Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/19	DBS Vickers	Parkway Life	2.8	3.1	Buy
03/18/19	UOB Kay Hian	Parkway Life	2.88	3.25	Buy	DDM
04/01/19	UOB Kay Hian	Parkway Life	2.92	3.25	Buy	DDM
05/02/19	UOB Kay Hian	Parkway Life	2.89	3.25	Buy
07/31/19	Lim & Tan	Parkway Life	3.06	0	Hold
08/01/19	UOB Kay Hian	Parkway Life	3.06	3.25	Buy
08/01/19	DBS Vickers	Parkway Life	3.06	3.35	Buy

Pacific Century - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	Lim & Tan	Pacific Century	0.385	0	Buy

Stock calls for 6 September 2019

Date	Analyst	Company	Last	Target	Call	Valuation
09/06/19	DBS Vickers	Capitaland	3.51	4	Buy
09/06/19	phillip	Clearbridge	0.142	0.26	Buy	DCF
09/06/19	DBS Vickers	CSE Global	0.47	0.65	Buy	PER12x FY20
09/06/19	DMG & Partners	DBS	24.63	25.3	Neutral	GGM, PB1.23x FY20
09/06/19	OCBC	Hutchison Port	0.22	0.17	Hold
09/06/19	DMG & Partners	Keppel Pacific	0.74	0.88	Buy	DDM

The US-China trade war is not subsiding.

https://www.channelnewsasia.com/news/business/us-imposes-duties-on-structural-steel-from-china--mexico-11874126

The US has imposed duties on China's structural steel.

China has to recognize that the US cannot be trusted and will renege on its promises like a thug. 

There is no need to be a gentleman when it comes to dealing with the US because the US will not show any goodwill gesture prior to the October meeting.

http://sg-stock.blogspot.com/2019/09/the-us-china-trade-talk-is-deferred-to.html

PACC Offshore - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	DBS Vickers	PACC Offshore	0.183	0.2	Hold	PB0.8x FY19
05/14/19	DBS Vickers	PACC Offshore	0.173	0.2	Hold	PB0.8x FY19

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	DBS Vickers	Oxley	0.325	0.68	Buy
06/13/19	DMG & Partners	Oxley	0.31	0.41	Buy	RNAV (45% discount)

Overseas Education - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/23/19	UOB Kay Hian	Overseas Edu	0.33	0.46	Buy	EV/Ebitda10.4x
05/08/19	UOB Kay Hian	Overseas Edu	0.3	0.46	Buy	EV/Ebitda10.4x
05/08/19	Lim & Tan	Overseas Edu	0.3	0.48	Buy	DDM & DCF
08/19/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy

Stock calls for 5 September 2019

Date	Analyst	Company	Last	Target	Call	Valuation
09/05/19	Lim & Tan	Capitaland	3.49	0	Accumulate
09/05/19	phillip	DBS	24.54	27.6	Accumulate
09/05/19	UOB Kay Hian	OCBC	10.71	14.48	Buy	GGM
09/05/19	DMG & Partners	Silverlake	0.455	0.56	Buy	DCF
09/05/19	phillip	UOB	25.1	28.6	Accumulate

The HK protestors have rejected the HK CE's pacification.

Just as we expected, the HK protectors have rejected her compromise and pacification.

The HK protestors are paid to protest and they will not accept any favourable outcome even if the government relented.

https://sg-stock.blogspot.com/2019/09/latest-hk-chief-executives-telecast.html

They claimed the relentment came too little and too late but they never thought that late was better than never.  Eventually, they will push themselves into a corner and regret this later.

The US-China trade talk is deferred to October 2019.

https://finance.yahoo.com/news/china-u-hold-trade-talks-014856242.html

The US-China trade talk is deferred to October 2019 from September 2019.  Will the October meeting take place?  The US will impose another set of tariffs on 1 October and China will definitely retaliate against that.

The US has to end this trade war fast because its bleak economic numbers are showing up in the PMI now.

http://sg-stock.blogspot.com/2019/09/ism-pmi-analysis-for-us-economy-in.html

The weakening PMI will cause the GDP number to dive and Trump has to stop the hemorrhage before he loses his election.

Latest HK Chief Executive's telecast.

Is she doing enough to end the HK protests?

No!  This is because she is not eradicating the root cause of the problems (protests).  This uprising of the Hongkongers is engineered by the US, UK and Taiwan.  She must uproot those paid lackeys to end the protests.  The protestors don't even understand what they're protesting.  Therefore, it is useless to pacify the protestors as they will keep shifting their goal poles.

Cathy Pacific is a high risk airliner! Fly at your own risk!

https://www.scmp.com/news/hong-kong/politics/article/3025421/cathay-pacific-suspends-cabin-crew-two-flights-found

Cathy Pacific employees committed a terrorist act by depleting the oxygen bottles.

Cathy Pacific chairman has resigned after the terrorist act was committed by his employees.

https://www.channelnewsasia.com/news/business/hong-kong-cathay-pacific-chairman-resigns-11872184

We had warned about a flight risk with Cathy Pacific previously in our post below.

http://sg-stock.blogspot.com/2019/08/cathy-pacific-suspends-ticket-sales-at.html

China is right to scrutinize Cathy Pacific employees flying in and out of China airspace.

Hot news! Singapore general election is coming!

https://sg.news.yahoo.com/pm-lee-convenes-electoral-boundaries-review-committee-091256644.html

It looks like SG GE is coming in a few months time according to the historical record.

Why?

This is because the economy will be so bad next year that there will be more opposition voices.

OUE Lippo HC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	Soochow SSD	OUE Lippo HC	0.066	0.088	Buy	Sum of parts

OUE Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	OUE Hospitality	0.67	0.85	Add	DDM
01/16/19	OCBC	OUE Hospitality	0.685	0.79	Buy
01/30/19	DBS Vickers	OUE Hospitality	0.695	0.85	Buy	DCF
01/31/19	OCBC	OUE Hospitality	0.725	0.82	Buy
03/18/19	DMG & Partners	OUE Hospitality	0.725	0.77	Buy
04/09/19	DMG & Partners	OUE Hospitality	0.735	0.76	Take Profit	Accept offer
04/09/19	DBS Vickers	OUE Hospitality	0.735	0.85	Buy
04/10/19	CIMB	OUE Hospitality	0.725	0.85	Add
05/03/19	CIMB	OUE Hospitality	0.72	0.85	Add
06/06/19	DMG & Partners	OUE Hospitality	0.68	0.76	Take Profit
07/04/19	DMG & Partners	OUE Hospitality	0.72	0.76	Take Profit

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/19	OCBC	OUE Commercial	0.49	0.5	Hold
01/31/19	DBS Vickers	OUE Commercial	0.49	0.6	Buy	DCF
02/04/19	CIMB	OUE Commercial	0.515	0.57	Hold
02/08/19	DBS Vickers	OUE Commercial	0.51	0.6	Buy
04/03/19	DBS Vickers	OUE Commercial	0.52	0.6	Buy
04/10/19	CIMB	OUE Commercial	0.51	0.57	Hold
05/10/19	CIMB	OUE Commercial	0.5	0.57	Hold

Stock calls for 4 September 2019

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/19	DMG & Partners	Breadtalk	0.65	0.67	Neutral	Sum of parts, EV/Ebitda7.64x
09/04/19	DBS Vickers	Comfortdelgro	2.46	2.59	Hold
09/04/19	UOB Kay Hian	CSE Global	0.455	0.65	Buy	PER15x FY19
09/04/19	DMG & Partners	CSE Global	0.455	0.69	Buy	DCF, PER11.9x FY20
09/04/19	Kim Eng	Wilmar	3.8	3.89	Hold	DCF

The Hong Kong protestors are daft youngsters.

The HK stock market goes up almost 1,000 points today because the HK government is expected to announce the withdrawal of the extradition bill.

The HK protestors are daft youngsters because they exude stupidity beyond my comprehension.  Why?

HK Lam announced that the extradition bill was dead in July 2019 which meant that it couldn't be resuscitated.  In other words, she meant it to be scrapped and gave the protestors more than what they had bargained for.  The law is very specific and must not be a subject of contention.  However, the protestors didn't understand the legality of the term and insisted on withdrawal in which the bill could be reintroduced in the future.  This is the stupidity that I cannot comprehend.

https://www.channelnewsasia.com/news/asia/hong-kong-protests-carrie-lam-extradition-bill-dead-withdraw-11703542

The HK protestors had shortchanged themselves unknowingly and the stock investors joined in without a proper understanding of the legal term.

By withdrawing the bill, the HK government can rehash and reintroduce the bill later and this will create an overhang among the protestors.  Therefore, the HK protests won't stop even after this withdrawal announcement.

ISM PMI analysis for the US economy in August 2019.

The ISM PMI is in a contraction mode now at 49.1 and this is lower than China's PMI (49.5).  China's PMI is at the doldrum already and is ready to expand soon but the US PMI is still sliding after 5 consecutive months.

The US was unable to export to China because of the high tariffs and this caused the new export order to decline further.  However, the frontloading by the US consumers prior to the 1 Sept tariffs was helping to hold up the new local order.  I don't see the rise to be sustainable as consumer demand is elastic.

The reduction in new orders is causing declines in customers' inventories, production, employment and supplier's deliveries.

The high tariffs were affecting imports and the producers were turning to local raw materials which were cheaper.

This is a very bad PMI report as many sub-indexes are in the red.  The next GDP figure will be very bad despite the US recent revision to 2% from 2.1%.

http://sg-stock.blogspot.com/2019/08/ism-pmi-analysis-for-us-economy-in-july.html

OUE - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	OCBC	OUE	1.66	2.32	Buy
04/17/19	OCBC	OUE	1.79	2.32	Buy