Stock calls for 4 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	Deutsche	A-Reit	2.74	2.75	Hold
01/04/18	Deutsche	CapitaCommercial	1.99	1.85
01/04/18	Deutsche	Capitaland	3.61	4.3	Buy
01/04/18	Deutsche	Capitamall Trust	2.12	2.3	Buy
01/04/18	UOB Kay Hian	CDL Hospitality	1.69	1.88	Buy
01/04/18	CIMB	CDL Hospitality	1.69	1.77	Add
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/04/18	DMG & Partners	Dairy Farm	7.9	9.53	Buy	DCF
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/04/18	CIMB	First Resources	1.88	2.13	Add
01/04/18	DMG & Partners	Food Empire	0.705	1	Buy	PER12x FY18
01/04/18	UOB Kay Hian	GL	0.865	1.19	Buy
01/04/18	Kim Eng	Jumbo	0.59	0.7	Buy	DCF, PER26x FY18
01/04/18	Deutsche	Keppel Reit	1.27	1.25	Hold
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/04/18	Deutsche	OUE Hospitality	0.87	0.65	Sell
01/04/18	CIMB	OUE Hospitality	0.87	0.89	Add
01/04/18	DBS Vickers	Perennial Reit	0.88	1.05	Buy
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/04/18	Deutsche	Suntec Reit	2.14	2.05	Hold
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/04/18	Deutsche	UOL	9.08	10	Buy
01/04/18	CIMB	Wilmar	3.16	4.27	Add
01/04/18	UOB Kay Hian	Wing Tai	2.29	2.78	Buy	RNAV (20% discount)
01/04/18	Deutsche	Wing Tai	2.29	2.6	Buy

Bloomberg is reporting a more neutral viewpoint over the detained HK ship.

https://www.bloomberg.com/news/articles/2018-01-03/shadowy-oil-trades-at-sea-outfox-efforts-to-rein-in-kim-jong-un

Bloomberg has done a complete investigation by listing Taiwan's close trading relationship with North Korea but we've reported this much earlier than Bloomberg.

The prima facie evidence showed that Taiwan was primarily involved in this illegal oil shipment to NK and Taiwan had dealt with NK for coals as well.

We hope that Bloomberg can continue to report the truth and don't throw in the towel.

The USA is working hard on smearing China to bail out Taiwan.

http://freebeacon.com/national-security/secret-document-reveals-china-covertly-offering-missiles-increased-aid-north-korea/

The news published by The Washington Beacon has been denounced as FAKE NEWS by China and the so-called top secret document was fabricated.

The USA just wants to pinpoint China as the source of illegal oil shipments to North Korea.  This was the same modus operandi used on Iraq.  The USA fabricated intelligence and information to accuse, smear and discredit Iraq and this tactic gave the USA the excuse to attack Iraq.

The truth is Taiwan is the country behind the illegal oil shipments to North Korea and the USA is trying to bail out Taiwan by diverting the attention to China.  The USA is working together with western media to achieve this mission.

http://sg-stock.blogspot.sg/2018/01/hot-news-latest-update-on-detained-hk.html

Hatten Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/17	NRA	Hatten Land	0.27	0.44	Overweight
03/14/17	UOB Kay Hian	Hatten Land	0.285	0.43	Buy	Sum of parts
05/16/17	UOB Kay Hian	Hatten Land	0.196	0.43	Buy	Sum of parts
06/21/17	CIMB	Hatten Land	0.181	0.38	Add	RNAV (45% discount)
07/05/17	UOB Kay Hian	Hatten Land	0.225	0.43	Buy
08/18/17	CIMB	Hatten Land	0.2	0.38	Add	RNAV (45% discount)
08/21/17	NRA	Hatten Land	0.205	0.46	Overweight	DCF, PER20.2x FY18

Guocoland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/16	CIMB	Guocoland	1.89	2.74	Add	RNAV (25% discount)
05/24/16	UOB Kay Hian	Guocoland	1.78	2.55	Buy
09/02/16	CIMB	Guocoland	1.905	2.59	Add	RNAV (25% discount)
10/26/16	CIMB	Guocoland	1.99	2.59	Add	RNAV (25% discount)
11/09/16	UOB Kay Hian	Guocoland	1.91	2.55	Buy
01/24/17	CIMB	Guocoland	1.845	2.59	Add	RNAV (25% discount)
03/08/17	UOB Kay Hian	Guocoland	1.85	2.55	Buy
08/17/17	Kim Eng	Guocoland	2.04	2.75	Buy	RNAV (22% discount)
08/25/17	UOB Kay Hian	Guocoland	2.28	2.8	Buy	RNAV (23.5% discount)
08/29/17	CIMB	Guocoland	2.32	2.77	Add	RNAV (25% discount)
09/18/17	UOB Kay Hian	Guocoland	2.29	2.8	Buy
09/25/17	Kim Eng	Guocoland	2.29	2.75	Buy	RNAV (23.5% discount)
10/09/17	Kim Eng	Guocoland	2.31	2.9	Buy	RNAV (20% discount)
10/20/17	CIMB	Guocoland	2.41	2.28	Add	RNAV (25% discount)
11/17/17	Kim Eng	Guocoland	2.19	2.9	Buy
12/01/17	UOB Kay Hian	Guocoland	2.08	2.8	Buy
12/07/17	Kim Eng	Guocoland	2.09	2.95	Buy	RNAV (20% discount)

Stock calls for 3 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Deutsche	Capitaland	3.55	4.6	Buy
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/03/18	DBS Vickers	HRnetGroup	0.79	0.96	Buy	DCF & PER15x FY18 (ex-cash)
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/03/18	Lim & Tan	MIT	0.26	0	Buy
01/03/18	DMG & Partners	OUE Hospitality	0.855	0.91	Buy	DDM
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18
01/03/18	Citibank	Yanlord	1.72	1.75	Neutral	RNAV (50% discount)

The world is silent on Rohingya because of the past historical events.

https://sg.news.yahoo.com/world-apos-awkward-silence-over-050006212.html

Only countries that don't understand the past history of Myanmar will continue to interfere and badmouth Myanmar over Rohingya.  Historical feuds are very difficult to resolve.

http://sg-stock.blogspot.sg/2017/12/the-truth-of-rohingya-and-main-culprit.html

This is the reason we don't see the world asking South Korea, China, Philippines not to mention the "comfort woman" issue again.  Instead, we see "Comfort Woman" statures being set up in these countries to remind Japan of its past atrocities.

What can we say about these ignorant countries? The famous adage "Empty vessels make the most noise" is still valid today.

Iran's instability has started and Trump is fanning the fire.

https://www.theguardian.com/world/2017/dec/31/protesters-who-spread-fear-and-violence-will-be-confronted-says-iran

Sigh! The USA is creating trouble again in the Middle East (Iran).

I'm not surprised if the USA is found to be behind this especially the CIA.  The USA is well-known to support the opposition to overthrow the ruling government when the local government is not supportive of the USA policies.

Hot news - Latest update on the detained HK ship which was chartered by Taiwan.

The truth is out finally!  It was Taiwan that was responsible for selling the oil at sea to North Korea.

This was not the first time that Taiwan was doing this.  In fact, Taiwan had been doing barter trades with North Korea for oil-and-weapon exchanges.  As NK has no money to buy oil, NK is buying oil by exchanging its weapons with Taiwan in this way.

http://sg-stock.blogspot.sg/2017/12/the-western-media-are-smearing-china.html

Taiwan had also been buying NK coals because it was facing an energy crisis locally since the ruling party didn't want to use nuclear energy.

https://www.taiwannews.com.tw/en/news/3316011

President Trump and the western media were all out to smear and discredit China for selling oil to NK but it was Taiwan that was doing the barter trades with NK.  Once the truth is revealed by trustworthy news media, it will make Trump and the western media look very bad.

We'll post the revelation link once we managed to find the news from trustworthy media.

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/17	Amfraserss	Golden Energy	0.475	0.95	Buy	DCF
02/21/17	Amfrasers	Golden Energy	0.54	0.95	Buy	DCF
03/02/17	Amfrasers	Golden Energy	0.545	0.96	Buy	DCF
05/17/17	Amfrasers	Golden Energy	0.435	0.78	Buy	DCF
05/18/17	DMG & Partners	Golden Energy	0.415	0.71	Buy	DCF, PER14.7x FY17, PER12.4x FY18
08/16/17	DMG & Partners	Golden Energy	0.39	0.71	Buy	DCF, PER12.4x FY18
08/17/17	Amfrasers	Golden Energy	0.395	0.78	Buy	DCF
08/28/17	phillip	Golden Energy	0.445	0.59	Buy	PER10x
11/21/17	phillip	Golden Energy	0.42	0.59	Buy	PER10x, PB1.36x
12/01/17	Amfrasers	Golden Energy	0.4	0.78	Buy
12/01/17	phillip	Golden Energy	0.4	0.59	Buy

Global Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	Deutsche	Golden Agri	0.33	0.42	Buy	PER20x FY16
02/05/16	UOB Kay Hian	Golden Agri	0.375	0.44	Buy
03/01/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x CY17
03/01/16	DMG & Partners	Golden Agri	0.37	0.47	Buy	PER17x FY16
03/01/16	UOB Kay Hian	Golden Agri	0.37	0.44	Buy	PER15x FY16
03/02/16	DBS Vickers	Golden Agri	0.37	0.38	Not Rated	DCF
03/02/16	Nomura	Golden Agri	0.37	0.3	Reduce
03/02/16	OCBC	Golden Agri	0.37	0.34	Hold
03/31/16	UOB Kay Hian	Golden Agri	0.425	0.48	Buy
04/12/16	DBS Vickers	Golden Agri	0.405	0.38	Not Rated
04/12/16	Deutsche	Golden Agri	0.405	0.6	Buy
05/04/16	Credit Suisse	Golden Agri	0.39	0.4	Neutral
05/16/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x
05/16/16	DBS Vickers	Golden Agri	0.37	0.35	Not Rated
05/16/16	OCBC	Golden Agri	0.37	0.34	Hold	PER12.5x FY15/16
05/18/16	UOB Kay Hian	Golden Agri	0.37	0.44	Buy
07/21/16	DBS Vickers	Golden Agri	0.35	0.33	Not Rated
07/21/16	UOB Kay Hian	Golden Agri	0.35	0.44	Buy
08/08/16	DMG & Partners	Golden Agri	0.365	0.42	Buy
08/15/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x FY17
08/15/16	Credit Suisse	Golden Agri	0.37	0.34	Underperform
08/15/16	DMG & Partners	Golden Agri	0.37	0.44	Buy	PER18x FY17
08/15/16	OCBC	Golden Agri	0.37	0.34	Hold	PER12.5x FY17, Buy @ $0.33 or lower
08/15/16	UOB Kay Hian	Golden Agri	0.37	0.42	Buy	PER15x FY17
08/16/16	DBS Vickers	Golden Agri	0.37	0.34	Not Rated	DCF
10/25/16	DBS Vickers	Golden Agri	0.38	0.37	Not Rated
11/15/16	CIMB	Golden Agri	0.39	0.38	Reduce	PER15x FY17
11/15/16	Credit Suisse	Golden Agri	0.39	0.34	Underperform
11/15/16	DMG & Partners	Golden Agri	0.39	0.46	Buy	PER18x FY17
11/15/16	OCBC	Golden Agri	0.39	0.37	Hold	PER13.5x FY17
11/15/16	UOB Kay Hian	Golden Agri	0.39	0.42	Buy	PER15x FY17
11/16/16	DBS Vickers	Golden Agri	0.385	0.39	Not Rated	DCF
12/02/16	DMG & Partners	Golden Agri	0.435	0.46	Buy	PER18x FY17
12/06/16	CIMB	Golden Agri	0.44	0.38	Reduce	PER15x FY17
12/07/16	Deutsche	Golden Agri	0.43	0.6	Buy
12/08/16	UOB Kay Hian	Golden Agri	0.44	0.42	Hold
12/12/16	OCBC	Golden Agri	0.425	0.37	Hold
01/10/17	DMG & Partners	Golden Agri	0.43	0.5	Buy	PER19x FY17
01/11/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/13/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/27/17	CIMB	Golden Agri	0.4	0.37	Reduce	PER15x
02/27/17	Credit Suisse	Golden Agri	0.4	0.38	Underperform
02/27/17	DMG & Partners	Golden Agri	0.4	0.45	Buy	PER19x FY17
02/27/17	OCBC	Golden Agri	0.4	0.38	Hold
02/27/17	UOB Kay Hian	Golden Agri	0.4	0.45	Hold	PER15x FY17, Buy @ $0.38
03/13/17	DBS Vickers	Golden Agri	0.375	0.42	Not Rated
04/06/17	Macquarie	Golden Agri	0.375	0.4	Neutral
04/11/17	DMG & Partners	Golden Agri	0.37	0.39	Neutral
04/13/17	Credit Suisse	Golden Agri	0.365	0.33	Underperform
05/08/17	UOB Kay Hian	Golden Agri	0.36	0.45	Hold
05/16/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
05/16/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
05/16/17	DMG & Partners	Golden Agri	0.375	0.39	Neutral	PER17x F17
05/16/17	OCBC	Golden Agri	0.375	0.38	Hold
06/20/17	OCBC	Golden Agri	0.37	0.38	Hold
06/29/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold
08/15/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
08/15/17	OCBC	Golden Agri	0.375	0.36	Hold	PER16x FY18
08/15/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18, Buy @ $0.30
08/15/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
08/28/17	DIR	Golden Agri	0.385	0.32	Underperform	PER18x FY17/18
09/12/17	OCBC	Golden Agri	0.375	0.36	Hold
09/12/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18
09/13/17	DBS Vickers	Golden Agri	0.38	0.39	Not Rated
10/05/17	OCBC	Golden Agri	0.38	0.35	Hold
11/15/17	UOB Kay Hian	Golden Agri	0.39	0.34	Hold	PER13x FY18, Buy @ $0.3
11/15/17	OCBC	Golden Agri	0.39	0.37	Hold
11/15/17	Credit Suisse	Golden Agri	0.39	0.35	Underperform
11/15/17	CIMB	Golden Agri	0.39	0.36	Reduce	PER15x FY19
12/20/17	CIMB	Golden Agri	0.375	0.36	Reduce

Stock calls for 2 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	Capitamall Trust	2.13	2.15	Hold	DDM
01/02/18	UBS	Cromwell Reit (EUR)	0.555	0.62	Buy
01/02/18	Goldman Sachs	Cromwell Reit (EUR)	0.555	0.58	Neutral
01/02/18	UOB Kay Hian	DBS	24.85	26.1	Buy	GGM, PB1.38x FY18
01/02/18	Lim & Tan	Frasers Centrepoint Ltd	2.08	0	Buy
01/02/18	Kim Eng	Frasers Centrepoint Trust	2.24	2.45	Buy	DDM
01/02/18	Kim Eng	Mapletree Commercial	1.62	1.45	Sell	DDM
01/02/18	UOB Kay Hian	OCBC	12.39	13.56	Buy	GGM, PB1.44x FY18
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/02/18	Kim Eng	Starhill	0.78	0.7	Sell	DDM
01/02/18	OCBC	Yoma	0.54	0.55	Hold

The USA also accused Russia of exporting oil to North Korea at sea.

https://www.reuters.com/article/us-northkorea-missiles-russia-oil-exclus/exclusive-russian-tankers-fueled-north-korea-via-transfers-at-sea-sources-idUSKBN1EN1OJ

The USA was using the same tactic again (fabrication).  The accusation of China but not Taiwan was not enough for the USA because the USA knew Russia would get involved in the peninsula war.  Therefore, the USA had to accuse Russia too.

Let's see what the USA will accuse of the Panama flagged ship.

https://www.usnews.com/news/world/articles/2017-12-31/s-korea-holds-panama-oil-tanker-suspected-of-n-korea-trade

Just look at the accusation of Iraq by the USA (Weapons of mass destruction).  Without this accusation, the USA couldn't find any reason to attack Iraq.  Anyway, it was an illegal attack as denounced by the UK later.

Asian countries should stand together to fight against USA's accusation and not let the USA attack any Asian country without any concrete proof.  The evidence produced by the USA must be vetted by Asian countries for veritable legitimacy too.  We truly need an Asia-Pacific defence organization which is similar to NATO to protect Asian interest.

Global Premium Hotel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/16	OCBC	Global Premium Hotel	0.29	0.33	Hold
05/10/16	OCBC	Global Premium Hotel	0.29	0.31	Hold	RNAV (55% discount)
08/04/16	OCBC	Global Premium Hotel	0.29	0.31	Hold
11/04/16	OCBC	Global Premium Hotel	0.28	0.31	Hold
02/14/17	OCBC	Global Premium Hotel	0.31	0.34	Hold	Buy @ $0.29 or lower

Global Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Global Logistics	1.96	2.73	Buy	RNAV (20% discount)
01/26/16	Deutsche	Global Logistics	1.73	2.4	Buy
01/29/16	phillip	Global Logistics	1.67	2.48	Buy	PB1x FY16
02/03/16	Deutsche	Global Logistics	1.665	2.3	Buy
02/04/16	Lim & Tan	Global Logistics	1.620	0	Buy
02/04/16	OCBC	Global Logistics	1.620	2.68	Buy
02/05/16	CIMB	Global Logistics	1.630	2.74	Add	Sum of parts
02/05/16	DBS Vickers	Global Logistics	1.630	2.47	Buy	RNAV (30% discount)
02/05/16	JP Morgan	Global Logistics	1.630	2.2	Overweight
02/05/16	phillip	Global Logistics	1.630	2.43	Buy	RNAV
02/11/16	Citigroup	Global Logistics	1.630	1.73	Neutral	RNAV (40% discount)
02/16/16	Macquarie	Global Logistics	1.630	2.89	Outperform
02/25/16	Deutsche	Global Logistics	1.730	2.3	Buy	RNAV (50% discount)
03/24/16	Deutsche	Global Logistics	1.980	2.3	Buy	RNAV (42.4% discount)
04/04/16	OCBC	Global Logistics	1.935	2.68	Buy
05/19/16	Lim & Tan	Global Logistics	1.905	0	Buy
05/20/16	CIMB	Global Logistics	1.845	2.72	Add	RNAV
05/20/16	Macquarie	Global Logistics	1.845	2.89	Outperform	Sum of parts
05/20/16	OCBC	Global Logistics	1.845	2.37	Buy
05/23/16	DBS Vickers	Global Logistics	1.825	2.47	Buy
05/23/16	phillip	Global Logistics	1.825	2.28	Accumulate	RNAV (15% discount)
06/03/16	Lim & Tan	Global Logistics	1.790	0	Buy
06/03/16	OCBC	Global Logistics	1.790	2.37	Buy
07/01/16	Lim & Tan	Global Logistics	1.800	0	Buy
07/11/16	OCBC	Global Logistics	1.830	2.37	Buy
07/26/16	Deutsche	Global Logistics	1.960	2.3	Buy
08/12/16	JP Morgan	Global Logistics	1.950	2.15	Overweight
08/12/16	Lim & Tan	Global Logistics	1.950	0	Hold
08/12/16	OCBC	Global Logistics	1.950	2.37	Buy
08/15/16	CIMB	Global Logistics	1.930	2.72	Add	RNAV
08/15/16	phillip	Global Logistics	1.930	2.28	Accumulate	RNAV (15% discount)
08/16/16	DBS Vickers	Global Logistics	1.930	2.47	Buy	RNAV (30% discount)
08/25/16	Credit Suisse	Global Logistics	1.920	1.65	Underperform	RNAV (32% discount), PER26x
09/02/16	OCBC	Global Logistics	1.825	2.37	Buy
09/13/16	Lim & Tan	Global Logistics	1.860	0	Buy
09/14/16	CIMB	Global Logistics	1.820	2.73	Add	RNAV
09/14/16	DBS Vickers	Global Logistics	1.820	2.47	Buy	RNAV (30% discount)
09/14/16	Macquarie	Global Logistics	1.820	2.4	Outperform
10/11/16	Lim & Tan	Global Logistics	1.860	0	Buy
10/14/16	OCBC	Global Logistics	1.815	2.37	Buy
11/03/16	JP Morgan	Global Logistics	1.945	2.15	Overweight
11/03/16	Macquarie	Global Logistics	1.945	2.4	Outperform	Sum of parts (20% discount)
11/08/16	Lim & Tan	Global Logistics	2.040	0	Buy
11/08/16	OCBC	Global Logistics	2.040	2.37	Buy
11/09/16	CIMB	Global Logistics	2.100	2.73	Add	Sum of parts
11/09/16	Credit Suisse	Global Logistics	2.100	1.73	Underperform
11/09/16	DBS Vickers	Global Logistics	2.100	2.47	Buy	RNAV (30% discount)
11/09/16	OCBC	Global Logistics	2.100	2.37	Buy
11/09/16	phillip	Global Logistics	2.100	2.31	Accumulate	RNAV (15% discount)
11/23/16	UOB Kay Hian	Global Logistics	2.040	2.4	Buy	RNAV (22% discount)
12/01/16	Lim & Tan	Global Logistics	2.060	0	Buy
12/02/16	OCBC	Global Logistics	2.060	2.37	Buy
12/06/16	CIMB	Global Logistics	2.280	2.73	Add	RNAV
12/07/16	Deutsche	Global Logistics	2.270	2.3	Buy
12/13/16	UOB Kay Hian	Global Logistics	2.240	2.4	Hold
12/15/16	DBS Vickers	Global Logistics	2.220	2.47	Buy	RNAV (30% discount)
01/06/17	Lim & Tan	Global Logistics	2.400	0	Buy
01/09/17	DBS Vickers	Global Logistics	2.460	2.47	Buy	RNAV (30% discount)
01/13/17	Lim & Tan	Global Logistics	2.610	0	Hold
01/31/17	Credit Suisse	Global Logistics	2.620	2.55	Underperform
02/06/17	Lim & Tan	Global Logistics	2.620	0	Hold
02/10/17	CIMB	Global Logistics	2.780	2.79	Hold	Sum of parts
02/10/17	Credit Suisse	Global Logistics	2.780	2.75	Neutral
02/10/17	OCBC	Global Logistics	2.780	2.87	Hold
02/10/17	UOB Kay Hian	Global Logistics	2.780	2.5	Hold	RNAV (20% discount)
02/13/17	DBS Vickers	Global Logistics	2.760	3	Buy	RNAV (15% discount)
02/13/17	phillip	Global Logistics	2.760	2.6	Neutral	RNAV (10% discount)
03/09/17	Lim & Tan	Global Logistics	2.730	0	Hold
03/13/17	UOB Kay Hian	Global Logistics	2.720	2.5	Hold
04/03/17	OCBC	Global Logistics	2.780	2.87	Hold
04/27/17	phillip	Global Logistics	2.880	2.6	Neutral
05/17/17	DBS Vickers	Global Logistics	2.910	3	Hold	RNAV (15% discount), PB1.2x
05/19/17	Lim & Tan	Global Logistics	2.900	0	Hold
05/19/17	OCBC	Global Logistics	2.900	2.87	Hold
05/22/17	CIMB	Global Logistics	2.930	3.05	Hold	RNAV
05/22/17	Credit Suisse	Global Logistics	2.930	2.78	Neutral	PB1.07x
05/22/17	UOB Kay Hian	Global Logistics	2.930	2.75	Hold	RNAV (19% discount), Buy @ $2.55
05/23/17	phillip	Global Logistics	2.900	2.87	Neutral	RNAV (10% discount)
06/09/17	Lim & Tan	Global Logistics	2.940	0	Hold
06/22/17	Deutsche	Global Logistics	2.990	2.6	Hold
07/17/17	phillip	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
07/17/17	UOB Kay Hian	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
07/17/17	Credit Suisse	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38 (PB1.3x)
07/17/17	Lim & Tan	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
08/10/17	CIMB	Global Logistics	3.250	3.38	Hold	Offer price $3.38
09/18/17	UOB Kay Hian	Global Logistics	3.280	2.75	Hold
10/02/17	OCBC	Global Logistics	3.300	2.87	Accept Offer	Offer price $3.38
12/20/17	CIMB	Global Logistics	3.360	3.38	Hold

Global Invacom - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/13/16	DMG & Partners	Global Invacom	0.106	0.28	Buy	PER13.5x FY16, PB0.85x
06/15/16	DMG & Partners	Global Invacom	0.109	0.28	Buy
07/11/16	DMG & Partners	Global Invacom	0.121	0.28	Buy	PER7x FY17
08/05/16	DMG & Partners	Global Invacom	0.165	0.28	Buy
10/20/16	DMG & Partners	Global Invacom	0.167	0.28	Buy
11/14/16	DMG & Partners	Global Invacom	0.183	0.25	Buy	PER9x FY17
01/06/17	DMG & Partners	Global Invacom	0.156	0.25	Buy
02/24/17	DMG & Partners	Global Invacom	0.144	0.26	Buy	PER12x FY17
05/11/17	DMG & Partners	Global Invacom	0.166	0.26	Buy

Singapore GDP grew 3.5% in 2017

https://www.theedgesingapore.com/singapores-economy-grew-35-2017-pm-lee

Farewell cheers to Singapore in 2017 and welcome to 2018!

Singapore grew 3.5% in 2017 because of China's exports but PM Lee didn't pay tribute to China for SG's prosperity.  Without China including HK, SG couldn't have grown this much if we were to exclude international trading.  This conclusion can be affirmed by the NODX statistics.

Is this good economic growth sustainable? No!  Why?

SG is on the cusp of an inflection point now because many ports associated with China will be up and running in the next few years.  Meanwhile, some such China linked ports have started operations recently.

Once these ports build up their capacities and cargo volumes, they will definitely cannibalize SG port.  Furthermore, the Arctic sea lane is also becoming commercially viable and this will redirect a lot of cargoes away from the South East Asia sea lane.

Thus, we must enjoy our prosperity while it still lasts!

The US risk-free rate is stagnant for now.

The US 10-year treasury yield is the risk-free rate and is stagnant for now.  This shows that investors are not convinced that the FED will continue to raise rates in 2018 and 2019.  However, investors will be awakened from this denial in the resolution of FED because economic logic will prevail.

The USD has been falling recently.

The USD has been falling after the FED hiked interest rate.

The gold price has been increasing due to the depreciation in USD. This is a normal inverse relationship because it will cost lesser to buy gold with the same amount of USD since gold is priced in USD.

However, we believe the dip in the USD is only a temporary phenomenon because of the current investors' denial of the resolution of the FED.  The economic logic of the impending continual interest rate increases by the FED will prevail in the future by attracting monies to flow back to the USA and the new USA tax structure proposals will force the monies back as well.