Starhub - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	UOB Kay Hian	Starhub	1.75	1.6	Sell
01/02/19	Kim Eng	Starhub	1.75	2.21	Buy
01/04/19	Phillip	Starhub	1.71	1.88	Accumulate	EV/Ebitda6x FY19
01/14/19	DMG & Partners	Starhub	1.77	1.9	Neutral
01/15/19	DBS Vickers	Starhub	1.77	2.45	Buy	DCF
02/07/19	Kim Eng	Starhub	1.82	2.21	Buy
02/08/19	DBS Vickers	Starhub	1.89	2.45	Buy
02/15/19	OCBC	Starhub	1.9	1.64	Sell
02/15/19	DMG & Partners	Starhub	1.9	2.02	Neutral	DCF
02/15/19	DBS Vickers	Starhub	1.9	1.92	Hold	DCF
02/15/19	Lim & Tan	Starhub	1.9	0	Sell
02/18/19	Phillip	Starhub	1.67	1.58	Neutral	EV/Ebitda
02/18/19	Kim Eng	Starhub	1.67	2.18	Buy	DCF
02/18/19	UOB Kay Hian	Starhub	1.67	1.45	Sell	DCF
02/19/19	CIMB	Starhub	1.61	2	Hold	DCF
03/26/19	CIMB	Starhub	1.51	1.65	Hold	DCF (10% discount)
04/01/19	Kim Eng	Starhub	1.49	2.18	Buy
05/06/19	Phillip	Starhub	1.58	1.62	Neutral
05/06/19	UOB Kay Hian	Starhub	1.58	1.45	Sell	DCF
05/06/19	CIMB	Starhub	1.58	1.65	Hold	DCF (10% discount)
05/06/19	DMG & Partners	Starhub	1.58	1.72	Neutral	DCF
05/06/19	OCBC	Starhub	1.58	1.64	Hold
05/06/19	Kim Eng	Starhub	1.58	2	buy	DCF
06/03/19	Phillip	Starhub	1.49	1.62	Accumlate	EV/Ebitda6x FY19
06/06/19	DMG & Partners	Starhub	1.49	1.72	Neutral

Starhill - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Starhill	0.68	0.8	Buy	DDM
01/31/19	CIMB	Starhill	0.72	0.75	Add	DDM
01/31/19	DBS Vickers	Starhill	0.72	0.75	Buy
02/01/19	OCBC	Starhill	0.715	0.75	Buy
03/13/19	DMG & Partners	Starhill	0.7	0.8	Buy
03/19/19	OCBC	Starhill	0.7	0.75	Buy
03/20/19	DBS Vickers	Starhill	0.695	0.75	Buy
03/21/19	DMG & Partners	Starhill	0.705	0.78	Buy	DDM
03/22/19	CIMB	Starhill	0.7	0.74	Add	DDM
04/29/19	OCBC	Starhill	0.75	0.8	Buy
04/29/19	DMG & Partners	Starhill	0.75	0.78	Buy	DDM
04/29/19	DBS Vickers	Starhill	0.75	0.8	Buy
04/29/19	CIMB	Starhill	0.75	0.77	Add
04/29/19	Kim Eng	Starhill	0.75	0.7	Hold
04/30/19	UOB Kay Hian	Starhill	0.755	0.9	Buy	DDM
05/07/19	DMG & Partners	Starhill	0.74	0.78	Buy	DDM
06/06/19	DMG & Partners	Starhill	0.735	0.78	Buy
06/17/19	OCBC	Starhill	0.755	0.8	Buy

Stock calls for 28 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/28/19	OCBC	Frasers Logistics	1.19	1.2	Hold
06/28/19	UOB Kay Hian	Ho Bee	2.38	2.79	Buy
06/28/19	CIMB	Keppel Corp	6.67	8.41	Add	Sum of parts
06/28/19	DBS Vickers	Koufu	0.675	0.85	Buy	PER17x FY19
06/28/19	DBS Vickers	SGX	7.95	7.05	Hold	DDM, PER20x FY20

Stamford Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	Lim & Tan	Stamford Land	0.49	0	Hold

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	ST Engineering	3.51	3.97	Buy
01/23/19	CIMB	ST Engineering	3.66	3.94	Add
01/31/19	UOB Kay Hian	ST Engineering	3.66	4.06	Buy
02/08/19	DBS Vickers	ST Engineering	3.75	4.15	Buy	Sum of parts
02/21/19	Lim & Tan	ST Engineering	3.77	0	Hold
02/22/19	OCBC	ST Engineering	3.71	4.01	Buy	FCFE
02/22/19	DMG & Partners	ST Engineering	3.71	4.1	Buy
02/22/19	UOB Kay Hian	ST Engineering	3.71	4.06	Buy
02/22/19	Kim Eng	ST Engineering	3.71	4.25	Buy	DCF
03/13/19	DMG & Partners	ST Engineering	3.74	4.1	Buy
03/26/19	CIMB	ST Engineering	3.75	4.08	Add
03/28/19	UOB Kay Hian	ST Engineering	3.75	4.06	Buy
03/28/19	Lim & Tan	ST Engineering	3.75	0	Hold
03/29/19	UOB Kay Hian	ST Engineering	3.73	4.4	Buy	EV/Invested capital basis
03/29/19	OCBC	ST Engineering	3.73	4.07	Buy
03/29/19	DBS Vickers	ST Engineering	3.73	4.15	Buy
04/15/19	Kim Eng	ST Engineering	3.82	4.25	Buy
04/25/19	UOB Kay Hian	ST Engineering	3.9	4.7	Buy	EV/Invested capital basis
04/25/19	DMG & Partners	ST Engineering	3.9	4.1	Buy
04/25/19	Kim Eng	ST Engineering	3.9	4.3	Buy	DCF
04/26/19	DBS Vickers	ST Engineering	3.89	4.15	Buy
05/13/19	UOB Kay Hian	ST Engineering	4.02	4.7	Buy
05/16/19	OCBC	ST Engineering	3.9	4.22	Buy
05/16/19	DBS Vickers	ST Engineering	3.9	4.5	Buy	Sum of parts
05/16/19	CIMB	ST Engineering	3.9	4.43	Add	PER22x FY20
05/22/19	DMG & Partners	ST Engineering	3.96	4.45	Buy	DCF & PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20
06/06/19	DMG & Partners	ST Engineering	4	4.45	Buy
06/06/19	DBS Vickers	ST Engineering	4	4.5	Buy
06/13/19	OCBC	ST Engineering	4.09	4.38	Buy
06/13/19	UOB Kay Hian	ST Engineering	4.09	4.7	Buy

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	OCBC	SPH Reit	1.01	0.99	Hold
01/07/19	Kim Eng	SPH Reit	1.01	1.02	Hold	DDM
01/07/19	DBS Vickers	SPH Reit	1.01	1.05	Buy	DCF
01/07/19	Lim & Tan	SPH Reit	1.01	0	Hold
01/07/19	CIMB	SPH Reit	1.01	1.02	Hold	DDM
04/08/19	Kim Eng	SPH Reit	1.06	1.05	Hold	DDM
04/08/19	CIMB	SPH Reit	1.06	1.08	Hold	DDM
04/08/19	OCBC	SPH Reit	1.06	1	Hold
04/08/19	DBS Vickers	SPH Reit	1.06	1.15	Buy	DCF

Stock calls for 27 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/19	DBS Vickers	A-Reit	3.05	3.21	Buy
06/27/19	UOB Kay Hian	Bumitama	0.615	0.81	Buy
06/27/19	DMG & Partners	Frasers Commercial Trust	1.66	1.65	Neutral	DDM
06/27/19	Kim Eng	Netlink	0.89	0.94	Buy
06/27/19	Kim Eng	Top Glove	1.62	1.59	Hold	Ringgit target $4.85
06/27/19	OCBC	Wing Tai	2.05	2.41	Buy

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/19	CIMB	SPH	2.49	2.64	Hold	Sum of parts
01/14/19	Lim & Tan	SPH	2.49	0	Hold
01/15/19	OCBC	SPH	2.47	2.55	Hold
04/03/19	UOB Kay Hian	SPH	2.43	2.82	Buy
04/10/19	Lim & Tan	SPH	2.53	0	Hold
04/10/19	CIMB	SPH	2.53	2.64	Hold	Sum of parts
04/18/19	UOB Kay Hian	SPH	2.46	2.86	Buy	Sum of parts
04/18/19	OCBC	SPH	2.46	2.55	Hold
05/13/19	UOB Kay Hian	SPH	2.39	2.86	Buy
06/06/19	UOB Kay Hian	SPH	2.31	2.86	Buy	Sum of parts

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	DBS Vickers	Soilbuild Reit	0.62	0.65	Buy	DCF
01/23/19	OCBC	Soilbuild Reit	0.62	0.62	Hold
01/23/19	Jefferies	Soilbuild Reit	0.62	0.62	Hold
04/22/19	OCBC	Soilbuild Reit	0.63	0.62	Hold
04/22/19	DBS Vickers	Soilbuild Reit	0.63	0.63	Hold	DCF
05/31/19	OCBC	Soilbuild Reit	0.6	0.62	Hold

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	UOB Kay Hian	Singtel	2.83	3.58	Buy	DCF
01/02/19	Kim Eng	Singtel	2.83	3.39	Hold
01/04/19	Phillip	Singtel	2.86	3.4	Buy	Sum of parts
01/14/19	DMG & Partners	Singtel	3.05	3.22	Neutral
01/15/19	DBS Vickers	Singtel	3.05	3.59	Buy	Sum of parts
02/08/19	UOB Kay Hian	Singtel	3.05	3.58	Buy
02/12/19	DBS Vickers	Singtel	3.05	3.5	Buy	Sum of parts
02/12/19	Kim Eng	Singtel	3.05	3.39	Hold	Sum of parts
02/15/19	OCBC	Singtel	3.03	3.79	Buy
02/15/19	DMG & Partners	Singtel	3.03	3.22	Neutral	Sum of parts
02/18/19	Phillip	Singtel	2.99	3.27	Accumulate	Sum of parts
02/18/19	CIMB	Singtel	2.99	3.4	Add	Sum of parts
03/11/19	OCBC	Singtel	2.94	3.79	Buy
03/11/19	DMG & Partners	Singtel	2.94	3.09	Neutral	Sum of parts
03/11/19	Lim & Tan	Singtel	2.94	0	Hold
03/12/19	CIMB	Singtel	2.93	3.4	Add	Sum of parts
03/21/19	UOB Kay Hian	Singtel	2.99	3.58	Buy	DCF
03/22/19	DMG & Partners	Singtel	2.97	3.06	Neutral
03/26/19	CIMB	Singtel	2.97	3.3	Add	Sum of parts
04/01/19	Kim Eng	Singtel	3.02	3.39	Hold
04/09/19	DBS Vickers	Singtel	3.06	3.55	Buy	Sum of parts
05/09/19	DBS Vickers	Singtel	3.11	3.55	Buy	Sum of parts
05/16/19	DMG & Partners	Singtel	3.13	3.35	Neutral	Sum of parts
05/16/19	OCBC	Singtel	3.13	3.59	Buy
05/16/19	CIMB	Singtel	3.13	3.4	Add	Sum of parts
05/16/19	UOB Kay Hian	Singtel	3.13	3.58	Buy
05/16/19	Kim Eng	Singtel	3.13	3.37	Hold	Sum of parts
05/17/19	Phillip	Singtel	3.14	3.31	Accumulate	Sum of parts, EV/Ebitda7x FY20
06/03/19	Phillip	Singtel	3.2	3.66	Buy	EV/Ebitda7x FY20
06/06/19	DMG & Partners	Singtel	3.21	3.35	Neutral
06/06/19	DBS Vickers	Singtel	3.21	3.55	Buy
06/13/19	UOB Kay Hian	Singtel	3.32	3.58	Buy	DCF
06/13/19	Kim Eng	Singtel	3.32	3.48	Hold	Sum of parts
06/14/19	CIMB	Singtel	3.35	3.5	Add	Sum of parts

Stock calls for 26 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/19	OCBC	Frasers Commercial Trust	1.58	1.69	Buy
06/26/19	CIMB	Frasers Commercial Trust	1.58	1.64	Add	DDM
06/26/19	DMG & Partners	Venture	16.46	16.3	Neutral	PER13x FY19
06/26/19	UOB Kay Hian	Venture	16.46	17.91	Hold
06/26/19	CLSA	Venture	16.46	17.3	Underperform

China is imposing an all out ban on Canadian meats.

https://sg.finance.yahoo.com/news/china-suspends-canadian-meat-imports-002201108.html

Ractopamine is banned in 160 countries because it is harmful to humans.

http://sg-stock.blogspot.com/2016/11/what-do-you-get-for-being-staunch-usa.html

Canada is trying to poison the Chinese with ractopamine laced meats.

China is right to impose a ban on Canadian and US meats.

http://sg-stock.blogspot.com/2019/04/china-is-right-to-ban-ractopamine-for.html

Fed's Bullard agrees to a 25bp cut in July 2019 after Kashkari.

https://finance.yahoo.com/news/feds-bullard-says-quarter-point-175245421.html

It looks like a July rate cut is a fait accompli because 2 Fed governors have agreed to a rate cut in July 2019.

http://sg-stock.blogspot.com/2019/06/citibank-and-fed-kashkari-look-towards.html

The 2 Fed governors corroborate our rate cut analysis.

http://sg-stock.blogspot.com/2019/06/traders-are-pricing-in-100-chance-of.html

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	UOB Kay Hian	Singapore Post	0.965	1.04	Hold	Sum of parts
02/04/19	CIMB	Singapore Post	0.965	1.03	Hold	DCF
02/04/19	DBS Vickers	Singapore Post	0.965	0.92	Hold	DCF
02/04/19	Lim & Tan	Singapore Post	0.965	0	Hold
02/04/19	OCBC	Singapore Post	0.965	1.23	Buy
02/08/19	OCBC	Singapore Post	0.955	1	Hold
02/08/19	CLSA	Singapore Post	0.955	1.17	Buy
04/04/19	OCBC	Singapore Post	0.995	1	Hold
04/08/19	CIMB	Singapore Post	1.03	1.2	Add	DCF, PER18.2x FY21
05/08/19	OCBC	Singapore Post	1.01	1	Hold
05/08/19	CIMB	Singapore Post	1.01	1.17	Add	DCF
05/08/19	DBS Vickers	Singapore Post	1.01	0.96	Hold	DCF
05/09/19	UOB Kay Hian	Singapore Post	0.99	1.06	Hold	Buy @ $0.95

Singapore O&G - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/19	phillip	Singapore O&G	0.34	0.42	Buy
02/21/19	phillip	Singapore O&G	0.355	0	Cease Coverage

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Singapore Medical	0.4	0.56	Buy
02/21/19	UOB Kay Hian	Singapore Medical	0.47	0.65	Buy	PER23x FY19
02/21/19	DMG & Partners	Singapore Medical	0.47	0.54	Buy	DCF
05/10/19	UOB Kay Hian	Singapore Medical	0.445	0.62	Buy	PER23x FY19
05/10/19	DMG & Partners	Singapore Medical	0.445	0.48	Neutral	DCF
06/06/19	DMG & Partners	Singapore Medical	0.385	0.48	Neutral	DCF
06/07/19	DMG & Partners	Singapore Medical	0.38	0.48	Buy	DCF

Stock calls for 25 June 2019

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/19	Kim Eng	A-Reit	3.01	3.2	Buy
06/25/19	OCBC	ART	1.3	1.25	Hold
06/25/19	Kim Eng	Capitamall Trust	2.6	2.4	Hold
06/25/19	Kim Eng	CDL Hospitality	1.62	1.8	Buy
06/25/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
06/25/19	Kim Eng	Frasers Centrepoint Trust	2.59	2.6	Buy
06/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy
06/25/19	Kim Eng	Mapletree Industrial	2.18	2.25	Buy
06/25/19	DBS Vickers	OCBC	11.28	11.5	Hold	GGM, PB1.1x FY20
06/25/19	Kim Eng	Sasseur	0.79	0.9	Buy
06/25/19	DBS Vickers	UOB	25.86	29.2	Buy
06/25/19	Lim & Tan	Venture	17.3	0	Hold

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Silverlake	0.415	0.65	Buy	DCF
01/03/19	DBS Vickers	Silverlake	0.405	0.6	Buy	PER21x FY19
01/07/19	DBS Vickers	Silverlake	0.425	0.62	Buy	PER21x FY19
02/01/19	DMG & Partners	Silverlake	0.485	0.65	Buy	DCF
02/15/19	DBS Vickers	Silverlake	0.515	0.62	Buy	PER21x FY19
03/01/19	CIMB	Silverlake	0.57	0.62	Add	Sum of parts, PER19x CY20
03/13/19	DMG & Partners	Silverlake	0.555	0.65	Buy	DCF
05/07/19	DMG & Partners	Silverlake	0.61	0.65	Buy	DCF
05/16/19	DBS Vickers	Silverlake	0.52	0.63	Buy	PER21x FY19
05/16/19	CIMB	Silverlake	0.52	0.58	Add
06/06/19	DMG & Partners	Silverlake	0.53	0.65	Buy	DCF

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/19	DBS Vickers	SIIC	0.29	0.32	Hold	PER13x FY19

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	UOB Kay Hian	SIA Engineering	2.39	2.7	Buy	DCF
02/11/19	Kim Eng	SIA Engineering	2.52	2.85	Buy	DCF
02/11/19	OCBC	SIA Engineering	2.52	2.47	Hold
02/11/19	phillip	SIA Engineering	2.52	2.66	Neutral	DCF
02/11/19	UOB Kay Hian	SIA Engineering	2.52	2.55	Hold
02/12/19	CIMB	SIA Engineering	2.39	3.11	Add	DCF
02/12/19	DBS Vickers	SIA Engineering	2.39	2.7	Hold	DCF & PER16x FY20 & Div Yield 4.5% & EV/Ebitda11x
04/15/19	Kim Eng	SIA Engineering	2.49	2.85	Buy
05/14/19	Kim Eng	SIA Engineering	2.43	2.85	Buy	DCF
05/14/19	OCBC	SIA Engineering	2.43	2.43	Hold
05/14/19	UOB Kay Hian	SIA Engineering	2.43	2.55	Hold	Buy @ $2.30
05/14/19	DBS Vickers	SIA Engineering	2.43	2.6	Hold	Sum of parts
05/14/19	CIMB	SIA Engineering	2.43	3.11	Add