Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/21	UOB Kay Hian	Sembcorp Industries	2.16	2.59	Buy
07/07/21	UOB Kay Hian	Sembcorp Industries	2.18	2.59	Buy
08/02/21	CIMB	Sembcorp Industries	2.09	2.43	Add
08/02/21	DBS Vickers	Sembcorp Industries	2.09	2.4	Buy	PB1.2x FY21/22
08/02/21	Lim & Tan	Sembcorp Industries	2.09	0	Hold
08/10/21	CIMB	Sembcorp Industries	2	2.51	Add
08/10/21	OCBC	Sembcorp Industries	2	2.5	Buy
08/10/21	UOB Kay Hian	Sembcorp Industries	2	2.59	Buy
08/18/21	phillip	Sembcorp Industries	1.97	2.01	Neutral	PB1x FY21
09/27/21	UOB Kay Hian	Sembcorp Industries	1.85	2.59	Buy
09/29/21	CIMB	Sembcorp Industries	1.84	2.51	Add	PER15x CY22
10/20/21	UOB Kay Hian	Sembcorp Industries	1.96	2.59	Buy	PB1.2x
11/16/21	OCBC	Sembcorp Industries	2.04	2.5	Buy
11/18/21	CIMB	Sembcorp Industries	2.04	2.51	Add
11/18/21	DBS Vickers	Sembcorp Industries	2.04	2.4	Buy
11/22/21	UOB Kay Hian	Sembcorp Industries	2.03	2.59	Buy	PB1.2x
12/02/21	Lim & Tan	Sembcorp Industries	1.93	2.57	Buy
12/10/21	Lim & Tan	Sembcorp Industries	2	2.55	Buy
12/13/21	Citi Research	Sembcorp Industries	2.01	2.52	Buy
12/13/21	UOB Kay Hian	Sembcorp Industries	2.01	2.59	Buy
01/06/22	CIMB	Sembcorp Industries	2.03	2.51	Add	PER15x CY22
01/14/22	Citi Research	Sembcorp Industries	2.14	2.52	Buy
01/26/22	UOB Kay Hian	Sembcorp Industries	2.21	2.59	Buy
02/03/22	CIMB	Sembcorp Industries	2.28	2.96	Add	Sum of parts, PER11x FY23
02/15/22	DBS Vickers	Sembcorp Industries	2.42	3	Buy	PB1.4x
02/24/22	DBS Vickers	Sembcorp Industries	2.46	3.2	Buy	GGM, PB1.4x FY22
02/24/22	UOB Kay Hian	Sembcorp Industries	2.46	2.95	Buy	GGM, PB1.3x FY22
02/28/22	OCBC	Sembcorp Industries	2.56	2.9	Buy
03/03/22	phillip	Sembcorp Industries	2.73	2.94	Accumulate	PB1.2x FY22
03/14/22	UOB Kay Hian	Sembcorp Industries	2.66	2.95	Buy
04/11/22	CIMB	Sembcorp Industries	2.85	2.96	Add	Sum of parts
04/12/22	Credit Suisse	Sembcorp Industries	2.84	3.3	Outperform	Up from $3
04/18/22	UOB Kay Hian	Sembcorp Industries	2.9	3.59	Buy	PER13.6x
05/30/22	CIMB	Sembcorp Industries	2.85	2.96	Add
06/02/22	Lim & Tan	Sembcorp Industries	2.83	3.27	Buy
06/21/22	CIMB	Sembcorp Industries	2.78	3.66	Add	Sum of parts
07/19/22	DBS Vickers	Sembcorp Industries	2.93	3.7	Buy	PB1.6x FY22
07/19/22	Lim & Tan	Sembcorp Industries	2.93	3.42	Buy
07/22/22	phillip	Sembcorp Industries	2.97	2.96	Neutral	PB1.2x FY22
08/03/22	Kim Eng	Sembcorp Industries	2.95	3.4	Buy	Sum of parts

Shenshan - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/09/22	SAC Capital	Shenshan	0.38	0.7	Buy

SBS Transit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/21	CIMB	SBS Transit	3	3.5	Add	PER13.2x CY21
09/02/21	DBS Vickers	SBS Transit	3.03	3.44	Hold	PB1.74x
11/05/21	DBS Vickers	SBS Transit	3	3.44	Hold
11/12/21	DBS Vickers	SBS Transit	2.98	3.39	Hold	PB1.74x
03/02/22	CIMB	SBS Transit	2.92	3.4	Add
05/17/22	CIMB	SBS Transit	2.87	3.4	Add
06/09/22	DBS Vickers	SBS Transit	2.88	3.28	Hold

Stock calls for 4 August 2022

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/22	Lim & Tan	ARA Hospitality	0.475	0.7	Buy
08/04/22	DBS Vickers	BRC Asia	1.71	2.4	Buy
08/04/22	DBS Vickers	Daiwa House	0.75	0.88	Buy
08/04/22	OCBC	Mapletree Commercial	1.94	1.9	Hold
08/04/22	Citi Research	Mapletree Commercial	1.94	1.9	Hold
08/04/22	UOB Kay Hian	OCBC	11.99	16.18	Buy	GGM, PB1.3x FY23
08/04/22	DBS Vickers	OCBC	11.99	15	Buy
08/04/22	DMG & Partners	OCBC	11.99	13.9	Buy	GGM, PB1.05x FY23
08/04/22	CIMB	OCBC	11.99	15.5	Add
08/04/22	Kim Eng	OCBC	11.99	14.39	Buy
08/04/22	Citi Research	OCBC	11.99	13.1	Buy
08/04/22	DBS Vickers	Prime US Reit	0.72	0.88	Buy

Analysis of Nancy Pelosi visitation to Taiwan.

In our view, Taiwan is the biggest loser in this political game between China and the US.  Why?

Whenever the US wanted to get something out of China but it didn't have any bargaining chip for negotiation, it would create a stinging issue for China so that the US could exchange or trade favour with China.  This was exactly what happened during Pelosi's trip to Taiwan.  China and the US must have reached some secretive deal for Pelosi to visit Taiwan safely.  How do we substantiate our analysis?  Let's look at the tell-tale signs.

Tell-tale sign:

1. No US air escorts for Pelosi (A good gesture portrayed by the US to China).

2. No China air interception of Pelosi's plane (A good gesture portrayed by China to the US).

3. No anti-china rhetoric by Pelosi in Taiwan (A good gesture portrayed by the US to China).

4. No action was taken by the US over China drills (A good gesture portrayed by the US to China).

China drills:  The drills are meant to besiege Taiwan.

What did Pelosi say in Taiwan?

However, the US and Pelosi left Taiwan in the lurch by letting Taiwan be besieged by China after Pelosi left Taiwan.  The US and Pelosi had abandoned Taiwan like a used condom and let Taiwan face the wrath of China alone.

Are the drills working and serving their intentions? Yes! (See below)

In the end, Taiwan was sold out by the US. Hahaha!