Stock calls for 15 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	Credit Suisse	Capitaland	3.53	3.9	Neutral
02/15/18	DBS Vickers	Capitaland	3.53	4.35	Buy	RNAV (10% discount)
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
02/15/18	Kim Eng	Hi-P	1.92	2.43	Buy	PB3.2x FY18
02/15/18	DBS Vickers	Hi-P	1.92	2.48	Buy	PER14.4x FY18
02/15/18	DMG & Partners	HRnetGroup	0.81	1.14	Buy	DCF
02/15/18	DBS Vickers	Ifast Corp	0.88	1.26	Buy	DDM
02/15/18	DMG & Partners	ISOTeam	0.33	0.46	Buy	DCF, PER13x FY18
02/15/18	Kim Eng	Jumbo	0.57	0.7	Buy	DCF, PER26x FY18
02/15/18	DBS Vickers	Jumbo	0.57	0.58	Hold	PER23x FY18
02/15/18	OCBC	Lippo-Malls Indo	0.4	0.405	Hold
02/15/18	UOB Kay Hian	OCBC	12.26	14.9	Buy	GGM, PB1.56x FY18
02/15/18	Kim Eng	OCBC	12.26	13.5	Hold	PB1.4x FY18
02/15/18	Credit Suisse	OCBC	12.26	14.7	Outperform
02/15/18	CIMB	OCBC	12.26	14	Add	GGM, PB1.4x FY18, PER11.7x FY19
02/15/18	Jefferies	OCBC	12.26	14	Buy
02/15/18	DBS Vickers	OCBC	12.26	14	Buy	GGM, PB1.4x FY18
02/15/18	phillip	Old Chang Kee	0.745	0.98	Buy	DCF
02/15/18	OCBC	Roxy-Pacific	0.56	0.66	Buy
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral
02/15/18	OCBC	Starhub	2.86	2.2	Sell
02/15/18	UOB Kay Hian	Starhub	2.86	2.7	Hold	DCF, Buy @ $2.50
02/15/18	Kim Eng	Starhub	2.86	2.27	Sell	DCF
02/15/18	Credit Suisse	Starhub	2.86	2.15	Underperform
02/15/18	CIMB	Starhub	2.86	2.7	Hold	DCF
02/15/18	Lim & Tan	Starhub	2.86	0	Sell
02/15/18	DMG & Partners	Starhub	2.86	2.65	Neutral
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/15/18	CIMB	UOB	26.24	28	Add	GGM, PB1.3x FY18, PER11.3x FY19
02/15/18	DMG & Partners	UOB	26.24	30	Buy	GGM, PB1.35x FY18
02/15/18	Kim Eng	UOB	26.24	29.33	Buy	PB1.3x FY18
02/15/18	Credit Suisse	UOB	26.24	31.7	Outperform	GGM
02/15/18	Jefferies	UOB	26.24	29.5	Buy
02/15/18	DBS Vickers	UOB	26.24	30	Buy	GGM, PB1.3x FY18
02/15/18	DMG & Partners	Valuetronics	0.915	1.05	Buy	DCF

Thailand is the least miserable country and Singapore is the 2nd least miserable.

https://sg.finance.yahoo.com/news/miserable-economies-2018-stay-haunted-inflation-beast-033757321.html

The misery index computes the sum of inflation and unemployment to assess and rank the countries.

SG did pretty well and we should note that both indexes for Thailand & SG declined from the prior year.  This means that more people are miserable in both countries.

2018 will be a game changer because inflation will start to careen globally due to the trade war between big nations.

Thus, we foresee that the misery index for SG to continue to decline as more people feel miserable in 2018.

Singapore's NODX upped 13% YOY in January 2018

https://www.channelnewsasia.com/news/singapore/singapore-s-exports-jump-13-year-on-year-in-january-9962186

Year on year changes:

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

https://sg-stock.blogspot.sg/2018/01/singapore-non-oil-domestic-exports-nodx.html

The western countries just want to take advantage of China.

http://www.scmp.com/news/china/diplomacy-defence/article/2119046/xi-trump-sign-trade-deals-worth-us280-billion-sources

The USA signed US$253b trade deals with China during Trump's visit.

https://www.reuters.com/article/us-china-britain/britains-may-gets-9-billion-pounds-in-china-deals-xi-promises-to-build-on-golden-era-idUSKBN1FM0G2

The UK signed 9B pounds of trade deals with China during May's visit.

Thereafter, US & UK stirred up the South China Sea tension after they've got the trade deals by propagating FON (freedom of navigation).

https://www.theguardian.com/uk-news/2018/feb/13/britain-to-sail-warship-through-disputed-south-china-sea

We did comment on FON previously in our postings.

https://sg-stock.blogspot.sg/2017/10/the-usa-is-doomed-to-fail-in-its-asia.html

https://sg-stock.blogspot.sg/2017/01/lets-stop-harping-on-south-china-sea.html

This is the characteristic of the western countries.  They always want to take advantage of Asia for their own benefits.

How long does ASIA want to endure?

Russian A-235 anti-ballistic missiles system is better than THAAD.

https://www.strategic-culture.org/news/2018/02/14/russia-successfully-tests-new-missile-defense-interceptor.html

A-235 is capable of travelling at 4km/sec and can destroy any satellite.

This is an awesome missile!  It is super fast!

The USA is so bent to have a trade war!

https://www.channelnewsasia.com/news/business/trump-renews-trade-threats-against-china-south-korea-9957740

Maybe Asia should stand united to fight against the USA now since Trump is so bent to have a trade war.

Let's cripple the USA economy to oust Trump!

The USA has to raise about USD$1T every year for the next decade to fund its economic development.  By the end of 2028, the national debt will reach USD$30T and the USA definitely cannot pay its dues.

Do you still have any faith in the USA?

If you are a bank and a customer (USA) comes to ask for a loan but cannot afford to pay its own employees (government officials) and has a debt in excess of USD$20T, would you be willing to lend money to this customer (USA)?

I don't think so!

The USA is embarking on a smearing campaign against China & Russia over weaponry development.

https://sg.finance.yahoo.com/news/russia-china-developing-apos-destructive-074600008.html

Weaponry development is the right of every sovereignty and is not exclusive to the USA.

The USA also has its own space weapons development programme but we don't embark on a smearing campaign against the USA.

EU doesn't like digital currencies.

https://sg.finance.yahoo.com/news/european-official-digital-currencies-inefficient-090023344.html

We have stated on numerous occasions that crypto is not good as it is purported to be.

http://sg-stock.blogspot.sg/2018/01/the-truth-about-bitcoin.html

PACC Offshore - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/16	DBS Vickers	PACC Offshore	0.3	0.29	Hold
02/22/16	DBS Vickers	PACC Offshore	0.28	0.28	Hold	PB0.4x FY16
02/22/16	Kim Eng	PACC Offshore	0.28	0.42	Buy	GGM, PB0.5x FY16
02/22/16	OCBC	PACC Offshore	0.28	0.28	Hold	P/NTA0.4x
03/22/16	Bloomberg	PACC Offshore	0.355	0.33	Not Rated	Consensus target
04/01/16	Kim Eng	PACC Offshore	0.36	0.42	Buy	GGM, PB0.5x FY16
04/20/16	DBS Vickers	PACC Offshore	0.375	0.28	Hold	PB0.4x
05/05/16	Kim Eng	PACC Offshore	0.365	0.42	Buy	GGM, PB0.5x FY16
05/06/16	DBS Vickers	PACC Offshore	0.365	0.35	Hold	PB0.5x
05/06/16	OCBC	PACC Offshore	0.365	0.35	Hold
06/06/16	Kim Eng	PACC Offshore	0.37	0.42	Buy
06/06/16	OCBC	PACC Offshore	0.37	0.35	Hold	Buy @ $0.32
07/01/16	OCBC	PACC Offshore	0.365	0.35	Hold	Buy @ $0.32
08/03/16	OCBC	PACC Offshore	0.34	0.29	Sell	PB0.45x
08/04/16	DBS Vickers	PACC Offshore	0.31	0.33	Hold
09/01/16	OCBC	PACC Offshore	0.31	0.29	Hold
11/08/16	DBS Vickers	PACC Offshore	0.315	0.33	Hold	PB0.5x
11/08/16	OCBC	PACC Offshore	0.315	0.3	Hold	PB0.45x FY17
12/06/16	DBS Vickers	PACC Offshore	0.31	0.41	Buy	PB0.6x
01/13/17	DBS Vickers	PACC Offshore	0.335	0.41	Buy
02/22/17	DBS Vickers	PACC Offshore	0.365	0.42	Buy	PB0.8x
02/22/17	OCBC	PACC Offshore	0.365	0.33	Sell	PB0.7x
04/10/17	DBS Vickers	PACC Offshore	0.34	0.42	Buy
04/12/17	OCBC	PACC Offshore	0.35	0.335	Hold	PB0.7x
05/08/17	DBS Vickers	PACC Offshore	0.32	0.41	Buy	PB0.8x
05/09/17	OCBC	PACC Offshore	0.325	0.335	Hold	PB0.7x FY17/18
05/31/17	OCBC	PACC Offshore	0.305	0.325	Hold
08/02/17	DBS Vickers	PACC Offshore	0.285	0.41	Buy	PB0.8x
11/14/17	DBS Vickers	PACC Offshore	0.345	0.41	Buy	PB0.8x
01/23/18	DBS Vickers	PACC Offshore	0.43	0.51	Buy	PB1x
02/13/18	DBS Vickers	PACC Offshore	0.37	0.51	Buy

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/28/16	DMG & Partners	Oxley	0.44	0.91	Buy
05/09/16	DMG & Partners	Oxley	0.44	0.91	Buy	RNAV (20% discount)
06/27/16	DMG & Partners	Oxley	0.43	0.91	Buy
12/02/16	DMG & Partners	Oxley	0.435	0.91	Buy
01/03/17	DMG & Partners	Oxley	0.43	0.85	Buy
10/03/17	UOB Kay Hian	Oxley	0.56	0.67	Buy	RNAV (20% discount)
11/22/17	UOB Kay Hian	Oxley	0.655	0.74	Buy	RNAV (20% discount)
12/01/17	UOB Kay Hian	Oxley	0.6	0.74	Buy

Stock calls for 14 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/18	Deutsche	CapitaCommercial	1.74	1.9	Buy
02/14/18	OCBC	Capitaland	3.52	4.26	Buy
02/14/18	UOB Kay Hian	Capitaland	3.52	4.3	Buy	RNAV (15% discount)
02/14/18	Kim Eng	Capitaland	3.52	4.1	Buy	RNAV (25% discount)
02/14/18	CIMB	Capitaland	3.52	4.34	Add	RNAV (20% discount)
02/14/18	DMG & Partners	Capitaland	3.52	4.2	Buy	RNAV (15% discount)
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.01	Neutral
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/14/18	phillip	HMI	0.63	0.83	Buy	DCF
02/14/18	UOB Kay Hian	HMI	0.63	0.83	Buy	DCF
02/14/18	Kim Eng	HMI	0.63	0.8	Buy	DCF
02/14/18	Amfrasers	Japan Foods	0.46	0.54	Buy	DCF
02/14/18	Deutsche	Keppel Reit	1.18	1.3	Buy
02/14/18	Deutsche	Mapletree Logistics	1.23	1.35	Buy
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM
02/14/18	Kim Eng	SATS	5.25	6.1	Buy	PER21x FY20
02/14/18	UOB Kay Hian	SATS	5.25	5.9	Buy	DCF, PER25.2x FY18
02/14/18	OCBC	SATS	5.25	5.5	Hold	Buy @ $5.05 or lower
02/14/18	CIMB	SATS	5.25	5.17	Hold	PER20x FY19
02/14/18	phillip	SATS	5.25	5.33	Neutral
02/14/18	DBS Vickers	SATS	5.25	5.67	Buy
02/14/18	phillip	SGX	7.3	8.89	Buy	DCF
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19

US drone destroys Russian tank.

https://www.reuters.com/article/us-mideast-crisis-usa-syria-tank/u-s-drone-destroys-russian-made-tank-in-syria-idUSKCN1FX2SJ

Putin won't take this lying down and will definitely retaliate.

Russia will battle it out with the USA on Syria land but it will be some minor battle that won't escalate into a full-blown war.

Wow! Goldman Sachs reaffirmed our prediction for 10-year bond yield.

https://realmoney.thestreet.com/articles/02/13/2018/economic-growth-too-strong-market?puc=yahoo&cm_ven=YAHOO&yptr=yahoo

We predicted that Fed's target for 10-year bond yield would be at 3.5% on 9 Feb 2018.

Goldman Sachs is predicting the same 10-year bond yield too.

https://sg-stock.blogspot.sg/2018/02/stock-markets-are-falling-like-crazy_9.html

Maldives' political situation update.

https://www.reuters.com/article/us-maldives-politics/maldives-embattled-president-sends-envoys-to-china-saudi-for-support-idUSKBN1FS1B7

The Maldives sent envoys to China, Pakistan and Saudi for its support of the government's stance on the court ruling.  However, India was excluded from the list of the friendly nations.

The current Maldives president has had enough of India's intervention in its national policies and wanted to foster a better Maldives-China relationship.  Furthermore, the Maldives wants to get involved in the OBR initiatives for its own economic benefits.  The current Maldives president has realized that India only wants to control the Maldives without the intention to develop its economy whereas China is sincere in helping the Maldives to develop infrastructures and economy.

http://abcnews.go.com/International/wireStory/india-china-vie-influence-crisis-unfolds-maldives-52993084

Thus, India and China are vying for political influences in the Maldives now.

China Sky Chemical has dubious financial statement.

http://www.businesstimes.com.sg/companies-markets/china-sky-800m-yuan-loan-to-entity-represented-by-ex-director-not-recorded-in

Another mid-cap China firm listed on SGX is in trouble after Midas.  800m yuan loan was not recorded on its financial statement.

OMG!

http://sg-stock.blogspot.sg/2018/02/midas-assets-are-frozen-in-china.html

The petrol-yuan era is coming! - Part 2

https://www.reuters.com/article/us-china-oil-futures/china-plans-to-launch-crude-oil-futures-on-march-26-securities-regulator-idUSKBN1FT0P2

This posting is an update from our previous post below.

https://sg-stock.blogspot.sg/2018/01/the-petrol-yuan-era-is-coming.html

The oil price had been on a downward trajectory after China indicated the interest to start its own oil trading futures in RMB in Shanghai in January 2018.

The official date has been set for 26 March 2018 and this will definitely affect the international oil market as China is the largest oil importer now.

OUE Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	OUE Hospitality	0.755	0.91	Buy	DCF
01/26/16	Deutsche	OUE Hospitality	0.745	0.8	Hold
01/26/16	OCBC	OUE Hospitality	0.745	0.8	Hold
01/27/16	DMG & Partners	OUE Hospitality	0.75	0.67	Sell	DDM, PB0.74x
02/01/16	Amfrasers	OUE Hospitality	0.73	0.815	Buy
02/25/16	Deutsche	OUE Hospitality	0.74	0.8	Hold
03/07/16	CIMB	OUE Hospitality	0.77	0.77	Hold	DDM
03/08/16	Lim & Tan	OUE Hospitality	0.765	0	Hold	Buy @ $0.7092
03/09/16	CIMB	OUE Hospitality	0.755	0.67	Hold	DDM
03/10/16	OCBC	OUE Hospitality	0.75	0.7	Hold	Ex-Bonus 33 for 100 @ $0.54
03/11/16	Amfrasers	OUE Hospitality	0.75	0.75	Buy	Ex-Bonus 33 for 100 @ $0.54
03/17/16	DMG & Partners	OUE Hospitality	0.685	0.86	Buy	DDM
03/24/16	Deutsche	OUE Hospitality	0.67	0.7	Hold
04/13/16	Credit Suisse	OUE Hospitality	0.67	0.86	Neutral
05/09/16	CIMB	OUE Hospitality	0.675	0.71	Hold	DDM
05/09/16	DBS Vickers	OUE Hospitality	0.675	0.75	Buy
05/09/16	Lim & Tan	OUE Hospitality	0.675	0	Hold
05/09/16	OCBC	OUE Hospitality	0.675	0.67	Hold
05/10/16	Amfrasers	OUE Hospitality	0.67	0.72	Buy
05/10/16	DMG & Partners	OUE Hospitality	0.67	0.75	Buy	DDM
05/17/16	Deutsche	OUE Hospitality	0.66	0.65	Hold
06/22/16	DMG & Partners	OUE Hospitality	0.67	0.86	Buy
07/04/16	DMG & Partners	OUE Hospitality	0.69	0.75	Buy
07/04/16	OCBC	OUE Hospitality	0.69	0.67	Hold
07/26/16	Deutsche	OUE Hospitality	0.72	0.65	Hold
08/02/16	Credit Suisse	OUE Hospitality	0.71	0.78	Neutral
08/02/16	DBS Vickers	OUE Hospitality	0.71	0.75	Buy
08/02/16	Lim & Tan	OUE Hospitality	0.71	0	Hold
08/02/16	OCBC	OUE Hospitality	0.71	0.73	Hold
08/02/16	Religare	OUE Hospitality	0.71	0.74	Hold
08/03/16	CIMB	OUE Hospitality	0.69	0.79	Add	DDM
09/07/16	Credit Suisse	OUE Hospitality	0.685	0.78	Neutral
09/22/16	CIMB	OUE Hospitality	0.66	0.75	Add	DDM
10/18/16	DBS Vickers	OUE Hospitality	0.685	0.75	Buy
11/01/16	CIMB	OUE Hospitality	0.68	0.77	Add	DDM
11/01/16	DBS Vickers	OUE Hospitality	0.68	0.72	Buy	DCF
11/01/16	DMG & Partners	OUE Hospitality	0.68	0.7	Neutral
11/01/16	Lim & Tan	OUE Hospitality	0.68	0	Hold
11/01/16	OCBC	OUE Hospitality	0.68	0.73	Buy
11/16/16	Deutsche	OUE Hospitality	0.64	0.65	Hold
12/05/16	DMG & Partners	OUE Hospitality	0.655	0.7	Neutral
12/07/16	Deutsche	OUE Hospitality	0.65	0.65	Hold
12/16/16	OCBC	OUE Hospitality	0.64	0.73	Buy
01/04/17	OCBC	OUE Hospitality	0.685	0.73	Buy
01/09/17	DBS Vickers	OUE Hospitality	0.68	0.72	Buy	DCF
01/26/17	CIMB	OUE Hospitality	0.685	0.71	Add	DDM
01/26/17	DMG & Partners	OUE Hospitality	0.685	0.7	Neutral	DDM
01/26/17	OCBC	OUE Hospitality	0.685	0.75	Buy
01/27/17	DBS Vickers	OUE Hospitality	0.685	0.75	Buy	DCF
01/31/17	Credit Suisse	OUE Hospitality	0.69	0.78	Neutral
02/08/17	OCBC	OUE Hospitality	0.675	0.75	Buy
02/28/17	Deutsche	OUE Hospitality	0.69	0.65	Hold
03/10/17	DMG & Partners	OUE Hospitality	0.675	0.7	Neutral
03/16/17	OCBC	OUE Hospitality	0.68	0.75	Buy
04/03/17	DMG & Partners	OUE Hospitality	0.69	0.76	Buy	DDM
04/17/17	OCBC	OUE Hospitality	0.71	0.75	Buy
05/05/17	DBS Vickers	OUE Hospitality	0.715	0.76	Buy	DCF
05/05/17	DMG & Partners	OUE Hospitality	0.715	0.76	Buy	DDM
05/05/17	OCBC	OUE Hospitality	0.715	0.75	Buy
05/15/17	DMG & Partners	OUE Hospitality	0.705	0.78	Buy	DDM
06/09/17	OCBC	OUE Hospitality	0.72	0.75	Buy
06/22/17	Deutsche	OUE Hospitality	0.725	0.65	Hold
07/04/17	OCBC	OUE Hospitality	0.755	0.75	Buy
07/12/17	DMG & Partners	OUE Hospitality	0.76	0.78	Buy
08/02/17	CIMB	OUE Hospitality	0.76	0.82	Add	DDM
08/02/17	DMG & Partners	OUE Hospitality	0.76	0.83	Buy	DDM
08/02/17	OCBC	OUE Hospitality	0.76	0.82	Buy
08/02/17	Lim & Tan	OUE Hospitality	0.76	0	Hold
08/03/17	DBS Vickers	OUE Hospitality	0.77	0.8	Buy	DCF
09/21/17	DMG & Partners	OUE Hospitality	0.79	0.83	Buy
09/21/17	OCBC	OUE Hospitality	0.79	0.82	Buy
11/02/17	CIMB	OUE Hospitality	0.81	0.84	Add	DDM
11/02/17	Credit Suisse	OUE Hospitality	0.81	0.78	Neutral
11/02/17	OCBC	OUE Hospitality	0.81	0.82	Hold
11/02/17	DBS Vickers	OUE Hospitality	0.81	0.85	Buy	DCF
11/03/17	DMG & Partners	OUE Hospitality	0.815	0.88	Buy	DDM
12/01/17	OCBC	OUE Hospitality	0.815	0.82	Hold
12/06/17	DBS Vickers	OUE Hospitality	0.825	0.85	Buy
12/19/17	DMG & Partners	OUE Hospitality	0.835	0.88	Buy
01/03/18	DMG & Partners	OUE Hospitality	0.855	0.91	Buy	DDM
01/04/18	Deutsche	OUE Hospitality	0.87	0.65	Sell
01/04/18	CIMB	OUE Hospitality	0.87	0.89	Add	DDM
01/05/18	OCBC	OUE Hospitality	0.875	0.83	Hold
01/31/18	DBS Vickers	OUE Hospitality	0.885	0.93	Buy	DCF
01/31/18	Lim & Tan	OUE Hospitality	0.885	0	Hold

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	OUE Commercial	0.65	0.67	Hold	DCF
01/28/16	OCBC	OUE Commercial	0.635	0.65	Hold
01/29/16	DBS Vickers	OUE Commercial	0.625	0.65	Hold
03/07/16	CIMB	OUE Commercial	0.675	0.8	Add	DDM
04/13/16	Kim Eng	OUE Commercial	0.64	0.64	Not Rated
05/11/16	CIMB	OUE Commercial	0.655	0.64	Hold	DDM
05/11/16	OCBC	OUE Commercial	0.655	0.65	Hold
05/12/16	DBS Vickers	OUE Commercial	0.665	0.7	Hold
08/03/16	DBS Vickers	OUE Commercial	0.69	0.65	Hold
08/04/16	CIMB	OUE Commercial	0.695	0.7	Hold	DDM
08/16/16	DBS Vickers	OUE Commercial	0.665	0.73	Hold
09/05/16	DBS Vickers	OUE Commercial	0.68	0.73	Hold
11/02/16	CIMB	OUE Commercial	0.69	0.7	Hold	DDM
11/02/16	DBS Vickers	OUE Commercial	0.69	0.74	Hold	DCF
11/02/16	OCBC	OUE Commercial	0.69	0.65	Hold
01/09/17	DBS Vickers	OUE Commercial	0.695	0.74	Hold	DCF
01/27/17	OCBC	OUE Commercial	0.7	0.65	Hold
03/10/17	OCBC	OUE Commercial	0.685	0.65	Hold
05/08/17	DBS Vickers	OUE Commercial	0.7	0.67	Hold	DCF
05/08/17	OCBC	OUE Commercial	0.7	0.65	Hold
05/08/17	CIMB	OUE Commercial	0.7	0.71	Hold
08/03/17	OCBC	OUE Commercial	0.73	0.68	Hold	DDM
08/04/17	CIMB	OUE Commercial	0.725	0.68	Hold	DDM
08/04/17	DBS Vickers	OUE Commercial	0.725	0.69	Hold
10/04/17	OCBC	OUE Commercial	0.715	0.67	Hold
11/03/17	OCBC	OUE Commercial	0.72	0.67	Hold
11/03/17	CIMB	OUE Commercial	0.72	0.68	Hold	DDM
11/10/17	DBS Vickers	OUE Commercial	0.71	0.73	Hold	DCF
12/05/17	OCBC	OUE Commercial	0.71	0.67	Hold
01/09/18	OCBC	OUE Commercial	0.75	0.67	Hold
02/01/18	CIMB	OUE Commercial	0.75	0.75	Hold	DDM
02/01/18	OCBC	OUE Commercial	0.75	0.69	Hold
02/05/18	DBS Vickers	OUE Commercial	0.755	0.73	Hold	DCF

Stock calls for 13 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/18	UOB Kay Hian	A-Reit	2.58	3.05	Buy
02/13/18	Kim Eng	Bumitama	0.695	0.95	Buy
02/13/18	UOB Kay Hian	CapitaCommercial	1.72	2.09	Buy
02/13/18	Lim & Tan	Capitaland	3.47	0	Buy
02/13/18	UOB Kay Hian	CDL Hospitality	1.64	1.95	Buy
02/13/18	UOB Kay Hian	City Developments	12.31	14.03	Buy
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy
02/13/18	phillip	F & N	2.39	2.83	Accumulate	Sum of parts, PER27.1x FY18
02/13/18	Kim Eng	First Resources	1.75	2.04	Hold
02/13/18	UOB Kay Hian	ISOTeam	0.355	0.45	Buy	PER10.4x FY18
02/13/18	UOB Kay Hian	Keppel Corp	7.8	9.3	Buy
02/13/18	DBS Vickers	Keppel Corp	7.8	10.2	Buy
02/13/18	OCBC	KSH	0.695	0.79	Hold
02/13/18	DBS Vickers	PACC Offshore	0.37	0.51	Buy
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
02/13/18	JP Morgan	SGX	7.31	9	Overweight
02/13/18	Jefferies	SGX	7.31	8	Buy
02/13/18	UBS	SGX	7.31	8.7	Buy
02/13/18	CIMB	SGX	7.31	7.85	Hold	PER24x FY19
02/13/18	Goldman Sachs	SGX	7.31	6.6	Sell
02/13/18	CIMB	Valuetronics	0.92	1.1	Add	PER11x CY19
02/13/18	UOB Kay Hian	Valuetronics	0.92	0.95	Buy	PER11.3x FY19, Buy @ $0.86
02/13/18	UOB Kay Hian	Venture	21.92	23.5	Buy
02/13/18	OCBC	Wing Tai	2.13	2.64	Buy
02/13/18	UOB Kay Hian	Wing Tai	2.13	2.78	Buy

China imposes anti-dumping measures on imported chemicals.

http://www.xinhuanet.com/english/2018-02/12/c_136970405.htm

As more anti-dumping measures are being undertaken by EU, USA & China, raw material prices will increase substantially and this phenomenon will cause a worldwide inflation.

The long-awaited recession is really coming this time and stock falls are inevitable.

Good luck to us all!