Dow Jones surged 284 points after China reiterated its support for Euro. Latest updates for EU.

This surge of 284 points is simply a knee-jerk reaction to China's commitment of Euro but I believe investors will sell into the rally and cause the Dow to fall next week again unless EU is able to stabilize the euro which I think will be difficult.

Spain has just approved a cut of over euro $20b on top of the euro $50b cut earlier in its austerity programme.  French is also starting to tackle its deficit and Italy has just cut $24b of spendings.

Therefore, austerity programme equates to anti-growth measure which will definitely slow down the growth in EU.

Ying Li - S-chip that analysts love!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/08/10 DBS Vickers Ying Li 0.67 1.17 Buy
01/19/10 DBS Vickers Ying Li 0.62 1.08 Buy RNAV (10% discount)
01/26/10 DBS Vickers Ying Li 0.59 1.06 Buy RNAV (20% discount)
05/18/10 DBS Vickers Ying Li 0.42 0.67 Buy RNAV (40% discount)

01/25/10 DMG & Partners Ying Li 0.58 1.09 Buy RNAV
02/24/10 DMG & Partners Ying Li 0.45 0.8 Buy RNAV (20% discount)
05/05/10 DMG & Partners Ying Li 0.485 0.5 Neutral RNAV (50% discount)
05/19/10 DMG & Partners Ying Li 0.435 0.42 neutral RNAV (50% discount)

01/25/10 Kim Eng Ying Li 0.575 1.2 Buy
02/25/10 Kim Eng Ying Li 0.45 1.2 Buy
04/09/10 Kim Eng Ying Li 0.53 1.04 Buy RNAV
05/18/10 Kim Eng Ying Li 0.42 0.78 Buy RNAV

01/25/10 phillip Ying Li 0.58 1.15 Buy RNAV
02/25/10 phillip Ying Li 0.45 0.655 Buy RNAV (30% discount)

Wheelock Properties - A well-liked property stock by CIMB & DBS Vickers

Date/Research House/Last Done/Target Price/Call/Valuation Method

02/24/10 AmFraser Wheelock Properties 1.87 2.08 Hold RNAV (10% discount)
03/15/10 AmFraser Wheelock Properties 1.92 2.1 Hold RNAV
05/17/10 AmFraser Wheelock Properties 1.87 2.1 Hold RNAV

04/16/10 CIMB Wheelock Properties 1.96 2.19 Neutral
04/20/10 CIMB Wheelock Properties 1.99 2.39 Outperform RNAV
05/10/10 CIMB Wheelock Properties 1.79 2.39 Outperform
05/17/10 CIMB Wheelock Properties 1.87 2.39 Outperform RNAV

02/22/10 DBS Vickers Wheelock Properties 1.9 2.14 Buy
02/24/10 DBS Vickers Wheelock Properties 1.87 2.24 Buy RNAV (10% discount)
03/08/10 DBS Vickers Wheelock Properties 1.91 2.24 Buy
03/30/10 DBS Vickers Wheelock Properties 1.9 2.24 Buy
05/17/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy RNAV (10% discount)
05/18/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy

Is double dip recession coming?

The possibility of a double-dip recession is coming and real as the crisis in Europe is escalating.  It is highly probable that Greece won't be able to service its debt and Spain is starting to show symptoms of struggling with its debts.  Spain government has nationalized a bank and force 4 banks to consolidate to avoid getting into further trouble and god knows what will happen in portugal later.  The austerity measures taken by EU are definitely anti-growth but this is being written off by overly optimistic economists and politicians.

US has disregarded Europe crisis as a major problem and will only cut back US growth by about1.2%.  If Lehman Brothers could bring down the world, then Europe could be worse as it has more than 500m population and is a major trading partner in the world. By negating the impact of Europe, the world is making a major mistake and we'll pay a heavy price later.

Asia Travel - Not the time to travel? Nope, just not the time to buy yet.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/12/10 DBS Vickers Asiatravel 0.695 0.82 Buy DCF
05/26/10 DBS Vickers Asiatravel 0.38 0.42 Hold DCF, PER14x

01/25/10 DMG & Partners Asiatravel 0.775 0.78 Neutral PER21.7x
04/09/10 DMG & Partners Asiatravel 0.585 0.61 Neutral DCF
04/12/10 DMG & Partners Asiatravel 0.605 0.61 Neutral DCF, PER23x

02/11/10 Kim Eng Asiatravel 0.715 0.9 Buy

Parkway Holdings - A well-liked stock for many research houses

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/24/10 AmFraser Parkway Holdings 2.93 3.55 Buy Sum of parts

02/02/10 CIMB Parkway Holdings 2.64 3.16 Outperform
03/12/10 CIMB Parkway Holdings 3.12 3.69 Outperform Sum of parts
05/18/10 CIMB Parkway Holdings 3.23 3.69 Outperform

02/24/10 DBS Vickers Parkway Holdings 2.93 2.71 Hold Sum of parts
03/15/10 DBS Vickers Parkway Holdings 3.11 2.71 Fully Valued Sum of parts, PER20x
05/13/10 DBS Vickers Parkway Holdings 3.35 2.8 Fully Valued Sum of parts

02/25/10 DMG & Partners Parkway Holdings 2.93 3.36 Buy PER22x

02/10/10 Kim Eng Parkway Holdings 2.8 3.55 Buy
02/24/10 Kim Eng Parkway Holdings 2.93 3.58 Buy PER16x
03/26/10 Kim Eng Parkway Holdings 3.38 4.06 Buy Sum of parts
05/13/10 Kim Eng Parkway Holdings 3.35 4.03 Buy Sum of parts
05/19/10 Kim Eng Parkway Holdings 3.38 4.03 Buy

02/11/10 Lim & Tan Parkway Holdings 2.77 0 Buy
03/12/10 Lim & Tan Parkway Holdings 3.12 0 Buy
03/29/10 Lim & Tan Parkway Holdings 3.46 0 Buy

02/24/10 OCBC Parkway Holdings 2.93 3.31 Buy Sum of parts
03/22/10 OCBC Parkway Holdings 3.16 3.53 Buy Sum of parts
05/13/10 OCBC Parkway Holdings 3.35 3.71 Buy Sum of parts

STI - Straits Times Index, where is it heading next?

The chart dated 25/05/10 indicates that funds are flowing into Singapore stock market as investors are buying on the dip.  We've noticed that the 100-day SMA is a precursor of future stock trend as indicated by the blue line.  There was a downtrend before this major correction and STI is at the lowest point now for the past 100 days.

Ezra - The darling of offshore marine industry

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/15/10 CIMB Ezra 2.49 3.08 Outperform
01/20/10 CIMB Ezra 2.52 3.08 Outperform Sum of parts
02/08/10 CIMB Ezra 2.15 3.12 Outperform Sum of parts
04/12/10 CIMB Ezra 2.55 3.13 Outperform Sum of parts
05/14/10 CIMB Ezra 1.97 3.13 Outperform
05/18/10 CIMB Ezra 1.96 3.13 Outperform

01/04/10 DBS Vickers Ezra 2.19 2.77 Buy
01/15/10 DBS Vickers Ezra 2.49 2.77 Hold
02/08/10 DBS Vickers Ezra 2.15 2.75 Buy Sum of parts, PER13x
03/08/10 DBS Vickers Ezra 2.32 2.75 Buy
04/12/10 DBS Vickers Ezra 2.55 2.62 Hold

01/29/10 DMG & Partners Ezra 2.19 2.91 Buy Sum of parts, PER12.2x
04/01/10 DMG & Partners Ezra 2.44 2.96 Buy
04/23/10 DMG & Partners Ezra 2.17 2.8 Buy
05/03/10 DMG & Partners Ezra 2.09 2.8 Buy
05/06/10 DMG & Partners Ezra 2.03 2.8 Buy

01/20/10 OCBC Ezra 2.52 2.54 Hold
02/03/10 OCBC Ezra 2.07 2.54 Buy
03/05/10 OCBC Ezra 2.21 2.54 Buy
03/18/10 OCBC Ezra 2.48 2.88 Buy Blended PE
05/06/10 OCBC Ezra 2.03 2.81 Buy
05/20/10 OCBC Ezra 1.82 2.81 Buy

Capitaland - Strong supporters from various research houses

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/19/10 AmFraser Capitaland 4.28 5.02 Buy RNAV
04/19/10 AmFraser Capitaland 4.1 4.82 Buy RNAV

04/16/10 CIMB Capitaland 4.16 4.81 Outperform
05/10/10 CIMB Capitaland 3.63 4.83 Outperform
05/18/10 CIMB Capitaland 3.64 4.83 Outperform

01/20/10 Citigroup Capitaland 4.38 4.48 Hold RNAV

01/06/10 DBS Vickers Capitaland 4.28 4.62 Buy RNAV (10% discount)
02/12/10 DBS Vickers Capitaland 3.86 5.08 Buy RNAV (10% discount)
02/22/10 DBS Vickers Capitaland 3.9 5.08 Buy
03/08/10 DBS Vickers Capitaland 3.9 5.08 Buy
04/08/10 DBS Vickers Capitaland 4.06 5.08 Buy
04/19/10 DBS Vickers Capitaland 4.1 5.03 Buy RNAV (10% discount)
04/23/10 DBS Vickers Capitaland 3.93 5.03 Buy

02/12/10 DMG & Partners Capitaland 3.75 5.18 Buy RNAV (20% premium)
03/15/10 DMG & Partners Capitaland 3.93 5.18 Buy
04/06/10 DMG & Partners Capitaland 4.06 5.18 Buy RNAV (20% premium)
04/16/10 DMG & Partners Capitaland 4.04 5.18 Buy
04/19/10 DMG & Partners Capitaland 4.1 4.27 Neutral RNAV

01/19/10 Kim Eng Capitaland 4.28 5.33 Buy RNAV (15% premium)
02/12/10 Kim Eng Capitaland 3.86 5.25 Buy RNAV (15% premium)
03/03/10 Kim Eng Capitaland 3.84 5.29 Buy RNAV (15% premium)
04/19/10 Kim Eng Capitaland 4.1 5.31 Buy PB1.15x

01/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/22/10 Lim & Tan Capitaland 4.28 0 Hold

01/20/10 Macquarie Capitaland 4.28 4.79 Buy RNAV (10% discount)

01/15/10 OCBC Capitaland 4.28 4.95 Buy RNAV
01/18/10 OCBC Capitaland 4.28 5.3 Buy
02/01/10 OCBC Capitaland 3.86 5.3 Buy
03/03/10 OCBC Capitaland 3.84 5 Buy
04/05/10 OCBC Capitaland 4.04 5 Buy
05/04/10 OCBC Capitaland 3.69 5.09 Buy RNAV
05/11/10 OCBC Capitaland 3.7 4.97 Buy RNAV

ASL Marine - OCBC is a strong supporter!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/11/10 CIMB ASL Marine 0.9 1.1 Outperform PER7.5x
05/18/10 CIMB ASL Marine 0.89 1.1 Outperform

02/11/10 DBS Vickers ASL Marine 0.91 0.96 Hold Sum of parts
05/13/10 DBS Vickers ASL Marine 0.92 0.96 Hold Blended PER 7x & PER10x

02/11/10 Kim Eng ASL Marine 0.91 1.62 Buy PB1.6x

01/07/10 OCBC ASL Marine 1.01 1.19 Buy PER8x
02/11/10 OCBC ASL Marine 0.91 1.09 Buy
03/05/10 OCBC ASL Marine 0.89 1.18 Buy
04/05/10 OCBC ASL Marine 0.9 1.09 Buy
05/06/10 OCBC ASL Marine 0.905 1.09 Buy
05/13/10 OCBC ASL Marine 0.92 1.09 Buy
05/20/10 OCBC ASL Marine 0.845 1.09 Buy

Raffles Education - Hold, not time to buy yet.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/08/10 DBS Vickers Raffles Education 0.44 0.42 Hold
02/04/10 DBS Vickers Raffles Education 0.41 0.32 Fully Valued PER18x
02/10/10 DBS Vickers Raffles Education 0.345 0.32 Fully Valued
05/05/10 DBS Vickers Raffles Education 0.38 0.33 Fully Valued PER18x

05/05/10 DMG & Partners Raffles Education 0.375 0.48 Buy

02/04/10 Kim Eng Raffles Education 0.41 0.42 Hold

02/04/10 OCBC Raffles Education 0.41 0.37 Hold PER20x
03/24/10 OCBC Raffles Education 0.38 0.37 Hold PER20x
05/05/10 OCBC Raffles Education 0.375 0.37 Hold PER20x

Misleading Singapore's Q1 GDP figure?

The Singapore government has just released the Q1 GDP figure which states that the economy grew sharply by an annualised 38.6% from the previous 3 months this year and a 15.5% growth in the 1st quarter from last year.

If we were to convert the annualised figure to an actual 3-month GDP growth, that would amount to only 9.65% for the 1st quarter or 3.217% per month for the 1st quarter.

After this conversion, we can clearly see the actual growth scenario which is 9.65% vs 15.5%.

Armstrong - Buy calls from all research houses.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/25/10 CIMB Armstrong 0.26 0.48 Outperform PER9x
03/11/10 CIMB Armstrong 0.29 0.48 Outperform
04/06/10 CIMB Armstrong 0.34 0.48 Outperform PER9x

02/26/10 DMG & Partners Armstrong 0.27 0.37 Buy PER9.8x
04/13/10 DMG & Partners Armstrong 0.375 0.45 Buy PER9.8x
05/18/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x
05/19/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x

02/26/10 Kim Eng Armstrong 0.27 0.4 Buy PER10x
03/09/10 Kim Eng Armstrong 0.27 0.4 Buy
05/17/10 Kim Eng Armstrong 0.38 0.48 Buy PER11x

01/28/10 Lim & Tan Armstrong 0.245 0 Buy
02/25/10 Lim & Tan Armstrong 0.26 0 Buy
02/26/10 Lim & Tan Armstrong 0.27 0 Buy
03/10/10 Lim & Tan Armstrong 0.275 0 Buy
05/17/10 Lim & Tan Armstrong 0.38 0 Buy

City Developments - The darling of property sector as most analysts ascribed a premium to it

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/13/10 AmFraser City Developments 10.86 12.72 Buy RNAV

01/11/10 CIMB City Developments 11.78 12.04 Neutral RNAV (10% premium)
02/05/10 CIMB City Developments 10.64 12.16 Neutral RNAV (10% premium)
04/16/10 CIMB City Developments 11.46 12.16 Neutral
05/10/10 CIMB City Developments 10.46 12.16 Neutral
05/18/10 CIMB City Developments 10.48 12.09 neutral

02/26/10 DBS Vickers City Developments 10.34 11.38 Hold RNAV (15% premium)
03/08/10 DBS Vickers City Developments 10.36 11.38 Hold
03/16/10 DBS Vickers City Developments 10.66 11.85 Buy RNAV (15% premium)
03/30/10 DBS Vickers City Developments 10.98 11.85 Buy
04/08/10 DBS Vickers City Developments 11.4 11.85 Buy
05/13/10 DBS Vickers City Developments 10.86 12.04 Buy RNAV (15% premium)

02/05/10 DMG & Partners City Developments 10.64 12.44 Buy RNAV (20% premium)
02/26/10 DMG & Partners City Developments 10.34 12.44 Buy RNAV (20% premium)
03/15/10 DMG & Partners City Developments 10.46 12.44 Buy
04/06/10 DMG & Partners City Developments 10.98 12.44 Buy RNAV (20% premium)
04/16/10 DMG & Partners City Developments 11.46 12.44 Buy
04/23/10 DMG & Partners City Developments 11 12.45 Buy RNAV (20% premium)
04/28/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)
05/13/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)

01/06/10 Kim Eng City Developments 12.04 12.42 Hold RNAV (15% premium)
02/26/10 Kim Eng City Developments 10.34 12.65 Buy RNAV (15% premium)
04/14/10 Kim Eng City Developments 11.22 11.39 Buy RNAV (15% premium)
05/13/10 Kim Eng City Developments 10.86 13.2 Buy RNAV (15% premium)

01/18/10 Lim & Tan City Developments 11.66 0 Buy
02/25/10 Lim & Tan City Developments 10.32 0 Buy
05/13/10 Lim & Tan City Developments 10.86 0 Buy

02/01/10 OCBC City Developments 10.72 10.43 Hold
02/08/10 OCBC City Developments 10.38 10.46 Hold RNAV
03/03/10 OCBC City Developments 10.18 10.95 Hold
03/12/10 OCBC City Developments 10.32 10.95 Hold
04/05/10 OCBC City Developments 10.86 10.95 Hold
04/30/10 OCBC City Developments 10.7 11 Hold RNAV

Sembcorp Marine - What did Sembmarine do to incur the dislikes of DMG?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/05/10 AmFraser Sembcorp Marine 3.42 4.65 Buy PER20x

02/23/10 CIMB Sembcorp Marine 3.41 4.54 Outperform
03/12/10 CIMB Sembcorp Marine 4.11 4.54 Outperform DCF, PER18x
03/19/10 CIMB Sembcorp Marine 4.02 5.44 Outperform DCF, PER18x
04/19/10 CIMB Sembcorp Marine 4.42 5.44 Outperform
05/10/10 CIMB Sembcorp Marine 4.09 5.44 Outperform DCF, PER18x
05/18/10 CIMB Sembcorp Marine 4.2 5.44 Outperform

01/05/10 DBS Vickers Sembcorp Marine 3.7 4.26 Buy
02/04/10 DBS Vickers Sembcorp Marine 3.46 4.26 Buy
02/23/10 DBS Vickers Sembcorp Marine 3.41 5.25 Buy Sum of parts
03/08/10 DBS Vickers Sembcorp Marine 3.89 5.25 Buy
04/15/10 DBS Vickers Sembcorp Marine 4.4 5.6 Buy
05/10/10 DBS Vickers Sembcorp Marine 4.09 5.4 Buy Sum of parts, PER16x

02/08/10 DMG & Partners Sembcorp Marine 3.32 3.31 Neutral Sum of parts, PER14.6x
02/23/10 DMG & Partners Sembcorp Marine 3.41 3.51 Neutral Sum of parts, PER15.5x
03/12/10 DMG & Partners Sembcorp Marine 4.11 3.51 Sell Sum of parts, PER15.4x
03/19/10 DMG & Partners Sembcorp Marine 4.02 3.51 Sell Sum of parts
04/15/10 DMG & Partners Sembcorp Marine 4.4 3.67 Sell Sum of parts, PER15.5x
04/23/10 DMG & Partners Sembcorp Marine 4.28 3.67 Sell
04/30/10 DMG & Partners Sembcorp Marine 4.31 3.67 Sell Sum of parts, PER15.7x, PB3.4x
05/06/10 DMG & Partners Sembcorp Marine 4.04 3.67 Sell
05/10/10 DMG & Partners Sembcorp Marine 4.09 3.67 Sell Sum of parts
05/17/10 DMG & Partners Sembcorp Marine 4.2 3.67 Sell

02/23/10 Kim Eng Sembcorp Marine 3.41 4.95 Buy PER14x
03/19/10 Kim Eng Sembcorp Marine 4.02 4.95 Buy PER14x
04/06/10 Kim Eng Sembcorp Marine 4.35 4.95 Buy PER14x
05/10/10 Kim Eng Sembcorp Marine 4.09 4.95 Buy PER14x

02/23/10 Lim & Tan Sembcorp Marine 3.41 0 Buy
04/15/10 Lim & Tan Sembcorp Marine 4.4 0 Buy

03/05/10 OCBC Sembcorp Marine 3.82 4.16 Buy
03/11/10 OCBC Sembcorp Marine 3.97 4.58 Buy
04/05/10 OCBC Sembcorp Marine 4.29 4.58 Buy

04/13/10 phillip Sembcorp Marine 4.26 4.72 Buy Sum of parts
05/10/10 phillip Sembcorp Marine 4.09 4.74 Buy Sum of 2 parts

SIA - The airliner that is flying high!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/09/10 AmFraser SIA 14.3 18.6 Buy EV/Ebita 6x

01/18/10 CIMB SIA 14.38 15 Underperform PB1.4x
02/03/10 CIMB SIA 13.66 15.9 Outperform PB1.4x, PER12.5x
02/08/10 CIMB SIA 14.1 15.9 Trading Buy PB1.4x
02/18/10 CIMB SIA 14.8 15.9 Trading Buy PB1.4x
03/16/10 CIMB SIA 15.78 17.9 Outperform PER14x
04/16/10 CIMB SIA 15.44 17.9 Outperform PER14x
05/18/10 CIMB SIA 14.8 17.9 Outperform

03/09/10 Citigroup SIA 15.62 16 Sell
05/10/10 Citigroup SIA 14.62 16 Buy

03/09/10 DBS Vickers SIA 15.62 18 Buy PB1.5x
04/15/10 DBS Vickers SIA 15.54 18 Buy PB1.5x

02/03/10 DMG & Partners SIA 13.66 16.71 Buy PER15x
02/18/10 DMG & Partners SIA 14.8 16.71 Buy PER15x
03/16/10 DMG & Partners SIA 15.78 16.71 Neutral PER15x
04/16/10 DMG & Partners SIA 15.48 17.82 Buy PER16x
05/18/10 DMG & Partners SIA 14.56 17.82 Buy PER16x

02/03/10 Kim Eng SIA 13.66 16.2 Buy PB1.5x
02/18/10 Kim Eng SIA 14.8 16.2 Buy PB1.5x
03/16/10 Kim Eng SIA 15.78 16.2 Buy
03/31/10 Kim Eng SIA 15.66 18.9 Buy PB1.7x
04/16/10 Kim Eng SIA 15.44 18.9 Buy PB1.7x
05/18/10 Kim Eng SIA 14.56 18.9 Buy PB1.7x

Sembcorp Industries - CIMB is a strong supporter for this stock

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/26/10 CIMB Sembcorp Industries 3.77 4.72 Outperform Sum of parts
04/27/10 CIMB Sembcorp Industries 4.39 5.58 Outperform Sum of parts
05/10/10 CIMB Sembcorp Industries 3.91 5.58 Outperform Sum of parts
05/18/10 CIMB Sembcorp Industries 4.18 5.58 Outperform Sum of parts

02/26/10 DBS Vickers Sembcorp Industries 3.7 4.91 Buy Sum of parts

05/12/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts
05/13/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts

02/26/10 Kim Eng Sembcorp Industries 3.7 4.14 Buy Sum of parts, PER10.6x
04/27/10 Kim Eng Sembcorp Industries 4.39 4.38 Hold PER11.5x
04/28/10 Kim Eng Sembcorp Industries 4.36 4.38 Hold
05/11/10 Kim Eng Sembcorp Industries 4.04 4.38 Hold Sum of parts

02/26/10 Lim & Tan Sembcorp Industries 3.7 0 Buy
04/27/10 Lim & Tan Sembcorp Industries 4.39 0 Buy

Capital flight from EU to US?

From the chart dated 18/05/2010, it seems to show that funds are flowing into the US stock market as the average trading volume has reversed trend and is on an upward trend. This EU crisis will only benefit US temporarily but the trend will reverse and there will be capital outflows out of US later.

A new crisis in the offing?

If Euro were to continue to fall, there'll be chaos in Europe as there'll be capital flights and inflations will also start popping up everywhere in Europe.  Thereafter, exports to Europe will falter and the world will spiral down into the abyss again. Watch how the story will unfold by closely monitoring the euro.  It will be impossible for US to escape unscathed if EU becomes disintegrated.

NOL - A shipping liner in trouble?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/12/10 CIMB NOL 1.9 2.6 Outperform PB1.8x
01/26/10 CIMB NOL 1.74 2.6 Outperform PB1.8x
02/02/10 CIMB NOL 1.7 2.6 Outperform
03/02/10 CIMB NOL 1.81 2.6 Outperform PB1.8x
03/30/10 CIMB NOL 1.93 2.6 Outperform PB1.8x
04/27/10 CIMB NOL 2.18 2.6 Outperform PB1.8x
05/17/10 CIMB NOL 2.14 2.5 Outperform PB1.8x

03/31/10 DBS Vickers NOL 1.98 2.4 Buy EV/Ebita 7x, PB1.6x
04/15/10 DBS Vickers NOL 2.3 2.4 Buy EV/Ebita 7x
05/13/10 DBS Vickers NOL 2.1 2.4 Buy
05/17/10 DBS Vickers NOL 2.14 2.5 Buy EV/Ebitda 7x

02/03/10 OCBC NOL 1.73 1.63 Hold NTA1.1x

03/03/10 phillip NOL 1.86 1.95 Hold BV1.3x
04/01/10 phillip NOL 2.01 2.32 Buy PB1.6x
05/17/10 phillip NOL 2.14 2.48 Outperform PB1.6x

CIMB & DBS Vickers have been strong supporters of NOL and both research houses coincidentally called for a BUY today but NOL tumbles today.  What a joke!