Stock calls for 3 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/18	Phillip	800Super	0.635	1.03	Buy	DCF, PER13x FY19
09/03/18	DMG & Partners	APAC Realty	0.57	0.77	Buy	DCF
09/03/18	UOB Kay Hian	CDL Hospitality	1.56	1.86	Buy
09/03/18	UOB Kay Hian	CSE Global	0.445	0.58	Buy
09/03/18	CIMB	Dyna-Mac	0.107	0.13	Add	PB1.3x CY18
09/03/18	OCBC	Frasers Logistics	1.1	1.18	Buy
09/03/18	DBS Vickers	Frasers Logistics	1.1	1.2	Buy
09/03/18	Lim & Tan	Frasers Logistics	1.1	0	Hold
09/03/18	UOB Kay Hian	OCBC	11.3	13.68	Buy
09/03/18	DIR	Singtel	3.23	3.47	Outperform	Sum of parts
09/03/18	UOB Kay Hian	Singtel	3.23	3.98	Buy
09/03/18	CIMB	ST Engineering	3.34	3.8	Add
09/03/18	UOB Kay Hian	Valuetronics	0.75	0.96	Buy
09/03/18	OCBC	Viva Industrial	0.91	0.942	Accept Offer	$0.096 cash & 1.6 ESR-Reit share (New value $0.53)
09/03/18	UOB Kay Hian	Wheelock Properties	2.17	2.33	Buy

Mahathir scored a win against Singapore.

http://www.asiaone.com/malaysia/hsr-deferred-2-years-malaysia-spared-penalty-payment-singapore-report

Malaysia is spared from any liquidation damage and cancellation fee from the deferment.

What if the HSR is deferred again after 2 years?  Is SG going to get any compensation from Malaysia then?

Baltic dry index - 1614

Today, Thursday, August 30 2018, the Baltic Dry Index decreased by 47 points, reaching 1614 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

===============

Related stocks: Sembcorp Marine, Cosco & Pan Ocean.

US rig count - 1048

The US drilling rig count gained 4 rigs to 1,048 units working for the week ended Aug. 31, according to Baker Hughes data. The count is up 105 units from this time a year ago when the count stood at 943.

Offshore units remained unchanged from last week with 18 units working. A total of 1,028 rigs were drilling on land, up 3 from a week ago. The number of rigs drilling in inland waters was up 1 to 2 units working.

US oil-directed rigs were up 2 from last week at 862 units working, and up from the 759 rigs drilling for oil this week a year ago. Gas-directed rigs also up 2 at 184. This time a year ago, 183 units were drilling for gas.

There was very little movement among the major oil and gas-producing states week-over-week. No state gained or lost more than 1 unit for the week ended Aug. 31.

The three states with a 1 rig gain were Louisiana, 55; Pennsylvania, 41; and Kansas, 1.

Ten states were unchanged this week, namely Texas, 528; North Dakota, 52; Colorado, 30; Wyoming, 29; Ohio, 21; California, 15; West Virginia, 13; Utah, 6; Alaska, 5; and Arkansas, 0.

Down 1 rig, Oklahoma has 139 rigs running. New Mexico also dropped 1 rig, putting its number of rigs working at 102.

Canada saw a 2-week streak of gains reversed for the week ended Aug. 31 with a single-rig loss. The 228 rigs working still surpass the 201 units drilling this week a year ago. Canada dropped 2 oil-directed rigs to reach 151 for the week and gained 1 gas-directed rig to reach 77.

===================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

The private blockchain will cannibalize the public blockchain in the future.

The public blockchain is not as secure as initially purported.  There is a proven method, 51% attack, to hack the public blockchain, commonly known as a decentralized blockchain.

https://www.coindesk.com/blockchains-feared-51-attack-now-becoming-regular/

The hacking of a decentralized blockchain is not technologically challenging but rather cost challenging.  To keep the cost down, hackers have turned to rent mining rigs to hack the public blockchains.

Therefore, as the crypto prices go up, the hacking occurrences will increase too.

The crypto proponents touted the worldwide adoption of cryptocurrencies based on public blockchains had not materialized insofar and looked unlikely to happen because of the demerits of crypto.

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

http://sg-stock.blogspot.com/2018/03/cryptocurrency-is-very-environmental.html

Furthermore, governments and financial institutions are developing and using private blockchains instead of relying on public blockchains and this will render the public blockchains as useless.

http://www.mas.gov.sg/News-and-Publications/Media-Releases/2018/MAS-and-SGX-partner-Anquan-Deloitte-and-Nasdaq-to-harness-blockchain-technology.aspx

https://cointelegraph.com/news/world-banks-blockchain-based-bonds-a-step-toward-adoption

A private blockchain allows the developer to control and monitor the entire blockchain network and maintain the integrity of the system which is suitable for a government and/or financial institution whereas a developer has to cede control on a public blockchain.

In conclusion, we would like to give a prescient warning that the rise of the private blockchain will cannibalize the public blockchain and cryptocurrency.

AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/17	CIMB	AEM	1.555	2.69	Add	GGM, PB2.95x, PER8x FY18
04/26/17	CIMB	AEM	2.22	3.39	Add	PER10x FY18, Ex-CB
05/19/17	CIMB	AEM	2.45	3.39	Add
05/23/17	DBS Vickers	AEM	2.61	3.35	Not Rated	PER10x FY18
07/05/17	CIMB	AEM	2.2	3.39	Add	PER10x FY18
08/04/17	CIMB	AEM	2.8	3.39	Add
08/10/17	CIMB	AEM	2.77	3.43	Add	PER10x FY18
10/17/17	CIMB	AEM	2.87	4.55	Add	PER10x FY18
11/06/17	CIMB	AEM	3.39	4.55	Add	PER10x FY19
12/20/17	CIMB	AEM	3.21	4.55	Add
01/10/18	CIMB	AEM	3.31	4.55	Add
01/24/18	CIMB	AEM	4.16	5.97	Add	PER10x CY19
02/02/18	CIMB	AEM	4.97	6.62	Add	PER10x CY19
03/02/18	CIMB	AEM	6.3	8.19	Add	PER10x CY19
04/03/18	CIMB	AEM	6.78	8.19	Add	PER10x FY19
04/26/18	CIMB	AEM	6.32	7.24	Add	PER10x FY19
05/25/18	CIMB	AEM	1.47	1.78	Add	3-for-1 bonus
08/01/18	CIMB	AEM	0.995	0.69	Reduce	PER10x FY19

Advancer Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/17	SAC Advisors	Advancer Global Ltd	0.285	0.36	Buy
03/02/18	SAC Advisors	Advancer Global Ltd	0.285	0.36	Buy

Addvalue - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/28/17	NRA	Addvalue	0.051	0.079	Not Rated
06/08/17	NRA	Addvalue	0.057	0.079	Not Rated
02/08/18	NRA	Addvalue	0.042	0.079	Not Rated
04/25/18	NRA	Addvalue	0.04	0.079	Not Rated
06/08/18	NRA	Addvalue	0.041	0.052	Overweight	Mid-point of target $0.0485-$0.0552

Stock calls for 31 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/18	phillip	Ayonda	0.009	0.22	Buy	Price to sales 6x FY18
08/31/18	Lim & Tan	Capitamall Trust	2.15	0	Hold

Emerging markets maybe a trigger for the next financial crisis.

https://www.bloombergquint.com/opinion/2018/08/31/this-emerging-market-selloff-looks-contagious

Argentine, Venezuela and Turkey economic problems may become the harbingers for the next financial crisis.  However, the principal factor will rest on Turkey because it is the gateway between the Middle East and Europe.  Once this Turkey's spigot stops functioning, Europe will get affected and Italy will become very vulnerable because it is economically weak.

When Europe is affected, Asia cannot escape unscathed because Europe will pull funds out from Asia to save itself.

Acromec - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Acromec	0.565	0.5	Buy
05/02/17	DMG & Partners	Acromec	0.39	0.38	Neutral

Accrelist - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/31/18	NRA	Accrelist	0.006	0.012	Overweight

Accordia Golf Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/17	Amfrasers	Accordia Golf Trust	0.73	0.8	Buy	DDM
04/06/17	CIMB	Accordia Golf Trust	0.73	0.83	Not Rated	Bloomberg consensus
04/12/17	DIR	Accordia Golf Trust	0.73	0.85	Buy	DDM
04/17/17	Amfrasers	Accordia Golf Trust	0.735	0.8	Buy
05/29/17	DIR	Accordia Golf Trust	0.745	0.82	Outperform
05/30/17	Amfrasers	Accordia Golf Trust	0.745	0.8	Buy
08/17/17	Amfrasers	Accordia Golf Trust	0.715	0.8	Buy
11/21/17	Amfrasers	Accordia Golf Trust	0.7	0.78	Buy
04/24/18	Amfrasers	Accordia Golf Trust	0.64	0.78	Buy	DDM
05/31/18	Lim & Tan	Accordia Golf Trust	0.595	0	Hold
06/01/18	Amfrasers	Accordia Golf Trust	0.605	0.7	Buy	DDM
08/21/18	Amfrasers	Accordia Golf Trust	0.565	0.7	Buy

Stock calls for 30 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/18	DBS Vickers	ART	1.08	1.25	Buy	DCF
08/30/18	DBS Vickers	Capitamall Trust	2.17	2.3	Buy
08/30/18	DBS Vickers	CapitaRetail China	1.45	1.7	Buy
08/30/18	DMG & Partners	Dairy Farm	9.2	9.6	Neutral
08/30/18	Amfrasers	DISA	0.008	0.02	Buy	DCF
08/30/18	phillip	HMI	0.615	0.83	Buy	DCF
08/30/18	CIMB	Sembcorp Marine	1.69	2.52	Add	PB2.2x CY18

Ascendas Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	A-Reit	2.27	2.71	Buy	DDM
01/05/17	Credit Suisse	A-Reit	2.31	2.63	Outperform
01/06/17	DMG & Partners	A-Reit	2.33	2.65	Buy	DDM
01/06/17	OCBC	A-Reit	2.33	2.72	Buy
01/09/17	DBS Vickers	A-Reit	2.38	2.65	Buy	DCF
01/25/17	Deutsche	A-Reit	2.4	2.55	Hold
01/25/17	OCBC	A-Reit	2.4	2.68	Buy
01/26/17	CIMB	A-Reit	2.4	2.31	Hold	DDM
01/26/17	DIR	A-Reit	2.4	2.38	Hold	DDM
02/09/17	Credit Suisse	A-Reit	2.42	2.63	Outperform
02/17/17	JP Morgan	A-Reit	2.47	2.65	Overweight
02/28/17	Deutsche	A-Reit	2.48	2.55	Hold
03/02/17	UOB Kay Hian	A-Reit	2.49	2.71	Buy
03/06/17	OCBC	A-Reit	2.49	2.68	Buy
03/10/17	DMG & Partners	A-Reit	2.45	2.65	Buy
03/13/17	Credit Suisse	A-Reit	2.47	2.63	Outperform
03/17/17	DBS Vickers	A-Reit	2.5	2.65	Buy
03/20/17	DIR	A-Reit	2.5	2.44	Hold	DDM
04/07/17	DMG & Partners	A-Reit	2.53	2.65	Buy
04/11/17	UOB Kay Hian	A-Reit	2.52	2.71	Buy
04/18/17	DIR	A-Reit	2.52	2.44	Hold
04/18/17	Kim Eng	A-Reit	2.52	2.85	Buy	DDM
04/26/17	CIMB	A-Reit	2.55	2.59	Hold	DDM
04/26/17	DBS Vickers	A-Reit	2.55	2.65	Buy	DCF
04/26/17	DIR	A-Reit	2.55	2.45	Hold	DDM
04/26/17	DMG & Partners	A-Reit	2.55	2.73	Buy	DDM
04/26/17	OCBC	A-Reit	2.55	2.66	Buy
04/26/17	UOB Kay Hian	A-Reit	2.55	2.75	Buy
05/02/17	Kim Eng	A-Reit	2.56	2.85	Buy
05/17/17	Deutsche	A-Reit	2.6	2.6	Hold
05/17/17	UOB Kay Hian	A-Reit	2.6	2.75	Buy
05/18/17	DBS Vickers	A-Reit	2.58	2.65	Buy
05/25/17	UOB Kay Hian	A-Reit	2.62	2.97	Buy
06/01/17	DMG & Partners	A-Reit	2.62	2.73	Buy	DDM
06/02/17	OCBC	A-Reit	2.64	2.66	Buy
06/08/17	Lim & Tan	A-Reit	2.67	0	Buy on weakness
06/12/17	Kim Eng	A-Reit	2.7	2.9	Buy`	DDM
06/21/17	Credit Suisse	A-Reit	2.72	2.62	Neutral
06/22/17	Deutsche	A-Reit	2.66	2.6	Hold
06/28/17	DIR	A-Reit	2.66	2.45	Underperform	DDM
07/03/17	Kim Eng	A-Reit	2.61	2.9	Buy	DDM
07/12/17	DMG & Partners	A-Reit	2.58	2.73	Buy
07/14/17	Phillip	A-Reit	2.59	2.86	Accumulate	DDM, PB1.35x FY18
07/25/17	UOB Kay Hian	A-Reit	2.7	2.97	Buy	DDM
07/26/17	DBS Vickers	A-Reit	2.72	2.78	Buy	DCF
07/28/17	DIR	A-Reit	2.72	2.45	Underperform	DDM
07/28/17	Credit Suisse	A-Reit	2.72	2.62	Neutral
07/28/17	DMG & Partners	A-Reit	2.72	2.9	Buy	DDM
07/28/17	OCBC	A-Reit	2.72	2.66	Hold
07/28/17	CIMB	A-Reit	2.72	2.71	Hold	DDM
07/31/17	UOB Kay Hian	A-Reit	2.71	2.75	Buy
07/31/17	DBS Vickers	A-Reit	2.71	2.85	Buy	DCF
08/03/17	Kim Eng	A-Reit	2.68	2.9	Buy
08/14/17	OCBC	A-Reit	2.66	2.66	Hold
08/17/17	UOB Kay Hian	A-Reit	2.67	2.97	Buy
08/22/17	Phillip	A-Reit	2.65	2.86	Accumulate
08/28/17	DBS Vickers	A-Reit	2.61	2.85	Buy
09/04/17	CIMB	A-Reit	2.66	2.71	Hold
09/21/17	DMG & Partners	A-Reit	2.7	2.9	Buy	DDM
09/26/17	OCBC	A-Reit	2.68	2.66	Hold
09/26/17	Kim Eng	A-Reit	2.68	2.9	Buy
10/09/17	Phillip	A-Reit	2.69	2.86	Accumulate	DDM, PB1.35x FY18
10/23/17	UOB Kay Hian	A-Reit	2.72	2.97	Buy	DDM
10/25/17	Kim Eng	A-Reit	2.75	2.9	Buy
10/31/17	DMG & Partners	A-Reit	2.71	2.9	Buy	DDM
10/31/17	OCBC	A-Reit	2.71	2.67	Hold
10/31/17	CIMB	A-Reit	2.71	2.72	Hold	DDM
11/01/17	DBS Vickers	A-Reit	2.74	2.85	Buy
11/09/17	UOB Kay Hian	A-Reit	2.66	2.97	Buy
11/28/17	Kim Eng	A-Reit	2.63	3	Buy
11/28/17	Jefferies	A-Reit	2.63	2.9	Buy
12/01/17	UOB Kay Hian	A-Reit	2.64	3.05	Buy
12/18/17	DBS Vickers	A-Reit	2.68	2.85	Buy
12/19/17	DMG & Partners	A-Reit	2.69	2.9	Buy
12/20/17	CIMB	A-Reit	2.69	2.72	Hold
01/04/18	Deutsche	A-Reit	2.74	2.75	Hold
01/05/18	DMG & Partners	A-Reit	2.79	2.9	Buy	DDM
01/19/18	UOB Kay Hian	A-Reit	2.77	3.05	Buy
01/19/18	Kim Eng	A-Reit	2.77	3	Buy
01/26/18	Phillip	A-Reit	2.75	2.89	Accumulate	DDM, PB1.36x FY18
01/26/18	OCBC	A-Reit	2.75	2.69	Hold
01/26/18	DBS Vickers	A-Reit	2.75	2.85	Buy
01/26/18	CIMB	A-Reit	2.75	2.88	Add
02/12/18	Phillip	A-Reit	2.57	2.87	Accumulate
02/13/18	UOB Kay Hian	A-Reit	2.58	3.05	Buy
02/20/18	DMG & Partners	A-Reit	2.62	2.9	Buy
02/20/18	DBS Vickers	A-Reit	2.62	2.85	Buy
03/05/18	UOB Kay Hian	A-Reit	2.61	3.05	Buy
03/06/18	UOB Kay Hian	A-Reit	2.58	2.76	Buy
03/19/18	DBS Vickers	A-Reit	2.66	2.85	Buy
03/27/18	Phillip	A-Reit	2.6	2.89	Accumulate
04/16/18	Kim Eng	A-Reit	2.69	3.05	Buy	DDM
04/16/18	DMG & Partners	A-Reit	2.69	2.9	Buy
04/24/18	Phillip	A-Reit	2.65	2.91	Accumulate	DDM, PB1.37x FY18/19
04/24/18	UOB Kay Hian	A-Reit	2.65	3.05	Buy	DDM
04/24/18	DMG & Partners	A-Reit	2.65	2.95	Buy	DDM
04/24/18	CIMB	A-Reit	2.65	2.85	add	DDM
04/24/18	OCBC	A-Reit	2.65	2.71	Hold
04/24/18	DBS Vickers	A-Reit	2.65	3	Buy	DCF
04/25/18	Jefferies	A-Reit	2.68	2.95	Buy
05/02/18	UOB Kay Hian	A-Reit	2.67	3.05	Buy
05/08/18	DBS Vickers	A-Reit	2.65	3	Buy
05/17/18	DMG & Partners	A-Reit	2.64	2.95	Buy
05/21/18	Phillip	A-Reit	2.65	2.91	Accumulate
06/04/18	UOB Kay Hian	A-Reit	2.64	3.05	Buy
06/26/18	DBS Vickers	A-Reit	2.58	3	Buy
07/03/18	UOB Kay Hian	A-Reit	2.61	3.05	Buy
07/06/18	DBS Vickers	A-Reit	2.65	3	Buy
07/16/18	Phillip	A-Reit	2.71	2.91	Accumulate
07/27/18	OCBC	A-Reit	2.72	2.71	Hold
07/30/18	Phillip	A-Reit	2.73	2.96	Accumulate	DDM, PB1.39x FY19
07/30/18	CIMB	A-Reit	2.73	2.89	Add	DDM
07/31/18	UOB Kay Hian	A-Reit	2.76	3.01	Buy	DDM
08/17/18	UOB Kay Hian	A-Reit	2.73	3.01	Buy
08/24/18	DBS Vickers	A-Reit	2.73	3	Buy

8Telecom - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/17	NRA	8Telecom	0.139	0	Not Rated	Fair value $0.181-$0.298

800Super - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/17	Phillip	800Super	1.09	1.42	Buy	DCF, PER15.4x FY17
05/15/17	Phillip	800Super	1.375	1.57	Accumulate	DCF, PER15.5x FY17
08/25/17	Phillip	800Super	1.18	1.53	Buy	DCF, PER16.9x FY18
10/05/17	Phillip	800Super	1.205	1.53	Buy	DCF, PER16.9x FY18
11/13/17	Phillip	800Super	1.175	1.43	Buy	DCF, PER15.9x FY18
01/16/18	Phillip	800Super	1.25	1.4	Accumulate	DCF, PER16.3x FY18
02/12/18	Phillip	800Super	1.14	1.35	Accumulate	DCF, PER17.8x FY18
05/14/18	Phillip	800Super	1.12	1.3	Accumulate	DCF, PER19.1x FY18

Stock calls for 29 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/29/18	Phillip	Capitamall Trust	2.15	2.05	Neutral	DDM
08/29/18	CIMB	HMI	0.61	0.79	Add	DCF
08/29/18	UOB Kay Hian	HMI	0.61	0.84	Buy	DCF
08/29/18	CIMB	IHH Healthcare	1.85	2.2	Add	Sum of parts, Ringgit $6.63 target
08/29/18	Phillip	Micro-Mechanics	1.83	2.3	Buy	PER17x
08/29/18	CIMB	Wing Tai	2	1.97	Hold	RNAV (45% discount)
08/29/18	OCBC	Wing Tai	2	2.41	Buy	RNAV (15% discount)
08/29/18	Lim & Tan	Wing Tai	2	0	Buy

Singapore is affected again by China anti-dumping probe.

https://www.businesstimes.com.sg/government-economy/china-to-start-new-anti-dumping-probe-on-some-bisphenol-a-imports

Singapore is an international trading hub and will get affected by China anti-dumping probe because China is our largest trading partner.

Therefore, it is better to build a cordial relationship with China so that we can get exemptions from China if the need arises.

http://sg-stock.blogspot.com/2017/08/omg-singapore-is-part-of-chinas-anti.html

http://sg-stock.blogspot.com/2018/04/singapore-gets-hit-again-with-another.html

Yuuzoo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/06/17	Lim & Tan	Yuuzoo	0.077	0	Sell/Avoid	Fraud alert
08/16/17	Lim & Tan	Yuuzoo	0.055	0	Sell
12/22/17	Lim & Tan	Yuuzoo	0.048	0	Sell
03/20/18	Lim & Tan	Yuuzoo	0.038	0	Sell/Avoid