Stock calls for 12 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/12/18	UOB Kay Hian	Memtech	0.85	0.95	Hold	PER9.8x FY18, Buy @ $0.75
10/12/18	CIMB	SPH Reit	0.985	1.03	Hold	DDM
10/12/18	DBS Vickers	SPH Reit	0.985	1.04	Buy	DCF
10/12/18	OCBC	SPH Reit	0.985	0.99	Hold
10/12/18	Lim & Tan	SPH Reit	0.985	0	Hold

China's export is still powering ahead despite the US tariffs.

https://www.reuters.com/article/us-china-economy-trade/china-september-exports-surge-creating-record-surplus-with-u-s-despite-tariffs-idUSKCN1MM080

China's export is still surging despite the US tariffs.  This shows that the impact from the US tariffs is still not felt by the Chinese as the consequence is being mitigated by the RMB depreciation.

With the upcoming stimulus packages from the central government, the Chinese will be able to withstand the US tariffs.

The US is still trying to smear China.

https://sg.finance.yahoo.com/news/china-trying-sway-u-vote-poses-threat-officials-082849122.html

Despite falsely accusing China of implanting a small microchip as small as a grain of rice in some US servers and devices, the US is trying to accuse China of interfering in the US election now.

The US had discovered that it's impossible to discredit China based on the fraudulent microchip writeup through Bloomberg because of the insurmountable engineering feat of producing a 3-in-1 microchip.

http://sg-stock.blogspot.com/2018/10/the-us-is-embarking-on-anti-china.html

Therefore, the US has abandoned the spying story and moved on to the election story.

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/17	Amfraserss	HMI	0.645	0.84	Buy
02/13/17	Amfraserss	HMI	0.645	0.86	Buy	DCF, PER36x FY18
03/10/17	phillip	HMI	0.61	0.83	Buy	DCF
03/13/17	CIMB	HMI	0.635	0.81	Add	DCF
03/24/17	OCBC	HMI	0.64	0.8	Buy	DCF
04/20/17	OCBC	HMI	0.625	0.8	Buy
04/20/17	UOB Kay Hian	HMI	0.625	0.83	Buy	DCF
05/09/17	CIMB	HMI	0.615	0.81	Add	DCF
05/12/17	OCBC	HMI	0.605	0.8	Buy	DCF
05/15/17	Amfrasers	HMI	0.6	0.86	Buy	DCF, PER38x FY18
05/15/17	CIMB	HMI	0.6	0.83	Add	DCF
05/15/17	phillip	HMI	0.6	0.83	Buy	DCF, PER35x FY18
06/05/17	Kim Eng	HMI	0.63	0.84	Buy	DCF, PER35x FY18
06/08/17	OCBC	HMI	0.69	0.8	Buy
06/19/17	UOB Kay Hian	HMI	0.685	0.83	Buy	DCF
08/01/17	UOB Kay Hian	HMI	0.665	0.83	Buy	DCF
08/24/17	OCBC	HMI	0.65	0.8	Buy	DCF
08/25/17	Kim Eng	HMI	0.645	0.8	Buy	DCF
08/25/17	CIMB	HMI	0.645	0.83	Add	DCF
08/29/17	phillip	HMI	0.645	0.83	Buy	DCF
09/11/17	UOB Kay Hian	HMI	0.635	0.83	Buy	DCF
11/15/17	CIMB	HMI	0.715	0.83	Add	DCF
11/15/17	phillip	HMI	0.715	0.83	Buy	DCF
11/15/17	UOB Kay Hian	HMI	0.715	0.83	Buy	DCF
11/15/17	Kim Eng	HMI	0.715	0.8	Buy	DCF
01/08/18	CIMB	HMI	0.665	0.83	Add	DCF
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
05/11/18	phillip	HMI	0.645	0.83	Buy	DCF
05/11/18	UOB Kay Hian	HMI	0.645	0.83	Buy	DCF
05/16/18	Kim Eng	HMI	0.665	0.8	Buy
07/09/18	UOB Kay Hian	HMI	0.595	0.82	Buy	DCF
07/16/18	CIMB	HMI	0.58	0.8	Add
08/21/18	CIMB	HMI	0.575	0.8	Add
08/28/18	UOB Kay Hian	HMI	0.62	0.82	Buy	DCF
08/29/18	CIMB	HMI	0.61	0.79	Add	DCF
08/29/18	UOB Kay Hian	HMI	0.61	0.84	Buy	DCF
08/30/18	phillip	HMI	0.615	0.83	Buy	DCF

HLH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/18	SAC	HLH	0.163	0.51	Buy	RNAV (40% discount), PB0.8x FY18

HL Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/17	Amfraserss	HL Global	0.395	0	Not Rated	Net-cash post divestment $0.65

Stock calls for 11 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/11/18	DBS Vickers	Bumitama	0.66	0.85	Buy	DCF
10/11/18	Kim Eng	Bumitama	0.66	0.98	Buy
10/11/18	UOB Kay Hian	Comfortdelgro	2.25	2.59	Buy	PER16.8x FY19
10/11/18	CIMB	Comfortdelgro	2.25	2.75	Add	DCF
10/11/18	DMG & Partners	CSE Global	0.475	0.59	Buy	DCF
10/11/18	Jefferies	DBS	24.95	31	Buy
10/11/18	DBS Vickers	First Resources	1.68	1.97	Buy	DCF
10/11/18	Kim Eng	First Resources	1.68	2	Buy
10/11/18	DBS Vickers	Golden Agri	0.255	0.33	Not Rated	DCF
10/11/18	DBS Vickers	Indofood Agri	0.215	0.21	Hold	DCF
10/11/18	DMG & Partners	Mindchamps	0.62	0.94	Buy
10/11/18	OCBC	Netlink	0.785	0.9	Buy
10/11/18	Jefferies	OCBC	10.95	14	Buy
10/11/18	Lim & Tan	Sembcorp Industries	2.95	0	Buy
10/11/18	DMG & Partners	Singtel	3.14	3.7	Buy
10/11/18	Jefferies	UOB	25.88	34	Buy
10/11/18	DBS Vickers	Wilmar	3.14	3.59	Buy	DCF

The stock market rout is caused by the technology sector.

https://sg.news.yahoo.com/huawei-unveils-chips-boost-cloud-computing-shanghai-conference-022643629--finance.html

The Dow fell 831 points last night.  The Asian indices are falling like hell now!

What's the trigger point for the onslaught?

The trigger point is the structural reform in the technology sector in China.  After Huawei announced its AI chips for its servers, the announcement dawned on investors and me that the technological structural reform in China would kick out the US chips in the future because China-made electronics products like laptops, servers, smart devices, etc will be using China chips.  Consequently, the US chips makers will suffer as they will lose the world's largest market.

The stock analysts will have to scale back their technology stock valuations as this is not factored in their analyses.  Many tech stocks will get downgraded soon.

Watch out for the tech stocks now!

Hot News! Indonesia earthquake will cause death toll to exceed 7,000.

https://www.news.com.au/world/asia/missing-toll-soars-to-5000-in-engulfed-indonesia-quake-neighbourhoods/news-story/1306f0094870dbe1f7457e4ba42bc361

Liquefaction landslide wiped out the entire village in Indonesia!

Huawei will stop using Intel chips.

https://sg.news.yahoo.com/huawei-unveils-chips-boost-cloud-computing-shanghai-conference-022643629--finance.html

The US has caused Intel to lose a major client, Huawei, because of security concerns.  This has caused Huawei to develop its own chipsets to power its devices.  Huawei will not sell these chips to 3rd parties because it wants to satisfy its own internal demand first.

The US technology companies will lose a lot of businesses in China because China technology firms will start using its own locally produced chips.

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/17	DBS Vickers	Hi-P	0.88	1.07	Buy	PER12x FY18
06/16/17	DBS Vickers	Hi-P	0.935	1.07	Buy
08/07/17	DBS Vickers	Hi-P	1.19	1.45	Buy	PER13x
10/03/17	DBS Vickers	Hi-P	1.405	1.67	Buy	PER13.2x FY18
11/08/17	DBS Vickers	Hi-P	1.93	2.3	Buy	PER15.4x FY18
12/06/17	DBS Vickers	Hi-P	1.61	2.3	Buy
12/21/17	Kim Eng	Hi-P	1.75	2.11	Buy	PB3.4x FY17, PER13.6x FY18, PEG0.7x
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
04/03/18	DBS Vickers	Hi-P	2.17	2.48	Buy
04/27/18	DBS Vickers	Hi-P	1.8	1.88	Hold	PER13.3x FY18
05/03/18	DBS Vickers	Hi-P	1.69	1.8	Hold	PER13.3x FY18
05/03/18	Lim & Tan	Hi-P	1.69	0	Sell
05/04/18	Kim Eng	Hi-P	1.57	1.45	Hold	PB2x
08/02/18	DBS Vickers	Hi-P	1.27	1.21	Hold	PER11.2x FY18/19
08/03/18	Kim Eng	Hi-P	1.15	1.27	Hold	PB
10/03/18	DBS Vickers	Hi-P	1	1.3	Buy	PER12x FY19

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
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	2.82	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)
01/16/18	Kim Eng	Guocoland	2.26	2.95	Buy	RNAV (38% discount), PB0.68x
02/02/18	CIMB	Guocoland	2.25	2.88	Add	RNAV (25% discount)
02/05/18	Kim Eng	Guocoland	2.22	2.95	Buy	RNAV (20% discount)
03/20/18	CIMB	Guocoland	2.11	2.88	Add	RNAV (25% discount)
03/20/18	Kim Eng	Guocoland	2.11	3	Buy	RNAV (20% discount)
04/02/18	Kim Eng	Guocoland	2.08	3	Buy	RNAV (20% discount)
06/19/18	Kim Eng	Guocoland	2.07	3	Buy
07/09/18	Kim Eng	Guocoland	1.83	2	Hold
08/28/18	Kim Eng	Guocoland	1.93	1.9	Hold	RNAV (45% discount)
09/06/18	Kim Eng	Guocoland	1.88	1.9	Hold

Stock calls for 10 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/10/18	CIMB	Frasers Centrepoint Trust	2.23	2.49	Add
10/10/18	DBS Vickers	IHH Healthcare	1.81	2.11	Buy	Ringgit $6.35 target price
10/10/18	OCBC	OUE Hospitality	0.695	0.79	Buy
10/10/18	CIMB	Suntec Reit	1.84	2.08	Add

GSS Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/17	NRA	GSS Energy	0.154	0.23	Not Rated
03/06/18	DMG & Partners	GSS Energy	0.16	0.25	Buy	Sum of parts
05/18/18	DMG & Partners	GSS Energy	0.151	0.25	Buy	Sum of parts
06/27/18	DMG & Partners	GSS Energy	0.139	0.25	Buy	Sum of parts
08/16/18	DMG & Partners	GSS Energy	0.133	0.22	Buy	Sum of parts
09/18/18	DMG & Partners	GSS Energy	0.13	0.22	Buy	Sum of parts

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
01/26/18	DMG & Partners	Golden Energy	0.475	0.68	Buy	DCF & PER13.1x FY18
03/16/18	phillip	Golden Energy	0.37	0.48	Buy	PER10x
05/18/18	phillip	Golden Energy	0.365	0.48	Buy	PER10x FY18
06/07/18	phillip	Golden Energy	0.375	0.48	Buy
07/06/18	phillip	Golden Energy	0.335	0.48	Buy
08/20/18	phillip	Golden Energy	0.305	0.42	Buy	PER10x
09/07/18	phillip	Golden Energy	0.255	0.41	Buy

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/16/18	OCBC	Golden Agri	0.39	0.37	Hold
02/28/18	CIMB	Golden Agri	0.36	0.31	Reduce	PER15x FY19
02/28/18	OCBC	Golden Agri	0.36	0.37	Hold
02/28/18	Credit Suisse	Golden Agri	0.36	0.35	Underperform
03/07/18	UOB Kay Hian	Golden Agri	0.345	0.31	Hold
03/08/18	OCBC	Golden Agri	0.36	0.37	Hold
04/06/18	CIMB	Golden Agri	0.345	0.31	Reduce	PER15x
04/13/18	DBS Vickers	Golden Agri	0.34	0.39	Not Rated
05/16/18	UOB Kay Hian	Golden Agri	0.35	0.26	Sell	PER14x FY18
05/16/18	CIMB	Golden Agri	0.35	0.31	Reduce	Sum of parts (10% discount)
05/16/18	OCBC	Golden Agri	0.35	0.34	Hold
06/21/18	UOB Kay Hian	Golden Agri	0.33	0.26	Sell
06/27/18	OCBC	Golden Agri	0.315	0.34	Hold
07/03/18	UOB Kay Hian	Golden Agri	0.305	0.26	Sell
07/11/18	OCBC	Golden Agri	0.29	0.3	Hold	PER17x FY19
08/15/18	OCBC	Golden Agri	0.28	0.26	Hold	PER17.5x FY19
08/16/18	UOB Kay Hian	Golden Agri	0.28	0.16	Sell
08/16/18	CIMB	Golden Agri	0.28	0.25	Reduce	Sum of parts (20% discount)
09/26/18	OCBC	Golden Agri	0.24	0.24	Hold	PER16x FY19
10/08/18	UOB Kay Hian	Golden Agri	0.265	0.16	Sell

Stock calls for 9 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/09/18	DMG & Partners	Comfortdelgro	2.36	2.35	Neutral
10/09/18	OCBC	Mapletree Logistics	1.22	1.37	Buy
10/09/18	UOB Kay Hian	Sembcorp Industries	2.96	3.41	Buy

The IMF has cut world economic growth by a small margin.

https://sg.news.yahoo.com/imf-cuts-world-economic-growth-forecasts-import-tariffs-031129747--business.html

Well, this IMF cut is a non-event because it's a small margin cut.  However, the real impact of the US-China tariffs will be felt next year and this is the most significant message out of the IMF announcement.

Everyone has to tighten the belt next year!

The US has hardened its anti-china stance.

https://www.reuters.com/article/us-usa-trade-ross-exclusive/exclusive-u-s-commerces-ross-eyes-anti-china-poison-pill-for-new-trade-deals-idUSKCN1MF2HJ

The US is forcing its trading partners to take side now.  Everyone has to choose between China or US in the new trade agreement.

We've stated previously that the US would continue to force China to submit.

http://sg-stock.blogspot.com/2018/10/jp-morgan-sees-all-out-trade-war.html