines without China's presence.